TCRLA_Public/141020.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 20, 2014, Vol. 15, No. 207


                            Headlines



A R G E N T I N A

TOYOTA COMPANIA: Moody's Rates ARS150MM Sr. Debt Issuance B1


B R A Z I L

GRUPO RBS: S&P Affirms 'BB+' CCR; Outlook Remains Stable
LUPATECH SA: Moody's Withdraws C Rating on USD275MM Sr. Bond
LUPATECH SA: Moody's Withdraws Ca.br Corporate Family Rating
MARFRIG GLOBAL: S&P Raises CCR to 'B+' on Improved Liquidity
* BRAZIL: City of Fortaleza to Get US$57.9MM-IDB Loan


C A Y M A N  I S L A N D S

ACCELERATED LIFE: Shareholder to Hear Wind-Up Report on Oct. 21
ALPHA SEEKERS: Shareholders Receive Wind-Up Report
BCM ALL: Shareholders' Final Meeting Set for Nov. 6
BCM ALL MASTER: Shareholders' Final Meeting Set for Nov. 6
EAS CAYMAN: Shareholders' Final Meeting Set for Oct. 22

HAWKWOOD COMMODITIES: Members' Final Meeting Set for Nov. 6
HAWKWOOD COMMODITIES MASTER: Members' Final Meeting Set for Nov. 6
MEGATRON ENTERPRISE: Members Receive Wind-Up Report
WESTERN ASSET: Shareholders Receive Wind-Up Report
WESTERN ASSET MASTER: Shareholders Receive Wind-Up Report


C H I L E

INVERSIONES ALSACIA: Chile Bus Operator Files Bankruptcy in U.S.
INVERSIONES ALSACIA: Case Summary & 30 Top Unsecured Creditors


E C U A D O R

ECUADOR: Fitch Affirms 'B' Long-Term Foreign Currency IDR


J A M A I C A

JAMAICA: National Debt to Reach J$2.1 Trillion by March
JAMAICA: Senate Passes Insolvency Bill
JAMAICA: Anxious Days Ahead for Sugar Industry
PETROJAM: Experiencing Financial Difficulties


M E X I C O

MAQUINARIA ESPECIALIZADA: Fitch Affirms C Rating on US$160MM Notes
MEXICO: Moody's Assigns (P)Ba2 Rating to MXN1.5BB FEFOM Program
TEHUACAN, MEXICO: Moody's Withdraws Ba2 Global Scale Issuer Rating


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Taps Chris Dehring as Chairman
TRINIDAD & TOBAGO: Central Bank Sells US$50MM to Banking System


X X X X X X X X X

* BOND PRICING: For the Week From October 13 to Oct. 17, 2014


                            - - - - -


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


TOYOTA COMPANIA: Moody's Rates ARS150MM Sr. Debt Issuance B1
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B1 global local currency senior debt rating to Toyota
Compania Financiera de Argentina S.A. fourteenth bond expected
issuance for an amount up to ARS150 million, which will be due in
24 months. At the same time, on the National Scale, Moody's
assigned Aaa.ar local currency debt rating to the expected
issuance.

The outlook on all ratings is negative.

The following ratings were assigned to Toyota Compania Financiera
de Argentina:

ARS150 million senior unsecured debt issuance:

B1 Global Local Currency Debt Rating

Aaa.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Toyota Compania Financiera de Argentina S.A.
B1 global local currency deposit rating. Moody's also noted that
seniority was taken into consideration in the assignment of the
debt ratings.

TCFA's deposit rating derives from the entity's caa1 baseline
credit assessment and the high probability of parental support to
be provided by its ultimate parent, Toyota Motor Corporation
(Japan), which is currently rated Aa3 by Moody's. The company is
95% owned by Toyota Financial Services Americas and 5% by Toyota
Motor Credit Corporation, both based in California.

The standalone rating of caa1 is based mainly on its key role as
the financial agent for Toyota Corporation, as well as its strong
commercial and strategic importance to the corporation. The
ratings also consider the entity's profitability and its good
asset quality metrics given its targeted client base. However, the
rating captures the company's wholesale funding structure, its
small franchise in the Argentine market and its monoline business
orientation.

The negative outlook on the company's ratings is in line with the
negative outlook Caa1 rating for Argentina's government bond
rating and incorporates the deteriorating operating environment in
the country, including economic deceleration and high inflation,
that is negatively affecting the business and earnings prospects
of financial companies and banks in Argentina.

Toyota Compania Financiera de Argentina S.A. is headquartered in
Buenos Aires, Argentina, with assets of ARS1.5 billion and equity
of ARS166 million as of June 2014.

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


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


GRUPO RBS: S&P Affirms 'BB+' CCR; Outlook Remains Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit and debt ratings on Grupo RBS (RBS).  For S&P's analysis,
it uses the combined financial statements of RBS TV Comunicacoes
S.A. and its subsidiaries and RBS Midia, Digital e Participacoes
S.A. and its subsidiaries.  The outlook on the corporate credit
ratings remains stable.

The ratings affirmation reflects S&P's expectation that RBS will
improve its EBITDA margin in the next few years, which S&P expects
to reach about 20% by 2015 after some weaker results in the past
two years.  This stems from the company's efforts to adjust its
cost structure to cope with slower revenue growth mainly in the
newspaper segment, where advertising spending and classifieds are
losing volume to other media outlets.  Also, RBS's investments in
new businesses in its digital segment have been also pressuring
margins in the ramp-up period, but S&P expects them to become
profitable in a short timeframe.

RBS has a smaller scale and limited geographic diversification
within Brazil compared to peers with national presence.  However,
it has a leading position in southern Brazil in television,
newspaper, and radio segments due to its region-oriented news
production and its affiliation with Brazilian largest media
company Globo.  On the other hand, the company's revenues are
dependent on the advertising market, which is volatile and
fluctuates with the performance of the local economy and can
pressure RBS's profitability, as seen in the last two years.  As a
result, S&P sees RBS's business risk profile as "fair."


LUPATECH SA: Moody's Withdraws C Rating on USD275MM Sr. Bond
------------------------------------------------------------
Moody's Investors Service upgraded Lupatech S.A.'s ("Lupatech")
corporate family rating to Caa2 from Ca and withdrew the C rating
of the USD 275 million senior unsecured perpetual bond issued by
Lupatech Finance Limited after the conclusion of its debt
restructuring. The outlook is stable.

Ratings Upgraded:

- Lupatech S.A.

Corporate Family Rating -- upgraded to Caa2 from Ca (global scale)

The outlook for the CFR ratings is stable.

Ratings Withdrawn:

- Lupatech Finance Limited

USD 275 million senior unsecured perpetual bond -- withdrawn from
C (global scale)

Ratings Rationale

The upgrade in Lupatech's CFR to Caa2 reflects the conclusion of
its debt restructuring process and the expected assets divestiture
in Argentina by the end of October 2014, which, together, will
reduce leverage, improve the company's liquidity position and
decrease interest expenses. Besides, the improved capital
structure could gradually allow Lupatech to have access to credit
lines and deliver products and services that are already
contracted and reflected in the company's BRL 967 million backlog
at the end of June 2014. The withdrawal of the C rating of the USD
275 million senior unsecured perpetual bond issued by Lupatech
Finance Limited follows the completion of the company's financial
restructuring in which the bond was exchanged for a new debt
instrument, with the subsequent redemption of the company's
outstanding notes.

The Caa2 CFR reflects our belief that, following the conclusion of
the debt restructuring and expected conclusion of the asset sale
in Argentina, Lupatech will have sufficient liquidity through mid-
2015, even absent any further asset divestiture or new bank loans.
However, cash flow generation remains weak and insufficient to
fully develop Lupatech's operations and further asset sale will
likely be needed.

The stable outlook assumes Lupatech's cash flows will gradually
improve after the necessary minimum capex is carried out and the
company is able to deliver products and services in the backlog.
The outlook also incorporates our assumption that Lupatech will
continue to pursue liquidity alternatives while it gradually
recovers its ability to generate sustainable cash flows from
operations.

An upgrade would require clear signs of normalization in the
company's operations as well as a significant improvement in the
company's liquidity profile. A downgrade is likely if liquidity
does not improve in the next 3 months or declines significantly
after the resources raised with the asset sale in Argentina are
used in the company's operations.

The principal methodology used in this rating was the Global
Oilfield Service Rating Methodology published in December 2009.

Headquartered in Nova Odessa, Brazil, Lupatech S.A. ("Lupatech")
is a major equipment manufacturer for the oil & gas, industrial
valves and casting parts sectors, with net revenues of BRL 539
million (USD 236 million) for the last twelve months ended June
30, 2014. Lupatech's Products division represented some 48% of net
sales for the most recent quarter, and includes oil and gas
valves, synthetic fiber ropes for platform anchoring and
industrial valves. The Services division, focused on oilfield
services in Brazil and Colombia, as well as tubular and coating
services, represented 52% of net sales.


LUPATECH SA: Moody's Withdraws Ca.br Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn Lupatech S.A.'s
("Lupatech") Ca.br corporate family rating on the Brazilian
national scale for business reasons.

Ratings Rationale

Moody's Investors Service has withdrawn Lupatech S.A.'s
("Lupatech") corporate family rating on the Brazilian national
scale for business reasons.

Headquartered in Nova Odessa, Brazil, Lupatech S.A. ("Lupatech")
is a major equipment manufacturer for the oil & gas, industrial
valves and casting parts sectors, with net revenues of BRL 539
million (USD 236 million) for the last twelve months ended June
30, 2014. Lupatech's Products division represented some 48% of net
sales for the most recent quarter, and includes oil and gas
valves, synthetic fiber ropes for platform anchoring and
industrial valves. The Services division, focused on oilfield
services in Brazil and Colombia, as well as tubular and coating
services, represented 52% of net sales.

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.


MARFRIG GLOBAL: S&P Raises CCR to 'B+' on Improved Liquidity
------------------------------------------------------------
Standard & Poor's Ratings Services raised the global scale
corporate credit and issue-level ratings on Marfrig Global Foods
S.A. (Marfrig) to 'B+' from 'B' and the national scale corporate
credit rating to 'brBBB' from 'brBBB-'.  The outlook on both
scales is stable.

"The upgrade reflects the company's improvements in its capital
structure, liquidity, and FOCF generation as a result of liability
management in its debt structure and higher export volumes and
prices in Brazil, and gradual sales growth in its international
businesses," said Standard & Poor's credit analyst Flavia Bedran.
The company's divestment from Seara's poultry operations in 2013
transferred almost R$6 billion of debt to its competitor JBS,
which reduced total debt significantly.  This helped lower
interest payments, which, combined with more efficient working
capital management, lowered interest and short-term debt payments.
This in turn, improved Marfrig's operating cash flows and FOCF
generation and will allow it to gradually pay down its debt.


* BRAZIL: City of Fortaleza to Get US$57.9MM-IDB Loan
-----------------------------------------------------
The Inter-American Development Bank (IDB) announced the approval
of a US$57.9 million loan for the northeastern Brazilian city of
Fortaleza's urban transportation program.

With 2.45 million people, Fortaleza is Brazil's fifth largest
city.  It is also the country's most densely populated urban area.
Its public transportation system, which carries 1 million
passengers a day, receives poor ratings for its slow and
disorderly services.

The project will help improve management of the public
transportation system as well as upgrade the infrastructure and
landscape areas surrounding targeted corridors.  A total of 11
kilometers of priority lanes for buses and 22 kilometers of bike
lanes will be built.

Other goals of the project are to reduce traffic accidents and
motor vehicle emissions.

The new loan is for 25 years, with a 5.5-year grace period and an
interest rate based on LIBOR. Local counterpart funds for the
program will total $57.9 million.


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


ACCELERATED LIFE: Shareholder to Hear Wind-Up Report on Oct. 21
---------------------------------------------------------------
The shareholder of Accelerated Life Settlement Growth Fund PLC
will hear on Oct. 21, 2014, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Will Graham
          400 Thames Valley Park Drive
          Reading, RG6 1PT
          United Kingdom.
          Telephone: +44 (207) 0795878
          Facsimile: +44 (207) 0795852


ALPHA SEEKERS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Alpha Seekers received on Oct. 14, 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


BCM ALL: Shareholders' Final Meeting Set for Nov. 6
---------------------------------------------------
The shareholders of BCM All Weather Offshore Fund, Ltd. will hold
their final meeting on Nov. 6, 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


BCM ALL MASTER: Shareholders' Final Meeting Set for Nov. 6
----------------------------------------------------------
The shareholders of BCM All Weather Master Fund, L.P. will hold
their final meeting on Nov. 6, 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


EAS CAYMAN: Shareholders' Final Meeting Set for Oct. 22
-------------------------------------------------------
The shareholders of EAS Cayman Islands Ltd. will hold their final
meeting on Oct. 22, 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:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          P.O. Box 30116, Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: 1 (345) 743 6767


HAWKWOOD COMMODITIES: Members' Final Meeting Set for Nov. 6
-----------------------------------------------------------
The members of Hawkwood Commodities Fund Limited will hold their
final meeting on Nov. 6, 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


HAWKWOOD COMMODITIES MASTER: Members' Final Meeting Set for Nov. 6
------------------------------------------------------------------
The members of Hawkwood Commodities Master Fund Limited will hold
their final meeting on Nov. 6, 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


MEGATRON ENTERPRISE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Megatron Enterprise Limited received on Oct. 15,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170 George Town, Grand Cayman
          Cayman Islands KY1-1102


WESTERN ASSET: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Western Asset Global Alpha Opportunities, Ltd
received on Oct. 13, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gavin L. James
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Tel: (345) 914 6386


WESTERN ASSET MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Western Asset Global Alpha Opportunities
Master Fund, Ltd. received on Oct. 13, 2014, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gavin L. James
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Tel: (345) 914 6386


=========
C H I L E
=========


INVERSIONES ALSACIA: Chile Bus Operator Files Bankruptcy in U.S.
----------------------------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that
the Inversiones Alsacia S.A., the public bus operator in Santiago,
Chile, filed for bankruptcy in the U.S. with plans to restructure
$368 million in debt.  According to the report, the company and
several affiliates filed for Chapter 11 protection with a
prepackaged plan -- meaning a sufficient number of creditors have
already approved its restructuring proposal -- in U.S. Bankruptcy
Court in Manhattan.

As previously reported by The Troubled Company Reporter-Latin
America on Sept. 17, 2014, Alsacia, together with Express de
Santiago Uno S.A. and their subsidiaries and affiliates, on Sept.
15 disclosed that it has commenced solicitation of votes for a
prepackaged plan of reorganization to be filed under chapter 11 of
the United States Bankruptcy Code.  The solicitation is being
carried out pursuant to a disclosure statement dated September 15,
2014.

Under the terms and conditions of the Plan, qualified holders of
the Company's 8.0% senior secured notes due 2018 will receive (i)
new notes issued by the Company with a principal amount equal to
the aggregate of (a) the principal amount of the Existing Notes
that they hold plus (b) accrued and unpaid interest thereon at a
rate of 8.0% per annum through and including September 30, 2014
and (ii) a cash payment, to be made on the issue date of the New
Notes, in an amount equal to the interest accruing on the
aggregate of the Old Note Amount and the Capitalized Interest
Amount from and including October 1, 2014 through and excluding
the Issue Date at a rate of 8.0% per annum.

The New Notes will have an initial maturity of December 31, 2018,
which may be extended in the event that the Company successfully
obtains extensions of its concessions through at least April 22,
2021.  The New Notes will bear interest at a rate of 8.0% per
annum, which is the same as the interest rate applicable to the
Existing Notes, and will have semi-annual mandatory amortizations
as set forth in the Plan, as well as mandatory redemptions in the
event that the Company generates excess cash.

                          About Alsacia

Alsacia, together with its affiliate, Express de Santiago Uno
S.A., are collectively the largest operator in the Transantiago
Transportation System, transporting approximately 800,000
passengers every day, throughout 35 communities in Santiago,
Chile, which accounts for more than 30% of the passengers in
Transantiago.

Alsacia and Express belong to an international holding company
with interests in public passenger transportation, environmental
solutions, outsourcing services and real estate development in
Chile, Colombia, Panama, Peru and the United States of America.

                           *     *     *

In September 2014, Moody's Investors Service confirmed the senior
secured Caa3 rating of Inversiones Alsacia S.A. and changed the
rating outlook to negative concluding the rating review that was
initiated on August 20.  The rating confirmation at Caa3 reflects
Moody's current assessment of the expected loss to bondholders
following the payment default of required interest and principal
that occurred on August 18, and the subsequent announcement that
the notes would be restructured. Specifically, the Caa3 rating
incorporates the view that based upon Moody's understanding of the
restructuring proposal and Moody's belief that the restructuring
will be executed as contemplated, recovery prospects for current
bond holders should exceed 65%.


INVERSIONES ALSACIA: Case Summary & 30 Top Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                     Case No.
       ------                                     --------
       Inversiones Alsacia S.A.                   14-12896
       Avenida Santa Clara 555
       Huechuraba, Santiago

       Express de Santiago Uno S.A.               14-12897

       Inversiones Eco Uno S.A.                   14-12898

       Panamerican Investments Ltd.               14-12899

Type of Business: Operates passenger bus lines of the public
                  transportation system within the Santiago,
                  Chile, metropolitan area.

Chapter 11 Petition Date: October 16, 2014

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Martin Glenn

Debtors' Counsel: Lisa M. Schweitzer, Esq.
                  CLEARY GOTTLIEB STEEN & HAMILTON, LLP
                  One Liberty Plaza
                  New York, NY 10006
                  Tel: (212) 225-2000
                  Fax: (212) 225-3999
                  Email: lschweitzer@cgsh.com

Debtors'          FTI CONSULTING
Financial         TD Waterhouse Tower
Advisor:          79 Wellington Street West, Suite 2010
                  Toronto, Ontario, Canada M5K 1G8
                  Tel: 416.649.8055
                  Brock James Edgar

Debtors'          PRIME CLERK LLC
Claims and        830 3rd Ave, 9th Floor
Noticing          New York, NY 10022
Agent:            Tel: 212-257-5450

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $500 million to $1 billion


The petition was signed by Jose Ferrer Fernandez, chief executive
officer.

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
VTF Latin America S.A.              Trade Debt       $11,233,690
Attn: Marcos Hepp
Av. Juscelino K. de
Oliveira, 2600, CIC
Curitiba, Brazil
+55 41 33177725

Compania de                          Trade Debt       $8,954,719
Petroleos de Chile S.A.
Attn: Jaime Aburto
Agustinas 1382
Santiago, Chile
+562 6907228

Compania de Seguros                  Trade Debt       $4,045,753
Generales Penta Security S.A.
Attn: Benjamin Lea-Plaza
El Bosque Norte
0440 Piso 7 Las Condes, Santiago
Chile
+562 3390103

Camden Servicios SpA                 Trade Debt       $4,025,374
Attn: Christian Cifuentes
Av. Vitacura 2909
Oficina 202
Vitacura, Santiago, Chile
+562 33178728

Volvo Vehicles and Constructions     Trade Debt       $1,624,118
Attn: Laurent Passy
Eduardo Frei
Montalva 8691,
Quilicura, Santiago, Chile
+562 2991129

Empresa Nacional de Energia          Trade Debt       $1,584,519
Enex S.A.
Attn: Rodrigo Forno
Avenida Del Condor
Sur 520, Huechuraba,
Santiago, Chile
+562 4444801

Scania Chile S.A.                    Trade Debt       $1,142,911
Attn: Jose I. Urcelay
Panamericana Norte
9850, Quilicura,
Santiago, Chile
+562 7386060

Scania Finance Chile S.A.            Trade Debt         $891,410
Attn: Oscar Mena
Panamericana Norte
9850, Quilicura
+562 6361818

Sociedad Controladora de             Trade Debt         $862,574
Evasion S.A.
Attn: Jorge Encina
Miraflores 130 Piso 12
Santiago, Chile
+562 7963801

Alphatrading Ltda.                   Trade Debt         $798,536
Attn: Alicia Prieto
5 de abril 4454
Estacion Central,
Santiago, Chile
+569 95344291

Arrendamiento Mercantil              Trade Debt         $685,067
S.A.
Attn: Valeska Arancibia
Nueva Tajamar 555,
Piso 4 Las Condes
Santiago, Chile
+562 6611500

Mapfre Compania de                   Trade Debt         $633,996
Seguros Generales de
Chile S.A.
Attn: Rodrigo Morales
Isidora Goyenechea
3520, Las Condes,
Santiago, Chile
+562 6947261

Claro Chile S.A.                     Trade Debt        $593,065
Attn: Alejandro Charme
Avenida Del Condor
820, Huechuraba,
Santiago, Chile
+562 5825401

Liberty Cia. De Seguros              Trade Debt        $512,506
Generales S.A.
Attn: Alejandro Jimenez
Hendaya 60, piso 10
Las Condes,
Santiago, Chile
+562 3972011

Incofin S.A.                         Trade Debt        $506,439
Attn: Maricel Arellano
Alameda 949 piso 13
Santiago, Chile
+562 4829001

Sociedad Comao Spa                   Trade Debt        $505,713
Attn: Jose Vargas
Arturo Prat 1350
Santiago, Chile
+562 3635021

Tesorero Municipal                   Property Tax      $462,358
de Maipu
Attn: Pedro Herrerra
General Ordonez
176, Maiupu
Santiago, Chile
+562 6776886

Big Services S.P.A.                  Trade Debt        $457,675
Attn: Ernesto Goycoolea
El Bosque Norte
0134, Las Condes,
Santiago, Chile
+562 9434406

Servicios Financieros                Trade Debt        $436,776
Factor Plus S.A.
Attn: Adolfo Pedrero
Merced 480 oficina
1200 Santiago, Chile
+562 8700600

BCI Factoring S.A.                   Trade Debt        $365,593
Attn: Enrique Oliva
Av. El Golf N 125,
Las Condes,
Santiago, Chile
+569 95648917

Transportes Novara Ltda.             Trade Debt        $352,125
Attn: Andres Panza
Vecinal 2725, Pedro
Aguirre Cerda,
Santiago, Chile
+569 92383933

Petrobas Chile Distribucion          Trade Debt        $304,381
Ltda.
Attn: Juan F. Cuevas
Avda Cerro
Colorado 5240, Torre
I, Piso 14, Las Condes,
Santiago, Chile
+562 3283761

Centralservicing SpA                 Trade Debt        $291,543
Attn: Lucia Duran
Vitacura 2909 oficina
205, Vitacura
Santiago, Chile
+562 4823304

Maria Veronica Marquez             Trade Debt          $271,580
Attn: Veronica Marquez
Fernandez Albano
3260, Cerrillos
Santiago, Chile
+569 94331261

Concreces Factoring S.A.           Trade Debt          $240,193

Citymovil SA                       Trade Debt          $205,796

Banco Santander Chile              Trade Debt          $204,302

Incar Seguridad Ltda.              Trade Debt          $201,310

Emaserv S.A.                       Trade Debt          $163,591

Sociedad Concesionaria             Trade Debt          $156,331
Constanera Norte S.A.



=============
E C U A D O R
=============


ECUADOR: Fitch Affirms 'B' Long-Term Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed Ecuador's long-term foreign currency
Issuer Default Rating (IDR) at 'B'. The issue ratings on Ecuador's
senior unsecured foreign bonds are also affirmed at 'B'. The
Rating Outlook on the long-term IDR is Stable. The Country Ceiling
is affirmed at 'B' and the short-term foreign currency IDR at 'B'.

Key Rating Drivers

The rating affirmation and Stable Outlook reflects the following
factors:

Ecuador's five-year average growth of 5% is expected to outperform
regional peers and the 'B' median of 4.3% in 2014. However, there
are downside risks to economic activity. Uncertainty related to
the financial reform has weighed on consumer confidence and
private investment. Moreover, softer oil prices and tightening
external financing conditions could delay the execution of an
ambitious public investment plan in infrastructure, hydropower
generation and oil refining totalling 36% of GDP in 2014-2017.
Fitch forecasts that growth could ease to 4.1% in 2014-2016.

Favourable oil production prospects could cushion the expected
correction in commodity prices. Production increased by 20% in
2010-2014 through enhanced recovery in mature fields. The
development of the ITT blocks at the Yasuni national park and a
recent discovery near the country's capital could boost output by
an additional 30% but would require over USD5.5 billion in capital
investment in 2015-2020. Bans on production sharing contracts, a
high government take and opposition from indigenous and
environmental groups to extractive projects have so far deterred
the development of new hydrocarbons reserves.

Broader access to external borrowing sources has increased fiscal
financing flexibility. The central government deficit tripled to
5.8% of GDP in 2013 from 2% in 2012. High public spending on
wages, fuel subsidies, pension entitlements and a weak outlook for
oil-derived revenue make it difficult to consolidate fiscal
accounts before the authorities start unwinding the infrastructure
stimulus in 2016. Ecuador raised USD2.4 billion and guaranteed
USD1 billion in loans to the state-owned Petroecuador after its
return to global capital markets in June 2014. The sovereign
expanded its pool of multilateral creditors and benefits from
extensive precautionary credit lines, project financing and oil
forward sale facilities from China.

Ecuador's debt tolerance remains constrained by its weak debt
repayment record and high vulnerability to oil shocks and adverse
changes in global financing conditions. The public debt burden
could climb to 28% of GDP in 2014, still below the 'B' median of
44%. The rapid debt built-up has already reversed the 10pp of GDP
reduction achieved after several rounds of domestic and external
restructurings in 2009-2010. Official budget projections show
interest payments doubling and debt reaching 38.6% of GDP by 2017,
just below the legal ceiling of 40%.

International reserves management prioritizes development policies
over precautionary liquidity. Foreign reserves covered 1.6 months
of current external payments in 2013, lower than the 3.1 months of
the 'B' median and the 2.8 months of dollarized countries such as
El Salvador, limiting the economy's shock absorption capacity.
Investments in public banks to stimulate credit totalled USD2.7
billion in August 2014. The central bank swapped over half of its
gold holdings as collateral for a USD400 million loan to the
government, exposing reserves to commodity price fluctuations and
sovereign credit risk.

A new monetary and financial code, in force since September 2014,
intends to redirect private credit from short-term consumption to
long-term productive activities. Provisions that incentivise banks
to use their excess reserves to lend to strategic sectors could
increase credit and liquidity risks in the financial system. The
central bank reassured that new electronic money can only be
exchanged for U.S. dollars to assuage convertibility concerns.
Risks of inorganic money creation persist, particularly as a newly
government-appointed monetary and financial board has discretion
to determine the range of liquid assets that could back up the
issuance of electronic money.

Ecuador's ratings are underpinned by its higher per capita income
and human development indicators than peers. The country's scores
in the Word Bank's governance indicators have converged to the 'B'
median due to steady progress in political stability and
government effectiveness since 2007, although they still lag
behind in regulatory quality and rule of law.

Rating Sensitivities

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced. The main
factors that individually, or collectively, could trigger a rating
action are:

Positive:
-- Sustained growth momentum, for example driven by higher levels
of investment in the oil sector, productivity-enhancing reforms
and improvements in the business environment;
-- A longer track record of servicing external debt and
implementing policy adjustments to preserve fiscal sustainability.

Negative:
-- Oil production shocks or a severe fall in export prices leading
to material weakening of external and fiscal finances;
-- Emergence of financing constraints or signs of erosion in the
sovereign's willingness to service debt;
-- Policies that undermine the sustainability of the dollarization
regime.

Key Assumptions

The ratings and outlooks are sensitive to a number of assumptions:

-- The growth, fiscal and external forecasts assume that Ecuador
maintains oil production at present levels (555,000mbpd). Fitch's
latest projections factor in a 15% decline in international oil
Brent prices to USD95 per barrel by 2016. Further downward
revisions in the oil price forecasts cannot be ruled out given the
latest developments in global energy markets;
-- Although higher international interest rates could put upward
pressure on borrowings costs, Fitch assumes that Ecuador will
maintain access to international capital markets, bilateral credit
lines from China and multilateral disbursements in 2014-2016;

-- Fitch assumes that dollarization will continue to underpin
broad monetary and financial stability in Ecuador.


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


JAMAICA: National Debt to Reach J$2.1 Trillion by March
-------------------------------------------------------
RJR News reports that the Government of Jamaica said the national
debt will be just under J$2.1 trillion at the end of this fiscal
year in March.

The debt will be equivalent to 127.9% of Gross Domestic Product
(GDP), according to RJR News.  That compares to 132% of GDP at the
end of March this year, even though the debt was J$1.9 trillion,
the report notes.

RJR News relates that the reduction in the debt-to-GDP ratio is
due to nominal economic expansion being faster than the growth in
the debt.

Most of the increase in the debt stock is due to the depreciation
of the currency, the report discloses.

The projection was set out in the Government's latest assessment
of its progress so far this fiscal year, the report relays.  It
was included in the Fiscal Policy Paper tabled in the House of
Representatives, the report notes.

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


JAMAICA: Senate Passes Insolvency Bill
--------------------------------------
RJR News reports that Jamaica's Insolvency Bill was passed in the
Senate.  There were 43 amendments.

The new statute places under one umbrella, laws relating to
bankruptcy, insolvency and receivership, according to RJR News.

It offers persons who have failed businesses that go into
bankruptcy, the opportunity to recover, the report relates.

While those who participated in the debate focused on the
perspective of the business operator, Opposition Senator Kavan
Gayle had a different view, the report discloses.

Mr. Kavan said provisions needed to be included in the Bill to
protect workers who become jobless, due to a company collapsing,
the report adds.

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


JAMAICA: Anxious Days Ahead for Sugar Industry
----------------------------------------------
RJR News reports that Jamaica's sugar industry is entering a new
phase, as the current pricing arrangement with Tate and Lyle ends
next year.

Donovan Stanberry, Permanent Secretary in the Ministry of
Agriculture & Fisheries, has confirmed that this crop year is the
final under the contract with Tate and Lyle, at a significantly
higher price than obtains on the world market, according to RJR
News.

There is anxiety in the sugar industry concerning the pending
round of negotiations and some persons are not optimistic in terms
of where the price could fall, the report notes.  But, according
to Mr. Stanberry, the Government remains committed to finding ways
to support the local industry, to ensure that it returns to 100
per cent profitability, the report discloses.

Luther Buchanan, Minister of State in the Ministry of Agriculture
& Fisheries, has also asserted that the viability of the sugar
industry is of particular importance to residents of sugar-
dependent communities, the report relays.

The Government, Mr. Buchanan said, continues to implement
strategies geared toward the development and maintenance of a
commercially viable sugarcane industry, led by the private sector,
the report notes.

To that end, Mr. Buchanan said, work is continuing towards the
establishment of a national enabling policy environment for the
expansion of the industry, the report adds.

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


PETROJAM: Experiencing Financial Difficulties
---------------------------------------------
RJR News reports that the Jamaican Government has revealed in the
just published Fiscal Policy Paper that the oil refinery,
Petrojam, is among four state-owned entities experiencing
financial challenges.

Petrojam, the Paper details, has encountered difficulties with the
timing of its purchases and payments for oil, according to RJR
News.  The refinery is also facing challenges collecting money for
fuel sold to the JPS and Jamaica Energy Partners, the report
notes.

Other entities facing difficulties are the National Water
Commission (NWC), Wigton Wind Farm and Clarendon Alumina
Production (CAP), RJR News says.

As for Wigton, it says the company's expansion is behind schedule.

CAP and NWC are seen as being at a fairly high risk of under
performing, RJR News notes.  NWC's problems stem mainly from its
poor track record in collecting revenues while CAP continues to
experience difficulties with high production costs and low prices
for alumina, RJR News relays.


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


MAQUINARIA ESPECIALIZADA: Fitch Affirms C Rating on US$160MM Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the following senior secured notes
issued by Maquinaria Especializada MXO Trust Agreement No. F/00762
(GeoMaq):

-- US$160 million notes at 'C', RE40%

Fitch assigns Recovery Estimates (RE) to all classes rated 'CCCsf'
or below. REs are forward-looking, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security. For the senior secured class notes, the agency
revised the RE to RE40% from RE70%. Fitch's RE relates to an
estimate of the potential cash flows generated by the underlying
asset, including the potential liquidation of the machinery and
expected recovery on the unsecured claim against Corporacion Geo
S.A.B. de C.V. (Geo Corp.) in an amount equal to $155.2 million.

The revision of the RE reflects Fitch's concern related to the
potential recoveries on the unsecured claim against Geo Corp. as
the company is still going through the bankruptcy process
negotiations. An extended period of negotiations with debt holders
and the possibility of not including GeoMaq as part of the exit
plan increase the uncertainty of potential recovered amounts on
the unsecured claim.

Fitch's RE does not reflect the possible outcome of a
restructuring of the notes.

Key Rating Drivers

Geo Corp's Default and Restructuring: On May 8, 2013, Fitch
downgraded Geo. Corp.'s foreign currency and local currency Issuer
Default Ratings to 'RD' from 'C' after the company failed to make
an interest payment on its Certificados Bursatiles. One year
later, Geo Corp. started a bankruptcy process (concurso mercantil)
under Mexican laws including a restructuring plan proposal for its
corporate debt. The GeoMaq senior secured notes were not included
in this plan.

Timely Payment of Debt Service: During the past 18 months, funds
from the reserve account have been used to meet timely payment of
debt service on the GeoMaq senior secured notes. The last payment
was made on Aug. 4, 2014 in an amount equal to $5.25 million.

Available Liquidity: As of September 2014, the balance in the
reserve accounts was $5.47 million. The next debt service payment
is due on November 2014 in an amount equal to $5.2 million. The
outstanding balance of the notes is $150 million.

Acceleration of the Notes: On June 2014, the noteholders directed
the trustee to accelerate GeoMaq's senior secured notes. Upon the
declaration of an early amortization of the notes, the noteholders
had an unsecured claim against Geo Corp. in an amount equal to
$155.2 million and the right to dispose of the trust estate,
including the repossession and sale of the machinery serving as
collateral for this transaction.

Potential Liquidation of the Collateral: The controlling party
appointed Hilco Acetec, a Mexican company with expertise on asset
valuation and auctions to liquidate the trust estate. Although the
liquidation of the machinery may generate additional, cash, the
ability to sell the collateral and the expected time to liquidate
the machinery are uncertain. Fitch received an Aug. 29, 2014
appraisal report provided by Hilco on the value of the machinery.
According to this report, the collateral was comprised of 1080
equipment units with a significantly lower appraised value
compared with the appraised value received at closing.

Fitch's rating addresses the timely payment of interest and
principal according to the original schedule and does not include
any potential acceleration amounts.

Recovery Estimate

Given that the service agreement (SA) was terminated due to Geo
Corp.'s failure to make payments under the agreement, Geo Corp.
must pay a termination fee equivalent to 100% of the then-
outstanding note balance. Considering the approx. $5 million in
the reserve accounts, the latest appraised value of the machinery,
and the corporate Recovery Rating of 'RR4' applied to the
termination fee, Fitch believes the ultimate recovery on these
notes is approximately 40%.

Rating Sensitivities

The transaction is unable to sustain an extended period of
negotiations with the note holders to either achieve a successful
restructuring of the notes or acceleration of the notes followed
by repossession and sale of the construction equipment. Fitch
believes default on the notes is imminent. A further rating action
will be taken following either failure to make a scheduled payment
according to the documents or a restructuring of the original
terms of the notes.

Transaction Summary

The underlying issuance is a securitization of the payment rights
related to the leasing of existing and future essential
construction machinery pertaining to Geo Corp. Repayment of the
notes is supported by quarterly servicer payments paid by Geo
Corp. during a 10-year period under the terms of the SA for the
operation of the equipment.

Upon termination of the SA, the transaction has been relying on
the funds deposited in the reserve accounts to make timely debt
service payments.


MEXICO: Moody's Assigns (P)Ba2 Rating to MXN1.5BB FEFOM Program
---------------------------------------------------------------
Moody's de Mexico has assigned provisional ratings of (P)Ba2
(Global Scale, Local Currency) and A2.mx (Mexico National Scale
Rating) to the State of Mexico's MXN 1.5 billion FEFOM Program.

This program is designed to provide greater reliability of debt
service payments for municipalities in the State of Mexico. For
those municipalities that wish to participate, lenders will grant
individual loans to municipalities which will be serviced
primarily by participation revenues that flow directly to a trust
(INVEX Bank/1734 as trustee) via irrevocable instructions to the
Federal Treasury (TESOFE). Additionally, the municipality will
also provide an irrevocable instruction to the State of Mexico
(Ba2/A2.mx, stable) to transfer 100% of FEFOM revenues to this
trust, which could be used for debt service if participations
revenues are insufficient. Furthermore, municipalities that join
the program must also commit to a multi-year plan to strengthen
its financial performance.

The loans under the program will carry a variable interest rate
plus a spread, interest rate swaps will be contracted and the
maturity of loans is up to 30 years.

Ratings Rationale

The (P)Ba2/A2.mx ratings assigned to the lending program reflect
the following legal and credit enhancements:

- Loans undertaken through this program benefit from the presence
of FEFOM funds flowing from the State of Mexico, which provides an
additional source of revenue for debt repayment. FEFOM transfers
will flow through the trust until maturity of the loans in the
program. FEFOM transfers must provide at least 1x DSC during eight
months of each year over the life of the loan.

- The State of Mexico will be strongly involved through the
lending process via the FEFOM Technical Committee. Also, the state
will provide close oversight over the flow of funds through the
trust, and ensure municipalities comply with the agreed fiscal
adjustment plans.

- The trust structure and the irrevocable instructions to both the
TESOFE and the State of Mexico greatly reduce the probability of a
municipality disrupting the flow of debt service payments.

- While participation transfers are the principal source of
payment, and the percentage of participation revenues that are
pledged will vary for each municipal loan, the State of Mexico's
regulatory framework limits to 30% the share of participation
revenues that a municipality can pledge for debt. This ensures
that each municipality will have non-pledged participation
revenues that could be used to comply with any arrear of payment
from a Federal Agreement that could affect the total flow of
participation revenues.

- Reserves within the trust must represent at least 2.0x debt
service coverage under a stress case scenario and provide enough
cushion against payment delays.

Rating of individual loans will depend on the issuer's rating, the
minimum level of participations DSC, and reserves over the life of
the loan under Moody's base case and stress case scenarios.

What Could Change The Rating Up/Down

Given the links between the loan and the credit quality of the
sponsor, an upgrade of the State of Mexico's issuer ratings could
result in an upgrade of the ratings. Conversely, a downgrade of
the State of Mexico's issuer ratings could also exert downward
pressure on debt ratings for this program.

The methodologies used in this rating were Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in June
2014 and Regional and Local Governments published in January 2013.

The period of time covered in the financial information used to
determine the State of Mexico FEFOM Program'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 Credit Ratings
to Global Scale Credit Ratings".


TEHUACAN, MEXICO: Moody's Withdraws Ba2 Global Scale Issuer Rating
------------------------------------------------------------------
Moody's de Mexico announced that it has withdrawn the issuer
ratings of A2.mx (Mexico National Scale) and Ba2 (Global Scale
rating), stable outlook, of the municipality of Tehuacan due to
insufficient information.

Ratings Rationale

Moody's has withdrawn the issuer ratings assigned to the
municipality of Tehuacan.

Moody's has withdrawn the ratings because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Publicly available information, in Moody's view, is not sufficient
to allow Moody's to continue to monitor the municipality's
creditworthiness. Without detailed information about them, Moody's
believes that it is unable to provide the market with an updated
and informed assessment of the current credit quality of the
issuer.

The principal methodology used in this rating was Regional and
Local Governments published in January, 2013.

The period of time covered in the financial information used to
determine municipality of Tehuacan's rating is between 1/1/2009
and 12/31/2012.

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".


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


CARIBBEAN CEMENT: Taps Chris Dehring as Chairman
------------------------------------------------
RJR News reports that confirmation has come that Christopher
Dehring, a prominent Jamaican business executive, has been
appointed Chairman of Caribbean Cement Company Limited and its
subsidiaries.

The company has informed the Jamaica Stock Exchange that Mr.
Dehring's appointment took effect on October 14, according to
Caribbean Cement Company Limited.

Mr. Dehring was among seven members appointed to the Board of
Carib Cement's parent -- Trinidad Cement Limited (TCL) -- in
August, the report notes.  They replaced six members of the Board
who resigned, the report relates.

TCL shareholders had lobbied for the dismissal of the last Board
members, as they were unhappy with the way the company was being
run, the report says.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that company said it racked up a
loss of $89 million in the three months to the end of June,
compared to a $359 million profit in the corresponding period a
year ago.  The report noted that Caribbean Cement said the loss
was due to the shutdown of a clinker line to facilitate
maintenance work.

According to a TCRLA report on Aug. 7, 2013, RJR News said that
Caribbean Cement Company Limited suffered a consolidated loss of
J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News.  The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.


TRINIDAD & TOBAGO: Central Bank Sells US$50MM to Banking System
---------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Central Bank
sold US$50 million to the banking system.

This sale is the second in what the bank calls a "series of
Central Bank's foreign exchange interventions strategically timed
and directed to ensure a reliable supply of foreign exchange to
meet demands of the business community as commercial activity for
the approaching Christmas season pick up," according to Trinidad
Express.

In a statement the bank said the first sale of US$50 million
occurred on October 8.

"With this intervention, the total amount of US funds sold by
Central Bank to the financial system for the year so far amounts
to US$1,290 million.  For the year to date, the bank provided 23
per cent of the total foreign exchange supply to the market," the
bank said, the report notes.

Trinidad and Tobago's net official reserves currently stand at
US$10,125 million, representing approximately one year's import
cover, the Bank said, the report discloses.

"Central Bank continues to closely monitor the domestic foreign
exchange market and assures the business community that in the
lead up to Christmas, we will continue to meet any possible
shortfalls of supply in the foreign exchange market.  The bank
acts proactively to ensure market order and stability at all
times," it said, the report adds.


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


* BOND PRICING: For the Week From October 13 to Oct. 17, 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
202-362-8552.


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