TCRLA_Public/141127.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

          Thursday, November 27, 2014, Vol. 15, No. 235


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Mulls Staff Cutting Proposal


A R G E N T I N A

ARGENTINA: Billionaire Oilmen Win Tax Cut as Crude Plunges
IMPSA: Sells Brazil Wind Parks as It Readies Bond Restructuring
MENDOZA: Moody's Puts Caa1 Debt Rating to Class I ARS400MM Notes


B A H A M A S

BAHAMAS: IDB OKs US$33MM Loan to Improve Fiscal Effectiveness


B R A Z I L

BRMALLS PARTICIPACOES: Fitch Affirms 'BB+' Issuer Default Rating
USINA CAETE: S&P Lowers Corp. Credit Rating to 'B+'; Outlook Neg.


C A Y M A N  I S L A N D S

BH AIRCRAFT: Shareholder Receives Wind-Up Report
CHEYNE TOTAL: Shareholders Receive Wind-Up Report
DELAMBRE LIMITED: Shareholder Receives Wind-Up Report
INFINIUM GLOBAL: Shareholder Receives Wind-Up Report
MA DEEP: Shareholder to Hear Wind-Up Report on Nov. 28

NL NIEDERBIPP: Shareholders Receive Wind-Up Report
POLYGON FUND: Shareholder to Hear Wind-Up Report on Nov. 28
PRIME ELITE: Member to Hear Wind-Up Report on Dec. 9
QUALITY EQUALITY: Shareholders Receive Wind-Up Report
RIPPLEWOOD INVESTORS: Members to Hear Wind-Up Report on Dec. 1

UNITED TRADES: Members Receive Wind-Up Report


C O L O M B I A

COLOMBIA: Doesn't Need More Stimulus at the Moment, Cardenas Says


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Raises Foreign Currency IDR to 'B+'
DOMINICAN REPUBLIC: President Medina Signs US$10BB Budget Into Law


J A M A I C A

JAMAICA: Sees Continued Decline in Mining, Quarrying


M E X I C O

GRUPO IDESA: Fitch Affirms 'BB-' IDR; Outlook Stable


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Chairman Defends New Chief Executive Officer


                            - - - - -


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


LIAT: Mulls Staff Cutting Proposal
----------------------------------
The Daily Observer reports that nearly 200 employees of the LIAT,
operating as Leeward Islands Air Transport, could get the axe if
proposed job cuts aimed at improving the airline's financial
stability are realized.

The regional carrier is looking to retrench about 185 of its staff
who are stationed in every country in which it operates, according
to the Daily Observer.

The report notes that the company has presented several options to
reduce the number of persons it employs.  These measures include
early retirement, voluntary severance, normal retirement,
temporary layoffs, and termination, the report relates.

Based on the proposals, the commercial, customer experience, and
cargo divisions would be the departments mostly affected, with a
21 per cent reduction in personnel, the report discloses.  The
proposed cuts will trim the number of employees in those
departments from 283 to 225 individuals, the report notes.

LIAT is also considering letting go 51 workers in flight
operations, reducing that department by about 20 per cent as well,
the report relays.

The report relates that the engineering department is also
projected to lose 50 workers, while 26 individuals are expected to
be made redundant in finance, human resource, and administration.

The report adds that the cargo operation will be closed because it
is too costly to operate.

However, LIAT plans to re-open the cargo operation some time in
the distant future, notes the report.

The airline's Chief Executive Officer David Evans had announced
earlier that the company will be reviewing its operational costs
and there was no guarantee that employees would not lose their
jobs during the exercise, the report discloses.

                          About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 10, 2014, Caribbean360.com said that Leeward Islands Air
Transport (LIAT) said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, comes the news
from highly reliable sources that long time chairman Jean Holder
is all set to follow.

David Evans replaced Mr. Brunton as chief executive officer.


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


ARGENTINA: Billionaire Oilmen Win Tax Cut as Crude Plunges
----------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Pan American Energy
LLC, run by the billionaire Bulgheroni family, is getting relief
from President Cristina Fernandez de Kirchner at just the right
time.

With oil prices tumbling abroad, Argentina's largest crude
exporter was granted a tax break on Oct. 22 as part of a
resolution to guarantee profits and maintain investments,
according to Bloomberg News.  The company's $500 million of bonds
due 2021 have since rallied, pushing yields down 0.24 percentage
point, Bloomberg News notes.  Borrowing costs on similar-maturity
debt from Latin American oil exporters including Petroleos de
Venezuela SA, Pacific Rubiales Energy Corp. and Petroleos
Mexicanos rose over the same span, Bloomberg News relates.

Bloomberg News says that the tax cut, which lowered the rate that
Pan American Energy pays on crude exports to as low as 10 percent
from 45 percent, is the second measure taken by Argentina in less
than two years.  After seizing a 51 percent stake in YPF SA in
2012 from Spain's Repsol SA, Fernandez has authorized fuel price
increases, reduced taxes and set higher domestic prices that have
allowed energy companies to remain profitable even with an
estimated 40 percent inflation rate, Bloomberg News notes.

"The playing field has become more level since the Repsol
takeover, and the government has taken more interest in
encouraging production," Richard Segal, head of international
credit strategy at Jefferies Group LLC, said told Bloomberg News
in a telephone from London.  "The new tax system is simpler and
more pertinent," Mr. Segal added.

                            Price Bands

Pan American Energy's press department declined to comment on the
new tax structure and how it will affect earnings, says the
report.

The resolution last month establishes export taxes for crude
exports of 13 percent when the price is below US$80 a barrel, 11.5
percent when below US$75 and 10 percent when below US$70 a barrel.
Previously companies paid as much as 45 percent, Bloomberg News
relates.  If oil is above US$80 a barrel, the company receives
US$70 and pays the difference as a tax, Bloomberg News notes.

Oil futures in New York have tumbled 24 percent this year, and now
trade at $74.40 a barrel as of 1:38 p.m. on Nov. 26 in New York,
Bloomberg News relates.

In January 2013, the government increased the potential cash
payment for crude exporters by 67 percent by scrapping an earlier
policy that priced a barrel at US$42, Bloomberg News discloses.

Congress in October reformed the 1967 oil bill granting benefits
to companies interested in developing shale and offshore
exploration, a move that benefits Pan American by allowing the
company to export as much as 60 percent of output from offshore
wells without any export tax, Bloomberg News notes.

The Delaware-based company is 60 percent owned by London-based BP
Plc and 40 percent by Bridas Corp., a venture between the
Bulgheronis and China's CNOOC Ltd.

Carlos and Alejandro Bulgheroni have a net worth of US$5.7
billion, making them the wealthiest businessmen in Argentina,
according to Forbes.

                           Cerro Dragon

While the policy change saps tax revenue from oil-producing
provinces, it will help companies like Pan American Energy post
greater profits, Bloomberg News notes.  The oil producer posted a
third-quarter profit of ARS786 million (US$92.3 million), a 44
percent increase from a year earlier, Bloomberg News notes.  The
company's revenue is almost entirely in dollars, while about 50
percent of costs are in pesos, according to a research report by
Banco Mariva SA, Bloomberg News relates.

Pan American is increasing output in Argentina's largest oil
field, known as Cerro Dragon, which is located mostly in Chubut
province, Bloomberg News relays.  Output has risen 15 percent
since February after the company added four drilling rigs to the
field, according to an e-mailed response to Bloomberg.

The increase to 14,900 cubic meters a day (93,700 barrels a day)
is still less than the 15,000 cubic meters in January 2012.
Production at the field tumbled in 2012 after union activists
attacked oil-service equipment as part of protests, Bloomberg News
notes.

                         'Regulatory Risk'

With the hemisphere's highest inflation rate after Venezuela and a
peso that has tumbled 29 percent in the past year, the company's
increased costs in local currency and the unpredictability of
government policies still make managing the company a challenge,
according to Daniela Cuan, an analyst at Moody's in Buenos Aires,
Bloomberg News relates.

"It's a great company but the regulatory risk, the salary costs
are still a menace," Mr. Cuan told Bloomberg News in a telephone
interview.  "If inflation or spending grow at the pace we've seen
recently it may become an issue," Mr. Cuan added.

Administrative spending rose 84 percent in the third quarter to
ARS437 million, Bloomberg News relates.

While most Argentine companies are assigned a similar repayment
risk as the government, Pan American Energy's B rating from Fitch
Ratings is seven levels above the sovereign's RD rating -- which
means the nation has defaulted on some obligations while staying
current on others.

                         'Quality Assets'

Argentina defaulted for the second time in 13 years in July after
a U.S. court blocked its bond payments after the government
refused to comply with a ruling that required the nations to pay a
group of holdout creditors in full, Bloomberg News says.

Pan American Energy issued ARS890 million of bonds in the local
market last month and obtained a US$98.5 million loan from Wells
Fargo & Co. to purchase more rigs to boost production, Bloomberg
News notes.   Its dollar bonds yield 6.77 percent, or 2.65
percentage points less than similar-maturity government notes,
Bloomberg News says.

"Despite the situation at the sovereign level, which is a key risk
that is difficult to project, the company has high-quality assets
and a strong business position," said Bevan Rosenbloom, an
emerging-markets debt strategist at Mitsubishi UFJ Securities USA
Inc., told Bloomberg News by phone from New York.

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court-
appointed mediator ended without resolving a standoff between the
country and a group of hedge funds seeking full payment on bonds
that the country had defaulted on in 2001.  A U.S. judge had ruled
that the interest payment couldn't be made unless the hedge funds
led by Elliott Management Corp., got the US$1.5 billion they
claimed.  The country hasn't been able to access international
credit markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


IMPSA: Sells Brazil Wind Parks as It Readies Bond Restructuring
---------------------------------------------------------------
Global Insolvency News, citing Bloomberg News, reports that
Industrias Metalurgicas Pescarmona SA, the Argentine wind-turbine
maker owned by the Pescarmona family and known as Impsa, agreed to
sell holdings in wind parks in Brazil to a local developer as it
prepares to restructure its debt.

Ventos de Sao Jorge Energias Renovaveis SA, a Fortaleza, Brazil-
based wind-power developer owned by the Salus investment fund,
agreed to buy stakes in five wind farms from Impsa-run Energimp
SA, according to a filing to Brazil's antitrust regulator,
according to Global Insolvency N.

The price wasn't disclosed, notes the report. Ismael Jadur,
Impsa's manager of institutional relations, didn't reply to an e-
mail and a call seeking comment.

The report adds that Impsa, owned by Mendoza, Argentina-based
Venti SA, said earlier this year that its Brazilian sister company
Wind Power Energia SA, or WPE, was seeking to sell assets to cut
debt.

The Pescarmona group is seeking a bailout from the Argentine
government after delayed payments from its biggest clients in
Venezuela and Brazil led to a cash-flow shortage, the report
relates.  Impsa has said it hired an adviser to restructure its
debt and will soon present a restructuring offer to creditor, the
report adds.

Industrias Metalurgicas Pescarmona S.A.I.C. y F. provides
integrated solutions for power generation from renewable
resources, equipment for the process industry, and environmental
services.

As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2014, Pablo Gonzalez at Bloomberg News reports that
Enrique Pescarmona, owner of Argentina's biggest renewable energy
company, had sought government bailout as overdue payments from
the group's biggest client in Venezuela left it short of cash for
looming bond payments, according to two people with knowledge of
the talks.

Mr. Pescarmona, who owns turbine maker Industrias Metalurgicas
Pescarmona SA (Impsa) through Luxembourg-based Venti SA, met Sept.
11, with Argentine authorities to discuss possible government
assistance, the people said, asking not to be identified because
an agreement may not be reached, according to Bloomberg News.

Mr. Pescarmona met with President Cristina Fernandez de Kirchner
in August, sources said.


MENDOZA: Moody's Puts Caa1 Debt Rating to Class I ARS400MM Notes
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a Caa1 (global scale, local currency) and a Baa3.ar
(Argentina national scale) debt rating to the Province of
Mendoza's Class I notes for a total amount of up to ARS400
million.

Ratings Rationale

These notes were authorized by Decree N§1662 of the Governor of
Mendoza and by Resolution N§340 of the Ministry of Finance, under
the Province?s 2014 Debt Issuance Program. According to the term
sheet reviewed by Moody's, Class I notes will be subscribed and
payable in Argentine pesos, will reach up to ARS400 million and
will have a maturity of 18 months. The principal of the notes will
amortize in three equal installments at the 12th, 15th and 18th
months since the issuance day. The amount issued under Class I
notes represents approximately 1.1% of the Province of Mendoza's
total revenues projected for 2015.

The assigned debt ratings reflect the capacity of the Province of
Mendoza to honor these notes as captured in the current
Caa1/Baa3.ar issuer ratings. The assigned ratings are based on
preliminary documentation received by Moody's as of the rating
assignment date. Moody's does not expect changes to the
documentation reviewed over this period or anticipates changes in
the main conditions that the notes will carry. Should issuance
conditions and/or final documentation of any of the rated classes
deviate from the original ones submitted and reviewed by the
rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

What Could Change The Rating Up/Down

Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the Province of Mendoza's ratings in
the near to medium term. A downgrade in Argentina's bond ratings
would result in a downgrade of the ratings assigned. A sharp
deterioration in the province's metrics such as a rapid increase
in the debt to revenues ratio could exert downward pressure on the
ratings assigned and could result in a downgrade of the ratings.

The principal methodology used in this rating was Regional and
Local Governments published in January, 2013.

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


=============
B A H A M A S
=============


BAHAMAS: IDB OKs US$33MM Loan to Improve Fiscal Effectiveness
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$33
million loan for The Bahamas to improve the management of its
public finances and procurement, and to enhance its capacity to
monitor progress and implementation of key government priorities.

The Bahamas' tourist-based economy has been growing steadily in
recent years but its public finances have suffered since 2008,
with growing fiscal deficits and debt levels, amid rising
unemployment.

To face these challenges, the project aims to help the country get
on a path of fiscal consolidation by modernizing its Public
Financial Management framework to make better use of fiscal
resources.

The program will consist of four components. The first will focus
on strengthening the management capacity of the public sector to
monitor priority projects and programs more efficiently and
effectively.

The second component will aim to bolster the ability of the
government to collect data and produce quality statistics. The
third component will deal with public financial management, with
the objective of improving the efficiency in how public funds are
allocated.

The fourth component aims to modernize the public procurement
system by promoting efficient market competition and value for
money.

The loan has a 25-year amortization with a five-year disbursement
period, and is based on LIBOR.

The Country Strategy with the Government of The Bahamas 2013-2017
supports transformative initiatives of the government to ensure
macroeconomic sustainability; ensure social stability and
employment; and increase resilience to the negative impacts of
climate change. The priority areas include: (1) Public Finances
and Management; (2) Citizen Security and Justice; (3) Energy; (4)
Private Sector Development; and (5) Coastal Risk Management and
Climate Change Adaptation.


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


BRMALLS PARTICIPACOES: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed these ratings of BRMALLS Participacoes
S.A. (BRMALLS) as:

   -- Foreign currency Issuer Default Rating (IDR) at 'BB+';
   -- Local currency IDR at 'BB+';
   -- Long-term national scale rating at 'AA (bra)';
   -- BRL400 million local debentures, first and second tranches
      due in 2017 and 2019, respectively, at 'AA (bra)';
   -- BRL400 million local debentures due in 2016 at 'AA (bra)';
   -- BRL270 million local debentures due in 2016 at 'AA (bra)'.

Fitch has also affirmed these ratings of BR Malls International
Finance Limited (Finco):

   -- Foreign currency IDR at 'BB+';
   -- USD405 million perpetual notes at 'BB+'.

Simultaneously, Fitch has also withdrawn Finco's long-term IDR.

The Rating Outlook has been revised to Positive from Stable.

BRMALLS' ratings reflect its leading business position as the
largest Brazilian shopping center operator, stable and predictable
cash flow generation, geographical and property revenue base
diversification, and low working capital requirements with renters
responsible for most maintenance expenses.  The ratings also
factors in BRMALLS' growth strategy, stable capital structure,
large pool of unencumbered assets, and successful track record in
growing the business.  The company's consistent use of a balance
of equity and debt to fund its organic and inorganic growth during
the past five years has kept leverage levels low relative to the
value of its assets.

KEY RATING DRIVERS

Positive Outlook:

The Outlook revision to Positive from Stable reflects expectations
of continued improvement in the company's credit profile during
the next 12-to-24 months period resulting in the company's levels
of net leverage consistently at or below 4x, interest coverage
ratio at or above 2.5x, improvement in the debt payment schedule
reducing current levels of short-term debt relative to cash
position, and keeping EBITDA margin stable around 80%.

Business Position and Asset Diversification Incorporated:

BR Malls Participacoes S.A. (BR Malls) has a strong business
position and property portfolio quality.  As of Sept. 30, 2014,
the company is the largest Brazilian shopping center operator,
holding an interest in 50 malls with a total gross leasable area
(GLA) of 1,729 thousand square meters of which it owns 1,004
thousand square meters.  BR Malls has operations in all five
regions of Brazil, and its top five malls represent approximately
30% of its total net operating income (NOI).

Stable Cash Flow:

Both rents and NOI per square meter are stable to positive for BR
Malls.  They are supported by a lease structure that consists of
fixed-rent payments (70%) and tenant reimbursements (10%), both of
which cover costs associated with property management and taxes.
The company's EBITDA margin is expected to remain stable at around
80% during the 2014-2015 period.  During latest 12 months (LTM)
Sept. 30, 2014, EBITDA was BRL1.1 billion, a 19% increase when
compared with 2012 EBITDA of BRL910 million.  Fitch expects BR
Malls' 2015 EBITDA to be around BRL1.2 billion.

Low Leverage:

BR Malls' net leverage has been declining during the last 24
months.  As of Sept. 30, 2014, the company's total net debt was
BRL4.7 billion, resulting in a net leverage ratio of 4.4x.  This
ratio was 4.7x by Dec. 2012.  The Positive Rating Outlook
incorporates the view that BR Malls will continue reducing its net
leverage ratio trending to levels below 4x during the next 12 to
24 months.

Good Liquidity:

The company liquidity is viewed as adequate based on its cash
position, stable interest coverage ratio, unencumbered assets
level, and access to equity and debt markets, locally and
internationally.  By Sept. 30, 2014, BR Malls had BRL451 million
and BRL675 million in cash and short-term debt, while its coverage
ratio measured as total EBITDA to interest expenses have been
around 2.1x during the last four years.  BRMALLS also has good
access to credit through capital markets and banks, and financial
flexibility resulting from good quality assets that could be
easily monetized.  The company maintains a large pool of
unencumbered assets that could provide alternative sources of
financing if required.  Unencumbered assets make up about 48% of
its owned Gross Leasable Area (GLA), estimated to be about 479,975
square meters.  The company levels of unencumbered assets cover
approximately 4x its unsecured debt of BRL2.2 billion by the end
of the period.

Healthy Metrics, SSR Stable, No Delinquencies Issues:

The company has maintained solid levels of occupancy rates at
around 97.5% between 2012 and 2014.  Late payments have been
manageable at around 3.5%-4% during this period.  Same store sales
(SSS) have continued relatively stable during 2014, growing by
approximately 7.5% compared with 2012-2013 levels.  Same store
rent (SSR) has slowed slightly during 2014, but remains adequate
around 8.5%.

Concentration in Lease Duration Neutral to Credit Quality:

BR Malls' lease portfolio has some concentration in lease-
expiration dates as about 49% of its rental contracts will expire
during the next 24 months ended in Sept. 2016.  This situation is
the standard for most Brazilian shopping mall as it reflects the
sector's average contract period of around five years, which
implies a 20% level of total contract expiring each year.
Considering the company's trend during last years in terms of high
occupancy (above 96%) and the average spread renewals (around 15%
to 20%), the level of contracts expiring during the next 24 months
is viewed as neutral to credit quality and as an opportunity for
the company to increase revenues.

RATING SENSITIVITIES

These factors may have a positive impact on BR MALLS' ratings:

   -- Fitch's expectation of coverage ratio - measured as EBITDA
      to interest expenses ratio - sustaining at or above 2.5x;
   -- Fitch's expectation of net leverage - measured as total net
      debt to EBITDA ratio - sustaining at or below 4x.

These factors may have a negative impact on BR Malls' Rating
Outlook:

   -- A highly leveraged transaction that materially weakens the
      company's credit profile;
   -- Fitch's expectation of coverage ratio remaining around 2x;
   -- Fitch's expectation of net leverage remaining in the 4.5x to
      5x range.


USINA CAETE: S&P Lowers Corp. Credit Rating to 'B+'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the global scale
corporate credit rating on Usina Caete S/A (Caete) to 'B+' from
'BB-' and the Brazil national scale corporate credit rating to
'brBBB-' from 'brA-'.  S&P also lowered the secured debt rating on
the company's debt to national scale 'brBBB-' from 'brA-' and to
global scale 'B+' from 'BB-'.  The outlook on the corporate credit
ratings remains negative.

"The downgrade reflects Caete's weaker-than-expected operating
performance in its Southeast operations, affected by the drought
in the state of Sao Paulo, which will reduce volumes and
productivity levels at its Pauliceia mill in 2014," said Standard
& Poor's credit analyst Flavia Bedran.  This will prevent Caete
from continuing to increase the utilization capacity of its mills
S&P expects it to crush 6.6 million tons of sugarcane in 2014,
mirroring 2013 crushing levels--which, combined with weaker sugar
prices, will undermine operating and FOCF generation.
Furthermore, the industry's overall poor fundamentals have
required Caete to increase investments in the plantations in order
to boost availability of cane in the next harvests.  This will
most likely result in negative FOCF generation (surpassing R$20
million) and increase the need for the company to refinance its
short-term debt.  Finally, the higher debt to fund capex will
likely result in a breach of the company's financial covenant,
which requires it to maintain a net debt to EBITDA less than 2.5x.
However, S&P expects the company to continue to negotiate a waiver
with the banks, as it did at the end of 2013.


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


BH AIRCRAFT: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of BH Aircraft Leasing and Sales received on
Nov. 21, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CHEYNE TOTAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Cheyne Total Return Credit Fund II Inc.
received on Nov. 14, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647


DELAMBRE LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Delambre Limited received on Nov. 21, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Universal Directors Limited
          Providence House, Ground Floor
          East Wing, East Hill Street
          P.O. Box CB-12399
          Nassau, Bahamas


INFINIUM GLOBAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Infinium Global Opportunities Fund Ltd.
received on Nov. 11, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MA DEEP: Shareholder to Hear Wind-Up Report on Nov. 28
------------------------------------------------------
The shareholder of MA Deep Event, Ltd. will hear on Nov. 28, 2014,
at 9:45 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NL NIEDERBIPP: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of NL Niederbipp Funding Company Ltd received on
Nov. 20, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
         Cayman Islands


POLYGON FUND: Shareholder to Hear Wind-Up Report on Nov. 28
-----------------------------------------------------------
The shareholder of Polygon Fund, Ltd. will hear on Nov. 28, 2014,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PRIME ELITE: Member to Hear Wind-Up Report on Dec. 9
----------------------------------------------------
The member of Prime Elite Company Limited will hear on Dec. 9,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


QUALITY EQUALITY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Quality Equality Limited received on Nov. 21,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Citron 2004 Limited
          Telephone: +44 1534 282276/ +1 345 814 2059
          Facsimile: +44 1534 282400
          c/o Clifton House
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


RIPPLEWOOD INVESTORS: Members to Hear Wind-Up Report on Dec. 1
--------------------------------------------------------------
The members of Ripplewood Investors Limited will hear on Dec. 1,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Cititrust (Bahamas) Limited
          Citigroup Fund Services (Cayman), Ltd.
          27 Hospital Road, Fifth Floor
          Cayman Corporate Centre
          George Town
          Grand Cayman KY1-1003
          Cayman Islands
          c/o Schell Stubbs
          Telephone: (242) 302-8714


UNITED TRADES: Members Receive Wind-Up Report
---------------------------------------------
The members of United Trades Insurance Company received on
Nov. 17, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Glen Moss
          Artex Risk Solutions (Cayman) Ltd.
          The Charles Building, 2nd Floor
          189 North Church Street
          George Town, Grand Cayman
          c/o John Pitcairn
          Telephone: 345 945 9273


===============
C O L O M B I A
===============


COLOMBIA: Doesn't Need More Stimulus at the Moment, Cardenas Says
-----------------------------------------------------------------
Oscar Medina at Bloomberg News reports that Colombia's economy is
growing at its full capacity and doesn't require monetary stimulus
at the moment, Finance Minister Mauricio Cardenas said.

"Right now, the economy is in a good position, growing at its
potential rate," Minister Cardenas said, according to Bloomberg
News.  "Today these stimulus measures aren't required.  The
important thing is to have the necessary tools and use them when
needed," Minister Cardenas added.

The central bank's seven-member board, which Cardenas chairs, will
leave the policy rate unchanged at 4.5 percent for a third
straight month at its Nov. 28 meeting, according to all 28
analysts surveyed by Bloomberg.  Policy makers raised the rate
1.25 percentage points between April and August as the economy
grew at the fastest pace among major Latin American economies, led
by construction and public works spending, Bloomberg News relates.

Consumer prices climbed 3.29 percent in October from a year
earlier, within the bank's 2 percent to 4 percent target range,
Bloomberg News notes.  That gives policy makers the flexibility to
cut interest rates in the future, if they need to offset a global
slowdown, Cardenas said, Bloomberg News says.

Colombia is the only major Latin American economy with inflation
on target.

The economy will expand 4.9 percent this year, according to
economists surveyed by Bloomberg, compared with growth of 1.9
percent in Chile and 3 percent in Peru.



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


AES ANDRES: Fitch Raises Foreign Currency IDR to 'B+'
-----------------------------------------------------
Fitch Ratings has upgraded Dominican Republic's generation
companies' (GenCos) long-term foreign and local currency Issuer
Default Ratings (IDRs) to 'B+' from 'B'.  Fitch has also upgraded
national long-term ratings of most of the issuers.

These rating actions follow the upgrade of the Dominican
Republic's long-term foreign and local currency IDRs to 'B+' from
'B'.  The upgrade of the sovereign ratings reflects country
resilience through adverse domestic and external conditions,
improving current account dynamics due to the increasing diversity
of the export structure, and the on-track fiscal consolidation of
the Danilo Medina administration in its second year.

The ratings of the Dominican Republic GenCos reflect the
electricity sector's high dependency on transfers from the central
government to service its financial obligations.  The Dominican
Republic's power sector is characterized by low collections from
end-users, high electricity losses, and consumption subsidies.
This strong dependence on government transfers links the credit
quality of the distribution and GenCos to that of the sovereign.

Fitch has affirmed Compania de Electricidad de Puerto Plata S.A.'s
(CEPP) national long- and short-term issuer ratings at 'A-(dom)',
Outlook Negative, and 'F2(dom)' respectively.  Similarly, CEPP's
bond rating has been affirmed at 'A-(dom)'.  CEPP's ratings, in
addition to the linkage to the sovereign, are constrained by the
expiration of the company's purchase power agreement (PPA) in
Sept. 2014, which has left the company exposed to the spot market.
Another constraint is its inability to start operating a new
generation barge which was to increase its installed capacity by
37 MW but which was later prevented from doing so for
environmental reasons.  CEPP invested approximately USD17 million
in the new barge and is now searching for alternatives to better
employ this asset.

Rating Actions:

Fitch has upgraded these ratings:

AES Andres Dominicana SPV (AES Dominicana)

   -- Foreign Currency IDR to 'B+' from 'B', Outlook Stable;
   -- USD167.5 million notes due in 2020 to 'B+/RR4' from 'B/RR4'.

AES Andres B.V.

   -- National Long-term rating to 'A+(dom)' from 'A(dom)',
      Outlook Stable.

Empresa Generadora de Electricidad Itabo, S.A.

   -- Foreign Currency IDR to 'B+' from 'B', Outlook Stable;
   -- Local Currency IDR to 'B+' from 'B', Outlook Stable.

Itabo Dominicana SPV

   -- USD116 million notes due in 2020 to 'B+/RR4' from 'B/RR4'.

Empresa Generadora de Electricidad Haina, S.A.

   -- National Long-term rating to 'A(dom)' from 'A-(dom)';
      Outlook Stable
   -- Sr. unsecured notes due in 2016 and 2020 to 'A(dom)' from
      'A-(dom)'.

Fitch has affirmed these:

Compania de Electricidad de Puerto Plata, S.A. (CEPP)

   -- National Long-Term rating at 'A-(dom)'; Outlook Negative;
   -- National Short-Term rating at 'F2(dom)';
   -- Senior Unsecured notes rating at ' A-(dom)'.

Fitch has withdrawn these ratings:

Itabo Dominicana SPV

   -- Foreign Currency IDR 'B'


DOMINICAN REPUBLIC: President Medina Signs US$10BB Budget Into Law
------------------------------------------------------------------
Dominican Today reports that President Danilo Medina signed the
legislation for the 2015 Budget into law.

Article 1of Law 527-14 foresees Government revenue of RD$455.4
billion (US$10.1 billion) for the next fiscal year, according to
Dominican Today.

The report notes that the piece passed by Congress also provides
for RD$529.3 billion expenditure and a RD$73.9 billion deficit.


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


JAMAICA: Sees Continued Decline in Mining, Quarrying
----------------------------------------------------
RJR News reports that the Bank of Jamaica has shed light on why
the local mining and quarrying sector contracted during the
September quarter.  It was the second consecutive quarter of
decline.

The Central Bank's Quarterly Monetary Policy Report revealed that
the industry's performance was associated with lower alumina
production, largely reflecting a decline in capacity utilization
at one alumina plant, in a context of weak global demand for
aluminum, according to RJR News.

In contrast, the production of crude bauxite increased, mainly due
to an improvement in capacity utilization at the bauxite plant,
the report notes.  This reflected recovery from maintenance
operations in the September 2013 quarter, the report relates.


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


GRUPO IDESA: Fitch Affirms 'BB-' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Grupo IDESA, S.A. de C.V.'s (IDESA)
ratings as:

   -- Long-term Issuer Default Rating (IDR) at 'BB-';
   -- Local currency long-term IDR at 'BB-';
   -- USD300 million senior unsecured notes due 2020 at 'BB-'.

The Rating Outlook is Stable.

The ratings reflect IDESA's strong business position, low relative
cost base, long-term relationships with customers and suppliers,
and history of conservative financial management.  The ratings
also reflect IDESA's new scale and ability to integrate
acquisitions and the increasing contribution of its distribution
division.

Factored into the ratings is the company's current high debt level
and its history of positive free cash flow (FCF) generation.
Fitch expects recent investments in non-consolidated joint
ventures to start contributing to FCF only in the long term.
IDESA's ability to service its debt will continue to depend
primarily on current operations.

KEY RATING DRIVERS

Strong Business Position Domestically

IDESA generates the majority of its EBITDA from ethylene glycols
(EG) and ethanol amines (EA), product lines in which the company
maintains a dominant position nationally.  In EG, where domestic
demand outstrips supply, the company is Mexico's largest producer,
with 36% of domestic market share.  In EA, IDESA serves 62% of the
domestic market, exporting over 60% of its production to Europe,
Asia and South America.

High Reliance on Commodity Chemicals

IDESA has limited pricing power with its suppliers and customers,
as the company's main product prices are highly correlated to the
price of oil.  In Fitch's view, absent a rebound in demand growth
or supply disruptions at competitors' facilities, sustained
pricing weakness in oil markets will likely pass through to
IDESA's main products and pressure its credit metrics.
Positively, Fitch does not expect upward pricing pressure on
ethane-based ethylene oxide (EO) -- IDESA's main raw material --
until late 2016 and 2017 when demand for ethane could increase as
planned ethylene capacity additions in North America begin
operations.

Country, Production Site and Supplier Concentration

IDESA's low geographic diversification and scale relative to rated
chemical companies and its supplier concentration for key raw
materials limit its ratings.  About 90% of IDESA's total revenues
come from the Mexican domestic market.  Production capacity is
heavily concentrated in its Coatzacoalcos plant, which is
dependent on smooth operations at Pemex Petroquimica (PPQ),
IDESA's sole supplier of EO.

Regional, Product and End-Market Diversification

The revenue and cash flow generation capacity of IDESA are
supported by its national footprint, adequate product
diversification and exposure to the relatively resilient Mexican,
consumer-driven end markets.  Strategically, going forward, the
company expects to continue to gain market share in high-growth
industries such as automotive, oil and gas, and building
materials.

Scale Momentum

Fitch expects that IDESA's involvement in high-profile joint
ventures, its available capacity in some petrochemical product
lines, as well as expected growth in its distribution segment will
support continued cash flow growth.  In Fitch's view, IDESA stands
to benefit from energy reform in Mexico through greater
availability of feedstock and robust demand for chemical handling
and distribution services.

High leverage

Fitch expects capacity utilization and sales volumes in key
product lines to remain stable over the next 18 months.
Therefore, changes in leverage will be mostly driven by product-
to-feedstock spreads.  Year-end 2014 debt/EBITDA will likely be
around 4.2x below the 4.6x registered in 2013 mainly as a result
of favorable spreads and lower debt balances.  Fitch does not
anticipate material deleveraging for the next 18-24 months but
leverage metrics could strengthen in the years after as current
projects and investments materialize.

Positive FCF

Factored into the ratings is IDESA's history of positive FCF
generation and the expectation that the company's ability to
service debt will depend on its current operations, as recent
investments in nonconsolidated joint ventures will begin to
contribute to FCF only in the long term.  In the latest 12 months
(LTM) ending June 30, 2014, IDESA generated MXN898 million of
EBITDA.  Fitch projects IDESA's midcycle EBITDA to be between
MXN850 million and MXN900 million.  Fitch estimates IDESA's cash
flow from operations (CFFO) after interest payments in the range
of MXN400 million-MXN500 million which together with maintenance
capex of MXN70 million and conservative dividend payments of about
MXN27 million allow the company to generate positive FCF through
the cycle.  For the LTM ending June 2014, IDESA generated MXN128
million in FCF.

Adequate Liquidity

IDESA's liquidity is adequate given its debt maturity profile.
The company's main debt obligation is its USD300 million senior
unsecured notes due in 2020 with yearly interest payments of
7.875%.  As of June 2014, IDESA had MXN855 million in cash and
marketable securities.  Interest coverage defined as EBITDA to
gross interest expense was 2.8x and FCF plus cash and marketable
securities to debt service coverage was 4.1x.

RATINGS SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

Reduced financial flexibility, material contraction in product-to-
feedstock margins or in FCF, or larger-than-expected leverage,
higher capital outlays or cash distributions.

Future developments that may, individually or collectively, lead
to a positive rating action include:

Fitch does not expect positive rating actions in the medium term.
However, deleveraging, robust operating rates, diversification,
conservative capital spending, increased size and tangible
benefits from joint venture investments could have positive
implications for the ratings.


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


CARIBBEAN AIRLINES: Chairman Defends New Chief Executive Officer
----------------------------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited Chairman
Philip Marshall said the "investment" in chief executive officer
Michael DiLollo is for the purpose of equipping the airline with
the most suitable leadership to meet and overcome its financial
challenges.

Chairman Marshall said since coming on board, Mr. DiLollo and his
management team have been able to refine the business model agreed
on by the board, with a view of ensuring the financial viability
of the airline in the shortest possible time, according to
Trinidad Express.

The report notes that Mr. DiLollo's remuneration package was
revealed in Parliament by Prime Minister Kamla Persad-Bissessar
after Chaguanas West MP Jack Warner sought answers during the
Prime Minister's question and answer time.

The report discloses that Minister Persad-Bissessar said apart
from a salary of US$28,000, the Canada-born CEO also receives a
housing allowance of US$5,000.

On Nov. 20, it was revealed by Trade Minister Vasant Bharath that
DiLollo also receives a US$1,600 travelling allowance.

In a statement, Chairman Marshall sought to defend DiLollo's
compensation, saying both the process of recruitment and the
determination of the appropriate compensation were guided by
independent consultants, the report notes.

Chairman Marshall reiterated comments from the government that the
CEO's pay package matches industry standards for an airline of
similar size and corresponds to the salaries of former CEOs "who
governed the airline when it was a significantly smaller and less
complicated operation without the proliferation of low-cost
carrier competition which exists today".

"After its initial review of the operations of the airline, the
board of directors had identified that one of the most important
strategic initiatives that it needed to undertake was to recruit a
chief executive officer who possessed leadership skills and
industry experience coupled with objectivity and an independent
approach, to transition the organization to meet the significant
challenges of a hyper-competitive marketplace now being dominated
by low cost carriers," the report quoted Chairman Marshall as
saying.

"The board of directors conducted a robust recruitment and due
diligence process which was both thorough and transparent, to
invite applications both internationally and locally for the
vacancy, with Mr DiLollo emerging as the successful candidate,"
Chairman Marshall added.

Chairman Marshall said that since assuming his position, Mr.
DiLollo and his team have begun the process of managing the
complex relationships and demands of various stakeholder groups,
the report adds.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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