TCRLA_Public/141205.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

            Friday, December 5, 2014, Vol. 15, No. 241


                            Headlines



A R G E N T I N A

ARGENTINA: Bond Buyers Won't Copy Holdouts, S&P Says


B E R M U D A

TRADEWYND RE 2014-1: Fitch Expects to Rate 2 Notes at 'B sf'


B R A Z I L

BRAZIL: Rousseff Faces Power Test on Congressional Budget Vote
JBS USA: S&P Assigns 'BB' Rating to Prop. $750MM Sr. Unsec. Notes


C A Y M A N  I S L A N D S

AQR OFFSHORE: Placed Under Voluntary Wind-Up
AQR RT: Placed Under Voluntary Wind-Up
BLACKSTONE E2: Commences Liquidation Proceedings
BLUE EFFECT: Commences Liquidation Proceedings
BLUE OPPORTUNITIES: Placed Under Voluntary Wind-Up

BLUE OPPORTUNITIES II: Placed Under Voluntary Wind-Up
CASTLEBROOK HOLDINGS: Commences Liquidation Proceedings
CFIP SMF: Members to Hold Final Meeting on Dec. 18
CFIP SOF: Members to Hold Final Meeting on Dec. 18
NZAM MANAGEMENT: Commences Liquidation Proceedings

OPPORTUNISTIC CONVERTIBLE: Placed Under Voluntary Wind-Up
PACIFIC REALTY: Commences Liquidation Proceedings
RED SEA: Placed Under Voluntary Wind-Up
SPEEDCAST ACQUISITIONS: Placed Under Voluntary Wind-Up


C H I L E

CFR PHARMACEUTICALS: S&P Raises CCR from 'BB+'; Outlook Stable
RUTA DEL BOSQUE: S&P Affirms 'BB+' Rating on Fixed-Rate Notes


C O L O M B I A

COLOMBIA: Welcomes Weakest Peso Since 2009, Cardenas Says


J A M A I C A

DIGICEL GROUP: Invests in Micro-Finance Firm
JAMAICA: Minister Warns Telecom Firms of Strong Action to Come


M E X I C O

MEXICO: Peso Weakens Past 14 Per Dollar for First Time Since 2012


P A R A G U A Y

TELEFONICA CELULAR: Fitch Affirms 'BB' IDR; Outlook Stable


                            - - - - -


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


ARGENTINA: Bond Buyers Won't Copy Holdouts, S&P Says
----------------------------------------------------
Andrew Scurria at Law360.com reports that Argentina's apparent
defeat in an epic sovereign-debt dispute with a small group of
U.S. hedge funds won't encourage bondholders in future sovereign
restructurings to litigate for full repayment instead of accepting
negotiated haircuts, a ratings agency said.

In a research note, Standard & Poor's Ratings Services argued that
sovereign-debt investors are unlikely to follow the well-
publicized "holdout" strategy of hedge funds including Paul
Singer's Elliott Capital Management that refused to accept
haircuts following Argentina's 2001 default, according to
Law360.com.

The report notes that the hedge funds won court rulings compelling
Argentina to satisfy their debts on equal footing with its
restructured bonds, something the cash-strapped nation has
steadfastly refused to do.  The resulting impasse pushed Argentina
into default yet again over the summer when a New York federal
judge blocked a US$539 million coupon on its exchange bonds, the
report relates.

The report says that S&P cited a number of "idiosyncratic factors"
driving the dispute, such as Argentina's creditor-friendly bond
documentation, a negotiating style seen as overly confrontational
and the multibillion-dollar sums at stake.

Other restructurings will be distinguishable and a holdout
strategy won't work as well, especially given the difficulty and
cost of collecting on judgments against sovereign nations,
according to the note, the report relays.

"We believe that this confluence of factors is rare, and that
Argentina is not a blueprint for future court cases against
sovereign debtors in default," the report quoted S&P as saying.
"We have therefore concluded that a systematic reassessment of
sovereign default risk is not warranted," S&P said.

Law360.com relates that the note cuts to the widely held concern
that the hedge funds' strategy could spark copycats and raise the
likelihood that creditors opting out of sovereign debt exchanges
could disrupt future restructurings.  Argentina was particularly
vulnerable to litigation because of its apparent disregard for
common principles of sovereign debt workouts and its unusually
harsh settlement terms during negotiations, S&P said, Law360.com
discloses.

In the wake of Argentina's second default in 13 years, the
International Capital Market Association -- a self-regulatory body
-- issued revised guidelines for sovereign debt securities in the
hopes of avoiding a repeat, Law360.com relays.

The proposed overhaul, pitched as a move toward clear, unambiguous
contract terms, would provide a uniform equal-payment clause,
Law360.com notes.  The so-called pari passu provision in
Argentina's bonds, all of 65 words long, was ruled to entitle the
holdouts to the same treatment as exchange bondholders, Law360.com
discloses.

Law360.com says that to deal with the problem of holdout
minorities, the revised contracts would include aggregation
mechanisms to allow for voting across multiple bond issues.
Argentina's defaulted bonds did not include collective action
clauses, a provision that lets a supermajority of creditors force
a restructuring plan on a dissenting group, Law360.com relays.

The International Monetary fund mostly repeated the ICMA's calls
in its own set of proposed reforms released last month, Law360.com
notes.  This month, the Mexican government floated $2 billion in
10-year bonds in the first sovereign debt issuance that matched
the ICMA and IMF recommendations, Law360.com says.

Law360.com discloses that with Argentina's legal options in the
U.S. exhausted, experts say it likely will have to reach some kind
of accord with the holdouts, even if it's not the 100 percent
recovery they want.

Still defiant, Argentina has taken steps to skirt U.S. District
Judge Thomas P. Griesa's equal-payment injunctions and pay its
exchange bondholders through local channels, plans that landed it
in contempt of court in late September, Law360.com notes.

Undeterred, Argentina deposited $161 million in a local bank,
Nacion Fideicomisos SA, which it selected to replace Bank of New
York Mellon Corp. as indenture trustee, with the hopes of making
upcoming coupon payments, Law360.com relates.  The nation has
repeatedly said that a major sticking point in striking a deal was
the so-called rights upon future offerings, or RUFO, clause in the
exchange bonds, which allows those creditors to seek the same
favorable terms as any offered to the holdouts, Law360.com says.

The RUFO clause expires at the end of the year.  In the meantime,
Argentina has said that Judge Griesa's orders have prompted
plaintiffs holding an aggregate $4.7 billion in claims to begin
demanding similar injunctions, Law360.com notes.

The hedge funds are represented by Gibson Dunn, Dechert LLP,
Friedman Kaplan Seiler & Adelman LLP, Milberg LLP and Simon Lesser
PC.

Argentina is represented by Cleary Gottlieb Steen & Hamilton LLP
and Bancroft PLLC.

The case is NML Capital Ltd. v. the Republic of Argentina, case
number 1:08-cv-06978, in the U.S. District Court for the Southern
District of New York.


=============
B E R M U D A
=============


TRADEWYND RE 2014-1: Fitch Expects to Rate 2 Notes at 'B sf'
------------------------------------------------------------
Fitch Ratings expects to rate the series 2014-1 principal at-risk
variable rate notes issued by Tradewynd Re Ltd., a duly formed
special-purpose insurer in Bermuda, as:

   -- Class 3-A notes expected to mature Jan. 8, 2018 'BB- sf';
   -- Class 1-B notes expected to mature Jan. 8, 2016 'B sf';
   -- Class 3-B notes expected to mature Jan. 8, 2018 'B sf'.

All three classes have a Rating Outlook of Stable. Neither the
principal amount nor the risk interest spread has been determined.

TRANSACTION SUMMARY

The series 2014-1 notes provide multi-year (or, in the case of the
class 1-B Notes, single-year), indemnity, per occurrence coverage
to various insurance subsidiaries or affiliates of American
International Group, Inc. (AIG) (IDR 'A-', Stable Outlook) for
named storm and earthquake perils.  Similar to prior notes issued
by Tradewynd Re, coverage is expansive and covers both consumer
(about 41% of the total net limit) and commercial lines.  The
consumer line is predominantly related to high net worth
individuals and can include items such as homes with replacement
values in excess of $1 million dollars, yachts and art
collections.  The commercial line includes property (about 37% of
the total net limit) such as airports and sport stadiums, energy
and engineering risks (about 7%) such as pipelines and oil rigs
and specialty risks (about 14%) such as airplanes (both large and
small) and cargo and hull damage.  Losses can include direct
damage from the peril but also claims arising after the event such
as, but not limited to, looting, fire following the event,
sprinkler leakage or business interruption.  The coverage area is
the contiguous 48 United States (and territories and districts)
plus Alaska and Hawaii, Canada, Mexico and the Caribbean islands
plus Bermuda and the Gulf of Mexico.  The Gulf of Mexico is for
named storms only and excludes the earthquake peril.

Class 1-B and class 3-B are exposed to principal loss if a covered
event exceeds $3 billion in covered losses.  Class 3-A has a
unique attachment point structure.  At the onset, it is set at
$4.5 billion but if the class 3-B notes experience any principal
loss, the class 3-A attachment point will 'drop down'.  For
example, if the class 3-B note experienced a loss of two-thirds
principal from an event, theclass 3-A note attachment point drops
down to $3.5 billion for the following covered event.  If the
class 3-B note is totally exhausted, then for the following event,
the class 3-A note assumes the class 3-B note position with an
attachment point of $3 billion.  Absent changes in exposures or
risk appetite by AIG (subject to certain parameters), the class 3-
A notes will be re-established at an attachment point of $4.5
billion on any reset date.

On a historical basis, AIG has not experienced any actual natural
catastrophe losses that would have triggered a loss event on these
three classes of notes.  As a point of reference, AIG reported
estimated ultimate net losses for Hurricane Katrina and Superstorm
Sandy of $2.2 billion and $2.1 billion, respectively.  It is
estimated that these notes would not have been triggered using
historical named storm paths with the current exposure base.
Three historical earthquakes (New Madrid in 1811, San Francisco in
1906 and Charleston in 1886) would have caused a complete or
partial principal loss with today's exposure base.

In the event of a covered loss, gross losses will be adjusted for
explicit loss adjustment factors of 1.06 for consumer losses and
1.04 for commercial losses and currency exchange rates for losses
outside the U.S.  Ultimate Net Losses are the Adjusted Gross
Losses less any inuring reinsurance multiplied by a Growth
Limitation Factor which is the lesser of 1.0 and the ratio of the
Growth Allowance Factor (1.10) and the Actual Growth Factor.

Class 3-A and 3-B have annual rate resets on Jan. 1 of 2016 and
2017, which will reflect changes to the covered business exposure
and changes to the risk appetite by AIG.  This could lead to an
increase (or decrease) in risk levels inherent in the notes.
However, investors will be compensated with an adjustment to the
interest spread.

Each class of notes may be extended up to three additional years
if certain qualifying events occur.  However, the notes are not
exposed to any further catastrophe events during this extension
period.  The interest spread may be reduced if a covered event
occurs.  The notes may be redeemed at any time due to Early
Redemption Events such as regulatory or tax law changes.  The
repayment of the notes to the note holders occurs subsequent to
any qualified payments to AIG for covered events. Note holders
have no recourse against AIG.

KEY RATING DRIVERS

The rating is based on the weakest link approach in the evaluation
of the natural catastrophe risk, the counterparty risk of AIG and
the credit risk of the collateral assets.  The natural catastrophe
risk represents the lowest rating amongst the three risk segments
and currently drives the final rating of each note.

The rating analysis in support of the evaluation of the natural
catastrophe risk is highly model-driven.  As with any model of
complex physical systems, particularly those with low frequencies
of occurrence and potentially high severity outcomes, the actual
losses from catastrophic events may differ from the results of
simulation analyses.  Fitch is neutral to any of the major
catastrophe modeling firms that is selected by the issuer to
provide the model analysis, and thus Fitch did not include any
explicit margins or qualitative haircuts to the probability of
loss metric provided by the modeling firm.

Risk Management Solutions, Inc. (RMS) provided the risk analysis
using their proprietary software and risk models implemented as
RiskLink version 13.1 and Miu version 2.9. These models will be
escrowed and used by RMS in determining any future annual reset.
Based on one million simulations, the one-year attachment
probability for class 1-B and 3-B was 3.35% while class 3-A was
1.43%.  This corresponds to implied ratings of 'B' and 'BB-',
respectively, using Fitch's ILS Calibration Matrix with a one year
time to risk maturity assumption.  Various sensitivity tests
performed by RMS produced modest increases in the attachment
probabilities but not enough to change the rating category.
Results from other third-party modeling firms or from AIG, which
could indicate different levels of attachment probability, were
not provided.  Note holders are exposed to this basis risk or the
difference between actual net losses incurred by AIG and the RMS
modeled net losses.

RMS is the calculation agent for each reset date.  They will use
updated exposures from AIG along with the initial attachment and
exhaustion levels and the escrow model to calculate updated
sensitivity case attachment probabilities and expected losses.  As
long as those probabilities do not exceed the Maximum Sensitivity
Case Attachment Probability of 3.06% for class 3-A and 6.18% for
class 3-B and the Maximum Sensitivity Case Expected Loss of 2.35%
for class 3-A and 3.51% for class 3-B, then the attachment levels
will not change.  However, investors will be compensated with a
corresponding increase to the interest spread for any increase in
the expected loss.  The adjustment to the Initial Risk Interest
Spread will be an increase by a factor of 1.80 for class 3-A and
1.60 for class 3-B for every basis point increase in the expected
loss.  For example, if the class 3-B reaches its Maximum
Sensitivity Case Expected Loss (3.51%), the Adjusted Risk Interest
Spread will increase 1.76%.

The suite of models in RiskLink version 13.1 include 'RMS North
Atlantic Hurricane Models' (last updated in 2013), 'RMS Hawaii
Hurricane Model' (2007), 'RMS North America Earthquake Models
(2009) and RMS Caribbean Earthquake Models' (1999).  The North
Atlantic Hurricane Models include storm surge which are losses
occurring with increase tidal waves washing onto surrounding low-
lying areas.  All models included loss amplification due to
economic demand surge, claims inflation and 'super-cat'.
Tradewynd Re specific costs of the consumer and commercial
insurance adjustment factors and a currency conversion table were
modeled. Secondary perils of fire following earthquakes and
sprinkler leakage were included.

Since the covered business and covered losses are expansive, there
are certain unmodeled risks in the transaction.  Areas of
additional uncertainty include: 1) hurricane losses cover the
entire U.S. whereas RMS models the 21 primarily coastal states in
the U.S. and eastern areas of Canada and Mexico, 2) potential
hurricanes forming in the Pacific Basin, 3) losses due to tsunamis
caused by earthquakes, and 4) losses that occur when wind speeds
do not exceed 50 mph.

Ancillary losses such as inland flooding due to hurricane-related
rainfall or due to dam or levee ruptures caused by earthquakes are
not modeled.  The analysis did not include the potential for a 10%
growth in the underlying exposures.  The model simulates only
hurricane activity making landfall, thus it understates claim
losses to named storms not recognized as hurricanes or hurricanes
that become degraded.

Tradewynd Re is reliant on the counterparty credit risk of AIG to
make periodic payments for the Risk Interest Spread.  In the event
that any payment is not made, principal will be returned to note
holders.  In addition, the notes ultimately 'follow the fortunes'
of AIG over the next three years in regards to underwriting of new
business, the availability of inuring reinsurance and claim loss
management and reserve practices.  The data quality and detail
provided to RMS appears robust.  An independent claim review is
provided by KPMG (Bermuda) and the loss reserve specialist for
Tradewynd Re is Ernst & Young (Bermuda).

In addition to state regulation, AIG is also subject to federal
oversight since it was designated a systemically important
financial institution (SIFI) by the U.S. Treasury pursuant to
Dodd-Frank and also as a global systemically important insurer
(GSII).  This increased regulation may restrict certain business
activities and could potentially trigger an Early Redemption
Event.

Proceeds from this issuance will be held in a collateral account
and used to purchase high-credit-quality money market funds
meeting defined eligibility criteria, otherwise funds will be held
in cash.  Investment yields generated from these permitted
investments are passed directly to note holders as the other
component of the variable rate.  A downgrade of a permitted
investment will not necessarily lead to a replacement of that
investment.  Further, note holders are exposed to possible market
value risk if the net asset value of a money market fund falls
below $1.00 or redeemed in adverse market conditions.  Finally,
certain actions may be required if the collateral account is
invested in money market funds and FATCA is deemed to apply in
late 2016.

RATING SENSITIVITIES

This rating is sensitive to the occurrence of a qualifying natural
catastrophe event(s), AIG's election to reset the note's
attachment levels, changes in the data quality, the counterparty
rating of AIG and the rating or performance on the assets held in
the collateral account.

If a qualifying covered event occurs that results in a loss of
principal, Fitch will downgrade the note to reflect an effective
default and issue a Recovery Rating.

As mentioned above, if the Updated Sensitivity Case Attachment
Probability reaches the Maximum Sensitivity Case Attachment
Probability of 3.06% for class 3-A and 6.18% for class 3-B (which
are considerably higher than the Sensitivity Case Initial One Year
Attachment Probability of 1.56% and 3.68%), the implied rating on
class 3-A would fall to 'B' and class 3-B would fall to 'B-',
respectively.

The escrow model may not reflect future methodology enhancements
by RMS which may have an adverse or beneficial effect on the
implied rating of the notes were such future methodology
considered.

Fitch's expected rating is based on a review of a draft Offering
Circular (dated Nov. 20, 2014) which included the RMS Expert Risk
Analysis Model Description and RMS Expert Risk Analysis Results
and a Rating Agency Presentation (dated Nov. 21, 2014).  The final
rating is contingent upon receipt of signed legal documents
pertinent to this transaction that do not materially change what
has currently been reviewed.  Any changes could lead Fitch to an
alternative rating or inability to rate the note.


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


BRAZIL: Rousseff Faces Power Test on Congressional Budget Vote
--------------------------------------------------------------
Raymond Colitt and Arnaldo Galvao at Bloomberg News report that
Brazil's Congress is scheduled to vote on a budget bill that has
become a key test of President Dilma Rousseff's control over her
coalition as she forms the remainder of her cabinet.

The bill presented last month would effectively eliminate this
year's fiscal target, thereby preventing opposition attempts to
take legal action against the President Rousseff administration
for having failed to comply with the budget law, according to
Bloomberg News.

Allied legislators have been using their support for the bill as a
bargaining chip to obtain more government posts in President
Rousseff's second term starting Jan. 1, according to Eurasia Group
consulting firm, Bloomberg News notes.

Bloomberg News relates that the vote is a test of strength for
President Rousseff, who won the Oct. 26 election by the narrowest
margin of any president since at least 1945, and a defeat would
leave her politically vulnerable, said Andre Cesar, an
independent, Brasilia-based political analyst, Bloomberg News
says.

"She needs to win this battle to show she is in charge," Mr. Cesar
told Bloomberg News in a phone interview.  "The price will
probably be giving more posts to her allies in the next term," Mr.
Cesar said.

Bloomberg News relates that the opposition Brazilian Social
Democracy Party said the government was trying to conceal its
mismanagement of the budget and was shortcutting congressional
procedures to approve the bill.

"This proposal is another irresponsibility of President Dilma,"
said Ronaldo Caiado, member of the lower house budget committee
for another opposition party, the Democrats, Bloomberg News says.

President Rousseff met last night with congressional leaders in an
effort to ensure approval of the bill, Bloomberg News notes.

                          Budget Deficit

Brazil's budget deficit more than doubled since President Rousseff
took office, to 5 percent of gross domestic product in the 12
months through October, as a slowing economy and tax breaks eroded
revenue and government spending increased, Bloomberg News relays.

The bill submitted to Congress on Nov. 11 allows the government to
increase the amount it can discount from the 2014 primary budget,
which excludes payments on interest, to include all tax breaks and
investments in infrastructure, according to a statement posted on
the Planning and Budget Ministry website, Bloomberg News relays.

Cutting the budget target is coherent at a time of an
international economic crisis, Henrique Fontana, lower house
leader of the ruling Workers' Party, told reporters after the
meeting with President Rousseff, Bloomberg News notes.

Bloomberg News discloses that the president will probably face
repeated standoffs with Congress as parties jockey for influential
posts in her administration by advancing legislation she opposes,
Eurasia Group said in a research note published.

"While we don't expect major disruptions in the president's agenda
before the end of the year, coalition dynamics pose a major
downside risk going forward as the president's political capital
diminishes," Eurasia Group said, Bloomberg News adds.


JBS USA: S&P Assigns 'BB' Rating to Prop. $750MM Sr. Unsec. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to JBS
USA LLC's (JBS USA) and its subsidiary JBS USA Finance Inc.'s
proposed $750 million senior unsecured notes due 2025.  The rating
reflects the credit quality of JBS USA (BB/Positive/--) and its
parent company, Brazil-based JBS S.A. (JBS; BB/Positive/--).  The
notes are guaranteed on an unsecured senior basis by all of JBS
USA's current and future U.S. restricted subsidiaries (except JBS
USA Finance and JBS US Holding LLC) and its parents--JBS, JBS USA
Holdings Inc., and JBS Hungary Holdings Kft.

JBS USA will use the proceeds of the issuance to tender JBS'
existing senior unsecured notes due 2018, improving its capital
structure by extending debt maturities and reducing the cost of
debt.

RATINGS LIST

New Rating

JBS USA LLC/JBS USA Finance Inc.
Senior Unsecured                       BB


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


AQR OFFSHORE: Placed Under Voluntary Wind-Up
--------------------------------------------
On Oct. 17, 2014, the sole shareholder of AQR Offshore Multi-
Strategy Fund VI Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


AQR RT: Placed Under Voluntary Wind-Up
--------------------------------------
On Oct. 17, 2014, the sole shareholder of AQR RT Offshore Fund
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


BLACKSTONE E2: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 23, 2014, the sole shareholder of Blackstone E2 Offshore
Fund Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


BLUE EFFECT: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 22, 2014, the sole shareholder of Blue Effect Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          UBS Nominees Ltd.
          c/o Stephen Nelson
          Telephone: +1 (345) 949 4544
          Facsimile: +1 (3450 949 8460
          Zephyr House, 122 Mary Street
          George Town
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


BLUE OPPORTUNITIES: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 22, 2014, the sole shareholder of Blue Opportunities, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-1577
          Galleria Plaza, Unit 11
          638 West Bay Road
          P.O. Box 30310 Grand Cayman KY1-1202
          Cayman Islands


BLUE OPPORTUNITIES II: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Oct. 22, 2014, the sole shareholder of Blue Opportunities II,
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-1577
          Galleria Plaza, Unit 11
          638 West Bay Road
          P.O. Box 30310 Grand Cayman KY1-1202
          Cayman Islands


CASTLEBROOK HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------------
On Oct. 24, 2014, the sole shareholder of Castlebrook Holdings
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 3, 2014, will be included in the company's dividend
distribution.

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

The company's liquidator is:

          Concentric Capital Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
         Cayman Islands


CFIP SMF: Members to Hold Final Meeting on Dec. 18
--------------------------------------------------
The members of CFIP SMF, Ltd. will hold their final meeting on
Dec. 18, 2014, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


CFIP SOF: Members to Hold Final Meeting on Dec. 18
--------------------------------------------------
The members of CFIP SOF, Ltd. will hold their final meeting on
Dec. 18, 2014, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


NZAM MANAGEMENT: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 24, 2014, the sole shareholder of NZAM Management Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OPPORTUNISTIC CONVERTIBLE: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On Oct. 17, 2014, the sole shareholder of Opportunistic
Convertible Arbitrage Offshore Fund, Ltd resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Jennifer Parsons
          Telephone: (345) 815-1820
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


PACIFIC REALTY: Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 23, 2014, the sole shareholder of Pacific Realty Holding
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


RED SEA: Placed Under Voluntary Wind-Up
---------------------------------------
On Oct. 22, 2014, the sole member of Red Sea Astrarium GP Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Khalij Fiduciaire SA
          Telephone: +41 21 96 12 511
          Le Forum 1er Etage, Grand Rue 3
          CP 317, 1820 Montreux 2
          Switzerland


SPEEDCAST ACQUISITIONS: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Oct. 23, 2014, the sole shareholder of Speedcast Acquisitions
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 24, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Pierre Jean Joseph Andre Beylier
          Telephone: +852 3656 6022
          Facsimile: +852 3656 6001
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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


CFR PHARMACEUTICALS: S&P Raises CCR from 'BB+'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and
debt ratings on CFR Pharmaceuticals S.A. (CFR) to 'BBB-' from
'BB+'.  S&P removed the ratings from CreditWatch with positive
implications, where it placed them on May 19, 2014.  The outlook
on the corporate credit rating is stable.

The rating action follows S&P's assessment on Abbott Laboratories'
(Abbott; (A+/Stable/A-1+) support to CFR, which is Abbott's new
subsidiary.  On Sept. 26, 2014, Abbott acquired almost 100% of
CFR's shares for about $3.4 billion in cash, including about $530
million of CFR's debt as of Sept. 30, 2014.  Although CFR's
revenues represent about 3.5% of Abbott's total revenues, this
acquisition doubled Abbott's branded generics pharmaceutical
presence in LatinAmerica, expanding its presence in emerging
markets.  With this, S&P believes CFR is a "moderately strategic"
subsidiary, as defined by S&P's criteria.  The upgrade also
reflects the fact that the transaction does not trigger the
acceleration clause in CFR's $300 million outstanding bonds.

S&P bases its opinion on these:

   -- Abbott is unlikely to sell CFR in the near future because
      the acquisition more than doubled the parent's presence in
      the branded generics pharmaceutical market in Latin America
      and further expands its presence in the emerging markets;
      and

   -- Therefore, CFR is important to Abbott's long-term strategy.

"We believe CFR has favorable brand and geographic diversification
in Latin America and a solid market position in countries in the
region, with low patent activity and consumer preference for well-
known branded generics like those of CFR," said Standard & Poor's
credit analyst Sandra Tinoco.  This supports S&P's "satisfactory"
business risk profile.  Moreover, S&P expects the company to
continue to lead the prescription market in Chile and Peru.  S&P
also expects CFR to continue consolidating its recent Lafrancol
acquisition in Colombia, reaching EBITDA margins above 20% in the
next two years, which are in line with those of the branded
generic segment of the pharmaceutical industry.


RUTA DEL BOSQUE: S&P Affirms 'BB+' Rating on Fixed-Rate Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
senior secured debt rating on Ruta del Bosque Sociedad
Concesionaria S.A.'s (RdB) fixed-rate notes.  The outlook remains
stable.

The rating affirmation reflects RdB's adequate operating and
financial performance, which continues to be in line with S&P's
expectations.  The 'BB+' senior secured debt ratings on RdB
reflect S&P's 'BB+' underlying rating (SPUR).  The bond insurance
provider is Syncora Guarantee Inc. (not rated, formerly XL Capital
Assurance).


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


COLOMBIA: Welcomes Weakest Peso Since 2009, Cardenas Says
---------------------------------------------------------
Christine Jenkins and Oscar Medina at Bloomberg News report that
Colombian Finance Minister Mauricio Cardenas welcomed the recent
selloff that has pushed the peso to the weakest since 2009,
describing it as a "breath of fresh air" that will boost exports.

The central bank sees "this exchange rate as very favorable for
the economy because it doesn't generate problems for us and it
helps exporters a lot," Mr. Cardenas said in an interview on RCN
television, according to Bloomberg News.

The peso fell 1.4 percent to 2,296.59 per U.S. dollar at the close
of trading in Bogota on Dec. 3, after earlier weakening past 2,300
for the first time since 2009.  It has weakened 18 percent in the
second half of 2014, the worst performer among major emerging
market currencies after Russia's ruble, Bloomberg News notes.

In a separate webcast interview on La Republica's website,
Cardenas said "an exchange rate of 2,300 pesos is a breath of
fresh air for manufacturing businesses, flower exporters, for the
rest of the agricultural sector," Bloomberg News relates.

Colombian central bank Governor Jose Dario Uribe said that policy
makers would weigh the impact of the currency's selloff, and
decide whether to continue the dollar purchase program that is due
to end this year, Bloomberg News discloses.

"The central element here is to see whether it affects people's
inflation expectations, or if people understand that its simply an
adjustment to a new exchange rate and that therefore they
shouldn't adjust their inflation expectations," Mr. Uribe told Blu
Radio, Bloomberg News adds.


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


DIGICEL GROUP: Invests in Micro-Finance Firm
--------------------------------------------
RJR News reports that Digicel Group Limited invested EUR4 million
euros in Sweden-based micro-insurance provider, Bima.

Bima is also teaming up with the Denis O'Brien led Digicel to
offer insurance products across the Caribbean, Central America and
Asia-Pacific -- all regions where Digicel has an extensive
footprint, according to RJR News.

Bima has described the opportunity for micro-insurance as vast.

Micro-insurance is characterized by low premiums and coverage
limits and is designed for low-income customers, normally not
served by social or commercial insurance schemes, the report
notes.

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: Minister Warns Telecom Firms of Strong Action to Come
--------------------------------------------------------------
RJR News reports that Jamaica Technology Minister Phillip Paulwell
has warned that strong action will be taken against
telecommunications companies, which are unable to meet the May 31,
2015 deadline for number portability.

Mr. Paulwell said his Ministry has now gazetted all the rules.

The report notes that Mr. Paulwell said portability will involve
mobile as well as fixed networks.  Mr. Paulwell said the
Government is determined to meet the 2015 deadline, as number
portability is important in improving the country's business
competitiveness, the report discloses.

Mr. Paulwell warned that companies that are not ready will feel
the full brunt of the law as well as his Ministerial authourity,
the report notes.  Number portability allows users of mobile and
fixed telephones to retain numbers assigned to them, if they
choose to switch service providers, the report relates.

The Government initially targeted May this year to implement
number portability, but the timeline was revised, following an
announcement from LIME that it would not be ready, 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
===========


MEXICO: Peso Weakens Past 14 Per Dollar for First Time Since 2012
-----------------------------------------------------------------
Isabella Cota at Bloomberg News reports that Mexico's peso
weakened past 14 per dollar for the first time in two years on
speculation that falling oil prices will curb foreign investment
as the country opens its energy industry to private drilling.

The peso fell 0.8 percent Dec. 3 to US$14.1037 per dollar in
Mexico City.  Since June 2012, the currency has mostly traded in a
range of 12 to 14.

While Mexico passed laws ending the national oil company's
monopoly on drilling, the plunge in crude prices to below US$70 a
barrel may lead some foreigners to defer projects, according to
Juan Carlos Alderete, a currency strategist at Grupo Financiero
Banorte SAB in Mexico City, Bloomberg News notes.

Bloomberg News relates that the Mexican Energy Ministry has
projected that the new laws would add an average US$12.6 billion a
year to foreign investment from 2015 through 2018.  Foreign
investment was US$24.4 billion over the past year, Bloomberg News
discloses.

"That these investments could be delayed, at the least, is
important when considering the country's balance of payments," Mr.
Alderete told Bloomberg News in a phone interview.

Yields on Mexico's peso-denominated benchmark bonds due in 2024
rose 13 basis points, or 0.13 percentage point, to 5.91 percent on
Dec. 3, in the biggest jump since December 2013, notes the report.

Investors that had bought the securities on optimism over the peso
are now selling on concern the currency will extend its decline,
according to Salvador Orozco, deputy director for fixed income at
Grupo Financiero Santander Mexico, Bloomberg News says.

                       'Psychological Level'

"Once this psychological level is broken, people start to worry
about how sustainable the currency is now," Mr. Orozco said in a
phone interview with Bloomberg News.

New York crude-oil futures fell 1.7 percent on Dec. 3, to US$67.83
a barrel.  The price tumbled last week after OPEC, responsible for
about 40 percent of the world's supply, resisted calls from
members including Venezuela and Iran to reduce its quota of 30
million barrels a day at a Nov. 27 meeting in Vienna, Bloomberg
News relays.

Bloomberg News discloses that the peso is at a technical level
that may trigger options payouts or prompt some traders to exit
losing trades, Mike Moran, head of research for the U.S. and Latin
America at Standard Chartered Plc said by phone from New York.

"Fourteen is not only a psychological level," Bloomberg News
quoted Mr. Moran as saying.  The peso's trajectory "will be
predicated on really how oil prices continue to trade, at least in
the very short term," Mr. Moran said, Bloomberg News says.

Over the past month, the peso has lost 4.5 percent, the most among
16 major currencies tracked by Bloomberg after the yen.  Finance
Minister Luis Videgaray told Radio Formula he doesn't see a need
to intervene in the currency, Bloomberg News relays.

The U.S. Federal Reserve will move sooner rather than later to
raise interest rates, which should reduce the appeal of emerging-
market currencies among fixed-income investors, said Eduardo
Suarez, a strategist at Bank of Nova Scotia, Bloomberg News
discloses.

"On the one side, you see the dollar being boosted by monetary
policy," Mr. Suarez told Bloomberg News by telephone from Toronto.
"On the other, there is the price of oil," Mr. Suarez added.


===============
P A R A G U A Y
===============


TELEFONICA CELULAR: Fitch Affirms 'BB' IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Telefonica Celular del Paraguay S.A.'s
(Telecel) foreign-currency Issuer Default Rating (IDR) at 'BB'
with a Stable Rating Outlook.  Fitch has also affirmed the
company's USD300 million senior unsecured notes due 2022 at 'BB'.

KEY RATING DRIVERS

Telecel's ratings reflect its leading market positions in Paraguay
supported by the extensive network and sales coverage, diverse
service offering, and strong brand recognition of Tigo.  These
competitive strengths have enabled stable cash flow generation
from operation and high operating margins resulting in the
company's strong financial profile with low leverage, which is low
for the rating category.

Telecel's ratings are constrained by the Paraguayan country
ceiling of 'BB' based on its limited geographic diversification.
Increasing competitive pressures also temper the company's credit
quality.

The ratings factor in Telecel's strong linkage with its parent,
Millicom International Cellular S.A. (MIC) (rated 'BB+'/Stable
Outlook), which fully owns it.  Although Telecel benefits from
synergies related to MIC's larger scale and management expertise,
the company's payment of management fees and high dividends to the
parent weakens its cash flows.

Leading Market Position:

Telecel is the largest telecom operator in Paraguay, with around
65% revenue market shares in mobile, broadband, and pay-TV
services.  As the first mobile operator in the country in 1992,
the company has established an entrenched position with the most
extensive network and distribution channel coverage under its
strong 'Tigo' brand, shared among Millicom group companies
globally.  Telecel has strengthened its competitive position
through the acquisition of Cablevision in 2012, which expanded its
service portfolio with pay-TV and fixed-broadband and enabled
operational synergies.  These competitive advantages should allow
the company to maintain its market leadership over the medium term
despite increasing competitive pressures.

Leverage to Remain Low:

Fitch forecasts Telecel's strong financial profile to remain
intact over the medium term backed by its stable operational cash
flow generation albeit a weakening trend.  The company has low
leverage for the rating category, with its net debt to EBITDA
ratio at 0.9x as of Sept. 30, 2014, which is a slight increase
from 0.6x at end-2013.  Despite the continued negative free cash
flow generation over the medium term due to high capex and
shareholder distributions, the impact would not be material as
Fitch forecasts Telecel's net leverage to increase to just above
1.0x.

Negative FCF:

Telecel's on-going negative FCF generation is unlikely to reverse
in the medium term largely due to its high capex plan.  Fitch
expects the company's annual capex to increase to about USD120-130
million during 2014-2015, which compares to USD87 million in 2013.
The investments will be mainly for expansion of mobile and fixed
networks coverage and capacity, spectrum acquisitions, as well as
additional store openings.  In addition, an increased level of
shareholder distributions, in terms of both dividends and
technical service fees, would continue to pressure free cash flow
generation into the negative territory.

Revenue Diversification Underway:

Telecel's main mobile business faces weak growth ahead as ARPU
continues to fall due to competition and market maturity.  The
mobile penetration rate in Paraguay is estimated to have reached
98% as of September 2014.  Positively, Fitch expects the company's
broadband and pay-TV segment to continue double-digits revenue
growth as demand remains strong given low penetrations of these
services.  This positive revenue diversification should largely
mitigate negative mobile service growth and enable low single
digits revenue growth over the medium term.

Margin Erosion:

Telecel's profitability should continue to deteriorate over the
medium term due to an increased level of technical service fees to
MIC amid intense competition and weak mobile revenue growth.  The
company's EBITDA margin, after fees paid to MIC, declined to 42.6%
in the LTM ended Sept. 30, 2014, which compares to 51% in 2013,
and could continue to fall to below 40% should an aggressive
payments to its parent persist.  During the first nine months of
2014, the company's technical service fees increased to USD54
million (PYG241 billion), representing about 10% of revenues
during the period, which compares to just USD11 million (PYG48
billion) during 2013, accounting for 1.5% of revenues.  Also, an
increasing revenue contribution from the lower margin pay-TV and
broadband businesses would pressure the margins.

Sound Liquidity:

Telecel's solid liquidity profile is supported by its stable cash
flow generation from operation, high cash balance, and long debt
maturities schedule.  The company held readily-available cash
balance of USD68 million, which fully covered its short-term debt
maturities of USD19 million.  Telecel does not face any
significant debt maturity until 2022 when its USD300 million
senior notes becomes due; these notes represented more than 90% of
the company's total debt as of Sept. 30, 2014.

RATING SENSITIVITIES

Considerations that could lead to a negative rating action (Rating
or Outlook):

   -- Deterioration in the company's EBITDA and FCF generation
      along with weak revenue growth due to competitive pressures,
      including material loss in mobile market share, ARPU
      erosion, and substantial increase in marketing expenses;

   -- Aggressive shareholder distributions in terms of both
      technical fees and dividends;

   -- A persistent level of higher-than-expected capex;

   -- All of which resulting in Telecel's adjusted net leverage
      above 3.0x in conjunction with a weak liquidity profile on a
      sustained basis.

Considerations that could lead to a positive rating action (Rating
or Outlook):

   -- The ratings are constrained by the Paraguayan country
      ceiling of 'BB'.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *