TCRLA_Public/141215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, December 15, 2014, Vol. 15, No. 247


                            Headlines



A R G E N T I N A

YPF SA: Signs Deal US$550 Million Accord to Drill Fields


B O L I V I A

BOLIVIA: To Get $185.5MM IDB Loan to Upgrade Primary Road Network


B R A Z I L

CABRAL RESOURCES: Administrators Seek Expression of Interests
LUPATECH S.A.: S&P Raises CCR to 'CCC'; Outlook Stable


C A Y M A N  I S L A N D S

ADDISON CDO: Shareholders Receive Wind-Up Report
BLUEPENNANT LIMITED: Shareholders Receive Wind-Up Report
CANBER CAYMAN: Shareholder Receives Wind-Up Report
CRAFT 2010-2: Shareholders Receive Wind-Up Report
CRAFT 2011-1: Shareholders Receive Wind-Up Report

CRAFT CLO 2009-2: Shareholders Receive Wind-Up Report
EARLS THREE: Shareholders Receive Wind-Up Report
GSC PARTNERS: Shareholders Receive Wind-Up Report
INNER HARBOR: Shareholders Receive Wind-Up Report
LDK SOLAR: Schemes of Arrangement Declared Effective Dec. 10

LDK SOLAR: Chinese Unit Has New Module Sales Agreement
LIG KYLE: Shareholders Receive Wind-Up Report
MESTENIO LTD: S&P Assigns 'B+' Rating to $488.35MM Notes
MSR CORE: Members Receive Wind-Up Report
MSREF III INTERNATIONAL: Members Receive Wind-Up Report

RIVERSTONE ACUCAR: Shareholders Receive Wind-Up Report
RIVERSTONE BRAZIL: Shareholders Receive Wind-Up Report
RIVERSTONE CANE: Shareholders Receive Wind-Up Report
TOKYO REALTY: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

BANCO DE RESERVAS: Fitch Ups Foreign, Local Currency IDRs to 'B+'
DOMINICAN REPUBLIC: Power Firms Owed US$1BB, Will Get US$$400MM


J A M A I C A

JAMAICA: Oil Price Decline Expected to Last Into Mid-2015


M E X I C O

MEXICO: Approves Offshore Bid Guidelines in Oil Opening


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Fitch Keeps CC Bond Rating on Neg. Watch
PUERTO RICO: Lawmakers Pass US$2.9 Billion Bonding Measure


T R I N I D A D  &  T O B A G O

CFG HOLDINGS: S&P Affirms 'B+' Rating on $178MM 7-Yr. Sr. Notes


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 8 to Dec. 12, 2014


                            - - - - -


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


YPF SA: Signs Deal US$550 Million Accord to Drill Fields
--------------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that YPF SA and Petroliam
Nasional Bhd., Argentina and Malaysia's state-owned energy
companies, respectively, signed a US$550 million accord to drill
fields at the world's fourth-largest shale oil deposit in
Patagonia's Vaca Muerta.

With Brent crude falling to a five-year low, Miguel Galuccio and
Shamsul Azhar Abbas, chief executive officers for YPF and
Petronas, respectively, ratified on Dec. 11 in Kuala Lumpur a
preliminary accord signed in August to develop a 187 square
kilometer (72 square miles) area, the Buenos Aires-based producer
said in an e-mailed statement, according to Bloomberg News.  Oil
has plunged 36 percent since the preliminary deal was signed.

YPF SA, control of which was seized from Repsol SA in April 2012,
is bringing in partners to finance development of a shale
formation the size of Belgium that contains at least 23 billion
barrels of oil, Bloomberg News discloses.  Chevron Corp. (CVX),
the second-largest U.S. energy producer, entered into a
partnership with YPF in July 2013 that now produces 35,000 barrels
a day, while Dow Chemical Corp. is developing gas in an area
called El Orejano, Bloomberg News notes.

"We are signing this deal amid a particular scenario in world
energy," Bloomberg News quoted Mr. Galuccio as saying.  "It shows
there are companies willing to move forward, bet on the long-term
and advance along with YPF," Mr. Galuccio said, Bloomberg News
notes.

                        La Amarga Chica

Bloomberg News says that the binding deal comes after Argentina
introduced a new regulatory framework for shale and reached an
agreement with Neuquen province on the area to be drilled.  The
province will grant both companies a 35-year concession to develop
the area as the accord will help Argentina become energy self
sufficient, YPF said, Bloomberg News notes.

The Petronas-YPF area is called La Amarga Chica and is located
northwest of Loma Campana, the 290-square-kilometer venture with
Chevron, Bloomberg News discloses.  Under terms of the
arrangement, Petronas will invest US$475 million in an initial
phase of 35 wells to be operated by YPF, Bloomberg News relays.
Spending will be shared equally if the venture moves beyond the
pilot project, Bloomberg News discloses.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2014, Fitch affirmed YPF S.A.'s Caa1 Global Local
Currency Issuer Rating and Baa1.ar National Local Currency Issuer
Rating.  The outlook was changed to Negative from Stable.


=============
B O L I V I A
=============


BOLIVIA: To Get $185.5MM IDB Loan to Upgrade Primary Road Network
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a US$185.5
million loan for Bolivia to improve its primary road network.  The
resources will help finance the pavement of 32.7 kilometers of
roads and the rehabilitation of another 278 kilometers.

Bolivia's road density is one of the lowest in Latin America, at
0.07 km/km2 compared to the average in the region of 0.18, and for
the Andean countries, 0.12. Of its 81,000 km road network, only
7.34 percent of the road network is paved, well below the averages
for the region (39 percent) and the Andean countries (27 percent).

The new program's goals are to continue improving the quality,
accessibility and safety conditions of the 15,987 km primary road
network, providing rural population's and goods producers access
to domestic and international markets.

The financing consists of a US$148.4 million, 30-year loan from
the IDB's Ordinary Capital, with a 6-year grace period and a fixed
interest rate, plus a US$37.1 million, 40-year loan from the IDB's
Fund for Special Operations, with a 40-year grace period and an
annual interest rate of 0.25 percent.


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


CABRAL RESOURCES: Administrators Seek Expression of Interests
-------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought by the administrators of Cabral Resources
Limited and Cabral Brazil Pty Limited.

The report relates that the expressions of interest are intended
for either recapitalisation, equity participation or restructure
proposals through a Deed of Company Arrangement or the acquisition
of the companies' subsidiaries in Brazil.

Based in Australia, Cabral Resources Limited --
http://cabralresources.com.au/-- formerly RIMCapital Limited, is
engaged in the mineral exploration in Bahia State, Brazil
predominately for iron ore but including other minerals,
activities related to securing and advancing export infrastructure
solutions on the FIOL rail line and proposed Porto Sul port
development, activities related to additional ground consolidation
in the Bahia State region and ongoing third party project
assessment, due diligence and potential acquisition work and
related activities. The Company's subsidiaries include Northern
Yeelirrie Pty Limited and Cabral Brazil Pty Limited.

Barry Frederic Kogan and Joseph David Hayes of McGrathNicol were
appointed as administrators of Cabral Brazil Pty Limited and
Cabral Resources Limited on Dec. 1, 2014.


LUPATECH S.A.: S&P Raises CCR to 'CCC'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate credit rating on Lupatech S.A.to 'CCC' from 'CCC-'
following the reassessment of company's credit quality after the
completion of the restructuring program, asset sales, and
negotiation with banks.  S&P also raised the national scale
corporate credit rating on the company to 'brCCC' from 'brCCC-'.
In addition, S&P removed all ratings from CreditWatch positive
where S&P placed them on Oct. 2, 2014.  The outlook is stable.

The upgrade reflects S&P's view that although the near-term risks
for Lupatech dropped due to the assets sale that should increase
the company's cash balance to about R$60 million for 2015, the
company will struggle to improve its margins and cash flows.  The
higher cash balance should unblock some projects that required
investments and guaranteed sources to finance the expected working
capital.  At the same time, Lupatech has concluded the negotiation
with banks to equalize its short-term debt obligations maturities
with the 2017 notes it issued when it converted its existing debt
into equity.  Even though the company has significantly reduced
its debt after the restructuring and extended the maturity
profile, S&P's ratings still reflect the uncertainties about the
company's ability to improve its EBITDA.

On Nov. 3, 2014, Lupatech S.A. completed the sale of most of its
subsidiaries in Argentina for about $22 million to Sophia Capital,
a private equity firm.


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


ADDISON CDO: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Addison CDO, Limited received on Dec. 5, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


BLUEPENNANT LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Bluepennant Limited received on Dec. 5, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CANBER CAYMAN: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Canber Cayman Ltd. received on Dec. 2, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4
          Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


CRAFT 2010-2: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Craft 2010-2, Ltd received on Dec. 5, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CRAFT 2011-1: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Craft 2011-1, Ltd received on Dec. 5, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CRAFT CLO 2009-2: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Craft CLO 2009-2, Ltd received on Dec. 5,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


EARLS THREE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Earls Three Limited received on Dec. 5, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


GSC PARTNERS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of GSC Partners CDO Fund, Limited received on
Dec. 5, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


INNER HARBOR: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Inner Harbor CBO 1999-1 Ltd received on
Dec. 5, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


LDK SOLAR: Schemes of Arrangement Declared Effective Dec. 10
------------------------------------------------------------
LDK Solar Co., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, said on Dec. 10 that the Cayman
Islands schemes of arrangement in respect of LDK Solar and LDK
Silicon & Chemical Technology Co., Ltd. ("LDK Silicon") and the
Hong Kong schemes of arrangement in respect of LDK Solar, LDK
Silicon and LDK Silicon Holding Co., Limited (the "Schemes")
became effective as of that day. The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands (the "Cayman Court"), and the Hong Kong schemes of
arrangement were previously sanctioned by the High Court of Hong
Kong.

LDK Solar and the JPLs also confirm that pursuant to an order of
the Cayman Court dated December 10, 2014, the powers of the JPLs
were suspended (except for certain residual powers required to
finalize the provisional liquidation) and the powers of the
directors of LDK Solar were restored. With effect from December
10, 2014, the directors may exercise all their powers as such,
subject to the powers granted to the scheme supervisors in respect
of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes will
occur on December 17, 2014.

                       About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK SOalr, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands.  The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.


LDK SOLAR: Chinese Unit Has New Module Sales Agreement
------------------------------------------------------
LDK Solar CO., Ltd. in provisional liquidation said its Chinese
subsidiary, LDK Solar Hi-Tech (Nanchang) Co., Ltd., has signed a
new module supply agreement with Ningxia Hui Autonomous Region
Electric Power Design Institute, a leading EPC company in China
and owned by Power Construction Corporation of China. Under terms
of the agreement, LDK Solar Nanchang will provide modules totaling
30.6 megawatts for a solar project in Ningxia with shipments
commencing immediately.

"We are pleased to enter into this new agreement with Ningxia Hui
Autonomous Region Electric Power Design Institute," stated Xingxue
Tong, Interim Chairman, President and CEO of LDK Solar. "With this
solar project in Ningxia, we reiterate our commitment to our
customers in the China domestic market and in the international
markets," concluded Mr. Tong.

                       About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint
Provisional Liquidators are Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, on Oct. 22.

In September 2014, LDK SOalr, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re  LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).

On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands.  The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois.  The U.S. Debtors'
Delaware   counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
September 17, 2014 from the holders of LDK Solar's 10% Senior
Notes due 2014, as guarantors of the Senior Notes, and required
such holders of the Senior Notes to return their ballots by
October 15, 2014.  Holders of the Senior Notes voted
overwhelmingly in favor of accepting the Prepackaged Plan.


LIG KYLE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Lig Kyle Holdings, Ltd received on Dec. 5,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MESTENIO LTD: S&P Assigns 'B+' Rating to $488.35MM Notes
--------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B+' rating to
Mestenio Ltd.'s $488.35 million pass-through notes series 1 due
2020.

Mestenio Ltd.'s series 1 is a repackaged transaction backed by 10
promissory notes with a five-year maturity totaling $488.35
million issued by the Dominican Republic's Ministry of Finance.
The promissory notes are direct, unconditional, unsubordinated,
and unsecured obligations of the Dominican Republic, and are
backed by the full faith and credit of the federal government.

The transaction's structure is intended as a "pass through" of the
credit risk of the promissory notes, in which investors will
receive all principal and interest payments derived from the
underlying securities on a monthly basis.  Moreover, it includes a
reserve account that covers six months of the 10% withholding tax
that may be applied in connection with interest payments made by
the Dominican Republic under the underlying securities.

Based upon an expenses paying agency agreement between the issuer
and Merrill Lynch International, the latter will cover all of the
trust's expenses.  In addition, the issuer has entered into a
separate reserve account funding agreement with Merrill Lynch
Pierce Fenner & Smith, which will cover any potential withholding
tax on the underlying assets up to the 10% level.

In view of this, S&P weak-linked the rating on the transaction to
the lowest rated of the following entities: expenses paying agent
(Merrill Lynch International), the reserve account funding
counterparty (Merrill Lynch Pierce Fenner & Smith), and the
obligor of the promissory notes (the Ministry of Finance acting on
behalf of the Dominican Republic).

As a result, S&P considers the key risk for the series 1 notes to
be the Dominican Republic's sovereign credit risk and, based on
S&P's global criteria for rating repackaged securities, it weak-
linked its 'B+' rating on the notes to its 'B+' sovereign credit
rating on the Dominican Republic.

The issuer, Mestenio Ltd., is incorporated as a special-purpose
multi-issue repackaging vehicle in the Cayman Islands under its
limited recourse secured debt issuance program (up to $50 billion)
and is governed by English law.


          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com/2898.pdf


MSR CORE: Members Receive Wind-Up Report
----------------------------------------
The members of MSR Core Holdings Ltd. received on Nov. 25, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


MSREF III INTERNATIONAL: Members Receive Wind-Up Report
-------------------------------------------------------
The members of MSREF III International Funding Limited received on
Nov. 25, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands



RIVERSTONE ACUCAR: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Riverstone Acucar Investments Ltd. received on
Nov. 26, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Thomas Walker
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


RIVERSTONE BRAZIL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Riverstone Brazil Investments Ltd. received on
Nov. 26, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Thomas Walker
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


RIVERSTONE CANE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Riverstone Cane Investments Ltd. received on
Nov. 26, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Thomas Walker
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


TOKYO REALTY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Tokyo Realty Investment Company VI received on
Nov. 25, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


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


BANCO DE RESERVAS: Fitch Ups Foreign, Local Currency IDRs to 'B+'
-----------------------------------------------------------------
Following the upgrade of the Dominican Republic's sovereign
rating, Fitch has upgraded the Issuer Default Ratings (IDRs) for
two of the country's largest banks: Banreservas and BHD Leon to
'B+' from 'B'.

The Rating Outlook is Stable for both banks. Fitch has also
affirmed the short-term foreign and local currency IDRs, Viability
Ratings, and support ratings for both banks. A complete list of
rating actions follows at the end of this press release.
On Nov. 21, 2014, Fitch upgraded the Dominican Republic's Long-
term foreign and local currency IDRs to 'B+' from 'B' with a
Stable Outlook.

The upgrade reflects the country's resilience through adverse
domestic and external conditions, a diversified service-based
economic structure and competitive business climate that support
medium-term growth and investment prospects.

The positive rating actions reflect Fitch's recent upgrade of
Dominican Republic's IDRs, as the banks' IDRs were constrained by
the sovereign's IDRs. In addition Fitch expects the current
improvement in the Dominican operating environment to benefit the
financial profiles of the banks.

Key Rating Drivers

Banreservas - IDRs, VR, SUPPORT AND SUBORDINATED DEBT

The upgrade of Banco de Reservas de la Republica Dominicana, Banco
de Servicios Multiples' (Banreservas) IDRs and Support Floor is in
line with a similar action that Fitch took on the Dominican
Republic's sovereign ratings, as the government is its sole
shareholder and with the upgrade of the sovereign, the bank's IDRs
are now considered support driven by Fitch.

Fitch believes the government's willingness to support Banreservas
should it be required is substantial given its 100% stake in the
bank, the bank's strategic importance, and the bank's role as the
government's main paying agent. However, the Dominican Republic's
speculative grade rating could result in a limited capacity to
provide such support, which underpins Banreservas' support rating
of '4' and support floor of 'B+'.

Fitch affirmed Banreservas' Viability Rating (VR)at 'b' due to the
bank's low tangible common equity / tangible assets ratio, which
was 6.8% at end-September 2014. This ratio is weak relative to
both domestic and similarly rated international peers (emerging
market commercial banks with a VR of 'b-', 'b', or 'b+').

In addition to the bank's weak capital position, the past
historical volatility of loan quality ratios for private sector
loan exposures was considered, jointly with Banreservas' prospects
for further improvements in efficiency.

The rating on Banreservas' subordinated notes has been upgraded by
one notch after the upgrade of its supported IDR. Those securities
are one notch below the IDR for loss severity, but zero notches
for incremental non-performance risk relative to the bank's IDR.
In Fitch's view, given the gone concern characteristics of the
security, the anchor rating is the IDR, even though there is no
explicit government guarantee on the security.

BHD Leon - IDRs, VR and SUPPORT

The upgrade of Banco Multiple BHD Leon's (BHD Leon) IDRs is in
line with a similar action that Fitch took on the Dominican
Republic's sovereign ratings, as its ratings were constrained by
the sovereign's IDRs. BHD Leon's Viability Rating (VR), or
standalone creditworthiness, drives its Long-term IDR and national
ratings. Despite the bank's systemic importance, the government's
inconsistent history of banking sector support for private sector
institutions and the sovereign's speculative grade rating result
in a Support Floor of 'NF' and a Support Rating of '5'.

The upgrade on the VR's captures the limitations previously
imposed by the operating environment which limit the strength of
the bank: a sound franchise, resilient profitability, adequate
capitalization and improving funding base. However, the VR is
still limited by the burden imposed by the operating environment.
This includes a lack of long-term funding to match the increasing
tenor of its loan portfolio and relatively low income
diversification, compared to better rated banks in the region.

Rating Sensitivities

Banreservas

Changes in the IDRs are contingent on sovereign rating actions.
An unexpected deterioration in asset quality or profitability and
sustained high disbursements of income to the government that
pressures Banreservas' tangible common equity/tangible assets
ratio below 5.5% could trigger a downgrade of its VR.

Since the implementation of several new initiatives under a new
management team, Banreservas has improved its private sector loan
quality ratios, as well as increased income diversification and
efficiency levels. In addition, a future capital injection could
help to overcome its historically weak capital base. If preserved
in the medium term these factors could lead to an upgrade of its
VR.

BHD Leon

Future positive changes in BHD Leon's ratings will depend on
additional sovereign actions, if the bank sustains its current
strong financial performance and adequate capitalization.

Deterioration in the bank's capital metrics - such as Fitch core
capital to risk-weighted assets ratio below 8% - together with
asset quality deterioration, could pressure creditworthiness.

Fitch takes the following ratings actions:

Banreservas:

-- Foreign and local currency IDRs upgraded to 'B+' from 'B';
   Outlook Stable;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Viability Rating affirmed at 'b';
-- Support Rating affirmed at '4';
-- Support Floor revised to 'B+' from 'B';
-- Long-term subordinated notes upgraded to 'B' from 'B-'.

Banco Multiple BHD Leon

-- Foreign and local currency long-term IDR upgraded to 'B+' from
   'B', Outlook Stable;
-- Foreign and local currency short term IDR affirmed at 'B';
-- Viability Rating upgraded to 'b+' from 'b';
-- Support Rating affirmed at '5';
-- Support Floor Rating affirmed at 'NF'.


DOMINICAN REPUBLIC: Power Firms Owed US$1BB, Will Get US$$400MM
---------------------------------------------------------------
Dominican Today reports that the Dominican Republic government
said it will pay the power companies US$$400.0 million, of a total
of US$1.01 billion owed for electricity supply.

Dominican State-owned Electric Utility (CDEEE) Chief Executive
Officer Ruben Jimenez Bichara provided the figure but didn't
specify the payment date, according to Dominican Today.

The report relates that the official, quoted by outlet
eldia.com.do, said in recent years the Government has been paying
part of the energy debt before the end of December, and makes a
"re-hooking" with the remaining part.  "We'll do the same this
year," Mr. Jimenez said, the report notes.

               Payment is higher than the bill

The report notes that if the government pays the debt, the CDEEE
would be paying this year a figure higher than the amount billed
thus far.

The Dominican association of power companies (ADIE) said they've
billed around US$1.5 billion to the distributors (Edes) for energy
so far this year, but have received only US$1.14 billion, the
report notes.


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


JAMAICA: Oil Price Decline Expected to Last Into Mid-2015
---------------------------------------------------------
RJR News reports that Morgan Stanley, the American investment
bank, has revised its forecast for oil prices next year, saying
current low prices will remain at least until the middle of 2015.

Morgan Stanley, in its revised forecasts, said Brent crude will
average US$70 per barrel next year, according to RJR News.  That
is down by 28 dollars from its previous forecast, the report
relates.

The report discloses that the investment bank also said oil prices
could fall as low as US$43 a barrel next year.

                             OPEC

RJR News notes that Morgan Stanley is cautioning, however, that
markets risk becoming "unbalanced" unless OPEC (Organization of
Petroleum Exporting Countries) decides to intervene.

Just last month, Saudi Arabia, the cartel's biggest member,
resisted calls to cut production, despite the slide in prices,
which have fallen more than 40% since June, the report relays.

The report says that an oversupply of oil on world markets has
contributed to the decline in the price.

The forecast pushed the price of U.S. crude, which normally trades
at a discount to Brent crude, down by 4% to US$63.05 a barrel, the
report discloses.

                     Jamaica Benefiting

Meanwhile, the report notes that Winston Watson, Group Managing
Director of the Petroleum Corporation of Jamaica, has highlighted
further positive benefits for Jamaica with the decline in oil
prices, starting with the fact that consumers "will get a lower
price, which they have been seeing for the last several weeks, in
the price of fuel to the market," the report relays.

Furthermore, Mr. Watson told RJR News, there was a drop in the
outflow of foreign exchange from Jamaica to purchase oil, a
benefit which directly assists Petrojam, the State run oil
refinery.


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


MEXICO: Approves Offshore Bid Guidelines in Oil Opening
-------------------------------------------------------
Adam Williams and Andrea Navarro at Bloomberg News report that
Mexico authorized preliminary bidding rules for new offshore
blocks as the country prepares for an investment deluge in its
recently opened oil industry.

Oil regulator CNH approved rules for 14 shallow-water exploratory
blocks that will be auctioned to private companies by the end of
July, according to a live feed of the meeting, according to
Bloomberg News.  In a separate vote, the agency also approved
production-sharing contracts for the winners, Bloomberg News
relates.

Bloomberg News says that setting the guidelines is the latest step
in the country's move to allow foreign companies to produce oil,
ending a 76-year-old state monopoly.  The available blocks are
expected to contain light crude and have low production costs that
will not surpass $20 a barrel, said Juan Carlos Zepeda, head of
CNH, Bloomberg News discloses.

"They are very attractive areas," Bloomberg News quoted Mr. Zepeda
as saying.  "We're expecting these areas will bring oil and
hydrocarbons to Mexico in the relatively short term," Mr. Zepeda
said.

Data rooms for the first blocks will be available by Jan. 15,
according to CNH Commissioner Sergio Pimentel, Bloomberg News
notes.  Mexico will receive bids for the first blocks by June and
award contracts by July, two months behind the original May
deadline set by the CNH, Bloomberg News relates.

Companies that win the blocks have up to five years to develop an
exploration plan accompanied by a minimum investment, according to
CNH Commissioner Guillermo Cruz, Bloomberg News discloses.  Once a
discovery is made, companies will have less than one year to
determine if the find is commercially viable, Mr. Cruz said,
Bloomberg News notes.

                      Preliminary Bids

Releasing preliminary bidding rules "allows for feedback to assure
terms aren't unrealistic or could sabotage a potential bid," Tim
Samples, a law professor and Mexican energy analyst at the
University of Georgia in Athens, told Bloomberg News in a phone
interview before the release.

"Knowing the pre-qualification criteria allows companies to move
their negotiations one step further and seek out partners," Ivan
Cima, head of Latin America upstream oil and gas research at Wood
Mackenzie, told Bloomberg News in a phone interview from Houston.
"It all comes down to the returns that these companies can
generate on their investment, and those will be very closely
dictated by the fiscal terms offered," Bloomberg News quoted Mr.
Mackenzie as saying.

Mexico's oil monopoly, held by Petroleos Mexicanos since 1938, was
brought to an end last year when President Enrique Pena Nieto
signed legislation to allow foreign producers to drill, Bloomberg
News notes.  Mexico has forecast that private investment in the
energy industry will bring in more than $50 billion by 2018,
Bloomberg News relays.

                         Bidding Terms

Mexico expects to auction off 169 blocks by October, according to
CNH.  In the coming months, announcements will also be made on
bidding terms for fields that have already been operating, Energy
Minister Pedro Joaquin Coldwell said Dec. 4, Bloomberg News notes.

The fall in oil prices, which have declined to five-year lows, may
require a restructuring of oil bidding rounds in deep-water and
unconventional fields, Mr. Coldwell said, Bloomberg News
discloses.

"The lower oil prices are not ideal to happen during this time for
Mexico" and could result in less interest in some unconventional
or deep-water fields, Mr. Cima said, Bloomberg News notes.  "On
the positive side, the size and limited exploration risk of some
of these fields, still will garner industry attention," Bloomberg
News quoted Mr. Cima as saying.


======================
P U E R T O    R I C O
======================


PUERTO RICO ELECTRIC: Fitch Keeps CC Bond Rating on Neg. Watch
--------------------------------------------------------------
In accordance with its practice of regularly reviewing ratings on
Rating Watch, Fitch is maintaining the $8.6 billion of Puerto Rico
Electric Power Authority (PREPA) power revenue bonds on Negative
Rating Watch.

The bonds are currently rated 'CC'.

Security

The power revenue bonds are secured by a senior lien on net
revenues of the electric system.

Key Rating Drivers

Restructuring Or Default Remains Probable: Maintenance of the
current Rating Watch reflects Fitch's view that a restructuring of
PREPA's debt obligations remains probable despite existing
forbearance agreements between PREPA and certain of its creditors
(including bondholders). The agreements, signed on Aug. 14 2014,
provide only temporary relief related to the maturity of PREPA's
bank lines of credit, and minimal comfort that long-term financial
compliance is sustainable.

Terms Point To Restructuring: Although certain provisions of the
forbearance agreements appear designed to enhance PREPA's ability
to meet near-term operating expenses, other provisions including
the required submission of a restructuring plan by March 2, 2015,
retention of a chief restructuring officer, and the contemplated
use of reserve funds for debt service payments support Fitch's
view that a financial restructuring remains probable.

Cash Flow Concerns Remain: The terms of the forbearance agreements
allow for bondholders to be paid scheduled debt service, including
payments due Jan. 1, 2015. However, Fitch remains concerned that
PREPA's net cash receipts and existing funds on hand are
insufficient to meet longer-term working capital, debt service and
other funding requirements.

Financial Performance Remains Weak: For the three months ended
Sept. 30, 2014 PREPA reported unaudited earnings before interest
and depreciation of $233 million and a net loss of $44 million.
Poor performance for the period was characterized by declining
energy sales (1.5%), declining customers (0.7%), high
concentrations of accounts receivable (26% of revenue), high fuel
costs (15 cents/kWh) and an unwillingness to increase base
electric rates. The recent decline in fuel costs should provide
some relief, but is unlikely to reverse the major trends
underpinning PREPA's credit profile.

Rating Sensitivities

Financial Restructuring: Any restructuring that does not result in
full and timely payment of the power revenue bonds according to
the original terms promised would likely result in a further
downgrade to 'C' upon agreement and 'D' upon execution.

Request For Relief: Similarly, any request for relief through
restructuring by PREPA, or the Government Development Bank upon
the Governor's request, as contemplated in the Puerto Rico Public
Corporation Debt Enforcement and Recovery Act (the Act) would
result in a further downgrade.

Negotiated Resolution To Challenges: Any negotiated resolution to
the financial challenges and liquidity demands facing PREPA that
does not impair bondholders would be evaluated for commercial
reasonableness and long-term sustainability, and could lead to
consideration of a Stable Outlook and/or higher rating.

Credit Profile

PREPA is one of the largest public power systems in the U.S., and
the sole provider of power to the Commonwealth of Puerto Rico, an
island of about 3.6 million people and about 1.49 million electric
customers.

Watch Resolution Tied To Restructuring Plan

Fitch expects to resolve the current Negative Watch following
review of PREPA's proposed restructuring plan. Fitch downgraded
the rating on PREPA's net revenue bonds to 'CC' from 'BB' on June
26, 2014 to reflect its view of a probable restructuring following
introduction of the Act. Pursuant to the terms of the forbearance
agreements, PREPA is expected to submit to bondholders an updated
business plan by Dec. 15, 2014, and a restructuring plan by March
2, 2015.

Although the forbearance agreements extend through March 31, 2015,
the terms allow for termination of the agreements after Jan. 15,
2015 at the option of the forbearing banks, or 25% of the
forbearing bondholders.


PUERTO RICO: Lawmakers Pass US$2.9 Billion Bonding Measure
----------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico's
legislature passed a US$2.9 billion borrowing measure that would
repay money owed to the Government Development Bank and fund
public transportation.

The measure increases the junk-rated territory's petroleum tax to
US$15.50 per barrel, from US$9.25, with the additional revenue
going to back a bond sale of as much as US$2.9 billion, according
to Bloomberg News.  The report says that the island's debt is tax-
exempt nationwide.

The bill limits the average coupon on the new securities to 8.5
percent, with a price as low as 93 cents on the dollar, Assembly
Representative Rafael "Tatito" Hernandez said in a phone interview
with Bloomberg News.

"That is technical, and we will change those in the next session,"
which begins Jan. 12, said Mr. Hernandez, who chairs the
commonwealth's House Treasury Committee, Bloomberg News relays.

That level of coupon and discount would generate a yield of about
9.19 percent for debt maturing in January 2045, according to data
compiled by Bloomberg.

GDB officials are discussing changes to the bill with lawmakers,
Melba Acosta, the bank's president, and David Chafey, its
chairman, said in a statement obtained by Bloomberg News.

                    'Certain Shortcomings'

The measure "has certain shortcomings, which have been discussed
with the Senate and House leadership," Acosta and Chafey said in
the statement obtained by Bloomberg News.

Even with the cap, the debt may attract enough buyers, said David
Tawil, co-founder of hedge fund Maglan Capital LP, Bloomberg News
relates.  Distressed-debt investors like the higher relative
yields on the US$73 billion of commonwealth and agency debt,
Bloomberg News notes.

"It's a place that they can put a lot of capital to work because
of the amount of debt that is outstanding," said Mr. Tawil, who
manages a $75 million fund in New York, Bloomberg News notes.
"And the return profile, you could argue, is attractive," Mr.
Tawil added.

Bloomberg News discloses that the borrowing has the additional
security of Puerto Rico's general-obligation pledge, Mr. Hernandez
said. It would repay $2.2 billion the Highways & Transportation
Authority owes to the GDB, which handles Puerto Rico's debt sales.
The bank also provides loans to the commonwealth, its
municipalities and agencies.

The GDB's liquidity will shrink if the highway agency fails to
repay the money, which accounts for 21 percent of the bank's
loans, Bloomberg News relates.  The GDB had about US$1.7 billion
of net liquidity as of Oct. 31, Bloomberg News notes.


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


CFG HOLDINGS: S&P Affirms 'B+' Rating on $178MM 7-Yr. Sr. Notes
---------------------------------------------------------------
As previously announced on Dec. 10, 2014, Standard & Poor's
Ratings Services affirmed its 'B' issuer credit rating on CFG
Holdings, Ltd. (CFGLTD).  At the same time, S&P affirmed its 'B+'
debt rating on the $178 million seven-year senior secured notes
co-issued by CFGLTD and its Delaware-based subsidiary CFG Finance
LLC (not rated).  The outlook on the issuer credit rating remains
stable.

S&P's ratings on CFGLTD reflect its "moderate" business position,
"very strong" capital and earnings, "moderate" risk position, and
"moderate" funding and liquidity.

The 'B+' rating on the $178 million senior secured notes is based
on an unconditional and irrevocable guarantee by Caribbean
Financial Group Holdings L.P. (CFGLTD's parent), Caribbean
Financial Group Inc. (an affiliate of CFGLTD), and CFGLTD's
existing and future subsidiaries, subject to certain exceptions.
The rating on the notes reflects the creditworthiness of the
consolidated operating subsidiaries, while the rating on CFGLTD
reflects its status as a non-operating holding company.

"We initially set the anchor for finance companies three notches
below the anchor for banks in the same country to reflect the
typical lack of central bank access, lower regulatory oversight,
and higher competitive risk for finance companies relative to
banks.  We may modify that standard three-notch adjustment for
finance companies in countries or in sectors where these
differences do not exist or are less pronounced (i.e. the finance
company can access funding from the central bank, are regulated to
some degree, or have unique competitive positions, such as
monopolistic or oligopolistic businesses).  For the analysis of
CFGLTD, we use an anchor of 'bb-', reflecting the company's
blended economic risk stemming from its operations in Panama and
various Caribbean countries.  The anchor is also three notches
below the weighted average of the bank anchor of the countries
where the company has its largest loan portfolio exposures--
Panama, Trinidad & Tobago, Aruba, and other economies in the
Caribbean," S&P said.


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


* BOND PRICING: For the Week From Dec. 8 to Dec. 12, 2014
---------------------------------------------------------


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

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

                            ***********


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

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

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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
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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,
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202-362-8552.


                   * * * End of Transmission * * *