TCRLA_Public/141002.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

            Thursday, October 2, 2014, Vol. 15, No. 195


                            Headlines



A R G E N T I N A

ARGENTINA: Deposits US$161 Million in Local Bank for Debt Payment


B R A Z I L

BRAZIL: Primary Budget Deficit Unexpectedly Widens in August


C A Y M A N  I S L A N D S

ALEXANDER ASSET: Shareholders Receive Wind-Up Report
DAVIES LIMITED: Shareholders' Final Meeting Set for Oct. 3
FORTY4 FUND: Shareholders' Final Meeting Set for Oct. 23
FORTY4 MASTER: Shareholders' Final Meeting Set for Oct. 23
LATAM TRUST 2007-102: Fitch Cuts Rating on CLP26.46BB Cert. to B-

LONGPOINT RE II: Shareholder to Receive Wind-Up Report on Oct. 8
PLUTUS GENERAL: Shareholders' Final Meeting Set for Oct. 16
PLUTUS TRANSEO: Shareholders' Final Meeting Set for Oct. 16
SPURS HOLDINGS: Shareholder Receives Wind-Up Report
STABLE GROWTH: Shareholders Receive Wind-Up Report

SYOSS LIMITED: Members Receive Wind-Up Report


C O L O M B I A

COLOMBIA: Emerald Boss Seeks More Investment to End Slump


M E X I C O

CEMEX SAB: Gets New US$1.35 Billion Bank Deal
PATRIMONIO SA: S&P Affirms BB Rating on Series PATRICB 07U Notes


P E R U

* PERU: To Get US$15MM IDB Loan to Modernize Agricultural System


T R I N I D A D  &  T O B A G O

CL FINANCIAL: "Had No Choice," Chairman Yetming Says
PETROTRIN: Must do Better After Oil Spills, Minister Says
TRINIDAD & TOBAGO: Workers Get TT$187 Million Backpay


V E N E Z U E L A

PROVINCIAL DE REASEGUROS: Fitch Affirms 'B' IFS; Outlook Negative


                            - - - - -


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


ARGENTINA: Deposits US$161 Million in Local Bank for Debt Payment
-----------------------------------------------------------------
Katia Porzecanski at Bloomberg News reports that Argentina
deposited US$161 million in a local bank for bond payments,
seeking to get around a U.S. court ruling that bans the country
from servicing its overseas debt.

The payment was made in a new trustee account at Nacion
Fideicomisos SA, a unit of state-run Banco de la Nacion Argentina,
the economy Ministry said in an e-mailed statement obtained by
Bloomberg News.  Lawmakers in the South American country approved
a bill earlier this month to allow for the local payment of
foreign debt, Bloomberg News notes.

"Argentina ratifies once more its unbreaking compromise to comply
with its obligations to bondholders and contribute to preserving
the right to be paid what is owed to them under debt contracts,"
the ministry said in the statement, Bloomberg News relates.

U.S. District Judge Thomas Griesa ruled Sept. 29, that Argentina
is in contempt of court for shifting control over debt payments to
Buenos Aires from New York, Bloomberg News notes.  The judge had
previously ruled the nation cannot make payments on foreign debt
unless holders of defaulted bonds from 2001 are paid in full,
Bloomberg News discloses.

President Cristina Fernandez de Kirchner has refused to comply
with the ruling, triggering a default in July.

Argentina had asked Bank of New York Mellon Corp. to step down as
bond trustee after Judge Griesa's ruling prevented the New York-
based bank from passing along payments to bondholders, Bloomberg
News recalls. The bank hasn't stepped down.

Sept. 30's payment is the second due from Argentina since June,
when the U.S. Supreme Court left Judge Griesa's ruling intact,
Bloomberg News says.  While the ministry's statement says that the
funds are now property of the new trustee, it doesn't say if the
bank has the bondholders' information or how investors can claim
their money, Bloomberg News adds.

                          *     *     *

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


BRAZIL: Primary Budget Deficit Unexpectedly Widens in August
------------------------------------------------------------
Mario Sergio Lima and Matthew Malinowski at Bloomberg News report
that Brazil's primary budget deficit unexpectedly widened in
August after the government cut taxes and boosted spending before
elections, raising the risk of a rate downgrade in the next year.

The budget, which excludes interest payments and includes states,
municipalities and government-run companies, reached a deficit of
BRL14.5 billion (US$5.9 billion) in August, compared with a gap of
BRL4.7 billion the prior month, the central bank said in a report
distributed in Brasilia, according to Bloomberg News.  The median
estimate from 15 analysts polled by Bloomberg was for a balanced
primary budget.  August marked the fourth straight month of a
primary deficit, and the gap was the biggest ever for the month,
notes the report.

Moody's Investors Service has cut the country's rating outlook to
negative.  The agency will be monitoring Brazil's economy for the
next 12-18 months, but there could be a downgrade before that
period if conditions deteriorate much further, analyst Mauro Leos
said at a Moody's conference in Sao Paulo, Bloomberg News notes.

Bloomberg News discloses that President Dilma Rousseff's
government is struggling to stimulate an economy that fell into
recession this year without draining government coffers.
President Rousseff's two leading opponents ahead of presidential
elections in October pledge to increase fiscal austerity while
boosting growth and slowing inflation, after Standard & Poor's in
March downgraded Brazil's credit rating to one level above junk,
citing a slowdown in economic growth and what it said was a
deterioration in fiscal accounts, notes Bloomberg News.

Bloomberg News relays that swap rates on the contract due in
January 2017 fell seven basis points, or 0.07 percentage point, to
12.28 percent at 1:58 p.m. local time on Oct. 1.  The real
weakened 0.3 percent to 2.4539 per U.S. dollar.

                          Nominal Budget

Bloomberg News says the nominal budget gap in August reached
BRL31.5 billion, compared to economists' estimates of a BRL24.8
billion deficit.

"What's worrying is that the pace of increases in expenditures
continues to be strong," Roberto Padovani, chief economist at
Votorantim Ctvm Ltda, told Bloomberg News by phone from Sao Paulo.
"It's difficult for the government to meet the 1.9 percent primary
surplus goal," Mr. Padovani added.

Brazil's central government primary budget deficit, which excludes
interest payments as well as municipalities and government-run
companies, reached a deficit of BRL10.4 billion in August,
compared with a gap of BRL2.2 billion the prior month, the
Treasury said in a report distributed in Brasilia, Bloomberg News
relates.

                           Fiscal Target

Central government revenues fell to BRL82.5 billion in August from
BRL88.1 billion in July, while spending increased to BRL92.9
billion from BRL90.3 billion, according to the Treasury report,
notes the report.  Through August, the central government has
built a primary surplus of BRL4.7 billion, compared with the
target for the full year of BRL80.8 billion, Bloomberg News
relays.

"We managed to accumulate BRL62 billion in four months last year,
this is not out of the ordinary," the report quoted Treasury
Secretary Arno Augustin as saying.  "There are revenues expected
for the next months and we are working to fulfill the primary
target," he added.

                         Entered Recession

According to Bloomberg News, the total primary surplus accumulated
over 12 months fell to 0.94 percent of gross domestic product from
a revised 1.23 percent in July, the central bank report said.  Net
DEBT to GDP rose to 35.9 percent from 35.1 percent in July,
Bloomberg News notes.

Brazil's economy entered into recession when gross domestic
product shrank 0.6 percent in the second quarter in the biggest
quarterly contraction since 2009, Bloomberg News recalls.  That
followed a revised 0.2 percent drop in the first three months of
the year.

Economists surveyed by the central bank estimate the world's
second-largest emerging market will expand 0.29 percent this year,
which would be the worst performance since the 2009 aftermath of
the global financial crisis, Bloomberg News notes.  The central
bank on Sept. 30, cut its GDP expansion forecast to 0.7 percent
from 1.6 percent, Bloomberg News relays.

The government this year extended tax cuts on cars to stimulate
consumer spending and said it would grant breaks to exporters that
will cost it about BRL6 billion next year to boost foreign trade,
Bloomberg News notes.  Preident Rousseff is the front-runner in
public opinion polls ahead of voting this month.


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


ALEXANDER ASSET: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Alexander Asset Management Group 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
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


DAVIES LIMITED: Shareholders' Final Meeting Set for Oct. 3
----------------------------------------------------------
The shareholders of Davies Limited will hold their final meeting
on Oct. 3, 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:

          Blackstone Capital Partners Holdings Director L.L.C.
          c/o Lacxon Chan
          The Blackstone Group
          345 Park Avenue, 31st Floor
          New York, New York 10154
          United States of America
          Telephone: +1 (212) 583 5892


FORTY4 FUND: Shareholders' Final Meeting Set for Oct. 23
--------------------------------------------------------
The shareholders of The Forty4 Fund Ltd will hold their final
meeting on Oct. 23, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor,
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


FORTY4 MASTER: Shareholders' Final Meeting Set for Oct. 23
---------------------------------------------------------
The shareholders of The Forty4 Master Fund Ltd will hold their
final meeting on Oct. 23, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor,
          P.O. Box 1344, Grand Cayman KY1-1108
          Cayman Islands


LATAM TRUST 2007-102: Fitch Cuts Rating on CLP26.46BB Cert. to B-
-----------------------------------------------------------------
Fitch Ratings has downgraded the rating for Latam Trust, Series
2007-102 (Latam 2007-102):

   -- CLP26,462,500,000 UF-Adjusted Certificates to 'B-sf' from
      'Bsf'; Outlook Stable.

KEY RATING DRIVERS

Fitch's rating of Latam Trust 2007-102 (the issuer) is credit-
linked to Fitch's assessment of the reference entity, Sociedad de
Inversiones Pampa Calichera S.A. (Pampa Calichera).  Fitch's
assessment of the company is based upon publicly available
information including NRSRO ratings and Fitch's internal credit
view.  The notes' rating is delinked from the swap counterparty,
Merrill Lynch Capital Services, Inc.'s parent, Bank of America
Corporation, rated 'A/F1', Outlook Negative by Fitch.

RATING SENSITIVITIES

The rating remains sensitive to Fitch's assessment of Pampa
Calichera.  A change in Fitch's assessment of the qualified
investment, Pampa Calichera, would likely result in a revision in
the rating of the notes.

The issuer's proceeds were used to purchase USD50 million
qualified investments in the form of Pampa Calichera bonds, which
collateralize the credit default swap.  The transaction is
designed to provide credit protection, which is arranged through a
credit default swap (CDS) between the issuer and the swap
counterparty, Merrill Lynch Capital Services, Inc.'s parent, Bank
of America Corporation.

The rating addresses the timely payment of interest in U.S.
dollars (USD) converted at the prevailing UF-Adjusted CLP/USD spot
exchange rate and the ultimate repayment of principal on the
maturity date at the prevailing CLP/USD spot exchange rate as per
the transaction's governing documents.  The rating does not
address any foreign exchange risk.


LONGPOINT RE II: Shareholder to Receive Wind-Up Report on Oct. 8
----------------------------------------------------------------
The shareholder of Longpoint RE II Ltd. will receive on Oct. 8,
2014, at 10:00 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Dena Thompson
          Laura McLaughlin
          Telephone: 914-2267/ 914-2264
          Facsimile: 949-6021
          P.O. Box 10233 171 Elgin Avenue, George Town
          Willow House, 3rd Floor, Cricket Square
          Grand Cayman KY1-1002
          Cayman Islands


PLUTUS GENERAL: Shareholders' Final Meeting Set for Oct. 16
-----------------------------------------------------------
The shareholders of Plutus General Partner Inc will hold their
final meeting on Oct. 16, 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:

          Ian Stokoe
          c/o Adam Keenan
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


PLUTUS TRANSEO: Shareholders' Final Meeting Set for Oct. 16
-----------------------------------------------------------
The shareholders of Plutus Transeo Fund Inc will hold their final
meeting on Oct. 16, 2014, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Adam Keenan
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


SPURS HOLDINGS: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Spurs Holdings 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:

          Chan Mei Lan
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong
          c/o Samuel Wan
          Telephone: +852 2140 2306/ +852 2522 6022
          Facsimile: +852 2869 7357


STABLE GROWTH: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Stable Growth Fund 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
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SYOSS LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Syoss 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:

          Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman, KY1-1203
          Cayman Islands


===============
C O L O M B I A
===============


COLOMBIA: Emerald Boss Seeks More Investment to End Slump
---------------------------------------------------------
Andrew Willis at Bloomberg News reports that Colombia needs more
foreign investors such as Gemfields Plc (GEM) as well as
exploration outside traditional areas to halt a decline in emerald
production, said Oscar Baquero, who heads the country's
federation, Fedesmeraldas.

Formerly the world's top producer of the green gemstones, Colombia
has slipped behind Zambia and Brazil in recent years as its aging
mines lack investment in new machinery, Mr. Baquero said,
according to Bloomberg News.  Annual output slumped to 2.6 million
carats last year, down 71 percent from decade earlier, Bloomberg
News discloses.

"We've always been digging in the same area," Mr. Baquero said in
an interview in his Bogota office, Bloomberg News notes.  "When
the surface deposits run out and the veins become deeper, the
operation becomes more expensive.  We need to attract foreign
investment," Bloomberg News quoted Mr. Baquero as saying.

Colombia has 99,000 hectares (245,000 acres) with emerald-
producing potential, of which only 9,000 hectares have been
explored so far, Mr. Baquero said, citing figures from Colombia's
geological institute, Bloomberg News discloses.  The Andean
nation's two emerald belts are largely concentrated in the central
province of Boyaca.

London-based Gemfields, the world's top emerald producer, has been
visiting Colombia over the past four years, seeking to buy a share
in an emerald mine, said Chief Executive Officer Ian Harebottle,
Bloomberg News notes.

"The initial purchase price for our share would have to be
reasonable, allowing us an opportunity to invest more into further
growth," Mr. Harebottle told Bloomberg News in a telephone
interview.  "Gemfields tends to buy 75 percent, and leave 25
percent with local stakeholders," Mr. Harebottle added.

Gemfields, which mines emeralds in Zambia, has climbed 108 percent
over the past 12 months to 52 pence in London trading, Bloomberg
News notes.  The company would like to buy an asset in a proven
emerald-producing region of Colombia, and considers security in
Boyaca to be adequate, even following recent violence, Mr.
Harebottle said, Bloomberg News relates.

                          Emerald Czar

According to Bloomberg News, Colombia's President Juan Manuel
Santos ordered the army in November to reinforce security in
Boyaca's gemstone region, a six-hour drive north of Bogota, after
emerald baron Pedro Rincon was injured in a grenade attack.  Luis
Murcia, a well-known emerald trader, was murdered last month.

In the late 1980s, thousands died when Gonzalo Rodriguez Gacha,
the Medellin cocaine cartel boss, attempted to wrest control of
the emerald zone from Victor Carranza, dubbed the "emerald Czar"
by Colombian newspapers, Bloomberg News recalls.  Mr. Carranza,
who survived wars with Marxist rebels and rival emerald clans,
died from cancer in April 2013 sparking fears of a battle for
control of the industry, Bloomberg News says.

"There have been a series of violent retaliations, but it's
irresponsible to talk about another 'green war'," Bloomberg News
quoted Mr. Baquero as saying.  "Violent deaths are far below other
regions of the country," Mr. Baquero added.


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


CEMEX SAB: Gets New US$1.35 Billion Bank Deal
---------------------------------------------
Nacha Cattan and Michelle F. Davis at Bloomberg News report that
CEMEX, S.A.B. de C.V. has reached a US$1.35 billion credit
agreement with banks to refinance debt on improved terms.

Cemex SAB disclosed the agreement with nine banks including
Madrid-based Banco Santander SA and New York-based Citigroup Inc.,
according to Bloomberg News.   The borrowing cost, maturity
profile and other terms are favorable for San Pedro Garza Garcia-
based Cemex, according to Carlos Legaspy, president and chief
executive officer of Riverwoods, Illinois-based InSight Securities
Inc., Bloomberg News relates.

"It's great news," Mr. Legaspy said in an e-mailed response to
questions from Bloomberg News.  The pact signals "things are
finally normalizing" for Cemex after the Mexico-based company
skirted default in 2009, Bloomberg News relates.

The accord involves a four-year average term with the last
principal payment in September 2019, Cemex SAB said in a statement
obtained by Bloomberg News.  The spread over the London interbank
offered rate would be as much as 3.75 percentage points, and the
deal includes a revolving credit tranche of 40 percent of the
principal, Cemex SAB said, Bloomberg News relays.

The loan, along with US$350 million from proceeds of senior
secured notes issued Sept. 11, will go to repay about 41 percent
of the company's obligations, Cemex SAB said, Bloomberg News
notes.  With those, the company will have repaid US$1.7 billion of
indebtedness in just two months, leaving a balance of US$2.475
billion, Bloomberg News discloses.

                           'Very Pleased'

"We are very pleased with the improved terms of this transaction,"
Chief Financial Officer Jose Antonio Gonzalez said in the
statement obtained by Bloomberg News.  "It also represents Cemex's
return to the syndicated bank market under conventional
conditions," Mr. Gonzales added.

The nine banks, which also include Paris-based BNP Paribas SA and
London-based HSBC Holdings Plc, were among lenders that provided
financing in September 2012, according to Monterrey, Mexico-based
Cemex, Bloomberg News relays.

The 2022 bonds, which started trading in October 2012 at a price
of 101.5 cents on the dollar, climbed to 112.9 cents Oct. 1,
according to data compiled by Bloomberg.

                          About CEMEX SAB

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

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 8, 2014, Fitch Ratings has assigned expected ratings of 'BB-
/RR3(EXP)' to CEMEX S.A.B. de C.V.'s (CEMEX) proposed USD notes
due in 2025 and its proposed Euro notes due in 2022. Proceeds from
the Euro notes issuance will be used for general corporate
purposes, including the repayment of indebtedness under CEMEX's
Facilities Agreement.  Proceeds from the USD issuance will be used
for general corporate purposes, including the repurchase of a
portion of the company's outstanding 2018 and 2020 notes.


PATRIMONIO SA: S&P Affirms BB Rating on Series PATRICB 07U Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its national scale
ratings on two classes from two Mexican RMBS transactions
originated and serviced by Patrimonio S.A. de C.V., SOFOM, E.N.R.
S&P also affirmed its global scale ratings on three Patrimonio-
related classes and S&P's national scale ratings on two.

The rating actions reflect the increase in credit enhancement
levels--in the form of excess spread, overcollateralization, and
cash reserves--and the observed and projected performance for each
class since S&P last reviewed the ratings in July 2013, which
adequately support the assigned ratings.  Defaults measured over
initial balances remained fairly stable since then, allowing the
credit enhancement levels of all classes to improve.

According to the latest reports (August 2014),
overcollateralization increased to 7.17% from 5.52% for PATRICB
06U, and to 7.89% from 6.82% for subordinated class PATRICB 07-2.
For senior class PATRICB 07, credit protection (measured as the
sum of overcollateralization and subordination) also increased, to
17.56% from 16.60%.  As for PATRICB 07U, overcollateralization
also increased, to -5.64% from -8.85%, but as of now, the
transaction still holds a negative financial position.

"In addition, we've seen that Patrimonio's collection efforts,
such as the loan modifications programs implemented in 2013 and an
enhanced strategy for recovered property sales, are beginning to
take effect on the securitized pools.  Since our last review,
we've observed that the number of sales from recovered properties
have risen, specifically on the deals with higher defaults," S&P
said.

As of Aug. 2014, the number of sold properties for PATRICB 06U and
PATRICB 07U reached 38 and 48, respectively, while for the PATRICB
07 and PATRICB 07-2 transaction, sales from recovered assets also
increased, but at a slower pace, reaching eight as of Aug. 2014.
This has had a positive effect, as additional income entered into
the trusts, which were ultimately available to service debt.

The 'mxA+ (sf)' rating on PATRICB 07-2 addresses the likelihood of
accrued interest and principal payment at maturity.  S&P's ratings
on the other series address the likelihood of monthly interest
payments and principal payments at maturity.

NONPERFOMING RATIOS AND CREDIT ENHANCEMENT LEVELS

Series        +90 days DQ(%)*   +90 days DQ(%)~    C/E (%)^
PATRICB 06U             40.35             14.89        7.17
PATRICB 07U             44.06             19.03      (5.64)
PATRICB 07              18.65              7.26       17.56
PATRICB 07-2            18.65              7.26        7.89

*Measured over the outstanding amount of the loans.
~Measured over initial balance of the loans.
^Calculated as one minus the liabilities divided by the current
assets plus the percentage of subordinate series, if any.
DQ--Delinquent.
C/E--Credit enhancement.

S&P estimated the transactions' delinquency, defaults, and current
credit enhancement levels using its current RMBS methodology and
assumptions, and analyzed the transactions using LEVELS Mexico to
determine updated foreclosure frequency and loss severity levels.
S&P then used its Mexican RMBS cash flow model to determine its
rating on each deal based on its financial position, projected
performance, and structure.  S&P modeled each deal's expected
recovery using asset liquidations that are consistent with the
output of LEVELS Mexico.

FORECLOSURE FREQUENCY AND LOSS SEVERITY LEVELS MODELLED

Series          Rating   FF (%)   LS (%)
PATRICB 06U     mxAA     25.36    87.05
PATRICB 07U     mxA      18.93    75.17
PATRICB 07      mxAA+    18.61    29.63
PATRICB 07-2    mxA+     14.70    21.57

FF--Foreclosure frequency. LS--Loss severity.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

             http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

Patrimonio - Bursatilizaciones de Hipotecas Residenciales

Series              Rating                   Amount
              To           From              (mil.)

PATRICB 06U   mxAA (sf)    mxAA- (sf)    54.59 UDIS
PATRICB 07-2  mxA+ (sf)    mxA (sf)        MXN30.97

UDIS--Mexican inflation-linked units.


RATINGS AFFIRMED

Patrimonio - Bursatilizaciones de Hipotecas Residenciales

Series            Rating            Amount (mil.)

PATRICB 06U       BBB- (sf)            54.59 UDIs
PATRICB 07U       BB (sf)              58.39 UDIs
PATRICB 07U       mxA (sf)             58.39 UDIs
PATRICB 07        BBB (sf)              MXN267.15
PATRICB 07        mxAA+(sf)             MXN267.15

UDIS--Mexican inflation-linked units.


=======
P E R U
=======


* PERU: To Get US$15MM IDB Loan to Modernize Agricultural System
----------------------------------------------------------------
The Inter-American Development Bank disclosed the approval of a
US$15 million loan to help Peru improve the quality, reliability
and availability of its agricultural information, in a bid to
improve farm policies and revenue for rural producers.

Peru boasts one of the most vibrant economies in Latin America.
Agriculture, the leading sector, provides employment for 26
percent of the workforce.  Farm exports grew at an annual rate of
17.3 percent over the past 10 years.  Rural income per capita
doubled in the past six years, and poverty in the countryside fell
30 percentage points.

The IDB loan will help finance a US$30 million government plan to
modernize the agricultural statistics system and introduce ICTs to
provide information directly to farmers.

The project will use the results of the last farm census in Peru,
which was carried out in 2012, to set up a statistical system that
is accurate and reliable in terms of land being farmed,
production, yield and production costs.  Also, training will be
provided to staff at the Office of Economic and Statistical
Studies at the Ministry of Agriculture and Irrigation.

The project will also encourage the creation of private companies
focused on providing information of interest for small and medium-
scale producers via electronic devices and cell phones.  For
instance, these firms might share information about prices at
markets, business opportunities, weather forecasts and technical
advice about crops.  Some pilot projects have shown that this
information has a significant positive economic impact, as it
helps producers make decisions about production and marketing.

The IDB loan is for 8.1 years, with a grace period of 7.6 years
and an interest rate based on LIBOR.  The local contribution for
the project is US$14.9 million.


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


CL FINANCIAL: "Had No Choice," Chairman Yetming Says
----------------------------------------------------
Miranda La Rose at Trinidad and Tobago Newsday reports that CL
Financial Ltd had no choice but to submit a letter of offer to
sell its 56.53 percent shareholding in Methanol Holdings Trinidad
Ltd to Consolidated Energy Ltd (CEL), said Chairman Gerald
Yetming.

The offer valued at US$1.175 billion (TT$7.485 billion) was in
keeping with the International Court of Arbitration order, and was
made as the deadline reached, according to Trinidad and Tobago
Newsday.

The letter, Chairman Yetming said, was a one-paragraph letter
offering the shares to Consolidated Energy at the price determined
by the International Court of Arbitration of the Paris-based
International Chamber of Commerce, Trinidad and Tobago Newsday
notes.

The offer falls short of the TT$21 billion in cash pumped towards
stabilizing CL Financial, the report discloses.

Noting that the company had no choice but to offer the shares,
Chairman Yetming said the company was party to a shareholders
agreement in which it had agreed to comply with the ruling of an
arbitration after Methanol Holdings Trinidad Ltd and Consolidated
Energy (Trinidad and Tobago) Ltd had failed to come to an
agreement by January 31, as ordered, the report relays.

Consolidated Energy will make a determination on whether they are
interested in buying at the price set by the tribunal, Chairman
Yetming had explained to Trinidad and Tobago Newsday earlier in
the month.

The tribunal's offer was handed down on September 11, and CL
Financial had to make the offer within 14 days, the report
relates.  Consolidated Energy is a consortium that includes
Proman, Helm and Man Ferrostaal.

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


PETROTRIN: Must do Better After Oil Spills, Minister Says
---------------------------------------------------------
Janelle De Souza at Trinidad and Tobago Newsday reports that
Trinidad and Tobago Energy Minister Kevin Ramnarine said Petroleum
Company of Trinidad and Tobago (Petrotrin) has faced many
challenges throughout the years, especially over the past year
with the oil spills in La Brea and the Marabella River.

However, it is important for the company not to be held prisoner
by the past and instead plan carefully as they focus on a future
that is now uncertain due to the discovery of shale gas in the
United States, according to Trinidad and Tobago Newsday.

The report notes that Minister Ramnarine said the oil spills
highlighted the need to lift Health, Safety, Security, and
Environment standards higher as well as maintain and upgrade the
company's aged infrastructure if the company is to survive in the
long term.

"This requires a culture change and it requires a shift in
thinking.  It requires us to become a high reliability
organization. . . It requires that we become more mindful of our
environment and our circumstances.  We must always be mindful of
the possibility of a disaster or an accident," the report quoted
Minister Ramnarine as saying.

Minister Ramnarine also noted the company's main objective was to
increase oil production fast and he believed the keys to these
were South West Soldado, which he hoped would be completed in the
next 12 months, and on land, the report notes.

Minister Ramnarine stated that for the past three years oil
production had stabilised to around 81,000 barrels per day and
expected it to increase to 90,000 when South West Soldado comes
online.

"But our potential for oil production in Trinidad and Tobago from
Petrotrin is much more than it is right now.  I believe that, if
our plans are executed properly, we, nationally, in the next two
years, should be able to take oil production back able to six
digits, which is over 100,000 barrels of oil per day.  That in
itself requires a change in thinking and doing things differently.
I've very sure that the collective intelligence in this country,
if mobilised behind that objective, could achieve that 100,000
barrels of oil per day figure," Minister Ramnarine said, the
report relays.

The report discloses that Minister Ramnarine described Petrotrin
as "the goose that laid the golden egg" that must be protected.
Minister Ramnarine noted that jet fuel, "super gasoline" and
diesel, which are highly subsidized by Government, come from
Petrotrin's refinery, the report relays.  It therefore supports
all of the country's transportation industries, including the road
systems as the bitumen used to pave the roads come from the
refinery at Pointe-a-Pierre, the report notes.

Minister Ramnarine added that LPG for cooking comes from Petrotrin
which subsidises the gas for the entire country, making it the
cheapest LPG in the Caribbean, thereby supporting the food and
HOTEL industries, among others, the report says.

                       About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


TRINIDAD & TOBAGO: Workers Get TT$187 Million Backpay
-----------------------------------------------------
Trinidad and Tobago Newsday reports that payment in the sum of
TT$187 million in backpay to 9,000 daily-paid workers of the
Tobago House of Assembly has begun according to Chief
Administrator, Raye Sandy.

The payment to the workers covers the period 2011 to 2013,
according to Trinidad and Tobago Newsday.

A spokesman from the THA Department of Information told the news
agency that the paperwork for two divisions -- Tourism and
Transportation, and Community Development and Culture -- has been
completed to enable payment to begin.

Meanwhile, work continues on the processing of the arrears for the
workers in the other eight divisions of the THA, the report notes.

Thanking the employees for their patience while awaiting the
completion of auditing and accounting to facilitate the payments,
Sandy said there was sufficient funds to cover the backpay, the
report adds.


=================
V E N E Z U E L A
=================


PROVINCIAL DE REASEGUROS: Fitch Affirms 'B' IFS; Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Provincial de Reaseguros, C.A.'s (Pro
Re) International Insurer Financial Strength (IFS) rating at 'B'
with a Negative Outlook and its National IFS rating at 'A-(ven)'
with a Stable Outlook.

KEY RATING DRIVERS

The affirmation of the ratings reflects Pro Re's improving
profitability as a result of its good technical performance, with
a combined ratio consistently below 100%, as well as its adequate
capitalization and liquidity position.

However, Pro Re's ratings are currently capped by Venezuela
sovereign's long-term Issuer Default Rating (IDR) of 'B', while
the Negative Outlook on the company's International rating is in
line with the Negative Outlook on the sovereign ratings.  This is
because Pro Re has an important level of government debt holdings
(24% of invested assets as of June 2014), and it does not have
sufficient overseas business diversification to counterbalance
this.  Venezuela remains as the main market in the company's
geographical distribution of gross written premiums (97% of total
as of June 2014).

Fitch has also considered the small scale of the company compared
with global and regional reinsurance companies and the high
potential for government intervention in the private sector.

As of June 2014 Pro Re's high profitability is driven by its good
combined ratio (77%) as a result of a continued strong growth rate
in premiums (61%), even higher than its forecast (55%), and by a
good performance on the net loss ratio (31% average in the last
five years) offsetting a high expense structure.  The company's
operating margins improved to 16% in June 2014 from 13% in June
2013.

On the other hand, Fitch notes a relevant participation of
unrealized gains from revaluation of real estate assets (38% of
total capital as of June 2014); however the capital position of
the company benefits from a high profitability and the
reinvestment of 100% of profits in the last years.  Therefore, Pro
Re's shows an improvement on its leverage ratios, although still
above the median of higher rated reinsurance companies around the
world.

Fitch also notes the adequate liquidity position of the company,
which increased during the last year due to the high growth
dynamic in premiums.  Fitch expects the company to sustain an
adequate liquidity position as a result of a conservative
allocation of its investment portfolio in fixed-income instruments
(80% of invested assets as of June 2014), the absence of financial
debt and the reasonable behavior of its retrocessionaires.  Pro
Re's liquid assets/net reserves and liquid assets/liabilities
ratios were of 2.1x and 1.1x, respectively as of June 2014.

RATING SENSITIVITIES

Fitch considers that an upgrade is unlikely in the near future
because Pro Re's International rating is currently rated at
Venezuela's long-term IDR.  Consequently, additional negative
movements in the sovereign rating may trigger negative movements
in Pro Re's ratings, while a change in the sovereign Outlook to
Stable, could also lead to a Stable Outlook for the company.

Key rating triggers that could lead to a downgrade include a
sustained deterioration in Pro Re's operating performance with a
combined ratio above 100%, a significant deterioration in its
operating leverage ratio exceeding 3.5x, and a reduction in liquid
asset/net reserves ratio to less than 1.0x.  Meanwhile under a
higher sovereign rating scenario, key rating triggers that could
lead to an upgrade include a significant improvement in operating
leverage ratio below 3.0x and a liquid asset/net reserves ratio
that remain steadily above 2.0x.


                            ***********


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 * * *