TCRLA_Public/141210.mbx           T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, December 10, 2014, Vol. 15, No. 244


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: LIALPA Decides to End its Threat of Industrial Action


A R G E N T I N A

AL DESARROLLO: Moody's Cuts Global Scale Rating to Caa-bf
ARGENTINA: Plans US$3 Billion Local Debt Sale to Extend Maturities
COMPANIA FINANCIERA: Moody's Withdraws Caa2 Deposit Rating


B R A Z I L

ELETROBRAS: Fitch Affirms 'BB' IDR & Revises Outlook to Stable
J&F INVESTIMENTOS: S&P Affirms 'B+' CCR; Outlook Stable


C A Y M A N  I S L A N D S

ANDREWS HOLDINGS: Members Receive Wind-Up Report
CHC GROUP: S&P Assigns 'B+' LT CCR, Outlook Stable
COHANZICK HIGH: Placed Under Voluntary Wind-Up
CS ALTERNATIVE: Creditors' Proofs of Debt Due Dec. 19
CS BOND: Creditors' Proofs of Debt Due Dec. 19

CS EQUITY: Creditors' Proofs of Debt Due Dec. 19
CS MONEY: Creditors' Proofs of Debt Due Dec. 19
CS OPPORTUNISTIC: Creditors' Proofs of Debt Due Dec. 19
EVEREST ASSET: Members Receive Wind-Up Report
GOLDEN BRIDGE: Shareholders Receive Wind-Up Report

KAYDEE LTD: Placed Under Voluntary Wind-Up
KSP CAPITAL: Placed Under Voluntary Wind-Up
LAZARD DIVERSIFIED: Commences Liquidation Proceedings
NEW VENTURE: Commences Liquidation Proceedings
SIMARGL NEW: Commences Liquidation Proceedings

SPLENDOR ABSOLUTE: Commences Liquidation Proceedings
WING HANG: Commences Liquidation Proceedings


C H I L E

CHILE: Sells Euro-Denominated Bonds in First Sale in Decade


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Distribution, Not Cost Unleashed Energy Crisis


P E R U

PERU: Will Receive US$750 Million from the IDB for the Lima Metro


T R I N I D A D  &  T O B A G O

PETROTRIN: Reeling on Rapid Decline in Crude


V E N E Z U E L A

VENEZUELA: Considers Raising Money for Cash-Strapped Economy


X X X X X X X X X

* LATIN AMERICA: ECLAC Predicts 2.2% Economic Growth in 2015


                            - - - - -


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


LIAT: LIALPA Decides to End its Threat of Industrial Action
-----------------------------------------------------------
The Daily Observer reports that Leeward Islands Airline Pilots'
Association, (LIALPA) has decided to end its threat of industrial
action.

Officials from LIALPA, the pilots' union, and LIAT, operating as
Leeward Islands Air Transport, the airline they work for, met on
Dec. 2 and then the pilots' union decided not to pursue industrial
action, according to the Daily Observer.

The report notes that Minister of Labor, Steadroy "Cutie"
Benjamin, who was present at the negotiations, told Daily Observer
all parties involved acted responsibly and in the best interest of
the region.

While Mr. Benjamin declined to give any specific details about the
negotiations, Minister Benjamin acknowledged that talks yielded a
compromise, the report discloses.

"I believe that we left on a very friendly note," Minister
Benjamin said, the report relays.  "I believe we were able to
address some the issues facing both parties, and as a result of
our discussions . . .  I believe there will be peace and good
working relationships going forward."

LIAPLA published a statement in Daily Observer that informed
travelers of the deteriorating relationship.

                           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
=================


AL DESARROLLO: Moody's Cuts Global Scale Rating to Caa-bf
---------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
the ratings of four Argentine bond funds and placed on review for
downgrade the ratings of two more funds. The action follows the
deterioration of the credit quality of these funds over the past
four months, mainly due to their higher exposure to sovereign,
sub-sovereign securities and infrastructure projects rated below
the funds previous rating level. Over the coming quarter, Moody's
will monitor and assess the trends in the weighted average credit
quality of the bond funds whose ratings were placed under review.

Moody's downgraded the global scale ratings and national scale
ratings of the following four bond funds:

AL Desarrollo Argentino FCI

* Global scale rating to Caa-bf from B-bf

* National scale ratings to Baa-bf.ar from A-bf.ar

HF Pesos Renta Fija FCI

* Global scale rating to Caa-bf from B-bf

* National scale ratings to Baa-bf.ar from A-bf.ar

RJ Delta Renta II

* Global scale rating to Caa-bf from B-bf

* National scale ratings to Baa-bf.ar from A-bf.ar

Schroder Renta Global Tres

* Global scale rating to Caa-bf from B-bf

* National scale ratings to Baa-bf.ar from A-bf.ar

Additionally Moody's placed on review for downgrade the global
scale ratings and national scale ratings of the following two bond
funds:

CIMA Renta Fija Argentina Plus FCI

* Global scale rating B-bf (RUR DNG)

* National scale ratings to A-bf.ar (RUR DNG)

Convexity Renta Fija Argentina

* Global scale rating B-bf (RUR DNG)

* National scale ratings to A-bf.ar (RUR DNG)

Ratings Rationale

The rating actions on these bond funds result from a deterioration
in the average portfolio credit quality over the last four months.
As a result of the higher exposure to sovereign and sub-sovereign
securities, Moody's concluded that the funds' credit profiles have
weakened and are no longer consistent with the previous ratings.

The review for downgrade of two funds reflects the weakening of
the credit profiles of these funds due to the reasons mentioned
above, causing their credit profiles to be near the low-end of
their current rating level.

The principal methodology used in rating the funds were Moody's
Bond Fund Rating Methodology published in May 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".


ARGENTINA: Plans US$3 Billion Local Debt Sale to Extend Maturities
------------------------------------------------------------------
Camila Russo, Charlie Devereux and Katia Porzecanski at Bloomberg
News report that Argentina plans to sell dollar-denominated bonds
for the first time since its overseas notes went into default five
months ago as it seeks to roll over part of its debt coming due
next year.

The government will issue US$3 billion of bonds due in 2024 that
will be governed by local laws, according to Bloomberg News.  It
will also offer owners of US$6.3 billion in similar notes due in
2015 the chance to sell the securities back to the government or
swap them into the new bonds, Bloomberg News relates.  The
proposed transactions, because they would be done under Argentine
law, aren't subject to a U.S. court ruling that is preventing the
nation from paying its overseas debt, notes the report.

Argentina, which hasn't sold international bonds since defaulting
in 2001, has about US$12 billion of debt due in 2015, equal to
about 40 percent of its international reserves, Bloomberg News
discloses.  In July, the nation defaulted on its foreign law bonds
again after refusing to comply with a U.S. court order that it
must pay a group of holdout investors from its 2001 default in
full before servicing any of its other overseas bonds.

"It's a step in the right direction," Jorge Piedrahita, the chief
executive officer of Torino Capital LLC, told Bloomberg News
through phone from New York.  "If they can do a swap to extend
their maturities, it's good news because if not Argentina has very
heavy maturities for next year," Mr. Piedrahita added.

Economy Minister Axel Kicillof told reporters that the government
is offering to buy back so-called Boden bonds maturing in October
2015 at 97 cents on the dollar if investors opt to cash out by
Dec. 12, Bloomberg News notes.  Boden holders can also opt to swap
their notes for the 10-year securities known as Bonar 24s.

Bloomberg News says that Argentina sold US$3.25 billion of those
securities in May.

                       'Willingness to Pay'

"We're going to pay in advance because we have the capacity and
willingness to pay and because we want to cut out speculative
maneuvers," the report quoted Mr. Kicillof as saying.  "We're
paying next year's maturity which is the biggest in the past 10
years," Mr. Kicillof said.

Investors who accept the swap will receive 99.7 cents of 2024
bonds for every dollar of 2015 bonds, Bloomberg News notes.
Argentina will offer an additional US$1.54 in cash for every
US$100 of Boden 15 bonds, according to an e-mailed statement from
the Economy Ministry, Bloomberg News relays.

"I am happy that Argentina offered it to all frightened
investors," Lutz Roehmeyer, who oversees about US$1 billion of
emerging-market debt at LLB Invest, including the Boden 15 notes,
said by e-mail, Bloomberg News notes.  "The more people who now
cash in and swap into the longer-term bonds, the better it is for
us because our bonds will be safer with less refinancing
pressure," Bloomberg News quoted Mr. Roehmeyer as saying.

Mr. Roehmeyer said he won't enter the transaction because he isn't
concerned about the government's ability to repay in 2015,
Bloomberg News notes.

                          Bond Prices

Bondholders who accept the swap or buyback would lose money on
their notes with Dec. 5's prices, Bloomberg News relates.  The
2015 notes climbed to 97.91 cents on the dollar on Dec. 5 at 3:15
p.m. in New York, close to their highest price since the default
in July, Bloomberg News notes.  The 2024 bonds fell 0.2 cent to
95.79 cents on the dollar, according to data compiled by
Bloomberg.

"The exchange ratio results in a loss of value, but you do the
trade if you are bullish on Argentina and want to extend duration
and benefit from expected yield compression," Marco Santamaria, a
money manager at AllianceBernstein LP, said by e-mail, Bloomberg
News notes.  "Unless you hold huge amounts of Boden 15s, you are
better off doing that in the market than in the swap," Bloomberg
News quoted Mr. Santamaria as saying.

Going forward, government maturities will drop to an average of
US$2 billion per year, Mr. Kicillof said, Bloomberg News notes.
The government isn't hiring any international banks to advise on
the transactions, Mr. Kicillof added.

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'.


COMPANIA FINANCIERA: Moody's Withdraws Caa2 Deposit Rating
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Compania Financiera
Argentina S.A. for business reasons.

The following ratings of Compania Financiera Argentina S.A. were
withdrawn:

Bank Financial Strength Rating: E, Stable

Long- and short-term global local-currency deposits: Caa1/Not
Prime, negative outlook

Long- and short-term global foreign-currency deposits: Caa2/Not
Prime, negative outlook

Long- term global local-and foreign currency MTN debt rating:
(P)Caa1, negative outlook

Long- term global local currency debt rating: Caa1, negative
outlook

Long-term National Scale local-currency deposit rating: Baa2.ar,
negative outlook

Long-term National Scale foreign-currency deposit rating: Ba2.ar,
negative outlook

Long-term National Scale local-and foreign currency MTN debt
rating: Baa2.ar, negative outlook

Long-term National Scale local currency debt rating: Baa2.ar,
negative outlook

Ratings Rationale

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

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".

Compania Financiera Argentina S.A. is headquartered in Buenos
Aires, Argentina, and as of September 2014 it had ARS 3762.3
million in assets and ARS 1097.9 million in equity.


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


ELETROBRAS: Fitch Affirms 'BB' IDR & Revises Outlook to Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
Centrais Eletricas Brasileiras S.A. (Eletrobras) and its wholly
owned subsidiary, Furnas Centrais Eletricas S.A. (Furnas) at 'BB'.
The Rating Outlook was revised to Stable from Negative.

KEY RATING DRIVERS

The Outlook revision reflects the increasing support of the
Federal Republic of Brazil to Eletrobras, through guarantees to
new debt issuances.  The sovereign holds 51% of Eletrobras' voting
shares and was guaranteeing 16% of its consolidated debt at the
end of September 2014, compared with 10% at the end of 2013.

Eletrobras' IDRs continue to reflect some linkage with the Federal
Republic of Brazil's sovereign rating ('BBB', Outlook Stable).
The company is important to the country due to its relevant market
share in electricity generation, transmission and distribution,
with strong presence in the auctions promoted by the government to
reinforce the electric sector in the country.  On a standalone
basis, Eletrobras's IDRs would be lower due to its still weak
consolidated operational cash generation, high capital
expenditures program and deteriorated credit metrics.

The decision to accept the early renewal of all of its generation
and transmission power concessions expiring between 2015 and 2017
severely impacted Eletrobras' consolidated credit profile.
Positively, the group is being successful in reducing operational
costs, while additional compensation for the renewed transmission
concessions is expected to add BRL450 - 500 million per year to
its cash flow generation.  Eletrobras's financial profile benefits
from a strong liquidity position and an extended debt maturity
profile.

Eletrobras is exposed to political interference risks given its
status as an entity controlled by the Brazilian government.  The
Brazilian government can use the company to help it achieve
certain macroeconomic and social objectives through price controls
and/or subsidies and as manager of sector funds.

Regulatory risk for the power sector is considered moderate in
Brazil, while the hydrological risk is currently above average.

Furnas' ratings are linked with its parent company (Eletrobras).
Furnas is one of Eletrobras' largest subsidiaries, representing
approximately 24% of the group's installed generation capacity and
32% of its transmission coverage in kilometers.  Eletrobras has a
centralized cash management policy and is the primary funding
provider for Furnas.  Furthermore, Eletrobras sets the company's
strategic targets, such as corporate governance standards and
investment plans.

LOW OPERATIONAL CASH GENERATION

Fitch expects Eletrobras will be able to achieve an annual EBITDA
of approximately BRL2 billion in the next three years.  The
company's operational cash generation should benefit from tariff
increase to incorporate the investments that are being made on the
renewed concessions and from additional compensations for the
transmission concessions renewed.

Eletrobras' current weak operational cash generation continue to
reflect the highly negative impact of its decision to accept the
early renewal of all of its generation and transmission power
concessions expiring between 2015 and 2017.  In the last 12 months
(LTM) ended on September 2014, EBITDA was BRL3 billion negative,
compared with a negative BRL 3.9 billion in 2013.

CAPEX PROGRAM TO PRESSURE FCF

Eletrobras' FCF generation is expected to remain negative, mainly
as a result of high capex to support its expansion plans and the
country's growing power infrastructure needs.  Eletrobras' BRL50
billion capex program for 2015 -- 2018 is expected to be financed
with new debt and cash generation.  Considering that Eletrobras
will hold close to 50% of the future projects, additional equity
contributions are estimated at approximately BRL7.5 billion.
Fitch does not expect Eletrobras to pay dividends related to 2014
at the same level as the previous years as capital reserves should
not be enough to compensate the accumulated loss of the year.

Eletrobras' cash flow from operations (CFFO) of BRL3.5 billion
during the LTM ended Sept. 30, 2014 was not sufficient to cover
capex of BRL5.4 billion and dividends of BRL852 million, leading
to negative FCF of BRL2.8 billion.  CFFO was positively impacted
by suppliers credit of BRL600 million from CELG Distribuicao
S.A.(CELG-D) consolidation and non-recurring BRL1.2 billion from
Amazonas Distribuidora de Energia S.A. (Amazonas Energia) that is
under negotiation with Petroleo Brasileiro S.A. (Petrobras) for
fuel supply.

GROWING DEBT GUARANTEES FROM GOVERNMENT

Since the end of 2013, Eletrobras and some of its subsidiaries
contracted BRL12.8 billion bank loans guaranteed by the federal
government.  Guaranteed debt will increase to 27% of total debt
until 1Q'15 from 10% at year-end 2013 once the last tranche of
BRL2 billion of a BRL6.5 billion loan be disbursed and a new BNDES
loan under negotiation is concluded.  Fitch believes this
reinforces the government intention to support the company
recovery after the concessions renewal strong negative impact on
Eletrobras' cash flow generation, although it is not considered
enough to equalize Eletrobras and the sovereign's ratings.
Federal government's guarantee to Eletrobras' debt also benefits
the company through lower cost of funds.

MANAGEABLE DEBT MATURITY PROFILE AND STRONG LIQUIDITY

Eletrobras' risk profile benefits from a robust liquidity position
and extended debt maturity schedule.  Eletrobras' total adjusted
debt, excluding the Reserva Global de Reversao (RGR), increased to
BRL33.9 billion as of September 2014, mostly reflecting the
maintenance of the same debt level as of year-end 2013 with the
increase of the first tranche of the new debt with Banco do Brasil
S.A. (BB) and Caixa Economica Federal S.A. (Caixa) at the amount
of BRL6.5 billion to support working capital needs.  The company'
financial obligations on a consolidated basis are composed of
Banco Nacional de Desenvolvimento Economico Social (BNDES) loans
(19%), international bonds (18%), funds raised from international
multilateral entities (7%) and guaranteed by the Federal
Government (BNDES, BB and Caixa) (14%) and others.

As of Sept. 30, 2014, the company's consolidated liquidity ratios,
as measured by cash/short-term debt and cash plus CFFO/short-term
debt, were robust, at 1.8x and 2.6x, respectively, while net
leverage cannot be calculated due to a negative EBITDA.
Eletrobras' liquidity may be reinforced by an additional
complimentary compensation for the concessions renewal for the
existing transmission assets, estimated at BRL15 billion.  The
exact amount will be determined after technical studies are
concluded and the regulator defines the asset's valuation.
Eletrobras has the possibility of anticipating this receivable
through a future flow securitization transaction.

HIGH IMPORTANCE TO BRAZIL

Eletrobras has a strong position as the largest electricity
generation and transmission company in Brazil, representing
approximately 34% of installed generation capacity and around 49%
of transmission lines as of Sept 30, 2014.  Its size and active
presence in the most relevant energy projects under construction
in Brazil makes it strategically important to the country's
economy and development.

RATING SENSITIVITIES

A downgrade of the sovereign, the weakening of the Brazilian
government support and/or the deterioration on the company's
liquidity position would negatively pressure Eletrobras' IDRs.

The company's IDRs may benefit from a sustained recovery of the
group's operational cash flow generation and more robust credit
metrics.  The Brazilian government's continuous support could also
strengthen the linkage between the group and the Federal Republic
of Brazil and lead to a positive rating action.

Fitch has affirmed these ratings:

Eletrobras
   -- Foreign Currency IDR at 'BB';
   -- Local Currency IDR at 'BB';
   -- National Scale rating at 'AA-(bra)';
   -- USD1 billion senior unsecured notes due 2019 at 'BB';
   -- USD1.75 billion senior unsecured notes due 2021 at 'BB'.

Furnas
   -- Foreign Currency IDR at 'BB';
   -- Local Currency IDR at 'BB';
   -- National Scale rating at 'AA-(bra)'.

The Rating Outlook was revised to Stable from Negative.


J&F INVESTIMENTOS: S&P Affirms 'B+' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' global scale
corporate credit rating on J&F Investimentos S.A. (J&F).  S&P also
affirmed its 'brBBB' national scale corporate credit and issue-
level ratings.  The outlook remains stable.

S&P's ratings on J&F continue to reflect its expectation that the
company would continue depending on dividends from only a few
assets, its weak portfolio liquidity, and our expectation that the
loan-to-value (LTV) ratio would likely remain slightly above 50%
in 2015.  The mitigating factors are the improved operating
performance of the main subsidiaries and the company's relatively
good relationship with banks.

J&F holds a sizable portfolio of assets in a wide range of
industry sectors such as agribusiness, pulp, dairy products,
personal care, banking.  As an investment holding company, J&F has
no operations on its own and relies on dividends from its assets
and fee income to service its interest payments and administrative
expenses.  Although the company continues to develop its asset
portfolio amid improving operating performance in all its
businesses, the sole dividends source and dominant subsidiary is
JBS S.A. (BB/Positive/--).  S&P expects this subsidiary to remain
almost the only dividend contributor in 2015.


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


ANDREWS HOLDINGS: Members Receive Wind-Up Report
------------------------------------------------
The members of Andrews Holdings (Cayman) Limited received on
Dec. 3, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Vernon J. Andrews
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


CHC GROUP: S&P Assigns 'B+' LT CCR, Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+' long-
term corporate credit rating to Cayman Islands-based parent
company CHC Group Ltd.  The outlook is stable.

At the same time, Standard & Poor's withdrew its 'B+' long-term
corporate credit rating on the company's subsidiary 6922767
Holding S.a.r.l.

In addition, Standard & Poor's affirmed its 'BB' issue-level
rating, with a '1' recovery rating, on subsidiary CHC Helicopter
S.A.'s super senior revolving credit facility; its 'B+' issue-
level rating, with a '4' recovery rating, on the subsidiary's
senior secured notes; and its 'B-' issue-level rating, with a '6'
recovery rating, on CHC Helicopter S.A.'s senior unsecured notes.

(Standard & Poor's refers to CHC Group Ltd. and its subsidiaries
collectively as CHC Helicopter.)

"We base our assignment of the corporate credit rating to CHC
Group Ltd. on it being the ultimate parent of CHC Helicopter,
which we analyze on a consolidated basis," said Standard & Poor's
credit analyst Jamie Koutsoukis.

"The ratings on CHC Helicopter reflect what we consider to be a
highly leveraged capital structure, the company's private equity
ownership, and participation in a capital-intensive industry," Ms.
Koutsoukis added.  "Somewhat mitigating these weaknesses are the
company's solid market position servicing offshore oil and gas
producers and favorable industry conditions," said Ms. Koutsoukis.

CHC Helicopter, which operates a fleet of 233 helicopters in
approximately 30 countries, is one of the two largest global
helicopter service providers.  It offers personal and light cargo
transportation services, primarily for oil and gas producers and
exploration companies, as well as search and rescue activities and
emergency medical services, through its helicopter services
segment.  In addition, the company's Heli-One division provides
helicopter support services.

The stable outlook on CHC Helicopter is based on S&P's expectation
that demand for helicopter services in the oil and gas sector will
remain robust in the medium term and that the company will sustain
an adjusted debt-to-EBITDA ratio in low-to-mid 5x area in the next
two years while maintaining adequate liquidity.

S&P could lower the ratings if adjusted debt-to-EBITDA approaches
7x on a sustained basis following the company's planned debt
reduction funded through its preferred share offering or if
liquidity were to deteriorate (likely owing to difficulty in
refinancing aircraft or the company's inability to meet its lease
covenants).

The company's principal ownership by private equity investors
constrains the ratings at the current level as per S&P's criteria.
However, an upgrade might be possible if ownership changes or if
the company can demonstrate that its owners will manage its
balance sheet to an adjusted debt-to-EBITDA ratio of below 5x on a
sustained basis.


COHANZICK HIGH: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 23, 2014, the sole shareholder of Cohanzick High Yield
Institutional Master 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 Jody Powery-Gilbert
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1763
          Facsimile: (345) 949-9877


CS ALTERNATIVE: Creditors' Proofs of Debt Due Dec. 19
-----------------------------------------------------
The creditors of CS Alternative Strategy Ltd. are required to file
their proofs of debt by Dec. 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2014.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          Telephone: (345) 949 5586
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104


CS BOND: Creditors' Proofs of Debt Due Dec. 19
----------------------------------------------
The creditors of CS Bond Strategy Ltd. are required to file their
proofs of debt by Dec. 19, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2014.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          Telephone: (345) 949 5586
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104


CS EQUITY: Creditors' Proofs of Debt Due Dec. 19
------------------------------------------------
The creditors of CS Equity Strategy Ltd. are required to file
their proofs of debt by Dec. 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2014.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          Telephone: (345) 949 5586
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104


CS MONEY: Creditors' Proofs of Debt Due Dec. 19
-----------------------------------------------
The creditors of CS Money Market Strategy Ltd. are required to
file their proofs of debt by Dec. 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2014.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          Telephone: (345) 949 5586
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104


CS OPPORTUNISTIC: Creditors' Proofs of Debt Due Dec. 19
-------------------------------------------------------
The creditors of CS Opportunistic Strategy Ltd. are required to
file their proofs of debt by Dec. 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2014.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          Telephone: (345) 949 5586
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104


EVEREST ASSET: Members Receive Wind-Up Report
---------------------------------------------
The members of Everest Asset Management (Cayman) Limited received
on Nov. 24, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          Telephone: (345) 946 6620
          Facsimile: (345) 946 6720
          Harbour Place, 2nd Floor
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands


GOLDEN BRIDGE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Golden Bridge Finance Limited received on
Dec. 2, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Chen Sau Lin
          Admiralty Centre, Room 1808, 18th Floor, Tower II
          18 Harcourt Road, Admiralty
          Hong Kong
          Telephone: +852 2528 9899
          Facsimile: +852 2804 1004


KAYDEE LTD: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on Oct.22, 2014, the
shareholder of Kaydee Ltd resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

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


KSP CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 23, 2014, the shareholders of KSP Capital Managers Limited
passed a resolution to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Jason Hughes
          Telephone: +357 (25) 590 903
          17 Palmyra, Flat 504
          Limassol, 3101
          Cyprus


LAZARD DIVERSIFIED: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 24, 2014, the sole shareholder of Lazard Diversified
Strategies 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:

          Lazard Alternatives, LLC
          30 Rockefeller Plaza, 55th floor
          New York, NY 10112-6300
          USA
          Telephone: +1 (345) 914 6365


NEW VENTURE: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 21, 2014, the sole shareholder of New Venture TL Ltd
resolved to voluntarily liquidate the company's business.

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:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


SIMARGL NEW: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 22, 2014, the sole shareholder of Simargl New
Opportunities Fund 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:

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


SPLENDOR ABSOLUTE: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 15, 2014, the sole shareholder of Splendor Absolute Return
Fund 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 liquidators are:

          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


WING HANG: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 21, 2014, the sole shareholder of Wing Hang Bank (Cayman)
Ltd 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:

          Lee Tak Lim
          c/o Wong Pou San
          113 Avenida Conselheiro
          Ferreira De Almeida
          27 andar, J27, Edif. Holland Garden
          Macau
          Wong Pou San
          54 Rua.Fernao
          Mendes Pinto Edf. Pou Seng 8-and-F
          Macau
          Telephone: 853-8398-3225


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


CHILE: Sells Euro-Denominated Bonds in First Sale in Decade
-----------------------------------------------------------
Lyubov Pronina and Sebastian Boyd at Bloomberg News report that
Chile sold its first euro-denominated bond in more than a decade
as Latin America's top-rated country seeks to benefit from falling
borrowing costs.

The government priced EUR800 million (US$985 million) of debt due
in January 2025, data compiled by Bloomberg show.  The bonds were
sold at a yield of 1.745 percent, or 75 basis points over mid-
swaps, Finance Minister Alberto Arenas said in Santiago, according
to Bloomberg News.  Chile also plans to sell at least US$500
million of dollar bonds due March 2025 at about 100 basis points,
or 1 percentage point, above U.S. Treasuries, according to a
person familiar with the matter, Bloomberg News notes.

The euro-denominated bond yield is the lowest Chile has ever paid
and the lowest for any 10-year emerging-market bond, Minister
Arenas said, Bloomberg News relays.

A record number of developing countries, including neighboring
Colombia and Peru, are tapping international markets as the U.S.
Federal Reserve moves closer to raising interest rates, Bloomberg
News discloses.  In the euro area, the central bank has cut rates
and pledged more stimulus to revive the economy, boosting demand
for higher-yielding emerging-market assets, Bloomberg News notes.

"This new euro issue is interesting for us," Gabriele Nopp-Rau, a
fixed-income money manager at Kepler Fonds in Linz, Austria, said
by e-mail, Bloomberg News relays.  "Euro-denominated issues from
Latin countries are rare," Mr. Nopp-Rau added.

                         Banks Hired

The 1.745 percent yield would be the equivalent of a dollar yield
of about 3.51 percent after swapping in the cross-currency swaps
market, according to Bloomberg calculations.  Chile intends to
leave the proceeds in euros, Minister Arenas said, Bloomberg News
relays.  The yield on the U.S. bonds at 100 basis points over U.S.
Treasuries will be about 3.3 percent, according to Bloomberg
calculations.

The yield on Chile's dollar note due October 2022 has dropped
almost 1 percentage point from this year's peak in January, about
four times the average decline for emerging-market bonds, to 2.8
percent, Bloomberg News discloses.

Chile last offered dollar-denominated bonds overseas in October
2012, when it sold US$1.5 billion of 10-and 30-year securities,
Bloomberg News notes.  It last sold euro-denominated bonds in
2002. The nation's debt is rated Aa3 by Moody's Investors Service,
the same as China and Saudi Arabia.

Chile's fiscal deficit will widen to 2 percent of gross domestic
product this year from 0.9 percent in 2013, according to the
median estimate of economists in a Bloomberg survey.  Economic
growth may slow to 1.9 percent in 2014 from 4.1 percent last year,
Bloomberg News notes.

Citigroup Inc., HSBC Holdings Plc and Banco Santander SA were
hired to arrange the sale.


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


DOMINICAN REPUBLIC: Distribution, Not Cost Unleashed Energy Crisis
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic Power
Companies Association (ADIE) debunked State-owned energy group
CDEEE CEO Ruben Jimenez Bichara's claim that the generation cost
is the electricity sector's main problem.

That's the reason why ADIE president Marcos Cochon's demand for
transparent figures to be placed on the negotiating table leading
to the Electricity Pact, through he sector must publish the real
reasons behind the electricity crisis, according to Dominican
Today.

"We cannot have the same information with different readings, so
for the Electricity Pact we want coherent, less emotional, less
political components and more economical decisions taken, and
rational components within an industrial policy," the business
leader said, the report notes.

Mr. Cochon said consistent practice should dictate public policy,
not political custom which at one point says distribution is to
blame and in another that generation is at fault, Dominican Today
discloses.

                    Distribution is The Problem

Mr. Cochon stressed that the limited funds should be placed where
there's the fastest return, and affirms that studies by the Santo
Domingo State University, the World Bank and others said it should
be in distribution, the report relays.

Contrary to Jimenez's belief, Mr. Cochon said the country's
installed power exceeds demand, but the CDEEE decided not to use
it because in its view, the cost is too high, the report
discloses.  "But paradoxically the ancient Cogentrix generator is
operating as the result of the fall of oil," Mr. Cochon added

                         Call for Tenders

The head of ADIE agrees with the CDEEE's announced call for
tenders for new energy supply contracts once the current
agreements expire, the report adds.


=======
P E R U
=======


PERU: Will Receive US$750 Million from the IDB for the Lima Metro
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) announced the approval
of a package of loans for US$750 million for the expansion of the
Lima metro.  The project will include the construction of 35
kilometers of tunnels under the metropolitan area of the Peruvian
capital.

In 2020, when all its phases are in operation, the underground
transport system will allow passengers to cross the city from east
to west in 45 minutes, as opposed to the more than two hours the
trip currently takes by car.  It will also significantly reduce
the costs of transportation, the number of traffic accidents and
emissions of greenhouse gases in the metropolitan area.

Approval of the IDB financing coincided with the gathering in Lima
of COP 20, the 20th Conference of the Parties on Climate Change.

"Besides being the largest project undertaken by a public-private
partnership in the history of Peru, the expansion of the Metro
will raise Lima's public transportation to the level required by a
modern metropolis," said Hans Schulz, interim IDB Vice President
for the Private Sector and Non-Sovereign Guaranteed Operations.

The six-year project calls for the construction of 35 stations
that will allow 660,000 passengers to use the new public
transportation networks each day.

The total cost of the project is set at over $5.8 billion, which
will be financed through a 35-year public-private partnership
between the concessionaire, Metro de Lima Linea 2 S.A., and the
Ministry of Transportation and Communications.

Participating in the Metro de Lima Linea 2 consortium are the
Iridium/ACS Group of Spain; FCC Group of Spain; Salini Impregilo
of Italy; Ansaldo STS of Italy; Ansaldo Breda of Italy; and COSAPI
of Peru.  The Consortium includes investors with a long track
record of success in the design, construction and operation of
world-class metro lines.

The partnership will operate under an innovative model based on
income from the investments and certificates of progress to be
issued by the Ministry of Transportation and Communication.  Once
the system begins operating, the concessionaire will be paid out
of the tariffs for services rendered.

The financial package for the project will be made up of a US$300
million loan to the Ministry of Transportation and Communications
and non-sovereign guaranteed loans to Metro de Lima Linea 2 of up
to US$400 million and US$50 million, respectively, from the Bank's
Ordinary Capital and the China Co-financing Fund for Latin America
and the Caribbean, administered by the IDB.


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


PETROTRIN: Reeling on Rapid Decline in Crude
--------------------------------------------
Carolyn Kissoon at Trinidad Express reports that Petroleum Company
of Trinidad and Tobago (Petrotrin), the State-owned oil company,
was not insulated from the impact of plummeting oil prices.

In fact, the company said it was reeling from implications of the
rapid decline in crude and refinery margins had shrunk below
normal commercial limits, according to Trinidad Express.

The report, citing a statement, notes that Petrotrin said: "Is it
normal to expect that lower oil prices benefit the refinery since
it lowers the cost of the oil we purchase for refining? This will
be true if prices of refined products do not fall when the price
of oil falls.  This way, the difference between the sales price of
the products and the cost of producing the products will result in
a larger return to the company.  The larger this return, the
greater the profitability."

The company stated that product prices had fallen, along with oil
prices, making margins uneconomical, the report relates.

"Petrotrin does not sell crude oil, only refined products.  We
rely on refinery margins to fund our operations. Petrotrin's cost
profile is not driven by oil prices.  Manpower costs (salaries and
wages, benefits, and allowances) represent 54.5 per cent of total
recurrent cost.  These costs are not driven by oil prices and
therefore do not fall when there is a fall in oil prices," the
release indicated, the report discloses.

The report says that in order to continue supply to customers the
company has embarked on upgrading its facility with external
financing.

Currently, servicing these obligations requires annual interest
payments of TT$850 million, Petrotrin stated, the report notes.

"And these also do not fall with the price of oil," the release
stated, the report says.

Petrotrin stated that the cost of refinery operations and debt
service required a margin of US$9 per barrel, notes the report.

However, Petrotrin's current margin was bordering U$4.04 per
barrel, the report relays.

"This puts a significant strain on our finances.  In fact lower
oil prices and lower product prices occurring at the same time
present major financial challenges.  Given our revised plans to
treat with our current reality, Petrotrin's potential for recovery
is very optimistic but, requires that all parties, inclusive of
our employees and other stakeholders, work together to realise our
potential," the release stated, the report notes.

International benchmark prices have plummeted sharply since mid-
June 2014 with WTI crude losing more than 30 per cent of its value
over the period, the report adds.

                     About Petrotrin

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning, to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago, has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.  The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


=================
V E N E Z U E L A
=================


VENEZUELA: Considers Raising Money for Cash-Strapped Economy
------------------------------------------------------------
RJR News reports that Venezuela is considering raising money for
its cash-strapped economy by securitizing US$7 billion it is owed
by Jamaica and the Dominican Republic, under the Petrocaribe deal.

US-based Goldman Sachs is set to purchase the accounts receivable,
notes the report. Such an operation would turn outstanding
invoices for oil shipped under the Petrocaribe accord into bonds
that could be sold to investors, providing hard currency at a time
when Venezuela's foreign reserves are tumbling, according to RJR
News.

The report notes that analysts estimate the country is owed nearly
US$20 billion through Petrocaribe, under which Venezuela finances
the purchase of crude and fuel at 1% interest over 20 years.

Venezuela could get US$2-3 billion in the short term from
securitizing Petrocaribe debts with Jamaica and the Dominican
Republic, the report relates.


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


* LATIN AMERICA: ECLAC Predicts 2.2% Economic Growth in 2015
------------------------------------------------------------
Dominican Today, citing EFE, reports ECLAC said that economic
growth in Latin America and the Caribbean will be just 1.1% this
year but will double to 2.2% in 2015, paced by Panama and
Dominican Republic.

In its Preliminary Overview of the Latin America and Caribbean
Economies 2014, the United Nations agency notes that this year's
average growth in the region is the lowest since 2009 and the
improvement in 2015 will be in the context of "a slow
heterogeneous recovery of the global economy," according to
Dominican Today.

The report relates that ECLAC said this year's regional
performance has shown great heterogeneity among countries and
subregions, with Central America including Haiti and the Hispanic
Caribbean's growth of 3.7%; South America 0.7 and the English-
speaking Caribbean at 1.9%.

EFE said that in fiscal matters, the region posted a slight
increase in the deficit from 2.4% of GDP in 2013 to 2.7% this
year, although in the Caribbean cut the deficit from 4.1% last
year to 3.9% in 2014, Dominican Today relays.  The outstanding
public debt of countries in the region also remains low and stable
levels, around 32% of GDP," the report says.

It said annual inflation accumulated to October was 9.4% and the
average urban unemployment rate fell to 6.0% from 6.2% last year,
despite the weak job creation blamed on sluggish economic growth,
Dominican Today discloses.

Panama's 6.0% growth leads the region's countries in 2014,
followed by Dominican Republic (6.0%), Bolivia (5.2%) and Colombia
(4.8%), whereas Venezuela (-3.0%) and Argentina (-0.2%) bring up
the rear, Dominican Today notes.

                        IMF Figures

According to data from the IMF, Dominican Republic figures among
the economies with growth forecast between 4% and 5% for 2015, the
report adds.


                            ***********


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 * * *