TCRLA_Public/141222.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 22, 2014, Vol. 15, No. 252


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Successful in its Bid to Secure Flights to Dominican Rep


A R G E N T I N A

ARGENTINA: Open to Lifting Currency Controls, Central Banker Says
PAN AMERICAN: Bolivia to Pay US$357 Million for 2009 Asset Seizure


B E R M U D A

TRADEWYND RE LTD: Fitch Rates Class 3-A Notes at 'BB-sf'


B R A Z I L

BANESTES S.A.: Fitch Assigns 'BB' Long-Term Issuer Default Rating
SETE BRASIL: S&P Lowers Global Scale Rating to 'BB'


C A Y M A N  I S L A N D S

ATRIUM II: Commences Liquidation Proceedings
CA CAT: Commences Liquidation Proceedings
CANADIAN GLOBAL: Commences Liquidation Proceedings
CRAFT 2011-2: Commences Liquidation Proceedings
CRAFT 2011-3: Commences Liquidation Proceedings

CSAM FUNDING IV: Commences Liquidation Proceedings
EG CAPITAL: Commences Liquidation Proceedings
EXS FUND: Commences Liquidation Proceedings
GOLUB CAPITAL: Commences Liquidation Proceedings
KATONAH V: Commences Liquidation Proceedings

LIONGATE SELECT: Commences Liquidation Proceedings
MS DAIRY HOLDINGS: Commences Liquidation Proceedings
MS DAIRY HOLDINGS II: Commences Liquidation Proceedings
ODEBRECHT OFFSHORE: S&P Lowers Rating on Notes to 'BB'
R/C BRAZIL: Commences Liquidation Proceedings

SCHAHIN II FINANCE: S&P Lowers Rating on Notes to 'BB'
UNIVERSA ASYMMETRY: Commences Liquidation Proceedings


C O S T A  R I C A

BANCO DE COSTA RICA: Fitch Rates ST Issuer Default Rating at 'B'


J A M A I C A

DIGICEL GROUP: Merger With Claro was Proper, Appeal Court Says
JAMAICA: IMF Board Approves US$67 Million Disbursement


M E X I C O

EMPRESAS ICA: Moody's Affirms B2 CFR & Changes Outlook to Stable
MULTICAT MEXICO 2012-I: S&P Keeps C Notes' B- Rating on Watch Neg.


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Chamber Slams Excuses for US$ Shortage


V E N E Z U E L A

VENEZUELA: Fitch Cuts Issuer Default Ratings to 'CCC'


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 15 to Dec. 19, 2014


                            - - - - -


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


LIAT: Successful in its Bid to Secure Flights to Dominican Rep
--------------------------------------------------------------
The Daily Observer reports that Antigua and Barbuda has been
successful in its bid to secure flights to and from Antigua &
Barbuda to the Dominican Republic (DR) in time for the Christmas
holidays.

LIAT, operating as Leeward Islands Air Transport, said it will be
operating the flights to and from Santo Domingo on Friday,
December 19, Sunday, December 21, Tuesday, December 23, Sunday,
December 28 and Friday, January 2, according to the Daily
Observer.

The report notes that members of the Hispanic community have
welcomed the news, which comes after numerous pickets and other
interventions on their part.

The report recalls that LIAT temporary suspended flights between
Antigua & Santo Domingo in October, while British Airways
abandoned its London-Antigua-Dominican Republic route in the same
month.

The report relays that since the flights were pulled, several
nationals also submitted petitions to both airlines.  The
Hispanics also picketed the Office of the Consulate of the
Dominican Republic, in Creekside, the report adds.

                          About LIAT

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

                         *     *     *

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

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

David Evans replaced Mr. Brunton as chief executive officer.


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


ARGENTINA: Open to Lifting Currency Controls, Central Banker Says
-----------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Argentina may
start to unwind currency restrictions gradually if economic
conditions are favorable, according to central bank President
Alejandro Vanoli.

The first yearly gain in reserves since 2010 has allowed Argentina
to stabilize its external accounts in the face of "speculative
attacks," Mr. Vanoli said in an interview on Buenos Aires-based
Radio America, according to Bloomberg News.  The government eased
some currency controls in January by allowing Argentines to buy
dollars for savings depending on income level, Bloomberg News
relates.

"The idea is not to create any further restrictions and to slowly
normalize things," Bloomberg News quoted Mr. Vanoli as saying.
"Everything will be evaluated depending on the state of our
economy and the global economy. Obviously, the aim is for a
complete normalization, which should be done in a gradual manner,"
Mr. Vanoli added.

The administration of President Cristina Fernandez de Kirchner
introduced restrictions on Argentines' ability to buy dollars in
2011 after she began to tap reserves to pay international debt,
Bloomberg News relates.  After falling about 50 percent to an
eight-year low of US$26.7 billion in April from January 2011,
reserves have since gained US$4.1 billion, Bloomberg News relays.

                          *     *     *

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'.


PAN AMERICAN: Bolivia to Pay US$357 Million for 2009 Asset Seizure
------------------------------------------------------------------
EFE News reports that Bolivia's government has agreed to pay
US$357 million in compensation to Anglo-Argentine Pan American
Energy for the 2009 nationalization of its Chaco Petroleum natural
gas unit.

The head of Bolivian state-owned energy company YPFB, Carlos
Villegas, and a representative of Buenos Aires-based PAE,
Argentina's Alejandro Bulgheroni, signed the deal at the
presidential palace in La Paz, according to EFE News.

Pan American Energy LLC is engaged in the exploration and
production of oil and natural gas. It develops and participates in
hydrocarbon exploration and production operations in the main
sedimentary basis in Argentina, Chile, and Bolivia. The company is
based in Buenos Aires, Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 17, 2014, Fitch Ratings has affirmed Pan American Energy LLC
Sucursal Argentina's (PAME) long-term senior unsecured bond rating
for its USD500 million notes due May 2021 at 'B/RR3'.


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

TRADEWYND RE LTD: Fitch Rates Class 3-A Notes at 'BB-sf'
--------------------------------------------------------
Fitch Ratings assigns ratings to the series 2014-1 principal at-
risk variable rate notes issued by Tradewynd Re Ltd., a duly
formed special-purpose insurer in Bermuda, as follows:

-- $100,000,000 Class 3-A notes expected to mature Jan. 8, 2018
'BB-sf';
-- $100,000,000 Class 1-B notes expected to mature Jan. 8, 2016
'Bsf' ;
-- $300,000,000 Class 3-B notes expected to mature Jan. 8, 2018
'Bsf'.

The Rating Outlook is Stable.

TRANSACTION SUMMARY

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

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

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

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

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

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

KEY RATING DRIVERS

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

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

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

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

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

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

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

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

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

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

A legal opinion regarding Tradewynd Re's consolidation with its
owner, a Bermuda purpose trust, is not available. This opinion
typically provides assurances that the issuer will not be
consolidated with its owner in the event of its owner's insolvency
and is common in most structured finance transactions. Fitch
gained comfort with a lack of such an opinion given that the owner
is a non-operating company and Fitch's understanding of the lack
of a concept of substantive consolidation under Bermuda law.

RATING SENSITIVITIES

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

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

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

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


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


BANESTES S.A.: Fitch Assigns 'BB' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings assigned the following ratings to Banestes S.A.
Banco do Estado do Espirito Santo (Banestes):

--Foreign and Local Currency Long-Term Issuer Default Rating
(IDR): 'BB', Outlook Stable
--Foreign and Local Currency Short Term IDR: 'B'
--Long Term National Rating: 'A+(bra)', Outlook Stable
--Short Term National Rating: 'F1(bra)'
--Support Rating: '3'
--Viability Rating: 'bb-'

KEY RATING DRIVERS

Banestes's IDRs and support ratings reflect its strategic
importance to the State of Espirito Santo (ES). The bank is the
tax collecting agent for ES, promotes transfers to municipalities,
and is responsible for the cash management of the state.
Furthermore, it has strong operations in state public entities,
providing services and granting credits to suppliers and public
servants, in special payroll deductible loans.

In Fitch's opinion, the probability of ES support to the bank in a
stress scenario would be moderate, due to uncertainties as to the
controller's capacity to bear such costs. ES's financial
performance was moderate, with the operating margin reduction in
2013. On the other hand, the state has been reducing its debt
levels and increasing investment in recent years with positive
impact on tax collections.

The viability rating (VR) reflects the bank's regional relevance,
with adequate liquidity, capitalization and stable deposit source.
Banestes relies on low-cost retail funding, provided by its agency
network, mainly in ES. It has cautiously pursued higher
diversification, issuing Financial Bills (Letras Financeiras) in
the local market and increasing its funding in real estate credit
bills (LCIs).

Banestes operates as a commercial bank in different segments
focused both on corporates and on individuals. Banestes'
activities are concentrated in Espirito Santo, where the bank
holds around 30% of the deposits and 17% of credit operations,
through a network of 133 agencies covering all 78 municipalities.

Impaired loans (classified in 'D-H' risk classes, as per Brazilian
Central Bank regulations) accounted for 9.5% of the portfolio,
against 9.0% in 2013 and 6.5% in 2012. Fitch notes that, despite
the bank's moderate performance, the provisioning level remains in
line with its retail profile (covering 59% of impaired loans).
Credits past due over 90 days (non-performing loans - NPLs)
reached 3.7% in June 2014, in line with its peers (3.5%).

Banestes reported profitability ratios slightly below that of its
peers (13.6% ROE), although at adequate levels. The bank
maintained credit growth in line with that experienced in the
banking system and should end 2014 within projections between 8%-
11%.

Liquidity remains adequate and covered around 40% of the deposits
in June 2014. The quality of Banestes capital base is good and is
fully composed of Tier 1 capital, with Fitch's core capital ratio
of 14.5% in September 2014 (against 13.3% in 2013) compatible with
its retail profile.

RATING SENSITIVITIES

Banestes' ratings could be changed in the case of modifications in
Fitch's assessment on the probability and willingness of its
controller, the state of Espirito Santo, to provide support to
Banestes, if necessary.

The bank's VR is sensitive to a change in Fitch's assumptions
regarding exposure to regional risk, minimum Fitch core capital,
and credit quality. The VR could be downgraded if Banestes
presents NPLs (credits past due over 90 days) above 6% and/or
Fitch Core Capital below 10%.


SETE BRASIL: S&P Lowers Global Scale Rating to 'BB'
---------------------------------------------------
Standard & Poor's Ratings Services downgraded QGOG Constellation
S.A. (QGOG) and Sete Brasil Participacoes S.A (Sete) to global
scale 'BB' from 'BB+'.  At the same time, S&P lowered the national
scale ratings on Sete and its debentures to 'brAA' from 'brAA+'.
S&P also lowered the corporate credit rating to 'BB+' from 'BBB-'
and revised downward the SACP on Odebrecht Oleo e Gas S.A. (OOG)
to 'bb' from 'bb+'.  The rating on the company now incorporates
one notch of uplift to the SACP due to potential support from the
Odebrecht group.  The outlook on these ratings remains stable.

"The downgrade on three companies and our downward revision of
OOG's SACP reflects the SACP revision on Petrobras.  Petrobras
chartered the vast majority of the vessels involved from these
three projects under long-term contracts with tenors that range
between three and 10 years," said Standard & Poor's credit analyst
Candela Macchi.  "We believe these contracts constitute a key
component for the ratings on these entities' operating assets.
Therefore, we assigned an equal counterparty risk to Petrobras'
SACP, which acts as a rating constraint on the ratings of these
three companies," said the analyst.  Moreover, the ongoing
corruption investigations are hampering Sete's efforts to secure
long-term financing under the initial conditions S&P considered
for the rating because a lack of funding could result in delays in
the project execution.


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


ATRIUM II: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the members of
Atrium II 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:

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


CA CAT: Commences Liquidation Proceedings
-----------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the members of
CA Cat CO LLC 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:

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


CANADIAN GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the members of
Canadian Global Funding Corporation 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:

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


CRAFT 2011-2: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the members of
Craft 2011-2, 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:

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


CRAFT 2011-3: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the members of
Craft 2011-3, 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:

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


CSAM FUNDING IV: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the members of
CSAM Funding IV 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:

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


EG CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 21, 2014, the members of EG Capital Market Fund (SPC)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Grand Cayman KY1-1103
          Windward 1, Regatta Office Park
          Cayman Islands


EXS FUND: Commences Liquidation Proceedings
-------------------------------------------
On Oct. 21, 2014, the members of EXS Fund (SPC) Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Grand Cayman KY1-1103
          Windward 1, Regatta Office Park
          Cayman Islands


GOLUB CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the members of
Golub Capital Senior Loan Opportunity 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:

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


KATONAH V: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the members of
Katonah V, 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:

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


LIONGATE SELECT: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 22, 2014, the sole shareholder of Liongate Select SPV
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 17, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          Reference: RD
          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


MS DAIRY HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On Oct. 21, 2014, the members of MS Dairy Holdings resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 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


MS DAIRY HOLDINGS II: Commences Liquidation Proceedings
-------------------------------------------------------
On Oct. 21, 2014, the members of MS Dairy Holdings II, Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 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


ODEBRECHT OFFSHORE: S&P Lowers Rating on Notes to 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Odebrecht Offshore Drilling Finance Ltd.'s (OODFL) notes to 'BB'
from 'BBB-'.  The outlook on the notes remains stable.

The downgrade reflects the SACP revision on Petrobras. Petrobras
chartered the four drillships involved in the OODFL transaction
under long-term contracts with a tenor of 10 years for the ODN I
and II vessels and of seven years for the Norbe VI and ODN Tay IV
vessel.  S&P believes these contracts constitute a key project
component for the debt rating on OODFL's notes.  Therefore, S&P
assigned an equal credit dependency assessment (CDA) to Petrobras'
SACP, which acts as a rating constraint on the debt rating on
OODFL.

The 'BBB-' corporate credit rating on Petrobras now reflects a
'bb' SACP and S&P's view of the "very high" likelihood of
extraordinary support from the government in the event of
financial distress.  S&P equalized OODFL's revenue or offtaker CDA
with Petrobras' SACP, and not with its credit rating, because, in
S&P's view, the SACP reflects the risk associated to the nature of
these contractual obligations.  S&P could envision scenarios of
stress for Petrobras under which the sovereign provides
extraordinary support through, (for example, liquidity injections,
loans from public banks, or other types of credit facilities).
However, S&P believes that this extraordinary support won't
necessarily flow on a timely basis to meet the liabilities of
drillship suppliers.


R/C BRAZIL: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 4, 2014, the shareholder of R/C Brazil Ethanol Investment
II-A 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:

          Thomas Walker
          712 Fifth Avenue, 36th Floor
          New York
          NY 10019, USA
          Telephone: +1 (345) 914 6365


SCHAHIN II FINANCE: S&P Lowers Rating on Notes to 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Schahin
II Finance Limited's notes to 'BB' from 'BBB-'.  The outlook on
the notes remains stable.

The downgrade reflects the SACP revision on Petrobras.  This
company chartered Schahin II's Sertao drillship under a 10-year
contract.  S&P believes this contract constitutes a key project
component for the debt rating on Schahin II's notes.  Therefore,
S&P assigned an equal credit dependency assessment (CDA) to
Petrobras' SACP, which acts as a constraining factor on the debt
rating on Schahin II.

The 'BBB-' corporate credit rating on Petrobras now reflects a
'bb' SACP and S&P's view of the "very high" likelihood of
extraordinary support from the government in the event of
financial distress.  S&P equalized the revenue or offtaker CDA of
Schahin II to the SACP and not Petrobras' credit rating, because,
in S&P's view, the SACP reflects the risk associated to the nature
of these contractual obligations.  S&P could envision scenarios of
stress for Petrobras under which the sovereign provides
extraordinary support through for example liquidity injections,
loans from public banks or other types of credit facilities.
However, S&P believes that this extraordinary support won't
necessarily flow on a timely basis to meet the liabilities of
drillship suppliers.


UNIVERSA ASYMMETRY: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Oct. 29, 2014, the members of
Universa Asymmetry Offshore Fund Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 17, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


==================
C O S T A  R I C A
==================


BANCO DE COSTA RICA: Fitch Rates ST Issuer Default Rating at 'B'
----------------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica's (BCR) Issuer
Default Rating (IDR) at 'BB+' and short term IDR at 'B'. Fitch
also affirms BCRs Viability Rating (VR) at 'bb+'. In addition, the
bank's national ratings were also affirmed.

KEY RATING DRIVERS - IDRs, SENIOR DEBT, AND NATIONAL RATINGS

The bank's IDRs, senior debt ratings, and national ratings are
driven by the potential support of the Costa Rican government
(rated 'BB+'; Stable Outlook by Fitch), as stated in the National
Banking System Law. According to this law, all state-owned banks
have the guarantee and full collaboration of the state. The
explicit guarantee allows BCR's long-term IDR, senior debt ratings
and outlooks to be aligned with the sovereign rating.

RATING SENSITIVITIES - IDRs, NATIONAL RATINGS AND SENIOR DEBT

Changes in Costa Rica's sovereign rating may trigger changes in
the bank's ratings.

KEY RATING DRIVERS-VIABILITY RATING

The bank's VR reflects its strong franchise, ample and diversified
deposits, adequate loss absorption capacity -reflected in
acceptable capital position and modest reserves coverage for non-
performing loans, manageable asset quality and modest
profitability.

BCR's franchise is strengthened the sovereign explicit guarantee
for the bank's liabilities, its extensive branch network and ample
deposit base. BCR is one of the strongest competitors in the Costa
Rican banking system, with the second largest market share of
loans and deposits. Through its subsidiaries, the bank is able to
further diversify non-interest income and to extend its business
outside of Costa Rica.

BCR benefits from diversified and stable base deposits. In 2012
was complemented by subordinated debt and a longer term
international issuance. In Fitch's view, these changes improved
the bank's assets and liabilities management and contributed to
reducing mismatches in foreign currency. At the same time,
liquidity coverage is adequate and the investments portfolio is
actively managed to maintain adequate liquidity support for public
deposits and to comply with regulatory capital requirements.

Loan quality deterioration is manageable and similar to 'BB+'
rated peers. Non-performing loans increased to 2.0% of total loans
as of September 2014 and reserves coverage decreased to 74% of
non-performing loans. Reserves coverage is expected to increase
over the next 48 months as a new regulatory requirement
established mandatory loan loss provisions for low risk credits.
BCR maintained adequate capital metrics, although with a negative
trend.

BCR's Fitch Core Capital ratio is in line with its international
peers' average at 14.8%; however, the bank holds limited buffer
above regulatory capital ratios minimums of 10%. In Fitch's
opinion, the USD10 million subordinated debt agreements helps
maintain capital metrics and future growth.

Consistent with BCR state owned nature, profitability is modest
and below the Costa Rican banking system average. Operating
profits are constrained by a narrow margin, high operating
expenses and narrow income diversification. Profitability
prospects are sensitive to changes in market and economic
conditions.

RATING SENSITIVITIES -VR

Upgrades in the bank's VR are unlikely in the foreseeable future,
given its strong relation to the government in both sides of the
balance sheet.

A downgrade of the Costa Rican sovereign rating will trigger
downgrades in the Bank's VR and IDR. A deterioration in capital
generation capacity that drives a material reduction in the core
capital metrics might also trigger a downgrade in BCR's VR.

KEY RATING DRIVERS -, SUPPORT RATING, SUPPORT RATING FLOOR

BCR's support rating (SR) of '3' reflects Fitch's opinion that
there is a moderate probability of support from the state. In
Fitch's opinion, the bank has a clear policy roll and the explicit
support of the state. Support probability is limited by the
sovereign rating. The bank's Support Rating Floor (SRF) is
equalized to the sovereign rating, given the explicit guarantee
from the government towards the bank and its systemic importance.

RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR

BCR's support SR and SRF are sensitive to changes in the sovereign
rating.

Fitch has affirmed the following ratings:
International ratings
--Long-term IDR at 'BB+'; Outlook Stable;
--Short-term IDR at 'B';
--Long-term local currency IDR at 'BB+'; Outlook Stable;
--Short-term local currency IDR at 'B';
--Long-term senior unsecured bonds at 'BB+';
--Viability Rating at 'bb+';
--Support Rating at '3';
--Support Rating Floor at 'BB+'.

National ratings:
--Long-term national rating at 'AA+(cri)'; Outlook Stable;
--Short-term national rating at 'F1+(cri)';
--Long-term senior unsecured bonds at 'AA+(cri)';
--Commercial paper at 'F1+(cri)'.


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


DIGICEL GROUP: Merger With Claro was Proper, Appeal Court Says
--------------------------------------------------------------
RJR News reports that the Jamaica Court of Appeal has closed the
chapter on the 2011 merger of Digicel Group Limited and Claro,
saying the merger was effected properly.

This is after the Fair Trading Commission (FTC) raised concern
about the merger saying it was not allowed to exercise its
jurisdiction over the merger of the two entities, according to RJR
News.

But the Court of Appeal ruling on Dec. 19 said while the FTC had
jurisdiction over the telecoms sector, its Act does not give it
jurisdiction over mergers of telecom entities, the report relates.

The report discloses that the Supreme Court ruled in 2012 that the
FTC had such jurisdiction, but Digicel Group disagreeing with the
original ruling filed an appeal.

In the ruling handed down, the Court of Appeal said it was the
Minister with responsibility for the telecoms sector which had
authority to give the go ahead for the merger of the companies
through the transfer of Claro's operating license to Digicel, the
report relays.

Digicel and Claro merged in 2011 through an agreement which
allowed Claro to pull out of Jamaica in exchange for Digicel
assets in Central America, the report adds.

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

                        *     *     *

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

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

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

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


JAMAICA: IMF Board Approves US$67 Million Disbursement
------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed the sixth review of Jamaica's economic performance under
the program supported by a four-year, SDR 615.38 million (about
US$932 million at the time of approval) arrangement under the
Extended Fund Facility (EFF).

The completion of the review enables an immediate purchase of an
amount equivalent to SDR 45.95 million (about US$67 million).  The
EFF arrangement was approved on May 1, 2013.

Following the Board discussion of the review, Mr. Naoyuki
Shinohara, Deputy Managing Director, and Acting Chair made the
following statement:

"The authorities' commitment to the program under the Extended
Fund Facility has remained strong. Fiscal performance was broadly
on track and all quantitative performance targets for end-
September were met. Structural reforms have progressed on
schedule.

"Macroeconomic performance under the program continues to be good
and growth is showing signs of picking up.  Wide-ranging actions
to boost growth and employment are nonetheless critical for the
success of the program.  While the ongoing economic stabilization
and debt reduction are essential pillars of the growth strategy,
reforms to enhance the business climate should be accelerated -
including by cutting red tape, reforming the energy sector, and
making the public sector more client-oriented.

"Achieving the program's ambitious fiscal goals on a sustained
basis will require further actions to strengthen public financial
management and revenue administration, and to contain the wage
bill. The preparation of the 2015/16 budget offers an opportunity
to strengthen the quality of the fiscal adjustment, including by
advancing public sector reform.  These efforts will help provide
additional resources for priority budgetary outlays.

"Expeditious implementation of the plans for financial sector
reform, including by bringing into effect the Banking Services Act
and the new framework for repo transactions, combined with strong
contingency planning and resolution frameworks, will improve the
soundness of the financial system."


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


EMPRESAS ICA: Moody's Affirms B2 CFR & Changes Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has changed Empresas ICA, S.A.B. de C.V.
(ICA)'s rating outlook to stable from negative and affirmed the
company's B2 corporate family and senior unsecured debt ratings.

Ratings Rationale

The outlook change was prompted by Moody's expectation of a
recovery in the construction industry fundamentals, along with the
refinancing of ICA's short term debt and the gradual improvement
in its credit metrics. Moody's believe that the lower leverage
level of 6.8 times as of September 31, 2014 (from 11.6 times in
December 31, 2012) could be temporary, reversing as the company's
construction activity reactivates. However, Moody's don't foresee
a material deterioration in ICA's credit profile over the next
quarters, given the company's focus in reducing debt with proceeds
from assets sales and its leverage target of consolidated reported
net debt / EBITDA of 5 times.

Also supportive of the stable outlook are the positive business
prospects in Mexico, in the context of the country's energy reform
and the new National Plan for Infrastructure. Given the sizeable
projects, the local content requirements and the complexities of
operating in a country like Mexico, company's like ICA, with
expertise in the execution and long term relationships with
government-related entities, should benefit the most. For example,
Moody's expect to see an increasing number of consortiums formed
with local players and, since around 50% of the investments will
target the energy sector, the joint venture between ICA and Fluor
would be very well positioned to capture a significant portion of
it. However, Moody's also anticipate that these positive prospects
will attract foreign construction players, increasing competition.
Somewhat offsetting this competitive risk is ICA's favorable
operating track record as well as its solid long-term business
relationship with major government-related entities such as Pemex
(A3 stable) and CFE (Baa1 stable). This advantage is particularly
relevant when partnering with selected international and local
companies to bid for large construction or concession projects.

ICA's ratings are based on the company's weak credit metrics
related to debt leverage and interest coverage as well as
historically weak liquidity. The ratings also factor ICA's high
dependence on short term bank debt renewals as well as asset sales
to fund operations and committed equity injections to its
portfolio of concessions. Supporting ICA's ratings are its leading
position in the construction industry in Mexico, its long-term
track record of participating in the largest construction and
infrastructure projects in the country, and the company's
diversified and solid portfolio of concessions in the road,
airport, water treatment, and ports, among others, most of which
have solid margins and favorable earnings prospects.

ICA's liquidity risk is high, tempered by a high reliance on short
term debt to fund working capital needs mainly related with
construction business. However, the company has been recently
improving its credit profile by extending debt maturities. In the
2Q14, ICA placed USD 700 million in senior notes due 2024 and the
proceeds were used to prepay USD 200 million in notes due 2017 and
to refinance short-term debt at the construction segment,
improving significantly the company's debt maturity profile. As of
September 30, 2014, ICA had about MXN 7.2 billion in cash and cash
equivalents, which was enough to cover MXN 6.7 million in debt
maturing in the next 12 months. Nevertheless ICA has about MXN 2.7
billion in capex planned for the same period, mainly related to
committed equity contributions to concessions, which must be
funded before the end of 2014.

The stable outlook on ICA's ratings reflects its sustainable
recovery in operating performance and better visibility about the
cash flow generation at the construction business in Mexico. The
outlook also considers Moody's expectation that, although recovery
in the construction segment will result in higher working capital
needs, liquidity and credit profile will not be materially
deteriorated as a result. Supporting Moody's expectations are
ICA's recent focus on refinancing operating debt at corporate
level to be later paid with proceeds from its assets recycling
process. Also considered in Moody's expectations is the company's
net leverage target of 5 times in the next couple of years.

If the company's maturing concession portfolio either increase
dividends to ICA or is monetized via asset sales, with the
proceeds used for significant debt reduction, a positive credit
momentum could develop. In this regard, the ratings could be
positively affected if the company manages to maintain its
consolidated Moody's-adjusted leverage below 6.5 times and
reported leverage at construction business below 4 times on a
sustained basis, while maintaining positive revenue growth. For an
upgrade to be considered, ICA's operating margins should be stable
and it would have to maintain a backlog sufficient to cover at
least 12 months of execution.

ICA's ratings could be downgraded if the company's liquidity
position worsens with limited prospects for a short-term
improvement, if Moody's believe that revenue or margins during the
next 12 to 18 months will be weaker than expected, if debt
leverage increases further, or if it becomes difficult for the
company to renew its revolver credit lines, which fund its working
capital needs.

The last rating action on ICA was on May 20 2014, when Moody's
assigned a B2 rating to ICA's up to USD600 million guaranteed
senior unsecured notes due in 2019.

Headquartered in Mexico City, Empresas ICA, S.A.B. de C.V. ("ICA")
is the largest infrastructure and construction company in Mexico.
In the last twelve months (LTM) ended in September, 2014, ICA's
revenue and Moody's-adjusted EBITDA margin were about USD 2.6
billion and 26.7% respectively. ICA is also the main sponsor in 18
concessions, from toll roads to water treatment plants, among
others.



MULTICAT MEXICO 2012-I: S&P Keeps C Notes' B- Rating on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it kept its 'B- (sf)'
rating on MultiCat Mexico Ltd.'s series 2012-I class C notes on
CreditWatch with negative implications, where it was placed on
Sept. 18, 2014.

On Sept. 14, 2014, Hurricane Odile made landfall near Cabo San
Lucas in Mexico, an area where the class C notes cover losses from
hurricanes.  On Sept. 16, 2014, Swiss Reinsurance Co. Ltd.
submitted an event notice to the calculation agent, AIR Worldwide
Corp.

S&P placed its rating on the class C notes on CreditWatch to
reflect the possibility that a triggering event may have occurred.
Based on the event definition in the transaction documents, an
event would be triggering if the central pressure was equal to or
lower than 932 millibars (mbs).  The transaction documents also
state that noteholders would lose 50% of their principal amount if
the central pressure in the covered area is greater than 920mbs.

On Sept. 18, S&P indicated that it would resolve the CreditWatch
placement once the calculation agent had completed its event
report.  This report should be available within 15 business days
of the hurricane event parameters date, which is either the date
the first tropical cyclone report is released, or 120 days after
Hurricane Odile made landfall.

So far, no cyclone report for Hurricane Odile has been published
on the National Hurricane Center's website and it is not yet 120
days after Hurricane Odile made landfall.  Until S&P receives the
event report, it is keeping the rating on CreditWatch negative.
If the event report concludes that a triggering event occurred,
S&P will lower its rating to 'CC (sf)' and subsequently lower it
to 'D (sf)' on the payment date when the principal loss occurs.
If no triggering event has occurred, S&P will affirm its rating at
'B- (sf)'.


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


TRINIDAD & TOBAGO: Chamber Slams Excuses for US$ Shortage
---------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago Chamber of
Commerce -- the country's biggest business group -- said it was
disappointed by statements regarding the continued shortage of
foreign exchange for business use, made by Central Bank Governor
Jwala Rambarran earlier this month.

"The Governor's assertions against the business community and
cryptic comment about 'conducting business with companies with
terrorist links' as a way to explain away the difficulties with
getting foreign exchange is simply unacceptable.  The T&T Chamber
feels compelled to publicly voice its objections, especially since
he has issued no clarification following several responses from
individuals in business," the Chamber said in a statement obtained
by Trinidad Express.

Speaking at the launch of the latest Monetary Policy Report at the
Chaguanas Chamber of Commerce on December 1, Mr. Rambarran said:
"We've noticed a trend, where businesses make noise for foreign
exchange to pay bills for trade-related purposes and actively
lobby the authorized dealers and Central Bank for US dollars.
When the money is provided, the funds are promptly deposited in
their foreign currency account and left unused and the noise about
not being able to get money for business continues.  I do have one
tip for businesses trying to get foreign exchange: it helps if you
don't conduct business with companies with terrorist links as we
have strict laws on anti-money laundering and combatting the
financing of terrorism," the report discloses.

The Chamber said it has held several private discussions with the
Central Bank and other regulatory authorities to ensure that there
is an adequate distribution of foreign currency for the smooth
conduct of business activity, the report relates.

"While the Chamber is cognisant of the need for regulatory control
and fully concurs with need for compliance with the laws of
Trinidad and Tobago, care must be taken to ensure that the
innocent does not suffer along with the 'guilty'," it stated, the
report discloses.

Statements like those recently made use a broad brush approach and
have the potential to tarnish not just local businesses but
international operators who are engaged in legitimate business
activity, the Chamber added, the report says.


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


VENEZUELA: Fitch Cuts Issuer Default Ratings to 'CCC'
-----------------------------------------------------
Fitch Ratings has downgraded Venezuela's Long-term foreign and
local currency Issuer Default Ratings (IDRs) from 'B' to 'CCC'.
The issue ratings on Venezuela's senior unsecured foreign and
local currency bonds are also downgraded from 'B' to 'CCC'. The
Country Ceiling is downgraded from 'B' to 'CCC' and the Short-term
foreign currency IDR from 'B' to 'C'.

KEY RATING DRIVERS

Venezuela's downgrade reflects the following key factors:

International oil prices have declined sharply in Q4'14 increasing
balance of payments pressures in the context of reduced external
financing flexibility and rising macroeconomic instability.
Venezuela's commodity dependence is high, as oil is expected to
account for an estimated 92% of current external receipts (CXR)
and 50% of central government revenues in 2014. Low oil prices
will erode the main source of FX for the economy.

The capacity of the Venezuelan economy to respond to this external
shock is constrained by the relatively low level of international
reserves, constraints to their operational liquidity, and limited
sources of external financing. International reserves, at USD21.4
billion, are about half the level of end-2008 when Venezuela last
confronted the sharp oil price decline resulting from the global
financial crisis. In addition, operational liquidity of reserves
is constrained, as 72% of international reserves are held in gold
and most of these are held at the central bank in Venezuela.
Nontransparent off-budget FX funds will likely come under
pressure, as central bank and extraordinary oil revenue
contributions will be curtailed.

Venezuela's sources of FX financing are limited, the sovereign
does not have direct access to international debt markets, and
significant multilateral funding is not expected in 2015-2016;
China remains the sovereign's main source of financing.
Nevertheless, there is no indication that China will increase its
exposure to Venezuela beyond the roll-over of existing facilities.

Macroeconomic instability has increased, driven by the
inconsistency between FX, and fiscal and monetary policies.
Continued rationing of FX, widespread price controls, and monetary
financing have fueled inflationary pressures. Inflation averaged
55% in the first eight months of 2014. The spread between the
official and parallel exchange rates continues to widen at a rapid
pace, thus further fueling inflation and currency pressures. Fitch
estimates that the economy may have contracted by close to 4% in
2014 and expects Venezuela to remain in recession in 2015.

In addition to lack of transparency in government off-budget
funds, transparency and timely reporting of official data for
inflation, balance of payments and national accounts has suffered
since 2013. Continued deterioration in terms of data provision
and/or accuracy of official statistics could not only further dent
confidence, but also pose limits to the capacity to assess the
overall fiscal and external strength of the sovereign.

Venezuela sovereign amortizations average 1.2% of GDP in 2015-16
with external debt repayments at 0.4% of GDP (3.5% of exports),
using Fitch GDP estimates. As the state-owned oil company PDVSA
faces an average of USD3.4 billion (0.6% of GDP) in external bond
amortizations, average annual public sector external bond
amortizations equal close to 22% of the current level of
international reserves.

While the sovereign has a track record of servicing debt through
periods of high political and financial stress, the lagging policy
response to address external pressures and macroeconomic
imbalances, and the present decline in international oil prices
materially weaken Venezuela's capacity to service debt.

A high level of political polarization, the social impact of the
ongoing economic crisis, marked divisions within the government in
terms of economic policy, and the expectation of a heavily
contested electoral cycle in 2015 could limit policy adjustments
and increase the risk of social unrest.

RATING SENSITIVITIES

The main factors that could, individually or collectively, result
in a downgrade are:

--A sustained decline in oil prices that leads to further build-up
of external and fiscal financing constraints;
--Further deterioration in Venezuela's external accounts and
international reserves position;
--Signs of weakening willingness to service debt;
--Political instability that compromises FX revenues and results
in further deterioration of Venezuela's policy environment.

The main factors that could, individually or collectively, result
in an upgrade are:

--Policy adjustments that lead to reduced external and
macroeconomic vulnerabilities;
--A recovery in oil prices that eases financing constraints for
the economy;
-- Strengthening of Venezuela's external and fiscal buffers and
increased data transparency.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to a number of assumptions:

--Fitch recognizes that there are material downside risks to its
current oil price average of USD83 (Brent) in 2015 and USD90 in
2016.

--Fitch assumes that China will continue to provide financing to
Venezuela through the renewal of existing oil facilities.


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


* BOND PRICING: For the Week From Dec. 15 to Dec. 19, 2014
----------------------------------------------------------


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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *