TCRLA_Public/141107.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, November 7, 2014, Vol. 15, No. 221


                            Headlines



A R G E N T I N A

ARGENTINA: Debt Battle Arrives in London With High Court Appeal
YPF SA: Quarterly Profit Doubles on Higher Production and Sales


B R A Z I L

ANHANGUERA EDUCACIONAL: S&P Affirms 'BB' Rating; Outlook Stable
BRAZIL: Senate Clears Rate Cut on State Debt With Government


C A Y M A N  I S L A N D S

BEAGLE HOLDINGS: Shareholder to Receive Wind-Up Report on Nov. 14
BRACKEN LIMITED: Shareholder Receives Wind-Up Report
EFP (CAYMAN) I: Shareholder to Receive Wind-Up Report on Nov. 14
EFP (CAYMAN) II: Shareholder to Receive Wind-Up Report on Nov. 14
HB CREDIT: Members Receive Wind-Up Report

KEEPER RESOURCES: Members Receive Wind-Up Report
KEEPER RESOURCES INTERNATIONAL: Members Receive Wind-Up Report
OPTREX LIMITED: Shareholder Receives Wind-Up Report
SALVIA INVESTMENT: Shareholders Receive Wind-Up Report
STARFIRE LIMITED: Shareholder Receives Wind-Up Report

TOURADJI MERGER: Shareholders to Hear Wind-Up Report on Nov. 20


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Talks leading to Electricity Pact Start Mid Nov.


M E X I C O

ACAPULCO, MEXICO: Moody's Affirms B3 Issuer Rating
CAPAMA: Moody's Affirms B3 Issuer Rating; Outlook Stable


P U E R T O    R I C O

PUERTO RICO ELECTRIC: May Delay Debt Repayment, Says Klayman


T R I N I D A D  &  T O B A G O

SCOTIABANK: Closing Branches to Cut Costs
TRINIDAD & TOBAGO: Chamber Cautions Government on Spending
TRINIDAD & TOBAGO: Ex-Cane Farmers Want EU Funds


                            - - - - -


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


ARGENTINA: Debt Battle Arrives in London With High Court Appeal
----------------------------------------------------------------
Elaine Moore and Benedict Mander at Jamaica Gleaner reports that a
group of investors in Argentine debt are appealing to the UK's
High Court to unfreeze more than EUR200 million deposited by the
country in the Bank of New York Mellon.

Hedge funds, including Knighthead Master Fund and Quantum
Partners, claim that because the euro-denominated bonds they own
are governed by English law, they should not be subject to a New
York court ruling earlier this year blocking interest payments,
according to Jamaica Gleaner.

The report notes that the hearing refers to a 2012 ruling by US
Judge Thomas Griesa, who decided that Argentina could not make
payments to investors holding its overseas bonds unless it also
paid so-called holdout investors, who rejected bond swaps in 2005
and 2010.

After failing to reach an agreement with holdout bondholders
Argentina defaulted on its debt this summer, although it has tried
to make payments to investors holding its restructured debt, the
report relates.

In June, Buenos Aires deposited EUR225 million (US$280 million)
with trustee BNY Mellon for euro-denominated bondholders, but the
bank was ordered by New York courts not to make the payments, the
report discloses.  The funds are currently held in a bank account
in Argentina.

BNY Mellon, which Argentina has sought to replace as trustee, said
it was not required to act in a way that would place it in
contempt of the New York court, the report says.

The report relays that the case comes days after a group of
Italian investors lost their bid to retrieve interest payments
made by Argentina and held by BNY Mellon.  Behind these claims
lies the question of how far US court jurisdiction should reach,
the report notes.

Argentina and the holders of its restructured debt have tried to
reduce the scope of Judge Griesa's equal treatment "pari passu"
ruling and free up funds that are currently in limbo under several
jurisdictions, the report says.

This month, a US appeals court dismissed Argentina's appeal of
Judge Griesa's order preventing BNY Mellon from transferring funds
to holders of the restructured debt that is not governed by US
law, the report notes.

A hearing with Judge Griesa is due on December 9 to consider
whether Citigroup should be allowed to process an interest payment
Argentina is scheduled to make on December 31 on some of its
restructured bonds issued under Argentine law, the report
discloses.

The report says that a federal judge in Argentina also denied a
petition this month from investors seeking access to funds frozen
in BNY Mellon, and the investors are now awaiting a decision from
the court of appeals.

There is also a case pending in Belgium, where a group of
investors have sued Bank of New York Mellon Brussels and Euroclear
Bank in Belgium in an attempt to receive payments, the report
adds.  A hearing is expected in 2015.

                           *     *     *

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.

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'.


YPF SA: Quarterly Profit Doubles on Higher Production and Sales
---------------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that YPF SA said third-
quarter profit more than doubled on higher production and sales as
its fuel price increases beat inflation.

Net income rose to ARS3.2 billion (US$376 million), or ARS8.19 a
share, from ARS1.4 billion, or ARS3.6, a year earlier, Buenos
Aires-based YPF said in an Argentine regulatory statement Nov. 5,
according to Bloomberg News.  That beat the 6.13 peso per share
profit, excluding some items, of four estimates compiled by
Bloomberg.

More than two years after President Cristina Fernandez de
Kirchner's government expropriated YPF from Repsol SA, the
producer increased gas output by 26 percent and crude by 5 percent
in the quarter, Bloomberg News notes.  The increase was triggered
by production from Vaca Muerta, a Connecticut-sized formation in
southern Argentina considered the world's second-largest shale gas
deposit and fourth-largest shale oil field, notes the report.
Chevron Corp. and Dow Chemical Co. are among YPF SA's shale
development partners.

While controlled by Madrid-based Repsol, the company's output slid
at an average 6 percent rate for almost a decade, Bloomberg News
relays.  Argentina expropriated YPF SA in April 2012 to stem fuel
imports that doubled to US$9.4 billion in 2011 because of the
decline.

The report says government controlled-YPF SA has raised fuel
prices by 42 percent this year, allowing the company to beat
inflation and devaluation.  Consumer prices have risen an
estimated 39.5 percent in the past year, according to Buenos
Aires-based research firm Elypsis, Bloomberg News relates.  Sales
at gas stations increased 62 percent in the quarter, YPF SA said.

                        Generating Cash

The company is also proving to be resilient to the country's
second default in 13 years after Argentina missed a July 30
interest payment of US$539 million, Bloomberg News says.  YPF SA
has been able to generate enough cash to finance operations
without having to go to the international market to raise funds,
Bloomberg News discloses.

The report says the company's cash flow increased 95 percent
compared with the same period a year ago to ARS18.2 billion.  The
average cost of peso debt in the quarter was 25.1 percent and 6.7
percent for dollar debt.  YPF SA's board approved selling as much
as US$638 million of bonds, the company said in a separate
statement obtained by Bloomberg News.

                       About YPF SA

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

                       *     *     *

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


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


ANHANGUERA EDUCACIONAL: S&P Affirms 'BB' Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA-' national scale ratings on Anhanguera Educacional
Participacoes S.A. (Anhanguera).  The outlook was stable.  After
the affirmation, S&P withdrew all the ratings at the company's
request.

The affirmation followed the merger of Anhanguera and Kroton
Educacional S.A. (Kroton) after the antitrust body's approval.
S&P now analyzes Anhanguera as a "highly strategic" subsidiary of
Kroton, and believe that there are many efforts to integrate and
obtain operating synergies of the two large entities.  Although
Anhanguera is the new entity's large asset with about 50% of
EBITDA contribution and is highly unlikely to be sold, it has a
limited track record on the likelihood of support from its new
parent company.  The combined entity is the largest player in
Brazil's for-profit education segment, with about 1 million
students enrolled in its on-campus and distance learning programs.

S&P viewed the company's business risk profile as "fair,"
reflecting higher geographic concentration than those of its
global peers due to its operations limited to Brazil, where the
market is highly fragmented and competitive.  The offsetting
factor was Anhanguera's stronger profitability than of its peers
and the favorable industry trends due to government subsidies to
fund student tuition fees, which through the FIES program
represent almost 50% of the student base.

The "intermediate" financial risk profile reflected the stronger
cash flow generation, which reduced the leverage metrics.  Both
companies have a history of a debt-financed acquisitive strategy,
but they have reduced debt rapidly through the stronger cash flows
following the acquisitions.  In addition, S&P's comparable rating
analysis on Anhanguera was negative to reflect the company's
credit metrics in line with the "significant" financial risk
profile on a stand-alone basis, weaker than its main Brazilian
peers, Estacio and its parent Kroton, regardless of the merger.


BRAZIL: Senate Clears Rate Cut on State Debt With Government
------------------------------------------------------------
Mario Sergio Lima at Bloomberg News report that Brazil's Senate
approved legislation that reduces the interest rate that states
and cities pay on their debt with the federal government.

In a unanimous vote, 63 senators approved a bill that changes the
rate to the official IPCA annual inflation index plus 4 percent of
interest a year, or the central bank's benchmark interest rate if
it's lower, according to Bloomberg News.  The current rate is the
IGP-DI inflation index plus 6 percent to 9 percent of interest a
year.  The lower house last year approved the legislation, which
now goes to the president for final approval.

Bloomberg News says that the Senate also decided to extend the new
rules to a portion of prior debt.  The legislation threatens to
further erode the federal government's fiscal situation at a time
when it's struggling to avert a credit downgrade, Felipe Salto, an
analyst at consulting company Tendencias Consultoria, said by
phone before the vote, Bloomberg News relays.

"This change was long due because states and cities are in a
difficult financial situation, especially the poorer ones,"
Bloomberg News quoted Mr. Salto as saying.  "But extending the new
rules to old debt could have a negative impact over the country's
budget and this wouldn't go well with rating companies."

Bloomberg News notes that the cost to protect the nation's debt
securities against non-payment for five years fell 1.2 basis point
to 162 basis points at 8:02 p.m. local time on Nov. 6.

                      Full Amount

Bloomberg News relays that the Finance Ministry calculates the
full amount of debt from states and cities at BRL489 billion
(US$195 billion), according to an e-mail from the ministry's press
office.  The IGP-DI has averaged 8.5 percent since 1998 and the
IPCA 6.3 percent.

The legislation will have an impact of about BRL1 billion on the
Treasury next year, without changing the primary budget that
excludes payments on interest, a Finance Ministry official told
reporters after the vote, declining to be named because of
internal policy, notes Bloomberg News.

Brazil's budget deficit widened to BRL69.4 billion in September,
more than twice the BRL31.1 billion median estimate in a Bloomberg
survey of six analysts.  For the first time ever, Brazil posted a
primary deficit for the first nine months of the year, totaling
BRL15.3 billion, Bloomberg News adds.

Moody's Investors Service on Sept. 9 cut Brazil's credit rating
outlook to negative from stable, arguing that the country's
economy is unlikely to improve in the short term.  Criticism over
growth and fiscal management prompted Standard & Poor's in March
to downgrade Brazil's sovereign credit rating to BBB-, one level
above junk.


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


BEAGLE HOLDINGS: Shareholder to Receive Wind-Up Report on Nov. 14
-----------------------------------------------------------------
The shareholder of Beagle Holdings Limited will receive on
Nov. 14, 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


BRACKEN LIMITED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Bracken Limited received on Nov. 6, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Company Secretaries Ltd.
          P.O. Box 1350 Clifton House
          75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


EFP (CAYMAN) I: Shareholder to Receive Wind-Up Report on Nov. 14
----------------------------------------------------------------
The shareholder of EFP (Cayman) Funding I Limited will receive on
Nov. 14, 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


EFP (CAYMAN) II: Shareholder to Receive Wind-Up Report on Nov. 14
-----------------------------------------------------------------
The shareholder of EFP (Cayman) Funding II Limited will receive on
Nov. 14, 2014, at 9:15 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


HB CREDIT: Members Receive Wind-Up Report
-----------------------------------------
The members of HB Credit & Finance Limited received on Nov. 3,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


KEEPER RESOURCES: Members Receive Wind-Up Report
------------------------------------------------
The members of Keeper Resources Inc. received on Oct. 24, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Beat Schurch
          c/o Maples and Calder, Attorneys-at-law
          Att Aisling Dwyer
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


KEEPER RESOURCES INTERNATIONAL: Members Receive Wind-Up Report
--------------------------------------------------------------
The members of Keeper Resources International Inc. received on
Oct. 24, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Beat Schurch
          c/o Maples and Calder, Attorneys-at-law
          Att Aisling Dwyer
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


OPTREX LIMITED: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Optrex Limited received on Nov. 6, 2014,
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Company Secretaries Ltd.
          P.O. Box 1350 Clifton House
          75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


SALVIA INVESTMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Salvia 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


STARFIRE LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Starfire Limited received on Nov. 6, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Company Secretaries Ltd.
          P.O. Box 1350 Clifton House
          75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


TOURADJI MERGER: Shareholders to Hear Wind-Up Report on Nov. 20
---------------------------------------------------------------
The shareholders of Touradji Merger Arbitrage Offshore Fund, Ltd
will hear on Nov. 20, 2014, at 4:00 p.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


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


DOMINICAN REP: Talks leading to Electricity Pact Start Mid Nov.
---------------------------------------------------------------
Dominican Today reports that the director of the Economic and
Social Council (ECOSOC) disclosed that the talks aimed at striking
the Electricity Pact will start mid November after the methodology
leading to the discussion and schedule are defined and approved.

Monsignor Agripino Nunez met with the members of the Electricity
Pact Coordinating Committee and with Presidency chief of staff
Gustavo Montalvo, to define the methodology and timing of the
talks, according to Dominican Today.

The report discloses that the prelate said the Coordinating
Committee has been working taking into account the experience of
the Education Pact, but noted that the scenario in which the
electricity agreement will be developed will be more complicated
than with education.

Mr. Nunez said whereas the funds for the education pact come from
the national budget, many interests would, in his view, exert
their influence over an electricity agreement, the report relays.

Mr. Nunez said he expects talks with generosity and openness and
where the nation's interest will be placed above personal
interests, and that he has faith on the good will and
determination to find a solution, the report adds.


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


ACAPULCO, MEXICO: Moody's Affirms B3 Issuer Rating
--------------------------------------------------
Moody's de Mexico affirmed issuer ratings of B3 (Global Scale,
local currency) and B1.mx (Mexico National Scale) of the
municipality of Acapulco and changed the outlook to stable from
negative.

At the same time, Moody's affirmed debt ratings of Ba3 (Global
Scale, local currency) and Baa1.mx (Mexico National Scale) of a
MXN 360 million enhanced loan of the municipality of Acapulco with
Scotiabank.

Ratings Rationale

The outlook stabilization reflects Moody's expectations that the
municipality will continue implementing measures to contain
expenditures and increase own-source revenues. As a result,
Moody's expect Acapulco to register an improvement in operating
and financial metrics along with moderate debt levels.

Acapulco has implemented measures to contain current expenditures
during 2013 and 2014, such as a decrease of transfers to
decentralized entities which have resulted in an improvement of
the municipality's gross operating balance. Gross operating
balance was equivalent to -6.0% of operating revenues during 2013,
compared to a -8.7% in 2012. Acapulco is also in the process of
updating its property taxpayers database, which in Moody's view
will contribute to continue increasing collection of own-source
revenues. As such, Moody's expects that the improvements in its
operating metrics will continue in the following years.

The improvement of its gross operating balance along with an
adjustment of capital expenditures to available revenues has lead
Acapulco to register cash financing surplus in 2013 equivalent to
19% of total revenues. As a result, net direct and indirect debt
levels decreased to 23% of operating revenues at the end of 2013,
compared to a peak of 32.8% in 2012.

Acapulco's debt profile improved during 2013 after the default
registered in December 2012. The municipality's debt comprises
only long term debt under a paying trust structure. Acapulco
pledged a percentage of its participation revenues ensuring timely
debt service payments. The municipality does not plan to acquire
additional short nor long term debt.

What Could Change The Ratings Up/Down

An improvement in Acapulco's operating and financial results
leading to an improvement in its cash position, could exert upward
pressure to the ratings. If the municipality fails to continue
with the implementation of measures to increase revenues and
contain expenditures, registering a deterioration of its operating
and financial metrics and/or liquidity and higher than expected
debt levels, the ratings could face downward pressure.

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

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


CAPAMA: Moody's Affirms B3 Issuer Rating; Outlook Stable
--------------------------------------------------------
Moody's de Mexico affirmed issuer ratings of B3 (Global Scale,
local currency) and B1.mx (Mexico National Scale) of CAPAMA and
changed the outlook to stable from negative.

Ratings Rationale

The rating action was prompted by the stabilization of the
B3/B1.mx ratings' outlook of the municipality of Acapulco, its
sole shareholder. The rating action reflects Moody's assessment
that CAPAMA is institutionally, operationally and financially
linked to the municipality. As such, in Moody's view CAPAMA's
creditworthiness is equivalent to that of Acapulco.

The Baa2/Aa2.mx ratings of CAPAMA's MXN 148 million enhanced loan
from Banorte remain unchanged as these reflect the State of
Guerrero's payment obligation and the uplift provided by its
pledge of 1% of the state's participation transfers as well as the
cash reserves for debt service payment embedded in the structure.

What Could Change The Ratings Up/Down

Given the institutional, operational and financial links between
CAPAMA and Acapulco, only an upgrade of the Municipality of
Acapulco's issuer ratings along with adequate financial
performance of CAPAMA could exert upward pressure on the ratings.

A downgrade of Acapulco's issuer ratings or deterioration of
CAPAMA's financial performance could exert downward pressure on
the ratings.

The methodologies used in these ratings were Government-Related
Issuers: Methodology Update published on July 2010 and Rating
Methodology for Enhanced Municipal and State Loans in Mexico
published on June 2014.

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


======================
P U E R T O    R I C O
======================


PUERTO RICO ELECTRIC: May Delay Debt Repayment, Says Klayman
------------------------------------------------------------
Puerto Rico officials recently warned investors in US$8.5 billion
in Puerto Rico Electric Power Authority debt that they should be
prepared to expect repayment delays or reductions as part of the
utility's restructuring.  Klayman & Toskes, together with Carlo
Law Offices in Puerto Rico, is currently handling numerous
securities arbitration claims on behalf of investors in PREPA
bonds.

According to Steven D. Toskes --stoskes@nasd-law.com -- of Klayman
& Toskes, "Our clients were sold PREPA bonds by brokerage firms in
Puerto Rico, and were misled to believe that the bonds were low
risk and backed by the government.  Investors were sold PREPA
bonds which carried an extremely long duration to the year 2040,
which exposed them to interest rate risk and risk of a default.
Our clients were misled and this is not what they bargained for.
Our firm plans on aggressively prosecuting these claims on behalf
of investors in order to hold brokerage firms accountable."

                    About Klayman & Toskes

Klayman & Toskes, a securities and litigation law firm, practices
exclusively in the field of securities arbitration and litigation,
on behalf of retail and institutional investors.  The firm
represents investors throughout the world in securities
arbitration and litigation matters against major Wall Street
brokerage firms.

                         *     *     *

The Troubled Company Reporter, on Aug. 4, 2014, reported that
Standard & Poor's Ratings Services has lowered its rating on
Puerto Rico Electric Power Authority's (PREPA) power revenue bonds
two notches to 'CCC' from 'B-'.  The rating remains on CreditWatch
with negative implications, where S&P originally placed it
June 18, 2014.


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


SCOTIABANK: Closing Branches to Cut Costs
-----------------------------------------
Trinidad Express reports that Scotiabank is closing 35 branches in
the Caribbean to reduce structural costs and duplication of
services, the bank said.

It followed a statement from Scotiabank in Canada that it will
close the branches and sever 1,500 full-time employees.  This
includes 500 in its international operations, according to
Trinidad Express.

But, in response to e-mail enquiries, the bank's Port of Spain
office said it did not have information on how local branches will
be affected, the report notes.

Referring to the statement from Scotia's Toronto head office, the
bank said: "This announcement is about enhancing service to our
customers while reducing structural costs.

"In recent years, International Banking has worked to build our
market position, both through organic growth and selective
acquisitions.  This growth has served Scotiabank well but has also
created some overlap and duplication of services throughout our
footprint.

"As a result, we undertook a review of our operating model and
international distribution network and found opportunities to
strengthen our retail presence by investing in areas that are
going to improve the speed and quality of service for our
customers."

The report notes that the bank said over the coming months, "as we
move forward, we will continue to provide our employees and
customers with more information.  This will take some time and
therefore we do not have detailed information on local impacts at
this time."

Senior vice-president and managing director, Scotiabank Trinidad
and Tobago Ltd Anya Schnoor said: "We have a long history in the
Caribbean and we remain the pre-eminent bank throughout the
region.  This year we celebrate 125 years of operations in the
region and 60 years in Trinidad and Tobago.  We have been
implementing a number of operational efficiency initiatives for
some time in the Caribbean region, and more specifically in
Trinidad and Tobago and we will continue to do so to ensure that
we can provide our customers with better service in the most
efficient way."

The Bank of Nova Scotia, commonly known as Scotiabank, is a bank
based in Canada.  It serves more than 21 million customers in over
55 countries around the world and offers a broad range of products
and services including personal and commercial banking, wealth
management, corporate and investment banking.


TRINIDAD & TOBAGO: Chamber Cautions Government on Spending
----------------------------------------------------------
Leah Sorias at Trinidad Express reports that Trinidad and Tobago
government has been cautioned again about its spending.

Chief Executive Officer of the T&T Chamber of Commerce Catherine
Kumar said that while the price of natural gas has remained
stable, government cannot assume that this will not change,
according to Trinidad Express.

The report relates that Ms. Kumar was commenting on the continued
drop in oil prices below US$80, the price at which the national
budget was based on.  Government has said the country's economy is
heavily based on natural gas prices and not crude oil, the report
relates.

"We are not seeing right now a repeat of what happened in
2007/2008 where we had oil, gas and commodity prices going down.
So from that point of view I think we are still fairly well
protected, but on an overall area of expenditure, the Chamber has
been known to say that expenditure is excessive," the report
quoted Ms. Kumar as saying.  "We believe there are many areas that
expenditure can be controlled or better utilised whereby we ensure
that the state and people of Trinidad and Tobago get value for
money."

The report notes that Ms. Kumar said the Chamber is concerned that
with this country being in an election year there could be
excessive spending.

"All we can do at this time it to caution the government about the
expenditure as we continue to meet with various Ministers because
we really cannot assume that things will always be stable.  Any
Government, and (Finance Minister Larry Howai) coming from the
banking sector, would be conservative and would understand the
threat to the economy if the expenditure continues at the rate it
has been," Ms. Kumar added, the report relays.

Ms. Kumar said a thorough analysis has to be conducted to
determine why businesses continue to have problems accessing
foreign exchange, the report notes.  For the year so far the
Central Bank has injected over US$1 billion into the financial
system, the report notes.

Ms. Kumar maintained that businesses still have problems to get
the currency.  Ms. Kumar was speaking to reporters following the
launch of the 2nd Annual Business Opportunies in Trinidad and
Tobago (BizOppsTT) Conference at the Chamber in Westmoorings.

"There is a particular US supplier of goods to quite a few
suppliers locally who has been in touch with me over and over
because he's having no end to problems in gettting his bills paid.
He knows that it's no fault of the companies he's dealing with,
and those are companies he has been dealing with for quite some
time," the report quoted Ms. Kumar as saying.

Ms. Kumar added that the US supplier has had to resort to
accepting payment in Canadian dollars and then converting this to
US currency (one Canadian dollar is equivalent to US$0.88), says
Trinidad Express.

Members of the Chamber said they continue to have problems
accessing foreign exchange and are forced to join a queue until
the currency becomes available, the report relays.


TRINIDAD & TOBAGO: Ex-Cane Farmers Want EU Funds
------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that fed
up of yet another "extensive delay" in gaining access to European
Union (EU) funds given to government several years ago for use in
post-sugar cane diversification efforts, dozens of cane farmers
and cane-cutters staged a peaceful protest outside the Office of
the Prime Minister (OPM), St Clair.

About two hours after members of the Cane Producers Association of
Trinidad and Tobago (CPATT) first arrived, their General
Secretary, Seukeran Tambie, was told he would be allowed to hand-
deliver a two-page letter to a representative of Prime Minister,
Kamla Persad-Bissessar, according to Trinidad and Tobago Newsday.

The report notes that the letter outlined details of a March 12,
2014 meeting of a Joint Committee, comprising representatives of
the EU, CPATT and the Planning Ministry, in which five key
decisions were taken regarding the document, "Exit Strategy for
Former Sugarcane Farmers and Sugarcane Workers."

The document provides extensive details of how CPATT would like to
use the EU funds in compensation packages for 6,000 former cane
farmers and 3,000 former cane cutters whose livelihood came to an
end with the closure of the sugar manufacturing arm of Caroni 1975
Limited in 2003, the report relates.

Press Secretary to the PM, Francis Joseph, assured Mr. Tambie the
letter would be delivered to Persad-Bissessar Nov. 4, but that she
was unlikely to respond "before the end of the week" due to on-
going CARICOM Inter-Sessional Meeting, which focused on Ebola and
Chikungunya, the report relates.

The report notes that Mr. Tambie asked Joseph to relay a message
to Persad-Bissessar that, "We (CPATT) are calling upon the PM, who
has 600 cane-farming families living in her (Siparia)
constituency, to use her power as the ultimate decision-maker in
Cabinet to address this matter and have things put in place, once
and for all."  Mr. Tambie also read out the letter to the CPATT
members and OPM staff present on the sidewalk afternoon, the
report relays.

The report says that Mr. Tambie noted that eight months have
passed since the March meeting, chaired by Planning Minister Dr.
Bhoe Tewarie, at which the committee "agreed to support the full
compensation package," which Mr. Tambie said would cost TT$1.5
billion to execute.

The first tranche of TT$188 million was due in April 2014, Mr.
Tambie recalled, but he said it was never released.  Hence, the
CPATT's decision to write Finance Minister, Larry Howai, but he
said the group has yet to get a response, the report discloses.

"The next step was implementing the Exit Strategy, and Minister
Tewarie assured us that by June 30, 2014 the first tranche of
funds would be provided, and that there would be no more delays.
Since then, nothing," Mr. Tambie lamented, notes the report.

"We've written, emailed and called the Finance Minister, the
Planning Minister and the Food Production Minister in the months
since that March meeting, but all we've gotten is a run-around.
That's why we chose to come out here.  We have confidence that the
PM will take action to ensure what was agreed to is adhered to,"
Mr. Tambie told Newsday in an interview.


                            ***********


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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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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,
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202-362-8552.


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