TCRLA_Public/140924.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 24, 2014, Vol. 15, No. 189


                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: CBH Accused of Wasting Money on Contractors


A R G E N T I N A

TELECOM ARGENTINA: Pays Cash Dividend's 2nd Installment for 2013
ARGENTINA: Citibank Says Bond Order Delay to Be Sought


B E R M U D A

FLY LEASING: S&P Assigns 'BB' Rating to Sr. Unsecured Notes


B R A Z I L

BRAZIL: Sao Paulo's Luxury Neighborhoods Ignore Recession


C A Y M A N  I S L A N D S

CPIM STRUCTURED 20: Creditors' Proofs of Debt Due Oct. 6
CPIM STRUCTURED 1000: Creditors' Proofs of Debt Due Oct. 6
CPIM STRUCTURED 1500: Creditors' Proofs of Debt Due Oct. 6
EMPIRIC MARKET: Creditors' Proofs of Debt Due Sept. 29
HADAR INVESTMENT: Creditors' Proofs of Debt Due Oct. 6

MARINER SELECT: Creditors' Proofs of Debt Due Sept. 30
MARINER SELECT: Shareholder to Hear Wind-Up Report on Oct. 1
NASPA INVESTMENT: Creditors' Proofs of Debt Due Sept. 29
REHOBOTH HOLDINGS: Creditors' Proofs of Debt Due Oct. 6
STRUCTURED CREDIT 20: Creditors' Proofs of Debt Due Oct. 6

STRUCTURED CREDIT 1000: Creditors' Proofs of Debt Due Oct. 6
STRUCTURED CREDIT 1500: Creditors' Proofs of Debt Due Oct. 6


J A M A I C A

DIGICEL GROUP: Sportsmax to Expand Following Acquisition


M E X I C O

FINANCIERA FINCA: S&P Affirms 'BB-/B' Rating; Outlook Stable


P A R A G U A Y

* PARAGUAY: To Get US$5MM IDB Loan to Expand Financing for Firms


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Get TT$1.8 Billion Government Support
TRINIDAD CEMENT: Minority Shareholders Drop Lawsuit


                            - - - - -


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


* ANTIGUA & BARBUDA: CBH Accused of Wasting Money on Contractors
----------------------------------------------------------------
The Daily Observer reports that outsourcing contracts to keep the
country clean for the past year has wasted millions of dollars,
and Health Minister Molwyn Joseph said it is for that reason why
the Central Board of Health (CBH) suspended 150 plus contractors a
week ago.

"In 2013, the budget of CBH would have been about EC$13 million,
CBH spent over EC$20 million.  That in itself shows a 30 per cent
above budget.  That kind of performance is not acceptable," The
Daily Observer quoted Mr. Joseph as saying.

The minister said the suspension of contracts is however, only
temporary, according to The Daily Observer.  The oral contracts
were put on hold on September 12.

The report notes that since those contractors hired staff, it
meant that about 450 people were put out of work -- at least for a
week.

But, Mr. Joseph said Cabinet decided those persons, and possibly a
few dozen more, would be called upon to work again, under revised
terms, the report relays.

"It is not only a matter of collecting and disposing of garbage;
it has now evolved into beautification of Antigua & Barbuda.  So,
we have expanded it to what we now refer to as a beautification
program," the minister stated, the report relays.

Meantime, Prime Minister Gaston Browne has defended the decision
to send the workers home, the report notes.

Minister Browne accused them of unfair practices to include
underpaying their workers, adds the report.

Contractors who are rehired would be paid less than the EC$3,000
they earned per week, the report relays.  The new figure is not
yet known.

Minister Browne also said government would put a stop to allowing
a contractor to have more than one truck working for the CBH, the
report adds.


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


TELECOM ARGENTINA: Pays Cash Dividend's 2nd Installment for 2013
----------------------------------------------------------------
Telecom Argentina S.A. disclosed that the Board of Directors in
its meeting held Sept. 9, with the powers delegated by the General
Ordinary Shareholders' Meeting on April 29, 2014, adjourned to May
21, 2014, set the date for the payment of the second installment
of the cash dividend of ARS600,878,955.50.

The amount to be distributed in the second installment is
equivalent to ARS0.62 per outstanding share in circulation or
ARS3.10 per ADR, prior to deductions of the Personal Asset Tax and
Income Tax obligations.  Dividends will not be paid to nor
reserved for Treasury shares.

For ADR holders, the Record Date is September 19, 2014 and the
Payment Date is September 29, 2014.  The payment to these
shareholders will be made through the Depositary Bank, JP Morgan
Chase Bank N.A.

For non-ADR holders, the Record Date is also September 19, 2014
and payment will be available as from September 22, 2014.  For
these shareholders, payment will be made through Caja de Valores
S.A. in Argentina.

The Company will deduct from the dividend payment the
proportionate value of any amount of Personal Asset Tax paid by
the Company (pursuant to the unnumbered section following section
25 of Law No. 23,966, as amended) for fiscal year 2013.
Deductions of Personal Asset Tax payments will not apply to
shareholders who did not own shares or ADRs on December 31, 2013
and to those who have reimbursed the Company the amount related to
such tax obligations.

As well and if applicable, from the dividend to be paid, Telecom
Argentina will deduct 10% of the amount distributed as Income Tax
as provided in the last paragraph of Article 90 of Law 20,628 and
amendments, incorporated by law 26,893.

Due to the time required to determine which non-ADR holders are
subject to the referred taxes, the effective date of the dividend
distribution through Caja de Valores S.A. will be made within 10
days of the payment date, in accordance with the time period
established in Article 90 of the Buenos Aires Stock Exchange
Listing Rules.

Telecom Argentina is the parent company of a leading
telecommunications group in Argentina, where it offers, either
itself or through its controlled subsidiaries local and long
distance fixed-line telephony, cellular, data transmission and
Internet services, among other services.  Additionally, through a
controlled subsidiary, the Telecom Group offers cellular services
in Paraguay.  The Company commenced operations on November 8,
1990, upon the Argentine government's transfer of the
telecommunications system in the northern region of Argentina.

Nortel Inversora S.A., which acquired the majority of the Company
from the Argentine government, holds 54.74% of Telecom Argentina's
issued common stock. Nortel is a holding company whose common
stock (approximately 78% of capital stock) is owned by Sofora
Telecomunicaciones S.A. Additionally, Nortel capital stock is
comprised of preferred shares that are held by minority
shareholders.

As of September 9, 2014, Telecom Argentina continued to have
984,380,978 shares issued and 969,159,605 shares outstanding.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides telephone-
related services, such as international long-distance service and
data transmission and Internet services, and through its
subsidiaries, wireless telecommunications services, international
wholesale services and telephone directory publishing.

As reported by the Troubled Company Reporter-Latin America on
May 16, 2014, Moody's Latin America Calificadora de Riesgo has
assigned a first time Corporate Family Rating of Caa1 on its
Global Scale and Ba1.ar on its Argentina National Scale to Telecom
Argentina S.A. (Telecom). The outlook is stable.


ARGENTINA: Citibank Says Bond Order Delay to Be Sought
------------------------------------------------------
Bob Van Voris and Edvard Pettersson at Bloomberg News report that
Citibank NA asked a U.S. judge to allow it to make Sept. 30
payments on Argentine bonds, saying they shouldn't be subject to a
2012 court ruling prohibiting payments on the country's exchange
bonds.

The company said in a request to U.S. District Judge Thomas Griesa
in Manhattan that if he doesn't allow Citibank Argentina to make
the payments, it could face civil and criminal liability as well
as revocation of its banking license in the South American
country, according to Bloomberg News.

Bloomberg News notes that Judge Griesa has said Argentina can't
pay holders of its performing debt without also paying a group led
by Paul Singer's NML Capital that's owed US$1.5 billion on the
country's defaulted bonds.  Citibank claims the bonds on which it
expects to receive the interest payment from Argentina shouldn't
be included in the order barring payment, Bloomberg News relates.

Citibank said in the filing that bonds issued under Argentina law
are different from the "exchange" bonds the country issued to
holders of its defaulted debt and for which Bank of New York
Mellon Corp. is the trustee, Bloomberg News relates.  The judge
allowed Citibank to make payments on the Argentine law bonds in
June.

Judge Griesa set a hearing on the matter for Sept. 26 at 3:00
p.m., according to a court clerk.

                             'The Gun'

Karen Wagner, a lawyer for the company, told a federal appeals
court in Manhattan that Citibank will obey Judge Griesa's order if
it isn't overturned or changed, subjecting its century-old
Argentina branch to threatened criminal and civil penalties under
local law, Bloomberg News notes.

"We're going to obey, and if we obey, we have a gun to our head
and the gun will probably go off," Ms. Wagner told a three-judge
appeals panel court Sept. 18, Bloomberg News relays

The panel court rejected the appeal the next day, returning the
case to Judge Griesa, Bloomberg News says.

Argentina's Economy Minister, Axel Kicillof, said in a radio
interview that Citibank, a unit of New York-based Citigroup Inc.
(C), faces "an enormous mess" if it fails to make the payment to
holders of US$8.4 billion of U.S. dollar-denominated Argentine
bonds, issued under local law and payable in that country,
Bloomberg News notes.

"The lawyer for Citibank used a phrase that Citibank has a gun to
its head," Minister Kicillof said.  "It doesn't have any guns to
its head, it has Argentine law to its head because it's an
Argentine institution," Minister Kicillof said.

The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-6978,
U.S. District Court, Southern District of New York (Manhattan).

                         *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.


=============
B E R M U D A
=============


FLY LEASING: S&P Assigns 'BB' Rating to Sr. Unsecured Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' issue-level rating to Fly Leasing Ltd.'s senior unsecured
notes, with a recovery rating of '3', indicating S&P's expectation
that lenders would receive meaningful (50% to 70%) recovery of
principal in the event of a payment default.  The company will use
proceeds for general corporate purposes.

S&P's ratings on Bermuda-based aircraft lessor Fly Leasing reflect
its view of the company's position as a mid-tier provider of
aircraft operating leases, a substantial portion of encumbered
assets, and its complicated ownership structure.  Standard &
Poor's characterizes the company's business risk profile as
"fair," its financial risk profile as "significant," and its
liquidity as "adequate" under S&P's criteria.

The outlook is stable, reflecting S&P's expectation that Fly's
credit metrics will remain relatively consistent, with increased
earnings and cash flow offsetting incremental debt to fund the
acquisition of aircraft.  S&P expects funds from operations (FFO)
to debt of about 8% and debt to capital in the mid-70% area.  S&P
could raise the ratings if aircraft lease rates improved
significantly from current levels, due to stronger demand,
resulting in FFO/debt increasing to at least 10% for a sustained
period.  S&P could lower the ratings if lease rates deteriorate or
the company adds significant debt, causing FFO/debt to decline to
about 5% or lower for a sustained period.

RATING LIST

Fly Leasing Ltd.
Corporate credit rating                BB/Stable/--

New Ratings
Fly Leasing Ltd.
Senior unsecured notes                BB
  Recovery rating                      3


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


BRAZIL: Sao Paulo's Luxury Neighborhoods Ignore Recession
---------------------------------------------------------
Cristiane Lucchesi and Blake Schmidt at Bloomberg News report that
Sao Paulo's most expensive real estate got even pricier this year,
surging 10 percent as wealthy buyers in search of safe
neighborhoods ignored Brazil's recession, according to one of the
city's biggest brokerage boutiques.

Apartments in high-end communities such as Vila Nova Conceicao are
selling for about BRL25,000 (US$10,600) per square meter, said
Amir Makansi, partner and chief executive officer at Anglo
Americana Consultoria de Imoveis S/C Ltda, which caters to high-
net-worth individuals, banks and multinational corporations,
according to Bloomberg News.

"The market for wealthy individuals is always surprising," Mr.
Makansi told Bloomberg News in an interview.

One apartment with a view of Ibirapuera, the city's equivalent of
New York's Central Park, just sold for BRL14 million to a client
who works in the financial markets, according to Mr. Makansi,
Bloomberg News relates.  That worked out to about BRL32,000 a
square meter, which Mr. Makansi said was the highest for a
property he's handled, Bloomberg News notes.

Residential real estate prices nationwide are rising about a third
as fast as in 2011, when developers were offering homes due for
completion now, according to economic-research firm Fipe and the
real estate website Zap Imoveis, Bloomberg News relays.

Short-term investors and some individual buyers are backing away
from deals, and that has helped damp price gains, Bloomberg News
notes.  Prices in 2014 have increased an average 0.64 percent on a
month-over-month basis.  Three years ago, the average was 2.3
percent for the same period.

Bloomberg News discloses that Brazil's economy slipped into
recession in the second quarter, contracting 0.6 percent.  Slower
growth hasn't helped tame inflation, which accelerated to 6.51
percent in August, Bloomberg News notes.

"Wealthy individuals don't follow the same logic as the general
market," Mr. Makansi said, adding that the rich are able to choose
neighborhoods close to work to avoid traffic, and can pay a
premium to find properties that meet their specific needs,
Bloomberg News notes.

Residential properties near Ibirapuera that are also close to
Faria Lima, Sao Paulo's financial center, are usually worth the
most, Mr. Makansi said, Bloomberg News relays.

"New developments in areas such as Vila Nova Conceicao, Jardim
Europa and Jardim Luzitanea are very rare, and people that want to
move to those areas can pay for the luxury," Mr. Makansi said,
adding that Anglo Americana doesn't sell newly constructed
properties, Bloomberg News discloses.  "That is why prices keep
rising," Mr. Makansi added.


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


CPIM STRUCTURED 20: Creditors' Proofs of Debt Due Oct. 6
--------------------------------------------------------
The creditors of CPIM Structured Credit Fund 20 Inc. are required
to file their proofs of debt by Oct. 6, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2014.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5854


CPIM STRUCTURED 1000: Creditors' Proofs of Debt Due Oct. 6
----------------------------------------------------------
The creditors of CPIM Structured Credit Fund 1000 Inc. are
required to file their proofs of debt by Oct. 6, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2014.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5854
          e-mail: trudyann.scott@fundsolutionservices.com


CPIM STRUCTURED 1500: Creditors' Proofs of Debt Due Oct. 6
----------------------------------------------------------
The creditors of CPIM Structured Credit Fund 1500 Inc. are
required to file their proofs of debt by Oct. 6, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2014.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5854


EMPIRIC MARKET: Creditors' Proofs of Debt Due Sept. 29
------------------------------------------------------
The creditors of Empiric Market Neutral Offshore Fund, Ltd. are
required to file their proofs of debt by Sept. 29, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 26, 2014.

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


HADAR INVESTMENT: Creditors' Proofs of Debt Due Oct. 6
------------------------------------------------------
The creditors of Hadar Investment Advisers Ltd. are required to
file their proofs of debt by Oct. 6, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2014.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5854


MARINER SELECT: Creditors' Proofs of Debt Due Sept. 30
------------------------------------------------------
The creditors of Mariner Select Ultra International, Ltd. are
required to file their proofs of debt by Sept. 30, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 26, 2014.

The company's liquidator is:

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


MARINER SELECT: Shareholder to Hear Wind-Up Report on Oct. 1
------------------------------------------------------------
The sole shareholder of Mariner Select Ultra International, Ltd.
will hear on Oct. 1, 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:

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


NASPA INVESTMENT: Creditors' Proofs of Debt Due Sept. 29
--------------------------------------------------------
The creditors of Naspa Investment Company are required to file
their proofs of debt by Sept. 29, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 22, 2014.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


REHOBOTH HOLDINGS: Creditors' Proofs of Debt Due Oct. 6
-------------------------------------------------------
The creditors of Rehoboth Holdings Limited are required to file
their proofs of debt by Oct. 6, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 19, 2014.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


STRUCTURED CREDIT 20: Creditors' Proofs of Debt Due Oct. 6
----------------------------------------------------------
The creditors of Structured Credit (General Partner) 20 Inc. are
required to file their proofs of debt by Oct. 6, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2014.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5854


STRUCTURED CREDIT 1000: Creditors' Proofs of Debt Due Oct. 6
------------------------------------------------------------
The creditors of Structured Credit (General Partner) 1000 Inc are
required to file their proofs of debt by Oct. 6, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2014.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5854


STRUCTURED CREDIT 1500: Creditors' Proofs of Debt Due Oct. 6
------------------------------------------------------------
The creditors of Structured Credit (General Partner) 1500 Inc. are
required to file their proofs of debt by Oct. 6, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 18, 2014.

The company's liquidator is:

          Michael Pearson
          c/o Trudy-Ann Scott
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5854


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


DIGICEL GROUP: Sportsmax to Expand Following Acquisition
--------------------------------------------------------
RJR News reports that Sportsmax said it will be investing to
broaden the media options through which its content is delivered,
following the acquisition by Digicel Group Limited of the cable
company which provides sports coverage.

Sportsman Chief Executive Officer Oliver McIntosh made the
announcement.

While Mr. McIntosh did not disclose how much will be spent, he
explained that "in the coming months," there will be "technical
upgrades to our distribution," according to RJR News.

Additionally, Mr. McIntosh said the company will "put in place
various applications on mobile handsets with sports content, not
only data and information, but clips, highlights," notes the
report.

RJR News relays that Mr. McIntosh declared that the Digicel Group
acquisition will help the company to evolve, but added that there
will be no job cuts in the immediate future, arising from the
changes.

To the contrary, Mr. McIntosh said as the company goes through the
process of change, "this company will be a bigger company . . .
the staff complement will grow," the report adds.

                      About Digicel Group

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed the ratings of Digicel Group
Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred as 'Digicel' as:

DGL
--Long-term Issuer Default Rating (IDR) at 'B' with a Stable
  Outlook;
--USD 2 billion 8.25% senior subordinated notes due 2020 at 'B-
  /RR5';
--USD 1 billion 7.125% senior unsecured notes due 2022 at 'B-
  /RR5'.

DL
--Long-term IDR at 'B' with a Stable Outlook;
--USD 800 million 8.25% senior notes due 2017 at 'B/RR4';
--USD 250 million 7% senior notes due 2020 at 'B/RR4';
--USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'.

DIFL
--Long-term IDR at 'B' with a Stable Outlook;
--Senior secured credit facility at 'B+/RR3'.


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


FINANCIERA FINCA: S&P Affirms 'BB-/B' Rating; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' global-
scale and 'mxBBB+/mxA-2' Mexican national-scale issuer credit
ratings on Financiera Finca S.A. de C.V. SOFOM E.N.R. (FINCA).
The outlook remains stable.

"Our ratings on FINCA are limited by its single-line business
profile, the intense competition in the Mexican microfinance
market, and its volatile profitability levels in the first half of
2014," said Standard & Poor's credit analyst Elena Enciso.  The
company's good capitalization metrics and diversified funding
profile support the ratings.

FINCA is a microfinance company that grants credit to urban and
rural low-income families.  Group credits account for
approximately 99% of its portfolio.  Therefore, in S&P's opinion,
FINCA is more vulnerable to economic downturns that could weaken
its core business compared with companies with diversified
business lines.  Additionally, competition in recent years in the
microfinance sector is on the rise as new players target FINCA's
client pool.

The company's lower net interest margin and higher expenses led to
a significant decline in FINCA's profitability in 2014.  Loan
portfolio origination dropped in the first quarter of 2014, and
the company marginally reduced its active interest rate amid
higher operating expenses.  Originations began to improve in April
2014 and S&P expects FINCA to gradually pick up the pace in its
income generation.  S&P also expects FINCA to maintain monthly
loan origination above Mexican peso (MXN) 230 million, and
therefore, interest income should begin to improve.  As of June
30, 2014, the company reported a 0.06% return on average assets
due to the sharp drop in interest income, which is worse than the
4.1% reported a year earlier.  Under current market conditions,
S&P expects profitability levels to improve in the next 12 months
thanks to a growing demand for credit and FINCA's strategies to
increase its origination while preserving the quality of its
portfolio.  However, S&P don't expect profitability ratios to
fully recover in the next 18 to 24 months because of FINCA's
conservative growth strategy and the competitive market which
makes finding and attracting qualified borrowers more difficult.


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


* PARAGUAY: To Get US$5MM IDB Loan to Expand Financing for Firms
----------------------------------------------------------------
The Inter-American Development Bank has approved a US$5 million
loan from its Opportunities for the Majority sector to Grupo
Internacional de Finanzas SAECA (INTERFISA), the goal of which is
to expand access to financing for micro and small businesses that
are run or owned by women, mostly at the base of the economic
pyramid.

The project, known as Access to Rural Financing with a Gender-
based NdeVale Approach, will help unbanked Paraguayan women at the
base of the pyramid increase access to finance and reduce their
vulnerability through loans designed specifically for micro and
small businesses in rural areas.

"This will be the first financing initiative with a gender-based
approach in the country and it is expected to have a major
impact," said Christian Schneider, IDB project team leader.

The project will aid more than 5,000 micro and small businesses
that are run or owned by women who generally do not have access to
financing, and also teach them business administration skills.

The NdeVale business model consists of a loan tied to the cash
flow of each of the clients and to their business cycle.

              About Opportunities for the Majority

Established by the IDB in 2006, Opportunities for the Majority
promotes and finances market-based, sustainable business models
that bring together private companies, local governments, and
communities in developing and supplying quality products and
services to people at the base of the socio-economic pyramid in
Latin America and the Caribbean.


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


CARIBBEAN AIRLINES: To Get TT$1.8 Billion Government Support
------------------------------------------------------------
Ria Taitt at Trinidad Express reports that a meeting of the
Standing Finance Committee in the Parliament revealed that
Caribbean Airlines Limited will get a total of TT$1.8 billion
support from the Government during the period 2013 and 2015.

However, Finance Minister Larry Howai stated that the Caribbean
Airlines management had informed him that the company expects to
break-even in three years time, according to Trinidad Express.
The report notes that Mr. Howai said however that government would
have to provide funds for CAL in 2015, 2016 and 2017.

Opposition Leader Dr. Keith Rowley said CAL received TT$477
million in support in 2013, TT$570 million in 2014 and was
estimated to receive TT$718 million, the report discloses.

Diego Martin North East MP Colm Imbert later pointed out that in
2015, government was really providing TT$730 million, following
the Minister of Finance's disclosure that Government would be
allocating an additional TT$11.3 million to Caribbean Airlines to
assist it with debt repayment, the report notes.

Trinidad Express relates that Dr. Rowley noted that there was a
provision for an equity injection of TT$318.3 million in 2014.
Dr. Rowley asked "when this injection took place and why was it
not made public?  How was Government going to deal with this
support of TT$2.1 billion to Caribbean Airlines?"

The Minister of Finance said a restructuring plan had been put in
place which would lead to the gradual reduction of the subsidy
over the next three years, the report notes.  Mr. Howai said
however the airline would not reach a level of sustainability
within the next three years, the report discloses.

Trinidad Express relays that Minister Howai said a big part of the
subsidy arose from two issues "which are endemic to the airline" -
the fuel subsidy which was approximately US$50 million and the
subsidy to the Tobago airbridge was US$26 million, which totaled
approximately US$78 million or TT$400 million.

Minister Howai said the airline also incurred a loss on the
Venezuela route as a result of the devaluation of the bolivar, the
report discloses.

"This was further impacted by the fact that you cannot get funds
out of Venezuela at this point in time.  So the monies to pay for
that Venezuela route has been tied up and has further tightened
the cash flows of Caribbean Airlines. That figure is US$45
million," the report quoted Mr. Howai as saying.  Some losses came
from the integration of Air Jamaica, Mr. Howai added.

The report notes that Dr. Rowley then asked for a proper breakdown
of the TT$730 million.  Dr. Rowley said "throwing in the Tobago
losses, which was an essential service" could confuse people."
Dr. Rowley asked whether the Minister was prepared to state what
were the losses on the London route and losses on any other route.

Dr. Rowley also asked "what was the basis of the Minister's
acceptance of the management's position that the airline would
break even in three years when the trend did not support this."

Mr. Imbert noted that outside of the Tobago subsidy and the fuel
subsidy, TT$320 million was being provided in support to CAL in
2015, the report notes.

Mr. Imbert also noted that Government was providing TT$194.7
million to First Citizens Bank for restructuring, the report says.

Minister Howai said this was arrears of interest payment, which
Government had not paid for the past five years, to the State-
owned bank, the report notes.  Minister Howai said there was no
payment on the principal and government had allocated a further
TT$92 million to be paid to FCB in 2015, bringing the total amount
to be paid by Government to FCB in 2015 to TT$280 million, the
report relates.

Both Dr. Rowley and Mr. Imbert also pointed to the decrease in
salaries to the Financial Intelligence Agency (FIU), saying that
the FIU's workload and increase in surveillance should have
warranted an increase in staff, the report discloses.  However,
Minister Howai pointed out that there was an increase in the
contract employment in this agency (from TT$12 million in 2014 to
TT$15.9 million in 2015), the report adds.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


TRINIDAD CEMENT: Minority Shareholders Drop Lawsuit
---------------------------------------------------
RJR News reports that a lawsuit filed last July by a group of
minority shareholders of Caribbean Cement's parent, Trinidad
Cement Limited (TCL), to prevent it from holding its annual
general meeting, has come to an end.

TCL's newly appointed Chairman and other parties involved agreed
to discontinue with the action, according to RJR News.

The report discloses that the 11 shareholders had argued that
their interests were being prejudiced, after the company's former
directors refused to include on the proxy their nominees for the
Board.

When the matter came up for hearing at the Hall of Justice in Port
of Spain last week, TCL Chairman Wilfred Espinet, along with all
other parties involved, agreed to have the matter discontinued.
TCL was ordered to pay legal costs, the report notes.

During a special meeting of shareholders on August 19, the new
board was voted in.  The members include Chris Dehring, a Jamaican
company executive who was recently appointed to the board of
Jamaica based Caribbean Cement, and is set to become its Chairman.

                         *     *     *

As reported in the Troubled Company Reporter - Latin America on
September 4, 2014, the Trinidad and Tobago Newsday said the
newly elected board of directors of Trinidad Cement Limited has
suspended TCL's Group Chief Executive Officer Dr. Rollin Bertrand,
and long-standing director, Alejandro Alberto Ramirez, was
appointed as acting CEO.  Businessman Wilfred Espinet was
appointed chairman of the company.

On Aug 25, 2014, the TCRLA said prominent Jamaican businessman
Chris Dehring was among seven new members appointed to the Board
of TCL, according to the RJR News. Six directors of TCL including,
Chairman Andy Bhajan resigned on Aug. 19, minutes before a special
meeting by shareholders was due to be held to vote them out, said
the report.  The shareholders later voted in the new directors.
The resignation of the directors, including Chief Executive
Officer Dr. Rollin Bertrand came a few hours after Trinidad Cement
lost an application in the Court of Appeal in Port of Spain for an
injunction to block the meeting.  At that time, Mr. Bertrand
resigned as a director but maintained his position as chief
executive officer.

On May 8, 2014, the TCR-LA reported that Fitch Ratings assigned
these initial ratings to Trinidad Cement Limited Group (TCL
Group):

--Foreign currency Issuer Default Rating (IDR) 'B-';
--Local currency IDR 'B-';
--Expected senior secured note issuance of up to USD325 million
'B-/RR4'.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *