TCRLA_Public/141117.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 17, 2014, Vol. 15, No. 227


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA  & BARBUDA: Government Borrows to Pay Salaries
ANTIGUA & BARBUDA: Government Fires More Workers


A R G E N T I N A

PAN AMERICAN: Fitch Affirms 'B/RR3' LT Sr. Unsecured Bond Rating
YPF SA: Billionaires Soros, Loeb Cut Holdings as Oil Prices Tumble


C A Y M A N  I S L A N D S

ALPSTAR EUROPEAN: Creditors' Proofs of Debt Due Nov. 20
ATHENA STONEHORSE: Creditors' Proofs of Debt Due Nov. 19
COMEZ LIMITED: Placed Under Voluntary Wind-Up
COOPERNEFF MASTER: Creditors' Proofs of Debt Due Nov. 20
FRAIHA LEASING: Creditors' Proofs of Debt Due Nov. 19

GENESIS SECURITIES: Placed Under Voluntary Wind-Up
MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 21
NAVIGATOR CDO 2004: Creditors' Proofs of Debt Due Nov. 19
OHA COAST: Creditors' Proofs of Debt Due Nov. 20
RAMIUS MULTI-STRATEGY: Commences Liquidation Proceedings

REMEDIAL CAYMAN: Commences Liquidation Proceedings


C H I L E

LATAM AIRLINES: Falls After Surprise Loss on Brazil Real Drop


J A M A I C A

NATIONAL COMMERCIAL BANK: Posts J$11.6BB Profit for Yr Ended Sept


M E X I C O

ELEMENTIA SA: S&P Assigns 'BB+' CCR; Outlook Stable
ELEMENTIA SA: Fitch Rates Proposed US$400MM Notes at 'BB+(exp)'
GRUMA S.A.B.: S&P Assigns 'BB+' Rating to $400MM Notes Due 2024
SAN LUIS POTOSI: Moody's Ups Global Scale Issuer Rating to Ba2


P U E R T O    R I C O

PUERTO RICO: Governor to Call Special Session on Bond Bill


V E N E Z U E L A

VENEZUELA: Dollar Income Falls 30% on Lower Oil Prices


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 10 to Nov. 14, 2014


                            - - - - -


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


ANTIGUA  & BARBUDA: Government Borrows to Pay Salaries
------------------------------------------------------
The Daily Observer reports that "government cannot now meet its
payroll expenses from revenue and must borrow to supplement
revenue."

Chief of Staff Lionel "Max" Hurst made the disclosure in a post-
Cabinet interview with state media, according to The Daily
Observer.  The report notes that Mr. Hurst said the Gaston Browne-
administration had to borrow EC$15 million to pay government
workers at the end of October.

"That, I think, is the greatest challenge the government faces
other than the challenge of creating jobs," the report quoted Mr.
Hurst as saying.

Mr. Hurst did not elaborate on where the funds originated, and
attempts to reach Minister of State in the Ministry of Finance
Lennox Weston for answers, were unsuccessful, the report relates.

But, a likely source is the Regional Government's Securities
Market (RGSM) where Antigua & Barbuda obtained EC$20 million
through auctioning Treasury Bills on October 8, the report
discloses.

Mr. Hurst said the Cabinet was very concerned about government's
inability to meet its wages and salaries on time, admitting that
it has struggled to do so since taking office, the report notes.

"We inherited this, and we are five months since the elections of
the June 12th, and clearly this problem persists.  We know that
the way to ensure this problem disappears is to grow the economy
of Antigua & Barbuda," the chief of staff said, the report relays.

The Treasury needs about EC$26 million each month for government
salaries and wages and other emoluments, the report notes.  In
addition, it must find money to pay other obligations to
contractors and suppliers of goods and services, the report
relates.

The Browne administration has reported that since taking office it
has secured over EC$3 billion in investment commitments, the
report notes.  Mr. Hurst said it will take time before these are
translated into growth in the economy, the report adds.

                           *     *     *

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

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

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


ANTIGUA & BARBUDA: Government Fires More Workers
------------------------------------------------
The Daily Observer reports that over 20 workers at the Antigua
Barbuda Transport Board, some of whom have up to 10 years' service
with the institution, were sent packing, and it was allegedly done
without consultation with their union.

The Daily Observer understands another 40 workers are likely to be
let go, but it's uncertain when this would occur.

The report notes that the retrenchment of the more than 20 staff
comes a month after six managers were made redundant, as part of
what the Board said was a restructuring plan for the institution
of 238 staff.

Acting General Manager Hubert Jarvis, told The Daily Observer
media, "About 21 to 22 people were sent home."  Mr. Jarvis said
he's unsure whether more workers would be retrenched, the report
relates.

The acting GM said he was also unable to provide more information
at the time since he was "engaged" and "busy", the report says.
There's no word on how and when the workers would be paid for
years of service and in lieu of notice, among other benefits, the
report discloses.

Representative of some of the workers, David Massiah of the
Antigua & Barbuda Workers Union (ABWU) said he is not surprised by
the move, but would not go as far as to say he's certain it is a
form of victimization against a particular group, the report adds.

                           *     *     *

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

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

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


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


PAN AMERICAN: Fitch Affirms 'B/RR3' LT Sr. Unsecured Bond Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Pan American Energy LLC Sucursal
Argentina's (PAME) long-term senior unsecured bond rating for its
USD500 million notes due May 2021 at 'B/RR3'.  PAME is a fully
owned subsidiary of Pan American Energy LLC (PAE), whose foreign
currency and local currency Issuer Default Ratings (IDRs) are 'B-'
and 'B+', respectively.  PAE is a guarantor of the notes. The bond
rating is notched up above the Argentina country ceiling of 'CCC'
given PAME's overall financial/operational strength and lower
transfer and convertibility risk than other Argentine corporates
given its substantial dollar-denominated exports.

Transfer and Convertibility Risk Mitigated

In 2011, Argentine oil and gas producers lost the right to
maintain up to 70% of export proceeds abroad and are presently
obliged to repatriate 100% of export revenues. Despite these
restrictions, PAME mitigates this risk to a degree by generating
export proceeds abroad that far exceed its foreign debt
obligations. This allows the company to service foreign debt
despite the payment restrictions. In 2013, Pan American Energy LLC
Sucursal Argentina's (PAME) exports totaled USD1.5 billion. This
figure compares well with less than USD500 million of short-term
debt, which is comprised of a mix of amortizations of long-term
debt, intercompany loans and short-term borrowings.

Strong Business Position

PAME has a strong business position in the Argentine market and
its credit metrics are expected to remain strong. Ownership by a
strong parent, reliable cash flow generation and significant
levels of exports support PAE's foreign currency Issuer Default
Rating (IDR), which is rated one notch above Argentina's country
ceiling. PAE is 60% owned by BP plc, which has an IDR of 'A' with
a Stable Outlook. PAME's track record of meeting payments during
stressed sovereign scenarios is also positively factored into its
foreign currency rating, which is higher than that of the
government.

Large Reserve Base

PAME had oil and gas reserves of 1.4 billion barrels of oil
equivalent (boe), equivalent to 18.2 years of production, as of
December 2013. The company has historically increased reserves and
production volumes sustainably, despite operating under a
challenging environment.

Solid Credit Metrics

PAME's leverage is low at approximately USD1.0 of debt per barrel
of proved reserves (as of December 2013). Its liquidity is
equivalent to USD127 million, and the company has adequate access
to financial markets. While the company's leverage may increase in
the future to support the company's growth strategy, PAME's
financial strategy is to maintain a conservative capital structure
that will remain strong for its rating category.

Rating Sensitivities

Catalysts for a negative rating action could include a material
increase in the government's interference in the sector, a
downgrade of Argentina's sovereign rating, and a significant
increase in debt levels without an associated revenue increase.

A positive rating action seems unlikely due to the business
environment in Argentina, as well as the fact that the bond is
rated above the country ceiling.


YPF SA: Billionaires Soros, Loeb Cut Holdings as Oil Prices Tumble
------------------------------------------------------------------
Katia Porzecanski and Camila Russo at Bloomberg News report that
billionaire fund managers George Soros, Daniel Loeb and Richard
Perry cut their stakes in Argentine state-run oil company YPF SA
in the third quarter as Brent crude posted the biggest losses
since 2012.

Soros Fund Management LLC sold about US$17 million of YPF American
depositary receipts to take a 3.4 percent stake in the company as
of Sept. 30, according to a Nov. 14 filing, Bloomberg News notes.
Loeb's Third Point LLC reduced its holding by 2.5 million shares,
or US$92.5 million, to a less than 1 percent stake, Bloomberg News
relates.  Perry Capital LLC said Nov. 13 it sold some of its YPF
shares in the period, leaving it with a 1.2 percent holding,
Bloomberg News relates.

The New York-based hedge funds trimmed their holdings in the third
quarter as YPF, which was expropriated by Argentine President
Cristina Fernandez de Kirchner in 2012, reached a 30-month high in
the stock market and oil began to slide amid rising global output,
Bloomberg News relates.  The oil company has since lost 11 percent
in the fourth quarter as crude plunged to four-year lows.

YPF SA remains Soros's largest position and has become a widely
held security among hedge funds betting on an investment boom once
Argentina settles with creditors from its 2001 default, Bloomberg
News relates.  Kyle Bass's Hayman Capital Management LP bought a
US$79.2 million stake in the third quarter on speculation the
energy company will be the main beneficiary of capital inflows
when the legal dispute is resolved, Bloomberg News discloses.

Argentina defaulted on its foreign bonds in July after Fernandez
refused to comply with a U.S. court order to pay investors from
2001 she calls "vultures," led by Elliott Management Corp., when
paying restructured debt, Bloomberg News relates.  The nation
hasn't sold bonds abroad in more than 13 years, and is prevented
from doing so until the dispute is resolved.

                     'Primary Beneficiary'

"Once the issues with the vultures have passed, Argentina will
attract hundreds of billions of dollars of FDI," Mr. Bass said in
a statement e-mailed Nov. 14, Bloomberg News notes.  "YPF will
likely be the primary beneficiary of these capital flows," Mr.
Bass added.

Argentina, which has the world's second-largest shale gas reserves
concentrated in the Vaca Muerta deposit in Neuquen province,
posted a US$5.2 billion energy deficit through September,
according to the national statistics agency, Bloomberg News notes.

President Fernandez seized a 51 percent stake in YPF SA from
Spain's Repsol SA in 2012, arguing that the company was failing to
invest in exploration and production amid declining output,
Bloomberg News notes.  The US$13.1 billion company, now run by
former Schlumberger Ltd. executive Miguel Galuccio, beat analyst
estimates and increased gas output by 26 percent in the third
quarter, Bloomberg News adds.

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.


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


ALPSTAR EUROPEAN: Creditors' Proofs of Debt Due Nov. 20
-------------------------------------------------------
The creditors of Alpstar European Credit Opportunities Master
Fund, Ltd. are required to file their proofs of debt by Nov. 20,
2014, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 1, 2014.

The company's liquidators are:

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


ATHENA STONEHORSE: Creditors' Proofs of Debt Due Nov. 19
--------------------------------------------------------
The creditors of Athena Stonehorse Fund, Ltd. are required to file
their proofs of debt by Nov. 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 29, 2014.

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


COMEZ LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Sept. 22, 2014, the
shareholders of Comez Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM Ltd.
          Governor's Square
          Ground Floor, West Bay Road
          P.O. Box 1982 Grand Cayman KY-1104
          Cayman Islands


COOPERNEFF MASTER: Creditors' Proofs of Debt Due Nov. 20
--------------------------------------------------------
The creditors of Cooperneff Master Fund I Segregated Portfolio
Company are required to file their proofs of debt by Nov. 20,
2014, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 2, 2014.

The company's liquidators are:

          Ellen J. Christian
          Darren P. Riley
          BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor
          Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


FRAIHA LEASING: Creditors' Proofs of Debt Due Nov. 19
-----------------------------------------------------
The creditors of Fraiha Leasing Limited are required to file their
proofs of debt by Nov. 19, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 2, 2014.

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


GENESIS SECURITIES: Placed Under Voluntary Wind-Up
--------------------------------------------------
On July 24, 2014, the sole shareholder of Genesis Securities
Insurance, Ltd. passed a resolution to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          RSM Cayman Ltd.
          c/o Ian Lomas
          Telephone: (345) 743 3016
          Harbour Place, 2nd Floor
          George Town, PO Box 10311,
          Grand Cayman KY1-1003
          Cayman Islands


MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------------------
The creditors of Marathon International Oil Turquesa Limited are
required to file their proofs of debt by Nov. 21, 2014, to be
included in the company's dividend distribution.

The company's liquidator is:

          Y.R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056
          U.S.A.


NAVIGATOR CDO 2004: Creditors' Proofs of Debt Due Nov. 19
---------------------------------------------------------
The creditors of Navigator CDO 2004, Ltd are required to file
their proofs of debt by Nov. 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 2, 2014.

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


OHA COAST: Creditors' Proofs of Debt Due Nov. 20
------------------------------------------------
The creditors of Oha Coast Hedging, Ltd. are required to file
their proofs of debt by Nov. 20, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 1, 2014.

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


RAMIUS MULTI-STRATEGY: Commences Liquidation Proceedings
--------------------------------------------------------
On Sept. 25, 2014, the shareholder of Ramius Multi-Strategy FOF
Ltd. passed a resolution to liquidate the company's business.

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

The company's liquidators are:

          Ramius Alternative Solutions LLC
          c/o Michael Benwitt
          599 Lexington Avenue, 19th Floor
          New York, NY 10022
          U.S.A.
          Telephone: (212) 823-0226


REMEDIAL CAYMAN: Commences Liquidation Proceedings
--------------------------------------------------
On Sept. 30, 2014, the shareholder of Remedial Cayman Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 11, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Michael Saville
          c/o Peter Bigwood
          Telephone: +1 (345) 769 7210
          Facsimile: +1 (345) 949 7120
          10 Market Street, Box #765 Camana Bay
          Grand Cayman KY1- 9006
          Cayman Islands


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C H I L E
=========


LATAM AIRLINES: Falls After Surprise Loss on Brazil Real Drop
-------------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Latam Airlines
Group SA tumbled the most since July after reporting an unexpected
quarterly loss amid a slide in Brazil's real.

According to the report, shares of Latin America's largest
airline, formed by the merger of LAN Airlines SA with Brazil's Tam
SA, sank 3.7 percent to 6,906.7 pesos at the close in Santiago on
Nov. 15, the biggest decrease since July 21.  The IPSA benchmark
index retreated 0.3 percent.

The Santiago-based company posted a loss of US$107.8 million in
the third quarter while the average estimate of nine analysts
surveyed by Bloomberg called for adjusted net income of US$16
million.  Latam cited in a statement the devaluation of the
Brazilian real and also said the World Cup resulted in lower
demand for corporate passengers and cargo transportation,
Bloomberg News notes.

"Although during previous quarters management's efforts have
translated in improved efficiency, results continue to be under
pressure," Pilar Gonzalez and Francisca Manuschevich, analysts at
Credicorp Capital in Santiago, said in an e-mailed research note
to clients, Bloomberg News relates.

Headquartered in Santiago, Chile, LATAM Airlines Group S.A., --
http://www.latamairlinesgroup.net/-- together with its
subsidiaries, provides passenger and cargo air transportation
services in South America.  It provides domestic and international
passenger transport services to approximately 134 destinations in
22 countries and cargo services to approximately 143 destinations
in 27 countries.

As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2014, Standard & Poor's Ratings Services revised its
outlook on Latam Airlines Group S.A. (Latam) to stable from
positive.  At the same time, S&P affirmed its 'BB' global scale
ratings on Latam and 'brAA' national scale rating on its
subsidiary, Brazil-based TAM S.A., and revised the outlook on the
company's ratings to stable from positive.


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


NATIONAL COMMERCIAL BANK: Posts J$11.6BB Profit for Yr Ended Sept
-----------------------------------------------------------------
RJR News reports that National Commercial Bank has reported profit
of J$11.6 billion for its financial year, which ended in
September.  The bank has also declared a hefty dividend.

The company said profit was up 36 per cent over last year as costs
relative to income fell, according to RJR News.

The bank declared a dividend of 96 cents per share, to be paid on
December 11.  The dividend commits the company to paying out J$2.4
billion to its shareholders, the report notes.

The payment will see Michael Lee Chin, NCB Chairman, who holds
over 64 per cent of the shares, receiving more than J$1.5 billion,
the report discloses.

                      Non-Performing Loans

NCB also disclosed that non-performing loans grew by almost J$2
billion during the financial year, amounting to J$8.7 billion, the
report notes.

That was up from J$7 billion dollars in the previous year, the
report adds.

Headquartered in Kingston, Jamaica, National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- together with its
subsidiaries, provides various banking and financial products and
services primarily in Jamaica.

                      *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2014, Fitch Ratings affirmed the long-term foreign
currency and local currency IDRs for National Commercial Bank
Jamaica Ltd. (NCBJ) at 'B-'.  Fitch has also revised NCBJ's Rating
Outlook to Stable from Negative.  Additionally, Fitch has affirmed
NCBJ's Viability Rating (VR) at 'b-' and revised its Support
Rating Floor (SRF) to 'B-' from 'CCC.'


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


ELEMENTIA SA: S&P Assigns 'BB+' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Rating Services assigned its 'BB+' corporate
credit rating to Elementia S.A.  The outlook is stable.

The rating on Elementia reflects S&P's assessment of its "fair"
business risk profile and "significant" financial risk profile.
S&P is incorporating a one-notch lift to Elementia's 'bb' anchor,
as per its assessment of the company's "strategically important"
subsidiary status to Grupo Kaluz.

Elementia is a leading provider of industrial solutions in Latin
America.  As a manufacturer of specialized-value-added metals,
Elementia holds a 45% share of the market in Mexico through its
Nacobre and Mexalit brands, and it exports to more than 35
countries.  It also operates in three other business lines within
the building materials industry: cement production, fiber-cement,
and plastics manufacturing.  These operations enhance its
portfolio diversification and allow for some integrated operating
efficiencies.  Moreover, the company's cost structure--with pass-
through of raw materials cost increases--supports its
profitability measures.  However, S&P believes that the company's
operating margins show some volatility as the pass-through of
metal prices volatility does not fully offset the company's fixed
costs.  Metal's division accounted for near 60% or revenue as of
2013, this is Elementia core business and has an ample track
record in it with over 20 years of experience.

Elementia owns 26 plants in nine countries including the U.S.,
Mexico, and Colombia.  However, the company still has significant
geographic concentration-it generates about 70% of EBITDA in
Mexico, pro forma for 2014.  Elementia's product portfolio is a
competitive advantage due to its broader scope of operations in
four different markets; however, they are all correlated to the
construction industry.

Elementia has bolstered its growth through acquisitions, the
largest of which include Lafarge's Mexican operations.  With this
acquisition, Elementia will reach cement production capacity of 2
million tons per year and a potential 6% market share in Mexico by
2015.  The company will remain focused on retail sales of premium
cement products under its "Fortaleza" brand.  In S&P's view,
concentration in this niche target market will increase the
company's penetration and boost its profitability.


ELEMENTIA SA: Fitch Rates Proposed US$400MM Notes at 'BB+(exp)'
---------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+(EXP)' to
Elementia, S.A. de C.V.'s (Elementia) proposed USD400 million
notes with a maturity of up to 10 years. Proceeds from the notes
issuance will be used for general corporate purposes, including
the repayment of existing indebtedness and the purchase of joint
venture minority interests. The new notes will rank pari passu
with Elementias's existing unsecured debt.

The guarantors of the notes will be Nacional de Cobre, S. A. de C.
V., Mexalit Industrial, S.A. de C.V., Frigocel, S.A. de C.V.,
Plycem Costa Rica, S.A. , Plycem Salvador, S.A. de C.V., Eternit
Colombiana S.A., Eternit Pacifico S.A., Eternit Atlantico S.A.,
Eternit Ecuatoriana S.A., Industrias Duralit S.A. and Fibraforte
S.A.. Upon completion of the acquisition of Lafarge's 47% stake in
ELC Tenedora de Cementos S.A.P.I. de C.V., this subsidiary will
become a guarantor releasing guarantee obligations of the last
eight companies from the list above. Pro forma for the inclusion
of ELC Tenedora de Cementos and the removal of the subsidiaries
mentioned above, subsidiary guarantors account for approximately
83% of Elementia's consolidated EBITDA.

The Rating Outlook for Elementia is Stable. A complete list of the
company's current ratings follows at the end of this release.

Elementia's ratings reflect its strong business profile
characterized by geographic and product line diversification,
leading market shares in the regions where it has presence,
supported by highly recognized brands and a well-developed
distribution network, stable operating results and its
shareholders' strength. Factors that limit Elementia's ratings are
the company's history of high leverage, industry cyclicality and
input cost volatility.

Key Rating Drivers

Leverage Volatility:

For the latest 12 months (LTM) to Sept. 30, 2014, Elementia's
gross leverage was 2.3x, comparing favorably to the 4.7x
registered in the same period a year ago and the still high 3.3x
recorded as of Dec. 31, 2013. The company's net debt to EBITDA at
year-end 2013 was 2.3x, below Fitch's previous expectations of net
leverage in the range of 2.5x. Net debt to EBITDA for the LTM
ended September 2014 was 1.5x, below managements long-term target
of 2.0x. Fitch estimates that pro forma net debt to EBITDA for
2014 will be around 2.4x and anticipates that Elementia will
continue funding its future growth through a combination of
internally generated cash and external financing. Fitch considers
that Elementia has flexibility to continue financing its growth
strategy; however, deterioration in leverage ratios or large debt
financed acquisitions or investments could pressure the company's
credit profile.

Negative FCF during 2015-2016
During the LTM to September 2014, the company's free cash flow
(FCF), measured as cash flow from operations after interest paid
(CFFO), capex and dividends was positive MXN743 million comparing
favorably to negative MXN100 million during 2013 primarily as a
result of lower capex. Fitch expects Elementia's FCF during 2014
to be about MXN500 million and negative in 2015 and 2016 as a
result of expansionary investments in the company's cement
business. Built into Fitch's base case projections is CFFO of
approximately MXN1,600 million per year and no dividend payments.

Continued Business Diversification:

The company's business position is supported by its diversified
revenue base. Year-to-date net sales and EBITDA represented in its
metals division (mainly copper products) 48% and 32%, in building
systems 34% and 36%, in Cement 11% and 20% and in plastics 5% and
6%. Elementia's cash flow and profitability are supported by its
pricing strategy and by the contribution of its cement business,
its highest margin business. In its metal segment, the company
applies a cost-plus margin formula, allowing it to pass-through
metal price variations to end customers.
The company's strategy will continue to focus on growing its
current operations and through acquisitions. In September 2014,
Elementia entered into an agreement to acquire the remaining 47%
stake in ELC Tenedora de Cementos, S.A.P.I. de C.V. its joint
venture with Financiere Lafarge S.A.S. The transaction is subject
to customary regulatory approvals.

Adequate Liquidity and Low Refinancing Risk:

As of Sept. 30, 2014, the company had a cash and cash equivalent
balance of MXN2,161 million, short-term debt of MXN459 million and
total debt of MXN6,394 million. Elementia does not face large debt
maturities until late 2015 when MXN3 billion in Certificados
Bursatiles come due. The company has undrawn committed credit
lines for USD300 million which provide additional liquidity
support. During 2012, the company received approximately MXN1
billion in equity injections from its shareholders to support its
growth strategy. Fitch expects that Elementia's internally
generated cash flows and financial flexibility will allow it to
manage its debt profile.

Environmental Regulations Could Limit Operations:

The company uses chrysotile fibers (the sole form of asbestos
still in use) for part of its production of fiber-cement products,
which are sold locally where permitted in the North and South
American regions. Elementia has been investing in capacity
production to use different fibers, such as cellulose fiber and
polyvinyl alcohol (PVA), with the majority of its manufacturing
facilities already aligned to produce with different technologies.
The use of this fiber is in line with international standards and
local environmental regulations. Even though Elementia has not
been subject to legal claims regarding the use of chrysotile in
its products, future claims cannot be ruled out, resulting in
uncertain litigation risk.

Rating Sensitivities

Negative factors that could affect the company's credit profile
include, among others, declining market shares along business
lines, reduced operating cash flows and profitability; increased
leverage and reduced liquidity; reaching or exceeding financial
covenants could also put additional pressure on the company's
credit quality.

Positive rating actions could be driven by consistent positive FCF
generation and stable operating results through industry and
economic cycles resulting in improvement in leverage to consistent
levels of total debt to EBITDA at or below 2.0x.

Fitch currently rates Elementia as follows:

-- Long-term Issuer Default Rating (IDR) 'BB+';
-- Long-term Local Currency IDR 'BB+';
-- Long-term National Scale Rating 'A+(mex)';
-- MXN3,000 million Local Certificados Bursatiles due in 2015
'A+(mex)'.


GRUMA S.A.B.: S&P Assigns 'BB+' Rating to $400MM Notes Due 2024
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its global scale 'BB+'
issue-level rating to Gruma S.A.B. de C.V.'s (Gruma;
BB+/Positive/--) proposed senior unsecured notes for up to $400
million due 2024.  The recovery rating is '3', indicating S&P's
expectation for meaningful (50% to 70%) recovery for noteholders
in the event of a payment default.  Gruma plans to use the
proceeds mainly to refinance existing debt, including its senior
unsecured perpetual bond.

RATINGS LIST

Gruma S.A.B. de C.V.
  Corporate credit rating                       BB+/Positive/--


Rating Assigned

Gruma S.A.B. de C.V.
  Sen. Unsec. notes for up to $400M due 2024    BB+
   Recovery rating                              3


SAN LUIS POTOSI: Moody's Ups Global Scale Issuer Rating to Ba2
--------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the State of San
Luis Potosi to A2.mx (Mexico National Scale) and Ba2 (Global
Scale, local currency) from A3.mx and Ba3, respectively. The
outlook remains stable.

At the same time, Moody's upgraded debt ratings of the following
two enhanced loans:

* MXN 2.68 billion (original face value) from Banorte to
Baa1/Aa1.mx from Baa2/Aa2.mx

* MXN 1.48 billion (original face value) from Santander to
Baa2/Aa2.mx from Baa3/Aa3.mx

Ratings Rationale

Rationale For The Upgrade

San Luis Potosi's upgrade reflects decreasing cash financing
requirements and debt levels. In 2013, the state recorded a
surplus of 1.3% of total revenues from a cash financing
requirement of -2.0% in 2009 and net direct and indirect debt
decreased to 12.3% of total revenues in 2013 from 19.2% in 2009.

The rating action also reflects improved governance and management
practices, as the state has accomplished its fiscal targets in
recent years and debt management has been more prudent.

In addition the upgrade considers the state's good economic
prospects deriving from private investments in the automotive and
related sectors in the years to come. Moody's expect that economic
favorable conditions will boost own-source revenues and that
expenditure controls will prevail over next year's state
elections.

As a result, Moody's estimates that the state will record roughly
balanced financial results in 2014 and 2015 and that debt levels
will remain around a low 13% of total revenues.

The upgrade of the two enhanced loans reflects the upgrade of San
Luis Potosi's issuer ratings. The enhanced loan ratings are
directly linked to the credit quality of the issuer, which ensures
that underlying contract enforcement risks, economic risks and
credit culture risks (for which the issuer rating acts as a proxy)
are embedded in the enhanced loans ratings.

Rationale For The Stable Outlook

The stable outlook reflects Moody's expectations that San Luis
PotosĀ” will post roughly balanced financial results and that debt
levels will stand at around 13% of total revenues.

What Could Change The Ratings Up/Down

Progress in recording consecutive cash financing surpluses that
improves liquidity could exert upward pressure on the ratings. On
the opposite, a change in fiscal discipline which in turn,
deteriorates the state's already narrow liquidity position and/or
considerably increases debt levels, could exert downward pressure
on the ratings.

Given the links between the loans and the credit quality of the
obligor, an upgrade of San Luis Potosi's issuer rating would
likely result in an upgrade of its enhanced loan ratings. The
ratings could also face upward pressure if observed and projected
debt service coverage ratios increase above current thresholds.
Conversely, a downgrade of the state of San Luis Potosi's issuer
ratings or if debt service coverage levels fall materially below
Moody's expectations would likely result in a downgrade of the
ratings on the loans.

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

The period of time covered in the financial information used to
determine State of San Luis Potosi rating is between 1/1/2009 and
31/12/2013.


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


PUERTO RICO: Governor to Call Special Session on Bond Bill
----------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico Governor
Alejandro Garcia Padilla plans to call lawmakers back to work on a
borrowing bill that would bolster the finances of the Government
Development Bank.

The measure would increase the junk-rated commonwealth's petroleum
tax to US$15.50 per barrel, from US$9.25, according to Bloomberg
News.  The Infrastructure Financing Authority, which sells bonds
for capital projects, would then issue as much as US$2.9 billion
of debt backed by the additional revenue, Bloomberg News relates.
Securities from the commonwealth, which have been trading at
distressed levels for a year, are tax-exempt nationwide, Bloomberg
News relates.

Proceeds of the deal would repay US$2.3 billion of Highways &
Transportation Authority obligations, most of which is owed to the
Government Development Bank, which handles the U.S. territory's
capital-markets transactions, Bloomberg News discloses.

Garcia Padilla will convene the session so the legislature can
continue working on the bond bill, though a date hasn't been set,
Yanira Hernandez, a spokeswoman for the governor, said in an e-
mail obtained by Bloomberg News.

Nov. 15, 2014, was the last day for both chambers to consider new
legislation this year, according to Maria de Lourdes Martinez,
spokeswoman for Senate President Eduardo Bhatia, Bloomberg News
notes.  The next regular session begins Jan. 12.  Lawmakers didn't
pass the bill last week because most want to include any crude-oil
tax increase in a broader plan to cut personal and corporate-
income levies, Assembly Representative Rafael "Tatito" Hernandez
said in an e-mail obtained by Bloomberg News.

"The majority of the legislators want to pass the bill with the
new tax reform," Bloomberg News quoted Tatito Hernandez, who
chairs the House Treasury Committee, as saying.

The funds the GDB has extended to the highways agency account for
about 21 percent of loans from the bank, which helps the
commonwealth and its localities with cash-flow needs, Bloomberg
News relates.  It also supports economic development on the
island, Bloomberg News relates.

The GDB had about US$2 billion of net liquidity as of Oct. 24,
according to an Oct. 30 webcast with investors, Bloomberg News
relays.  Without the planned bond sale, available cash would fall
to US$819 million by March 31, according to an Oct. 28 Moody's
Investors Service report.

Garcia Padilla is a member of the Popular Democratic Party, which
also controls the legislature, Bloomberg News notes.


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


VENEZUELA: Dollar Income Falls 30% on Lower Oil Prices
------------------------------------------------------
Anatoly Kurmanaev at Bloomberg News reports that Venezuela lost 30
percent of its foreign exchange revenue in the last month because
of a "tremendous" drop in oil prices, President Nicolas Maduro
said.

Venezuela's average oil-export price 2 weeks ago fell to US$72.80
a barrel, the lowest in four years, pushing the yield on the
country's benchmark bonds to almost 19 percent for the first time
since the global financial crisis, according to Bloomberg News.
Oil accounts for 97 percent of foreign exchange income, which the
country needs to pay about US$28.5 billion of bond principal due
in 2016, Bloomberg News relates.

To defend oil prices, Mr. Maduro said he sent the country's
foreign minister to five oil producers, including Mexico and
Russia, to drum up support ahead of the Nov. 27 meeting of the
Organization of the Petroleum Exporting Countries, which Venezuela
co-founded, Bloomberg News notes.  Back in the late 1990s,
Venezuela ended a slump in oil prices by cutting production along
with other OPEC and non-OPEC producers, Bloomberg News relates.

"We are in a campaign to defend Venezuela, Venezuelan oil,
international markets and the price of oil," Bloomberg News quoted
Mr. Maduro as saying.  "Oil sustains the development of our
economic and social life," Mr. Maduro added.

Venezuela will earn US$16 billion less in 2015 than this year
because of the decline in oil prices, Jefferies Group LLC Latin
America analyst Siobhan Morden wrote in a Nov. 12 note to clients,
Bloomberg News notes.  At current spending rates, Venezuela needs
oil to rise to US$110 a barrel to balance its accounts, Bloomberg
News adds.


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


* BOND PRICING: For the Week From Nov. 10 to Nov. 14, 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.


                   * * * End of Transmission * * *