TCRLA_Public/140813.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

            Wednesday, August 13, 2014, Vol. 15, No. 159


                            Headlines



A R G E N T I N A

ARGENTINA: Cheapest Bonds Are Most Resilient in Default


B R A Z I L

DIAGNOSTICOS DA AMERICA: Fitch Affirms 'BB+' IDR
NII HOLDINGS: Likely to File for Chapter 11 Bankruptcy
* BRAZIL: Economists Cut 2015 Growth Forecast to Slowest on Record


C A Y M A N  I S L A N D S

BORRIANA ENTERPRISES: Shareholders' Final Meeting Set for Aug. 15
CASTLE HOLDCO 5: Shareholders' Final Meeting Set for Aug. 20
MALTA CORP: Sole Member to Receive Wind-Up Report on Aug. 26
OASIS CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 2
OASIS MANAGEMENT: Shareholder to Receive Wind-Up Report on Sept. 2

OCCITAN CAPITAL: Shareholder to Receive Wind-Up Report on Aug. 29
OCCITAN FEEDER: Shareholder to Receive Wind-Up Report on Aug. 29
RHB-OSK ABSOLUTE: Shareholder to Receive Wind-Up Report on Aug. 19
SUREVIEW FUND: Shareholder to Receive Wind-Up Report on Sept. 3
SUREVIEW MASTER: Shareholder to Receive Wind-Up Report on Sept. 3


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Economy Grew 5.2% in 1H, Central Bank Says


M E X I C O

HIPOTECARIA SU CASITA: S&P Assigns B Rating on Class A Sr. Notes


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Firms See Improvement in Getting US Dollars


                            - - - - -


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


ARGENTINA: Cheapest Bonds Are Most Resilient in Default
-------------------------------------------------------
Camila Russo at Bloomberg News reports that Argentina's lowest-
priced bonds are holding up the best following the country's
default last month.

The South American nation's notes maturing in 2038, known as Par
bonds, have lost 6.5 percent to 52.88 cents on the dollar since
the government was blocked from making a payment on its debt last
month, according to Bloomberg News.  That compares with an 11.6
percent plunge on its notes due in 2033 and an 8.3 percent rout on
securities that mature in 2017, Bloomberg News notes.

While the best-case scenario for investors would be for the
government to reach a deal that would allow it to resume paying
the bonds, the lower-priced notes would offer better returns if
that effort fails and investors instead demand that Argentina
immediately repay them, according to Torino Capital LLC and
Bulltick Capital Markets, Bloomberg News relays.  In that
situation, called acceleration, investors would demand 100 cents
on the dollar for their securities plus past-due interest,
Bloomberg News discloses.

"All Argentine bonds are holding up well, considering the country
just defaulted, as everyone expects a deal," Bloomberg News quoted
Jorge Piedrahita, the chief financial officer of Torino Capital in
New York, as saying.  "But in the case of the Pars they have their
own dynamic linked to the fact that investors would also make a
good profit if they negotiated a restructuring with the
government," Mr. Piedrahita said, Bloomberg News notes.

Argentina was blocked from making a $539 million interest payment
by a U.S. court order that stems from a lawsuit brought by holders
of debt it defaulted on in 2001, Bloomberg News says.  Those so-
called holdout creditors, led by hedge-fund operator Elliott
Management Corp., refused to accept new bonds worth about 30 cents
on the dollar in restructurings in 2005 and 2010 and instead sued
for full repayment and won, Bloomberg News notes.  Until Argentina
pays them or reaches a settlement, the nation can't pay interest
on any of its overseas debt, Bloomberg News discloses.

                          Private Talks

The South American nation has so far refused to pay the $1.5
billion that the holdouts are owed and says it can't settle with
them without exposing itself to an additional $120 billion in
claims from investors who would want a better deal after agreeing
to the earlier swaps, reports Bloomberg News.

While direct talks between Argentina and the hedge funds that sued
have stalled, international banks including Citigroup Inc. and
JPMorgan Chase & Co. are looking to put together a group of
investors to buy the defaulted debt and resolve the U.S. lawsuit
blocking it from paying bondholders, Bloomberg News says.

The banks may provide financing for a part of the debt purchases,
according to a banker familiar with the talks, who asked not to be
identified because the discussions are fluid and subject to
change, Bloomberg News discloses.  The deal has been difficult to
complete because the buyers don't know how much Argentina will
eventually pay for the debt, the person said, Bloomberg News
relays.

                        Foreign Reserves

Argentina's benchmark bonds due in 2033 gained 0.03 cent to 86.03
cents on the dollar at 4:41 p.m. in New York on Aug. 12.  The Par
notes due in 2038 slipped 0.15 cent to 52.74 cents.

The country would be on the hook for $29 billion if all of its
foreign currency debt is accelerated, Bloomberg News relays.  That
amount, equal to the nation's foreign reserves, could force a
restructuring into bonds covered by local law and outside the
jurisdiction of U.S. courts, which would carry a recovery value of
about 70 cents on the dollar, according to Mr. Piedrahita,
Bloomberg News notes.

                         Default Swaps

Argentina's 2038 bonds are also attractive for investors who want
to deliver the bonds in exchange for payment on the country's
credit-defaults swaps, according to Barclays Plc, Bloomberg News
notes.  A committee at the International Swaps and Derivatives
Association ruled on Aug. 1 that a credit event had occurred in
Argentina, triggering $1 billion of swaps, Bloomberg News says.

Outperformance on the Par bonds "shows there may be a strategy to
accelerate," Joaquin Almeyra a fixed-income trader at Bulltick
Capital Markets in Miami, said in a telephone interview with
Bloomberg News.  "In that case, the government should be under
even more pressure to find a solution quickly," Bloomberg News
quoted Ms. Almeyra as saying.


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


DIAGNOSTICOS DA AMERICA: Fitch Affirms 'BB+' IDR
------------------------------------------------
Fitch Ratings has affirmed the following ratings of Diagnosticos
da America S.A. (DASA):

   -- Foreign and Local currency Issuer Default Rating (IDR) at
      'BB+';
   -- National Scale rating at 'AA(bra)';
   -- Local debentures due to 2016 and 2018 at 'AA(bra)'.

In addition, Fitch has withdrawn the following rating for DASA's
subsidiary, DASA Finance Corporation:

   -- IDR 'BB+'.

The corporate Rating Outlook is Stable.

KEY RATING DRIVERS

DASA's credit ratings reflect its leading position in the
Brazilian medical diagnostics industry, its strong and diversified
portfolio of services and cash flow diversification from multiple
counterparties, as well as the favorable long-term industry
fundamentals.  The ratings also incorporate DASA's track record of
strong credit profile supported by adequate leverage ratios and
liquidity position.  DASA's ratings, though, are tempered by the
ongoing challenges related to switching its business model to be
more focused on medical excellence while operates its business
under a new profitability level.  DASA's ratings are also limited
by the rapid consolidation of the diagnostic industry, which could
increase competitive pressures in the near term.

Strong Business Position

DASA is the largest company in the fragmented medical diagnostic
industry, with an estimated market share of 12%.  The company's
size, reputation, multi-brand portfolio, and broad geographic
diversification are considered by Fitch to be competitive
advantages that support the ratings.  Besides the outpatient and
inpatient services, which represent around 83% of the company's
revenues, DASA also operates lab-to-lab services (10% of its
revenues) and offers services to public entities.  The company has
a track record of a diversified portfolio of payers, nevertheless
the past years of consolidation in the Brazilian healthcare
supplementary sector has somewhat resulted in greater
counterparties concentration in Dasa's clients portfolio.

Fitch sees as credit positives the long-term focus of DASA's
current shareholders, as well as its conservative track record in
managing business in the healthcare industry.  The company's
management has passed through different phases over the last five
years.  At this stage, DASA's strategy is focused on long-term
medical excellence and quality of service.  Fitch does not expect
any relevant acquisition in the short term as DASA is focused on
organic growth and on integrating the acquired assets from MD1.
Moreover, Brazil's anti-trust agency, CADE, has imposed some mild
restrictions, including the prohibition from doing M&A
transactions in several municipalities in the Rio de Janeiro
metropolitan area for the next three years, as well as the
metropolitan areas of Sao Paulo and Curitiba until 2016.  DASA is
also required to sell assets in Rio de Janeiro area in order to
limit its market share at 20% maximum.  This pool of assets
generates around BRL110 million of revenues (4% of consolidated
sales).

New Business Profitability; Limited Medium-Term Improvement

Dasa's change in business strategy along with inflationary
pressures has led the company to operate under a new profitability
level.  Since mid-2011, the company has taken several initiatives
to improve customer service, medical excellence and efficiency,
which resulted in increasing cost and expenses.  Fitch base case
scenario foresee DASA's EBITDAR margin to move to around 18%, a
relevant drop from the 25% average between 2010 and 2011.

DASA generated BRL560 million of EBITDAR during 2013, an increase
of 11% compared to 2012.  EBITDAR margin marginally improved to
22.5% from 22.1% in 2012, reflecting the operational restructuring
process.  For the LTM period ended March 31, 2014, DASA's EBITDAR
was BRL579 million, while its margin was 22.5%.

Lower Capex to Benefit Free Cash Flow

As of March 31, 2014 (LTM), DASA generated funds from operations
(FFO) of BRL286 million and cash flow from operations (CFFO) of
BRL227 million.  These figures positively compare to BRL214
million of FFO and BRL205 million of CFFO in 2012.  After two
years of negative free cash flow (FCF) in 2011 and 2012, the
company returned to positive FCF in 2013 and in the LTM period
ended March 31, 2014, which reached BRL27 million and BRL97
million, respectively.  This improvement resulted from lower capex
of BRL115 million in 2013 and BRL109 million for the LTM period
ended March 31, 2014 which compares to BRL208 million in 2012.
Going forward with continuous investments in equipment and organic
growth, FCF should be neutral to slightly negative.  In Fitch's
base case scenario, the agency is not including the asset sales
related to CADE's decision on MD1 merger due to uncertainties
related to the timing of the sale and use of the resources.  Fitch
expects the sale to be around BRL100 million.

Leverage to Marginally Decline

DASA has a good track record of maintaining an adequate capital
structure, demonstrated by its four-year (2009-2013) average net
adjusted debt/EBITDAR ratio of 2.5x.  As of LTM ended period March
31, 2014, the company's net adjusted debt/EBITDAR ratio was 2.7x,
which shows a marginal improvement from 2.8x in 2013 and 2.9x in
2012.  Fitch's base case indicates a net adjusted leverage ratio
of 2.7x in 2014 with a gradual improvement to 2.5x in the next
three years as result of improved services levels.

Adequate Liquidity

The successful debentures issuance in late 2014 has enhanced
DASA's liquidity position.  Refinancing risks are mitigated and
currently cash position is sufficient to cover debt amortizations
until mid-2015.  As of March 31, 2014, DASA's cash and marketable
securities was BRL697 million while its short-term debt was BRL464
million, which translated into a cash-to-short-term debt ratio of
1.5x.  Cash plus CFFO-to-short-term debt was 2.0x for the period.
As of March 31, 2014, DASA's total adjusted consolidated debt was
BRL2.2 billion, which primarily consists of BRL1.4 billion of
local debentures and BRL655 million related to rental obligations.

RATING SENSITIVITIES

Rating upgrade could occur as a result of a complete successful
switch in the company's business strategy that results in a
sustainable recovery in EBITDA margins above 19% associated with
net adjusted leverage, measured by Net Adjusted Debt/EBITDAR,
below 2.5x and strong liquidity position, measured by cash-to-
short-term debt ratio around 1.5x.

A continued EBITDA margin compression to below 15% that results in
net adjusted leverage consistently above 3.5x, without recovery
prospects in the near term, would lead a downgrade.


NII HOLDINGS: Likely to File for Chapter 11 Bankruptcy
------------------------------------------------------
James Callan at Bloomberg News reports that NII Holdings Inc.
(NIHD), the mobile-phone carrier that's been losing subscribers in
Latin America, said it will probably file for Chapter 11
bankruptcy protection because it can't fulfill financial
obligations.  The shares plunged.

The company's financial performance, combined with the inability
to meet its borrowing terms, means NII is likely to file for
bankruptcy, according to a statement, notes Bloomberg News.

Bloomberg News says NII, which offers Nextel mobile-phone service
and has units in Brazil, Mexico, Chile and Argentina, has been
losing customers as America Movil SAB and Telefonica SA offer
faster download speeds for smartphones.  Revenue at NII slumped 23
percent in the second quarter, and it reported a net loss of
77,000 subscribers in the period, according to the statement
obtained by Bloomberg News.

Shares of the Reston, Virginia-based company dropped as much as 62
percent to 25 cents in extended trading, Bloomberg News relays.
They had plunged 90 percent in the past year through the close of
regular trading on Aug. 11, Bloomberg News notes.

In March, NII hired UBS AG as a financial adviser for advice on
potential strategic opportunities, including partnerships, a
merger or a sale of the company or its assets, notes Bloomberg
News.  The company announced in December that it would cut 1,400
jobs, Bloomberg News relays.

NII ended the second quarter with $5.8 billion in total debt and
$1 billion in consolidated cash, restricted cash and investments,
according to a statement, reports Bloomberg News.

The net loss for the second quarter widened to $623.3 million, or
$3.62 a share, from a loss of $396.4 million, or $2.30, a year
earlier, the company said, Bloomberg News adds.

With headquarters in Reston, Virginia, NII Holdings is an
international wireless operator with more than 7 million largely
post-pay, business subscribers.


* BRAZIL: Economists Cut 2015 Growth Forecast to Slowest on Record
------------------------------------------------------------------
Matthew Malinowski at Bloomberg News reports that Brazil
economists cut their 2015 growth forecast for the first time in
five weeks on prospects that spending cuts and higher energy and
gasoline prices will slow the country's economic recovery.

Brazil's gross domestic product will expand 1.20 percent in 2015,
compared with the previous week's forecast of 1.5 percent,
according to the Aug. 8 central bank survey of about 100 analysts,
notes Bloomberg News.  That's the lowest estimate since the
central bank started publishing the data in January, the report
notes.  Economists forecast 0.81 percent growth this year,
compared with 0.86 percent the previous week.

Bloomberg News notes that President Dilma Rousseff is working to
stem a worsening economic outlook as she campaigns for re-election
in October.  Annual inflation at the upper limit of policy makers'
target range is curbing purchasing power and undermining
investment, Bloomberg News relays.

The central bank reaffirmed plans not to cut the key rate and said
effects of the monetary tightening cycle ended in April are still
to materialize, Bloomberg News discloses.

"Next year will be a time of adjustments -- increases to
government regulated prices will be needed and measures on the
fiscal side must be taken to prevent losing the investment grade
rating," Newton Rosa, chief economist at Sul America
Investimentos, told Bloomberg News in a phone interview from Sao
Paulo.  "There are no signs that point to a solution to the
problems that are affecting industry, specially investments."

                          Swap Rates

Swap rates on the contract due in January 2016 fell 4 basis
points, or 0.04 percentage point, to 11.37 percent at 9:04 a.m.
local time on Aug. 11, Bloomberg News relays.  The real
strengthened 0.47 percent to 2.2726 per U.S. dollar, Bloomberg
News says.

Brazil's economy grew by 0.2 percent in the first quarter, half of
the pace of the expansion recorded the three months prior, as
family consumption and investments shrank, Bloomberg News relays.
Industrial production in June contracted for the fourth straight
month as capital goods output dropped, the national statistics
agency said on Aug. 1, Bloomberg News notes.

Standard & Poor's in March downgraded Brazil's sovereign credit
rating one level to BBB-, one step above junk, with a stable
outlook.  The move, which was prompted by weak growth and an
expansionary fiscal policy, ended a decade-long stretch of
upgrades for the world's second-largest emerging market, Bloomberg
News notes.

The central bank kept the benchmark Selic rate unchanged at 11
percent in its two previous meetings, after raising it by 375
basis points in the year through April, Bloomberg News relays.
While monthly inflation slowed in the past four months, annual
price increases continue to hover around the upper limit of the
central bank's target, Bloomberg News discloses.

Brazil's consumer prices in July decelerated to 0.01 percent from
0.40 percent the month prior, below estimates from all 46
economists surveyed by Bloomberg.  Annual inflation slowed to 6.5
percent, above the 4.5 percent midpoint of the central bank's
target range, Bloomberg News notes.

Inflation will slow to target if current interest rates are
maintained, central bank President Alexandre Tombini told a Senate
hearing on Aug. 5, Bloomberg News relays.  It's clear that rate
cuts are not contemplated, the central bank's director for
economic policy, Carlos Hamilton, told reporters, Bloomberg News
adds.


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


BORRIANA ENTERPRISES: Shareholders' Final Meeting Set for Aug. 15
-----------------------------------------------------------------
The shareholders of Borriana Enterprises Inc. will hold their
final meeting on Aug. 15, 2014, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand CaymanKY1-1203
          Cayman Islands


CASTLE HOLDCO 5: Shareholders' Final Meeting Set for Aug. 20
------------------------------------------------------------
The shareholders of Castle Holdco 5, Ltd. will hold their final
meeting on Aug. 20, 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:

          Gareth Williams
          Countrywide Plc
          17 Duke Street, Chelmsford
          CM1 1HP, England
          Telephone: +44 (0)1245 294005


MALTA CORP: Sole Member to Receive Wind-Up Report on Aug. 26
------------------------------------------------------------
The sole member of Malta Corp. will receive on Aug. 26, 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:

          Ezequiel A. Camerini
          c/o Fox Horan & Camerini LLP
          825 Third Avenue, 12th Floor
          New York, NY 10022


OASIS CAPITAL: Shareholder to Receive Wind-Up Report on Sept. 2
---------------------------------------------------------------
The shareholder of Oasis Capital Advisors (Texas) Holdings Ltd
will receive on Sept. 2, 2014, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Phillip Meyer
          c/o Oasis Management (Hong Kong) LLC
          Suite 2136, The Center
          99 Queen's Road Central
          Hong Kong


OASIS MANAGEMENT: Shareholder to Receive Wind-Up Report on Sept. 2
------------------------------------------------------------------
The shareholder of Oasis Management Holdings II Ltd. will receive
on Sept. 2, 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:

          Phillip Meyer
          c/o Oasis Management (Hong Kong) LLC
          Suite 2136, The Center
          99 Queen's Road Central
          Hong Kong


OCCITAN CAPITAL: Shareholder to Receive Wind-Up Report on Aug. 29
-----------------------------------------------------------------
The shareholder of Occitan Capital Management Inc. will receive on
Aug. 29, 2014, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


OCCITAN FEEDER: Shareholder to Receive Wind-Up Report on Aug. 29
----------------------------------------------------------------
The shareholder of Occitan Feeder Fund Inc. will receive on
Aug. 29, 2014, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


RHB-OSK ABSOLUTE: Shareholder to Receive Wind-Up Report on Aug. 19
------------------------------------------------------------------
The shareholder of RHB-OSK Absolute Asia Fund 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:

          Ong Yin Suen
          21 Persiaran Basong
          Damansara Heights
          50490 Kuala Lumpur
          Malaysia
          Telephone: +65 6323 2508
          Facsimile: +65 6323 2314


SUREVIEW FUND: Shareholder to Receive Wind-Up Report on Sept. 3
---------------------------------------------------------------
The shareholder of Sureview Fund, Ltd. will receive on Sept. 3,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949-9877


SUREVIEW MASTER: Shareholder to Receive Wind-Up Report on Sept. 3
-----------------------------------------------------------------
The shareholder of Sureview Master Fund, Ltd. will receive on
Sept. 3, 2014, at 10:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949-9877



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


* DOMINICAN REPUBLIC: Economy Grew 5.2% in 1H, Central Bank Says
----------------------------------------------------------------
Dominican Today reports that Dominican Republic's economy grew
5.2% from January to June 2014, measured by real GDP variation,
compared with the same period a year ago, which underscores the
yearend projection of around 5%.

The figure revealed by Central banker Hector Valdez Albizu doubles
the 2.2% growth predicted by the Economic Commission for Latin
America and the Caribbean (ECLAC) for the region's economies for
the end of this year, according to Dominican Today.

The report discloses that Valdez Albizu, guest speaker at the
Dominican Exporters Association (Adoexpo) annual luncheon, said in
Dominican Republic's case that growth is calculated with 1991 as
base year.

"Assuming however, that the change of the new year of reference,
which will be 2007 even more positive results will arise, which
may be disclosed August 21, when the Central Bank will officially
publish the results of the new series of national accounts for the
2007-2014 period, which will reveal substantial transformations in
the country's productive structure," the report quoted Mr. Albizu
as saying.

In his speech "The export sector's role in the performance of the
economy" at the Hotel Embajador, the Central Banker predicted that
total exports will surpass US$10 billion in 2014, the report
notes.


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


HIPOTECARIA SU CASITA: S&P Assigns B Rating on Class A Sr. Notes
----------------------------------------------------------------
Standard & Poor's Rating Services said that its ratings on two Su
Casita -- originated residential mortgage-backed securities (RMBS)
transactions are not affected by the replacement of their primary
servicer.  The two transactions -- Hipotecaria Su Casita-
Residential Mortgage Backed Notes' class A and B notes due 2035,
and Hipotecaria Su Casita-Bursatilizaciones de Hipotecas
Residenciales III's certificados bursatiles BRHCCB 07-2U and 07-3U
-- have their senior tranches insured by MBIA Insurance Corp.
(B/Stable) and MBIA Mexico S.A. de C.V. (B/Stable; mxBB+/Stable),
respectively.

S&P received information that the bond insurers, as the
controlling parties in both transactions, appointed Adamantine
Servicios S.A. de C.V. (Adamantine) to replace Patrimonio S.A. DE
C.V., SOFOM, E.N.R. as servicer.  S&P believes that the servicer
replacement, in and of itself, will not affect its assigned
ratings on the two transactions.

While servicer replacements have been challenging in the past,
bringing some operational risks that could negatively affect
transactions, S&P do not see an immediate impact on the ratings on
the senior classes (class A and BRHCCB 07-2U) because they
currently reflect the ratings on their respective bond insurance
provider.  The 'D (sf)' ratings on the subordinated classes (class
B and BRHCCB 07-3U) reflect their missed interest payments.
Finally, the 'CC (sf)' and 'D (sf)' underlying ratings (SPURs) on
both senior tranches for the class A notes and BRHCCB 07-2U,
respectively, are also not immediately affected.

In addition, S&P was informed that there is a proposed amendment
to receive collections directly in accounts to be opened in the
trust's name.

On Nov. 14, 2013, after receiving a notification from Patrimonio,
S&P discussed its opinion of its intention to resign as servicer
in these two transactions.  While the resignation did not take
effect, the bond insurers have notified S&P that it is now
replacing Patrimonio with Adamantine.

The Hipotecaria Su Casita-Residential Mortgage Backed Notes is a
cross-border RMBS transaction issued on April 2, 2007, by Trust
430 constituted in CI Banco S.A. (formerly The Bank of New York
Mellon S.A.)  It was issued in two tranches: class A was issued
for $232.53 million and pays monthly interest at a rate of one-
month LIBOR plus 0.23%, and class B was issued for $226.5 million
Mexican pesos (MXN) indexed to inflation linked units (MXV) and
pays monthly interest at 6.47% over the unidad de inversion-
indexed balance.

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III is a local RMBS transaction issued on Oct. 25, 2007 by Trust
234036, constituted in HSBC Mexico S.A.  It was issued in three
classes: BRHCCB 07U and BRHCCB 07-2U were issued as time-tranched
senior classes for MXV283.47 million and MXV425.20 million,
respectively, with monthly interest rates of 4.19% and 4.35%.  The
subordinated class BRHCCB 07-3U was issued for MXV64.85 million
and pays monthly interest at 6.99%.  BRHCCB 07U is no longer rated
as it was fully amortized on Aug. 26, 2013.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Hipotecaria Su Casita-Residential Mortgage Backed Notes
Class A and B notes due 2035

Class         Type            Rating          Outstanding
                                          amount (mil. $)

A             Senior          B (sf)                89.12
A             SPUR            CC (sf)               89.12
B             Subordinated    D (sf)            MXN184.97

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III Certificados bursatiles BRHCCB 07-2U and 07-3U

Class         Type            Rating         Outstanding
                                          amount (mil. $)

BRHCCB 07-2U  Senior          B (sf)            MXV396.52
BRHCCB 07-2U  Senior          mxBB+ (sf)        MXV396.52
BRHCCB 07-2U  SPUR            D (sf)            MXV396.52
BRHCCB 07-3U  Subordinated    D (sf)             MXV64.85


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


* TRINIDAD & TOBAGO: Firms See Improvement in Getting US Dollars
----------------------------------------------------------------
Trinidad Express reports that companies operating in the country
are still finding it difficult to access United States dollars,
although there has been some improvement.

The Chamber of Commerce, the country's biggest business group,
said it has been steadily canvassing its membership, in order to
glean further insight on the US dollar foreign exchange issue and
ascertain "whether or not they were still experiencing challenges
accessing US dollars for their business needs," according to
Trinidad Express.

"Even (Aug. 6), the chamber's research team has been calling our
members.  What we have found, is that, month on month, there has
been a general improvement, with our members telling us that they
are able to get a greater percentage of their US dollar foreign
exchange needs met.  However, our research has shown that our
members are still experiencing a shortage to meet their overall
needs, with some experiencing this continuous shortage for over a
year," the report quoted Chamber Chief Executive Officer Catherine
Kumar as saying.

"So what we have found is that even though companies are obtaining
forex, it is not without considerable hurdles at times --
including opening secondary accounts, employing currency swaps
which results in paying considerably higher rates for US dollars.
Notably, the category of companies that continues to be most
affected by the forex issue is medium-sized companies; we have
seen that the foreign exchange needs of very small companies are
relatively minimal," Ms. Kumar said, the report relays.

The report notes that Ms. Kumar added: "There has been a
continuous injection of US dollars into the banking system, with
the total year-to-date figure reaching US$940 million (US$1.3
billion was injected for 2013).  Given that business growth has
been minimal to date, the Central Bank needs to do a thorough
analysis to determine what the exact reasons are to account for
this shortage to the general business community.  Without this
information to properly inform the Central Bank and allow for
evidence-based corrective action, it may be that pumping more US
dollars into the system will not resolve the issue of unmet
demand."


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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