TCRLA_Public/141001.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, October 1, 2014, Vol. 15, No. 194


A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: PM Predicts Deficit of More Than EC$100 Million
ST JOHN'S DEVELOPMENT: Terminated Workers Called to Protest Action


ARGENTINA: Found in Contempt by N.Y. Bond Fight Judge


BANCO DO BRASIL: S&P Raises Rating on Subordinated Bonds to 'BB-'
BRAZIL: G100(R) Meeting Cites Educ. and Infrastructure Problems
USINAS SIDERURGICAS: Worst Steel Stock as BTG Cuts on Board Fight

C A Y M A N  I S L A N D S

ANASOSPI HOLDINGS: Members' Final Meeting Set for Oct. 6
CONOCOPHILLIPS EXPLORATION: Shareholders' Meeting Set for Oct. 7
EMPIRIC MARKET: Members Receive Wind-Up Report
GEORGETOWN FINANCE: Members' Final Meeting Set for Oct. 6
MATLINPATTERSON MUNICIPAL: Shareholder Receives Wind-Up Report

NASPA INVESTMENT: Members' Final Meeting Set for Oct. 6
PINEAPPLE LTD: Shareholder to Receive Wind-Up Report on Oct. 1
REHOBOTH HOLDINGS: Members' Final Meeting Set for Oct. 8
ROTELLA MOLINERO: Shareholders' Final Meeting Set for Oct. 1
SENSATA TECHNOLOGIES: Moody's Confirms Ba2 Corp. Family Rating

SMC TRANSPORTATION: Members Receive Wind-Up Report
STARTS (CAYMAN) 2007-14: S&P Withdraws CCC- Rating on A2-J Notes


JAMAICA: IMF Approves US$68.8 Million Disbursement


INRETAIL CONSUMER: Commences Offer to Buy Intercorp Senior Notes
INRETAIL CONSUMER: S&P Assigns 'BB+' CCR; Outlook Positive
INRETAIL CONSUMER: Moody's Assigns Ba1 Rating on $350MM Sr. Notes


ADMINISTRACION NACIONAL: S&P Affirms 'BB' Rating; Outlook Stable
CONSOLIDATED ENERGY: S&P Assigns Prelim. 'BB' CCR; Outlook Pos.
CONSOLIDATED ENERGY: Moody's Assigns B2 Rating to USD1.2MM Notes


CLOROX CO: Nicolas Maduro Defends Seizure of Factory

                            - - - - -

A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: PM Predicts Deficit of More Than EC$100 Million
The Daily Observer reports that ahead of the new budget for the
upcoming financial year expected in November, Antigua and Barbuda
Prime Minister and Minister of Finance Gaston Browne said more
than a EC$100 million deficit is expected for 2014.

"For this year, the country is projected to have a fiscal deficit
of about EC$130 million and that is due to overspending," the
report quoted Prime Minister Browne as saying.

The report notes that Prime Minister Browne was speaking at a town
hall meeting with nationals in Bronx, New York, where he laid the
blame for deficit on the previous government.

"One would expect that when you have a government that would have
borrowed extensively, they would have borrowed EC$2.5 billion over
a ten- year period, at least they would run a fiscally tight
budget to make sure they have capacity to pay the debts," Prime
Minister Browne said of the former United Progressive Party-
administration, the report notes.

In the 2014 budget, presented in January, the government then
projected that there would be a surplus of about EC$10 million,
the report relates.

Government revenues from indirect taxes should have amounted to
EC$484.8 million, and Antigua and Barbuda Sales Tax (ABST),
EC$224.4 million, the report notes.  Another EC$60 million, it was
thought, would be contributed by the Citizenship by Investment
(CIP) program, the report relays.

According to then projections, government's spending (excluding
principal payments on loans) was estimated to be EC$692.3 million
for the 2014 fiscal year, the report says.

If Prime Minister Browne's prediction of deficit is correct, it
wouldn't be the first time that government's projections have been
significantly off, the report notes.

In 2013, there was an almost EC$146 million shortfall between what
government expected to receive and what it actually was able to
raise as revenue, the report recalls.

In speaking to the diaspora last week, Prime Minister Browne
blamed the former UPP government, which governed for the first six
months of the year, for the projected deficit, the report notes.
However, Prime Minister Brown said, his government accepted
responsibility for the situation and would "fix it," the report

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.

ST JOHN'S DEVELOPMENT: Terminated Workers Called to Protest Action
The Daily Observer reports that a call has been issued for
government workers who were sent home since the June 12 general
elections to hit the streets in protest.

The Daily Observer notes that Former Executive Director of the St
John's Development Corporation (SJDC) Senator Anthony Stuart said,
"It is time for action in this country, and I am saying that all
the affected workers who have lost their jobs and their families
who depend on them, they have to be at the forefront in this fight
against the Antigua Labor Party.

"If we keep quiet then this wanton dismissal of individuals from
their work will continue just like all the people at the National
School Meals and this has to stop," Mr. Stuart declared, the
report notes.

Mr. Stuart's call follows the termination of four senior managers
of the corporation, on Tuesday, Sept. 23.

Mr. Stuart, who served as head of SJDC for almost a decade before
he was terminated this year, said it is crucial that the affected
workers protest the actions taken by the Antigua & Barbuda Labor
Party (ABLP) government, the report discloses.

"We have to start protest action in this country, because that is
the only thing the ABLP knows.  Executive Director Neil Butler has
to be prepared.  We are going to go down by CBH and School Meals
with the young children who now can't get food to eat," Mr. Stuart
declared, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2014, The Daily Observer said that the managers of the
Heritage Quay Shopping Complex, Heritage Quay Hotel, Multipurpose
Cultural Centre and the Public Market Complex -- four entities
under the ambit of the St John's Development Corporation (SJDC) --
were notified that their services would be no longer required.

The senior employees were advised by way of a letter, dated
September 23, that their positions were being made redundant as of
November 1, 2014, according to The Daily Observer.

Letters of dismissal were sent to Manager of the Public Market
Complex, Jaymore Greene, and Fernando Abraham who heads the
Multipurpose Centre.  Vere Ford of Heritage Hotel and Foster
Thompson, senior manager of the Heritage Quay Shopping Complex,
were also given the boot.

The Daily Observer noted that the missive, signed by Executive
Director Neil Butler, cited that a policy decision was taken in
June to "reduce staffing costs . . .  in an effort to obtain a
lower operational cost."

St John's Development Corporation was established in February
1986, by an Act of Parliament.  It is the statutory body
responsible for the enhancement and orderly development of the
main commercial center in Antigua and Barbuda, the City St. John's
with objective of developing projects beneficial to the cityscape.


ARGENTINA: Found in Contempt by N.Y. Bond Fight Judge
Bob Van Voris at Bloomberg News reports that Argentina was found
in civil contempt of court by a U.S. judge as it prepares to shift
control over payments of its restructured debt from New York to
Buenos Aires.

U.S. District Judge Thomas Griesa in Manhattan, who is overseeing
lawsuits over bonds the South American nation repudiated in 2001,
said that such a move is "illegal and cannot be carried out,"
according to Bloomberg News.  Judge Griesa said the plan violates
his orders and the rights of defaulted bondholders, led by Paul
Singer's Elliott Management Corp, Bloomberg News notes.

Bloomberg News relates that Judge Griesa said he will rule later
on a penalty.  Elliott Management's NML Capital and other hedge
funds that hold the defaulted bonds asked the judge to fine the
country US$50,000 a day until it complies, Bloomberg News notes.

The case stems from Argentina's record US$95 billion default in
2001, which roiled international markets and has since limited the
government's access to international credit, Bloomberg News

Holders of about 92 percent of the repudiated debt agreed to take
new bonds, at a discount of about 70 percent, in restructurings in
2005 and 2010, Bloomberg News relates.  Some individual investors
and hedge funds, including NML Capital, sued for full payment in
New York, the forum selected by Argentina in the original bond
agreements, Bloomberg News discloses.

State's 'Dignity'

Bloomberg News says that Argentina argued against the contempt
finding, claiming Sept. 29, that it would undermine "the dignity
of foreign states."

"The decision by Judge Griesa has no practical effects beyond
providing new elements in the defamation campaign being waged
against Argentina by vulture funds," the foreign ministry said in
a statement after the ruling, relates Bloomberg News.

NML lawyer Robert Cohen argued that Argentina has disobeyed Judge
Griesa for at least a year by trying to set up a payment mechanism
outside his jurisdiction, notes the report.

Judge Griesa ruled in 2012 that Argentina can't make payments on
its restructured debt as long as it continues to refuse to pay
holders of the nation's defaulted debt, Bloomberg News relays.
The U.S. Court of Appeals in New York upheld the decision and it
took effect after the U.S. Supreme Court declined to hear the case
in June, Bloomberg News notes.

Judge Griesa's order triggered a default on Argentina's performing
debt when Bank of New York Mellon Corp., the bond trustee, refused
to forward a US$539 million payment on July 30, Bloomberg News

Argentina responded by saying it's removing the bank as trustee.

Judge Griesa cited Argentina's attempt to drop Bank of New York as
the latest violation of his orders in the case, Bloomberg News

Argentina faced a deadline Sept. 30, to make a US$200 million
payment to holders of the bonds issued in the 2005 and 2010
restructurings, Bloomberg News says.  An official from Argentina's
monetary authority said it will deposit that amount in a state-run
bank account today, Oct. 1.  It isn't clear how investors will be
able to collect the payments, Bloomberg News adds.

The case is NML Capital Ltd. v. Republic of Argentina, 08-cv-
06978, U.S. District Court, Southern District of New York

                    *     *     *

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.


BANCO DO BRASIL: S&P Raises Rating on Subordinated Bonds to 'BB-'
Standard & Poor's Ratings Services has raised its rating on Banco
do Brasil S.A.'s (BdB) perpetual non-cumulative subordinated bonds
to 'BB-' from 'B+'.  In addition, S&P affirmed its 'BB' rating on
the bank's $500 million 10-year subordinated deferrable notes.  In
addition, S&P removed its "Under Credit Observation" identifier
from the ratings on these instruments.

The rating on the perpetual instruments is three notches lower
than the bank's stand-alone credit profile (SACP), reflecting a
one-notch deduction due to subordination risk and two-notch
deduction because they are Tier 1 instruments and Brazil is
currently complying with Basel III standards.  S&P do not apply
additional notching for write-off or conversion risk because it
believes that under a stress scenario the government would very
likely provide extraordinary preemptive support to BdB at a
relatively early stage of its deterioration.  Furthermore, such
support would not constitute a nonviability event for BdB.
Therefore, principal write-down or equity conversion of the hybrid
is unlikely to occur.

The rating on the subordinated deferrable notes is two notches
lower than the SACP, reflecting a one-notch deduction due to
subordination risk and one-notch deduction because the instrument
is a deferrable Tier 2 instrument, to reflect the standard risk of
coupon nonpayment.  S&P also do not apply additional notching to
these instruments for write off or conversion risk due to the
expected support mentioned above.

BRAZIL: G100(R) Meeting Cites Educ. and Infrastructure Problems
This month's meeting of the G100(R) Brazil / Nucleus for Business
and Economic Development Studies discussed economic scenarios as
well as matters related to credit, consumption (consumer spending)
and default levels.

Over the short term, the economic scenario in Brazil expects there
will be external adjustments, with a drop in the exchange value of
the BRL.  The total average price of [Brazilian] exports will not
go up through 2017.  Fiscal adjustments are expected, with more
taxes and less spending.  In addition, there will be adjustments
for inflation, with managed prices and a attempts to hold back
interest rates.  However, interest rates should remain high for an
extended period, through 2015/2016.

The GDP is expected to start growing again in 2015, albeit slowly
and starting from a low base.  Inflation should slowly drop and
interest rates may also drop.  All of these projects are subject
to uncertainties, such as: The economic policies of the new
government; higher interest rates in the US; Crises in China or
Europe; Geopolitical events.

The issue in Brazil is neither scale nor political stability.
Brazil has the world's 8th largest consumer spending level, and
above average political stability.  The problem in Brazil is
Education.  According to the outcome of PISA (Program for
International Student Assessment), the quantity of education has
increased in Brazil, but not the quality.

The problem of infrastructure in Brazil is very alarming; simply
put, logistics are inadequate.  Business operations face a number
of hurdles.  Brazil is ranked # 116 in the global "ease of doing
business" list, far behind countries such as S. Korea (#7), Chile
(#14), Mexico (#53), Russia (#92) and China (#96).

2015 will be a difficult year internationally, with a reduction in
capital flows and less liquidity overall.  It is the start of a
super cycle of higher commodity prices.  Brazil should grow around
2.6%.  Even minimal growth requires stability (lower inflation,
structured government debt and improvement in fiscal issues).

                       About G100(R) Brasil

G100(R) Brasil -- is made up of 100
members, all Shareholders or effective and appointed company CEOs.
It brings together the preeminent leaders of the country,
recognizing the results they have achieved in their careers in
regard to developing society and its organizations.  It is guided
by the Alliances for Content, with FGV Fundacao Getulio Vargas and
ESPM Escola Superior de Propaganda e Marketing, it has an ample
network of Domestic and International Strategic Partners.

USINAS SIDERURGICAS: Worst Steel Stock as BTG Cuts on Board Fight
Juan Pablo Spinetto at Bloomberg News reports that Usinas
Siderurgicas de Minas Gerais SA, Brazil's second-biggest
steelmaker, dropped the most among the world's top producers of
the alloy after Grupo BTG Pactual downgraded the stock because of
a shareholders' dispute.

Preferred shares of Usinas Siderurgicas declined 7.2 percent to
BRL6.61 at the close in Sao Paulo Sept. 30, the lowest since July
12, 2013, according to Bloomberg News.  The stock extended its
losses in the past seven trading days to 19 percent and was the
worst performer among 43 steelmakers in the BI Global Steel
Producers index Sept. 30, Bloomberg News notes.

Bloomberg News relates that Usinas Siderurgicas said Sept. 26 it
replaced Chief Executive Officer Julian Eguren and two directors
amid a fight among the company's controllers, said Ternium SA
(TX), part Usinas Siderurgicas' controlling group along with
Japan's Nippon Steel & Sumitomo Metal Corp.

The dispute added "significant uncertainty" to Usinas
Siderurgicas' performance, BTG analysts led by Leonardo Correa
said, Bloomberg News notes.  They cut the stock rating to neutral
from buy, Bloomberg News relays.

"This could now become a relevant distraction for controlling
shareholders in a moment of weak industry fundamentals," the
analysts said in a note to clients dated Sept. 29.

Ternium had said in a Sept. 26 statement that the decision to fire
the executives violates a shareholder accord, Bloomberg News
notes.  Tokyo-based Nippon Steel said the next day in a statement
that the action "observed the company's full decision-making
process," Bloomberg News adds.

                    About Usinas Siderurgicas

Usinas Siderurgicas de Minas Gerais S.A. produces and sells steel
products worldwide. It is involved in the extraction of iron ore,
transforming it into steel, processing the steel products
according to the customer's specifications, providing logistics,
and delivering finished goods.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on May
9, 2014, Standard & Poor's Ratings Services revised its outlook on
Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) to stable from
negative.  At the same time, S&P affirmed its 'BB+' global scale
and 'brAA+' national scale corporate credit ratings on the

C A Y M A N  I S L A N D S

ANASOSPI HOLDINGS: Members' Final Meeting Set for Oct. 6
The members of Anasospi Holdings will hold their final meeting on
Oct. 6, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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

CONOCOPHILLIPS EXPLORATION: Shareholders' Meeting Set for Oct. 7
The shareholders of Conocophillips Exploration Turkmenistan Ltd.
will hold their final meeting on Oct. 7, 2014, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town, Grand Cayman, KY1-1103
          Cayman Islands

EMPIRIC MARKET: Members Receive Wind-Up Report
The members of Empiric Market Neutral Offshore Fund, Ltd received
on Sept. 29, 2014, 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

GEORGETOWN FINANCE: Members' Final Meeting Set for Oct. 6
The members of Georgetown Finance Ltd. will hold their final
meeting on Oct. 6, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Maya D. Sutorius-Feijen
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

MATLINPATTERSON MUNICIPAL: Shareholder Receives Wind-Up Report
The shareholder of Matlinpatterson Municipal Fund Ltd. received on
Sept. 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          c/o Joanne Huckle
          Telephone: (345) 815 1895
          Facsimile: (345) 949-9877

NASPA INVESTMENT: Members' Final Meeting Set for Oct. 6
The members of Naspa Investment Company will hold their final
meeting on Oct. 6, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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

PINEAPPLE LTD: Shareholder to Receive Wind-Up Report on Oct. 1
The shareholder of Pineapple Ltd. will receive on Oct. 1, 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:

          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877

REHOBOTH HOLDINGS: Members' Final Meeting Set for Oct. 8
The members of Rehoboth Holdings Limited will hold their final
meeting on Oct. 8, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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

ROTELLA MOLINERO: Shareholders' Final Meeting Set for Oct. 1
The shareholders of Rotella Molinero Multistrat Master Fund Ltd.
will hold their final meeting on Oct. 1, 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:

          Rotella Capital Management, Inc.
          c/o 800 Bellevue Way NE
          Suite 200, Bellevue
          WA 98004
          c/o Niall Hanna
          Walkers, 190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 814 4201
          Facsimile: +1 (345) 949 7886

SENSATA TECHNOLOGIES: Moody's Confirms Ba2 Corp. Family Rating
Moody's Investors Service, confirmed Sensata Technologies B.V.'s
("Sensata") Corporate Family Rating at Ba2 and assigned Baa3
rating to the company's proposed $600 million incremental term
LOAN and a Ba3 rating on its proposed $400 million senior
UNSECURED notes. Proceeds from the issuance are expected to be
used to fund the $1 billion acquisition of Schrader International
("Schrader") also known as August Cayman (rated B2 CFR).
Concurrently, Moody's downgraded the company's senior secured
facilities (revolver and term loan) to Baa3 from Baa2 and
Speculative Grade LIQUIDITY Rating to SGL-2 from SGL-1, and
confirmed the Unsecured rating at Ba3. The rating outlook is
stable. These rating actions conclude the review for downgrade
that began on August 19, 2014 following Sensata's announcement to
acquire Schrader.

Ratings Rationale

Confirmation of Sensata's Ba2 CFR reflects the company's strong
business position in the sensor market along with the expectation
that Debt to EBITDA of about 4.5 times, pro forma for the Schrader
acquisition financing, will decline over the next two years to
once again be reflective of the Ba2 rating category. Moody's
anticipates positive free cash flow of over $300 million for the
next year and EBITA margins to improve to around 23% as the
company integrates Schrader and as synergies are capitalized on.
The rating confirmation considers Sensata's multi-year track
record of improving its balance sheet through EBITDA growth and
Debt Reduction. The downgrade of the senior facilities to Baa3
from Baa2 reflects the additional first lien debt that would share
in recovery under a reorganization scenario.

The lowered Speculative Grade Liquidity Rating of SGL-2 rating
reflects good liquidity based on only moderate availability under
the $250 million revolver due to $160 million initial usage
projected at transaction close, as well as expectations for
positive free cash flow for the combined entity, and good headroom
under its springing financial covenants.

Ratings confirmed:

Issuer: Sensata Technologies B.V.

Corporate Family Rating, Ba2;

Probability of Default Rating, Ba2-PD;

$700 million Senior Unsecured Regular Bond/Debenture May 15,
2019, Ba3 (LGD-5)

$500 million Senior Unsecured Regular Bond/Debenture Oct 15,
2023, Ba3 (LGD-5)

Ratings assigned:

Proposed Senior Secured Term Loan, Baa3 (LGD-2)
Proposed Senior Unsecured Regular Bond/Debenture, Ba3 (LGD-5)

Ratings downgraded:

$250 million Senior Secured Revolving Credit Facility May 12,
2016, Baa3 (LGD-2)

$475 million Senior Secured Bank Credit Facility May 12, 2019,
Baa3 (LGD-2)

Speculative Grade Liquidity Rating, SGL-2

Outlook Actions:

Outlook, Changed To Stable

The assigned ratings are subject to Moody's review of the final
terms and conditions of the proposed transaction.

The stable outlook is supported by Moody's anticipation of steady
growth in demand within Sensata's key end markets, including
automotive, should continue to be supportive of positive free cash
flow generation and deleveraging.

For positive ratings traction to occur given the company's
increased exposure to the cyclical automotive market, Sensata
would need to build a track record of conservative balance sheet
management from current levels. This would need to include DEBT
REDUCTION and an articulated strategy towards future acquisitions,
size and financing structure that supports a strong balance sheet.

The rating could come under pressure if the company does not show
consistent progress towards deleveraging its balance sheet. A
short fall in cash flow generation and in particular free cash
flow to debt under 5% would likely pressure the rating given
Moody's anticipation for free cash flow to be over 10% of debt. A
downturn in Sensata's end markets without an adjustment in costs
to preserve the margin could also pressure the rating, especially
in the automotive sector as revenues from automotive clients in
2015 is anticipated to be over 50% of total revenues. The rating
would also come under pressure if the company makes another DEBT
FINANCED acquisition before fully integrating Schrader and
reducing leverage to below 3.5 times. Leverage over 4.5 times
would also pressure the rating.

The stable ratings outlook considers its pending $1 billion debt
financed acquisition of Schrader is anticipated to result in
temporarily elevated leverage for the rating category. The
Schrader acquisition shows a willingness to make large debt
financed acquisitions that result in higher leverage. As a result,
Moody's anticipate that positive rating traction to be slow even
though Moody's expect improving leverage metrics.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Sensata Technologies B.V. (Sensata) is an indirect wholly-owned
subsidiary of Sensata Technologies Holding N.V., a globally
diversified manufacturer of sensors and controls products for
mission critical applications across a variety of end markets,
including automotive, aerospace, HVAC, and general industrial
markets. The company's products include sensors measuring
pressure, force, and speed, and thermal and magnetic-hydraulic
CIRCUIT BREAKERS and switches. LTM revenue as of 6/30/14 was
approximately $2.1 billion. Schrader International (August Cayman
Intermediate Holdco, Inc.) is a manufacturer of Tire Pressure
Monitoring Systems("TPMS"), Fluid Control Components and Tire
Hardware & Accessories for the automotive and industrial original
equipment market and aftermarket. The company generated 2013
revenue of approximately $455 million.

SMC TRANSPORTATION: Members Receive Wind-Up Report
The members of SMC Transportation Limited received on Sept. 30,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          Cricket Square, Hutchins Drive
          P.O. Box 2681 Grand Cayman, KY1-1111
          Cayman Islands

STARTS (CAYMAN) 2007-14: S&P Withdraws CCC- Rating on A2-J Notes
Standard & Poor's Ratings Services withdrew its 'CCC- (sf)' rating
on the class A2-J notes from STARTS (Cayman) Ltd.'s series 2007-
14, a synthetic corporate investment-grade collateralized debt
obligation transaction.

S&P withdrew its rating on class A2-J after receiving notice of
the notes' termination on Sept. 15, 2014.


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:



STARTS (Cayman) Ltd.
Series 2007-14
Class   Identifier     To       From
A2-J    XS0302682371   NR       CCC- (sf)

NR--Not rated.


JAMAICA: IMF Approves US$68.8 Million Disbursement
The Executive Board of the International Monetary Fund (IMF)
completed the fifth review of Jamaica's economic performance under
the program supported by a four-year, SDR615.38 million (about
US$932 million at the time of approval) arrangement under the
Extended Fund Facility (EFF).

The completion of the review enables an immediate disbursement of
an amount equivalent to SDR45.95 million (about US$68.8 million).
The Board made the decision based on lapse-of-time procedures,
without a formal meeting.  The EFF arrangement was approved on May
1, 2013.

The program is on track.  Jamaica's economic performance under the
authorities' economic program supported by the EFF has remained
strong.  All quantitative performance criteria for end-June 2014,
as well as the continuous quantitative program targets and
structural benchmarks, were met.  Gains from Jamaica's demanding
reform program are emerging.

Jamaica has recently regained market access -- raising valuable
financial resources -- and its external position has strengthened,
helped by gains in competitiveness.  Earlier projections of a
gradual pickup in economic activity and employment and moderating
inflation are playing out, although dampened in the near term by
the effects of the recent drought.

Growth is projected to reach just over 1 percent in 2014/15, while
inflation is trending down to about 8 percent. However, downside
risks remain relatively high.

Comprehensive and timely implementation of the government's
economic strategy-supported by the international community-should
foster recovery, job creation and declining poverty.  A swift
removal of regulatory and financial impediments to investment
would provide a much needed boost to growth and job creation,
while keeping Jamaica's public DEBT on a sustainable path is
critical for growth over the medium term.

In that regard, locking in the substantial gains from the fiscal
consolidation hinges on accelerating the modernization of the
public sector, enhancing the efficiency of public expenditure, and
strengthening revenue administration.  To deliver private
financing for growth-enhancing investment, the authorities' agenda
to reform the financial sector aims to continue improving its
regulatory and supervisory framework.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.

RJR News reports that an analysis has revealed that National
Commercial Bank (NCB) is currently the most under-valued STOCK
TRADING on the Trinidad and Tobago Stock Exchange (TTSE).

Trinidad-based First Citizens Research and Analytics made the
observation in its September Market Insights released to
investors, according to RJR News.  It said NCB is trading 194 per
cent below its intrinsic value, the report notes.

RJR News relates that First Citizens said with the bank, being the
largest financial institution in Jamaica, NCB's value is J$2.94
per share, while it is trading on the TTSE for one dollar.

However, the analysts cautioned that Trinidadian investors should
be aware of the exchange rate risk involved with Jamaican stocks,
RJR News says.

In light of the currency depreciation earlier this year, the
Jamaican dollar currently trades at five cents to one TT dollar,
the report adds.

Headquartered in Kingston, Jamaica, National Commercial Bank
Jamaica Limited -- together with its
subsidiaries, provides various banking and financial products and
services primarily in Jamaica.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2014, Fitch Ratings affirmed the long-term foreign
currency and local currency IDRs for National Commercial Bank
Jamaica Ltd. (NCBJ) at 'B-'.  Fitch has also revised NCBJ's Rating
Outlook to Stable from Negative.  Additionally, Fitch has affirmed
NCBJ's Viability Rating (VR) at 'b-' and revised its Support
Rating Floor (SRF) to 'B-' from 'CCC.'


INRETAIL CONSUMER: Commences Offer to Buy Intercorp Senior Notes
Patrimonio en Fideicomiso-D.S. No. 093-2002-EF-InRetail Consumer,
aka InRetail Consumer, a Peruvian trust, acting through its
trustee, Internacional de Titulos Sociedad Titulizadora S.A., has

   (A) an offer to purchase for cash any and all of the
       outstanding US$300,000,000 8.875% Senior Guaranteed Notes
       due 2018 of Intercorp Retail Trustee, as trustee of
       Intercorp Retail Trust, from holders of the Notes and, in
       conjunction with the Offer, and

   (B) a solicitation of consents from the Holders to certain
       proposed actions as set forth in the offer to purchase and
       consent solicitation statement dated as of September 22,

Subject to a limited exception described in the Statement, in
order to implement the Proposed Actions, the Purchaser must
receive valid tenders of Notes and delivery of corresponding
Consents of at least a majority in aggregate principal amount
outstanding of the Notes (not including Notes held by Intercorp
Retail Inc. or its affiliates.

A full text copy of the company's press release is available at:


INRETAIL CONSUMER: S&P Assigns 'BB+' CCR; Outlook Positive
Standard & Poor's Ratings Services said that it had assigned its
'BB+' corporate credit rating on InRetail Consumer (INC).  In
addition, S&P assigned a 'BB+' rating to its proposed $300 million
long-term senior unsecured notes.  The outlook is positive.

The ratings on INC reflect its solid market position in the
highly-fragmented retail industry in Peru (whose GDP growth will
continue outperforming Latin America's, although with less
dynamism compared with the region overall), improved operating
efficiencies translated into EBITDA margins above 8%, and S&P's
expectation that it will continue funding its expansion program
with own cash flow generation.  The ratings also incorporate S&P's
view that the company will continue posting negative discretionary
cash flow (DCF) and S&P's assessment of the company's "adequate"
liquidity.  S&P assigned a negative rating comparison on INC as it
views the company's debt to EBITDA and funds from operations (FFO)
to debt ratios as being less favorable than those of global and
regional companies, which along with the company's aggressive
expansion program and less dynamism in the Peruvian economy, make
INC weaker than other companies in the investment-grade category.

InRetail Peru Corp. (IPC), parent of INC, is a multi-format
retailer operating with a nationwide footprint in Peru.  As of
June 30, 2014, the company operated three business segments: 98
supermarkets (under the Supermercados Peruanos-SPSA [SPSA] name),
754 pharmacies (under InkaFarma), and 19 shopping malls (under
Real Plaza).  S&P expects the company to maintain its solid market
position among the supermarkets and pharmacies in Peru thanks to
its brand recognition and low price strategy.

S&P's "satisfactory" business risk profile assessment reflects its
expectation that INC will maintain an adequate competitive
position due to its solid bargaining power with suppliers, a
successful merchandising strategy of low prices, its favorable
store locations, and its brand positioning.  S&P expects INC to
maintain an adequate working capital management and cost
structure, reflected in its gross margin stability and expenses as
a proportion of total sales, despite a revenue and same-store
sales (SSS) drop in 2013 due to new marketing and distribution
strategies applied by new key personnel in the senior management
to improve INC's brand positioning and operating efficiencies.
S&P expects this new strategy will continue improving the
company's operating efficiencies with EBITDA margins above 9% by
the end of 2015, favored also by a stable gross margin of 30%-31%
and an adequate cost structure with expenses of about 23% of total

Although supermarkets and pharmacies are more resilient in the
overall retail industry due to their non-discretionary nature, S&P
believes INC will continue to limit its operations to the highly-
fragmented and competitive retail industry in Peru, which offsets
the positive rating factors mentioned above.

S&P assess INC'a financial risk profile as "significant" because
it expects the company's debt-to-EBITDA ratio to remain close to
3.0x, FFO-to-debt ratio near 20%, and EBITDA interest coverage of
4.0x-4.6x in the next two years.  The company will likely use its
cash flow generation to fund its expansion program and part of
InkaFarma's and SPSA's cash flow generation will fund INC's debt
service.  S&P adjusts its credit metrics by pensions and operating
leases.  Additionally, S&P's adjusted debt considers 75% of its
expected cash for the company, as S&P believes most of the cash
and liquid investments would be accessible for debt repayment, if

S&P views INC as a "core" subsidiary for IPC.  The "core"
relationship reflects INC's status as a key long-term asset for
its parent, and its strategies and operations are very much
aligned.  Also, S&P believes INC is unlikely to be sold as it
contributes more than 60% of IPC's EBITDA generation.

INC will issue the long-term proposed notes and will use the
proceeds to refinance the existing $300 million senior unsecured
notes due 2018 issued by Intercorp Retail Trust.  The purpose of
the issuance is to simplify the existing structure, eliminate
structural subordination, and simplify debt payments through both,
SPSA and InkaFarma subsidiaries.  The rating on the notes is the
same as the corporate credit rating on INC, given that InkaFarma
and SPSA will guarantee the notes and represent 100% of INC's
EBITDA.  Therefore, INC's debt will be pari passu, including the
proposed long-term senior unsecured notes.  The company will not
hedge principal or interests on the proposed notes, which S&P
believes is mitigated by the notes' long-term nature.  Moreover,
S&P believes the company would seek to hedge interests, if

S&P's base-case scenario includes these assumptions:

   -- Less dynamism in the Peruvian economy with a GDP growth of
      4.0% in 2014 and 5.1% in 2015, although it will continue
      outperforming Latin America's overall GDP growth of 1.4% in
      2014 and 2.6% in 2015;

   -- Supermarkets and drugstores will continue to be one of the
      most resilient segments of the retail industry, as they are
      more countercyclical than department stores, restaurants or
      the home improvement segment;

   -- SPSA's SSS growth to continue to be in line with the
      Peruvian GDP growth while that of InkaFarma will surpass
      national GDP growth;

   -- INC's revenue growth will reach the low-double-digits in
      2014 and 2015, following the company's new openings
      (including those at more profitable locations), and
      remodeling plans;

   -- SPSA will open four stores in 2014 and about 10 stores in
      the next two years, reaching about 120 stores by 2016;

   -- InkaFarma's revenue growth to reach the mid-double-digits in
      2014 and 2015, opening about 100 stores annually and
      approaching 950 by 2015;

   -- Margins will reach the high-single-digits in the next two
      years; Working capital inflows of about Peruvian nuevo sol
      (PEN) 60 million annually on average in 2014 and 2015;

   -- Capex of about PEN300 million on average in the next two
      years, following the company's aggressive expansion program;

   -- INC will not incur additional debt in the next two years,
      and the issuance of the proposed long-term senior unsecured
      debt will be used for refinancing; and

   -- INC will continue to use a portion of InkaFarma and SPSA's
      cash flow generation to pay debt service in the next two
      years, although InkaFarma will likely contribute the most
      due to its lower capex needs for expansion.

Based on these assumptions, S&P arrives at these credit metrics:

   -- Debt to EBITDA of about 3.3x in 2014 and slightly below 3.0x
      by the end of 2015;

   -- FFO to debt of 20%-25% in the next two years; and

   -- Negative discretionary cash flow to debt of about 1.5% in
      the next two years.

S&P assess INC's liquidity as "adequate," as it believes the
company's sources will exceed uses by more than 1.2x in the next
12 months.  The company has the flexibility to reduce its capex if
necessary as it has done in the past; moreover, its maintenance
capex is quite low considering the low capex InkaFarma requires.
S&P's assessment also considers its expectation of INC's continued
good standing with banks and global capital debt markets, which is
in line with its parent company, IPC.

Principal liquidity sources

   -- Cash of PEN113 million as of June 30, 2014; and
   -- FFO and working capital inflows of about PEN330 million in
      the next 12 months.

Principal liquidity uses

   -- Debt maturities of PEN177.6 million as of June 30, 2014;
   -- Seasonal working capital outflows of PEN30 million in the
      next 12 months; and
   -- Capex and other cash outflows to meet debt service of about
      PEN160 million in the next 12 months.

As of June 30, 2014, INC was in compliance with its financial
covenants at the SPSA level with an ample cushion of above 20%.
Considering the financial covenant on its long-term proposed $300
million senior unsecured notes of a maximum debt to EBITDA of
3.75x in the next two years, S&P expects the company to be in
compliance with a cushion of about 19% in the next 12 months.

The positive outlook reflects S&P's expectation that the company's
ongoing debt reduction, solid market and brand positioning, and
its recent favorable change of strategy could bring INC in line
with other companies in the investment-grade category in the next
12 months.

Upside scenario

S&P could raise the ratings in the next 12 months if the company's
management continues showing solid performance despite INC's
aggressive expansion program and less dynamism in the Peruvian
economy.  This, and a continued solid competitive position, EBITDA
margins above 9%, and debt to EBITDA below 3.0x, could lead S&P to
view INC in line with other regional and global companies in the
investment-grade category.

Downside scenario

S&P could revise the outlook to "stable" if the company's debt-to-
EBITDA ratio remains above 3.0x in the next 12 months, which would
follow a delay in the company's deleveraging and maintain S&P's
view that the company compares negatively to other global and
regional companies in the investment-grade category.

Ratings Score Snapshot

Corporate Credit Rating: BB+/Positive/--

Business risk: Satisfactory
   -- Industry risk: Intermediate
   -- Country risk: Moderately high
   -- Competitive position: Satisfactory

Financial risk: Significant
   -- Cash flow/Leverage: Significant
Anchor: bbb-

   -- Diversification/portfolio effect: Neutral (no impact)
   -- Capital structure: Neutral (no impact)
   -- Liquidity: Adequate (no impact)
   -- Financial policy: Neutral (no impact)
   -- Management and governance: Satisfactory (no impact)
   -- Comparable rating analysis: Negative (-1 notch)
Stand-alone credit profile: bb+

Group Rating Methodology
   -- Core (no impact)

INRETAIL CONSUMER: Moody's Assigns Ba1 Rating on $350MM Sr. Notes
Moody's Investors Service has assigned a first-time Ba1 Global
Scale rating to InRetail Consumer's USD 350 million Senior
Unsecured Notes due 2021. At the same time, Moody's assigned a
first-time Corporate Family Rating of Ba1 on its Global Scale to
InRetail Consumer. The outlook for the ratings is stable.

The issuance proceeds will be used to refinance InRetail
Consumer's existing USD 300 million bonds due 2018. The new USD
350 million notes due 2021 will be unconditionally and irrevocably
guaranteed by the subsidiaries Supermercados Peruanos S.A. and
Eckerd Peru S.A., both based in Lima, Peru.

Rating Rationale

"The Ba1 ratings reflect InRetail Consumer's leading market
position and highly recognized brands in the Peruvian
pharmaceutical and supermarket segments, with shares of the market
leaving it as first and second player in these respective
industries," said Moody's VP-Senior Analyst Veronica Amendola.
"The ratings are also based on the company's limited exposure to
demand volatility, given the higher resilience of the food and
pharmacy industries to potential external shocks," said Amendola.
In addition, the Ba1 ratings are supported by Moody's expectation
that InRetail Consumer will be able to continue strengthening its
business within a favorable environment, characterized by its
exposure to an A3 rated country (Peru) with solid macroeconomic
fundamentals and a growing middle class with increasing purchasing
power. Finally, the ratings are supported by the fact that
InRetail Consumer is part of a large conglomerate and diversified
group, Intercorp Peru Ltd. (Ba2- stable), which also owns one of
the largest banks in the country, Interbank (Baa2- stable).

On the other hand, the Ba1 ratings are mainly constrained by
InRetail Consumer's limited geographical diversification, with
sales only oriented to Peru. Moreover, the company faces foreign
currency volatility, given that most of its indebtedness is in
dollars while revenues are generated in local currency. While the
company should benefit from the expected growth in Peru over the
next few years, Moody's notes that it faces high competition from
larger players, especially in the supermarket business. Added to
this, the overall uncertain global macroeconomic environment could
negatively affect Peru's economic growth in the near term horizon.
InRetail Consumer's relatively high leverage, negative free cash
flow generation and the lack of a formal dividend payout policy
are also credit negatives.

InRetail Consumer has a strong market presence in Peru. In the
supermarket segment it has competitive advantages related to its
sound business model, which employs a high and low pricing model -
-that is, with stores aiming at lower income sectors and other
stores that target wealthier segments of the population- to
attract diverse traffic to the supermarkets. It also places
emphasis in capturing in-store efficiencies through streamline
supply chains and the centralization of food processing and bakery
plants, and by partnering with financing institutions to increase
customer loyalty through credit card programs. Moody's note,
however, that the company faces competition of larger players in
the country, such as Cencosud (Baa3-negative). As for the
pharmacies, InRetail Consumer has a leading market position and is
therefore benefitted from lower costs based on large volumes and
efficiency gains.

InRetail Consumer's main sources of liquidity are short-term bank
lines and revolving uncommitted bank credit facilities. As most of
the companies in LatAm, InRetail Consumer does not maintain
committed credit facilities. The company's liquidity is moderate,
supported by its flexibility in capex and the improving --although
still negative- Free Cash Flow generation, and a Fund from
Operations to Debt ratio (FFO/Debt) of 18.9% as of last twelve
months June 2014, according to Moody's standard definitions and
adjustments. Moody's expects that the company's liquidity profile
will improve following the successful issuance of the USD 350
million senior unsecured notes maturing in 2021, which will leave
InRetail Consumer with a debt profile more oriented towards the
long-term, with almost no material short term debt. In addition,
Moody's highlights that the EBITDA margin , 10.6% as of LTM June
2014, has been showing a steady growth over the last years.

The stable outlook reflects Moody's expectations that InRetail
Consumer will be able to protect its dominant market position in
Peru, while maintaining conservative financial policies and
improving credit metrics. The outlook also takes into account the
positive trends in consumption for the food industry, mainly
driven by a growing middle class, and the inelastic demand for
pharmacy products.

The rating could experience upward pressure if the company is able
to sustain its market position and current operating margins
level, while improving credit metrics. Quantitatively, upward
momentum could result if InRetail Consumer's adjusted leverage,
measured by Total Debt to EBITDA, were to decrease to below 3.0
times and EBIT/Interest expense ratio were to be above 4 times on
a sustained basis.

Moody's cautions that a rating downgrade could be triggered if the
company fails to reduce leverage as projected or if its credit
metrics deteriorate materially whether due to operating
difficulties or further potential deterioration in its market-
leading position. Specifically, a downgrade could result if
adjusted leverage remains above 4 times and EBIT/Interest expense
ratio below 3 times for an extended period.

The principal methodology used in this rating was the Global
Retail Industry Methodology published in June 2011.

Headquartered in Lima, Peru, InRetail Consumer encompasses two
large Peruvian subsidiaries: a supermarket, Supermercados
Peruanos, and a pharmacy chain, Inkafarma. Supermercados Peruanos
--with 98 stores- represents 64% of revenues, while the Inkafarma
--with 754 stores, covering close to 90% of the Peruvian
territory- generate the remaining 36%, as of June 30th 2014. In
terms of EBITDA, the supermarkets account for 57% of the total,
while the pharmacy business represents approximately the remaining
43%, in the same period. At the same time, InRetail Consumer is
part of a large conglomerate and diversified group, Intercorp Peru
Ltd. (rated Ba2, stable), which also owns one of the largest banks
in Peru, Interbank (Baa2/ stable). As of the last twelve months
ended on June 2014, InRetail Consumer reports total revenues of
PEN 5.5 billion (approximately USD 1.9 billion).


ADMINISTRACION NACIONAL: S&P Affirms 'BB' Rating; Outlook Stable
Standard & Poor's Ratings Services affirmed its 'BB' rating on
Administracion Nacional de Combustibles, Alcohol y Portland
(ANCAP).  At the same time, S&P kept the company's 'b' stand-alone
credit profile (SACP) unchanged.  The outlook remains stable.  The
rating affirmation follows S&P's ordinary annual review.

The ratings on ANCAP continue to reflect S&P's view that there is
a very high likelihood that the government of the Republic of
Uruguay (BBB-/Stable/A-3) would provide timely and sufficient
extraordinary support to the company in the event of financial

ANCAP's 'b' stand-alone credit profile, in turn, incorporates the
company's dominant market position due to its law-protected
monopoly position as the nation's sole petroleum importer, refiner
and supplier of refined products to Uruguay's distributors.  "We
also incorporate the volatility and cyclicality in refining
margins, and operating challenges as a result of the company's
operation of a single, small refinery, with a total installed
capacity of 50,000 barrels per day," said Standard & Poor's credit
analyst Cecilia fullone.  Additionally, we include the company's
very small or negative operating cash flow generation in our

S&P's assessment of a "very high" likelihood of extraordinary
government support is based on its assessment of ANCAP's very
important role as the sole petroleum importer, refiner, and
supplier of refined products to the Uruguay's distributors.  The
company also has a very strong link with the government,
particularly regarding budget approval process, debt
authorization, and tax payments.

S&P's base case scenario for 2014 and 2015 includes:

   -- Fuel volumes will rise about 3% in 2014 and 3.5% in 2015,
      linked to Uruguay's GDP growth;

   -- No additional fuel increases following the 3% government
      authorized increase in January 2014;

   -- Gross profit margin of approximately 12%, which leads to
      marginally positive EBITDA levels;

   -- Annual capital investments of $150 million in 2014, dropping
      to $90 million in 2015; and

   -- No income tax or dividend payments.

Under these assumptions, S&P continues to expect marginal EBITDA
generation, which might lead to continued very weak cash-flow and
credit metrics.  Moreover, as S&P expects negative free operating
cash flow levels, it believes ANCAP's debt might gradually
increase in the coming years.

CONSOLIDATED ENERGY: S&P Assigns Prelim. 'BB' CCR; Outlook Pos.
Standard & Poor's Ratings Services assigned its preliminary 'BB'
corporate credit rating on Consolidated Energy Limited (CEL).  At
the same time, S&P assigned a preliminary 'BB-' issue-level rating
to CEL's proposed issuances of up to $1.05 billion 144A five-year
fixed-rate senior unsecured notes and up to $200 million 144A
five-year floating-rate senior unsecured notes through its wholly
owned financing vehicle, Consolidated Energy Finance, S.A. (CEF).
The outlook is positive.  The assigned ratings are preliminary and
are subject to the successful issuance of the notes and the
completion of the acquisition of Methanol Holding (Trinidad)
Limited (MHTL) with the proceeds.

"We expect the company to use net proceeds from the notes issuance
to acquire the 56.53% remaining equity shares of MHTL, which the
Trinidadian government is currently holding, for a purchase price
of about $1.25 billion.  The senior unsecured notes would be rated
one notch below the corporate credit rating, reflecting the
subordination coming from the existence of secured debt for about
$700 million at the level of the operating companies.  According
to the company's Dec. 31, 2013, pro forma financials, CEL's ratio
of priority obligations to net tangible assets is at about 40%,
creating a potential material disadvantage to noteholders under a
bankruptcy or liquidation scenario.  This is partly mitigated by
the upstream guarantee from MHTL on the proposed issuance and by
our expectation that secured debt would be repaid during the next
four years.  In the longer term, the bulk of the company's debt
would be mostly the proposed notes," S&P said.

The preliminary rating on CEL reflects its exposure to inherent
commodity price volatility, its industrial asset concentration in
a single site when compared with higher rated peers, and certain
product concentration in methanol.  The mitigating factors are the
company's leading market position, large scale of operations,
diversified customer base, and end industries of methanol.  S&P
also incorporate its logistic capabilities, the natural hedge it
provides for its business divisions through contracts with the
National Gas Company of Trinidad and Tobago Limited (NGC; A-
/Stable/--), and benefits from the vertical integration that its
shareholders provide.

The company has revamped operations following the shutdown at one
of its plants, due to a mechanical failure and fluctuations in
natural gas supply in 2013.  Therefore, S&P expects the company to
increase margins.  S&P also expects high volatility of cash
flow/leverage during periods of stress given the high volatility
of the CEL's EBITDA margin and inherent volatility of commodities
prices in the industry.

Consolidated Energy Limited (CEL) is a Trinidad and Tobago-based
petrochemicals producer.

CONSOLIDATED ENERGY: Moody's Assigns B2 Rating to USD1.2MM Notes
Moody's Investors Service assigned a B2 rating to Consolidated
Energy Finance, S.A's (CEF) proposed senior unsecured notes for an
amount up to USD1,250 million and a tenor of 5 years. At the same
time, Moody's assigned a B1 corporate family rating. The outlook
is stable. This is the first time Moody's rates CEF.

The USD1,250 million 5-year notes will be issued in two tranches
(a USD1,050 million fixed coupon tranche and a USD200 million
floating coupon tranche) and guaranteed by Methanol Holdings
Trinidad Ltd. (MHTL), FS Petrochemical Ltd., and Consolidated
Energy Ltd. (CEL). The proceeds of the notes will be used to
finance the acquisition of the 56.53% stake in MHTL that is not
currently owned by CEL.

Rating Rationale

The B1 corporate family rating reflects the company's relatively
high leverage and business profile characterized by limited
product diversity and little operational or geographic
diversification. All of the wholly-owned production assets
(assuming MHTL is wholly owned by CEL) are located in Trinidad and
Tobago in close proximity to each other. CEF relies on dividends
from entities in which CEL it is a minority shareholder for a
significant portion of its cash flow. Two of the three minority--
owned entities are also located in Trinidad and Tobago, with the
third located in Oman. The ratings are tempered by the commodity
nature of the product portfolio (methanol accounts for three-
quarters of MHTL's revenues and ammonia, fertilizer and melamine
account for the balance), cyclical nature of pricing and demand in
the methanol and fertilizer markets, new low-cost methanol and
ammonia capacity being built in North America, periodic feestock
curtailments (NATURAL GAS) in Trinidad and Tobago during 2011-
2013, combined with a sustained reduction in Trinidad and Tobago's
proved gas reserves over the last five years.

CEL benefits from favorable industry conditions supporting high
methanol prices, meaningful methanol MARKET SHARES, high EBITDA
margins, a favorable feedstock cost structure, positive free cash
flows and good liquidity. Its world scale methanol plant and AUM
complex in Trinidad and Tobago benefits from low cost natural gas
sold at prices referenced to market prices of methanol and
fertilizers, thereby alleviating the negative impact on its
profitability of low product selling prices. Strong profit margins
do support positive free cash flow generation that may allow the
company to de-lever relatively quickly.

The B2 rating on the proposed senior unsecured notes reflect its
subordination to secured bank DEBT at operating subsidiaries
(USD717 million as of June 2014) of CEL. Moody's estimates that,
pro-forma for the issuance of the notes, close to 37% of CEL's
total CONSOLIDATED DEBT is secured.

The ratings reflect the high leverage pro-forma for the USD1,250
million notes of additional debt to finance the acquisition of the
56.53% stake in MHTL. Moody's recognizes that if the company does
not incur further feedstock curtailments, its high margins and
substantial free cash flows may allow it to de-lever quickly.

The company's operations benefit from a source of low cost NATURAL
GAS as Trinidad and Tobago is the largest oil and NATURAL GAS
producer in the Caribbean with 1,428 billion cubic feet of natural
gas production in 2012. However, Trinidad and Tobago's proved
natural gas reserves have declined every year over the last five
years to 13.1 trillion cubic feet (tcf) as of January 2014 (down
from 18.8 tcf in 2009). While the government has stated its
intention to incentivize investment in exploration and
commercialization activities in Trinidad and Tobago, particularly
upstream gas projects to invigorate the energy sector, the country
has yet to demonstrate increased supplies or reserves for natural

CEL has a narrow product line of cyclical commodity products, a
limited asset base with only wholly-owned operations located in
Trinidad and Tobago, and limited customer diversity. The company
does benefit from world scale production assets that support its
significant MARKET SHARE. Moody's anticipate the company to
increase its geographic diversification after the expiration, in
June 2015, of a low-margin contract with its largest customer that
will allow CEL to reallocate close to 1 million tonnes of methanol
at higher margins.

Moody's expect CEL will have adequate LIQUIDITY supported by cash
balances and cash flow from operations. The company had cash on
hand of USD281 million as of June 30, 2014 (up from USD170 million
as of December 2013). The company does not have a revolving credit
facility and it relies on its ample cash flow generation to
support its working capital needs. To date, the company has
successfully operated without a revolving credit facility.

MHTL has material bank debt amortization needs in excess of USD200
million per year. Regular dividends have been made to CEL's
parents in the past, but Moody's expect the company to apply cash
towards DEBT REDUCTION to bring its leverage (debt/EBITDA) in line
with its 2.0 times target and to invest in further projects.

The stable rating outlook reflects Moody's expectation that the
company will be able to successfully operate MHTL while improving
its profitability and capital structure.

The ratings could be upgraded if the company reduces its
debt/EBITDA below 4.0 times with interest coverage
(EBITDA/Interest expense) above 5.0 times and maintains adequate
liquidity. To be considered for an upgrade the company should
maintain strong profitability and have a stable, with no
curtailments, supply of natural gas.

The ratings could be downgraded if leverage increases above 5.0
times or if interest coverage deteriorates with EBITDA/Interest
expense below 3.0 times. A deterioration in liquidity or in
profitability, for example due to volatility in its gas supply,
could also lead to a downgrade.

The principal methodology used in this rating was Global Chemical
Industry Methodology published in December 2013.

Consolidated Energy Finance, S.A. is a wholly owned subsidiary of
Trinidad and Tobago-based petrochemicals producer, Consolidated
Energy Limited (CEL).  CEL is a holding company which currently
owns 43.47% of MHTL and has minority interest in other three
operating companies. MHTL is a leading methanol and fertilizer
producer based in Trinidad and Tobago with reported revenues of
USD1.7 billion over the last twelve months ended June 31, 2014.


CLOROX CO: Nicolas Maduro Defends Seizure of Factory
BBC News reports that Venezuelan President Nicolas Maduro has
defended the seizure of a factory owned by US-based company Clorox

"Socialist formula: any company that's abandoned will be taken
over by the working class," President Maduro said, BBC News notes.

Clorox Co closed its production facilities in Venezuela last week,
saying government-imposed price freezes were crippling it,
according to BBC News.

The report notes that the Venezuelan authorities have accused
Clorox of illegally abandoning the country and have seized its

                          'Economic war'

"The legal documents in various government and judicial
institutions demonstrate the abandonment of their legal and
constitutional responsibilities," BBC News quoted Mr. Maduro as

The report notes that Mr. Maduro said the closure of the plant was
part of an "economic war" being waged against the socialist
government by the opposition.

Mr. Maduro warned the working class to be "alert to this new
madness," the report relates.

Clorox Co announced in a statement on September 22 that it would
cease its operations there immediately and try to sell its assets,
the report relays.  It cited as its reason government price
controls on its products, which it said had led to millions of
dollars in losses, the report discloses.

The statement said that for nearly three years, the company had
had to sell more than two-thirds of its products at fixed prices
which did not cover its production costs, which had been driven up
by skyrocketing inflation, the report notes.  It also said recent
price increases "were nowhere near sufficient," the report adds.

Venezuela earlier this month announced that its annual inflation
rate had reached 63.4%.


On Sept. 26, Venezuelan officials announced the temporary seizure
of the Clorox facilities.

But, after the company warned that the seizure could pose risks
for workers, Venezuelan Vice-President Jorge Arreaza said the
government would not rush its re-opening, BBC News notes.

"We are going to make a plan to reactivate the factory, we cannot
make hasty decisions," the report quoted Vice-President Arreaza as

A number of multinational companies, including international
airlines, have complained of the damage they say they are being
caused by Venezuela's currency controls and high inflation, the
report relays.  Airlines have scaled back flights to the county,
the report adds.

Clorox Co. sells products from bleach to salad dressing.


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

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

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


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

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

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

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