TCRLA_Public/141110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, November 10, 2014, Vol. 15, No. 222


                            Headlines



A N T I G U A   &   B A R B U D A

ANTIGUA & BARBUDA: Strike at Port Authority to Affect Businesses
HAWKSBILL HOTEL: Open but Operations Hampered by Water Scarcity


B A R B A D O S

COLUMBUS INTERNATIONAL: S&P Puts 'B' CCR on CreditWatch Positive
COLUMBUS INTERNATIONAL: Moody's Puts B2 CFR on Review for Upgrade


B R A Z I L

ANGLO AMERICAN: Troubled Brazil Mine Finally Ships Iron Ore
BRAZIL: Private Banks Demonstrate 3Q Resilience, Fitch Says
BV FINANCEIRA: Moody's Downgrades Senior Shares Rating to Ba1(sf)
INVEPAR: S&P Affirms 'BB' Global Scale Rating; Outlook Stable
OGX PETROLEO: Owner's Insider-Trading Case an Anomaly


C A Y M A N  I S L A N D S

ARCO HOLDINGS: Shareholders Receive Wind-Up Report
BTG PACTUAL: Shareholder Receives Wind-Up Report
CAPULA INVESTMENTS: Shareholders Receive Wind-Up Report
CONTINENTAL VALUE: Shareholders Receive Wind-Up Report
DIGITAL LI-NING: Shareholders Receive Wind-Up Report

EDGEWATER RE: Shareholder to Hear Wind-Up Report on Nov. 17
FORTUNE CREATION: Sole Member to Hear Wind-Up Report on Nov. 17
FR BRAND: Shareholders Receive Wind-Up Report
FR BRAND MANAGEMENT: Shareholders Receive Wind-Up Report
MAESTRA MANAGEMENT: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Strong Peso helps -0.08% Fall in Oct. Prices
DOMINICAN REPUBLIC: Lawmakers Approve US$14.3 Billion Budget


M E X I C O

MAQUINARIA ESPECIALIZADA: Fitch Cuts Secured Notes Rating to 'D'


P E R U

HOCHSCHILD MINING: Fitch Affirms IDRs at 'BB+'; Outlook Stable


P U E R T O    R I C O

PLAYA HERMOSA: Files Bare-Bones Ch. 11 Petition in Puerto Rico


T R I N I D A D   A N D   T O B A G O

TRINIDAD AND TOBAGO: More Concerns Arising From Telecoms Merger


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 3 to Nov. 7, 2014


                            - - - - -


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


ANTIGUA & BARBUDA: Strike at Port Authority to Affect Businesses
----------------------------------------------------------------
The Daily Observer reports that industrial action at the Antigua &
Barbuda Port Authority was expected to continue for a second day,
on Nov. 6, and work stoppage is likely to affect businesses
awaiting delivery of goods.

On Nov. 5, more than 100 workers staged a sit-in from 10:00 a.m.
until their shift ended at 4:00 p.m. to protest management's
decision to hire an Assistant Cargo Master instead of promoting
"one of the qualified persons" from within, according to The Daily
Observer.

The new Cargo Master, Eduardo Pyle, commenced work Nov. 5.

The report notes that the General Secretary of the Antigua Workers
Union, David Massiah, the representative of the disgruntled staff,
said the bargaining agent is in full support of any action taken
by the workers.

The report relates that Mr. Massiah, who said he objected to the
port's decision since October 27, via letter, called on Prime
Minister Gaston Browne and Labor Minister Steadroy "Cutie"
Benjamin to step in to address the matter.

"What is happening is too much.  We want to raise awareness and
there needs to be proper dialogue . . . never yet in our history
that we've seen an employer make a front-on attack on a collective
agreement where the position is within the collective agreement,"
the report quoted Mr. Massiah as saying.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


HAWKSBILL HOTEL: Open but Operations Hampered by Water Scarcity
---------------------------------------------------------------
The Daily Observer reports that the general manager of Hawksbill
Hotel has described the operations of the all-inclusive resort at
being "at the mercy of the Antigua Public Utilities Authority
(APUA)."

Hawksbill, located on the Five Islands peninsula, re-opened for
business on Oct. 31 after it closed, temporarily, for cleaning
after the passage of Tropical Storm Gonzalo, according to the
Daily Observer.

But, despite being open, the hotel is still operating with limited
water supply, the report notes.  This situation is of major
concern to John St. Luce, the general manager, the report relates.

"Water is a crucial factor right now.  We do not have a
desalination plant, so we rely heavily on APUA and we all know
that APUA is still in a rationing stage where we get water every
other day," the report quoted Mr. St. Luce as saying.

The report notes that Mr. St. Luce said the water was restored to
the hotel only two weeks ago and this was used to facilitate the
cleaning of about 100 rooms, which sustained water damage during
the storm.

The report adds that the manager's concern stems from the fact
that they need to fill the reservoir at the hotel, which will
become dry once occupancy increases.

"We are totally dependent on APUA and we are hoping as days go by
we will get more water to be able to accommodate more guests," Mr.
St Luce said, the report relays.

In terms of other preparedness, the general manager said the
housekeeping team at the facility is working hard each day to get
the rooms ready for their guests, notes the report.

Bars and restaurants at Hawksbill Hotel are also open for
business.


===============
B A R B A D O S
===============


COLUMBUS INTERNATIONAL: S&P Puts 'B' CCR on CreditWatch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate credit
and issue-level ratings on Columbus International Inc. (Columbus)
on CreditWatch with positive implications.

The CreditWatch placement reflects the potential for S&P to raise
the ratings on Columbus to the same rating as that on Cable &
Wireless Communications PLC (CWC), which plans to acquire Columbus
for about $3.025 billion.  Columbus' senior unsecured notes for
$1.25 billion will remain in place unless bond holders are willing
to redeem their bonds at 101% of par, according to the change of
control clause.

The transaction is subject to government and regulatory approvals
and other customary conditions.

"Standard & Poor's will seek to resolve the CreditWatch placement
when the transaction is successfully completed, which could extend
beyond our usual three-month resolution horizon," said Standard &
Poor's credit analyst Marcela Duenas.

Columbus is a privately held, Barbados-based international
business corporation.


COLUMBUS INTERNATIONAL: Moody's Puts B2 CFR on Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade
Columbus International Inc.'s B2 corporate family rating (CFR) and
the B2 debt ratings of its USD 1.25 billion senior unsecured notes
maturing in 2021. The action follows the announcement that
Columbus has entered into a definitive agreement to be acquired by
Cable & Wireless Communications Plc. (CWC, Ba2 negative) in a
transaction totaling USD 3 billion.

Ratings Rationale

"The review was triggered by Cable and Wireless' plans to acquire
Columbus, and Moody's view that it would lead to an enhancement of
Columbus credit profile, given CWC's larger scale and leading
market positions throughout the Caribbean and Panama, as well as
its stronger balance sheet and credit metrics", says Sandra
Beltr n, a lead analyst at Moody's. "In Moody's view the plan, if
executed successfully, is credit positive for Columbus. Whereas
Columbus' leverage calculated as debt/EBITDA reached 5.3x in the
last twelve months (LTM) ended in June 2014, CWC's adjusted
debt/EBITDA was 2.5x in the LTM ended in March of 2014, leading to
expectations of a 3.5x leverage level for the consolidated entity
by the end of 2015.", added Beltr n.

The review will mainly but not exclusively focus on the timely and
successful execution of the acquisition. The rating on the notes
will also be pending on the final capital structure of the
consolidated entity.

Moody's expects to close the review shortly after the closure of
the acquisition which is expected for Q1 2015.

Columbus' B2 corporate family rating reflects its high financial
leverage and negative cash flow generation. The company's recent
history of being active with acquisitions also limits the rating
as it poses event and execution risk. As a small telecom operator
in Central America and the Caribbean, the company also faces high
business risks, mitigated by significant capacity in Columbus'
state-of-the-art sub-sea and terrestrial networks in the region,
which offer room to grow revenues with limited competition. Also
supportive of Moody's view is the upside growth potential for its
cable TV and telecom business in broadband and the company's solid
market shares in its coverage areas.

What Could Change The Ratings Down/Up

Columbus' ratings could be upgraded once the acquisition by CWC is
successfully completed, and if performance of both entities will
improve in 2015 compared to 2014 performance.

Negative rating pressure would build if the announced merger could
not conclude and, if at the same time, Columbus' continues to run
negative free cash flow for an extended period and if interest
coverage, measured by EBITDA minus capex to interest expense,
weakens further. Also, an underperformance of the company's
business on a standalone basis that drives adjusted debt/EBITDA
approaching 5 times with limited prospects for a rapid reduction
would put negative pressure on Columbus' ratings.

Principal Methodologies

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in June
2011.

Columbus International Inc. is a privately held telecommunications
and cable TV company based in Barbados. Columbus provides digital
cable television, broadband Internet, digital landline telephony
and corporate data services in Trinidad, Jamaica, Grenada, Curacao
and Barbados. During the LTM ended in June 2014, Columbus'
revenues and adjusted EBITDA margin amounted to USD 547 million
and 46%, respectively.


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


ANGLO AMERICAN: Troubled Brazil Mine Finally Ships Iron Ore
-----------------------------------------------------------
Paul Kiernan at The Wall Street Journal reports that Anglo
American PLC is finally shipping iron ore from its troubled Minas-
Rio operation in southeastern Brazil, after years of delays and
cost overruns that tripled the project's initial budget and
brought turmoil to the mining company.

The timing, however, couldn't be worse: Iron-ore prices have
plummeted in recent months to their lowest levels in five years,
and analysts are increasingly pessimistic about the prospects for
a recovery, according to The Wall Street Journal.

The WSJ notes that while Minas-Rio's operating costs are low
enough to be competitive in such an environment, the same can't be
said for the US$8.8 billion it cost to build.

"Really it's not going to be very easy to get a return on the
capital we invested in Minas-Rio," said Paulo Castellari, head of
Anglo American's Brazilian iron-ore division, at a news conference
on Nov. 3, the report notes.

The report discloses that London-based Anglo American put 80,000
tons of Brazilian iron ore on a vessel bound for China on Oct. 25,
in what Chief Executive Mark Cutifani described as a "great
victory for our team."  Two more similar-sized shipments are
expected to go out in December, and the company plans to gradually
bring the mine to its full capacity of 26.5 million tons a year
over the next 18 to 20 months, the report relays.

The report says that conceived at the height of the last decade's
commodity boom, Minas-Rio became emblematic of the way
tantalizingly high prices can leave mining companies temporarily
blinded to risks.

Former Chief Executive Cynthia Carroll traveled to Brazil and met
with billionaire Eike Batista, whose business empire collapsed in
bankruptcy last year, the report relays.  Ms. Carroll agreed in
2008 to pay Mr. Batista's mining company, MMX, US$5.5 billion for
Minas-Rio and another, smaller, iron-ore operation in northern
Brazil that Anglo American sold last year, the report recalls.
The company told shareholders that the Minas-Rio project would
cost US$2.7 billion to develop, the report notes.

But rising costs for labor and equipment, environmental suits and
red tape drove up that bill.

Including the acquisition, which analysts now consider hugely
overpriced, the company spent some US$539 per annual ton of iron-
ore production capacity at Minas-Rio, the report says.  That is
more than double the $220 that Brazilian mining giant Vale SA is
spending to open a comparable new mine in northern Brazil, the WSJ
discloses.  And it is more than four times what London-based Rio
Tinto PLC is investing to expand its comparable operations in
Western Australia, notes the report.

"The project has personified Anglo American's wider issues of poor
management strategy, bad capital management and weak operational
performance," said Paul Gait, an analyst at Bernstein Research, in
a recent report obtained by the WSJ.

Ms. Carroll stepped down in 2012.  Mr. Gait gives high marks to
her replacement, Mr. Cutifani, who met the timeline and budget he
set for getting Minas-Rio up and running.

Even with the recent drop in iron-ore prices, the operation should
generate earnings for Anglo American, the report relays.  It will
cost the company US$33 to US$35 a ton to put ore from Minas-Rio on
a ship in Brazil, where the commodity currently fetches between
US$65 and US$67 a ton, according to IronOreTeam, a data provider,
the report notes.

"Our mission now is to prove that we will be able to deliver value
in the operational phase," the report quoted Mr. Castellari as
saying.


BRAZIL: Private Banks Demonstrate 3Q Resilience, Fitch Says
-----------------------------------------------------------
Third-quarter results from Brazil's three largest private banks
confirm expectations for slight performance improvement trends,
despite the country's weak operating environment, says Fitch
Ratings. The agency believes that elevated interest rates are
helping margins, but efforts to keep credit costs under control in
a sluggish economy will remain a challenge for these banks.
Fitch sees the top Brazilian private banks as showing income
diversification, gains on operating efficiency, disciplined risk
management, restrained risk appetite and an overall good
management approach. These attributes support favorable net
interest margin (NIM) trends, which could hold.
However, we believe that continued improvements in the coming
quarters will depend on credit costs amid the challenging
operating environment. Fitch remains cautious about the strength
of the profitability of these banks in fourth-quarter 2014 and
2015, despite the resilient third-quarter results.

Itau Unibanco Holding S.A. (Itau) and Banco Bradesco S.A.
(Bradesco) remain the stronger performers of the three banks,
posting nine month adjusted net income increases of roughly 34%
and 25%, respectively. We expect these two banks to sustain good
profitability levels over the near term. Banco Santander (Brasil)
S.A. (Santander) posted flat profits for the first nine months of
2014, reflecting less flexibility, but still very strong
capitalization levels.

Third-quarter results for each of the banks were robust,
considering the weak macroeconomic indicators and the continuation
of significant competition from the larger market share public
sector banks. Fitch expects Brazil's 2014 GDP growth to be only
0.4%, and its forecast for 2015 is 1.3%, although downside risk
exists.

Asset quality indicators improved, aided by these banks' shift in
their product mixes toward lower risk segments and the maintenance
of conservative lending practices. All three banks have very
comfortable loan loss reserve levels.

Growth in fee income, combined with lower credit costs and higher
cost control, have offset pressured net interest margins. All
three banks have strong levels of capitalization and are expected
to comfortably exceed the minimum Basel III capital requirements
that will be phased in over the medium term.

The increase in the benchmark SELIC rate, which was raised from
7.25% in April 2013 to its current level of 11.25%, should not
only allow for continued net interest margin growth, but also
growth in interest income from their large securities portfolios.
Fair signs of asset quality upholding across the big banks' asset
portfolios should keep credit losses in check.

Details of the banks' reporting include Bradesco showing an
adjusted net income for the first nine months at BRL11.2 billion,
up nearly 25% year over year, resulting in an adjusted ROAE of
20.4% and an adjusted ROAA of 1.6%. The bank also reported its
best ever efficiency ratio of 39.9%. Asset quality metrics were
strong with the over 90-day past due loans-to-total loans ratio at
3.6% and a loan loss reserve-to-over 90-day past due loans (PDL)
coverage ratio at 187%. The BIS Tier I ratio was 12.6% (calculated
according to Brazilian guidelines and not equivalent to fully
loaded Basel III as there is an adjustment period to match
Brazilian guidelines with Basel III rules).

Itau reported an recurring net income of for the first nine months
of nearly BRL15.0 billion, up nearly 34% year over year, resulting
in a recurring 12-month ROAE of 23.6%. and ROAA of 1.8%. The
bank's efficiency ratio reached 45.5%. Asset quality metrics
continued to improve as evidenced by their ratio of over 90-day
PDL to total loans of 3.2% and a coverage ratio of 181%. The Basel
III Tier I ratio was 12.1%.

Santander reported a managerial net profit for the first nine
months of BRL4.3 billion, relatively unchanged year over year,
resulting in an adjusted ROAE (excludes goodwill) of 11.6% and an
adjusted ROAA of 1.2%. The bank reported an efficiency ratio of
50.6%. Asset quality metrics improved as the over 90-day PDL-to-
total loans ratio fell to 3.7% and the coverage ratio for over 90-
day PDL rose to 170%. Basel III Tier I was 17.3%, the strongest
among all of the largest private and public banks.


BV FINANCEIRA: Moody's Downgrades Senior Shares Rating to Ba1(sf)
-----------------------------------------------------------------
Moody's America Latina Ltda. has downgraded the ratings of the
senior shares issued by BV Financeira -- Fundo de Investimento em
Direitos Creditorios I (FIDC BV I) to Ba1 (sf) from Baa2 (sf) on
(Global Scale, Local Currency) and to Aa2.br (sf) from Aaa.br (sf)
(National Scale, Local Currency) and placed on review for further
possible downgrade. The rating action primarily reflects (1) the
uncertainty around the future performance of the pool of auto
loans backing FIDC BV I given the lack of reliable, verified
vintage portfolio performance information to support Moody's
assumptions about their future performance and (2) the likelihood
that the current high level of credit enhancement could erode if
the FIDC BV I continues to purchase new auto loan receivables in
the fund and to issue additional senior shares.

Issuer: BV Financeira FIDC I

Senior Shares -- ratings downgraded to Aa2.br (sf) from Aaa.br
(sf) (National Scale, Local Currency) & to Ba1 (sf) from Baa2 (sf)
(Global Scale, Local Currency); ratings placed on review for
further downgrade

Background

FIDC BV I, which was launched in 2006, is a revolving open-ended
fund whose shares are backed by a pool of predominantly used auto
loans originated by BV Financeira S.A. -- Credito, Financiamento e
Investimento (BV Financeira, not rated). The FIDC, which has a
legal final maturity in June 2026, allows its investors to redeem
their shares at any time upon request. Such redemption requests
will be honored in the order they are received and subject to the
fund having sufficient available liquidity.

As a revolving fund, FIDC BV I, in accordance with its fund
documents, is allowed to buy new auto receivables. From August
2011 to January 2014, however, FIDC BV I stopped revolving as BV
Financeira did not sell additional receivables to the FIDC and the
receivables portfolio started to amortize. In January 2014, the
fund purchased new auto loan receivables. In February 2014,
however, the FIDC BV I failed to meet the standards of the newly
implemented CVM regulation 531, which required new or revolving
FIDCs to have an unrelated third party transaction trustee, and
the fund ceased revolving. In May 2014 Citibank DTVM S.A, which
has acted as the FIDC's master servicer since the transaction's
inception, replaced VAM DTVM Ltda. (an entity related to the
originator) as the transaction trustee. With the change in
trustee, the FIDC came into compliance with the CVM regulation and
started revolving again.

Ratings Rationale

As part of its on-going monitoring, Moody's projects the expected
loss on a securitized pool of receivables and compares it to
credit enhancement available in the transaction. To arrive at its
expected loss levels, Moody's typically relies on up-to-date,
verified vintage portfolio performance information including
cumulative losses, prepayments and recoveries on receivables with
similar characteristics to project future expected performance. In
the case of FIDC BV I, however, since the transaction has started
to revolve again, Moody's has not received reliable, independently
verified and updated performance information on recent vintages of
auto loans originated by BV Financeira. Without this information,
Moody's is unable to accurately determine the expected losses for
the senior shares as the composition of the receivables in the
pool changes over time.

The fund's senior share is currently supported by high levels of
credit enhancement in the form of 76.0% subordination, calculated
as junior shares as a percentage of total shares, according to the
trustee's report as of September 2014. As of the same date, the
receivables pool balance net of non-performing loans provisioning
was BRL 148.0 million and the fund had a cash equivalent asset
balance of BRL 54.3 million, consisting of available cash and
investments in government bond funds and government bonds (Moody's
rates the Brazilian government Baa2). Senior share outstanding
amount was BRL 48.5 million.

The current high credit enhancement levels, however, may decline
over time. In this transaction, credit enhancement provides
protection against loan defaults, interest rate mismatches between
the fixed-rate auto loans and the floating-rate liabilities, and
prepayment risk of the underlying auto loans. The fund can also
use cash and investments to amortize the junior shares, to honor
senior share redemption requests and to purchase additional
receivables.

The eligibility criteria to add new receivables during the
revolving period are not strictly defined in the transaction
documents, and therefore new loan purchases do not need to meet
any established minimum eligibility criteria in terms of loan-to-
value (LTV) at the time of loan origination, age of the vehicle,
whether the financed vehicle is new or used, or maximum term of
the loan. The lack of strict loan eligibility standards, that has
been in place since the inception of the transaction, coupled with
the lack of reliable, verified vintage portfolio performance data
introduces significant uncertainty about the receivables which are
being sold to the FIDC and the potential future performance of the
receivable pool, and in turn, uncertainty about the sufficiency of
credit enhancement to support the ratings going forward.

The downgrade of the fund's senior share reflects Moody's analysis
of the transaction assuming that credit enhancement is reduced to
the minimum required subordination level, and the uncertainty over
the credit quality of the loans being purchased by the FIDC, as
Moody's has seen indication that the underwriting and origination
criteria has varied since the inception of the transaction.

Moody's analysis is based on a number of assumptions, where in the
base-case scenario the subordination level declines to the minimum
required level of 20% established in the fund documents and the
transaction fully used its cash and cash-equivalents to purchase
auto loan receivables and cumulative losses are assumed at 11%,
based on information available from peer comparisons since BV
Financeira has not provided us with performance information
verified by an independent third party. The analysis also assumes
an interest rate stress factor of 1.4x on the future interbank
deposit (CDI) curve, with the CDI rate capped at 18%, since the
transaction does not have an interest rate hedge.

Stress Scenarios:

The transaction's sensitivity analysis shows that if Moody's
expected cumulative losses were higher than the assumed 11%, the
global and national scale ratings of the senior shares could each
be lowered further by one or more notches.

Conclusion of the review:

During the review period, Moody's will (1) analyze any updated,
independently verified vintage performance information that it
receives with respect to BV Financeira's managed portfolio, and
(2) monitor the level of credit enhancement available to support
the senior shares, including cash, investments and adequately
provisioned receivables. If Moody's does not receive the necessary
information to evaluate future performance of the receivables
pool, it will conclude the review using its best estimates derived
from the information available at that point in time, and
thereafter will withdraw the rating on the senior shares due to
lack of sufficient information to maintain the rating.

Factors that would lead to an upgrade or downgrade of the rating:

Given the fund's characteristics and structure as outlined above,
factors that could lead to a further downgrade are the fund's
continued purchase of new receivables for which Moody's does not
receive on-going updated, verified vintage portfolio performance
data that provides a basis for assessing the future performance of
the receivables pool backing the fund. In this case, Moody's will
conclude its review adjusting the ratings to reflect its estimated
expected loss level based on the then available credit enhancement
and proceed to withdrawing the rating. If verified vintage
portfolio performance data is received within the review period,
Moody's will analyze the transaction rating based on the revised
expected loss rate for the receivables portfolio, assuming a
scenario in which the credit enhancement is reduced to the 20%
minimum required level. Depending on the expected loss rate
reported, the global and national scale ratings of the senior
shares could be lowered by one or more notches.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Auto Loan-Backed ABS," published in May 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


INVEPAR: S&P Affirms 'BB' Global Scale Rating; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB' global scale
on Investimentos e Participacoes em Infraestrutura SA - Invepar.
In addition, S&P raised its national scale rating on the group to
'brAA-' from 'brA+'.  The outlook on both scales is stable.  At
the same time, S&P raised its national scale corporate credit and
issue-level ratings on the Invepar's toll road, Concessionaria
Auto Raposo Tavares SA - CART, to 'brAA-' from 'brA+'.

The ratings on Invepar reflect the strong growth prospects of its
portfolio of assets, while investing in several concessions in
toll roads, subways, and airports, including the subway in the
city of Rio de Janeiro (MetroRio) and Latin America's largest
airport, Aeroporto Internacional de Sao Paulo - Andre Franco
Montoro (GRU Airport).  On the other hand, the development of its
portfolio of the nine operating assets, in addition to the five
shared-control partnerships, has pressured Invepar's credit
metrics.

The national scale upgrade does not reflect S&P's expectation of
improved credit metrics in 2014 and 2015, but S&P's belief that
Invepar's main assets are well structured under project financings
that will start generating cash flows in the next two years, while
meeting their debt service costs.  In particular, the inauguration
of GRU Airport's passenger terminal 3 on time and on budget was an
important milestone for Invepar's concession.

Invepar's "satisfactory" business risk profile reflects the
benefits of operating a diversified portfolio of transportation
infrastructure projects in Brazil, as the regulatory and
concession frameworks have proven to be fairly stable.  Even
though the framework for the airport concessions is relatively
new, S&P do not expect a disruption in the contracts.  Despite its
exposure to volume risk, most of Invepar's assets operate almost
as monopolies due to unmet demand for infrastructure and absence
of alternative mode of transportation.  These factors strengthen
the group's competitive position because its revenues rise at rate
well above the Brazilian GDP.  Invepar's competitive advantage is
also based on its large scale, and the asset and geographic
diversification of its portfolio, because its assets are located
in the largest states in terms of GDP (including Sao Paulo, Rio de
Janeiro, Minas Gerais, and Bahia), in addition to a toll road in
Peru.

"We assess Invepar's financial risk profile as "aggressive."  Our
analysis is based on Invepar's consolidated numbers because we
assume the group will likely support the projects and subsidiaries
in which it has a controlling stake, especially those that receive
financing from the Brazilian Development Bank, such as CART, GRU
Airport, and Concessao Metroviaria do Rio de Janeiro SA -
MetroRIO.  We also adjust EBITDA for the amortization of the
concession grant fees, in particular of the payment of the one for
GRU Airport, which we analyze as an operational expense," S&P
said.


OGX PETROLEO: Owner's Insider-Trading Case an Anomaly
-----------------------------------------------------
Denyse Godoy at Bloomberg News reports that less than three years
after Eike Batista was dubbed by President Dilma Rousseff "the
pride of Brazil," prosecutors will try to send the former
billionaire to prison for alleged insider trading in a trial set
for later this month.

He'd be the first, notes Bloomberg News.

In a nation where most big deals leak, no one has ever been
imprisoned for using insider information in the 13 years since
such activity was made illegal, according to Bloomberg News.  And
fines are small: Of the 57 cases of insider trading ruled on by
securities regulator CVM between 2006 to 2013, all but seven
involved fines of less than US$160,000, the report relates.

The auto-regulation board of BM&FBovespa SA, the operator of
Brazil's stocks and derivatives exchange, said last year it
detected 91,000 transactions that showed irregular volumes or
stock-price moves, according to Bloomberg News.  The CVM ruled on
just 10 cases in 2013 and three cases this year.

"Insider trading is clearly widespread in Brazil, and we as
investors would be naive if we didn't believe that," Bloomberg
News quoted David Riedel, president of Riedel Equity Research in
Greenbrae, California, as saying.  "There is a consistent pattern
of leaking. But the problem is not the laws -- it's that they
aren't enforced," Mr. Riedel added.

                  Brookfield, Brasil Brokers

Bloomberg News notes that the benchmark Ibovespa stock index
surged Sept. 16 by the most in two years before a presidential
poll was made public as speculation spread that the survey would
show market-friendly presidential candidate Aecio Neves gaining
voter support.  The poll released two hours after the market
closed confirmed just that.

Brookfield Incorporacoes SA skyrocketed 21 percent on Jan. 23 on
rumors its parent company would take the unit private, Bloomberg
News relates. That deal was announced four days later.

And the CVM said in a statement last week it fined three
controlling shareholders of real-estate brokerage Brasil Brokers
Participacoes SA BRL300,000 (US$120,000) apiece for trading stocks
before the publication of results in 2011, Bloomberg News says.

Bloomberg News notes that Brasil Brokers said in an e-mail that
the company itself wasn't investigated by the CVM for any matter
related to capital markets.  Brookfield referred Bloomberg to a
Jan. 23 regulatory filing after it was questioned by the
BMF&Bovespa and CVM about the share surge.  The company "doesn't
know of any fact that could justify that," it said in the filing,
Bloomberg News relays.

The report notes that CVM said it doesn't comment on specific
cases after being asked if it's investigating the leaked poll or
Brookfield's share surge.  The regulator also said in an e-mail
that it's "doing everything that its legal mandate requires,"
Bloomberg News relays.

                       Case Against Batista

Bloomberg News notes that prosecutors in Rio de Janeiro have filed
charges for alleged insider trading against Batista, who lost most
of his US$34.5 billion fortune when his energy and commodities
empire collapsed, for illegally dumping shares of his oil company
using privileged information.  The company, at the time known as
OGX, tumbled 95 percent in 2013 as it filed for bankruptcy
protection after cutting output targets and halting most
operations, Bloomberg News relays. The case against Batista is
scheduled to start in a Rio court on Nov. 18.

Prosecutors in Sao Paulo also filed charges against three former
OGX executives after filing charges against Batista in September,
Bloomberg News notes.  OGX said it couldn't comment and didn't
have contact details for the executives.

While laws governing financial markets are strict in Brazil, the
CVM doesn't have the technology, people or funding to fully
enforce the rules, Eduardo Salomao Neto, a partner at the law firm
Levy & Salomao Advogados told Bloomberg News.

                        'Big Crimes'

"It's a matter of money, but it's also a matter of creativity,"
Mr. Neto said, adding that Brazil's legal framework hinders
enforcement of all criminal laws, not just white-collar crime,
Bloomberg News notes.  "The regulators could do partnerships with
the police and prosecutors to conduct more sophisticated
investigations that would uncover the big crimes and criminals.
The crimes that are detected and punished now are very small --
there has to be bigger ones nobody ever hears about," Mr. Neto
added.

The CVM said in its e-mail response that budget constraints don't
affect the work it does, Bloomberg News relays.

While not illegal, leaks also regularly appear in newspapers
before official announcements, Bloomberg News notes.  Of the 11
biggest mergers and acquisitions announced in Brazil in the past
two years, newspapers and news agencies reported on at least seven
of them before the official announcement was made, according to
data compiled by Bloomberg News.

                          Credit Suisse

Bloomberg News notes that Medical Diagnostics company Fleury SA
plunged 9 percent on July 31 after Exame magazine reported that
talks to sell the company to private-equity firm Gavea
Investimentos Ltda. had stalled.  Gavea announced last month that
discussions had ended.

Credit Suisse Group AG paid the largest fine in Brazil's history
in an agreement with the CVM that included no acknowledgment of
wrongdoing, Bloomberg News relays.  The Zurich-based bank agreed
to pay BRL19.3 million to end a CVM probe into the alleged use of
insider information.  The investment bank bought Embraer SA's
stock in 2006 before the planemaker announced changes to its
capital and corporate governance structure that would allow it to
trade on the Novo Mercado, a section of the BM&FBovespa with
higher standards of corporate governance, Bloomberg News notes.

Fleury said in an e-mail that it questioned its controlling
shareholder about the Exame report at the time and was told there
wasn't any information it needed to report, Bloomberg News notes.
The regulatory filing about the end of talks was sent on Oct. 20,
immediately after the company was notified, Fleury said.

                    'Sad and Discouraging'

As the Ibovespa posted the world's biggest plunge among major
indexes since the start of September, cases of alleged insider
trading hurt the credibility of Brazilian markets, according to
Maria Helena Santana, a former president of the CVM, Bloomberg
News relays.  Only a fraction of suspicious trades are ever
investigated and punished because the CVM lacks the employees and
technology to better enforce insider trading laws, Ms.  Santama
said.

"In short, it's very sad and discouraging," Bloomberg News quoted
Ms. Santana as saying.

And that's what makes Batista's case so unusual, said Mr. Riedel
from the equity research company in California, Bloomberg News
notes.

"Punishing a very high-profile person, like the U.S. did with
Martha Stewart, sends a message," Mr. Riedel said, referring to
the Martha Stewart Living Omnimedia Inc. founder jailed for lying
about a stock sale, Bloomberg News discloses.

Ms. Stewart was released in March 2005 after serving almost five
months in jail and returned to the company in 2012, Bloomberg News
recalls

"Batista may become the example of what not to do," Mr. Riedel
said, Bloomberg News added.


                        About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.



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


ARCO HOLDINGS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Arco Holdings Fund Ltd. received on Oct. 10,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


BTG PACTUAL: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of BTG Pactual Special Purpose Fund II, Ltd.
received on Oct. 27, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815 1764
          Facsimile: (345) 949-9877


CAPULA INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Capula Investments Limited (2010) received on
Nov. 3, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier Fiduciary Services (Cayman) Limited
          c/o Jonathan Roney
          Telephone: (345) 949 9876
          Facsimile: (345) 949-9877


CONTINENTAL VALUE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Continental Value Fund received on Sept. 22,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Charalambos Michaelides
          Telephone: +357 22 555800
          Facsimile: +357 22 555801
          5 Themistokli Dervi Street
          Elenion Building, P.C. 1066 Nicosia
          Cyprus


DIGITAL LI-NING: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Digital Li-Ning Company Limited received on
Oct. 28, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Adrian Chan
          1503 Ruttonjee House, 11 Duddell Street
          Hong Kong


EDGEWATER RE: Shareholder to Hear Wind-Up Report on Nov. 17
-----------------------------------------------------------
The shareholder of Edgewater RE, SPC will hear on Nov. 17, 2014,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          RSM Cayman Ltd.
          Harbour Place, 2nd Floor
          George Town, PO Box 10311
          Grand Cayman KY1-1003
          Cayman Islands


FORTUNE CREATION: Sole Member to Hear Wind-Up Report on Nov. 17
---------------------------------------------------------------
The sole member of Fortune Creation Limited will hear on Nov. 17,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town, Tortola VG1110
          British Virgin Islands


FR BRAND: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of FR Brand Limited received on Oct. 29, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alan G. Schwartz
          c/o Barnaby Gowrie
          Telephone:+1 (345) 914 6365


FR BRAND MANAGEMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of FR Brand Management GP, Ltd. received on
Oct. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Alan G. Schwartz
          c/o Barnaby Gowrie
          Telephone:+1 (345) 914 6365


MAESTRA MANAGEMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Maestra Management Limited received on
Oct. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          103 South Church St., Harbour Place
          P.O. Box 11820, George Town
          Grand Cayman KY1-1009
          Cayman Islands


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


DOMINICAN REPUBLIC: Strong Peso helps -0.08% Fall in Oct. Prices
----------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said October prices fell -0.08 % compared with September, whereas
inflation for the first 10 months stood at 2.44%.

The bank said inflation from October 2013 to October 2014 was
2.88%, or nearly two percentage points lower than the 4.74% in the
same period a year ago, according to Dominican Today.  "This
year's inflation of 2.88% at the end of October 2014 happens to be
the lowest in Latin America, after the dollarized economies of El
Salvador and Panama," the bank said, the report notes.

The Central Bank added that low pressures from external sources
influenced prices, such as a slowed annual depreciation rate of
the Dominican peso in recent months, the report relays.


DOMINICAN REPUBLIC: Lawmakers Approve US$14.3 Billion Budget
------------------------------------------------------------
Dominican Today reports that the Senate approved the 2015 Budget
and its addendum for RD$630.9 billion (US$14.3 billion), as
submitted by the Executive.

Bicameral Budget Committee Chair Tommy Galan said prior to
approving the bill, the senators heard requests from
representatives of various sectors to reach a consensus to ensure
the country's economic and financial sustainability, according to
Dominican Today.

The report notes that Mr. Galan said the amendments will allow
compliance with the commitments in the Administration's program to
rational and austere public spending and improve Dominicans'
standard of living.

The addendum increases the allocation of the Judiciary by RD$100.0
million; RD$200.0 million more for the Constitutional Court; 50
million pesos more for the Accounts Chamber and adds RD$50.0
million for the National Competitiveness Council, the report adds.



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


MAQUINARIA ESPECIALIZADA: Fitch Cuts Secured Notes Rating to 'D'
----------------------------------------------------------------
Fitch Ratings has downgraded the following senior secured notes
issued by Maquinaria Especializada MXO Trust Agreement No. F/00762
(GeoMaq):

-- US$160 million senior secured notes to 'D' from 'C'; RE40%.

On Nov. 3, Fitch received written notification from The Bank of
New York Mellon, as Indenture Trustee, of the intention of the
controlling party to use the balance of the cash in the trust
accounts to pay current and anticipated fees, expenses and
indemnities of the Trust. These payments would be made in lieu of
making payment of scheduled principal and interest. These fees and
expenses were related to amounts due to legal counsel of the
controlling party, the indenture trustee, and financial advisers
to the Trust in connection with the ongoing proceedings and
negotiations with Corporacion Geo S.A.B. de C.V. (Geo Corp.) in
Mexico in an effort to maximize the recovery to the noteholders.
This notice was sent to the noteholders on Oct. 22, 2014.

Together with the notice to the noteholders, Fitch received the
most recent quarterly report from the Mexican trustee. According
to this report, approximately $1.38 million were used to cover
fees and expenses. No payment of principal or interest due on the
notes was made on November 3rd at the noteholders instruction.

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

Key Rating Drivers

The rating action reflects the missed debt service payment of
approximately $5.2 million of principal and interest due on Nov.
3. The outstanding balance of the notes is $150 million. Fitch's
rating addresses the timely payment of interest and principal
according to the original schedule and does not include any
potential acceleration amounts or modifications to the original
conditions.

Fitch assigns Recovery Estimates (RE) to all classes rated 'CCCsf'
or below. REs are forward-looking, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security. Fitch's RE relates to an estimate of the
potential cash flows generated by the underlying asset, including
the potential liquidation of the machinery and expected recovery
on the unsecured claim against Geo Corp.

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

Rating Sensitivities

The 'D' rating assigned to the senior secured notes could be
upgraded upon a restructuring of the notes. Otherwise, the 'D'
rating will be withdrawn within 11 months of today's date.

Transaction Summary

The underlying issuance is a securitization of the payment rights
related to the leasing of existing and future essential
construction machinery pertaining to Geo Corp. Repayment of the
notes is supported by quarterly servicer payments paid by Geo
Corp. during a 10-year period under the terms of the service
agreement (SA) for the operation of the equipment. Upon
termination of the SA, the transaction relied on the funds
deposited in the reserve accounts to make timely debt service
payments


=======
P E R U
=======


HOCHSCHILD MINING: Fitch Affirms IDRs at 'BB+'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign currency Issuer
Default Rating (IDR) and long-term local currency IDR of
Hochschild Mining Plc (Hochschild), and USD350 million 7.75%
senior unsecured notes due 2021 issued by the company's 100% owned
subsidiary in Peru, Compania Minera Ares S.A.C., at 'BB+'. The
Rating Outlook is Stable.

Key Rating Drivers:

Significant Exposure to Argentina:

Hochschild's San Jose mine in Argentina currently represents about
42% of the company's production of silver equivalents and 39% of
its revenues as of the first half of 2014 (1H'14). Management's
strategy is to dilute the exposure of the company to Argentina
through the Inmaculada and Crespo projects so that San Jose
represents about 20% of production and 30% of revenues once
completed. Excluding San Jose's EBITDA from Hochschild's
consolidated financial profile, the company's total debt to latest
12 months (LTM) EBITDA ratio as of June 30, 2014 would stand at
3.4x and net debt to EBITDA at 1.8x, consistent with the rating
category. Hochschild has historically been successful in
extracting dividends from Argentina, although its ability to do so
going forward constitutes event risk.

Low Through-the-Cycle Leverage:

Hochschild exhibits a strong historical track record of very low
leverage. For the LTM to June 30, 2014, Hochschild's total-
debt/EBITDA ratio was 2.4x while its net debt/EBITDA ratio was
1.3x. The average funds from operations (FFO) adjusted leverage
ratio from 2009 to 2013 was 1.0x. Fitch expects the company's
total-debt/EBITDA ratio to peak around 2.5x and its net
debt/EBITDA at around 1.7x for 2014, declining from 2015 onward
following the benefit of Inmaculada's new production volumes.

Comfortable Liquidity:

Hochschild has a robust cash balance and ready access to
additional liquidity through its major shareholder and banking
partners, if required. The company held cash of USD226 million and
short-term debt of USD138 million as of June 30, 2014,
corresponding to a cash/short-term debt ratio of 1.6x. Fitch
forecasts free cash flow (FCF) for the company in 2014 to be
negative, yet despite this it exhibits sufficient liquidity
headroom, even under a worsening commodity price environment. The
short-term debt mostly relates to USD117 million of convertible
bonds that was repaid in October 2014 using part of the company's
proceeds from its USD350 million senior unsecured notes.

Favorable Maturity Profile:

Following the USD350 million senior unsecured 7.875% notes
issuance by Hochschild's wholly owned subsidiary Compania Minera
Ares S.A.C. and repayment of the USD115 million convertible notes,
the company's debt repayment profile was pushed out to 2021, with
no material debt amortization until then. Fitch expects
Hochschild's total debt to peak at around USD475 million in 2014
and decrease to around USD350 million post-2015, following the
completion of Inmaculada.

Resilient Financial Performance:

Hochschild generated EBITDA of USD200 million with a 34% margin
and CFFO of USD105 million as of the LTM to June 30, 2014,
significantly lower than the company's EBITDA of USD347 million
and CFFO generation of USD255 million, respectively, during 2012.
The deterioration reflects higher production costs and lower
silver and gold prices in 2013 and 2014 compared to 2012.
Conversely, the LTM June 2014 EBITDA shows improvement on 2013
EBITDA of USD183 million with a 30% margin. This was due to
Hochschild's acquisition of the 40% interest held by IMZ in
Inmaculada and Pallancanta for USD280 million (including USD73
million of equity) during 2H'13 and immediate benefit in the extra
volumes from Pallancata.

Negative FCF Expected:

Fitch forecasts negative FCF for the company through 2016, yet
despite this it exhibits sufficient liquidity headroom, even under
a worsening commodity price environment. Fitch's base case
indicates FCF of negative USD190 million in 2014 and negative
USD20 million 2015 due to increased capex related to the final
development of Inmaculada. FCF generation is also exacerbated by
decreasing prices for silver, currently volatile at between USD15
to USD17 per ounce and gold hovering between USD1,150 to USD1,200
per ounce. Post-capex, FCF is expected to turn positive in 2017.

Offset by Resilient Credit Metrics:
Offsetting the expected negative FCF for the next three years are
the company's resilient credit metrics as projected with FFO fixed
charge cover around 5x in 2014 and 8x from 2016 onward due to the
full impact of higher production volumes, alongside low leverage.
Due to large capex of USD260 million and a dividend payment
relating to 2012 of USD19 million paid in 2013, Hochschild had FCF
of negative USD213 million in 2013 compared to FCF of negative
USD152 million in 2012 and USD177 million in 2011. The negative
FCF is consistent with Hochschild's forward looking investments to
maintain scale and profitability through a prolonged lower price
environment.

Inmaculada is Crucial:

Completion of Inmaculada is expected to lead to lower cash costs,
increased volumes, and lower capex from 2015 and beyond. The
reduction in cash generation over the last few years reflects the
58% drop in the average price of silver from around USD36 per
ounce in 2011 to around USD15-USD16 per ounce currently. The
company has announced it will pay no dividends this year and none
anticipated in 2015 due to the intensive and vital investment
period during this period of low silver and gold prices.

Leading to Lower Production Costs:

Fitch expects Hochschild's all-in sustaining costs (AISC), which
include general and administrative costs plus exploration,
interest and total capex, to decrease to around USD16 per ounce of
silver equivalents (including gold) as the company's production
volumes benefit from a full year's 100% ownership of Pallancata
during 2014. This cost measure is expected to decrease further
following the volumes received from the Inmaculada mine from
2H'15. This compares to Hochschild's total cash cost of USD25 per
ounce silver equivalents in 2012, illustrating the focus of
management to respond to structural pressures across the industry.

Rating Sensitivities:

Risks from Increasing Costs:

Hochschild's ratings could be downgraded or result in a Negative
Outlook following lower than forecasted sales volumes that could
keep production costs relatively elevated, negatively affecting
the capital structure of the company. Lower sales volumes from
Peru would also exacerbate already significant exposure to
Argentina, currently a volatile jurisdiction. Financial
performance consistently worse than Fitch's base case, such as
sustained total debt to EBITDA leverage above 3.5x, with longer
than expected negative FCF post-Inmaculada completion in 2015,
could also result in a negative rating action.

Positive Rating Momentum:

Significantly diluting the company's exposure to Argentina could
result in a rating upgrade or Positive Outlook. Continued
reduction in production costs to remain profitable through the
precious metal pricing trough, alongside reduction in leverage
with sustained total debt to EBITDA ratios below 2.0x, would also
be requisites under this scenario.


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


PLAYA HERMOSA: Files Bare-Bones Ch. 11 Petition in Puerto Rico
--------------------------------------------------------------
Playa Hermosa Development Corp. sought Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 14-09236) in Old San Juan,
Puerto Rico, on Nov. 6, 2014, without stating a reason.

The Debtor estimated $50 million to $100 million in assets and
$10 million to $50 million in debt.

The case is assigned to Bankruptcy Judge Enrique S. Lamoutte
Inclan.

The Debtor is represented by Diomedes M Lajara Radinson, Esq., at
Lajara Radinson & Alicea PSC, in San Juan, Puerto Rico.



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


TRINIDAD AND TOBAGO: More Concerns Arising From Telecoms Merger
---------------------------------------------------
RJR News reports that concerns have been expressed that Cable &
Wireless' acquisition of Columbus International, which operates
Flow, could lead to a decline in telecommunications competition
across the region and anti-competitive behavior in Trinidad &
Tobago.

Cris Seecharan, Chief Executive Officer of the Telecommunications
Authority of Trinidad & Tobago, has declared that the regulator
was required to approve any change of ownership in licensed
entities, according to RJR News.

The report notes that Mr. Seecharan is quoted in Nov. 7's issue of
the Trinidad Guardian newspaper as saying that, from a regional
perspective, the Flow acquisition would reduce the number of
competitors to two -- Digicel Group Limited and LIME.

The report notes that Mr. Seecharan said the region would be
moving from a position of vibrant competition, with three
competitors, including Flow, to the creation of a duopoly, which
sometimes leads to stagnation in competition that could negatively
affect service affordability.

The regulator has embarked on an analysis of how the transaction
will affect competition and the market, and should conclude that
exercise by February 28, the deadline set by the parties, the
report relays.

                        Allaying Fears

In response to the fears being raised, Phil Bentley, Chief
Executive of Cable & Wireless Communications, has announced that
the company will be writing to regulators on the issues of concern
to them, the report notes.

Mr. Bentle expressed confidence that the company will make the
case that the deal is good for giving choice to customers, the
report relates.

Mr. Bentley said he was hopeful that ultimately the people of the
region will see the positive side to the deal, the report adds.



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


* BOND PRICING: For the Week From Nov. 3 to Nov. 7, 2014
--------------------------------------------------------


Issuer                     Coupon   Maturity   Currency   Price
------                     ------   --------   --------   -----

BES Finance Ltd                 2.9              EUR     211913000
PDVSA                             6  11/15/2026  USD    4500000000
ESFG International Ltd          5.8              EUR      52950000
PDVSA                             6  5/16/2024   USD    5000000000
PDVSA                           5.4  4/12/2027   USD    3000000000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
PDVSA                           5.5  4/12/2037   USD    1500000000
Hindili Industry                8.6  11/4/2015   USD     380000000
BES Finance Ltd                 4.5              EUR      95767000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
SMU SA                          7.8  2/8/2020    USD     300000000
NQ Mobile Inc                     4  10/15/2018  USD     172500000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Venezuela Governement           7.7  4/21/2025   USD    1599817000
Glorious Property Holdings Ltd   13  3/4/2018    USD     400000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Bank Austria                    1.9              EUR      97608000
China Precisoin                 7.3  2/4/2018    HKD    1028000000
BCP Finance Co                  2.4              EUR   99063406.25
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BA-CA Finance Cayman 2 Ltd        2              EUR      51481000
Argentina Bonar Bonds            26  9/10/2015   ARS    5424358000
Inversora de Electrica          6.5  9/26/2017   USD     130263886
BCP Finance Co                  4.2              EUR      72112000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
Argentina Government            4.3  12/31/2033  JPY    5840497000
PDVSA                             6  5/16/2024   USD    5000000000
Argentina Boden Bonds             2  9/30/2014   ARS     930445250
PDVSA                             6  11/15/2026  USD    4500000000
Greenfields Petroleum Corp        9  5/31/2017   CAD      23750000
Hindili Industry                8.6  11/4/2015   USD     380000000
Argentina Government            4.3  12/31/2033  JPY    2553017000
Argentina Bocon                   2  1/3/2016    ARS    1608749924
Argentina Government            0.5  12/31/2038  JPY   21037843000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
Caixa Geral De Depositos Finance  1              EUR      44885000
SMU SA                          7.8              USD     300000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Caixa Geral De Depositos Finance  2              EUR      65843000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BPI Capital Finance Ltd         2.9              EUR      15290000
Banif Finance Ltd               1.6              EUR      42234000
Banco BPI SA/Cayman Islands     4.2  11/14/2035  EUR      20000000
Empresas La Polar SA            3.8  10/10/2017  CLP       5000000
City of Buenos Aires Argentina    2  1/28/2020   USD     146771000
Aguas Andinas SA                4.2  12/1/2026   CLP    3289471.68
City of Buenos Aires Argentina    2  12/20/2019  USD     113229000
Venezuela Governement             7  3/31/2038   USD    1250003000
Empresa de Transporte           5.5  7/15/2027   CLP     3732799.8
Cia Cervecerias Unidas SA         4  12/1/2024   CLP       1050000
Almendral Telecomunicaciones SA 3.5  12/15/2014  CLP     644441.04
Cia Sud Americana de Vapores SA 6.4  10/1/2022   CLP     607142.76
Decimo Primer                   4.5  10/25/2041  USD      37800000
Provincia del Chaco               4  12/4/2026   USD   10111047.85
Ruta de Bosque                  6.3  3/15/2021   CLP    5062781.25
Talcan Chillan                  2.8  12/15/2019  CLP    2978764.16
EMP Ferrocarriles Estado        6.5  1/1/2026    CLP     788572.14


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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