TCRLA_Public/141024.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

            Friday, October 24, 2014, Vol. 15, No. 211


                            Headlines



A R G E N T I N A

ARGENTINA: Hedge Funds Expose Country to US$14BB Payment Risk
JOSE CARTELLONE: Moody's Withdraws Caa1 Corporate Family Rating


B R A Z I L

PETROLEO BRASILEIRO: In Securities Probe Adding to Kickback Case


C A Y M A N  I S L A N D S

DIAMOND FINANCE: Shareholders to Hold Final Meeting Today
FRASER SULLIVAN: Shareholders to Hold Final Meeting on Oct. 31
FREEDOM COLLATERALIZED: Shareholders to Hold Meeting Today
GALLATIN CLO II: Shareholders to Hold Final Meeting Today
ROFU DEAL: Shareholders to Hold Final Meeting Today

SKYLIGHT CDO: Shareholders to Hold Final Meeting Today
SOLAR INVESTMENT: Shareholders to Hold Final Meeting Today
STUFU DEAL: Shareholders to Hold Final Meeting Today
WILBRAHAM CBO: Shareholders to Hold Final Meeting Today
WUFU DEAL: Shareholders to Hold Final Meeting Today


E C U A D O R

BANCO DE LA PRODUCCION: Fitch Affirms 'B' LT IDR; Outlook Stable
BANCO PICHINCHA: Fitch Affirms 'B' LT IDR; Outlook Stable


J A M A I C A

CARIBBEAN CEMENT: Plans to Resume Exports to Venezuela This Month
JAMAICA: Petrocaribe Deal Could Come Under Further Pressure
UC RUSAL: Plans to Keep Output Largely Flat for Next Three Years


M E X I C O

EMPRESAS ICA: New Nat'l Scale Criteria No effect on S&P B+ Rating


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Bankruptcy Law in Effect


V E N E Z U E L A

VENEZUELA: Maduro Accuses Foreign Media of Spreading Default Fear


                            - - - - -


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


ARGENTINA: Hedge Funds Expose Country to US$14BB Payment Risk
-------------------------------------------------------------
Katia Porzecanski at Bloomberg News reports that the relative calm
in Argentina's debt markets since its default in July may be
shattered as the risk increases that holders of US$14 billion in
bonds will ask for their money back immediately, according to Bank
of America Corp.

After a grace period expires next week, investors in Argentina's
so-called Par bonds can demand full repayment of principal
originally due in 2038 as well as interest, according to the debt
contracts, notes Bloomberg News.  The outperformance of the Pars,
which have returned 1.2 percent in the past three months versus
losses of 5.5 percent for notes due 2033, is a signal to Bank of
America that more bondholders are considering acceleration.

Bloomberg News says that while Argentina's unwillingness to
negotiate with unpaid creditors from its 2001 default pushed the
country into its current predicament, bondholders have thus far
refrained from asserting their own claims and escalating the
crisis.  That may now change.  Because the Pars are Argentina's
lowest-priced bonds and trade at 53.4 cents on the dollar,
speculators such as distressed debt funds have an incentive to
organize and try to force the nation into repaying in full,
Bloomberg News discloses.

"The par bonds have outperformed because distressed hedge funds
have been the primary buyers, some of whom see the acceleration
option as having some value," Jane Brauer, a New York-based
strategist at Bank of America, told Bloomberg News by phone.

                     'Derail Negotiations'

Bloomberg News says that while Argentina deposited US$161 million
to pay interest on the dollar-denominated Pars last month, a U.S.
court order prevents bondholders from getting their money until
the government resolves its more-than-decade-old unpaid debts with
creditors who refused to participate in 2005 and 2010
restructurings.

That ruling caused the nation to default for the second time in 13
years in July, Bloomberg News notes.  The interest payments, which
Argentina says it has been paying all along, are sitting in a
state-run bank in Buenos Aires, Bloomberg News says.

According to the report, President Cristina Fernandez de Kirchner
hasn't said whether she'd be willing to negotiate with the
holdouts in January when a key bond clause expires.

The government cited the so-called Rufo clause as a reason why
they can't pay holdouts led by billionaire hedge-fund manager Paul
Singer more than the 30 cents on the dollar that restructured
bondholders received, notes Bloomberg News.

                         Discount Bonds

Cross-default provisions that govern the Pars have been in place
since Argentina's so-called Discount bonds due 2033 went unpaid in
July, Bloomberg News says.  After Oct. 30, the Pars will also be
in default in their own right, which some investors may be waiting
for, according to Ms. Brauer, reports Bloomberg News.

Ms. Brauer also said there was "extensive" interest in the risk of
acceleration among investors at a Bank of America conference held
during the International Monetary Fund's meetings in Washington
this month, notes the report.

"Investors may accelerate prematurely and derail potential
negotiations before they start," Bloomberg News quoted Ms. Brauer
as saying.

As South America's second-biggest economy slows and reserves hover
close to eight-year lows, the government risks losing its ability
to pay anybody and having to renegotiate all of its debt
obligations, according to Bloomberg News.

The Par bonds are the cheapest of Argentina's overseas bonds
because they pay the lowest interest rate, Bloomberg News relays.
The dollar notes pay 2.5 percent annually, while the euro-
denominated bonds pay 2.26 percent, the report adds.  Yen-
denominated pars, with only about $205 million outstanding, pay
annual interest of 0.45 percent, notes the report.

                        Resume Payments

According to Bloomberg News, Tom Mullen, a partner at Westport,
Connecticut-based hedge fund TWM Capital LP, says it's too costly
and logistically challenging for investors to try to seek full
repayment before January, when the Rufo clause expires and it will
be possible for President Fernandez to settle with the holdouts
and resume bond payments.

"From a practical standpoint, trying to get bondholders organized
in any of these bonds -- and we've tried it before -- is very,
very time consuming," Mr. Mullen, who oversees about US$200
million, said by telephone from La Jolla, California, Bloomberg
News relates.

Alejo Czerwonko, a New York-based strategist at UBS Wealth
Management's chief investment office, says it doesn't make sense
for his firm to accelerate their par bond holdings, Bloomberg News
relays.  "It is highly unclear what terms those who accelerate
will be offered, and it makes exiting this holdout mess even more
complicated," the report quoted Mr. Czerwonko as saying

With about US$5.4 billion outstanding, the dollar-denominated Pars
require holders of 25 percent, or US$1.4 billion, to demand
immediate payment of principal and past due interest, reports
Bloomberg News.  It will take holders of US$2.2 billion of bonds
to trigger an acceleration of US$8.9 billion of euro-denominated
Par securities, which cost 48.4 cents on the dollar, says the
report.

"It would not be a massive surprise" for holders to opt for
acceleration, Fernando Losada, a Latin America economist at
AllianceBernstein LP, said by e-mail obtained by Bloomberg News.

                      *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.


JOSE CARTELLONE: Moody's Withdraws Caa1 Corporate Family Rating
---------------------------------------------------------------
Moody's Latin America has withdrawn Jose Cartellone Construcciones
Civiles S.A.'s ("Cartellone") Caa1 and Baa2.ar ratings for its own
business reasons.

The following ratings were withdrawn:

- Corporate family ratings: Caa1/Baa2.ar

- Senior Unsecured Bank Credit Facility: Caa1/Baa2.ar

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

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".

Headquartered in Buenos Aires, Argentina, Cartellone is one of the
main construction companies operating in the local market.
Cartellone is a family-owned company with an extensive track-
record and widely known name in the local construction market.


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


PETROLEO BRASILEIRO: In Securities Probe Adding to Kickback Case
----------------------------------------------------------------
Peter Millard and Anna Edgerton at Bloomberg News report that
Brazil's securities regulators are looking into Petroleo
Brasileiro SA at a time a former executive at the state-run oil
producer is under house arrest and the company is being
investigated for overpriced contracts.

The CVM, as the securities agency is known, announced the
"administrative procedure" on its website without providing
details, according to Bloomberg News.

Bloomberg News notes that Petrobras has come under increasing
scrutiny this year after former refining head Paulo Roberto Costa
was arrested as part of a BRL10 billion (US$4 billion) money-
laundering case and later said he took kickbacks from contractors.
Brazil's audit court is also investigating Petrobras' refinery
project cost overruns.

"There are a lot of accusations," Jose Jorge, a member of the
audit court known as TCU, told reporters after the court's weekly
meeting, Bloomberg News relates.  "We're investigating a lot of
cases," Mr. Jorge said, notes the report.

The CVM is looking into corruption allegations at Petrobras
related to the money-laundering case known as Car Wash, Epoca
Magazine reported on its website, Bloomberg News relays.

                           Natural Gas

Meanwhile, the audit court has opened a new investigation into a
US$434 million payment related to a natural gas supply contract
with Bolivia, according to a technical report signed by Mr. Jorge,
Bloomberg News relates.

Petrobras decided last month to pay Bolivia more than 1 billion
reais for natural gas, Mr. Jorge said. The court will investigate
who authorized the payment and why, Mr. Jorge added.

The company is a victim in the investigation and is cooperating
with authorities, it said in a statement Oct. 17, and will seek
reimbursement for "damages," the Bloomberg News report relays.

                        About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.


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


DIAMOND FINANCE: Shareholders to Hold Final Meeting Today
---------------------------------------------------------
The shareholders of Diamond Finance Limited will hold their final
meeting today, Oct. 24, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


FRASER SULLIVAN: Shareholders to Hold Final Meeting on Oct. 31
--------------------------------------------------------------
The shareholders of Fraser Sullivan CLO V Ltd. will hold their
final meeting on Oct. 31, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


FREEDOM COLLATERALIZED: Shareholders to Hold Meeting Today
----------------------------------------------------------
The shareholders of Freedom Collateralized Holdings 2000 CDO Ltd
will hold their meeting today, Oct. 24, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


GALLATIN CLO II: Shareholders to Hold Final Meeting Today
---------------------------------------------------------
The shareholders of Gallatin CLO II 2005-1 Ltd will hold their
final meeting today, Oct. 24, 2014, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ROFU DEAL: Shareholders to Hold Final Meeting Today
---------------------------------------------------
The shareholders of Rofu Deal Limited will hold their final
meeting today, Oct. 24, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SKYLIGHT CDO: Shareholders to Hold Final Meeting Today
------------------------------------------------------
The shareholders of Skylight CDO Ltd will hold their final meeting
today, Oct. 24, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SOLAR INVESTMENT: Shareholders to Hold Final Meeting Today
----------------------------------------------------------
The shareholders of Solar Investment Grade CBO II, Limited will
hold their final meeting today, Oct. 24, 2014, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


STUFU DEAL: Shareholders to Hold Final Meeting Today
----------------------------------------------------
The shareholders of Stufu Deal Limited will hold their final
meeting today, Oct. 24, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


WILBRAHAM CBO: Shareholders to Hold Final Meeting Today
-------------------------------------------------------
The shareholders of Wilbraham CBO Ltd will hold their final
meeting today, Oct. 24, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


WUFU DEAL: Shareholders to Hold Final Meeting Today
---------------------------------------------------
The shareholders of Wufu Deal Limited will hold their final
meeting today, Oct. 24, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


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


BANCO DE LA PRODUCCION: Fitch Affirms 'B' LT IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Banco de la Produccion, S.A. y
Subsidiarias' (Produbanco) long-term Issuer Default Rating (IDR)
at 'B' and its Viability Rating (VR) at 'b'.  The Rating Outlook
is Stable.  All other ratings have been also affirmed.

KEY RATING DRIVERS - IDRS and VR

Produbanco's VR drives its long-term IDR.  The bank's operating
environment and funding highly influence it's VR.  Ecuador's
significant regulatory uncertainty and challenging operating
environment limit the bank's profitability and internal capital
generation capacity.  The bank's VR also reflects its solid asset
quality, adequate capital metrics as well as the bank's financial
performance.

Produbanco's MARKET share and geographic coverage have increased
as a result of the acquisition of Banco Promerica's assets and
liabilities.  This acquisition follows the purchase of a 56% share
in Produbanco by the Panamanian financial group Promerica
Financial Corpration (PFC) on March 2014.  The purchase of
Promerica's assets and liabilities generated 17.2 million in
goodwill, registered at Produbanco.  The new controlling
shareholder maintained the name Produbanco.

Produbanco's Fitch core capital to weighted risks ratio is
adequate but remains under pressure after the consolidation.
According to Fitch's estimations, the bank's Fitch Core Capital to
weighted risks ratio decreases to 9.7%, as risk weighted assets
increase by 25%, and Fitch's core capital calculation deducts the
goodwill created by the transaction.

Produbanco's liquidity is adequate and in full compliance with the
Ecuadorian regulatory minimums for locally held liquidity.  The
bank's liquidity is conservative and compares favorably with
similarly rated international peers, as expected from a bank
operating in a dollarized economy.

Produbanco's impaired loans to gross loans ratio continued to
compare favorably with both the domestic industry average as well
as similarly rated international peers (emerging market commercial
banks with a VR of 'b-', 'b', or 'b+'), signalling a moderate risk
appetite.  Reserves coverage compares favorably with international
peers, although it is below the domestic industry average and is
considered adequate given the bank's moderate loan concentration
and intention to continue growing in the retail segment.  Fitch
expects the CONSOLIDATED LOAN portfolio quality to deteriorate, as
Promerica's current asset quality indicators lag behind
Produbanco's.  Asset quality metrics are likely to recover by
Dec. 2014.

Fitch's estimations of Produbanco's profitability in 2014 are
modest.  In the agency's view, profits will be restricted by
government-ruled pricing and increased operating costs ASSOCIATED
with the consolidation of Produbanco and Promerica's operations.
Fitch expects profitability metrics to remain below international
peer's averages, in part a reflection of dollarization and a high
proportion of cash and investment grade securities on its balance
sheet, and to show a moderate recovery in 2015.  Also, the larger
scale may result in efficiency improvements over the medium term.
Profitability remains sensitive to an increase in credit costs.

KEY RATING DRIVERS - SUPPORT RATINGS

Produbanco's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF', indicates that Fitch believes external support
cannot be relied upon due to Ecuador's limited funding flexibility
as well as the lack of a lender of last resort.

RATING SENSITIVITIES - IDR and VR

Despite Fitch's negative outlook on the sector, the Outlook for
Produbanco's IDR remains Stable as downside risks at this rating
level are MANAGEABLE.  Nevertheless, Produbanco's rating has
limited upgrade potential in the short term, given the challenging
operating environment in Ecuador its effect on the bank's
financial performance.  The long-term IDR is at the same level as
Ecuador's sovereign.

The bank's VR could be pressured if government intervention
continues to undermine the bank's performance, causing operating
losses or a sustained weakening of the bank's Fitch Core capital
metrics below 9%.  A downgrade in the bank's VR could also result
from significant asset quality deterioration.

RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR

Ecuador's propensity or ability to provide timely support to these
banks is not likely to change given the sovereign's low
speculative grade IDR.  As such, the SR and SRF have no upgrade
potential.

Fitch has affirmed these ratings:

   -- Foreign currency long-term IDR at 'B'; Outlook Stable;
   -- Foreign currency short-term IDR at 'B';
   -- Viability rating at 'b';
   -- Support rating at '5';
   -- Support Floor at 'NF'.


BANCO PICHINCHA: Fitch Affirms 'B' LT IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Banco Pichincha C.A. y Subsidiarias'
(Pichincha) Long-Term Issuer Default Rating (IDR) at 'B'.  The
Rating Outlook is Stable.

KEY RATING DRIVERS - IDRs, VR

Pichincha's viability rating (VR), or standalone creditworthiness,
drives its Long-term IDR.  The bank's operating environment and
funding highly influence it's VR.  The bank's VR reflects its
strong franchise, market share, ample liquidity, and adequate
capitalization.  It also considers financial performance and asset
quality pressures.

Ecuador's political and regulatory uncertainties continue to weigh
on the bank's ratings.  In Fitch's opinion, Ecuador's significant
regulatory uncertainty and challenging operating environment limit
the bank's profitability and internal capital generation capacity.

Pichincha's funding structure has benefited from its successful
franchise and wide distribution network, which have allowed the
bank to enjoy a well-diversified, stable, and relatively low-cost
funding base, a trend Fitch expects to see continue over the
medium-term.  Due to dollarization and a lack of a lender of last
resort, liquidity is conservative and in line with that of
domestic peers but higher than international peers (emerging
market commercial banks with 'b' category VR).  Pichincha's liquid
assets are of high quality relative to those of international
peers, consisting primarily of cash, bank deposits and a large
proportion of liquid and investment grade securities.

Pichincha's profitability is weak compared with both domestic and
similarly rated international peers.  Pichincha's return on assets
(ROAA) reported a negative trend since 2012, reaching its lowest
level at year-end 2013, due to regulations imposed in recent
years.  However, Fitch believes that Pichincha should be able to
reverse the unfavorable trend in profitability in the near term,
as the regulator has allowed banks to charge once again
commissions and fees on certain services, and efficiency is
improving.

Asset quality deterioration continued during 2013, mostly
reflecting the maturation of Pichincha's rapidly growing
microcredit and consumer portfolio in a challenging economic
environment.  Pichincha's Non-performing loans (NPL) to total
loans ratio increased to 4.1% during the 1H14, in line with the
Ecuadorian system's cyclical behavior at mid-year.  However, loan
loss reserve coverage of NPL loans exceeds that of peers.  In
Fitch's view, this trend is likely to stabilize given the enhanced
credit risk tools.

Although Pichincha's capitalization is lower than that of large
domestic and international peers, Fitch believes it is adequate
considering strong reserve coverage of impaired loans and the
bank's risk profile.  Fitch core capital to risk weighted assets
ratio increased to 9.6% at June 30, 2014 from 9.09% at year-end
2013.  Fitch expects capital ratios to improve in the near term in
line with the upward trend in profitability.

KEY RATING DRIVERS - SUPPORT RATINGS

Pichincha's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF', indicates that Fitch believes external support
cannot be relied upon due to Ecuador's limited funding flexibility
as well as the lack of a lender of last resort.

RATING SENSITIVITIES - IDRs, VR

Despite Fitch's Negative Outlook on the sector, the Outlook of
Pichincha's IDR remains stable as downside risks at this rating
level are manageable.  Nevertheless, Pichincha's rating has
limited upgrade potential in the short term, given its challenging
operating environment and the impact on its performance.  The
Long-term IDR is at the same level of Ecuador's sovereign.

Pichincha's ratings could be pressured if government intervention
continues to undermine the bank's performance, causing operating
losses or a sustained weakening of the bank's Fitch core capital
to weighted risks ratio below 9%, in conjunction with a material
decline in excess loan loss reserves.

RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR

Ecuador's propensity or ability to provide timely support to these
banks is not likely to change given the sovereign's low
speculative grade IDR.  As such, the SR and SRF have no upgrade
potential.

Fitch has affirmed these ratings:

Banco Pichincha C.A. y Subsidiarias

   -- Foreign currency long-term IDR at 'B'; Stable Outlook;
   -- Foreign currency short term IDR at 'B';
   -- Viability Rating at 'b';
   -- Support at '5';
   -- Support Floor at 'NF';


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


CARIBBEAN CEMENT: Plans to Resume Exports to Venezuela This Month
-----------------------------------------------------------------
Jamaica Observer reports that Caribbean Cement Company Limited
plans to resume exports to Venezuela this month amid posting a
positive outlook for its financial year.

The outlook also serves as a broader indicator of sustained
economic activity for the ailing island, according to Jamaica
Observer.

The report notes that Caribbean Cement already recorded near 10
per cent year-on-year growth in sales during the three months to
September 30, when it generated J$3.5 billion in revenue.

"The recent trend in the domestic market is expected to continue
as well as improvement in the export earnings," said Caribbean
Cement in a joint notice accompanying the financials signed by new
Chairman Christopher Dehring and Director Hollis Hosein, the
report relates.  "In addition, we have entered into a new
agreement to supply 240,000 tonnes of clinker to Venezuela,
starting shipments in October 2014," the notice said, the report
says.

"We therefore remain cautiously optimistic that these favorable
results can be sustained," the notice added.

The report notes that between July and September, the company
supplied 149,000 tons of cement to the local market, or two per
cent more than year-earlier levels.

It also exported 17,100 tonnes of clinker, or 155 per cent more
than a year ago, the report relays.

But, its exports of cement are down by one-quarter to 58,500 tons,
which it expects to rebound based on shipments to Venezuela, the
report discloses.

Caribbean Cement earned J$78 million in net profit for its
September quarter, or half the amount the cement manufacturer
posted for the comparative three months last year, the report
notes.

Nine months' profit at J$20 million also fell compared to a profit
of J$32 million a year earlier, the report relates.

"The 2013 profit performance includes exceptional income of $591
million arising from the reversal of charges previously accrued
from the debt restructuring with the parent company, Trinidad
Cement Limited," stated Caribbean Cement, the report discloses.

The local cement maker previously indicated that its share of the
local marketplace increased from roughly three-quarters to four-
fifths, the report notes.  This is based in part on a deal signed
last year between the company and Arc Systems to sell only Carib
cement exclusively, the report notes.

The agreement reduced Carib's major competitors from three to two
-- Tank-Weld and Buying House, the report relays.

Last year, Caribbean Cement supplied 100,000 tons of clinker to
Venezuela under the Trade Compensation Mechanism of the
PetroCaribe Agreement.  The first shipment left the island in
December 2013.  It previously indicated that the Venezuela market
offered vast potential to grow its annual sales by 50 per cent,
notes Jamaica Observer.

Already, total sales rocketed to J$12 billion for the financial
year ending December 2013 compared with J$9 billion a year
earlier, the report relates.  The local cement manufacturer
started negotiations to enter Venezuela years ago but it was
stalled due to the ill health and eventual death of President Hugo
Chavez.

Last year, Caribbean Cement also restructured J$75 million in debt
owed to its parent Trinidad Cement Limited by converting J$37
million into preference shares and converting J$38 million as
capital, the report adds.

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: Petrocaribe Deal Could Come Under Further Pressure
-----------------------------------------------------------
RJR News reports that there is a new suggestion that the
Petrocaribe deal, of which Jamaica is a beneficiary, could come
under further pressure with the ongoing fall in the price of oil.

According to Bank of America Merrill Lynch, if the decline in oil
price continues, Venezuela might require additional funding,
amounting to US$12 billion, which would require further
adjustments, RJR News notes.

Last week, the Venezuelan oil basket ended at US$77.65 cents per
barrel, the lowest price recorded since November 2010, the report
notes.

RJR News says that Venezuelan authorities have scoffed at the oil
price decline and have predicted that there will shortly be a
rebound.

Bank of America said, however, that falling oil prices, in the
context of an electoral year, could push the country to consider
the sale of some of its international assets, or to access
international markets at high costs, the report notes.  It says
another alternative is to reduce shipments to Petrocaribe allies,
which hit US$8 billion this year, 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.


UC RUSAL: Plans to Keep Output Largely Flat for Next Three Years
----------------------------------------------------------------
RJR News reports that Russian aluminium conglomerate UC Rusal,
which has three alumina refineries in Jamaica, plans to keep
output largely flat for the next three years.  A Rusal executive
said this is due to healthy stock levels which will ensure the
market is supplied.

The report notes that robust aluminum prices have prompted some
Chinese smelters to abandon production cutbacks, and some
investors fear re-starts at other plants will chip away at what
was expected to be the first global deficit after years of
oversupply.

Oleg Mukhamedshin, Rusal's Deputy Chief Executive, told Reuters
the company does not see any reason to re-start production, the
report relates.

The report discloses that surpluses over the past several years
have left the global market awash in inventories, including about
4.5 million tons at warehouses monitored by the London Metal
Exchange (LME).

Two of Rusal's three alumina plants in Jamaica -- Alpart and
Kirkvine -- have been closed for several years, despite periodic
predictions by government officials regarding possible resumption
of operations, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 31, 2014, RJR News said that UC Rusal reported a massive
increase in net losses in the year to December 31.  This was due
mainly to a large impairment cost and one-off restructuring
charges combined with lower production and a fall in aluminum
prices.  The report said the company reported a net loss of US$3.2
billion.  It suffered a US$528 million loss in 2012.


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


EMPRESAS ICA: New Nat'l Scale Criteria No effect on S&P B+ Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its Mexican national
scale rating on Empresas ICA, S.A.B de C.V. (ICA) to 'mxBBB-' from
'mxBBB' following the revised national scale criteria and mapping
guidelines.  The outlook remains negative.

Additionally, S&P has removed the "under criteria observation"
identifier from the rating.  The rating action solely reflects
implementation of the new criteria and doesn't reflect any change
in S&P's assessment of the company's fundamental credit quality.
The rating action doesn't affect S&P's 'B+' issuer rating and
outlook and S&P's 'B' senior unsecured rating on global scale
rating on ICA.


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


TRINIDAD & TOBAGO: Bankruptcy Law in Effect
-------------------------------------------
Trinidad and Tobago Newsday reports that the partial proclamation
of the 2006 Bankruptcy and Insolvency Act into law, has helped to
create an enabling environment in this country to do business.

Trade, Industry, Investment and Communications Minister Vasant
Bharath made this observation when he addressed the Institute of
Chartered Accountants of Trinidad and Tobago's 2014 Conference at
the Hyatt Regency Hotel in Port-of-Spain, according to Trinidad
and Tobago Newsday.

Explaining the ministry's approach to trade facilitation and
focused investment has created the conditions for strong returns,
Minister Bharath said, "Indeed, it is well documented that we have
moved from 97 to 66 in the World Bank's Ease of Doing Business
Rankings," the report notes.

"One significant achievement in this regard is the proclamation of
the 2006 Bankruptcy and Insolvency Act," Minister Bharath added,
the report relates.

Minister Bharath said collaboration between his ministry, the
Attorney General's Ministry and the Finance Ministry together with
technical assistance from the World Bank Group led to President
Anthony Carmona partially proclaiming this legislation, which came
into effect on May 26, notes the report.


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


VENEZUELA: Maduro Accuses Foreign Media of Spreading Default Fear
-----------------------------------------------------------------
Jose Orozco at Bloomberg News reports that President Nicolas
Maduro denounced Thomson Reuters Corp. on Oct. 23, saying its news
agency is part of a foreign media campaign to spread fears that
Venezuela will default on debt.

"I denounce the Reuters news agency because of the damage it
causes with its international cables," President Maduro said in a
broadcast on state television from the presidential palace in
Caracas, according to Bloomberg News.  "They run, they go to the
experts, they sound alarms," President Maduro said, Bloomberg News
notes.

Reuters, along with other news agencies, has reported this month
that investors are concerned Venezuela won't pay its sovereign
debt obligations, the report notes.  Yields on its US$4 billion
benchmark bonds due in 2027 hit a five-year high of 17.88 percent
on Oct. 16 after Harvard University economists Carmen Reinhart and
Kenneth Rogoff said the country probably would default, Bloomberg
News relates.

Elected with the narrowest margin in 45 years following the death
of his predecessor, Hugo Chavez, Maduro is facing declining
popularity, the world's fastest inflation and shortages of
consumer goods from soap to car batteries, Bloomberg News relays.
At least 43 people died in anti-government protests earlier this
year.  President Maduro frequently targets international media for
allegedly trying to destabilize the country and last month made
threats against CNN en Espanol and the Miami Herald, recall the
report.

Bloomberg News notes that Reuters's press office said in an e-
mailed response to questions that it stands by its reporting.

According to the report, President Maduro said the government has
the resources to pay its international debt.  The country on Oct.
8 paid US$1.56 billion of government bonds that matured.  State
oil company Petroleos de Venezuela SA has US$3 billion of bonds
that mature on Oct. 28.

"Venezuela has the financial capacity, the resources, the
politics, the strategy, the total and supreme will to continue on
its path, meet its national and international obligations,
financial and non-financial," Bloomberg News quoted President
Maduro as saying.


                            ***********


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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