TCRLA_Public/141201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, December 1, 2014, Vol. 15, No. 237


                            Headlines



B R A Z I L

BRAZIL: Fitch Sees More Neg. Rating in 2015 for Estate Developers


C A Y M A N  I S L A N D S

AAXION FUND: Shareholder Receives Wind-Up Report
AAXION HOLDING: Shareholder Receives Wind-Up Report
AIDCO INTERNATIONAL: Shareholder to Hear Wind-Up Report on Dec. 5
BE PURRFECT: Shareholder to Hear Wind-Up Report on Dec. 5
BROMAC HOLDINGS: Shareholder to Hear Wind-Up Report on Dec. 5

CARAVAGGIO FUND: Shareholders' Final Meeting Set for Dec. 3
CT SECRETARY: Shareholders' Final Meeting Set for Dec. 5
DORSET INVESTMENTS: Shareholders Receive Wind-Up Report
GALENA COMMODITY: Members Receive Wind-Up Report
GALENA ENERGY: Members Receive Wind-Up Report

GALENA ENERGY (II): Members Receive Wind-Up Report
GALENA ENERGY MASTER: Members Receive Wind-Up Report
GALENA MACRO: Members Receive Wind-Up Report
GALENA MACRO MASTER: Members Receive Wind-Up Report
GALENA SPECIAL: Members Receive Wind-Up Report

GALLOWAY PROPERTIES: Shareholders Receive Wind-Up Report
HALCYON DAYS: Shareholder to Hear Wind-Up Report on Dec. 5
HOVDE CREDIT: Members Receive Wind-Up Report
LION PROPERTIES: Shareholders Receive Wind-Up Report
NBK PEP: Shareholder Receives Wind-Up Report

PEP OFFSHORE CEDAR: Shareholder Receives Wind-Up Report
PEP OFFSHORE SP II: Shareholder Receives Wind-Up Report


C H I L E

ANGLO AMERICAN: Supervisors Strike for Higher Pay in Chile


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Posted Lower Fuel Prices for 3rd Straight Week
DOMINICAN REP: Distribution Losses Most to Blame for Energy Crisis


J A M A I C A

DIGICEL GROUP: Welcomes CTU's Involvement in C&W Acquisition
JAMAICA: Billions of Dollars Saved in Oil Import Bill
JAMAICA: Seeks Alternative Means to Pay for Oil From Venezuela


M E X I C O

BANCO AHORRO: S&P Affirms 'B' ICR; Outlook Remains Negative


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 24 to Nov. 28, 2014


                            - - - - -


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


BRAZIL: Fitch Sees More Neg. Rating in 2015 for Estate Developers
-----------------------------------------------------------------
Fitch expects more shares of negative than positive rating in 2015
for Estate developers in Brazil.  The variables weakening
expectation critical to the sector, such as inflation,
unemployment, interest rates, availability of income and capacity
of indebtedness of families should pressure the credit quality of
Brazilian companies, according to the report from Fitch
"Perspective 2015: Merging Brazilian - Macroeconomic Uncertainty
They give prominence Sector Risk. "

"The continued increase in cancellations number and one of the
main worries for Brazilian developers, since it thwarts the
expected cash flow generation and increases the carrying cost of
inventory. In 2015, the cancellations should continue pressing the
results of the companies, given the high number of units to be
delivered in an economic scenario and more unstable income, "said
Fernanda Rezende, director of Fitch.

The current volume of completed units in stock and moderate, but
should rise in 2015. The stock ready should remain pressed for
units under construction that will be delivered during the year
and the weakening of demand and sales velocity.

"An adverse macroeconomic environment may adversely affect the
speed of sales and the level of cancellations, in addition to
frustrate the expectations of Fitch's cash flow generation of
positive operations in 2015 for most companies. However, the
operating cash flow of Brazilian developers should benefit the
high volume of project delivery, the improvement in the transfer
process of merging banks and the reduction of expected project
versions released in 2015, "said Jose Romero, director Fitch.


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


AAXION FUND: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of AAXION Fund Administration Ltd received on
Oct. 28, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Transcontinental Fund Administration, Ltd.
          c/o Claudia Woerheide
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654
          Governors Square
          Office Suite 4-213-6
          23 Lime Tree Bay Ave, West Bay
          Grand Cayman
          Cayman Islands


AAXION HOLDING: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Aaxion Holding, Ltd. received on Oct. 28, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Transcontinental Fund Administration, Ltd.
          c/o Claudia Woerheide
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654
          Governors Square
          Office Suite 4-213-6
          23 Lime Tree Bay Ave, West Bay
          Grand Cayman
          Cayman Islands


AIDCO INTERNATIONAL: Shareholder to Hear Wind-Up Report on Dec. 5
-----------------------------------------------------------------
The shareholder of Aidco International Limited will hear on
Dec. 5, 2014, 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


BE PURRFECT: Shareholder to Hear Wind-Up Report on Dec. 5
---------------------------------------------------------
The shareholder of Be Purrfect Ltd will hear on Dec. 5, 2014, 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


BROMAC HOLDINGS: Shareholder to Hear Wind-Up Report on Dec. 5
-------------------------------------------------------------
The shareholder of Bromac Holdings will hear on Dec. 5, 2014, 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


CARAVAGGIO FUND: Shareholders' Final Meeting Set for Dec. 3
-----------------------------------------------------------
The shareholders of The Caravaggio Fund will hold their final
meeting on Dec. 3, 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


CT SECRETARY: Shareholders' Final Meeting Set for Dec. 5
--------------------------------------------------------
The shareholders of CT Secretary Ltd will hold their final meeting
on Dec. 5, 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


DORSET INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Dorset Investments Limited received on
Nov. 20, 2014, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


GALENA COMMODITY: Members Receive Wind-Up Report
------------------------------------------------
The members of Galena Commodity Fund SPC received on Oct. 13,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town, KY1-1104
          Grand Cayman
          Cayman Islands


GALENA ENERGY: Members Receive Wind-Up Report
---------------------------------------------
The members of Galena Energy Fund Limited received on
Oct. 13, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town, KY1-1104
          Grand Cayman
          Cayman Islands


GALENA ENERGY (II): Members Receive Wind-Up Report
--------------------------------------------------
The members of Galena Energy Fund (II) Limited received on
Oct. 13, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town, KY1-1104
          Grand Cayman
          Cayman Islands


GALENA ENERGY MASTER: Members Receive Wind-Up Report
----------------------------------------------------
The members of Galena Energy Master Fund Limited received on
Oct. 13, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town, KY1-1104
          Grand Cayman
          Cayman Islands


GALENA MACRO: Members Receive Wind-Up Report
--------------------------------------------
The members of Galena Macro Fund Limited received on Oct. 13,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town, KY1-1104
          Grand Cayman
          Cayman Islands


GALENA MACRO MASTER: Members Receive Wind-Up Report
---------------------------------------------------
The members of Galena Macro Master Fund Limited received on
Oct. 13, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town, KY1-1104
          Grand Cayman
          Cayman Islands


GALENA SPECIAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Galena Special Situations Fund (II) Limited
received on Oct. 13, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town, KY1-1104
          Grand Cayman
          Cayman Islands


GALLOWAY PROPERTIES: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Galloway Properties Limited received on
Nov. 20, 2014, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


HALCYON DAYS: Shareholder to Hear Wind-Up Report on Dec. 5
----------------------------------------------------------
The shareholder of Halcyon Days Ltd will hear on Dec. 5, 2014, 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


HOVDE CREDIT: Members Receive Wind-Up Report
--------------------------------------------
The members of Hovde Credit 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:

          Hovde Capital Advisors, LLC
          c/o Jonathan McLean
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


LION PROPERTIES: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lion Properties Limited received on Nov. 20,
2014, the liquidators' report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


NBK PEP: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of NBK PEP Offshore Odyssey Holdings Inc. received
on Nov. 28, 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


PEP OFFSHORE CEDAR: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of PEP Offshore Cedar Inc. received on Nov. 28,
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


PEP OFFSHORE SP II: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of PEP Offshore SP II Inc. received on Nov. 28,
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


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


ANGLO AMERICAN: Supervisors Strike for Higher Pay in Chile
----------------------------------------------------------
EFE News reports that several hundred supervisors with
multinational miner Anglo American's Chilean unit went on strike
amid a lack of progress in collective bargaining talks, union
leaders said.

The strike was approved by secret vote of 96 percent of the
members of the Supervisors Union, the head of that labor
organization, Ivan Mlynarz, told reporters, according to RJR News.


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


DOMINICAN REPUBLIC: Posted Lower Fuel Prices for 3rd Straight Week
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic Industry and
Commerce Ministry posted lower fuel prices for the third straight
week, so from November 29 to December 5, premium gasoline will
cost RD$226.80 or RD$2.20 lower and regular will cost RD$209.30,
or RD$3.00 less per gallon.

Premium diesel will cost RD$188.10, down RD$3.30; regular diesel
will cost RD$180.90, or RD$3.20 less; optimal diesel goes to
RD$201.00, down RD$1.20; avtur will cost RD$132.80, or RD$2.00
less; kerosene will cost RD$168.80 or RD$2.60 lower, while fuel
will cost RD$112.31, or RD$2.00 less per gallon, according to
Dominican Today.

The report notes that propane gas falls for the first time in
several weeks to RD$100.30, or RD$2.00 less per gallon, whereas
natural gas remains unchanged at RD$35.67 per cubic meter.

The Central Bank's posted average exchange rate of RD$44.17 per
dollar was used to calculate all fuel prices, the report relates.


DOMINICAN REP: Distribution Losses Most to Blame for Energy Crisis
------------------------------------------------------------------
Dominican Today reports that Dominican Republic power companies
association (ADIE) President Marcos Cochon said within the ongoing
talks aimed at solving the energy crisis evidenced by long
blackouts and high prices, there's consensus on the need to tackle
generation, power lines, distribution, regulatory framework and
the financial issue.

"But we recognize that within all these issues on current
deficit's biggest financial impact is undoubtedly from the high
losses in distribution.  That's the reason and in light of that
we're starting the electric pact, ADIE wants to make a small
contribution to what's been done in other countries that are
having positive results," Mr. Cochon said to open the 5th annual
Electricity Industry Forum, according to Dominican Today.

The report notes that Mr. Cohon said the Forum, focused on
electricity distribution where national and international experts
discussed the various issues to help the country improve
distribution and cut losses.

The Forum: The Latin American experience in reducing losses in
distribution companies, challenges and improvements needed in the
distribution of electricity in Dominican Republic, counted with
experts, consultants and representatives from the Central Bank and
the Electricity Superintendence, the report adds.


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


DIGICEL GROUP: Welcomes CTU's Involvement in C&W Acquisition
-------------------------------------------------------------
RJR News reports that Digicel Group Limited has welcomed plans by
the Caribbean Telecommunications Union (CTU) to get fully involved
with immediate effect, in the proposed acquisition of Columbus
International by Cable and Wireless Communications.

The CTU has moved quickly to convene a meeting of its Member
States, and of the national and regional regulatory authorities,
to consider the implications of this proposed deal, according to
RJR News.

This meeting will be held in Trinidad and Tobago on December 10
and 11.

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed the ratings of Digicel Group
Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred as 'Digicel' as:

DGL
--Long-term Issuer Default Rating (IDR) at 'B' with a Stable
  Outlook;
--USD 2 billion 8.25% senior subordinated notes due 2020 at 'B-
  /RR5';
--USD 1 billion 7.125% senior unsecured notes due 2022 at 'B-
  /RR5'.

DL
--Long-term IDR at 'B' with a Stable Outlook;
--USD 800 million 8.25% senior notes due 2017 at 'B/RR4';
--USD 250 million 7% senior notes due 2020 at 'B/RR4';
--USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'.

DIFL
--Long-term IDR at 'B' with a Stable Outlook;
--Senior secured credit facility at 'B+/RR3'.


JAMAICA: Billions of Dollars Saved in Oil Import Bill
------------------------------------------------------
RJR News reports that the Jamaica government has reacted to news
that the powerful oil cartel OPEC will not cut production levels
and has forecast that this will result in billions of dollars
being slashed from Jamaica's oil import bill.

Jamaica Energy Minister Phillip Paulwell said all categories of
petroleum products are expected to record further price declines,
according to RJR News.  Minister Paulwell told RJR News that this
will have a positive effect on energy costs as well as the
country's foreign currency reserves, the report notes.

There's confirmation that Jamaican consumers will see a further
drop in fuel prices following the announcement by oil cartel OPEC
that it will not cut petroleum production, despite a plunge in
prices in recent months, the report discloses.   Managing Director
of the oil refinery, Petrojam, Winston Watson, said in the short
term, prices at the pumps will continue to fall, the report
relates.

Mr. Watson said while the oil market remains volatile, over the
next three months, Jamaicans will fork out less for fuel, the
report relays.

Following the decision by OPEC, the price of Brent crude oil, a
global benchmark, fell an additional J$4 to a four-year low of
about J$73.00, the report notes.  American crude dropped below
$70.00, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


JAMAICA: Seeks Alternative Means to Pay for Oil From Venezuela
--------------------------------------------------------------
RJR News reports that the government of Jamaica is pursuing a
number of alternative methods of repaying the country's oil debt
under the Petrocaribe Deal with Venezuela.

Jamaica is currently paying a portion of the debt with clinker
from Caribbean Cement, but according to Energy Minister Phillip
Paulwell, there's the need to come up with additional products
which can be traded with Venezuela, according to RJR News.

The Minister Paulwell told RJR News that this determination arose
from last week's meeting of PetroCaribe beneficiaries in Caracas,
during which the Venezuelan Government gave the assurance that the
oil deal remains intact, "and that Jamaica, along with the other
beneficiaries, will not see any reduction in the benefits."

Instead, Minister Paulwell said, Venezuela is seeking "deeper
integration into the economies of PetroCaribe," the report notes.

In keeping with that commitment, Minister Paulwell said the
Jamaican Government will be seeking to "access other products and
services and service, as tradeable items to enable us to pay for
our imports of petroleum products, rather than pay hard currency,
as we've been doing to Carib Cement, in the sale of clinker," the
report discloses.

Under the PetroCaribe agreement, Jamaica benefits from a deferred
financing mechanism on petroleum products purchased from
Venezuela, the report relays.

The agreement includes a trade compensation mechanism that allows
Jamaica to pay a portion of the loan with locally produced goods
and services, valued at preferential rates, the report discloses.

The PetroCaribe Agreement, the brainchild of President Hugo Chavez
of Venezuela, was signed in Montego Bay in 2005.

With the current drastic reduction in global oil prices, there had
been growing concerns that Venezuela would be unable to sustain
the preferences given to regional countries, under the Agreement,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


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


BANCO AHORRO: S&P Affirms 'B' ICR; Outlook Remains Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
and 'mxBBB-/mxA-3' national scale issuer credit ratings on Banco
Ahorro Famsa S.A. Institucion de Banca Multiple (BAF).  The
outlook remains negative.

The ratings on BAF reflect its core status to its parent, Mexico-
based retailer, Grupo Famsa S.A.B. de C.V. (B/Negative/--).  The
bank has a "weak" business position, "adequate" capital and
earnings, "very weak" risk position, "average" funding, and
"adequate" liquidity, as S&P's criteria define these terms.  The
issuer credit ratings on BAF are supported by the rating on Grupo
Famsa, because S&P views the bank as a captive operation closely
linked with the group.  BAF's stand-alone credit profile (SACP) is
'b-'.

"The issuer credit rating on BAF is one notch above its SACP,
reflecting its core status subsidiary for Grupo Famsa.  BAF's
business activities are mainly related to the group and most of
BAF's products are offered through Famsa stores, other
subsidiaries' customers, and suppliers," said Standard & Poor's
credit analyst Ricardo Grisi.  In addition, the bank's strategy is
fully linked with that of the group since both entities share the
same customer base, name, and brand reputation.

S&P's bank criteria use its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  The anchor for banks operating in Mexico is
'bbb'.

Mexico's economic risk reflects its low per capita GDP, which
limits the country's ability to withstand economic downturns and
constrains household credit capacity.  Although Mexico has
maintained macroeconomic stability, its economy still lacks
dynamism.  Low-income levels, a large informal workforce, and
relatively weak rule of law limit credit growth prospects and
banking penetration.  These conditions result in high credit risk.
On the positive side, the Mexican financial system doesn't have
economic imbalances, and housing prices have remained fairly
stable for the past five years.

With regards to industry risk, in S&P's view, banks have good
profitability thanks to a healthy competitive environment.  The
sector's adequate regulatory framework follows international
standards and has fostered healthy capitalization levels.  The
recent financial reform overhauled banking regulation that S&P
believes provides a more preemptive approach toward banking risk
and could help reduce the sector's vulnerability to financial
crises.  An adequate and stable core customer deposit base
supports Mexico's system-wide funding.


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


* BOND PRICING: For the Week From Nov. 24 to Nov. 28, 2014
----------------------------------------------------------


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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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