TCRLA_Public/141105.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

            Wednesday, November 5, 2014, Vol. 15, No. 219


                            Headlines



A R G E N T I N A

ARGENTINA: Elliott to Continue Asset Hunt as Sanctions Sought


B R A Z I L

EVEN CONSTRUTORA: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR


C A Y M A N  I S L A N D S

BIH LIMITED: Commences Liquidation Proceedings
BLUE BLUFF: Placed Under Voluntary Wind-Up
COLLARD GLOBAL: Placed Under Voluntary Wind-Up
DANOSO INVESTMENT: Commences Liquidation Proceedings
LANEKA INVESTMENTS: Commences Liquidation Proceedings

LOMA REINSURANCE: Commences Liquidation Proceedings
RDM INSURANCE: Placed Under Voluntary Wind-Up
SHOAL BAY MARINA: Commences Liquidation Proceedings
SHOAL BAY PROPERTIES: Commences Liquidation Proceedings
SHOAL BAY VILLAS: Commences Liquidation Proceedings

UPTON GREY: Creditors' Proofs of Debt Due Nov. 6


C H I L E

CHILE: Challenges Await Corporates in 2015, Fitch Says


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Drops Fuel Surcharge as Oil Price Falls
FIRST CITIZENS BANK: Durham-Kissoon Resigns as Director
TRINIDAD CEMENT: Workers Reinstated After 2012 Strike
TRINIDAD & TOBAGO: Local Banks Should Take More Risk Says Minister


X X X X X X X X X

LATAM: Faces Weak Demand, US Interest Rate Increase, Says Fitch


                            - - - - -


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


ARGENTINA: Elliott to Continue Asset Hunt as Sanctions Sought
-------------------------------------------------------------
Katia Porzecanski at Bloomberg News reports that Elliott
Management Corp., the hedge-fund firm run by billionaire Paul
Singer, said it will continue a decade-long search for Argentine
assets to enforce US$1.7 billion in court judgments stemming from
the country's default.

Elliott Management, which successfully sued Argentina for full
repayment on defaulted bonds from 2001, will also pursue sanctions
on the South American nation for evading a U.S. court order to pay
the New York-based company, according to a letter sent to
investors and obtained by Bloomberg News.  U.S. Judge Thomas
Griesa found Argentina in contempt of court on Sept. 29 for
disobeying his orders, which prevent payments on the nation's
overseas bonds until Elliott Management is paid, Bloomberg News
recalls.

"Those proceedings will be undertaken in the coming months," the
firm, which oversees US$24.8 billion, wrote.  "In the meantime, we
will continue our worldwide hunt for Argentine assets to satisfy
our judgments," Elliott Management added.

Bloomberg News notes that Argentina defaulted on US$95 billion of
bonds in 2001.  While about 93 percent of creditors accepted
losses of 70 cents on the dollar in the country's 2005 and 2010
debt restructurings, holdout investors, including Elliott
Management, sued for full repayment, Bloomberg News relays.

Mr. Singer in March sued the country and Elon Musk's Space
Exploration Technologies Corp. for rights to two launch-services
contracts owned by the South American nation and in 2012 tried
seizing a naval vessel docked in Ghana, Bloomberg News recalls.

                       'Self-Destructive'

Bloomberg News notes that the hedge fund is also investigating
government funds allegedly funneled out of Argentina and into
Nevada by an Argentine businessman accused of embezzling US$65
million.  In August, Elliott Management's attorney Robert Cohen
said the investigation was "just the tip of a very large iceberg,"
Bloomberg News relays.

Argentine President Cristina Fernandez de Kirchner has said she
can't negotiate with Elliott until a key bond clause expires at
the end of 2014, Bloomberg News notes.  As a result, U.S. courts
blocked the nation's payments on overseas bonds, triggering a
second default in 13 years.  President Fernandez hasn't said
whether she'll pay next year, when the clause expires, Bloomberg
News adds.

"Negotiating a resolution of its creditor disputes would have
electrifying and instantaneous benefits for the country's
economy," Elliott Management wrote, Bloomberg News relays.
"However, in the past, many people have predicted that Argentina
would take a turn toward 'rational' behavior only to see officials
in Buenos Aires continue in the same radical and self-destructive
decision-making," Elliot added.

                         *     *     *

TCRLA 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.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


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


EVEN CONSTRUTORA: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its ratings outlook on
both global and national scale rating on Even Construtora e
Incorporadora S.A. (Even) to negative from stable.  S&P also
affirmed its 'BB-' global scale and 'brA' national scale corporate
credit ratings.  Then S&P withdrew the ratings at issuer's
request.

The rating actions reflect the increased pressure on Even's
leverage profile stemming from weaker-than-expected cash flows
because business conditions in Brazil are deteriorating due to
lower consumer confidence, rising inflation, and slower economic
activity.  As a result, Even would focus on streamlining execution
and cash conversion cycle, which S&P believes could significantly
mitigate these risks and eventually reduce debt.  S&P believes
that Even can achieve this by reducing annual launches to about
R$1.8 billion, while keeping collection and mortgage transfers at
current speed.

Due to the increased financial risks, S&P revised its assessment
of Even's financial risk profile to "aggressive" from
"significant."  This, combined with the company's "weak" business
risk profile results in an anchor of 'b+'.  However, S&P considers
Even's credit quality to be in line with its global peers in the
'BB-' category because its competitive strengths enable the
company to withstand the currently sluggish business conditions.
Therefore, S&P believes its land bank (R$6.4 billion) is more
resilient because it's concentrated in the Rio de Janeiro and Sao
Paulo markets, where the company has good operating track record.
Also, Even's proprietary broker unit generates the majority of the
company's sales, helping reduce cancellation rates and allowing
for a better fit of its products to demand.  Those factors have
resulted in less volatile operating margins.


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


BIH LIMITED: Commences Liquidation Proceedings
----------------------------------------------
On Aug. 29, 2014, the shareholder of BIH Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Paul Sistare
          c/o Maples and Calder
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


BLUE BLUFF: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on Sept. 22, 2014, the
shareholder of Blue Bluff Limited resolved to voluntarily wind up
the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


COLLARD GLOBAL: Placed Under Voluntary Wind-Up
----------------------------------------------
Collard Global Macro Fund commenced wind-up proceedings.

Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court
          Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


DANOSO INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 22, 3014, the sole shareholder of Danoso Investment
Company resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LANEKA INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
On Sept. 22, 3014, the sole shareholder of Laneka Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 6, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Fonseca Management Ltd.
          c/o Dr. Hans Bodmer
          Telephone: +41 44 711 7171
          Facsimile: +41 44 711 7111
          P.O. Box 958 Tortola
          British Virgin Islands


LOMA REINSURANCE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Sept. 25, 2014, the
shareholder of Loma Reinsurance Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 6, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


RDM INSURANCE: Placed Under Voluntary Wind-Up
---------------------------------------------
On Sept. 22, 2014, the sole shareholder of RDM Insurance Group,
Ltd. resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          William G. Rosier
          c/o Global Captive Management Ltd.
          Building 3, 2nd Floor, Governors Square
          23 Lime Tree bay Avenue
          P.O. Box 1363 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 7966
          Facsimile: +1 (345) 949 8068


SHOAL BAY MARINA: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Sept. 25, 2014, the
shareholder of Shoal Bay West Marina Development LLC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidators are:

          Rebecca Eggleton
          Michael Eggleton
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


SHOAL BAY PROPERTIES: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Sept. 25, 2014, the
shareholder of Shoal Bay West Properties LLC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidators are:

          Rebecca Eggleton
          Michael Eggleton
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


SHOAL BAY VILLAS: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Sept. 25, 2014, the
shareholder of Shoal Bay West Villas LLC resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Oct. 27, 2014, will be included in the company's dividend
distribution.

The company's liquidators are:

          Rebecca Eggleton
          Michael Eggleton
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


UPTON GREY: Creditors' Proofs of Debt Due Nov. 6
------------------------------------------------
The creditors of Upton Grey Holdings Limited are required to file
their proofs of debt by Nov. 6, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 25, 2014.

The company's liquidator is:

          Christopher Kennedy
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


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C H I L E
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CHILE: Challenges Await Corporates in 2015, Fitch Says
------------------------------------------------------
Despite the Stable Outlooks for a bulk of the Chilean portfolio of
international corporate ratings, downgrades are expected to
outpace upgrades during 2015 and Negative Outlooks are likely to
increase, according to Fitch Ratings.

Macroeconomic conditions remain challenging and domestic demand
should be subdued. Energy costs are elevated and will not decline
in the near term. Prices for iron ore and pulp remain depressed,
while copper prices are trending negative as supply is increasing.
Tax changes will add additional pressure to 2015 corporate cash
flows.

Fitch projects that the median net leverage ratio of its portfolio
of 27 internationally rated corporates will climb above 3.2x by
the end of 2015. This projected leverage level is considerably
worse than 2.2x at the end of 2009 and compares negatively versus
3.0x during 2013. If leverage increases as projected, a number of
downgrades could occur, as several credits are considered weak
within their rating categories. Only four corporates among the
rated portfolio are not rated investment grade - Automotores
Gildemeister ('CCC'), LATAM Airlines ('BB'), GeoPark ('B') and
Masisa ('BB').

Cencosud ('BBB-') and LATAM Airlines remain on Outlook Negative at
the end of 2014, while CFR's rating is on Rating Watch Positive
following its acquisitions by Abbott Laboratories. Default risk is
the highest for Automotores Gildemeister. The Rating Outlook for
the other 23 corporates remains Stable. Debt amortizations are
very manageable. Ten corporates have tapped the international debt
capital markets during 2014 to take advantage of attractive market
conditions, using the proceeds mostly to finance upcoming
maturities. Only Arauco ('BBB'), Endesa ('BBB+') and Telefonica
Moviles Chile ('BBB+') face international bond bullet payments in
2015.

A wild card in rating activity is the direction and level of
change in the Chilean peso, which floats more freely than other FX
rates in the region and is a key component of profitability for
corporates in the agriculture, mining, wine and pulp sectors. The
FX rate also determines the competitiveness of manufacturing
companies that compete versus imports. The Chilean economy is the
most open to foreign trade in Latin America; exports plus imports
are equivalent to nearly 70% of GDP.

Management teams are expected to remain aggressive to the
detriment of creditors in 2015. This is a continuation of
philosophical changes with regards to the optimal capital
structure that has occurred over the past few years and has
contributed to several downgrades. Many Chilean finance teams do
not feel they are compensated for maintaining capital structures
in the 'BBB+' to 'A' rating range. Therefore, they are funding
capex and acquisitions with more debt. This is in contrast to the
1990s, when growth was funded with equity. At that time, owners
and managers were cautious about using debt due to high default
levels in the 1980s. In addition, IPO's were prevalent as
corporates began tapping international capital markets.

Cash flow from operations growth for the group of credits has been
anemic. The 27 Fitch-rated corporate issuers generated $18.8
billion of operating cash flow during 2013, which remains
relatively unchanged from $18.1 billion in 2009. This lackluster
level of cash generation growth occurred despite $68 billion of
capital expenditures. Due to increasing capex during a period of
flat operating performance, the median free cash flow ratio of
these rated corporates fell to negative 2.2% in 2013 from positive
4.3% in 2009.

Corporate cash generation should continue to be lethargic in 2015,
as the outlook for revenue growth is poor and companies face
rising costs. Prices for key international commodities such as
iron ore and pulp are at cyclical lows despite growing demand due
to a global glut of new projects. A surplus of copper supply is
expected in 2015, which could soften prices for this crucial
commodity.

Business confidence has suffered from the approval of tax reforms,
which dramatically changed the existing tax framework, and were
particularly harsh on the treatment of retain earnings. Domestic
demand has not grown as anticipated to offset external weakness.
Fitch lowered its 2014 GDP expectation for the Chilean economy to
1.8% from 4.1% earlier in the year. Growth is predicted to pick up
to 2.6% in 2015.

High energy prices are not expected to abate in the near future.
Chile faces significant challenges in securing reliable sources of
power at competitive prices, as energy prices are driven by
uncontrollable variables such as hydrology and international
prices of fuels. Growing energy demand and a deceleration of
generation investments continues to support high prices. Both the
energy agenda and tax reform measures support the expansion of LNG
capacity and renewable energy versus lower cost energy derived
from coal and large hydropower investments.

Taxes reform measures taken during 2014 will affect all companies
negatively during 2015, although to varying degrees. The corporate
tax rate will progressively increase from 20% in 2013 to 25% in
2017 for the companies that select to use the income attributed
tax regime; for those that select the partially integrated tax
regime, it will increase from 20% in 2013 to 27% in 2018. Certain
tax changes related to the real estate sector could hurt
construction companies during 2015. Alcohol and soft drink
companies faced immediate increases in excise taxes. Consumer
product companies will attempt to pass along higher taxes to their
consumers. Companies in global industries such as mining,
forestry, agriculture and fishing will face a slight weakening of
their global competitiveness.

Free cash flow will likely remain negative for the majority of
companies during a period of weak operating performance. Dividends
and capex won't decline to the level needed for positive free cash
flow and declining leverage trends. In fact, the recently enacted
tax reform measures now make it more likely that dividends will
increase, not decrease.

During the past five years, the median ratio of capex to
depreciation for Chilean corporates has ranged between 1.4x to
1.7x. Declining business confidence could result in a scaling back
of future projects. In addition, the approval process for new
investments has increased its complexity. Public concern for
environmental issues translated into greater judicial, political,
and regulatory oversight of important projects. Companies need to
seek increased participation of neighboring communities and engage
in public debate on high impact projects, mainly those focused on
extractive and energy industries. The risk of not managing these
projects successfully is high and can be translated into the
stoppage of projects and working operational units.


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


CARIBBEAN AIRLINES: Drops Fuel Surcharge as Oil Price Falls
-----------------------------------------------------------
Trinidad Express reports that state carrier Caribbean Airlines
Limited has disclosed the immediate removal of fuel surcharges on
all routes between North America and the Caribbean, and within the
Caribbean.

The report notes that George Reeleder, vice-president of
Commercial and Customer Service, said in a statement, "This is
great news for Caribbean Airlines customers.  With the reduction
in jet fuel prices we have removed the surcharges as they were
only ever planned to be of temporary nature," Trinidad Express
relates.

The fuel surcharge was introduced to cover additional costs when
the price of fuel was over US$100 per barrel, CAL said, according
to Trinidad Express.

The report notes that United States oil prices have been hovering
around US$80 a barrel.

The report adds that CAL's surcharge on flights has been between
US$20 and US$32 one way, depending on the destination.

"We never wanted this surcharge to be a permanent feature of our
fares.  Thus, when our largest expense -- fuel, came down, we
wanted our customers to benefit.  As we approach the Christmas
travel season, there could not be a better time to remove this
surcharge," the report quoted Mr. Reeleder as saying.

                  About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


FIRST CITIZENS BANK: Durham-Kissoon Resigns as Director
-------------------------------------------------------
Trinidad and Tobago Newsday reports that Michelle Durham-Kissoon
has resigned as a member of the board of directors of First
Citizens Bank (FCB).

This information was contained in a memorandum issued by the TT
Stock Exchange (TTSE) in which it indicated that Ms. Durham-
Kissoon's resignation took effect on November 1, according to
Trinidad and Tobago Newsday.

Ms. Durham-Kissoon is a Deputy Permanent Secretary at the Finance
Ministry.

No reasons were given for her resignation either by the TTSE.
Efforts to contact FCB to find out why Ms. Durham-Kissoon resigned
were unsuccessful, the report notes.  Ms. Durham-Kissoon was one
of six persons who were approved by Cabinet to be members of the
board of FCB in May, the report relays.

The others were former Attorney General Anthony Smart (the current
FCB chairman), Witco managing director Jean Pierre Du Coudray,
Joel Pemberton, Courtenay Williams and Hazar Hosein, the report
discloses.

The appointments were made following First Citizens' first annual
general meeting as a public company at the National Academy for
the Performing Arts (NAPA) in Port-of-Spain on May 12, the report
notes.

The report relays that at that meeting, Corporation Sole,
represented by permanent secretary in the Ministry of Finance,
Vishnu Dhanpaul, voted against the re-election of and refused to
support directors Nyree Alfonso, Rishi Baddaloo, Shobee Jacelon
and Marlene Juman.  Mr. Alfonso was First Citizens chairman at the
time, the report notes.  Ms. Juman is the Permanent Secretary in
the Ministry of the Attorney General.

The report discloses that the need for new directors came about
when former First Citizens group chief risk officer, Philip
Rahaman purchased 659,588 bank shares costing TT$14 million during
its Initial Public Offering (IPO) and sold 634,588 of those shares
four months later on January 14, at a TT$12 million profit.

The matter is currently under investigation by the Police Service,
the Director of Public Prosecutions and the Securities Exchange
Commission (SEC), the report adds.

                  About First Citizens Bank

First Citizens Bank Limited is headquartered in Port of Spain,
Trinidad and Tobago, and is 82.64% owned by the Republic. The bank
reported total consolidated assets of TT$ 35.8 billion (US$ 5.6
billion) and shareholders' equity of TT$6 billion (US$ 945
million) as of March 31, 2014.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2014, Moody's Investors Service has downgraded First
Citizens Bank Limited (FCBL) standalone bank financial strength
rating (BFSR) to D+ from C-, lowering the baseline credit
assessment (BCA) to baa3 from baa1.  The outlook has been revised
to stable from negative.


TRINIDAD CEMENT: Workers Reinstated After 2012 Strike
-----------------------------------------------------
Carolyn Kissoon at Trinidad Express reports that Trinidad Cement
Ltd (TCL) workers who were barred from returning to work,
following a 90-day strike in 2012, were reinstated Nov. 2.

Eleven workers were escorted by Oilfields Workers' Trade Union
(OWTU) President General Ancel Roget and executive members through
the gates of the Claxton Bay cement producer, according to
Trinidad Express.

The report notes that the workers were allowed back on the
compound following discussions with the trade union and the
company's new board of directors.

They were among workers who faced disciplinary action after 600
employees walked off the job over stalled wage negotiations in
2012, the report relates.

The report notes that the OWTU served strike notice on the company
stating it had become necessary because the company failed to put
a decent offer on the table.  The reinstatement of the workers was
described as historic in the OWTU calendar, the report relays.

"We feel very vindicated this morning, the OWTU and the workers of
TCL.  This morning ten out of 11 workers returned to work.  The
only reason why it don't have all 11 going to work this morning is
simply because one of those workers, I am informed, is out of the
country," the report quoted Mr. Roget as saying.

The report relays that Mr. Roget said the workers were within
their rights to take strike action in 2012.

"That the strike was aimed at proving to the company that without
the workers, there would be no normalcy and no normal levels of
production.  As that matter went before the court, the court
supported the union's call for a decent adjustment on wages and
salaries and therefore the workers got their day in court and they
got justice in court in respect of the strike," Mr. Roget said,
the report notes.

The report relays that Mr. Roget accused the company of
victimising workers after the strike ended in June 2012.

Mr. Roget said TCL's executive recognized that it was senseless to
keep the remaining 11 workers out and therefore a decision was
taken to have them return to work, the report notes.

The report discloses Mr. Roget said all 70 workers who were locked
out following the strike were back on the job.

"These workers will be reinstated and they will receive all that
was lost over the period of being kept out until Nov. 3. They are
expected to go back into the same positions.  We will be looking
out closely for any acts of victimization," Mr. Roget said, the
report relays.

TCL Chairman Wilfred Espinet said the company was ready to
continue its program to restructure the company, notes the report.

Mr. Espinet said the company appreciated workers and was against
victimization, the report says.

"I think that surely the intention here is for us to build bridges
and that is the purpose for the whole board that has come into TCL
now, so thank you very much," Mr. Espinet added, the report
discloses.

TCL will hold its annual general meeting at the Hilton Trinidad on
November 21, the report adds.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
6, 2014, RJR News said Dr. Rollin Bertrand, Chief Executive
Officer of Trinidad Cement Limited, the parent company for
Jamaica's Caribbean Cement Limited, was sacked.

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

On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings
Services lowered its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'D' from 'B'.  The downgrade reflects TCL's
missed debt service payments due Sept. 30, 2014.

On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.

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


TRINIDAD & TOBAGO: Local Banks Should Take More Risk Says Minister
------------------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
Trinidad and Tobago Trade Minister Vasant Bharath said local
banks "need to take a little more (investment) risk" in areas such
as Information and Communication Technology (ICT) and tourism.

Minister Bharath was responding to Newsday's questions Nov. 3
about foreign investors being able to access credit locally, based
on Trinidad and Tobago's ranking of 36 out of 189 economies on the
"Ease of getting credit" rating in the 'Doing Business 2015'
report.

Jamaica outranked Trinidad and Tobago at number 12 while the
Dominican Republic ranked 89, which was 42 places above Grenada
and Dominica, who both scored 131, according to Newsday.

"Credit is the lifeblood of business," the report quoted Minister
Bharath said, "particularly (for) organizations that may wish to
expand," Newsday relays.

"Our banks have traditionally been very conservative in their
policies and that's stood us in good stead actually because they
didn't go out and invest in all kinds of overseas equity assets,
which is what created the financial disaster in 2008," Minister
Bharath said, Newsday discloses.

Newsday says that Minister Bharath noted however that TT banks
"need to start taking a little more risk.  Their profits are quite
high and they seem content with that but I think that more and
more, banks are starting to understand that to go after more
business, they need to take a little bit more risk."

Newsday notes that asked which sectors the banks should be more
willing to approve loans/provide credit to clients in, Minister
Bharath told Newsday, "I would like them to look at the areas that
Government has identified for diversification of the economy."

Minister Bharath listed financial services, tourism, the creative
industries sector, agro-processing, the maritime sector and ICT,
in which "Government has committed to spend TT$2.4 billion on ICT
infrastructure to allow more entrepreneurial business to take
place across the country rather than being concentrated in certain
towns or sectors of the economy," Newsday relays.

Trinidad and Tobago was hailed as one in the "top ten" economies
which "improved the most in performance" in the 'Doing Business
Report 2015', which was released last Wednesday, October 29, the
report says.

Doing Business report ranks economies in terms of the ease of
doing business in a variety of categories, such as starting a
business, registering of property, paying taxes and labor market
regulations, Newsday relays.

The Doing Business report stated that, "being recognized as top
improvers shows that thanks to serious efforts in regulatory
reform in the past year," TT, Tajikistan, Benin, Togo, Cote
d'Ivoire, Senegal, the Democratic Republic of Congo, Azerbaijan,
Ireland and the United Arab Emirates have all "made the biggest
advances toward frontier in regulatory practice," Newsday adds.


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


LATAM: Faces Weak Demand, US Interest Rate Increase, Says Fitch
---------------------------------------------------------------
Fitch Ratings says in a new report that external forces continue
to pressure Latin America, but local risks are also on the rise.
"Growth remains sluggish in the region, which when added to shaky
global demand, slower growth in China, a potential US interest
rate increase, and sluggish commodity prices, increases credit
risk," said Peter Shaw, Regional Credit Officer for Latin America.

Anemic domestic economies highlight the need for further reforms
to bolster or build investor confidence. Colombia and Mexico
remain bright spots, with the latter, in particular, poised to
benefit from substantial reform momentum and renewed demand in the
US.

Personal indebtedness is increasing against a backdrop of slowing
wage increases and higher unemployment.

Corporate capex has seen little growth and revenues have slowed
which, when combined with a difficult operating environment, led
to a rising number of corporate downgrades during the last two
years.

International markets are less likely to be receptive to lower-
rated Latam borrowers. Higher refinancing needs in 2016-17, and
depreciating currencies, raise the FX risk inherent in foreign
currency borrowing though maturities of LATAM corporate
international bond debt in 2015 remain light.


                            ***********


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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