TCRLA_Public/140409.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Wednesday, April 9, 2014, Vol. 15, No. 70


                            Headlines



A R G E N T I N A

MAPFRE ARGENTINA: Moody's Withdraws B2 Global Currency Rating


B R A Z I L

COMPANHIA DE SENEAMENTO: Prolonged Drought Pressures Fin'l Profile


C A Y M A N  I S L A N D S

AVAGO TECHNOLOGIES: Fitch Assigns 'BB+' Issuer Default Rating
CAYMAN BIOFUELS: Shareholders' Final Meeting Set for May 30
CHIASCA INTERNATIONAL: Creditors' Proofs of Debt Due April 30
EDU LIMITED: Members' Final Meeting Set for April 22
EURO EQUITY: Shareholders' Final Meeting Set for April 14

FSI SKYLINE: Creditors' Proofs of Debt Due April 15
HIGHLAND CREDIT: Shareholders' Final Meeting Set for April 15
MILLENIUM STRATEGIES: Shareholders' Final Meeting Set for April 14
PACIFIC STAR: Shareholders Receive Wind-Up Report
SAL 2000A: Shareholders' Final Meeting Set for April 23

SWEETSOP TRADING II: Sole Member to Hear Wind-Up Report on May 6


D O M I N I C A N   R E P U B L I C

DOMINICAN REPU: Auto Imports, Sales Tumble More Than 36% in 6Yrs


T R I N I D A D  &  T O B A G O

PETROTRIN: Dispersant Not Responsible for Fish Kill


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A R G E N T I N A
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MAPFRE ARGENTINA: Moody's Withdraws B2 Global Currency Rating
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn MAPFRE Argentina Seguros S.A.'s and MAPFRE Argentina
Seguros de Vida S.A.'s B2 global local currency and Aa3.ar
national scale insurance financial strength ratings with a stable
outlook. MAPFRE Seguros and MAPFRE Vida are the general insurance
and life insurance subsidiaries, respectively, of MAPFRE S.A., a
major Spanish insurance group.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

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.


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B R A Z I L
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COMPANHIA DE SENEAMENTO: Prolonged Drought Pressures Fin'l Profile
------------------------------------------------------------------
According to Fitch Ratings, the financial profile of Companhia de
Saneamento Basico do Estado de Sao Paulo (Sabesp) should be
moderately pressured in 2014 by the impact of the expected
reduction in its net revenue and operating cash generation on the
company's credit metrics.  This pressure may grow higher if
current operating conditions worsen and the company does not
manage to carry adequate tariff adjustments to mitigate the
effects of the reduction in water consumption.  Sabesp faces a
challenging operating environment given the prolonged low levels
of rainfall in the Sistema Cantareira reservoir region, which is
responsible for producing nearly one-third of the total volume of
water produced by the company and for the supply of its main
region of service.

The continued reduction in the storage levels recorded by the
Sistema Cantareira in recent months should impact Sabesp more
severely than originally estimated by Fitch.  The company has
taken successive measures to mitigate these effects such as
extending the incentive program to reduce water consumption in the
affected region which was to end in August 2014 until end-2014.
This program has also been extended to the entire metropolitan
region of Sao Paulo.

Fitch's current projections regarding the impact on the company's
cash flow from the reduction in the volume of water and sewage
billed demonstrate moderate-to-high pressure on Sabesp's credit
profile.  The agency's forecasts for 2014 are that Sabesp's net
leverage measured by total adjusted net debt/EBITDA should
increase to around 3.5x, which compares with 2.5x reported at the
end of 2013.  The company's net leverage is expected to recover to
a level aligned with the current ratings as soon as hydrologic
conditions return to a normal pattern.

The strength of the company's cash flow from operations (CFFO)
during regular hydrologic conditions, combined with its healthy
liquidity position, low leverage and lengthened debt maturity
profile, should contribute to partially mitigate the more
challenging scenario.  Relevant frustrations regarding tariff
adjustments incorporated by Fitch which provide important support
in the company's cash generation or a reduction in water
consumption levels beyond Fitch's expectations may increase the
company's net leverage to above 4.0x in 2014 and place higher
pressure on the Sabesp's ratings.

Fitch's new assumptions consider net revenue decrease of around
14% (net of construction revenues) due to the water consumption
reduction incentive programs which should be partially mitigated
by the tariff adjustments (estimated at 4.7%) and base of
operations growth of 2.5%. Fitch also considered Sabesp's EBITDA
margin deterioration to 33% versus the 44% EBITDA margin average
during the last four years.

By the end of 2013, the company's cash balance was healthy at
BRL1.8 billion and its total debt was BRL11.8 billion.  Cash
reserves enabled strong coverage of short-term debt of 2.8x and
7.1x, respectively, as measured by cash/short-term debt and cash +
CFFO/short-term debt.  In 2013, Sabesp reported robust EBITDA and
CFFO of BRL4.0 billion and BRL2.8 billion, respectively, with an
EBITDA margin of 45%.

Fitch currently rates Sabesp as follows:

-- Long-Term Foreign Currency IDR (Issuer Default Rating) 'BB+';
-- Long-Term Local Currency IDR 'BB+');
-- Long-Term National Rating 'AA(bra)';
-- Senior unsecured notes due in 2016 and 2020 'BB+'.


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C A Y M A N  I S L A N D S
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AVAGO TECHNOLOGIES: Fitch Assigns 'BB+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings assigns a 'BB+' rating to Avago Technologies Ltd.'s
new wholly-owned indirect Cayman Island-based subsidiary, Avago
Technologies Finance Pte. Ltd.'s (Avago), and a 'BBB-' rating to
Avago's Senior Secured Credit Facilities.  The Rating Outlook is
Stable. Fitch's actions affect $6.1 billion of debt issuance,
including the undrawn Revolving Credit Facility (RCF).
The ratings and Outlook reflect Fitch's expectations for
strengthening credit protection measures from meaningful voluntary
debt reduction and profitability growth through the intermediate-
term.  Pro forma for the debt issuance and acquisition of LSI
Corp. (LSI), Fitch estimates total leverage (total debt to
operating EBITDA) will exceed 4(x) but decline to below 3.5x in
2015. Longer-term, Fitch anticipates total leverage below 3x.

Ratings Drivers

Avago will use net proceeds from the debt issuance, along with
cash balances, to fund the $6.6 billion cash acquisition of LSI
that is expected to close in the first half of 2014.  The
acquisition doubles Avago's size; makes it a leader in storage end
markets; leverages both companies' application specific integrated
circuits (ASIC) capabilities in wired infrastructure, and improves
substantial customer and end market concentration.

The ratings are supported by Avago's : i) leadership positions in
secular growth markets, ii) strong profitability with expectations
for profit margin expansion from cost synergies, and iii)
consistent and solid annual mid-cycle FCF, providing ample
financial flexibility for debt reduction.  Rating concerns center
on: i) Avago's initially weak credit protection measures at the
acquisition's close, ii) improved but still substantial customer
and end market concentration, particularly wireless infrastructure
and storage markets and iii) potential integration challenges,
mitigated by limited product overlap.

Pro forma for Avago's acquisition of LSI, the ratings and Outlook
reflect Fitch's expectations for solid operating performance,
driven by secular end market growth, improving profitability with
a credible operating margin expansion roadmap, and strengthening
annual free cash flow (FCF).  Fitch expects mid- to high-single
digit organic revenue growth in fiscal 2014, driven by solid
demand across end markets.

Despite expectations for continued cyclicality, accelerating LTE
adoption should drive secular demand, including higher smartphone
shipments, increasing complexity, growing internet bandwidth
demands and greater storage requirements.  Customer and end market
concentration is reduced but remains meaningful.  Wireless
communications and wired infrastructure will represent roughly
half of revenues, with storage constituting a little over a third.
Avago's top three customers will represent 26% of revenues.

Operating profit margin initially will erode, pro forma for the
acquisition.  Fitch estimates operating profit margin will decline
to the mid-20s from roughly 30% for the latest 12 months (LTM)
ended Feb. 2, 2014, due to LSI's higher operating expense
structure.  Nonetheless, Fitch expects $217 million of cost
synergies, which should begin contributing meaningfully to margin
expansion in fiscal 2015.  As a result, Fitch anticipates
operating EBITDA margins returning to 30% in the intermediate-
term.

Fitch expects mid-cycle annual FCF will average more than $500
million beyond the near-term but will be modest in fiscal 2014 due
to the impact of cash restructuring.  Capital spending should
return to normalized levels of $250 million or below, upon
completion of Avago's multi-year capacity expansion for the
manufacture of FBAR products.  Cash contributions related to LSI's
$335 million underfunded pension obligations should decline from
$75 million in 2014.

Ratings Sensitivities

Avago's use of FCF for voluntary debt reduction or higher
profitability from the achievement of cost synergies resulting in
total leverage approaching 2.5x could result in positive rating
actions, as Fitch believes the company will have the FCF capacity
for debt reduction.  Negative rating actions could result from: i)
market share erosion at a leading customer or in aggregate,
indicating an loss of technological advantage or ii) the
degradation of profitability and FCF, limiting voluntary debt
reduction and the company's ability to drive total leverage below
4x in the near-term.

Pro forma for the transaction, Fitch believes liquidity is solid
and consists of: i) $750 million of cash and cash equivalents and
ii) a $500 million undrawn senior secured RCF expiring 2019.
Consistent annual FCF also supports liquidity. Cash location is
not a concern for Avago, given the company's incorporation in
Singapore.

Pro forma for the acquisition, total debt is $5.6 billion and
consists of: i) $4.6 billion senior secured term loan B maturing
in 2019 and ii) $1 billion of privately placed convertible notes
due 2020.  The term loan B amortizes at $46 million (1%) annually
until the bullet maturity in 2019.

Fitch rates Avago as follows:

-- IDR 'BB+';
-- $4.6 billion Senior Secured Term Loan B 'BBB-'; and
-- $500 million Senior Secured Revolving Credit Facility (RCF)
    'BBB-'.


CAYMAN BIOFUELS: Shareholders' Final Meeting Set for May 30
-----------------------------------------------------------
The shareholders of Cayman Biofuels Ltd. will hold their final
meeting on May 30, 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:

          J. Barry Smith
          Forbes Hare
          Cassia Court, Camana Bay
          Suite 716, 10 Market Street
          Grand Cayman, KY1-9006
          Cayman Islands
          c/o Jacqueline Forsythe
          Forbes Hare Cassia Court
          Camana Bay Grand Cayman
          Cayman Islands
          Telephone: (345) 943-7700


CHIASCA INTERNATIONAL: Creditors' Proofs of Debt Due April 30
-------------------------------------------------------------
The creditors of Chiasca International Ltd. are required to file
their proofs of debt by April 30, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 10, 2014.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


EDU LIMITED: Members' Final Meeting Set for April 22
----------------------------------------------------
The members of EDU Limited will hold their final meeting on
April 22, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


EURO EQUITY: Shareholders' Final Meeting Set for April 14
---------------------------------------------------------
The shareholders of Euro Equity Strategy Fund SPC will hold their
final meeting on April 14, 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:

          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


FSI SKYLINE: Creditors' Proofs of Debt Due April 15
---------------------------------------------------
The creditors of FSI Skyline Fund OC, Ltd. are required to file
their proofs of debt by April 15, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 7, 2014.

The company's liquidator is:

          Ogier
          c/o Cline Glidden
          Telephone: (345) 815-1785
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HIGHLAND CREDIT: Shareholders' Final Meeting Set for April 15
-------------------------------------------------------------
The shareholders of Highland Credit Opportunities CDO Holdings,
Ltd. will hold their final meeting on April 15, 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:

          Intertrust SPV (Cayman) Limited
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365


MILLENIUM STRATEGIES: Shareholders' Final Meeting Set for April 14
------------------------------------------------------------------
The shareholders of Millenium Strategies Fund SPC will hold their
final meeting on April 14, 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:

          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


PACIFIC STAR: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pacific Star GOF Advisers Ltd received on
March 31, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Arjun Dosaj
          Telephone: 65 65083100
          3 Church Street
          #20-01/06 Samsung Hub
          Singapore 049483


SAL 2000A: Shareholders' Final Meeting Set for April 23
-------------------------------------------------------
The shareholders of SAL 2000A Limited will hold their final
meeting on April 23, 2014, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          c/o Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands


SWEETSOP TRADING II: Sole Member to Hear Wind-Up Report on May 6
----------------------------------------------------------------
The sole member of Sweetsop Trading II (Cayman) Limited will
receive on May 6, 2014, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPU: Auto Imports, Sales Tumble More Than 36% in 6Yrs
----------------------------------------------------------------
Dominican Today reports that imports and sales of new and used
autos have tumbled more than 36% during the last six years,
Dominican Republic's authorized dealers grouped in Acofave
revealed, blaming it on higher taxes.

Acofave President Enrique Fernandez said each imported vehicle
pays 63% tax of the CIF value when the import is normal and 51%
under the free trade agreement, according to Dominican Today.  The
report notes that President Fernandez said the sales tax is as
high as 33%.

President Fernandez urged the government to work together with
importers to counter the fall with policies to increase imports
which in his view lead to higher revenue, the report relates.

As an example President Fernandez cited the Central Bank's
"positive impact" of easing the banks' required reserve, to lower
loans rates, Dominican Today relates.

In a press conference accompanied by Acofave members, President
Fernandez said 56,173 new and used autos were imported in 2013,
compared with 87,975 in 2007, or a fall of more than 36%, the
report relays.

President Fernandez said of the 34,396 used vehicles imported in
2013, 9,209, or 26.77% are SUVs, 20,971 are cars (60.96%) and
1,006 are pickup trucks, or 2.92%, the report adds.


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T R I N I D A D  &  T O B A G O
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PETROTRIN: Dispersant Not Responsible for Fish Kill
---------------------------------------------------
Darcel Choy at Trinidad and Tobago Newsday reports that
preliminary findings of tests conducted on fish on the South West
coast by the Environmental Management Authority (EMA) found that
the cause of death was not Petroleum Company of Trinidad and
Tobago's use of the dispersant Corexit 9500 after last December's
oil spill.

Members of various fishing organizations, for the past month,
called on the EMA to conduct tests in the Gulf of Paria to
determine whether the region's entire fishing stocks were
contaminated by the oil spill, according to Trinidad and Tobago
Newsday.

In a statement, the report notes, the EMA said preliminary
examinations (necropsy) were performed, and as a result
appropriate samples were taken for Microbiological (bacterial),
Histopathological (microscopic examination of affected tissue) and
toxological (with an emphasis on screening for toxins specifically
Corexit 9500 and petrochemical) examinations.  Water samples were
also taken in the area for analysis.

The report relays that its findings suggested that the affected
fish were of one population -- mullet -- which usually feed in low
saline water like in the river, and river mouth.  It found that
the incident was localized specifically around the River Negg,
Station beach and Coffee areas, the report notes.

All samples of fish were found well-muscled (not starving) and in
fact that there were a lot of digesta (food in the intestines) and
internal parasites which indicates that the fish were feeding
well, when the event took place, the report says.

The Authority said there was no fish kill along the South West
coast as this implies a significant and sudden mortality of
different species of fin-fish and other species such as shrimp and
crabs dying over a short period of time, usually in a clearly
defined area, and in this situation, the fish found was of one
species, the report discloses.

EMA Chairman, Dr. Allan Bachan, noted the pronouncements by
members of the public over the last week and expressed concern
that those pronouncements were being viewed as facts in the
absence of scientific data, the report notes.

Dr. Bachan advised the public that the Authority under the
guidance of the National Environmental Assessment Task Force
(NEATF) was coordinating with stakeholder agencies such as the
Institute of Marine Affairs, and the University of the West
Indies, in vigilantly collecting and conducting independent
sampling of dead mullet, water and sediment from the South West
coast and has sent those for a pathological report and toxicology
screening, the report relays.

It assured the public that it will continue to conduct site visits
in an effort to monitor the beach, and they await the results of
the ongoing sampling, the report adds.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of a what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


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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.

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