/raid1/www/Hosts/bankrupt/TCRLA_Public/140401.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

           Tuesday, April 1, 2014, Vol. 15, No. 64


                            Headlines



A R G E N T I N A

YPF S.A.: Fitch Expects to Rate US$1BB Sr. Unsec. Debt 'B-/RR4'


B R A Z I L

COMPANHIA DE SANEAMENTO: To Double Clients for Discounts
* BRAZIL: To Get MIF Support for Dev't. & Biodiversity Projects


C A Y M A N  I S L A N D S

BELVEDERE MALACCA: Shareholders' Final Meeting Set for May 8
CHEYNE EUROPEAN: Shareholders' Final Meeting Set for April 10
CHEYNE RENEWABLE: Shareholders' Final Meeting Set for April 10
DIXIE TOGA: Shareholders' Final Meeting Set for April 8
GELSOMINA FINANCE: Shareholders' Final Meeting Set for June 6

HIGGS CAPITAL: Shareholders' Final Meeting Set for May 10
HIGGS CAPITAL MASTER: Shareholders' Final Meeting Set for May 10
LUISANA LTD: Members' Final Meeting Set for April 2
NEMESIS COMMODITY: Shareholder to Hear Wind-Up Report on April 4
OROX CAPITAL: Shareholders Receive Wind-Up Report


C H I L E

CHILE: Central Bank to Cut its 2014 Growth Forecast, Vergara Says


C O L O M B I A

ISAGEN SA: Colombian Council Suspends US$2.5BB Sale


M E X I C O

BANK OF AMERICA: Moody's Withdraws D+ Bank Fin'l. Strength Rating


V E N E Z U E L A

CORPORACION ELECTRICA: Fitch Lowers IDR to 'B'; Outlook Negative


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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YPF S.A.: Fitch Expects to Rate US$1BB Sr. Unsec. Debt 'B-/RR4'
---------------------------------------------------------------
Fitch Ratings expects to assign a rating of 'B-/RR4' to YPF S.A.'s
(YPF) proposed senior unsecured debt issuance for up to US$1
billion with a 10-year maturity and amortizations in years eight
(30%), nine (30%) and 10 (40%).  The offering is expected to be at
a minimum US$500 million but depending on market interest could
climb up to US$1 billion.  The proceeds will be used to fund fixed
asset investments in Argentina and working capital requirements.
The notes rank at least pari passu in priority of payment with all
other YPF senior unsecured debt.  The notes are rated the same as
all senior unsecured obligations of YPF.

The 'RR4' Recovery Rating (RR) for the company's senior unsecured
notes outstanding reflects an average expected recovery given
default and is in line with the RR soft cap established for
Argentina.

Key Rating Drivers

YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina (Fitch local and foreign currency
Issuer Default Ratings [IDRs] 'B-', Outlook Negative, and 'CC',
respectively) and the company's low reserve life.

LINKAGE TO SOVEREIGN: YPF's ratings reflect the close linkage with
the Republic of Argentina resulting from the company's ownership
structure as well as recent government interventions.  The
Republic of Argentina controls the company through its 51%
participation after it nationalized the company on April 2012.
Following this action, the company's strategy and business
decisions are governed by the Republic of Argentina.

LOW HYDROCARBON RESERVE LIFE: The ratings consider the company's
relatively weak operating metrics characterized by low reserve
life and historically declining production levels, though the
latter trend slightly improved during 2013.  As of year-end 2013,
YPF reported proved reserves of 1,083 million barrels of oil
equivalent (boe) and average production of 517,000 boe per day.
The company's average production in 2013 is up nearly 8% year-
over-year.  Despite the improvement seen in 2013, this translates
into a reserve life of approximately 5.7 years and the company's
reserve replacement ratio was approximately 81%.  These figures
are significantly below optimal levels and have the potential to
create significant operational challenges in the medium to long
term.

STRONG BUSINESS POSITION: YPF benefits from a strong business
position supported by its vertically integrated operations and
dominant market presence in the Argentine hydrocarbons' market.
Fitch anticipates that YPF will continue to exercise an active
role in domestic fuel and gas supply.  In addition, Fitch expects
the company to continue to solidify its market leadership in
Argentina and also increase its proved reserves via small to
medium-sized acquisitions such as the February 2014 purchase of
Apache Argentina which added 135 million boe in proved reserves.
This acquisition increased the company's proved reserves by 12%.

ADEQUATE CREDIT PROTECTION METRICS: YPF has relatively solid
credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule.  As of the year ended
Dec. 31, 2013, total financial leverage, as measured by total
debt-to-EBITDA, reached 1.2x, which is considered low for the
assigned rating.  As of year-end 2012, YPF's total debt-to-total
proved reserves ratio was average at USD4.5 per boe.  Total debt
as of Dec. 31, 2013 amounted to approximately USD4.9 billion, of
which approximately USD1.4 billion was short-term.  Total cash and
equivalents amounted to approximately USD1.6 billion as of
Dec. 31, 2013.  EBITDA for 2013 was approximately USD4.3 billion,
which is up 24% on a year-on-year basis.  During recent years, the
company's leverage has been increasing, mostly as a result of
increases in debt.  The company's stated strategy is to maintain
its net leverage below 1.5x, though Fitch expects leverage to
increase beyond this level in the near to medium term given the
company's ambitious 2013-2017 US$33 billion capex program.

Rating Sensitivity

YPF's ratings could be negatively affected by a combination of the
following: a downgrade of the Republic of Argentina's ratings; a
significant deterioration of credit metrics; and/or the adoption
of adverse public policies that can affect the company's business
performance in any of its business segments.

A positive rating action in the short to medium term is considered
unlikely given the linkage with sovereign credit quality and the
Negative Outlook for all foreign and local currency IDRs.


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B R A Z I L
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COMPANHIA DE SANEAMENTO: To Double Clients for Discounts
--------------------------------------------------------
Denyse Godoy at Bloomberg News reports that Cia de Saneamento
Basico do Estado de Sao Paulo will double to 17 million the number
of clients who get a discount on their bills to cut consumption
and avoid an increase in rationing.

A 30 percent discount will be extended to 30 cities that surround
Sao Paulo, the first to participate in a plan announced last month
amid a prolonged drought, the utility known as Sabesp said,
according to Bloomberg News.  The program to last through October
requires home and business clients to reduce water use by at least
20 percent of their 12-month average, Bloomberg News relates.

"It depends on many factors, such as the rain, the temperature,
the participation in the discount program and the use of the
reservoirs but we believe that the probability of going through
this period without rationing is pretty reasonable," Bloomberg
News quoted Rui Affonso, Sabesp's investor relations director, as
saying.

Sabesp said March 28 "drastic" measures may be taken if reservoir
levels don't recover from a drought dating to 2012, Bloomberg News
notes.  Water levels in the Cantareira basin that supplies almost
half of the 20 million residents of metropolitan Sao Paulo fell
this month to the lowest level since data began in 1982, Bloomberg
News relates.

Sabesp's profit rose 11 percent to BRL1.13 billion (US$500
million) in the fourth quarter of 2013 from a year earlier, the
company said in a regulatory filing.

                          Spending Cuts

About 37 percent of the 8.5 million residents in Sao Paulo who
were in the pilot program to cut water consumption have received
their discounts, Bloomberg News quoted Mr. Affonso as saying.  The
company didn't estimate by how much its revenue in 2014 will be
reduced because of the discounts, Bloomberg News relates.

"It's too premature," Mr. Affonso said, Bloomberg News notes.

To focus on water service investments this year, in case the
company needs to build systems to collect water from other
reservoirs and rivers, Sabesp cut its spending budget by BRL700
million to BRL2.642 billion, according to Mr. Affonso, Bloomberg
News notes.  Sabesp plans to extend sewage collection and
treatment to 100 percent of the cities they serve by 2020,
Bloomberg News relays.

                        Sewage Expansion

"We're working to keep our cash position strong to overcome this
time of water scarcity," Bloomberg News quoted Mr. Affonso as
saying.  "And it doesn't mean our goal to expand sewage collection
services by 2020 has changed.  There are six years to go, we can
adjust spending over time to reach that goal," Bloomberg News
discloses.

Currently, about 82 percent of cities served by Sabesp have sewage
collection and 75 percent have treatment, Bloomberg News relays.
Sabesp's capital expenditures were BRL2.716 billion in 2013,
according to its quarterly earnings report, Bloomberg News adds.

                    About Companhia de Saneamento

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
provides basic and environmental sanitation services; and supplies
treated water on a wholesale basis to residential, commercial,
industrial, and municipal customers in the State of Sao Paulo.

As reported in the Troubled Company Reporter-Latin America on Nov.
14, 2013, Standard & Poor's Ratings Services affirmed its 'BB+'
global scale and 'brAA+' national scale corporate credit ratings
on Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP).
The outlook on both scales remains positive.  The company's stand-
alone credit profile (SACP) is 'bb+'.


* BRAZIL: To Get MIF Support for Dev't. & Biodiversity Projects
---------------------------------------------------------------
The Multilateral Investment Fund (MIF), a member of the Inter-
American Development Bank (IDB) Group, disclosed a project to
preserve biodiversity in Brazilian protected areas, as well as an
agreement with Construtora Norberto Odebrecht S.A. to collaborate
on joint initiatives aimed at local economic development and the
environment.

MIF General Manager Nancy Lee said, "We very much welcome the
opportunity to work with the public and private sectors on an
innovative community-based model for managing Brazil's rich
biodiversity in protected areas.  This model is a good example of
how the MIF can help Brazil test new kinds of public-private
partnerships that promise large benefits."  She added, "The MIF is
also very pleased to enter into a more strategic partnership with
Construtora Norberto Odebrecht so that we can combine our best
efforts and shared interests to achieve greater scale and impact."

The first project agreement, for US$3.2 million, was signed with
the Chico Mendes Institute for Biodiversity Conservation (ICMBio),
and the Brazilian Institute of Municipal Administration (IBAM), to
pilot innovative management models to preserve biodiversity in
Brazilian protected areas.  The signing took place during the 2014
Annual Meeting of the Board of Governors of the IDB.

Brazil is one of a small group of countries considered
"megadiverse."  In order to promote a balance between economic
growth and sustainable development, the Brazilian government
designates over 2,000 land areas, both public and private, as
Conservation Units to receive special protection.

The new project will develop a public-private partnership model
that will allow local communities, non-profits and the private
sector to participate in and strengthen the sustainable management
of Conservation Units under the care of ICMBio.

In addition, the MIF signed a memorandum of understanding with
Construtora Norberto Odebrecht to collaborate on joint initiatives
in several areas of mutual interest.

Potential topics for partnerships include building opportunities
for small producers to participate in value chains, promoting
local economic development near Odebrecht projects, employment
programs for disadvantaged youth, conservation of biodiversity,
and strategies for assessing the impact of interventions by
Odebrecht's sustainability group.

The MIF and Odebrecht have already partnered on three projects:
one supporting local economic development along the Odebrecht-
built South Interoceanic Road connecting Brazil and Peru, one with
small producers in the sustainable tourism sector in the Dominican
Republic, and the third working with the Odebrecht Foundation to
develop sustainable production and export of hearts of palm in
rural southern Bahia, Brazil.

                           About the MIF

The Multilateral Investment Fund (MIF), a member of the Inter-
American Development Bank (IDB) Group, is funded by 39 donors and
supports private sector-led development benefitting low-income
populations and the poor-their businesses, their farms, and their
households.  A core MIF mission is to act as a development
laboratory in order to build and support successful micro and SME
business models.


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


BELVEDERE MALACCA: Shareholders' Final Meeting Set for May 8
------------------------------------------------------------
The shareholders of Belvedere Malacca Master Fund will hold their
final meeting on May 8, 2014, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CHEYNE EUROPEAN: Shareholders' Final Meeting Set for April 10
-------------------------------------------------------------
The shareholders of Cheyne European Opportunities Fund Inc. will
hold their final meeting on April 10, 2014, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CHEYNE RENEWABLE: Shareholders' Final Meeting Set for April 10
--------------------------------------------------------------
The shareholders of Cheyne Renewable Energy Fund Inc will hold
their final meeting on April 10, 2014, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


DIXIE TOGA: Shareholders' Final Meeting Set for April 8
-------------------------------------------------------
The shareholders of Dixie Toga International Ltd. will hold their
final meeting on April 8, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Marcos Antonio De Barros
          Avenida Mario Haberfeld
          555 Terreo Setor A
          Parque Novo Mundo
          CEP 02145-000
          Sao Paulo
          Telephone: +55 11 55162106
          Facsimile: +55 11 55162118


GELSOMINA FINANCE: Shareholders' Final Meeting Set for June 6
-------------------------------------------------------------
The shareholders of Gelsomina Finance Limited will hold their
final meeting on June 6, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


HIGGS CAPITAL: Shareholders' Final Meeting Set for May 10
---------------------------------------------------------
The shareholders of Higgs Capital Fund Limited will hold their
final meeting on May 10, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Highwater Limited
          Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207


HIGGS CAPITAL MASTER: Shareholders' Final Meeting Set for May 10
----------------------------------------------------------------
The shareholders of Higgs Capital Master Fund Limited will hold
their final meeting on May 10, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Highwater Limited
          Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207


LUISANA LTD: Members' Final Meeting Set for April 2
---------------------------------------------------
The members of Luisana Ltd. will hold their final meeting on
April 2, 2014, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


NEMESIS COMMODITY: Shareholder to Hear Wind-Up Report on April 4
----------------------------------------------------------------
The shareholder of Nemesis Commodity Fund Limited will hear on
April 4, 2014, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Jason Robinson
          Telephone: (345) 815-2600/ (345)-949-4800
          Facsimile: (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


OROX CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Orox Capital Management received on March 31,
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 George Bashforth
          Telephone: +1 345 949 4900
          75 Fort Street
          P.O. Box 1350, George Town
          Grand Cayman KY1-1108
          Cayman Islands


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CHILE: Central Bank to Cut its 2014 Growth Forecast, Vergara Says
-----------------------------------------------------------------
Raymond Colitt at Bloomberg News reports that Chile will cut its
2014 growth forecast as metal prices drop and investments in the
mining industry slow, central bank President Rodrigo Vergara said.

Policy makers currently predict Chile will expand from 3.75
percent to 4.75 percent this year, according to Bloomberg News.
Analysts surveyed by Bloomberg expect the economy to grow 3.8
percent, its slowest pace in five years.

The central bank reduced the benchmark interest rate by a quarter-
point to 4 percent this month, Bloomberg News notes.  This was the
fourth time in six months borrowing costs were trimmed to fuel
growth.  Chile's economy expanded 1.4 percent in January from the
year earlier, the slowest pace since the aftermath of a
devastating earthquake in February 2010, Bloomberg News relates.

"Our economy has slowed and despite a sharp currency depreciation
inflation expectations have remained in line with target, allowing
us" to pursue a more expansionary monetary policy, Mr. Vergara
said at an event on the sidelines of the Inter-American
Development Bank annual meeting in the Brazilian northeastern
resort of Costa do Sauipe, Bloomberg News relays.  "It should come
as no surprise that our growth outlook for this year is corrected
downward from December," Mr. Vergara added.

While economic growth is slowing, inflation is accelerating.
Consumer prices increased 3.2 percent in February from the year
earlier, the fastest pace in 22 months, as a decline in the peso
pushed up import costs and rents jumped, Bloomberg News notes.
The central bank targets inflation of 2 percent to 4 percent,
Bloomberg News says.

Bloomberg News discloses that the central bank said in the minutes
of their March meeting that faster inflation coupled with slower
growth calls for caution.

While the bank can't dismiss the need for more expansionary
policy, it may need more time to evaluate the impact of the rate
cuts and other events on the outlook for inflation, the bank said
in the minutes released March 28, Bloomberg News adds.


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C O L O M B I A
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ISAGEN SA: Colombian Council Suspends US$2.5BB Sale
---------------------------------------------------
Oscar Medina and Christine Jenkins at Bloomberg News report that a
Colombian court ordered the temporary suspension of a plan to sell
a majority stake in Isagen SA.

The Council of State's ruling spurred speculation that the
government may have to delay the auction of its 57.6 percent stake
in Isagen SA, which would be worth COP5 trillion ($2.5 billion) at
the minimum price, according to Bloomberg News.  The council said
in a statement that it based the decision on Isagen's importance
as the country's third-largest power generator, providing
significant dividends to the government, Bloomberg News relates.

"We're establishing these measures as a way to avoid irreparable
loss that afterward wouldn't be reversible," Magistrate Maria
Claudia Rojas, the president of the Council of State, said in a
phone interview with Bloomberg News.  "Realistically, I don't
think we'll have a decision in less than a month and a half,
because we're going to have to ask for evidence for an in-depth
study," Bloomberg News quoted Ms. Rojas as saying.

Suitors on the list included:

   -- Charlotte, North Carolina-based Duke Energy Corp.,
   -- Tractebel Energia, and
   -- Bogota-based Empresa de Energia de Bogota SA.

China Huadian Corp., Gas Natural SDG SA (GAS) and Cia Energetica
de Minas Gerais (CMIG4) in association with Empresas Publicas de
Medellin ESP are also seeking to be prequalified, Bloomberg News
says.

Isagen SA is the operator of Colombia's largest hydropower plant.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2013, Fitch Ratings has upgraded Isagen S.A. ESP's
Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BBB-'
from 'BB+'.  The Rating Outlook has been revised to stable from
positive.


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M E X I C O
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BANK OF AMERICA: Moody's Withdraws D+ Bank Fin'l. Strength Rating
-----------------------------------------------------------------
Moody's de Mexico has withdrawn all of Bank of America Mexico,
S.A., Institucion de Banca Multiple's (BAMSA) ratings, including
its standalone bank financial strength rating of D+, long-term
local and foreign currency deposit ratings of Baa2, short-term
local and foreign currency deposit ratings of Prime-2, long-term
Mexican National Scale deposit and issuer ratings of Aa1.mx and
short-term Mexican National Scale deposit rating of MX-1. BAMSA's
standalone bank financial strength rating of D+ mapped to a
standalone baseline credit assessment of ba1. The outlook on the
ratings before the withdrawal was stable.

At the same time, Moody's de Mexico has also withdrawn all of
Merrill Lynch Mexico, S.A. de C.V, Casa de Bolsa's (MLM) ratings,
including its long-term Mexican National Scale issuer rating of
Aa2.mx and short-term Mexican National Scale issuer rating of MX-
1. The outlook on the ratings before the withdrawal was stable.

A detailed list of ratings withdrawn is provided further below in
this press release.

Ratings Rationale

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

The long-term Mexican National Scale ratings of Aa.mx indicate
issuers or issues with very strong creditworthiness relative to
other domestic issuers. The short- term Mexican National Scale
ratings of issuers rated MX-1 indicate the strongest ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

The principal methodologies used in this rating were the Global
Banks published in May 2013 and the Global Securities Industry
Methodology published in May 2013.

The period of time covered in the financial information used to
determine the ratings is between 1 January 2009 and 31 December
2013 (source: Moody's, BAMSA and MLM).

The sources and items of information used to determine the ratings
include 2012 and 2013 interim financial statements (source:
Moody's, BAMSA and MLM); year-end 2013 and 2012 audited financial
statements (source: BAMSA and MLM, audited by
PricewaterhouseCoopers, S. C., and Moody's); financial statements
and information on market position (source: CNBV); regulatory
capital information (source: Banxico and CNBV).

Moody's National Scale 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 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
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."

The following BAMSA ratings were withdrawn:

Bank financial strength rating of D+

Long-term global local currency deposit rating of Baa2

Short-term global local currency deposit rating of Prime-2

Long-term foreign currency deposit rating of Baa2

Short-term foreign currency deposit rating of Prime-2

Long-term Mexican National Scale deposit rating of Aa1.mx

Short-term Mexican National Scale deposit rating of MX-1

Long-term Mexican National Scale issuer rating of Aa1.mx

The following MLM ratings were withdrawn:

Long-term Mexican National Scale issuer rating of Aa2.mx

Short-term Mexican National Scale issuer rating of MX-1

BAMSA is headquartered in Mexico City, Mexico and as of 31
December 2013 reported total assets of MXN77.2 billion, gross
loans of MXN2.8 billion, and shareholders' equity of MXN5.5
billion.

MLM is headquartered in Mexico City, Mexico and as of 31 December
2013 reported total assets of MXN1.6 billion and shareholders'
equity of MXN1.0 billion.


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V E N E Z U E L A
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CORPORACION ELECTRICA: Fitch Lowers IDR to 'B'; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded the following ratings for Corporacion
Electrica Nacional S.A. (CORPOELEC):

   -- Foreign and local currency Issuer Default Ratings (IDRs) to
      'B' from 'B+'; Negative Outlook;

   -- Approximately USD663 million of senior unsecured debt
      outstanding to 'B/RR4' from 'B+/RR4'.

Concurrently, Fitch has affirmed CORPOELEC's national long-term
and short-term ratings at 'AAA(ven)' and 'F1+'.

The rating downgrade follows the downgrade of Venezuela's
sovereign ratings to 'B' from 'B+' with a Negative Rating Outlook.
The downgrade of the sovereign reflects heightened macroeconomic
instability and delays in the implementation of policies to
address rising inflation and distortions in the foreign exchange
(FX) market and the deterioration in Venezuela's external
accounts.  The Negative Outlook signals that the lack of sustained
and coherent policy adjustments could lead to further erosion in
external buffers, macroeconomic and financial instability, and
exacerbate the risk of social unrest given the high level of
political polarization.

CORPOELEC's rating reflects the company's linkage to the
government of Venezuela as a state-owned entity, combined with
increased government control over business strategies and internal
resources.  This underscores the close link between the company's
credit profile and that of the sovereign.

KEY RATING DRIVERS

CORPOELEC's ratings reflect the strong linkage to the government
of Venezuela (rated 'B', Outlook Negative by Fitch) evidenced in
government ownership, dependence on public funding to: i) carry on
day to day operations, ii) honor financial obligations and iii)
finance capital expenditure, budget control executed by Oficina
Nacional de Presupuesto (ONAPRE) and the General Controller of the
Republic of Venezuela.  The ratings also incorporate the company's
monopolistic condition as the sole provider of electricity
services in the country (generation, transmission, distribution
and retail), a role that highlights its strategic importance for
the economy as a whole.  The Negative Outlook reflects the
Negative Outlook on Venezuela's 'B' sovereign rating.

Ratings Linked to the Government

CORPOELEC's credit profile reflects its strong credit linkage with
the Republic of Venezuela as the latter is closely integrated
within the public sector.  The company's sole shareholder is the
Ministry of Popular Power for Electricity (MPPE), which has a
public mandate to operate the nation's electricity sector
according to its planning directives and heavily depends on public
sector transfers and subsidies for the sustainability of its
operations.  The company receives explicit support from both the
Central Government, through operational and capital expenditure
allocations contained in the nation's budget and from PDVSA in the
form of subsidized fuel costs.  Since April 2013, the company is
controlled by a special committee ('Junta Interventora') appointed
by the Government.

Operational Results Impacted by Tariff Scheme

The state's control of CORPOELEC renders the entity as a vehicle
for public policy implementation and therefore highly exposes it
to political interference in its day-to-day operations.  The
tariff scheme was fixed between 2002 and 2013; tariffs were
recently increased, and the company expects further adjustments.
These changes are intended to make the sector more sustainable,
but subsidies are expected to remain in the near future.  The
tariff lag tends to increase CORPOELEC's dependence on public
funding going forward, which will increase the linkage to the
sovereign as its stand-alone credit profile deteriorates over time
due to low tariffs preventing the recovery of operational costs.

Sovereign Support Needed to Fund CAPEX:

CORPOELEC executed a USD3.3 billion CAPEX in FY 2012. Sources of
financing came from FONDEN, Fondo Miranda, Fondo Conjunto Chino
Venezolano (FCCV) and PDVSA.  Future capital expenditures will
depend on public funds as the company is expected to continue
posting negative EBITDA generation.

Monopolistic Position

CORPOELEC is a vertically integrated public utility in charge of
the operation of the country's electricity assets and the
provision of electricity services in Venezuela.  The entity was
created in 2007 when the reorganization of the electricity sector
took place, reserving the rights to operate the electricity sector
to the State.  The entity perfected a merger by absorption of all
generation assets and transmission, distribution and electric
power retail infrastructure in the country by the end of 2011,
affording it an installed capacity of 25,890 MW and a client base
of 6.1 million users by December 2012.  CORPOELEC's monopolistic
position conveys the company strategic relevance to the country
given the essential nature of the service provided and the
electricity sector's correlation with GDP growth.

RATING SENSITIVITIES

The key rating triggers that could result in a downgrade include a
downgrade of the sovereign.  Also lack of the needed government
support for CORPOELEC's to carry its operations, service its
financial obligations and fund its capex could result on a
negative rating action.

Although unlikely, CORPOELEC's ratings could be positively
affected by an upgrade of the Sovereign.

CORPOELEC is a 100% government owned company created by virtue of
the Decree # 5.330, with rank of Organic Public Law, published on
July 31, 2007.  This decree mandates the nationalization and
reorganization of the Venezuelan electricity sector by
centralizing all generation, transmission and distribution assets
in order to improve coordination in the use of primary energy
sources, generation dispatch and general infrastructure use, thus
ensuring the accomplishment of the Government's strategic plans
for the sector and the economy as a whole.


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X X X X X X X X X
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Large Companies With Insolvent Balance Sheets
---------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847


AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         10519766.1     -18449684.9
ALL ORE MINERACA       STLB3 BZ         10519766.1     -18449684.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ         11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ        11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ         11642254.9     -17154460.3
ARTHUR LANGE-PRF       ALICPN BZ        11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ         11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ        11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159449535      -52990723.7
BATTISTELLA            BTTL3 BZ         161941587      -30698112.2
BATTISTELLA-PREF       BTTL4 BZ         161941587      -30698112.2
BATTISTELLA-RECE       BTTL9 BZ         161941587      -30698112.2
BATTISTELLA-RECP       BTTL10 BZ        161941587      -30698112.2
BATTISTELLA-RI P       BTTL2 BZ         161941587      -30698112.2
BATTISTELLA-RIGH       BTTL1 BZ         161941587      -30698112.2
BIOMM SA               BIOM3M BZ        14879155       -13567385
BIOMM SA               BIOM3 BZ         14879155       -13567385
BIOMM SA - RCT         BIOM9 BZ         14879155       -13567385
BIOMM SA-PREF          BIOM4 BZ         14879155       -13567385
BIOMM SA-RT            0905492D BZ      14879155       -13567385
BIOMM SA-RT            BIOM2 BZ         14879155       -13567385
BIOMM SA-RTS           0905518D BZ      14879155       -13567385
BIOMM SA-RTS           BIOM10 BZ        14879155       -13567385
BIOMM SA-RTS           BIOM1 BZ         14879155       -13567385
BOMBRIL                BMBBF US         324115454      -16635219.6
BOMBRIL                FPXE4 BZ         19416013.9     -489914853
BOMBRIL                BOBR3 BZ         324115454      -16635219.6
BOMBRIL CIRIO SA       BOBRON BZ        324115454      -16635219.6
BOMBRIL CIRIO-PF       BOBRPN BZ        324115454      -16635219.6
BOMBRIL HOLDING        FPXE3 BZ         19416013.9     -489914853
BOMBRIL SA-ADR         BMBPY US         324115454      -16635219.6
BOMBRIL SA-ADR         BMBBY US         324115454      -16635219.6
BOMBRIL-PREF           BOBR4 BZ         324115454      -16635219.6
BOMBRIL-RGTS PRE       BOBR2 BZ         324115454      -16635219.6
BOMBRIL-RIGHTS         BOBR1 BZ         324115454      -16635219.6
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         96231802.9     -32473494
BUETTNER SA            BUETON BZ        96231802.9     -32473494
BUETTNER SA-PRF        BUETPN BZ        96231802.9     -32473494
BUETTNER SA-RT P       BUET2 BZ         96231802.9     -32473494
BUETTNER SA-RTS        BUET1 BZ         96231802.9     -32473494
BUETTNER-PREF          BUET4 BZ         96231802.9     -32473494
CAF BRASILIA           CAFE3 BZ         160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ         160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ        160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ        160933830      -149277092
CAIUA ELEC-C RT        ELCA1 BZ         1059986022     -76183286
CAIUA SA               ELCON BZ         1059986022     -76183286
CAIUA SA-DVD CMN       ELCA11 BZ        1059986022     -76183286
CAIUA SA-DVD COM       ELCA12 BZ        1059986022     -76183286
CAIUA SA-PREF          ELCPN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCAN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCA5 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCA6 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCBN BZ         1059986022     -76183286
CAIUA SA-RCT PRF       ELCA10 BZ        1059986022     -76183286
CAIUA SA-RTS           ELCA2 BZ         1059986022     -76183286
CAIVA SERV DE EL       1315Z BZ         1059986022     -76183286
CELGPAR                GPAR3 BZ         204382297      -934172491
CENTRAL COST-ADR       CCSA LI          319571114      -114350021
CENTRAL COSTAN-B       CRCBF US         319571114      -114350021
CENTRAL COSTAN-B       CNRBF US         319571114      -114350021
CENTRAL COSTAN-C       CECO3 AR         319571114      -114350021
CENTRAL COST-BLK       CECOB AR         319571114      -114350021
CIA PETROLIFERA        MRLM3 BZ         377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ        377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ        377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ        377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ        377592596      -3014215.1
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75391731.7     -2212560088
COBRASMA SA            COBRON BZ        75391731.7     -2212560088
COBRASMA SA-PREF       COBRPN BZ        75391731.7     -2212560088
COBRASMA-PREF          CBMA4 BZ         75391731.7     -2212560088
D H B                  DHBI3 BZ         100548065      -171900717
D H B-PREF             DHBI4 BZ         100548065      -171900717
DHB IND E COM          DHBON BZ         100548065      -171900717
DHB IND E COM-PR       DHBPN BZ         100548065      -171900717
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
ENDESA - RTS           CECOX AR         319571114      -114350021
ENDESA COST-ADR        CRCNY US         319571114      -114350021
ENDESA COSTAN-         CECO2 AR         319571114      -114350021
ENDESA COSTAN-         CECOD AR         319571114      -114350021
ENDESA COSTAN-         CECOC AR         319571114      -114350021
ENDESA COSTAN-         EDCFF US         319571114      -114350021
ENDESA COSTAN-A        CECO1 AR         319571114      -114350021
ESTRELA SA             ESTR3 BZ         71379826.3     -111239817
ESTRELA SA             ESTRON BZ        71379826.3     -111239817
ESTRELA SA-PREF        ESTR4 BZ         71379826.3     -111239817
ESTRELA SA-PREF        ESTRPN BZ        71379826.3     -111239817
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18439489.1     -40509835.2
FERRAGENS HAGA         HAGAON BZ        18439489.1     -40509835.2
FERRAGENS HAGA-P       HAGAPN BZ        18439489.1     -40509835.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18439489.1     -40509835.2
HOTEIS OTHON SA        HOOT3 BZ         227388586      -68129377.9
HOTEIS OTHON SA        HOTHON BZ        227388586      -68129377.9
HOTEIS OTHON-PRF       HOOT4 BZ         227388586      -68129377.9
HOTEIS OTHON-PRF       HOTHPN BZ        227388586      -68129377.9
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         224229556      -68866571
IGUACU CAFE            IGCSON BZ        224229556      -6886657
IGUACU CAFE            IGUCF US         224229556      -68866571
IGUACU CAFE-PR A       IGUA5 BZ         224229556      -68866571
IGUACU CAFE-PR A       IGCSAN BZ        224229556      -68866571
IGUACU CAFE-PR A       IGUAF US         224229556      -68866571
IGUACU CAFE-PR B       IGUA6 BZ         224229556      -68866571
IGUACU CAFE-PR B       IGCSBN BZ        224229556      -68866571
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
INVERS ELEC BUEN       IEBAA AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBAB AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBA AR          260343959      -14950013.8
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         38302784.1     -3417423475
LOJAS ARAPUA           LOARON BZ        38302784.1     -3417423475
LOJAS ARAPUA-GDR       3429T US         38302784.1     -3417423475
LOJAS ARAPUA-GDR       LJPSF US         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOAR4 BZ         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOARPN BZ        38302784.1     -3417423475
LOJAS ARAPUA-PRF       52353Z US        38302784.1     -3417423475
LUPATECH SA            LUPA3 BZ         665993697      -188699451
LUPATECH SA            LUPAF US         665993697      -188699451
LUPATECH SA -RCT       LUPA9 BZ         665993697      -188699451
LUPATECH SA-ADR        LUPAY US         665993697      -188699451
LUPATECH SA-RT         LUPA11 BZ        665993697      -188699451
LUPATECH SA-RTS        LUPA1 BZ         665993697      -188699451
MANGELS INDL           MGEL3 BZ         223698552      -29148696.3
MANGELS INDL SA        MISAON BZ        223698552      -29148696.3
MANGELS INDL-PRF       MGIRF US         223698552      -29148696.3
MANGELS INDL-PRF       MGEL4 BZ         223698552      -29148696.3
MANGELS INDL-PRF       MISAPN BZ        223698552      -29148696.3
MINUPAR                MNPR3 BZ         115960018      -93783465.1
MINUPAR SA             MNPRON BZ        115960018      -93783465.1
MINUPAR SA-PREF        MNPRPN BZ        115960018      -93783465.1
MINUPAR-PREF           MNPR4 BZ         115960018      -93783465.1
MINUPAR-RCT            9314634Q BZ      115960018      -93783465.1
MINUPAR-RCT            0599564D BZ      115960018      -93783465.1
MINUPAR-RCT            MNPR9 BZ         115960018      -93783465.1
MINUPAR-RT             9314542Q BZ      115960018      -93783465.1
MINUPAR-RT             0599562D BZ      115960018      -93783465.1
MINUPAR-RTS            MNPR1 BZ         115960018      -93783465.1
NORDON MET             NORD3 BZ         11025606.1     -32196764.5
NORDON METAL           NORDON BZ        11025606.1     -32196764.5
NORDON MET-RTS         NORD1 BZ         11025606.1     -32196764.5
NOVA AMERICA SA        NOVA3 BZ         21287488.9     -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9     -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9     -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4 BZ         21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4B BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVAPN BZ        21287488.9     -183535526
NOVA AMERICA-PRF       1NOVPN BZ        21287488.9     -183535526
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          66017869       -5551136.01
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23402631.8     -5029378.21
PUYEHUE RIGHT          PUYEHUOS CI      23402631.8     -5029378.21
RECRUSUL               RCSL3 BZ         42021562       -18866127
RECRUSUL - RCT         4529789Q BZ      42021562       -18866127
RECRUSUL - RCT         4529793Q BZ      42021562       -18866127
RECRUSUL - RCT         0163582D BZ      42021562       -18866127
RECRUSUL - RCT         0163583D BZ      42021562       -18866127
RECRUSUL - RCT         0614675D BZ      42021562       -18866127
RECRUSUL - RCT         0614676D BZ      42021562       -18866127
RECRUSUL - RCT         RCSL10 BZ        42021562       -18866127
RECRUSUL - RT          4529781Q BZ      42021562       -18866127
RECRUSUL - RT          4529785Q BZ      42021562       -18866127
RECRUSUL - RT          0163579D BZ      42021562       -18866127
RECRUSUL - RT          0163580D BZ      42021562       -18866127
RECRUSUL - RT          0614673D BZ      42021562       -18866127
RECRUSUL - RT          0614674D BZ      42021562       -18866127
RECRUSUL SA            RESLON BZ        42021562       -18866127
RECRUSUL SA-PREF       RESLPN BZ        42021562       -18866127
RECRUSUL SA-RCT        RCSL9 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL1 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL2 BZ         42021562       -18866127
RECRUSUL-BON RT        RCSL11 BZ        42021562       -18866127
RECRUSUL-BON RT        RCSL12 BZ        42021562       -18866127
RECRUSUL-PREF          RCSL4 BZ         42021562       -18866127
REDE EMP ENE ELE       ELCA4 BZ         1059986022     -76183286
REDE EMP ENE ELE       ELCA3 BZ         1059986022     -76183286
REDE EMPRESAS-PR       REDE4 BZ         1059986022     -76183286
REDE ENERGIA SA        REDE3 BZ         1059986022     -76183286
REDE ENERG-UNIT        REDE11 BZ        1059986022     -76183286
REDE ENER-RCT          3907731Q BZ      1059986022     -76183286
REDE ENER-RCT          REDE9 BZ         1059986022     -76183286
REDE ENER-RCT          REDE10 BZ        1059986022     -76183286
REDE ENER-RT           3907727Q BZ      1059986022     -76183286
REDE ENER-RT           REDE1 BZ         1059986022     -76183286
REDE ENER-RT           REDE2 BZ         1059986022     -76183286
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         56213385.5     -85196762.8
RENAUXVIEW SA-PF       TXRX4 BZ         56213385.5     -85196762.8
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         21873314.7     -5053458.96
SANSUY                 SNSY3 BZ         189305928      -145401613
SANSUY SA              SNSYON BZ        189305928      -145401613
SANSUY SA-PREF A       SNSYAN BZ        189305928      -145401613
SANSUY SA-PREF B       SNSYBN BZ        189305928      -145401613
SANSUY-PREF A          SNSY5 BZ         189305928      -145401613
SANSUY-PREF B          SNSY6 BZ         189305928      -145401613
SAUIPE                 PSEG3 BZ         14685534.1     -4799640.46
SAUIPE SA              PSEGON BZ        14685534.1     -4799640.46
SAUIPE SA-PREF         PSEGPN BZ        14685534.1     -4799640.46
SAUIPE-PREF            PSEG4 BZ         14685534.1     -4799640.46
SCHLOSSER              SCLO3 BZ         51944742.3     -56657680.1
SCHLOSSER SA           SCHON BZ         51944742.3     -56657680.1
SCHLOSSER SA-PRF       SCHPN BZ         51944742.3     -56657680.1
SCHLOSSER-PREF         SCLO4 BZ         51944742.3     -56657680.1
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         10519766.1     -18449684.9
STEEL - RT             STLB1 BZ         10519766.1     -18449684.9
TEKA                   TKTQF US         375873311      -389045810
TEKA                   TEKA3 BZ         375873311      -389045810
TEKA                   TEKAON BZ        375873311      -389045810
TEKA-ADR               TEKAY US         375873311      -389045810
TEKA-ADR               TKTPY US         375873311      -389045810
TEKA-ADR               TKTQY US         375873311      -389045810
TEKA-PREF              TKTPF US         375873311      -389045810
TEKA-PREF              TEKA4 BZ         375873311      -389045810
TEKA-PREF              TEKAPN BZ        375873311      -389045810
TEKA-RCT               TEKA9 BZ         375873311      -389045810
TEKA-RCT               TEKA10 BZ        375873311      -389045810
TEKA-RTS               TEKA1 BZ         375873311      -389045810
TEKA-RTS               TEKA2 BZ         375873311      -389045810
TEXTEIS RENA-RCT       TXRX9 BZ         56213385.5     -85196762.8
TEXTEIS RENA-RCT       TXRX10 BZ        56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX1 BZ         56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX2 BZ         56213385.5     -85196762.8
TEXTEIS RENAUX         RENXON BZ        56213385.5     -85196762.8
TEXTEIS RENAUX         RENXPN BZ        56213385.5     -85196762.8
VARIG PART EM SE       VPSC3 BZ         83017828       -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPSC4 BZ         83017828       -495721697
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         602662162      -27406558
VULCABRAS AZ-PRF       VULC4 BZ         602662162      -27406558
VULCABRAS SA           VULCON BZ        602662162      -27406558
VULCABRAS SA-PRF       VULCPN BZ        602662162      -27406558
VULCABRAS-RCT          0893211D BZ      602662162      -27406558
VULCABRAS-RCT          VULC9 BZ         602662162      -27406558
VULCABRAS-REC PR       VULC10 BZ        602662162      -27406558
VULCABRAS-RECEIP       0853207D BZ      602662162      -27406558
VULCABRAS-RIGHT        0853205D BZ      602662162      -27406558
VULCABRAS-RIGHT        VULC2 BZ         602662162      -27406558
VULCABRAS-RT PRF       VULC11 BZ        602662162      -27406558
VULCABRAS-RTS          0893207D BZ      602662162      -27406558
VULCABRAS-RTS          VULC1 BZ         602662162      -27406558
WETZEL SA              MWET3 BZ         96094336.6     -4635219.98
WETZEL SA              MWELON BZ        96094336.6     -4635219.98
WETZEL SA-PREF         MWET4 BZ         96094336.6     -4635219.98
WETZEL SA-PREF         MWELPN BZ        96094336.6     -4635219.98
WIEST                  WISA3 BZ         34107195.1     -126993682
WIEST SA               WISAON BZ        34107195.1     -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1     -126993682
WIEST-PREF             WISA4 BZ         34107195.1     -126993682



                            ***********


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
202-241-8200.


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