TCRLA_Public/141023.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Thursday, October 23, 2014, Vol. 15, No. 210


A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Storm Damage in Agriculture Sector Not Complete


LATIN AMERICAN AIRPORTS: S&P Lowers CCR to 'B'; Outlook Stable


AGROPECUARIA NOSSA: Moody's Cuts Corporate Family Rating to Caa3
COMPANHIA DE SANEAMENTO: Water Crisis Seen Worsening
GENERAL SHOPPING: Fitch Affirms 'BB-' Issuer Default Ratings
PETROLEO BRASILEIRO: Moody's Cuts Preferred Shelf Rating to (P)Ba1

C A Y M A N  I S L A N D S

CRC DIVERSIFIED: Shareholders' Final Meeting Set for Nov. 6
FLEXA INVESTMENT: Shareholders Receive Wind-Up Report
HERMES BPK: Shareholders Receive Wind-Up Report
LEGACY 600: Shareholder to Hear Wind-Up Report on Oct. 24
MERCER PARK I: Shareholder to Hear Wind-Up Report on Oct. 31

MERCER PARK II: Shareholder to Hear Wind-Up Report on Oct. 31
SORIN TACTICAL: Shareholders Receive Wind-Up Report
SORIN TACTICAL MASTER: Shareholders Receive Wind-Up Report
STIRO INVESTMENT: Shareholders Receive Wind-Up Report
WEST TRADE: Shareholder to Hear Wind-Up Report on Oct. 24


COLOMBIA: Sells US$1 Billion of Bonds Overseas to Fund 2015 Budget

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: FA Says Time for Strong Haiti Trade


CARIBBEAN CEMENT: Jamaican Dollar Devaluation Hurting Firm
JAMAICA: Chikungunya Affecting Corp. Area Tourism, Minister Says


COBRE DEL MAYO: Fitch Affirms 'B' IDRs; Outlook Stable
GRUMA SAB: S&P Revises Outlook to Pos., Affirms BB+ Corp. Rating


ANDINO INVESTMENT: Fitch Affirms BB- IDRs, Revises Outlook to Neg.
UNION ANDINA: S&P Assigns 'BB+' Rating to Proposed $625MM Notes
UNION ANDINA: Moody's Assigns Ba2 Corporate Family Rating

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Concern Over Drop in Global Oil Prices

                            - - - - -

A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Storm Damage in Agriculture Sector Not Complete
Theresa Gordon at Antigua Observer reports that it has been a week
since the passage of Tropical Storm Gonzalo and the damage
associated with the storm is still being calculated.

Storm Gonzalo tore roofs from homes, downed power lines and
uprooted trees on Oct. 20, according to Antigua Observer.  And,
the agriculture sector, one of the hardest hit is among several
sectors calculating its losses, the report relates.

Agriculture Minister Arthur Nibbs told Antigua Observer media
extension officers are still on the ground dialoguing with farmers
on various parts of the island to get a view-point of how they
were affected by the storm.  A detailed assessment, Mr. Nibbs said
will be ready some time this week.

"In a matter of a week we should be able to give a preliminary
assessment of the damage, that report will tell us what we need to
do and of course the Ministry will be intervening and making sure
that we can grant assistance to the farmers," Antigua Observer
quoted Mr. Nibbs as saying.

Mr. Nibbs, who is also the parliamentary representative for
Barbuda, said the sister island suffered a similar fate as
recorded on the mainland, the report relates.

"It is a matter of trees being blown down and so on we are also
doing an assessment on our farms," Mr. Nibbs said, the report

Storm Gonzalo, which dumped about an inch or rainfall on the
island, destroyed mostly vegetable crops.

According to agriculture officials, vegetable crops such as corn,
banana, avocado and sweet peppers were destroyed, the report

The report discloses that they also warn the crop devastation will
likely lead to shortage of some vegetables and fruits.

The National Officer of Disaster Services (NODS), is also expected
to provide a detail assessment to minister with responsibilities
for national disasters, Samantha Marshall, the report adds.

                          *     *     *

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.


LATIN AMERICAN AIRPORTS: S&P Lowers CCR to 'B'; Outlook Stable
Standard & Poor's Ratings Services lowered its corporate credit
rating on Bermuda-based Latin American Airports Holdings Ltd.
(LAAH) to 'B' from 'B+'.  S&P also lowered its issue-level rating
on Aeropuertos Dominicanos Siglo XXI S.A's (Aerodom) $550 million
senior secured notes to 'B' from 'B+'.  LAAH owns the Dominican
Republic-based airport operator, Aerodom, and guarantees its
notes.  The outlook is stable.

"The downgrade reflects our expectations that LAAH will post
weaker financial performance going forward," said Standard &
Poor's credit analyst Veronica Yanez.  "We are now projecting that
LAAH will reach a funds from operations (FFO) interest coverage
ratio of 1.40x and debt to EBITDA close to 6.0x over the next
three years.  As a result, we have revised our assessment of
LAAH's financial risk profile to "highly leveraged."  Our
assessment of its business risk profile remains at "weak."  On
April 9, 2014, Fumisa reached an agreement with the Mexico City
International Airport (AICM) over the Terminal 1 leasing contract
dispute.  Neither party received compensation under the terms of
the settlement.  Fumisa turned over the commercial areas of
Terminal 1 and the operation of the car parking lot to AICM.
Therefore, Aerodom is now LAAH's sole operating subsidiary".

The rating on Aerodom's notes reflects S&P's view of LAAH's
creditworthiness because it provides an unconditional and
irrevocable guarantee of both principal and interest payments.
S&P's equalization of the rating on the notes with the credit
rating on LAAH reflects its view that the guarantee qualifies for
the rating substitution treatment.


AGROPECUARIA NOSSA: Moody's Cuts Corporate Family Rating to Caa3
Moody's Investors Service has downgraded Agropecuaria Nossa
Senhora do Carmo S.A. ("GVO")'s corporate family rating and senior
unsecured debt ratings to Caa3 from B3, as well as its senior
secured debt ratings to Caa2 from B2. The outlook was changed to
negative from stable.

Ratings downgraded as follows:

Issuer: Agropecuaria Nossa Senhora do Carmo S.A.

- Corporate Family Ratings: to Caa3 from B3

Issuer: Virgolino de Oliveira Finance S.A.

- $135mm senior secured notes due 2020: to Caa2 from B2

Issuer: Virgolino de Oliveira Finance Limited

- $300mm senior unsecured notes due 2018: to Caa3 from B3

- $300mm senior unsecured notes due 2022: to Caa3 from B3

The outlook for all ratings is negative.

Ratings Rationale

The downgrade reflects the deterioration in GVO's liquidity and it
follows the company's announcement that it hired financial
advisory firm Moelis & Company and Lawyers Santos Neto Advogados
and Kirkland & Ellis LLP to engage in actions to reinforce its
capital structure.

The low price environment observed in the sugar and ethanol sector
over the last few quarters reduced credit availability for
Brazilian producers. In the case of GVO, it restricted the access
to the letters of credit it needs to maintain its working capital
lines with Copersucar, implying the need for the paying back of
part of these lines and, thus, a relevant additional pressure on
the company's liquidity. On the operational side, the difficulties
are consequence of a sharp drop in sugar prices and depressed
ethanol prices, coupled with the low availability of sugar cane,
given the drought that hit Brazilian Center-south producing
region. The recovery in sugar prices, initially expected on the
back of a reduced 2014/15 harvest coming from Brazil, has not
materialized and it will translate into lower than expected
Revenues and EBITDA for GVO.

GVO's rating is still supported by the good medium-term prospects
for the sugar-ethanol industry as a consequence of constantly
increasing consumption and a less steady global supply growth,
despite recent build-up in global inventories. On the other hand,
the company's ratings have historically reflected its weak
liquidity profile, high leverage and relatively small size when
compared to large Brazilian companies operating in this industry.
Although Virgolino benefits from the advantages of operating in
one of the world's highest yielding sugar cane regions, the rating
reflects its raw material concentration in the state of Sao Paulo,
which increases the risks related to plant diseases and weather-
related events. Moreover, the region's good climate and better
soil are reflected in its higher lease costs, which translate into
a high operational leverage that negatively affects the company's
performance in low production years.

The negative outlook reflects the company's very tight liquidity
profile and the likelihood of a debt restructuring over the short
term. Accordingly, a downgrade would be triggered by any capital
structure adjustment that translates into missed or delayed
disbursement of interest and/or principal, or a distressed

Although unlikely in the short term, the ratings could be upgraded
if the company is able to strengthen its capital structure without
defaulting in any of its financial obligations and improve its
liquidity profile.

Headquartered in Sao Paulo, Brazil, Agropecuaria Nossa Senhora do
Carmo S/A ("Virgolino" or "GVO") is a privately-held sugar and
ethanol producer, controlled by the Oliveira family. The company
has a sugarcane crushing capacity of 12.0 million tons per harvest
and posted revenues of BRL 1.5 billion (approximately USD 629
million converted by the average exchange rate) for the fiscal
year ending in April, 2014.

COMPANHIA DE SANEAMENTO: Water Crisis Seen Worsening
Vanessa Dezem at Bloomberg News reports that Sao Paulo residents
were warned by a top government regulator to brace for more severe
water shortages as President Dilma Rousseff makes the crisis a key
campaign issue ahead of this weekend's runoff vote.

"If the drought continues, residents will face more dramatic water
shortages in the short term," Vicente Andreu, president of
Brazil's National Water Agency and a member of Rousseff's Workers'
Party, told reporters in Sao Paulo, Bloomberg News notes.  "If it
doesn't rain, we run the risk that the region will have a collapse
like we've never seen before," Mr. Andreu later told state
lawmakers, Bloomberg News discloses.

Bloomberg News relays that the worst drought in eight decades is
threatening drinking supplies in South America's biggest
metropolis, with 60 percent of respondents in a Datafolha poll
published on Oct. 21, saying their water supplies were restricted
at least once in the past 30 days.  Three-quarters of those people
said the cut lasted at least six hours, Bloomberg News notes.

President Rousseff, who is seeking re-election in the Oct. 26
election against opposition candidate Aecio Neves, is stepping up
her attacks of Sao Paulo state's handling of the water crisis,
saying in a radio campaign ad that Governor Geraldo Alckmin was
offered federal support and refused, notes Bloomberg News.

Mr. Neves, who polls show is statistically tied with President
Rousseff, and Alckmin are both members of the Social Democracy
Party, known as PSDB.

Mr. Neves said on his website that ANA is being used by the PT for
it's own purposes.  "The agency could have been a much better
partner to Governor Alckmin," Bloomberg News quoted Mr. Neves as


Mr. Neves campaign officials didn't immediately respond to an e-
mailed request for comment on ANA chief's accusations.

With more than 40 million people and over 96,000 square miles
(250,000 square kilometers), Sao Paulo state is geographically
bigger than the U.K.  It's responsible for almost a third of
Brazil's gross domestic product.

Mr. Andreu, who served as secretary of water resources under
Rousseff's predecessor Luiz Inacio Lula da Silva, criticized the
state government's handling of the water crisis, saying officials
haven't communicated with water regulators on key issues,
Bloomberg News notes.

Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, the
Sao Paulo state-run water utility, and Alckmin's office declined
to comment.

"Sabesp's responses have been small -- they should have already
taken huge steps," Mr. Andreu said, adding that he told the
state's water secretary in August that "we can't keep this up;
we're not alerting the population of the seriousness of this

Sabesp is struggling to find new ways to supply greater Sao Paulo
after the drought turned its Cantareira reservoir, which serves
half of Sao Paulo, into a dried-up bed of cracked earth, Bloomberg
News relays.  What's left of the four-lake complex are sediment-
filled pools in the center -- so-called dead reserves -- that were
previously untappable until Sabesp built 3 kilometers (1.9 miles)
of pipes to drain the water, Bloomberg News says.

Water levels fell to 3.3 percent of capacity at Cantareira and 8.5
percent at Sabesp's Alto Tiete reservoir, according to the
company's website.

Sabesp, formally known as Cia. de Saneamento Basico do Estado de
Sao Paulo, is Latin America's largest publicly traded water
company.  The stock has plunged 27 percent this year.

                         About SABESP

Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP
provides basic and environmental sanitation services; and supplies
treated water on a wholesale basis to residential, commercial,
industrial, and governmental customers in the state of Sao Paulo.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed Companhia de Saneamento
Basico do Estado de Sao Paulo's (Sabesp) foreign currency and
local currency Issuer Default Rating (IDR) at 'BB+' and its
National long-term rating at 'AA(bra)'.

GENERAL SHOPPING: Fitch Affirms 'BB-' Issuer Default Ratings
Fitch Ratings has affirmed the ratings of General Shopping Brazil
(GSB) and its fully owned subsidiaries:

General Shopping Brasil S.A. (GSB):

   -- Foreign currency Issuer Default Rating (IDR) at 'BB-';
   -- Local currency IDR at 'BB-';
   -- National scale ratings at 'A-(bra)'.

General Shopping Finance Limited (GSF):

   -- Foreign currency IDR at 'BB-';
   -- USD250 million perpetual notes at 'BB-'.

General Shopping Investment Limited (GSI):

   -- Foreign currency IDR at 'BB-'.
   -- USD150 million subordinated perpetual notes at 'B'.

Simultaneously, Fitch has withdrawn the IDRs for General Shopping
Finance Limited (GSF) and General Shopping Investment Limited

The Rating Outlook for GSB has been revised to Negative from

The Negative Outlook reflects the weakening of the company's
capital structure driven by high capex levels during the last two
years resulting in net leverage ratios around 8.5x, which is above
expectations previously incorporated in the ratings.  Execution
risks remain as the company seeks to lower its adjusted net
leverage ratio to levels around 6x through the divesture of non-
core assets and lowering capex levels during the next 24 months.

The ratings continue to reflect GSB's important position in the
shopping markets in the southern and southeastern regions of
Brazil, its stable and predictable cash flow generation, as well
as its low working capital requirements with leases responsible
for most maintenance expenses, adequate liquidity position and
manageable debt amortization schedule.  GSB's credit ratings are
constrained by its high leverage, limited geographical and revenue


Business Position Support Stable Margins:

GSB's ratings reflect the company's position as one of the largest
shopping center operators in Brazil's southeastern and southern
regions with participation in 18 shopping centers and a total
owned gross leasable area (GLA) of 270,000 square meters as of
June 30, 2014.  Fitch expects GSB to maintain stable EBITDA
margins of around 70% in 2014 and 2015.  The company maintains a
high occupancy level of 96.4% as of June 30, 2014.  This level has
remained stable during the last four years.  The company's revenue
per square meter increased 12.5% during first-half 2014 versus the
same period in 2013.

High Leverage above Expectations:

GSB's net leverage is high and weak for the rating category; the
company is in the process of divesting some assets, which should
support a reduction in leverage during the second half of 2014.
GSB's total debt increased to BRL1.6 billion, as of June 30, 2014,
from BRL1.1 billion in June 2012.  The company's net leverage
ratio, as measured by net debt/EBITDA, was 8.4x as of June 30,
2014.  This represents a significant increase from 5.9x in June,
2012.  During third-quarter 2014, the company sold its 50% stake
in Santana Parque Shopping and its 100% stake in Top Center.
Total combined proceeds from both transactions were around BRL290

Manageable Liquidity:

GSB's liquidity is viewed as adequate with an average debt tenor
in excess of five years.  The company's current cash balance is
sufficient to meet all debt payments through 2015.  As of June 30,
2014, GSB had BRL248 million of cash and marketable securities,
which covers short-term debt by 1.4x.  The company's cash position
is anticipated to be boosted with the proceeds obtained from
recent asset divesture.  GSB maintains approximately 33% of its
total GLA as unencumbered assets.  The estimated market value of
these assets is approximately BRL1 billion, covering 1.4x its
level of unsecured debt, which provides an additional source of
liquidity.  GSB's total investment property value is estimated at
about BRL3.2 billion, as of June 30, 2014.  The company's cash
position and level of unencumbered assets partially offset its
relatively weak levels of interest coverage, which has
consistently been around 1x during the last three years.

Business Fundamentals and Limited Diversification Incorporated:
The ratings factor in a positive view on the Brazilian mall
industry's fundamentals in the medium to long term, which include
Brazil's positive demographic changes and a growing middle class.
GSB's top five malls represent approximately 50% of its total net
operating income (NOI).  This degree of concentration is a rating
limitation.  The company's substantial FX risk is incorporated in
its ratings.  GSB's exposure to foreign exchange risk is material
with approximately 45% of the company's total debt being USD


Considerations that could lead to a negative rating action

A negative rating action could result from the company's failure
to reduce its net leverage during the next 12 month period ended
in June 2015 due to some combination of lower cash flow generation
(EBITDA), and/or incremental debt associated with new
developments.  A weakening of the company's liquidity position
would also hinder credit quality and could result in a negative
rating action.

Considerations that could lead to a positive rating action

The company capacity to maintain adequate liquidity with a cash
position of about BRL350 million and its net leverage trending
toward the 6.5x during the next 12 month period ended in June 2015
could result in revising the Negative Outlook.

PETROLEO BRASILEIRO: Moody's Cuts Preferred Shelf Rating to (P)Ba1
Moody's Investors Service downgraded Petrobras S.A.'s (Petrobras)
global foreign currency and local currency debt ratings to Baa2
from Baa1. The downgrade reflects Petrobras' high financial
leverage and Moody's belief that it is only likely to decline
significantly well after 2016, contrary to our original
expectations, given downward pressures on oil prices and the local
currency as well as high capex commitments. The outlook remains

"While Petrobras has been relatively successful in executing on
its ambitious capital program and has delivered on aggressive
production targets, leverage continues to grow in 2014 given
mainly its inability to pass through costs related to imported oil
products, local currency devaluation, and an aggressive capex
program", said Nymia Almeida, a Vice President-Sr. Credit Officer
at Moody's.


Issuer: Petrobras Global Finance B.V.

Subordinate Shelf (Foreign Currency), Downgraded to (P)Baa3 from

Senior Unsecured Shelf (Foreign Currency), Downgraded to (P)Baa2
from (P)Baa1

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Downgraded to Baa2 from Baa1

Issuer: Petrobras International Finance Company

Senior Secured Shelf (Foreign Currency), Downgraded to (P)Baa1
from (P)A3

Subordiante Shelf (Foreign Currency), Downgraded to (P)Baa3 from

Senior Unsecured Shelf (Foreign Currency), Downgraded to (P)Baa2
from (P)Baa1

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Downgraded to Baa2 from Baa1

Issuer: Petroleo Brasileiro S.A. - PETROBRAS

Issuer Rating (Local Currency), Downgraded to Baa2 from Baa1

Preferred Shelf (Foreign Currency), Downgraded to (P)Ba1 from

Preferred Shelf (Foreign Currency), Downgraded to (P)Ba2 from

Subordinate Shelf (Foreign Currency), Downgraded to (P)Baa3 from

Senior Secured Shelf (Foreign Currency), Downgraded to (P)Baa2
from (P)Baa1

Senior Unsecured Shelf (Foreign Currency), Downgraded to (P)Baa2
from (P)Baa1

Outlook Actions:

Issuer: Petrobras Global Finance B.V.

Outlook, Remains Negative

Issuer: Petrobras International Finance Company

Outlook, Remains Negative

Issuer: Petroleo Brasileiro S.A. - PETROBRAS

Outlook, Remains Negative

Ratings Rationale

Through June 30, Petrobras' debt (Moody's adjusted) reached USD
170 billion, a USD 25 billion increase from December 2013, mainly
as a consequence of FX devaluation, losses in downstream related
to the gap between international and local prices for gasoline and
diesel and funding for capital expenditures. The company's
inability to increase local prices for oil products vis-a-vis
international prices has been causing major losses in downstream
in the last few years; the government has prevented increases in
oil products in order to control inflation.

The current lower international prices for oil products, if
sustained in the medium term, will be beneficial to Petrobras'
downstream business; however, lower crude oil prices will
negatively affect the upstream operation. In turn, although capex
may decline in 2015 based on what the company submitted to the
federal government for Congress' approval (about R$ 87.6 billion,
equivalent to about USD 37.9 billion in capex expected for 2015,
down from approximately USD 41 billion expected in 2014), Moody's
believes that it will not be enough to allow for an accelerated
reduction in debt in a context of higher foreign exchange rate,
which places pressure on debt and interest metrics. In this market
environment, deleveraging will take longer than anticipated.

In the last twelve months ended in June 2014, leverage metrics
have increased steadily and are elevated, with adjusted total
debt/EBITDA of 5.3x, debt/proved and developed reserves of
$21.88/BOE, and debt/daily production approaching $74,000/BOE, the
highest among its peer group of integrated and national oil

Petrobras continues to increase oil production and so far in 2014
its pre-salt production in particular reached 532 thousand bpd in
September, from 344 thousand bpd in December 2013; total crude oil
production reached 2.1 million bpd in September, from 1.9 million
bpd in December 2013.

It is also positive that, in the medium term, Petrobras' refining
capacity will increase with the start of RNEST and Comperj
refineries, expected for 2015 and 2016, respectively, reducing the
need for product imports in about 395 mbbl. However, funding the
capex necessary to reach a target of about 4 million bpd by 2020
has become more difficult given elevated leverage, which adds to
the already high execution risk related to timely delivery of oil
drilling and production equipment given the need to meet local
content requirements.

Petrobras' Baa2 ratings are supported by its large-scale reserve
base and dominance in the Brazilian oil industry with a leading
position in one of the industry's most prospective offshore areas;
by its sizeable new pre-salt discoveries and renown technological
expertise; and by its growing production. In addition, the
company's continuous focus on project execution and cost reduction
should ease some of the cost overrun issues and delays it has
experienced in the past.

Petrobras' Baa2 ratings also reflects government support and the
impact of joint-default analysis. Underlying the ratings
downgrade, Moody's has lowered Petrobras' baseline credit
assessment to baa3 from baa2, reflecting its high leverage
profile. We are maintaining assumptions of high support from the
government of Brazil (rated Baa2 with a negative outlook) and
moderate dependence/default correlation between Petrobras and the

"While government support continues to provide one notch of uplift
on the BCA, we note increasing linkages between Petrobras and the
sovereign. The government has been playing a larger oversight role
in Petrobras' operations, strategic direction and offshore

"We are maintaining a negative outlook on Petrobras' ratings given
the probability that the company's leverage may increase further
due to lower international oil prices and limited flexibility to
reduce cost, with negative impact on margins. In this environment,
execution on the company's capital program and achievement of
targeted production growth could be negatively impacted."

"Petrobras' ratings could be downgraded if financial leverage
increases and is sustained with debt/EBITDA above 5x or if
production growth falls short of targets. A downgrade of Brazil
could also pressure the Petrobras' ratings."

"We do not see momentum for an upgrade of Petrobras' ratings in
the near-to-medium term. In the longer-term it could be upgraded
as the company lowers if debt leverage and delivers on rising and
profitable production and reserves growth, in conjunction with a
higher rating on Brazil's government debt."

C A Y M A N  I S L A N D S

CRC DIVERSIFIED: Shareholders' Final Meeting Set for Nov. 6
The shareholders of CRC Diversified Global Asset Management Credit
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
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877

FLEXA INVESTMENT: Shareholders Receive Wind-Up Report
The shareholders of Flexa Investment Ltd. received on Oct. 20,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands

HERMES BPK: Shareholders Receive Wind-Up Report
The shareholders of Hermes BPK Funds North America SPC received on
Oct. 21, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hermes BPK Limited
          Lloyds Chambers, 1 Portsoken Street
          London, E1 8HZ

LEGACY 600: Shareholder to Hear Wind-Up Report on Oct. 24
The shareholder of Legacy 600 NO.1 -1089 Limited will hear on
Oct. 24, 2014, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100

MERCER PARK I: Shareholder to Hear Wind-Up Report on Oct. 31
The shareholder of Mercer Park CLO Investment Fund I, Ltd will
hear on Oct. 31, 2014, at 8:45 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100

MERCER PARK II: Shareholder to Hear Wind-Up Report on Oct. 31
The shareholder of Mercer Park CLO Investment Fund II, Ltd. will
hear on Oct. 31, 2014, at 9:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100

SORIN TACTICAL: Shareholders Receive Wind-Up Report
The shareholders of Sorin Tactical Real Estate Offshore Fund Ltd
received on Oct. 20, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877

SORIN TACTICAL MASTER: Shareholders Receive Wind-Up Report
The shareholders of Sorin Tactical Real Estate Master Fund Ltd
received on Oct. 20, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877

STIRO INVESTMENT: Shareholders Receive Wind-Up Report
The shareholders of Stiro Investment Ltd. received on Oct. 20,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands

WEST TRADE: Shareholder to Hear Wind-Up Report on Oct. 24
The shareholder of West Trade Funding CDO II Ltd. will hear on
Oct. 24, 2014, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


COLOMBIA: Sells US$1 Billion of Bonds Overseas to Fund 2015 Budget
Andrea Jaramillo at Bloomberg News reports that Colombia sold US$1
billion of bonds in overseas markets to fund next year's budget,
the Finance Ministry said.

The Andean nation sold US$500 million more of its dollar debt
maturing in 2024 to yield 3.67 percent, the ministry said in an e-
mailed statement obtained by Bloomberg News.  Colombia also sold
US$500 million more of its bonds due in 2044 to yield 4.85
percent, according to Bloomberg News.  Demand totaled US$7.7
billion, or 7.7 times the amount offered, which the government
said was a record, Bloomberg News notes.

"While investors are pessimistic about weak global growth, they
recognize that Colombia is an attractive place to put their
money," Finance Minister Mauricio Cardenas said in the statement
obtained by Bloomberg News.

With Oct. 22's offering, Colombia needs to sell US$2 billion more
to complete its plan to issue US$3 billion in overseas debt for
its 2015 funding needs, Bloomberg News relays.  The government
sold US$2 billion of the 30-year bonds in January, completing its
needs for this year, Bloomberg News says.

Citigroup Inc. and Goldman Sachs Group Inc. managed the sale,
according to a prospectus filed with the U.S. Securities and
Exchange Commission, Bloomberg News adds.

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: FA Says Time for Strong Haiti Trade
Dominican Today reports that the governments of the Dominican
Republic and Haitian will be starting healthy, solid and stable
trade relations, creating the legal framework to guarantee
investment security, for which there will be a Summit of business
leaders and officials from both nations.

Foreign Affairs Minister Andres Navarro, who made the
announcement, said he'll visit Haiti along with Dominican
entrepreneurs next week, for both governments to serve as a bridge
and guarantor in a first step leading to an official agreement,
according to Dominican Today.

"I think that's the first step we must take, and then create the
conditions in both countries for a free trade agreement, and for
that we have to build trust between the two countries in trade and
investment," Minister Navarro said in his visit to newspaper El

The report notes that Minister Navarro said to make trade official
the conditions should be created for healthy and strong trade
relations in addition to a legal framework that ensures investment

"That's why we will visit Haiti with a Dominican Government
Commission to hold a gathering between Haitian and Dominicans
entrepreneurs during an entire day," Minister Navarro said,
adding: "We're going to discuss what could be an agenda in trade
and investment between the two countries," the report notes.


CARIBBEAN CEMENT: Jamaican Dollar Devaluation Hurting Firm
RJR News reports that Caribbean Cement Company Limited said its
improved revenues are being undermined by escalating costs due to
the depreciation of the Jamaican dollar.  This, the company said,
has also affected its parent, Trinidad Cement Limited, (TCL),
according to RJR News.

During the period January to September, Caribbean Cement's
revenues totaled J$10.7 dollars, up from J$8.8 billion last year,
according to RJR News.

The report notes that domestic and export cement sales volumes
were up 2% and 7% respectively, while clinker sales grew eleven

The company satisfied the contract to supply 80 tons of clinker to
Venezuela under the PetroCaribe Agreement, the report relates.

                Trinidad Cement Limited's Revenue

In the meantime, Trinidad Cement Limited is reporting that during
the January to September period revenue grew by J$97 million or
6.5%, the report says.  This was driven by growth in the domestic
cement markets in Trinidad and Jamaica, the report discloses.

In addition, concrete sales improved by 12.3% while price
increases were implemented in Trinidad & Tobago, Jamaica and
Guyana, the report says.

Headquartered in Rockfort Kingston, Jamaica, Caribbean Cement
Company Limited manufactures and sells cement.  The company is a
subsidiary of Trinidad Cement Limited.

                           *     *     *

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.

JAMAICA: Chikungunya Affecting Corp. Area Tourism, Minister Says
RJR News reports that the Chikungunya virus is said to be taking a
toll on some areas of Jamaica's tourism sector.

The report notes that properties in the Corporate Area (Kingston &
St. Andrew) have been particularly affected, according to impacted
Tourism Minister Dr. Wykeham McNeil.

Minister McNeil told RJR News that, with a number of employees
being out sick with the virus, there has been a fall in
productivity in some of these city-based hotels.

Nevertheless, the Tourism Minister expressed optimism that the
industry will "weather the storm and move on," according to RJR

The report relates that the Chikungunya outbreak in Jamaica has
been largely concentrated in the eastern section of the island,
which has left the major tourist resorts on the north coast and
the western end largely unscathed.

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2014, RJR News said that the impact of the Chikungunya
virus on the work force in Jamaica and elsewhere in the region was
discussed at the just concluded 18th American Regional Meeting of
the International Labour Organisation (ILO) in Lima, Peru.

TCRLA reported on Oct. 9, 2014, that RJR News disclosesd Senator
Kavan Gayle, President-General of the Bustamante Industrial Trade
Union (BITU) wanted a study to be done to determine the full
impact of the Chikungunya outbreak on the productive sector.
Senator Gayle said some affected workers have not been able to
receive the required medical attention, "have not been able to
gain the medical attention because of the (huge) influx of persons
. . . " putting an added strain on the resources of the medical
services.  This unsatisfactory situation was "creating havoc
amongst the workforce," Senator Gayle added.


COBRE DEL MAYO: Fitch Affirms 'B' IDRs; Outlook Stable
Fitch Ratings has affirmed the long-term foreign- and local-
currency Issuer Default Ratings (IDRs) of Cobre del Mayo S.A. de
C.V. (CdM) at 'B', and the rating for its senior unsecured 10.75%
notes due 2018 at 'B/RR4'.  The Rating Outlook is Stable.


Credit-Neutral Acquisition:

CdM's parent companies, Frontera Copper Corporation, S.A.P.I. de
C.V. (FCC) and Frontera Cobre del Mayo Mexico S.A. de C.V. (FCDM),
demonstrated commitment to preserving CdM's sound capital
structure by purchasing 100% of the equity of Kupari Holdings S.A.
(KH) for USD220 million on Oct. 13, 2014 and contributing this
asset to CdM.  KH is the parent company of Kupari Metals S.A.'s
(KM) flotation plant adjacent to the Piedras Verdes mine.  This
transaction fully integrates KM into CdM and will enhance the
company's profile as a combined entity through a variety of
operational synergies while also diversifying operational risk
across two processes and two different copper products.

Combined Performance:

CdM exhibits a robust capital structure for its rating category.
The integration of the flotation plant into CdM will increase
total debt to around USD320 million from USD244 million on
June 30, 2014, and will decrease total debt to EBITDA to around
3.0x from 3.2x for the LTM to June 30, 2014, on a pro forma basis.
Fitch's Base Case indicates this ratio will reduce to around 2.4x
in 2015 once the full-year's production of copper concentrates of
around 50,000 metric tons is realized.  Fitch expects CdM to
generate EBITDA of around USD90 million in 2014 including
incremental benefit during the last quarter from KM, and USD137
million in 2015 that fully incorporates the copper concentrate
sales from the flotation plant.  Fitch's Base Case projections for
CdM use its mid-cycle commodity price assumptions for copper of
USD3.08/lb in 2014, USD2.95/lb in 2015 and 2016, and USD2.72/lb
thereafter.  Cash flow from operations (CFFO) is expected at
around USD45 million in 2014, although free cash flow (FCF) is
expected to turn negative due to higher capex of around USD50
million for the year.

No Upstream Dividends to Service Acquisition Debt:

Historically, CdM has not paid dividends.  No dividend payments
are required going forward to service any acquisition-related debt
at the parent company level.  The funds to buy KM were provided by
the group's ultimate parent, Invecture Group, S.A. de C.V., and
allowed FCC and FCDM to purchase KM on CdM's behalf.  FCDM
previously committed to sell copper ore to KM and KM committed to
purchase and process copper oxide ores for an initial fixed term
of 10 years in Feb. 2012.  This required KM to build and operate a
flotation plant adjacent to Piedras Verdes, which CdM now fully
owns and operates as a result of its parent companies'
transactions.  KM began operating the flotation plant in March
2013, producing an average 37.6 metric tons per day (tpd) of
copper in the form of a concentrate.

Single-Mine Exposure:

CdM conducts its mining operations entirely out of Mexico's third
largest copper mine, Piedras Verdes.  This heightens the risk of
production stoppages due to accidents, labor unrest and weather
events.  On a normal basis, the mine operates 24 hours a day, 365
days a year.  The mine is closely located to two main towns in the
state of Sonora, Alamos and Navojoa.  The Piedras Verdes mine is
rich in copper deposits, but does not have any significant by-
products to offset the volatility of copper prices.  As a result,
its fortunes are directly linked to the dynamics of copper demand.
CdM had a cash cost (C1) of USD1.99/lb of copper during 2013 and
USD1.97/lb in the second quarter of 2014.  This calculation places
CdM in the second quartile of the cash curve when excluding by-
product credits, and third quartile when including by-product

Stable FCF Generation:

CdM's performance in 2013 exceeded Fitch's Base Case expectations
with revenues of USD252 million and EBITDA of USD92 million,
compared to expectations of USD247 million and USD85 million,
respectively.  This was achieved despite the operational
difficulties in the copper leaching process encountered during the
last quarter of 2013 that lowered copper output, exacerbated by
heavy rains.  These heap leach issues were resolved during April
2014.  CdM has continued to generate positive FCF since 2010, with
FCF of USD17 million in 2013 compared to USD37 million in 2012.
Copper prices were higher at around $3.60/lb in 2012 compared to
around $3.34/lb in 2013.  This level of FCF generation was the
result of the company having invested heavily in the capex-
intensive start-up years of 2009 and 2010, at USD82 million and
USD76 million, respectively.  Total capex was manageable in 2013
at USD42 million, with maintenance capex expected at around USD10-
USD15 million a year.

Sufficient Liquidity:

CdM's cash balance as of June 30, 2014 was USD21 million compared
to short-term debt of USD6 million, providing headroom.  Total
debt was USD244 million for the period, with the majority
consisting of the company's USD225 million 10.75% notes due 2018.
The remaining debt mainly relates to capital leases with
Caterpillar.  The company's stable operational track record since
2010 and increased sales volumes over the next few years as a
result of the flotation plant acquisition should allow for a
successful refinancing of CdM's 10.75% senior unsecured notes due
2018.  Anticipated higher interest rates may possibly complicate
the refinancing process, but should not pose an obstacle if the
company continues to perform satisfactorily and continues to
replenish and extend its mine life, currently at 16 years.  CdM
also has a committed credit line of USD100 million with Banco
Azteca, to be used as a guarantee for debt service payments to
creditors, should the company require it.


Single Commodity and Asset Exposure:

Events such as prolonged strikes or mine closures that would halt
or significantly lower copper production, without sufficient
business interruption insurance, could lead to a downgrade.  Large
debt-funded acquisitions may also pressure the ratings.  CdM's
ratings could also be downgraded if copper prices decline
significantly below Fitch's long-term price of USD2.72/lb and net
debt to EBITDA increases above 4.5x on a sustained basis.

Risk Diversification is Key:

Manageable, equity-funded acquisitions of other mines to dissipate
single-mine risk and diversifying CdM's commodity profile could
lead to an upgrade, should leverage ratios remain consistently at
around 2.5x total debt to EBITDA on a pro forma basis.

GRUMA SAB: S&P Revises Outlook to Pos., Affirms BB+ Corp. Rating
Standard & Poor's Ratings Services revised its outlook on Gruma
S.A.B. de C.V. to positive from stable.  Also, S&P affirmed its
'BB+' corporate and debt ratings on the company.  The recovery
rating on the bonds remains unchanged at '3'.

"The outlook revision reflects our view that Gruma will continue
to improve its operating performance and credit metrics while
pursuing a prudent financial policy on acquisitions and dividend
payments amid low debt levels," said Standard & Poor's credit
analyst Laura Martinez.  S&P will also monitor the expected sale
of Molinera de Mexico, Gruma's wheat flour operations, and the
company's use of proceeds, which could also further strengthen its
key credit metrics in the next few quarters.


ANDINO INVESTMENT: Fitch Affirms BB- IDRs, Revises Outlook to Neg.
Fitch Ratings has affirmed at 'BB-' the Long-term Foreign Currency
(FC) and Local Currency (LC) Issuer Default Ratings (IDR) of
Andino Investment Holding S.A.A. (AIH).  Fitch has also affirmed
AIH's senior unsecured notes at 'BB-'.  The Rating Outlook has
been revised to Negative from Stable.

The Negative Outlook reflects AIH's weaker than expected results
due to deterioration in the company's business position for
imported products at the Callao port and sluggish economic
activity.  These factors have resulted in AIH having leverage that
is higher than previously projected by Fitch.  AIH gross adjusted
leverage ratio was 5.5x, as of June 30, 2014, which was above
Fitch's projection of leverage in the range of 4.5x during 2014.


Good Market Position:

AIH has leading positions in the logistic and maritime industries
through its subsidiaries Neptunia and Cosmos, which combined
represent 79% of the company's consolidated LTM ended June 30,
2014 EBITDA.  AIH maintains a well-diversified customer base with
long-term business relationships and storage facilities
strategically located next to the Lima-Callao port and airports.
During the past year, Neptunia faced increasing competition on
temporary storage of import containers, while Cosmos' performance
improved due to a positive trend for fleet and off shore barges
operations for oil companies.

Stagnant Performance

AIH's consolidated revenues were USD226 million during the LTM
ended June 30, 2014, which was similar to 2013, while its EBITDA
slipped to USD27 million from USD25 million and its margin
contracted to 10.9% from 11.8%.  The company's stagnant
performance compared unfavorably with the past four years when
revenues were growing by around 15% per year.  Economic activity
in Peru fell short of expectations and import activity stagnated.
Negatively, AIH's business position weakened in key ports such as
Callao during 2014.  During the first half of 2014, the overall
import activity at that port fell by 2%, while AIH's import
containers at the Callao port fell by 20%.

High Leverage and Negative FCF:

The company's gross adjusted debt/EBITDA ratio and its net
debt/EBITDA ratio were 5.5x and 4.9x, respectively, for the LTM
ended June 30, 2014.  AIH's total debt was USD136 million at the
end of June due to its issuance of USD115 million of notes during
November 2013.  Fitch expects deleveraging to occur from cash flow
growth rather than debt reductions.  Fitch's revised Base Case
projections result in a gross adjusted leverage ratio of around
5.0x in 2014 and 4.5x from 2015 forward.  Free cash flow is
projected to be neutral to mildly negative in 2014 and 2015 due to
estimated USD10 million per year of capital expenditures.

Tight Liquidity:

As of June 30, 2014, AIH had USD15.3 million of cash, which was
roughly equivalent to its short-term debt obligations of USD15.8
million.  The company's interest coverage ratio, measured as
EBITDA/interest expenses, was extremely tight at 1.3x for the LTM
ended in June 2014.  After the bond issuance in 2013, about 80% of
the company's debt matures during 2020.  Positively, AIH maintains
about USD292 million of unencumbered assets, which could be
borrowed against in case liquidity is under pressure.

Joint-Venture's Infrastructure Projects Delivered as Expected:
AIH's 50% owned joint ventures, Aeropuertos Andinos del Peru
(AAP), which operates five airports in Peru's southern region, and
Terminales Portuarios Euroandinos (TPE), which operates the port
of Paita, have recently completed investments projects.  The debt
of these projects is non-recourse to AIH and/or has been co-funded
by the Peruvian government.  In the near term, no dividends are
projected to be received from them.  Positively, AIH has the
potential to improve its service operations through synergies with
them.  On July 2014, Sociedad Aeroportuaria Kuntur Wasi, another
50%/50% joint venture owned by the company was granted a 40 year-
concession to build and operate an international airport at Cuzco
(Chichero) for USD470 million under a seven-year construction
term.  This project will also be funded with non-recourse debt.


Factors that could result in a negative rating action include
gross adjusted leverage above 4.5x.  Increased competition that
would lead to a continued decline of the company's business
positions at key ports would also be viewed negatively, as would
delays and/or higher capital needs for infrastructure projects
sponsored by AIH.

An Outlook revision to Stable includes reduction in leverage
levels toward 4.5x (gross adjusted leverage) in the next 12-18
months along with improvement on operational results and adequate
liquidity.  More geographic diversification and successful
development and/or consolidation in infrastructure projects that
would improve the stability and amount of cash flow generated
could lead to a ratings upgrade.

UNION ANDINA: S&P Assigns 'BB+' Rating to Proposed $625MM Notes
Standard & Poor's Rating Services assigned its 'BB+' ratings to
Union Andina de Cementos S.A.A. y Subsidiarias (UNACEM) and its
proposed $625 million notes.  The outlook is stable.

UNACEM is the leading and largest cement company in Peru.  It is
fully vertically integrated, which results in above-average
profitability, and it has significant market potential thanks to
Peru's growing economy.  All these factors are the basis for S&P's
"fair" business risk profile assessment.  UNACEM's debt-financed
acquisitive strategy, increasing leverage, and "adequate"
liquidity support S&P's assessment of the company's "significant"
financial risk profile.

UNACEM is the largest cement company in Peru annually producing
7.6 million tons of cement and holds a 50% national market share
in Peru but it's concentrated in the central region of the
country.  This includes Lima, whose economy is the most dynamic
and where over 50% of the Peruvian population resides.  The city
enjoys one of highest GDP growth rates in Latin America estimated
at between 3% and 4% for year-end 2014.  Moreover, UNACEM has
adequate operating efficiency thanks to its low and flexible cost
base and full vertical integration--from owned limestone quarries
to power generation and distribution network--resulting in above-
average profitability.  For the last 12 months as of June 30,
2014, the company's EBITDA margin was 38%, which was significantly
above the 25% average for cement companies across the globe.

UNION ANDINA: Moody's Assigns Ba2 Corporate Family Rating
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating (CFR) to Union Andina de Cementos S.A.A. ("Unacem").
At the same time, Moody's has assigned a Ba2 rating to Unacem's
proposed USD 700 million senior unsecured notes due 2024. The
outlook is stable. The rating of the proposed notes assumes that
the final transaction documents will not be materially different
from draft legal documentation reviewed by Moody's to date and
assume that these agreements are legally valid, binding and

Ratings assigned as follows:

Union Andina de Cementos S.A.A.'s ("Unacem")

Corporate Family Rating: Ba2

Up to USD 700 mm senior unsecured notes due 2024: Ba2

The outlook for the ratings is stable

Unacem's Ba2 corporate family rating is supported by the company's
leading market position in its core cement market in Peru, with a
regional concentration in the central region of Peru, containing
Lima, by far the most relevant market in the country. The rating
also entails Unacem's cost-competitive operations based on
vertical integration and the solid fundamentals of the sector in
Peru. High barriers to entry the cement market are also viewed as
credit positives.

Balancing these positives is Unacem's low geographic diversity
when compared to its industrial rated peers. Also the cyclical
nature of the construction industry and end-markets are
constraining the rating. Additionally, the recent acquisition of
Lafarge's cement operation in Ecuador increased the sovereign risk
of Unacem's business, its execution risk and will result in weaker
credit metrics. Pressures in liquidity given material amount of
debt maturing in the following years are also limiting the rating.
Unacem's liquidity is tight. As of June 30, 2014, Unacem's cash
position of USD 86 million and last twelve months free cash flow
of USD 97 million were not enough to cover the USD 243 million in
debt maturities in 2014. Pro forma for the USD 700 million
proposed notes and assuming debt of Lafarge Ecuador, the company
estimates to keep a cash position of about USD 100 million and
short term debt maturities close to USD 300 million.

As per the proceeds of the notes, around USD 500 million will be
used to fund the acquisition of Lafarge Ecuador and some USD 100
million to refinance debt. Following the transaction Moody's
expect an improvement in Unacem's debt maturity profile, although
liquidity will still be tempered by relevant debt maturities in
the medium term. Going forward, the company has additional debt
maturities of USD 253 million and USD 225 million in 2015 and
2016, respectively.

The assigned Ba2 ratings incorporate the view that Unacem will
timely address upcoming maturities to reduce refinancing risk.

The proposed USD 700 million notes will not be guaranteed by any
of Unacem's subsidiaries, but ratings are not adjusted for
structural reasons given Moody's consideration that structural
subordination is currently low. As of June 30, 2014, subsidiaries
held SOL 3.4 billion (USD 1.2 billion or 41%) of net consolidated
assets and were responsible for SOL 700 million (around USD 250
million) or 49% of consolidated net sales. On the other hand, pro
forma for the transaction, Moody's estimate that less than 20% of
consolidated debt will be at subsidiaries level. To the extent
that indebtness at subsidiaries level increases in the future, the
rating of the notes could be negatively impacted.

Upward rating pressure could appear if the company improves its
liquidity as well as its geographic and product diversification
while maintaining current profitability levels. In addition, an
increased scale with prudent financial management would be
important for an upgrade. Quantitavely, an upgrade would require
Unacem to exhibit an EBIT/interest expense ratio above 4.0x and a
debt/EBITDA ratio below 2.5x.

On the other hand, downward rating pressure could be triggered by
a decline in the company's sales and profitability due to an
adverse change in the local operating environment or cement
prices. Quantitatively, a downgrade could result from a drop in
Unacem's EBIT margin to below 15%, an EBITDA/interest expense
ratio below 2.5x or a debt/EBITDA ratio above 4.0x on a sustained
basis. Further deterioration in Unacem's liquidity position could
also lead to a rating downgrade.

Headquartered in Lima, Peru, Unacem is the oldest and largest
cement producer in Peru with 50% of market share and revenue and
EBITDA of USD 1.0 billion and USD 320 million, respectively as of
June 2014 LTM. The company is involved in the production and
distribution of cement, concrete, industrialized concrete
structures, aggregates and electricity generation. Cement is the
largest business division generating around 60% of consolidated
EBITDA and 80% considering Ecuador. In Peru, Unacem has two cement
plants, Atocongo and Condorcocha, which operate in the central
region of Peru, whereas in Ecuador will operate a plant in the
north part of Quito, once the Lafarge transaction is closed.
Unacem is a public company with around 30% of its stake listed in
the Peruvian Stock Exchange. The company is controlled by the
Rizo-Patron family.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Concern Over Drop in Global Oil Prices
Trinidad Express reports that the recent drop in global oil prices
has implications for Trinidad and Tobago's economy, the Energy
Chamber has said.

Based in Pt Lisas, the Energy Chamber is the representative
organization for the energy sector.

In a statement, the Chamber said on an energy equivalency basis
Trinidad and Tobago produces far more natural gas than it does oil
(by a ratio of about seven to one), according to Trinidad Express.

"Nevertheless the recent drop in oil prices has obvious
implications for Trinidad and Tobago's economy.  Crude oil
accounts for 17 per cent of our total exports while refined
petroleum products accounts for another 16 per cent," the
statement said, the report notes.

Trinidad Express relates that oil production is also a major
source of Government revenue.  Supplemental Petroleum Tax (SPT),
the second largest category of tax, is only charged against oil
production and not natural gas production, the report notes.
"The current decline in oil prices is offset by the continued
higher prices for LNG in our key Latin American markets and for
methanol and ammonia in the USA and elsewhere."

Finance Minister Larry Howai told the Express that Government will
not resort to borrowing if there is a revenue shortfall from
sliding oil prices.

The report relays that the government based its 2014/2015 Budget
on an oil price of US$80 per barrel and a gas price of US$2.75 per

But it is not all worrying news, notes Trinidad Express.

The Energy Chamber said declining oil prices also have a positive
side for (State oil company) Petrotrin, "whose costs for imported
oil to run through the refinery will decrease, helping the
refinery's very low margins," the report discloses.

The report relays that Energy Chamber noted: "Nevertheless, we
need to be wary of the current situation.  The last time we
experienced significant declines in oil prices in 2008 other
commodity prices also rapidly followed. Trinidad and Tobago must
therefore monitor all of our commodity export prices carefully and
be ready to revise expenditure in line with falling revenue if
prices remain low."

One important tool in monitoring the price of the country's energy
exports is the Energy Commodity Price Index (ECPI) developed by
the Central Bank and the Energy Chamber, the business group said,
the report discloses.

"The ECPI tracks the price movement of the country's top ten
energy-based commodity exports," it added.

The report notes that the index is weighted by each commodity's
relative share of its value.

The commodities and their weights are:

   -- US natural gas (40 per cent);
   -- oil (16.6 per cent);
   -- ammonia (11.8 per cent);
   -- methanol (9.4 per cent);
   -- Diesel (seven per cent);
   -- motor gasoline (4.3 per cent);
   -- natural gasoline (3.5 per cent);
   -- jet fuel (2.7 per cent);
   -- propane (2.4 per cent); and
   -- urea (2.3 per cent).

The value of the index is currently 134.61, the lowest value since
November 2013 and represents a fifth consecutive month of decline
in the index's value, the report notes.  The current September
2014 value is also the second lowest value in the past two years,
the Chamber stated, the report adds.


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.
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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

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