TCRLA_Public/141006.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

            Monday, October 6, 2014, Vol. 15, No. 197


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Fires Five Transport Board Managers
JOLLY BREACH: Operations Halt as Workers Protest Salary Delay


A R G E N T I N A

YPF SA: Vaca Muerta Drilling Costs Will Fall, Says CEO


B R A Z I L

LUPATECH SA: S&P Raises CCR to 'CCC-' on Restructuring Completion
MINERVA S.A: Fitch Affirms 'BB-' Issuer Default Ratings
OI SA: Stays Out of Brazil Auction Deemed Vital for Carriers


C A Y M A N  I S L A N D S

ACELAND INVESTMENT: Shareholders Receive Wind-Up Report
GALENA COMMODITY: Shareholders' Final Meeting Set for Oct. 13
GALENA ENERGY: Shareholders' Final Meeting Set for Oct. 13
GALENA ENERGY (II): Shareholders' Final Meeting Set for Oct. 13
GALENA ENERGY MASTER: Shareholders' Final Meeting Set for Oct. 13

GALENA MACRO: Shareholders' Final Meeting Set for Oct. 13
GALENA MACRO MASTER: Shareholders' Final Meeting Set for Oct. 13
GALENA SPECIAL: Shareholders' Final Meeting Set for Oct. 13
MONTANA RE: Shareholder to Receive Wind-Up Report on Oct. 8
PADDINGTON ASIA: Shareholders Receive Wind-Up Report

PADDINGTON ASIA MASTER: Shareholders Receive Wind-Up Report


C O L O M B I A

COLOMBIA TELECOMUNICACIONES: S&P Affirms 'BB' CCR; Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: World Bank US$550M Loan Aims to Cut Inequality


M E X I C O

SISTEMA INTERMUNICIPAL: Moody's Upgrades Issuer Rating to Ba2


P A N A M A

PANAMA: Deficit Cap Too Tight for Varela After Election


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Fires Chief Executive Officer


X X X X X X X X X

* BOND PRICING: For the Week From September 29 to Oct. 3, 2014


                            - - - - -


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


ANTIGUA & BARBUDA: Fires Five Transport Board Managers
------------------------------------------------------
The Antigua Observer reports that the hemorrhaging of public
sector workers continues as five managers from the Antigua &
Barbuda Transport Board (A&BTB) received pink slips, October 3,
informing them that their services were no longer required.

Chief Licensing Officer Victor McKay, Property and Maintenance
Manager James Sebastian, Deputy General Manager Hudson Joseph,
Facility Manager for the terminals Lauchland Charles and Facility
Manager responsible for the Motor Pool Patricia Julian were
summoned to a meeting where they received termination letters,
according to The Antigua Observer.

The report notes that Operations Manager Anderson Carty, who is on
vacation until October 15, was spared until his return date, as
the law does not allow for an employee to be severed while on
holiday.

The dismissal letters signed by Acting General Manager Hubert
Jarvis said inter alia, "Regrettably, you are one of the managers
been made redundant with immediate effect.  Your payment
calculation will be forwarded to you under a separate cover," the
report discloses.

The dismissal of the managers is the first step the statutory
corporation said it will take to retrench workers, the report
says.

A communique from the Transport Board, dated September 30, 2014,
said it would be retrenching staff within one week.  It stated
some units would be eliminated, departments would be downsized,
while employees over 60 would be retrenched, the report relates.

The report adds that it is unclear how many of the 238 staff
members will be affected by the downsizing.


                          *     *     *

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.


JOLLY BREACH: Operations Halt as Workers Protest Salary Delay
-------------------------------------------------------------
The Daily Observer reports that a union boss wants to meet with
the board of Jolly Breach Resort and Spa after disgruntled workers
downed tools October 3 to protest late salaries.

Operations at the Jolly Breach Resort and Spa came to a near halt
after over 20 kitchen, dining room, bar, grounds and concierge
staff walked off the job, according to The Daily Observer.

The report notes that the workers who are paid bi-weekly were due
monies Thursday 25 September, but their expectations of payment
were not met.  Management had informed the workers Sept. 26, that
they would be paid last week.

The report notes that despite the assurance, workers said they had
not been paid.

When the Antigua & Barbuda Workers Union (AWU) stepped in the
employees resumed work after they were promised payments starting
Oct. 3, the report discloses.

The report says that General Secretary of the ABWU David Massiah
said the workers' actions were justified as management has
repeatedly failed to communicate effectively with staff.

"We even asked for a meeting with the Board of Directors of Jolly
Beach because we want to get to the bottom of this. Here it is
that the workers are putting in their best and we do not wish to
see that the property closes and staff would be on the breadline,"
the report quoted Mr. Massiah as saying.

Mr. Massiah said workers had already agreed to receive payments
bi-weekly instead of weekly to aid the financially-challenged
resort, the report relays.

Staff told the news agency that management started defaulting a
year ago, which led to protest action then.

In an open meeting with the staff on Oct. 3, General Manager of
the resort Vernon Jeffers told workers that the hotel simply does
not have the money, the report says.  Mr. Massiah said management
will continue to do its best to pay them, the report notes.

The Daily Observer understands workers started receiving salaries
Oct. 3, albeit only half of the sum owed.

In August, Mr. Jeffers admitted the resort had financial trouble,
but did not indicate the extent of the problem, the report notes.

Sources have indicated the Antigua Public Utilities Authority
(APUA) disconnected the hotel's electricity, Oct. 2, due to
arrears on the company's bill, but was reconnected following
negotiations between management and APUA, The Daily Observer
discloses.

Jolly Breach Resort and Spa is a resort located in Antigua and
Barbuda.


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


YPF SA: Vaca Muerta Drilling Costs Will Fall, Says CEO
------------------------------------------------------
Micheal Kaufman at Business ETC reports that Chief Executive
Officer of the Argentinian state-held oil and gas company, YPF SA,
Miguel Galuccio said that drilling costs in its Vaca Muerta
oilfield have declined.  The report relates that the vertical
well-perforation will drive down drilling costs below US$7 million
per well, compared to earlier estimates of US$7.5 million.

Meanwhile, horizontal perforation cost is expected to lie within
US$14-15 million, the report notes.

YPF SA finalized a deal with Malaysia-based Petronas last month,
and with California-based integrated oil and gas producer, Chevron
Corporation (CVX), last year, to develop the Vaca Muerta
oilfields. Vaca Muerta, located in Pantagonia, is considered to be
an attractive investment opportunity since it could have shale
reserves of more than 27 billion barrels and 802 trillion cubic
feet (cf) of natural gas reserves, according to the report.

In August, Petronas and YPF SA signed an initial fracking
agreement worth US$500 million, the report notes.  In the
project's pilot phase, the two companies expect to drill a dozen
exploratory wells, with the number likely to increase to 1,000
wells over the next decade based on the results of the pilot
stage, the report discloses.  During the next ten years, both
companies are expected to invest more than US$9 billion in the
project.

YPF SA will greatly benefit from this deal, as the Malaysian
company acquired an unconventional energy specialist firm, called
Progress Energy Resources Corp., in 2012 to gain the technical
knowledge required to develop unconventional shale, the report
relates.

Last year, YPF signed a similar fracking agreement with Chevron,
which required an initial investment of US$1.2 billion, the report
notes.  Both companies have spent more than US$2 billion so far,
and have also developed the Loca Campana field to become an
unconventional crude source, which is the second-biggest outside
North America, the report discloses.

The report notes that Argentina used to be a net exporter of oil
and gas; however, after a significant drop in production levels,
it became a net importer.  This year, Argentina is expected to
import fuel and gasoline worth US$13 billion, the report relays.

The recent default by the Argentinean economy served as a
significant challenge for companies making efforts to raise
finance for future projects, the report says.

However, YPF SA remained largely unaffected by the crisis since it
has substantial cash reserves to finance future projects despite
the company's large debt amount, the report notes.

For the second quarter, cash reserves of the company stood at
US$11.4 billion, which represents an increase of almost 3.7 times
sequentially, from US$3.1 billion, and 2.2 times year-over-year
(YoY) from US$5.1 billion, the report notes.

Meanwhile, YPF SA's total debt has increased to US$46.2 billion
from US$38.7 billion in the last quarter, and from last year's
US$24 billion, the report relays.  The company's total debt-to-
equity ratio also grew to 71.4% during the last reported quarter
from 66% during the same period last year, the report discloses.

In addition, YPF SA stock has gained 7.3% year-to-date (YTD) to
US$35.69, compared to growth of 19.9% YTD, in Petroleo Brasileiro
Petrobras SA's (ADR) (PBR) share price to US$16.38, the report
adds.

                          About YPF SA

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2014, Fitch Affirmed YPF S.A.'s Caa1 Global Local
Currency Issuer Rating and Baa1.ar National Local Currency Issuer
Rating.  The outlook was changed to Negative from Stable.


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


LUPATECH SA: S&P Raises CCR to 'CCC-' on Restructuring Completion
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Lupatech S.A. to 'CCC-' from 'D' on global scale and to
'brCCC-' from 'brD' on Brazilian national scale.  S&P withdrew the
'D' rating on Lupatech Finance Ltd.'s perpetual bond, given that
it will no longer exist.  S&P also placed the ratings on
CreditWatch positive.

Lupatech completed its restructuring plan, converted its capital
market debts (85% of debenture and perpetual bond to equity and
15% in new notes) to equity, and renegotiated banking debt
including a partial equity exchange.

The CreditWatch positive listing reflects a possible upgrade
within the next 90 days after S&P reassess the company's credit
quality under its new capital structure, taking in consideration
the potential improvements in its liquidity and business plan.


MINERVA S.A: Fitch Affirms 'BB-' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed the international ratings of Minerva
S.A. (Minerva) at 'BB-' with a Stable Outlook.
Fitch has also affirmed and withdrawn Minerva Luxembourg S.A
Issuer Default Ratings (IDRs) because it is a special purpose
company and its ratings are no longer considered by Fitch to be
relevant to the agency's coverage.

Key Rating Drivers:

Industry Fundamentals

The fundamentals of the Brazilian beef industry remain positive
due to the low cost structure, potential productivity gains and
revenue momentum derived from strong international demand, which
accounts for around 70% of Minerva's sales. In July 2014, China
removed its embargo of Brazilian beef, which will benefit
companies such as Minerva that have export capacity. This positive
trend is mitigated by high cattle prices and the slowdown of the
Brazilian economy. Therefore, Fitch expects more pressure on the
EBITDA margin in 2015 for the main players in the industry.

Expansion-Oriented:
Minerva completed several bolt-on acquisitions that will increase
its production capacity by about 38% and improve operating cash
flow in 2015. In early 2014, the company acquired a slaughterhouse
in Janauba, Minas Gerais, for BRL40 million and concluded the
acquisition of Frigorifico Matadero Carrasco S.A. in Uruguay for
USD37 million. Minerva is also acquiring two plants from BRF in
Mato Grosso State through an equity financed transaction that will
result in BRF (IDR 'BBB-'/Stable Outlook) having a 15.2% stake in
Minerva and two board members.

Strong Growth Due to Several Factors:

Minerva reported improving revenues and EBITDA in second-quarter
2014. Minerva's net revenue reached BRL1.7 billion, which is 25%
higher than in the second-quarter of 2013. During the same period,
Minerva's EBITDA increased 33% year over year. LTM EBITDA margins
for the period ended June 30, 2014 was 10.9%, up 20 bps over the
same period in 2013. This growth was fueled by the aforementioned
expansion. Minerva also enjoyed strong beef price increases in the
domestic market. During the second-quarter 2014, export market
revenues increased by 28% year over year.

Improved Credit Metrics:

Fitch expects Minerva's free cash flow to be negative in 2014 due
to recent acquisitions but its net debt to EBITDA ratio to decease
to below 3x by 2015 (3.4x in FYE13) due to the ramp-up of
profitability from the new plants acquired.

Product, Country Concentration Risks:

Minerva is less diversified from a product and geographic position
than two other large protein companies based in Brazil, JBS S.A.
and Marfrig S.A. Minerva's operations are highly focused on beef
production. With its large export presence, the company's
profitability is also closely tied to the exchange rate
variations. Among the significant risks faced by the company are a
downturn in the economy of a given export market, the imposition
of increased tariffs or commercial or sanitary barriers, and
strikes or other events that may affect the availability of ports
and transportation.

Rating Sensitivities

The rating is considered solid to strong in the category. A
negative rating action could occur as a result of a sharp
contraction of the Minerva's performance, increased net leverage
as a result of either a large debt-financed acquisition or asset
purchases, or as a result of a severe operational deterioration
due to disruptions in exports.

A positive rating action could be triggered by additional
geographic and protein diversification and/or a material decrease
in gross and net leverage.

Fitch has taken the following rating actions:

Minerva S.A.:

-- Local Currency IDR affirmed at 'BB-';
-- Foreign currency IDR affirmed at 'BB-';
-- National scale rating affirmed at 'A-(bra)'.

Minerva Luxembourg S.A.:

-- Local currency IDR affirmed and withdrawn at 'BB-';
-- Foreign currency IDR affirmed and withdrawn at 'BB-';
-- Senior unsecured notes due in 2017, 2019, 2022 and 2023
affirmed at 'BB-';
-- Perpetual notes affirmed at 'BB-'.

The Rating Outlook for the corporate ratings is Stable.


OI SA: Stays Out of Brazil Auction Deemed Vital for Carriers
------------------------------------------------------------
Christiana Sciaudone and Anna Edgerton at Bloomberg News report
that Oi SA won't bid for spectrum in an auction billed by analysts
and the government as vital to the future of competitors in the
industry.

Oi SA has a diverse portfolio of spectrum -- the airwaves phone
companies use to transmit wireless signals -- that guarantees
enough capacity for its clients, the company said in a filing,
according to Bloomberg News.  The company will focus its
investments on structural projects in its network, Bloomberg News
relates.

The phone carrier, which is merging with Portugal Telecom SGPS SA,
is burdened with the industry's biggest debt load, Bloomberg News
discloses.  Its net debt of BRL46.2 billion (US$19.3 billion) last
quarter was more than four times its annual adjusted profits.

A bid in the auction, which will cost winners at least BRL2.91
billion apiece, would have caused additional strain on the
company's finances, Bloomberg News relays.

Representatives from Oi SA's bigger rivals, Tim Participacoes SA
(TIMP3), America Movil SAB and Telefonica Brasil SA (VIVT4),
submitted proposals for the auction, scheduled for Sept. 30.  They
were joined by a smaller competitor, Algar Telecom.

Oi SA is betting that it can do without the extra capacity even
amid growing demand for high-speed Internet connections for
smartphones and tablets, Bloomberg News notes.  Credit Suisse
Group AG analyst Andrew Campbell has called the auction a "once in
a lifetime" opportunity to gain spectrum that's optimal for high-
speed data service, Bloomberg News relays.

                      Telecom Future

"The results of the auction will determine the future of telecom
in Brazil," Carlos Baigorri, Anatel's competition superintendent,
said in a July 23 interview with Bloomberg News.  Using the
spectrum, located in the 700 megahertz frequency band, requires 95
percent fewer antennas than than trying to cover the same area
with the same data speeds using 2.5 gigahertz airwaves, which were
sold in a 2012 auction, Mr. Baigorri said.

Companies that skip the auction may even be more vulnerable to a
breakup, Mr. Baigorri said, Bloomberg News notes.  Oi SA and Tim
have both been exploring ways to reduce the market to three major
carriers from four, including buying parts of each other,
Bloomberg News has reported in the past several weeks, citing
people familiar with the matter, Bloomberg News relays.

While Tim has little debt, its parent company, Telecom Italia SpA
(TIT), has net debt about triple its earnings before interest,
tax, depreciation and amortization, Bloomberg News says.

"Considering that this is an attractive spectrum license, Oi's
decision could indicate its eagerness to purchase TIM," a team of
Bradesco BBI analysts led by Luis Azevedo wrote in a note obtained
by Bloomberg News.  "Oi will need to obtain this frequency" in
another way," the note added.

                             Oi, NII

Oi SA could acquire NII Holdings Inc. (NIHD)'s Nextel operations
in Brazil to obtain the frequency, the analysts said, Bloomberg
News relays.

"The final outcome of Oi's decision is negative, as it will most
likely ratchet up the pressure to acquire TIM," the analysts said,
Bloomberg News notes.  In addition, America Movil and Telefonica
Brasil could snag more spectrum with Oi standing down, they wrote,
Bloomberg News adds.

Bloomberg News says that the total of four bidders was lower than
the regulators running the auction had expected.  Joao Rezende,
president of telecommunications agency Anatel, said earlier this
month that the auction could have at least five participants,
including a foreign company not currently operating in Brazil, the
report relates.

                           Surplus Goal

Bloomberg News notes that with only four bidders, the chances are
smaller that prices will rise much beyond their minimum bids.

Drawing participants to the auction was important for Brazil's
government, which is using the proceeds to reach its primary
surplus goal of 1.9 percent of gross domestic product, notes
Bloomberg News.  If each lot of spectrum gets one bid, Brazil's
treasury will receive at least BRL7.7 billion in license fees,
says the report.

The auction converts spectrum now used by television broadcasters
into mobile-Internet signals, Bloomberg News relays.  The
companies that acquire airwaves will be able to provide the best
mobile data service, seen as a key source of revenue growth as
voice and text-messaging use drops off, notes the report.

                        Spectrum Swaths

Bloomberg News recalls that in the first round of bidding,
companies will be able to bid for four pieces of spectrum in the
frequency band between 708 megahertz and 803 megahertz.  For each
of the three national lots on sale, the price includes a BRL1.93
billion licensing fee and BRL903.9 million that winners need to
pay to clear the frequency of interference from television
broadcasters.

The fourth lot is also national, with two regional sub-lots, and
has a licensing fee of BRL1.89 billion and a charge to clear the
frequency of BRL887.6 million, Bloomberg News says.

If a swath of spectrum goes unpurchased in the auction, it will be
divided into smaller pieces for a second round of bidding,
Bloomberg News notes.  Phone carriers that acquired airwaves in a
previous auction will also have to pay fees of as much as BRL155.2
million in recognition of cost savings they will gain from adding
new spectrum, Bloomberg News adds.



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


ACELAND INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Aceland Investment 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:

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


GALENA COMMODITY: Shareholders' Final Meeting Set for Oct. 13
-------------------------------------------------------------
The shareholders of Galena Commodity Fund SPC will hold their
final meeting on Oct. 13, 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:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


GALENA ENERGY: Shareholders' Final Meeting Set for Oct. 13
----------------------------------------------------------
The shareholders of Galena Energy Fund Limited will hold their
final meeting on Oct. 13, 2014, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


GALENA ENERGY (II): Shareholders' Final Meeting Set for Oct. 13
---------------------------------------------------------------
The shareholders of Galena Energy Fund (II) Limited will hold
their final meeting on Oct. 13, 2014, at 10:10 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


GALENA ENERGY MASTER: Shareholders' Final Meeting Set for Oct. 13
-----------------------------------------------------------------
The shareholders of Galena Energy Master Fund Limited will hold
their final meeting on Oct. 13, 2014, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


GALENA MACRO: Shareholders' Final Meeting Set for Oct. 13
---------------------------------------------------------
The shareholders of Galena Macro Fund Limited will hold their
final meeting on Oct. 13, 2014, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


GALENA MACRO MASTER: Shareholders' Final Meeting Set for Oct. 13
----------------------------------------------------------------
The shareholders of Galena Macro Master Fund Limited will hold
their final meeting on Oct. 13, 2014, at 10:50 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


GALENA SPECIAL: Shareholders' Final Meeting Set for Oct. 13
-----------------------------------------------------------
The shareholders of Galena Special Situations Fund (II) Limited
will hold their final meeting on Oct. 13, 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:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


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

The company's liquidators are:

          Kevin Poole
          Edward Bodden
          Telephone: 914-2265/ 914-2250
          Facsimile: 949-6021
          P.O. Box 10233 171 Elgin Avenue
          George Town, 3rd Floor
          Willow House, Cricket Square
          Grand Cayman KY1-1002
          Cayman Islands


PADDINGTON ASIA: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Paddington Asia Fund 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
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PADDINGTON ASIA MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Paddington Asia Master Fund 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
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


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


COLOMBIA TELECOMUNICACIONES: S&P Affirms 'BB' CCR; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit and issue ratings on Colombia Telecomunicaciones (Coltel).
The outlook remains stable.  The rating affirmation is part of
S&P's regular annual review.

"We expect the company will maintain its leading position as the
second largest mobile player and the third largest fixed operator
in the Colombian market, its strong brand recognition, and
efficient operations," said Standard & Poor's credit analyst
Marcela Duenas.  "The company's wireless segment revenues continue
to enjoy positive prospects due to subscriber growth and increased
data services.  However, we expect Coltel's fixed-line segment to
remain pressured by weak secular trends, especially in residential
voice usage, partially offset by higher broadband and pay TV
adoption."

The stable outlook on Coltel reflects Standard & Poor's
expectation for revenue and EBITDA growth despite intense
competition, and that the company will maintain a debt-to-EBITDA
ratio less than 4.0x, despite the increase in the scheduled
PARAPAT payments.


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


DOMINICAN REPUBLIC: World Bank US$550M Loan Aims to Cut Inequality
------------------------------------------------------------------
Dominican Today reports that the World Bank announced the approval
of US$550.0 million in loans to finance projects to reduce
inequality and allow Dominican Republic's notable economic growth
to cause an impact on poverty.

Dominican Republic has had strong growth in the last decade, "but
with little impact in the reduction of poverty," affirmed Economy
Minister Temistocles Montas, according to Dominican Today.

Dominican Today relates that a World Bank report said the
economy's growth from 5.7% annual average since 1991 and 6.7% per
year in the last decade, has been "exceptional compared to the
region of Latin America and the Caribbean."

Nonetheless, "poverty and unemployment have remained high" since
2003, when the collapse of three banks as the result of fraud
spurred the country's biggest financial crisis ever, the report
notes.

The report discloses that Minister Montas added that the World
Bank's new financing will be used to create better opportunities
for access to basic services for the entire population.

Sophie Sirtaine, World Bank director for the Caribbean, said the
loans aim to finance projects between 2015 and 2018 to create more
jobs for the poorest 40% of the population, as well as improve
education, health, drinking water and electricity services and
access to credit, adds the report.


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


SISTEMA INTERMUNICIPAL: Moody's Upgrades Issuer Rating to Ba2
-------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of Sistema
Intermunicipal de los Servicios de Agua Potable y Alcantarillado
(SIAPA) to Ba2 (Global Scale, local currency) from Ba3 and to
A2.mx (Mexican National Scale) from Baa1.mx. The outlook on the
ratings is stable.

Ratings Rationale

The upgrade of SIAPA's ratings to Ba2/A2.mx from Ba3/Baa1.mx takes
into account the structural change in the water company's
governance and ownership framework, along with key financial and
debt metrics stronger than peers.

Previously, SIAPA was an inter-municipal water company; however,
since January, SIAPA is now owned by the State of Jalisco (Ba2,
stable). The change in ownership also strengthened the composition
of SIAPA's board, in which the state of Jalisco has a majority of
members, and SIAPA's ability to increase water tariffs through the
Tariff Council without requiring state or municipal approval.
Furthermore, SIAPA's long term financial debt is guaranteed by the
State of Jalisco. These changes are credit positive as they will
allow SIAPA to maintain positive financial metrics.

SIAPA created the Tariff Council in 2012, which is in charge of
proposing and approving water tariff increases to ensure
sufficient revenues to cover operating and infrastructure costs
and debt service payments. In 2014, SIAPA increased 17% its water
tariffs and we expect tariff adjustments to continue in the
following years. As a result, increasing costs related to energy
and chemicals have been offset, allowing the water company to
register positive operating margins. In 2013, SIAPA registered an
operating margin equivalent to 9.3% of operating revenues, above
its rated national peers.

The upgrade also takes into account the recent improvement of
SIAPA's financial performance. In addition to registering positive
gross operating margins, SIAPA has also registered an improvement
in cash financing results. During 2013, cash financing surplus was
equivalent to 14.8% of total revenues, compared to a -3.2%
registered in 2011. The improvement reflects SIAPA's measures to
increase revenues and its capacity to adjust capital expenditures
to available revenues. As such, SIAPA has not acquired additional
debt, lowering debt levels to 65.3% of total revenues at the end
of 2013 from 85.7% registered at the end of 2012.

What Could Change The Rating Up/Down

Given the institutional, operational and financial links between
SIAPA and the state of Jalisco, it is unlikely that the ratings of
SIAPA could be higher than those of the state of Jalisco. An
upgrade of Jalisco's issuer ratings along with an improvement of
SIAPA's financial performance and lower debt levels could exert
upward pressure on the ratings. A downgrade of Jalisco's issuer
ratings could exert downward pressure on SIAPA's ratings.
Furthermore, a deterioration of key financial metrics or an
increase in debt levels, could potentially exert downward pressure
to the ratings.

The principal methodology used in this rating was Government-
Related Issuers: Methodology Update published in July 2010.

The period of time covered in the financial information used to
determine SIAPA's rating is between 1/1/2009 and 12/31/2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


===========
P A N A M A
===========


PANAMA: Deficit Cap Too Tight for Varela After Election
-------------------------------------------------------
Karla Palomo and Bill Faries at Bloomberg News report that
Panama's President Juan Carlos Varela said he'll ask Congress for
authorization to raise the budget deficit limit after the previous
government boosted spending ahead of elections earlier this year.

President Varela, who took office July 1, said he'll send a
proposal to Congress within a month to increase the budget deficit
limit to 3.7 percent of gross domestic product from 2.7 percent.
The announcement by Varela comes a week after the Central American
nation sold US$1.25 billion in 10-year bonds.

"We're going to finish the public investment projects we have
committed to, while also managing the debts they are leaving
behind," President Varela said in an interview with El Financiero-
Bloomberg Television in New York.  President Varela described the
change to the fiscal responsibility law as part of a "transition"
that needs to be implemented this year, Bloomberg News notes.

Bloomberg News relates that President Varela said Panama's
economy, the fastest-growing in Latin America over the past five
years, would expand 6.5 percent to 7 percent next year, fueled in
part by a 10 percent increase in foreign direct investment.

The country is poised to complete work next year on a third set of
locks on an expanded Panama Canal, a US$5.25 billion project that
has helped transform the country of 3.6 million people into a
banking and logistics hub, Bloomberg News say.

Deputy Economy Minister Ivan Zarak said early in September that
the government would delay US$650 million of "high-risk" projects,
including a convention center and hospital, started under
President Ricardo Martinelli's administration, Bloomberg News
relays.  The budget deficit was 3.2 percent of GDP in the first
half of the year.

Panama's dollar bonds have returned 11.4 percent this year, above
the 8.1 percent average for emerging markets, according to
JPMorgan Chase & Co.'s EMBIG index, Bloomberg News discloses.  The
country is rated BBB, the second-lowest investment grade ranking,
by Standard & Poor's, putting it in the same category as Spain and
the Philippines.


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


TRINIDAD CEMENT: Fires Chief Executive Officer
----------------------------------------------
RJR News reports that Dr. Rollin Bertrand, Chief Executive Officer
of Trinidad Cement Limited, the parent company for Jamaica's
Caribbean Cement Limited, has been sacked.

A notice from TCL confirmed that Dr. Bertrand, who was suspended
by the new Board, had been fired, according to RJR News.

The report notes that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at a August 19
special meeting.  Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer, the report relates.

In the notice, TCL said Dr. Bertrand had been dismissed, following
a review of his performance by the Board, RJR News notes.

The decision was made when the Board met on September 18 and
communicated in a September 23 letter to Dr. Bertrand.

                       Payments on Hold

Meanwhile, following an assessment of TCL by
PricewaterhouseCoopers, the company has decided to put a hold on
all payments due under the restructured loan agreement, RJR News
says.  It has proposed a standstill.

The decision to propose a standstill came after TCL met with its
lenders to update them on the present state of the company, the
report discloses.

TCL said a comprehensive restructuring plan will be submitted by
October 31, which will include actions to preserve the operations
of the company, and ensure its long-term viability, the report
adds.

                   *     *     *

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

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

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

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

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


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From September 29 to Oct. 3, 2014
--------------------------------------------------------------


Issuer                     Coupon   Maturity   Currency   Price
------                     ------   --------   --------   -----

BES Finance Ltd                 2.9              EUR     211913000
PDVSA                             6  11/15/2026  USD    4500000000
ESFG International Ltd          5.8              EUR      52950000
PDVSA                             6  5/16/2024   USD    5000000000
PDVSA                           5.4  4/12/2027   USD    3000000000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
PDVSA                           5.5  4/12/2037   USD    1500000000
Hindili Industry                8.6  11/4/2015   USD     380000000
BES Finance Ltd                 4.5              EUR      95767000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
SMU SA                          7.8  2/8/2020    USD     300000000
NQ Mobile Inc                     4  10/15/2018  USD     172500000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Venezuela Governement           7.7  4/21/2025   USD    1599817000
Glorious Property Holdings Ltd   13  3/4/2018    USD     400000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Bank Austria                    1.9              EUR      97608000
China Precisoin                 7.3  2/4/2018    HKD    1028000000
BCP Finance Co                  2.4              EUR   99063406.25
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BA-CA Finance Cayman 2 Ltd        2              EUR      51481000
Argentina Bonar Bonds            26  9/10/2015   ARS    5424358000
Inversora de Electrica          6.5  9/26/2017   USD     130263886
BCP Finance Co                  4.2              EUR      72112000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
Argentina Government            4.3  12/31/2033  JPY    5840497000
PDVSA                             6  5/16/2024   USD    5000000000
Argentina Boden Bonds             2  9/30/2014   ARS     930445250
PDVSA                             6  11/15/2026  USD    4500000000
Greenfields Petroleum Corp        9  5/31/2017   CAD      23750000
Hindili Industry                8.6  11/4/2015   USD     380000000
Argentina Government            4.3  12/31/2033  JPY    2553017000
Argentina Bocon                   2  1/3/2016    ARS    1608749924
Argentina Government            0.5  12/31/2038  JPY   21037843000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
Caixa Geral De Depositos Finance  1              EUR      44885000
SMU SA                          7.8              USD     300000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Caixa Geral De Depositos Finance  2              EUR      65843000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BPI Capital Finance Ltd         2.9              EUR      15290000
Banif Finance Ltd               1.6              EUR      42234000
Banco BPI SA/Cayman Islands     4.2  11/14/2035  EUR      20000000
Empresas La Polar SA            3.8  10/10/2017  CLP       5000000
City of Buenos Aires Argentina    2  1/28/2020   USD     146771000
Aguas Andinas SA                4.2  12/1/2026   CLP    3289471.68
City of Buenos Aires Argentina    2  12/20/2019  USD     113229000
Venezuela Governement             7  3/31/2038   USD    1250003000
Empresa de Transporte           5.5  7/15/2027   CLP     3732799.8
Cia Cervecerias Unidas SA         4  12/1/2024   CLP       1050000
Almendral Telecomunicaciones SA 3.5  12/15/2014  CLP     644441.04
Cia Sud Americana de Vapores SA 6.4  10/1/2022   CLP     607142.76
Decimo Primer                   4.5  10/25/2041  USD      37800000
Provincia del Chaco               4  12/4/2026   USD   10111047.85
Ruta de Bosque                  6.3  3/15/2021   CLP    5062781.25
Talcan Chillan                  2.8  12/15/2019  CLP    2978764.16
EMP Ferrocarriles Estado        6.5  1/1/2026    CLP     788572.14


                            ***********


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 * * *