TCRLA_Public/140910.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, September 10, 2014, Vol. 15, No. 179


                            Headlines



B R A Z I L

BANCO INDUSVAL: Moody's Lowers Long-term Deposit Ratings to B1
BANCO MODAL: Moody's Downgrades Long-term Deposit Rating to B1


C A Y M A N  I S L A N D S

AIR 2 US: Fitch Affirms Series A and B EENs Ratings at 'BB'
B-LFC LIMITED: Shareholder to Hear Wind-Up Report on Sept. 26
COLLABRIUM EMERGING: Members' Meeting Set for Sept. 16
COLLABRIUM EMERGING MASTER: Members' Meeting Set for Sept. 16
COLLABRIUM MANAGEMENT: Members' Final Meeting Set for Sept. 16

CORPORATE WORLD: Shareholder to Hear Wind-Up Report on Sept. 23
HIGHGATE ABSOLUTE: Shareholders' Final Meeting Set for Sept. 18
MAOMING FUND: Shareholders' Final Meeting Set for Sept. 16
MH CAPITAL: Sole Member to Hear Wind-Up Report on Sept. 17
POT MARIGOLD: Shareholder to Hear Wind-Up Report on Sept. 17

WILLIAM BLAIR: Shareholders' Final Meeting Set for Sept. 24


D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Commonwealth Roundtable Supports National Park Veto


J A M A I C A

* JAMAICA: Demand for Foreign Currency Falls


M E X I C O

CEMEX SAB: Discloses Pricing of EUR400, US$1.1BB in Sr. Sec. Notes


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Economist Questions Deficit Budget


                            - - - - -


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B R A Z I L
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BANCO INDUSVAL: Moody's Lowers Long-term Deposit Ratings to B1
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Banco Indusval
S.A. (BI&P), including its standalone bank financial strength
rating (BFSR) to E+ from D-; the E+ BSFR is now equivalent to a
lower b1 baseline credit assessment. Moody's also downgraded the
bank's long-term global local and foreign currency deposit ratings
to B1 from Ba3, as well as the long and short-term Brazilian
national scale deposit rating, to Baa2.br and BR-3 from A2.br and
BR-2, respectively. The short-term global ratings remained
unchanged at Not Prime. At the same time, Moody's changed the
outlook on all ratings to stable from negative.

The following ratings assigned for Banco Indusval S.A. were
downgraded, with the outlook changed to stable from negative:

Bank financial strength rating to E+, from D-

Long term global local currency deposit rating to B1, from Ba3

Long term global foreign currency deposit rating to B1, from Ba3

Long term national scale local currency deposit rating to Baa2.br,
from A2.br

Short term national scale local currency deposit rating to BR-3,
from BR-2

The following ratings remained unchanged:

Short term global local currency deposit rating Not Prime

Short term global foreign currency deposit rating of Not Prime

Ratings Rationale

The downgrade of BI&P's deposit ratings to B1, from Ba3
incorporates Moody's view that the weak economic environment will
make it harder for the bank to generate healthy assets and gain
scale over the medium-term to ensure that its profitability moves
solidly beyond breakeven.

For the past six consecutive quarters BI&P has reported losses or
only slightly positive results, which have weakened its ability to
replenish capital through earnings. BI&P's efforts to clean up
legacy non performing loans led to sizable provisions, while
repositioning its franchise towards the more selective SME lending
and agribusiness segments resulted in challenging margin
conditions. Moreover, while the bank has been able to manage
operating costs related to active pursuit of partnerships and
acquisitions to diversify its operations over the past years,
these businesses are still to reach breakeven. At the same time,
the performance of these new platforms are taking more time than
expected, in an environment of intense competition and a
decelerating economy that is delaying growth plans.

Moody's views the bank's capital replenishment capacity as weak,
after years of rapid capital consumption because of both poor
bottom line results and robust loan growth. The loan growth was
primarily in the agricultural segment, where the bank currently
concentrates 21% of its credit exposure. Asset quality indicators
have been below the system average and reserve coverage is
adequate; nevertheless, concentration in agribusiness and related
industries raises the risk of asset quality and capital volatility
in the context of weak profitability. The bank's capitalization
was 13.3% in 2Q14, from 14.6% the year before, a thin loss-
absorption buffer compared to those of other banks in Brazil that
are similar in size.

The stable outlook incorporates Moody's expectations that the new
business strategy and complementary platforms will bear results,
including the contribution from stable fee earnings, which have
contributed positively to earnings diversification in the past
quarter. Moody's also acknowledges the bank's efforts to diversify
funding sources as BI&P attracts more granular retail depositors
that benefit its overall funding cost.

Funding and liquidity remain negative rating drivers for BI&P, as
well as for other midsized banks in Brazil, because of the
volatility inherent in wholesale market deposits, said Moody's.
Further downward rating pressure could also arise from
persistently weak profitability or from an erosion of asset
quality, as a consequence of risk concentration or excessive risk
taking under adverse economic conditions. This would hurt the
bank's capital position, reducing the bank's loss absorption
capacity and limiting its business growth potential.

The B1 global local currency deposit rating derives from BI&P's
standalone baseline credit assessment of b1, and does not benefit
from systemic support uplift because of the bank's modest market
share in local banking system deposits. The global local currency
deposit rating of B1 has historically been associated with default
frequencies of 10.9% and 19.0% over 3- and 5-year investment
horizons, respectively, said Moody's.

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
"za" for South Africa. 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".

The last rating action on Banco Indusval was on 4 July 2013, when
Moody's affirmed all ratings and changed the rating outlook to
negative, from stable.

Banco Indusval S.A. is headquartered in Sao Paulo, Brazil and had
total consolidated assets of BRL5.1 billion ($2.3 billion) and
equity of BRL670.7 million ($304.3 million) as of June 30, 2014.


BANCO MODAL: Moody's Downgrades Long-term Deposit Rating to B1
--------------------------------------------------------------
Moody's Investors Service downgraded Banco Modal S.A.'s (Modal)
bank financial strength rating to E+, from D-, and lowered its
baseline credit assessment (BCA) to b1 from ba3. At the same time,
Moody's downgraded Modal's long-term global local- and foreign-
currency deposit ratings to B1 from Ba3; and long- and short-term
Brazilian national scale deposit ratings to Baa3.br from A2.br,
and to BR-3 from BR-2, respectively. In addition, Moody's affirmed
the short-term global local- and foreign-currency deposit ratings
of Not Prime. The outlook on all ratings is stable.

The following ratings assigned to Banco Modal S.A. were
downgraded, with stable outlook:

Bank financial strength rating to E+, from D-

Long-term global local-currency deposit rating to B1 from Ba3

Long-term foreign-currency deposit rating to B1 from Ba3

Long-term Brazilian national scale deposit rating to Baa3.br from
A2.br

Short-term Brazilian national scale deposit rating to BR-3 from
BR-2

The following ratings were affirmed:

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

Short-term foreign-currency deposit rating of Not Prime

Ratings Rationale

In lowering Modal's baseline credit assessment to b1, Moody's
considered the challenges faced by the bank to achieve sustainable
profitability, in light of net losses reported in full year 2013
and again in 1H14. These results were mainly influenced by poor
performance in trading activities and highlight the inherent
volatility of the bank's businesses, particularly as Modal focuses
on expanding its investment banking penetration. Moody's
acknowledges that Modal's ongoing strategic transition may lead to
increased earnings diversification, but it may as well expose its
balance sheet to higher risk.

As part of Modal's strategic repositioning, management intends to
expand the fee-based revenue stream by growing the bank's middle
corporate loan book, which can lead to cross selling
opportunities, including derivative products and investment
banking. In that regard, Modal grew its loan book by 20% in 1H2014
alone, resulting in its adjusted leverage -- measured as overall
credit exposure in the form of loans, corporate securities and
off-balance sheet guarantees - increasing to 4.1 times in 1H2014,
from 3.4 times in year-end 2013. While the credit build up in the
context of the new strategy supports revenues, the persistently
weak economic environment may lead to deteriorating asset quality
and future higher credit costs. That in turn, would hurt
profitability and capital.

The rating action also captures Modal's inherent funding
limitation, characteristic of banks with this risk profile, as
reflected by a concentration on wholesale depositors. The fact
that assets duration is shorter than liabilities partially offsets
liquidity constrains.

In the context of weak profitability, increasing leverage, and
sluggish economic momentum, Moody's views the b1 BCA as better
reflecting Modal's financial profile. However, the bank's ratings
may face downward pressured were poor profitability combined with
growth dynamics continue to consume capital or if the bank fails
to properly manage the growing credit risk exposure.

The B1 global local currency deposit rating derives from Modal's
standalone baseline credit assessment of b1, and does not benefit
from any systemic support uplift because of the bank's modest
market share in local banking system deposits. The global local
currency deposit rating of B1 has historically been associated
with default frequencies of 10.9% and 19.0% over 3- and 5-year
investment horizons, respectively.

The last rating action on Modal was on 19 July 2012, when Moody's
affirmed all ratings, including the bank financial strength rating
(BFSR) of D-; the global local-currency and foreign-currency
deposit ratings of Ba3 and Not Prime; and the Brazilian national
scale deposit ratings of A2.br and BR-2. The outlook on all
ratings remained stable.

The principal methodology used in this rating was Global Banks
published in July 2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in "za" for South Africa. 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 Modal S.A. is headquartered in Rio de Janeiro, Brazil. It
reported total assets of BRL1.5 billion ($666.4 billion) and
equity of BRL239.0 million ($108.4 million) as of 30 June 2014.



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C A Y M A N  I S L A N D S
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AIR 2 US: Fitch Affirms Series A and B EENs Ratings at 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings for the series A and B
enhanced equipment notes (EENs) issued by AIR 2 US at 'BB' and
'B-' respectively.

AIR 2 US is a special purpose Cayman Islands company created to
issue EENs; utilize the proceeds to purchase Permitted
Investments; and enter into a risk transfer agreement. AIR 2 US
entered into the risk transfer agreement (the Payment Recovery
Agreement), with a subsidiary of Airbus. The primary provision of
the Payment Recovery Agreement states that if United Airlines,
Inc. (rated 'B'; Positive Outlook by Fitch) fails to pay scheduled
rentals under existing subleases of aircraft with subsidiaries of
Airbus, AIR 2 US will pay these rental deficiencies to a
subsidiary of Airbus. These deficiency payments will come from the
cash flows created by the Permitted Investments. As such, the
greatest risk of the transaction is the bankruptcy risk of the
lessee airline.

Key Rating Drivers

AIR 2 US is not covered effectively by Fitch's EETC ratings
criteria as a result of the fact that aircraft cannot be sold and
liquidated in the event of lease rejection of Airbus A320 aircraft
sub-leased by United. In addition, the underlying subleases are
not cross-defaulted or cross-collateralized. Applying a framework
similar to that employed in analysis of corporate obligations,
Fitch expects recoveries for Series A note holders to be very
strong in a lease rejection scenario. Discounted lease cash flows,
applying heavy stresses to current A320 lease rates, cover Series
A principal and a full liquidity facility draw. The 'BB' rating,
three notches above United's 'B' IDR, reflects the high level of
projected recovery.

Expected recoveries for Series B note holders would be weak,
reflecting a high probability of lease payment shortfalls in a
post-rejection scenario. The one notch differential between the
Series B note rating and United's 'B' corporate IDR captures this
weak recovery potential.

Rating Sensitivities

The Rating Outlook has been revised to Positive from Stable for
both the series A and B notes. The ratings are primarily driven by
Fitch's recovery expectations based on a present value analysis of
future lease payments and by the IDR of the underlying airline. As
such, both the A and B tranche ratings could be upgraded if Fitch
were to upgrade the ratings on United. The Ratings Outlook for
United is Positive. Conversely, ratings for both tranches could be
downgraded if the airline IDR was downgraded (not anticipated at
this time) or if Fitch's expectations for future lease rates were
to decline materially.

Fitch has affirmed the ratings as follows:

AIR 2 US

-- Series A Enhanced Equipment Notes at 'BB';
-- Series B Enhanced Equipment Notes at 'B-';


B-LFC LIMITED: Shareholder to Hear Wind-Up Report on Sept. 26
-------------------------------------------------------------
The shareholder of B-LFC Limited will hear on Sept. 26, 2014, at
8:30 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


COLLABRIUM EMERGING: Members' Meeting Set for Sept. 16
------------------------------------------------------
The members of Collabrium Emerging Markets Fund Limited will hold
their meeting on Sept. 16, 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:

          Appleby Trust (Cayman) Ltd
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street, PO Box 1350
          Grand Cayman KY1-1108
          Cayman Islands


COLLABRIUM EMERGING MASTER: Members' Meeting Set for Sept. 16
-------------------------------------------------------------
The members of Collabrium Emerging Markets Master Fund Limited
will hold their meeting on Sept. 16, 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:

          Appleby Trust (Cayman) Ltd
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street, PO Box 1350
          Grand Cayman KY1-1108
          Cayman Islands


COLLABRIUM MANAGEMENT: Members' Final Meeting Set for Sept. 16
--------------------------------------------------------------
The members of Collabrium Management Limited will hold their final
meeting on Sept. 16, 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:

          Appleby Trust (Cayman) Ltd
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street, PO Box 1350
          Grand Cayman KY1-1108
          Cayman Islands


CORPORATE WORLD: Shareholder to Hear Wind-Up Report on Sept. 23
---------------------------------------------------------------
The shareholder of Corporate World Opportunities Limited will hear
on Sept. 23, 2014, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          A. Lawson
          c/o James Macfee
          Telephone: (345) 914-4465/ 345-949-4800
          Facsimile: (345) 949-7164
          Century Yard, Cricket Square
          Elgin Avenue
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


HIGHGATE ABSOLUTE: Shareholders' Final Meeting Set for Sept. 18
---------------------------------------------------------------
The shareholders of Highgate Absolute Return Fund Limited will
hold their final meeting on Sept. 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 liquidator is:

          Avalon Ltd
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


MAOMING FUND: Shareholders' Final Meeting Set for Sept. 16
----------------------------------------------------------
The shareholders of Maoming Fund will hold their final meeting on
Sept. 16, 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:

          Frederic Durr
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          Appleby Trust (Cayman) Ltd.
          75 Fort Street, George Town
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


MH CAPITAL: Sole Member to Hear Wind-Up Report on Sept. 17
----------------------------------------------------------
The sole member of MH Capital Development II, Ltd. will hear on
Sept. 17, 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:

          Naohiro Kamei
          c/o Mizuho Capital Partners Co., Ltd.
          2-3-2, Marunouchi, Chiyodaku
          Tokyo, 100-0005
          Japan


POT MARIGOLD: Shareholder to Hear Wind-Up Report on Sept. 17
------------------------------------------------------------
The shareholder of Pot Marigold Investment (Cayman) Ltd will hear
on Sept. 17, 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:

          Yang Ning
          Flat C, 57/F, Tower Two
          The Merton, 38 New Praya
          Kennedy Town
          Hong Kong


WILLIAM BLAIR: Shareholders' Final Meeting Set for Sept. 24
-----------------------------------------------------------
The shareholders of William Blair CLS Ltd. will hold their final
meeting on Sept. 24, 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:

          Richard W. Smirl
          c/o William Blair & Company LLC
          222 West Adams Street
          Chicago
          Illinois 60606
          United States of America
          Telephone: +1 (312) 236 1600


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D O M I N I C A N   R E P U B L I C
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XSTRATA PLC: Commonwealth Roundtable Supports National Park Veto
----------------------------------------------------------------
Dominican Today reports that the Roundtable of Commonwealth
Countries in the Dominican Republic said it supports president
Danilo Medina's veto of the legislation to create Loma Miranda
National Park.

Roundtable President Fernando Gonzalez Nicolas said the decision
sends a "very positive signal to the international markets and
investors," according to Dominican Today.

"Medina's decision is correct since and confirms that a business
climate exist in the Dominican Republic that ensures and respects
foreign investment," the business leader said in an emailed
statement obtained by Dominican Today.

Mr. Nicolas, the report notes, said the veto will lead to promote
responsible mining in the Dominican Republic, as one of the main
pillars of the economy.

"All parties involved now intend to thoroughly study and discuss
better ways to develop responsible mining in our country.  Studies
and prudence should be the rules to follow for the benefit of the
entire collectivity," added Mr. Nicolas, the head of the
Roundtable, an entity that promotes bilateral relations, trade and
investment among the Commonwealth's 53 member countries, the
report discloses.

As reported in the Troubled Company Reporter-Latin on Sept. 9,
2014, Dominican Today said that the Foreign Investment Companies
Association, whose members have investments of more than US$20
billion in the country, hailed the Senate's decision to backtrack
on the legislation to create a national park on lands where
(Glencore) Falconbridge Dominicana, C. por A. ("Falcondo") plans
to mine nickel.

ASIEX President Carlos Emilio Gonzalez said the lawmakers'
decision preserves their confidence in legal security, respect of
the Constitution, the laws and spurs a suitable climate for
foreign investment that in his view creates jobs and wealth for
the country, according to Dominican Today.

                  About (Glencore) Falcondo

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

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

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


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


* JAMAICA: Demand for Foreign Currency Falls
--------------------------------------------
RJR News reports that Bank of Jamaica (BoJ) data showed there has
been a decline in the demand for foreign currency.

The reduction in the demand for funds to satisfy balance of
payments current account transactions coincided with the slower
pace of currency depreciation during the April to June quarter,
according to RJR News.

The report notes that for the first half of the calendar year, it
is estimated that net demand declined by US$223.9 million relative
to the corresponding period last year.

The lower demand was primarily influenced by a 5.7% decline in
imports, the report relates.


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M E X I C O
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CEMEX SAB: Discloses Pricing of EUR400, US$1.1BB in Sr. Sec. Notes
------------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed the pricing of EUR400 million of
its 4.750% Senior Secured Notes due 2022 denominated in Euros and
US$1.1 billion of its 5.700% Senior Secured Notes due 2025
denominated in U.S. Dollars.

The Euro Notes will bear interest at an annual rate of 4.750% and
mature on January 11, 2022.  The Euro Notes will be issued at par
and will be callable commencing on January 11, 2018.  The U.S.
Dollar Notes will bear interest at an annual rate of 5.700% and
mature on January 11, 2025.  The U.S. Dollar Notes will be issued
at par and will be callable commencing on January 11, 2020.  The
closing of the offerings is expected to occur on September 11,
2014, subject to satisfaction of customary closing conditions.

CEMEX intends to use the net proceeds from the offering of the
Euro Notes for general corporate purposes, including the repayment
of indebtedness under CEMEX's Facilities Agreement, dated as of
September 17, 2012, and/or other indebtedness, all in accordance
with the Facilities Agreement.

CEMEX intends to use the net proceeds from the offerings to
purchase by means of a cash tender offer up to US$1,175,000,000
aggregate principal amount of (i) the 9.000% Senior Secured Notes
due 2018 issued by CEMEX and (ii) the 9.250% Senior Secured Notes
due 2020, issued by CEMEX Espana, S.A., acting through its
Luxembourg branch, with the 2018 CEMEX Dollar Notes having
priority, and the remainder, if any, for general corporate
purposes, including the repayment of indebtedness under the
Facilities Agreement and/or other indebtedness, all in accordance
with the Facilities Agreement.

CEMEX currently expects that the purchase price of the 2018 CEMEX
Dollar Notes will be approximately US$1,070 for each US$1,000
principal amount and that the purchase price of the 2020 CEMEX
Espana Dollar Notes will be approximately US$1,098 for each
US$1,000 principal amount, in each case, plus accrued interest.

The Euro Notes and the U.S. Dollar Notes will share in the
collateral pledged for the benefit of the lenders under the
Facilities Agreement and other secured obligations having the
benefit of such collateral, and will be guaranteed by CEMEX
Mexico, S.A. de C.V., CEMEX Concretos, S.A. de C.V., Empresas
Tolteca de Mexico, S.A. de C.V., New Sunward Holding B.V., CEMEX
Espana, S.A., Cemex Asia B.V., CEMEX Corp., CEMEX Finance LLC,
Cemex Egyptian Investments B.V., Cemex Egyptian Investments II
B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group AG,
Cemex Shipping B.V. and CEMEX UK.

                    About CEMEX, S.A.B.

CEMEX, S.A.B. de C.V., is a holding company of entities which
main activities are oriented to the construction industry,
through the production, marketing, distribution and sale of
cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 8, 2014, Standard & Poor's Ratings Services assigned its
'B+' issue-level rating and a recovery rating of '3' to CEMEX
S.A.B. de C.V's proposed benchmark dollar bonds due 2025 and
EUR300 million senior secured notes due 2022.  The recovery rating
of '3' indicates that bondholders can expect a meaningful (50% to
70%) recovery in the event of a payment default.


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


* TRINIDAD & TOBAGO: Economist Questions Deficit Budget
-------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that
Economist Dr. Ronald Ramkissoon questioned whether an economy,
which has been benefitting from relatively high oil prices over
the last three to four years, should still be running a deficit.

Dr. Ramkissoon was commenting on the presentation of the 2015
budget by Minister of Finance and The Economy Larry Howai in which
he stated that the Government had successfully reduced the deficit
from three percent of Gross Domestic Product in the 2014 budget to
2.3 percent, according to Trinidad and Tobago Newsday.

"We leave deficits for poor countries," the report quoted Dr.
Ramkissoon as saying.  However, "The fact that on paper we
actually have a smaller deficit is positive," Dr. Ramkissoon said.

The report notes that Dr. Ramkissoon added, "We need to go behind
those figures.  What was actual expenditure? What was proposed
vis-a-vis what was actually spent last year?"

Dr. Ramkissoon said if one took the longer-term view rather than
the shorter-term view, the question could be asked whether this
country should still be running deficits, the report relays.

On the criticism that the Finance Minister would produce an
election budget, Dr. Ramkissoon said Mr. Howai had lived up to the
fears of his critics with several of the measures, including the
increase in the minimum wage and "certain virtual giveaways,
increases in allowances etc," the report notes.

The report relays that Dr. Ramkissoon added that the international
community has already commented on the size of the subsidies and
the transfers that this country has and had been urging the
reduction of the subsidies and transfers.

"What we have done is the reverse.  So we were already high and we
were being urged by the international organisations that they
should come down.  What we have had instead is further increases
to these allowances -- pensions, etc," the report quoted Dr.
Ramkissoon as saying.

The report discloses that Dr. Ramkissoon pointed to a recent
report from the Inter-American Development Bank, which described
Trinidad and Tobago as an over-generous State, observing that
"what they do is compare us with the world and they were saying
that these increases were not sustainable, they lamented that
productivity was low and they are saying that this country needed
to take stock of its revenues, of its wasting asset which is oil
and natural gas.  These are depleting assets and you are moving
too fast in spending on subsidies and transfers and lo and behold
we decided that we were going to do differently. So what sense do
you make of that?"

The report relates that Richard Saunders, president of the
Association of Professional Organizations, agreed that the budget
had goodies for every category of person in the country.

"If you look at it there is hardly a category of person who could
say that they didn't find something in it.  Whether you are old,
whether you are in agriculture, whether you are in construction.
It is a budget that tried to provide some goodies for everybody.
Every category of stakeholder you could think of," the report
quoted Mr. Saunders as saying.

The report notes Mr. Saunders added that the spending on education
was commendable and the allocations in the other categories seemed
consistent with what was done in prior years.

Observing that it was one of the country's largest budgets, Mr.
Saunders said, the Minister of Finance and The Economy had shown
higher revenue in the non-oil sector but wondered whether that was
realistic," the report adds.


                            ***********


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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