TCRLA_Public/141229.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 29, 2014, Vol. 15, No. 255


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: ABSSS Sees Bailout From Construction Boom
COST CUTTER: Closes, Workers Sent Home


B A R B A D O S

BARBADOS: S&P Cuts LT Sovereign Credit Rating to 'B'; Outlook Neg.


B E R M U D A

FLYING CHEF: Crashes, Closes Up Shop


B R A Z I L

BANCO BMG: S&P Affirms Then Withdraws 'B' Rating
ELETROPAULO METROPOLITANA: Moody's Lowers Issuer Rating to Ba2
LIGHT ENERGIA: Moody's Cuts Issuer & Sr. Unsecured Rating to Ba2
LIGHT SERVICOS: Moody's Cuts Issuer & Sr. Unsecured Rating to Ba2
LUPATECH S.A.: Moody's Withdraws Caa2 Corporate Family Rating


C A Y M A N  I S L A N D S

A&Q FOCUS: Commences Liquidation Proceedings
AQR EXTENDED: Placed Under Voluntary Wind-Up
AQR EXTENDED MASTER: Placed Under Voluntary Wind-Up
AQR GLOBAL: Placed Under Voluntary Wind-Up
BASE ABSOLUTE: Placed Under Voluntary Wind-Up

BASE CAPITAL: Placed Under Voluntary Wind-Up
BLACKROCK GLOBAL: Commences Liquidation Proceedings
BLACKROCK GLOBAL: Shareholders Receive Wind-Up Report
LIONGATE EQUITY: Placed Under Voluntary Wind-Up
LSP COLUMBUS: Commences Liquidation Proceedings

M SQUARE: Placed Under Voluntary Wind-Up
M SQUARE MASTER: Placed Under Voluntary Wind-Up
MFA FINANCE: Commences Liquidation Proceedings
TRINCANA INTERNATIONAL: Placed Under Voluntary Wind-Up
VICTORIA SPV: Commences Liquidation Proceedings

VOYAGER ADVANTAGE: Placed Under Voluntary Wind-Up


C H I L E

CHILE: To Get Two IDB Loans to Expand Renewable Energy Sources


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Tax Hike Will Affect Prices of Products From Jan


E L   S A L V A D O R

EL SALVADOR: S&P Cuts LT Foreign Currency Rating to 'B+'


H A I T I

HAITI TELECOMMUNICATIONS: Judge Dismisses Claims Against TELECO


M E X I C O

FINANCIERA BEPENSA: Moody's Affirms B2 CFR & Global Issuer Rating
GRUPO KUO: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
METROFINANCIERA S.A.P.I.: Fitch Affirms CCC Rating on UDI Notes


P E R U

CORPORACION LINDLEY: S&P Revises Outlook to Neg. & Affirms BB+ CCR


V E N E Z U E L A

PROVINCIAL DE REASEGUROS: Fitch Cuts LT LC IFS Rating to 'CCC'


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 22 to Dec. 26, 2014


                            - - - - -


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


ANTIGUA & BARBUDA: ABSSS Sees Bailout From Construction Boom
----------------------------------------------------------
The Daily Observer reports that the Antigua & Barbuda Social
Security Scheme (ABSSS) is pinning all its hopes on an expected
boom in the construction industry, in the coming months, to bring
an end to the financial difficulties it is currently facing.

Executive Director of ABSSS, David Matthias, told the Voice of the
People that, "As long as projects that are slated to start within
the New Year come off and the level of employment is there, then
contributions obviously would improve, according to the Daily
Observer.  And with that improvement (there will be) an
improvement in our working and payment conditions," the report
notes.

The report relays that Mr. Matthias noted that the scheme is
indirectly dependent on local economic activity and benefits from
the level of business creation and the ensuing employment.

The ABSSS has been cash-strapped, owing to housing investment,
government's failure to pay employees contribution into the body
and pensioners living longer than their projected life expectancy,
the report notes.

From May 1, 2013, employers and employees were required to remit
an additional 1 per cent of insurable income to Social Security,
the report recalls.  The maximum insurable income also rose from
EC$4,500 to EC$6,500.

The increased revenue stream was anticipated to solve the
financial issues of the statutory corporation, but Mr. Matthias
said it was never intended to be the total solution, the report
discloses.

Additionally, the executive director said Cabinet is reviewing the
proposal to increase the pensionable age, which currently stands
at 60 years, the report notes.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


COST CUTTER: Closes, Workers Sent Home
--------------------------------------
The Daily Observer reports that employees of the Cost Cutter
supermarket and deli have been thrown on the breadline after the
establishment closed its doors, days after Antigua Public
Utilities Authority (APUA) disconnected its electricity.

The business, located on Sir George Walter Highway, was reportedly
running on generator power since APUA's disconnected its
electricity Dec. 19, according to the Daily Observer.  However,
the generator reportedly broke down on Dec. 20.

The Daily Observer relates that the proprietor of the business
subsequently decided to close the supermarket and approximately 20
workers were sent home until "further notice."

There's also a report the proprietor gave the property owner
notice that she would terminate the two-and-a-half-year lease
arrangement because sales have been slow this last quarter, the
report adds.


===============
B A R B A D O S
===============


BARBADOS: S&P Cuts LT Sovereign Credit Rating to 'B'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term sovereign
credit ratings on Barbados to 'B' from 'BB-'.  The outlook is
negative.  S&P affirmed its 'B' short-term sovereign credit
ratings.  S&P also lowered the transfer and convertibility
assessment to 'B' from 'BB-'.

RATIONALE

The downgrade reflects continued large fiscal deficits, a high
debt burden that continues to rise, and narrower financing
options.  Financing this larger deficit has become more difficult
in both local and external capital markets, leading the government
to rely on official and central bank financing, and some drawings
on the sinking funds.  The National Insurance Schemes' (NIS)
ability to finance the government is lower than in the past
because of its declining surpluses.  Financing from local banks is
increasingly based on shorter tenors and higher interest rates.

The government aims to lower the central government deficit to 6%-
7% of GDP by the end of March 2015 from 12.7% of GDP in the
previous fiscal year ended March 2014.  The budget contains
various fiscal adjustment measures, but much of the fiscal savings
have yet to be realized.  A key portion of the planned adjustment
depends on reducing budgetary supplementals--or requests for
additional spending at fiscal year-end by public institutions--
that takes place at the end of the year.  S&P expects some
slippage from official fiscal targets given the risks that much of
the fiscal adjustment has not yet been executed.  Moreover, the
weak economy will weigh on revenue performance this year and next.

An additional deficit reduction next year relies on higher growth
and maintaining current revenue measures, in addition to further
steps to widen the tax base and other austerity measures at public
institutions.  S&P expects the general government deficit, which
incorporates NIS surpluses that S&P estimates at about 2.3% of GDP
in 2014, to decline to 5.6% of GDP in fiscal 2014 toward 5% of GDP
in fiscal 2015, from 10.1% in 2013.  This decline reflects the
government's fiscal consolidation plan.  However, risks remain
from the sluggish outlook for the country's main economic sectors,
high unemployment, and potential spending pressures.

Standard & Poor's expects the net general government debt burden
to rise to 89% of GDP in 2014 and 92% in 2015 from 80% in 2013 and
69% in 2012.  Barbados uses more than 15% of general government
revenues to pay interest on its debt (excluding the interest that
the government pays on government debt, which the NIS holds).

Barbados has a stable, predictable, and mature political system,
which has traditionally benefited from consensus on major economic
and social issues.  While there is support and acknowledgment of
the need for adjustment, private-sector confidence in the
government's ability to deliver appears mixed.  This reflects a
delay in putting forth a comprehensive adjustment plan.  Sharp
fiscal deterioration and a decline in international reserves in
2013 prompted the government to take corrective actions.  In
August and December 2013, the government announced a series of
adjustment measures that included tax increases (for the municipal
tax, bank assets tax, and consolidation tax) as well as
expenditure cuts.  About 3,000 public-sector employees,
essentially at government agencies and state-owned enterprises
(SOEs) were to be laid off.  Expenditure rationalization efforts
center on the agencies and SOEs because control over their
finances has been lax.  To staunch this pattern, the government
established a Special Oversight Committee on SOEs in 2014 to
monitor and control their spending.  This committee complements
monitoring by the Management Accounting Unit of the Ministry of
Finance and receives monthly status reports from the agencies and
SOEs.  S&P views this as a positive development, but the key will
be execution.

Barbados' economic fundamentals remain weak, reflecting not only
subdued global economic conditions, but also competitiveness and
other structural shortcomings.  Its narrow and open economy has
continued to suffer since the 2008 global financial crisis.  Real
GDP growth declined on average 0.5% per year during 2009-2013.
This year, S&P expects the economy to decline marginally.  It was
flat though the third quarter, with tourism arrivals up only
marginally during the first 11 months of the year.  Only tourism
from the U.K. (more than one-third of tourists) has showed strong
growth.  Given the fiscal adjustment, S&P expects a contraction
for the year as a whole.  Real GDP growth should pick up next year
to 1.2% and move toward 2% in 2016-2017.  A reduction in airlift
to Barbados earlier in 2014 has been corrected, and there are
incipient signs of some pickup in tourism since October from the
U.S. and Canada.

While S&P expects investment in the tourism sector to pick up,
there is some uncertainty about the timing and extent of new
projects.  The most concrete projects are two Sandals resorts,
with the first set to open at the end of January 2015 and the
second property to close and undergo important refurbishing and
construction for two years beginning late 2015.  Tax concessions
awarded to Sandals have been extended to other projects as well.
A Hyatt hotel is set to start construction in early 2015.  Other
villa and high-end residence projects appear set to advance as
well.

OUTLOOK

The negative outlook reflects the potential for a downgrade if the
government doesn't succeed in bringing down its wide fiscal
deficit, if growth boosted by key investment projects fails to
materialize, or if external pressures of persistent current
account deficits mount.  This scenario would likely lead to
further deterioration in the availability of financing for large
fiscal deficits.  S&P could revise the outlook to stable if the
government succeeds in reining in the deficit in line with its
targets and maintains access to financing, especially from private
creditors.  This in turn would help improve government debt and
interest burdens.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the "institutional and governance
effectiveness," "economic structure and growth," and "external
liquidity and international investment position" had deteriorated.
All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Downgraded; Ratings Affirmed
                                        To                 From
Barbados
Sovereign Credit Rating      B/Negative/B       BB-/Negative/B

Downgraded
                                        To                 From
Barbados
Senior Unsecured                       B                  BB-
Transfer & Convertibility Assessment
  Local Currency                        B                  BB-


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


FLYING CHEF: Crashes, Closes Up Shop
------------------------------------
The Royal Gazette reports that catering firm Flying Chef has
crashed and shut up shop.

The firm has lodged a petition with Supreme Court to wind the
long-standing company up, according to the Royal Gazette.
The report notes that Flying Chef owner Sara Masters said the
firm, which provided outside catering services, was a victim of
the recession.

The report relays that popular bistro Bouchee, on Hamilton's Pitts
Bay Road, which was bought by Ms. Masters two years ago, will
continue to operate as it is a separate company from Flying Chef.

It is not known how many people have lost their jobs or what
ongoing contracts Flying Chef had, the report notes.

Pembroke-based Flying Chef opened up the Azu Beastro at the
Bermuda Aquarium, Museum and Zoo (BAMZ) in 2013 and ran Homer's
Cafe at Masterworks in the Botanical Gardens in Paget from 2011.
But, its contract at Masterworks ended earlier this year, with the
BAMZ contract changing operators some time later, the report says.

The petition to Supreme Court was presented by Flying Chef Ltd and
will be heard before the court in the New Year.

The petition, handled by legal firm Marshall Diel and Myers, said
that "any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition may
appear at the time of hearing by himself or his counsel for that
purpose and a copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same by
the undersigned on payment of the regulated change for the same,"
the report notes.

Anyone who wants to appear at the hearing, whether to oppose or
support the petition, should notify Marshall Diel & Myers in
writing before Thursday, January 22, 2015, the report adds.


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


BANCO BMG: S&P Affirms Then Withdraws 'B' Rating
------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B' global scale
and 'brBBB-' national scale ratings on Banco BMG S.A. (BMG).  The
outlook was stable.  In addition, S&P withdrew the ratings upon
the issuer's request.

The ratings on BMG reflected its "weak" business position,
"moderate" capital and earnings, "moderate" risk position, "below
average" funding, and "adequate" liquidity, as S&P's criteria
define these terms.


ELETROPAULO METROPOLITANA: Moody's Lowers Issuer Rating to Ba2
--------------------------------------------------------------
Moody's America Latina  downgraded Eletropaulo Metropolitana de
Eletricidade de Sao Paulo S.A.'s ("ELETROPAULO", or the "Company")
issuer ratings, to Ba2 from Ba1 on the global scale, and to Aa3.br
from Aa2.br on the national scale rating (NSR). At the same time,
Moody's downgraded the ratings of ELETROPAULO's BRL750 million
senior unsecured debentures to Ba2 from Ba1 on the global scale,
and to Aa3.br from Aa2.br on the NSR. The outlook was changed to
negative from stable for all ratings.

Ratings Rationale

The rating downgrade reflects Eletropaulo's continued and Moody's
projected deterioration of credit metrics. Additionally, the
ratings are still constrained by the high level of contingent
liabilities represented by an unfunded pension liability of
approximately BRL2.5 billion, reimbursement of BRL403 million to
customers due to the postponement of the tariff review of 2011 and
the ongoing BRL1.5 billion litigation with Eletrobras which may
potentially affect the company's liquidity. The ratings are
further constrained by the delays in government action with either
transferring resources or accelerating a tariff adjustment to
compensate for the higher energy prices that have been absorbed
due to the company's higher exposure to the higher cost at the
spot market which has materially impacted cash generation and
pressured the company's liquidity position.

The change in the outlook to negative reflects the continuing
uncertainties of the negative effects of the deteriorated
hydrology conditions and their impact with respect to the
company's liquidity and the risk of energy rationing resulting in
lower revenues and increased pressure on working capital needs. In
light of these risks Moody's believe Eletropaulo and the Brazilian
electricity distribution companies will need to continue to have
some support from the federal government most likely through
accelerated tariff increases since there will be no more funds
transfers. Eletropaulo also has long-term electricity distribution
concession in Brazil's wealthiest metropolitan area and good track
record at achieving qualitative factors above the regulator's
technical parameters and a positive track record in accessing the
bank and capital markets, which Moody's expect will continue in
the short to medium term.

As per Moody's standard adjustments, in 2012 CFO-Pre Working
Capital was BRL 270 million down from the previous three-year
average of BRL 1.4 billion. In 2013, CFO pre-Working Capital
declined to BRL238 million while in the LTM September 2014 it
dropped to negative BRL363 million. Consequently, Eletropaulo
posted an average net income of BRL1.4 billion from 2009 to 2011,
BRL55 million in 2012, BRL198 million in 2013 and a net loss of
BRL481 million in the LTM September 2014.

Despite the recent downward adjustment in dividend distributions,
the CFO pre-Working Capital (WC) minus Dividends-to-Debt ratio
fell to - 6.5% in the LTM 09/30/2014, from 3.3% in 2013 and -4.9%
in 2012. Similarly, the (CFO pre-WC + Interest)/Interest (or CFO
pre-WC Interest Coverage) ratio fell to 0.1x (LTM 09/30/2013) from
1.7x in 2013 and 2012 while the CFO pre-WC-to-Debt ratio fell to -
5.8% from 4.3% and 3.9% (over the same period. As a result, the
most recent historic metrics map to the B rating category,
according to Moody's methodology grid.

On a forward-looking basis, the Company's CFO will be impacted by
the required reimbursement of BRL403 million as of September 30,
2014 to customers as a result of the postponement of the Third
Cycle Tariff Review included in the tariff adjustment approved on
July 04, 2014, underfunded pension liabilities of approximately
BRL2.5 billion and by the potential delays by the government in
taking steps to assist distribution companies in dealing with
higher energy prices. The effets of a potential energy rationing
was not included in Moody's base scenario.

In accordance with Moody's standard adjustments, Moody's credit
metrics also incorporate the underfunded pension liabilities (with
no immediate impact on liquidity) which, according to the
Company's audited financial statements, decreased from BRL4.0
billion as of December 31, 2012 to BRL2.6 billion as of September
30, 2014 due to the effects of the fluctuation of the domestic
interest-rates. Notwithstanding, Moody's projected credit metrics
reflect Company's pension benefit payments in the range of BRL300
million per year.

The significant amount of funds to be returned between 2013 and
2015, combined with the Company's exposure to electricity spot
prices due to increased thermal generation in the country could
impact the Company's liquidity position considering the timing
effects of further tariff increases. During the first nine months
of 2014 Eletropaulo received BRL1.3 billion from CDE fund and from
CCEE to compensate for the higher energy costs which reduced the
pressure on the Company's liquidity. In spite of that, just in the
third quarter 2014 Eletropaulo raised in the bank and capital
markets BRL540 million through two 6-month transactions, in order
to balance its liquidity position. With the government's recent
announcement indicating no more fund transfers, future relief by
the government will only be via future tariff adjustments.

The Company has had a positive track record in raising financing
from banks and from the capital markets, which Moody's expect will
address any potential immediate liquidity needs. However, Moody's
did not take into account the potential positive outcome of the
Company's request to the Regulator to include previously
disallowed assets into its rate base, given that the Regulator has
now postponed its expected ruling to a date that still needs to be
defined, nor the ongoing legal dispute with Eletrobras, which
represents a contingent liability of approximately BRL1.5 billion.
As a result, Moody's projected credit metrics map to the Ba rating
category, according to Moody's methodology grid.

Moody's do not foresee any upgrade rating action over the medium
horizon in light of the recent downgrade rating action and the
material uncertainties that are currently challenging the
electricity sector in Brazil.

A rating downgrade could be triggered by a further deterioration
of the Company's liquidity position, any change in the perceived
level of support from the electricity regulatory environment or
from the Regulator, or a negative ruling to the Company on the
legal dispute with ELETROBRAS. Quantitatively, the ratings could
be downgraded if the CFO interest coverage remains below 1.5
times, and the CFO pre-WC-to-Debt falls below 5%, on a sustainable
basis.

Eletropaulo Metropolitana de Eletricidade de Sao Paulo S.A. is a
regulated electricity distribution utility, listed on the
BM&FBOVESPA stock exchange. ELETROPAULO is controlled by its
holding company Brasiliana, which in turn is owned by The AES
Corporation (50% plus one share of the voting capital), and the
Brazilian Federal Development Bank -- BNDES (50% less one share of
the voting capital of Brasiliana). ELETROPAULO distributes
electricity to 24 municipalities in the Sao Paulo metropolitan
area, including the city of Sao Paulo, serving 6.7 million
consuming units, with an estimated market share of 10% in Brazil.
The Company has a 30-year concession contract that was granted by
ANEEL, the Brazilian electricity sector regulator, in 1998.

As per Moody's standard adjustments, in LTM as of September 2014
Eletropaulo posted net sales of BRL9,001 million (excluding
construction revenues) and a net loss of BRL481 million. In 2013,
the Company had net revenues of BRL8,203 million and a net profit
of BRL198 million.


LIGHT ENERGIA: Moody's Cuts Issuer & Sr. Unsecured Rating to Ba2
----------------------------------------------------------------
Moody's America Latina Ltda. downgraded LIGHT Energia S.A.'s
("LIGHT Energia") local currency issuer as well as senior
unsecured ratings (backed) to Ba2 on the global scale and Aa3.br
on the national scale rating ("NSR") from Ba1 and Aa2.br,
respectively. At the same time, Moody's downgraded the local
currency ratings of the senior unsecured debentures due in 2016 to
Ba2 on the global scale and Aa3.br on the NSR from Ba1 and Aa2.br,
respectively. The outlook was changed to negative from stable for
all ratings.

Rating Rationale

The downgrade of LIGHT Energia's issuer and senior unsecured
(backed) ratings to Ba2/Aa3.br with a negative outlook reflects
Moody's opinion regarding: (i) the deteriorating credit metrics
impacted by higher operating costs due to the prolonged drought in
the Southeast and Midwest regions in Brazil; (ii) the mounting
uncertainties in the sector, with an increasing risk of
electricity rationing in 2015 in case hydropower reservoir levels
do not normalize in the rainy season that started in November
2014,which, so far has been below the historical rainfall average
for this time of the year; (iii) the relatively high dividend
payout policy; (iv) LIGHT S.A.'s (the parent company)
deteriorating consolidated credit metrics combined with a large
capital expenditure (CAPEX) and a tighter liquidity position
stemming from the need by LIGHT ENERGIA to acquire additional
electricity on the spot market, and LIGHT Servicos de Eletricidade
(LIGHT SESA, the electricity distribution subsidiary) incurring
higher costs related to the purchase of thermal electricity.
Moreover, Moody's have updated Moody's 2015 spot price assumptions
to BRL 388/MWh versus previous BRL400/MWh, as per Decree 5163/2014
issued by ANEEL, the regulator. Moody's have also updated Moody's
view of a significantly lower domestic GDP growth expected in the
next five years.

At the same time, Moody's ratings are supported by: (i) the
Company's capital structure, characterized by its relatively low
level of indebtedness with a Total Debt-to-EBITDA of 2.2x in the
last twelve months (LTM) ended on 9/30/2014, as per Moody's
standard adjustments; (ii) debt maturity profile concentrated in
the long term; and (iii) relatively stable operating cash flows,
mainly due to long-term concession contracts which grant the
Company the right to operate its generation portfolio until 2026.
In 9M2014, LIGHT ENERGIA's net operating revenues and EBITDA
represented about 7.9% and 33.7% of those of LIGHT S.A., on a
consolidated basis, respectively, having increased from FY2013
(7.2% and 22.6%, respectively), as a result of increasing revenues
from new generation projects, which have partially offset the
deteriorating operating results of LIGHT SESA.

Notwithstanding LIGHT ENERGIA's deteriorating credit metrics,
leverage on a consolidated basis is limited by financial covenants
in the indentures of outstanding debt issued by LIGHT ENERGIA.
Dividend payments are also conditioned to the compliance with
these covenants. LIGHT ENERGIA's covenants require that: (i)
LIGHT's (consolidated) Total Net Debt-to-EBITDA (including
regulatory assets and liabilities) shall not exceed 3.75 times,
and (ii) EBITDA-to-Adjusted and Consolidated Gross Interest
Expense shall not be less than 2.5 times. Up to date, the Company
is in compliance with these covenants.

The outlook could be stabilized as a result of the normalization
of the hydropower reservoir levels in the current rainy season,
which would significantly reduce the Company's exposure to the
spot market. A rating upgrade could occur if LIGHT ENERGIA's
consolidated Retained Cash Flow (RCF) over Total Debt were to
exceed 15%, and interest coverage (i.e. CFO pre-WC plus interest-
to-cash interest) exceeded 4.2 times on a sustained basis.

The ratings could be downgraded as a result of continuing adverse
hydrology conditions beyond 2014, which would exert significant
downward pressure on LIGHT ENERGIA's credit metrics. A rating
downgrade could also be triggered by a deterioration of the
Company's liquidity as well as by a breach in the aforementioned
financial covenants. Quantitatively, a downgrade in Moody's
ratings could be triggered if LIGHT ENERGIA's RCF-to-Total Debt
ratio fell below 8%, and interest coverage fell below 2.50 times,
remaining below these trigger thresholds for an extended period of
time. Moody's perception of a weaker degree of supportiveness from
the Brazilian regulatory environment could also trigger a downward
rating action.

Headquartered in Rio de Janeiro - Brazil, Light S.A. (LIGHT) is an
integrated utility company with activities in generation,
distribution and commercialization of electricity. Light's
generation subsidiary, Light Energia S.A. operates 5 hydroelectric
power plants (HPPs) with 855 MW of combined installed capacity
pursuant to a 30-year concession, which ends in June 2026. The
Company has also direct (full) or shared control of several other
entities dedicated to renewable energy generation, such as Renova
Energia S.A. (with a 15.9% stake), Guanhaes Energia S.A. (51%
stake), Sao Judas Tadeu as well as Fontainha wind parks and Lajes
Energia S.A. (with 100% ownership in each). CEMIG (Ba1/Aa2.br NEG)
is a key shareholder of LIGHT, holding directly and indirectly,
26.1% and 32.47% stakes, respectively, in the company.

According to Moody's standard adjustments, in the LTM ended on
09/30/2014, LIGHT S.A., on a consolidated basis, reported net
operating revenues (net of construction revenues) of BRL7,002
million, EBITDA of BRL1,602 million. Cash Flow from Operations
(CFO) reached BRL1,098 million, a 26.6% decrease over the LTM
ended on 12/31/2013 primarily due to the persistently tighter
electricity supply conditions caused by abnormally adverse drought
conditions, which have negatively impacted the Company.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


LIGHT SERVICOS: Moody's Cuts Issuer & Sr. Unsecured Rating to Ba2
-----------------------------------------------------------------
Moody's America Latina Ltda. downgraded LIGHT Servicos de
Eletricidade S.A.'s ("LIGHT SESA") local currency issuer as well
as senior unsecured ratings (backed) to Ba2 on the global scale
and Aa3.br on the national scale rating ("NSR") from Ba1 and
Aa2.br, respectively. At the same time, Moody's downgraded the
local currency ratings of the senior unsecured debentures due in
2016 to Ba2 on the global scale and Aa3.br on the NSR from Ba1 and
Aa2.br, respectively. The outlook was changed to negative from
stable for all ratings.

Rating Rationale

The downgrade of LIGHT SESA's issuer and senior unsecured (backed)
ratings to Ba2/Aa3.br with a negative outlook reflects Moody's
opinion regarding: (i) the deteriorating hydrology conditions,
which have materially impacted the electricity distribution sector
in Brazil, given the higher electricity acquisition costs on the
short-term (spot) market; (ii) a tighter liquidity position as a
result of higher electricity acquisition costs and the time lag
for relief provided either through tariff increases and/or Federal
Government transfers; (iii) LIGHT S.A.'s deteriorating credit
metrics, on a consolidated basis. The ratings are further
constrained by LIGHT SESA's high level of non-technical
electricity losses, its sizeable CAPEX program, high expected
dividend distributions (based on current dividend pay-out policy
and track record), and the impact of potential new investments by
the guarantor, LIGHT S.A., on cash flows and leverage. Moreover,
Moody's have updated Moody's 2015 spot price assumptions to BRL
388/MWh versus previous BRL400/MWh, as per Decree 5163/2014 issued
by ANEEL, the regulator. Moody's have also updated Moody's view of
a significantly lower domestic GDP growth expected in the next
five years.

Notwithstanding LIGHT SESA's deteriorating credit metrics,
leverage on a consolidated basis is limited by financial covenants
in the indentures of outstanding debt issued by LIGHT SESA.
Dividend payments are also conditioned to the compliance with
these covenants. LIGHT SESA's covenants require that: (i) LIGHT
S.A.'s (consolidated) Total Net Debt-to-EBITDA (including
regulatory assets and liabilities) shall not exceed 3.75 times;
and (ii) EBITDA-to-Adjusted and Consolidated Gross Interest
Expense shall not be less than 2.5 times. Up to date, the Company
is in compliance with these covenants.

The outlook could be stabilized as a result of the hydropower
reservoir levels returning to historically normal conditions in
the current rainy season, which would significantly reduce the
Company's exposure to the spot market, hence helping to improve
LIGHT SESA's cash flow. A rating upgrade could occur if LIGHT
SESA's both Pre-WC -- Dividends / Total Debt remained higher than
14% and interest coverage (i.e. CFO pre-WC plus interest-to-cash
interest) became higher than 3.0x, on a sustainable basis.

The ratings could be downgraded as a result of continuing adverse
hydrology conditions beyond 2014, which would exert significant
downward pressure on LIGHT SESA's credit metrics. A rating
downgrade could also be triggered by a deterioration of the
Company's liquidity as well as by a breach in the aforementioned
financial covenants. Quantitatively, a downgrade in Moody's
ratings could be triggered if LIGHT SESA's consolidated CFO pre-WC
-- Dividends / Total Debt fell below 10%, and interest coverage
fell below 2.0x for an extended period. Moody's perception of a
weaker degree of supportiveness from the Brazilian regulatory
environment could also trigger a downward rating action.

Headquartered in Rio de Janeiro - Brazil, Light S.A. (LIGHT) is an
integrated utility company with activities in generation,
distribution and commercialization of electricity. LIGHT SESA
holds a thirty-year concession, which was granted by the Brazilian
Federal Government on June 4, 1996, and expires in July 2026.
LIGHT SESA's concession covers thirty one (31) municipalities in
the State of Rio de Janeiro (including the capital city, Rio de
Janeiro) serving a population of approximately ten (10) million.
LIGHT SESA distributes 70% of the electricity consumed in the
State of Rio de Janeiro, which is the second wealthiest in Brazil.
Companhia Energetica de Minas Gerais ("CEMIG"), rated Ba1/Aa2.br
with negative outlook, is a major shareholder of LIGHT S.A.,
holding directly and indirectly, a 26.1% and a 32.47% stake,
respectively, in the LIGHT S.A.

According to Moody's standard adjustments, in the last twelve
months ended on September 30, 2014 (LTM ended on 09/30/2014) LIGHT
S.A., on a consolidated basis, reported net operating revenues
(net of construction revenues) of BRL7,002 million, EBITDA of
BRL1,602 million. Cash Flow from Operations (CFO) reached BRL1,098
million, a 26.6% decrease over the LTM ended on 12/31/2013
primarily due to the persistently tighter electricity supply
conditions caused by abnormally adverse drought conditions, which
have exposed the Company to the short-term electricity market.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


LUPATECH S.A.: Moody's Withdraws Caa2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service withdrew the Caa2 corporate family
rating on Lupatech S.A. due to business reasons. There were no
ratings assigned to specific debt instruments.

Ratings Rationale

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

Moody's last rating action on Lupatech S.A. was on October 16,
2014 when the agency upgraded Lupatech S.A.'s corporate family
rating ("CFR") to Caa2 from Ca and withdrew the C rating of the
USD 275 million senior unsecured perpetual bond issued by Lupatech
Finance Limited after the conclusion of its debt restructuring.

Headquartered in Nova Odessa, Brazil, Lupatech S.A. is a major
equipment manufacturer for the oil & gas, industrial valves and
casting parts sectors, with net revenues of BRL 526 million (USD
230 million) for the last twelve months ended September 30, 2014.
Lupatech's Products division represented some 48% of net sales for
the most recent quarter, and includes oil and gas valves,
synthetic fiber ropes for platform anchoring and industrial
valves. The Services division, focused on oilfield services in
Brazil and Colombia, as well as tubular and coating services,
represented 52% of net sales.


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


A&Q FOCUS: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 3, 2014, the shareholders of A&Q Focus Series -
Concentrated Opportunities 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:

          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


AQR EXTENDED: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 5, 2014, the sole shareholder of AQR Extended GTAA
Offshore Fund Ltd. resolved to voluntarily wind up the company's
operations.

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:

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


AQR EXTENDED MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 5, 2014, the sole shareholder of AQR Extended GTAA Master
Account Ltd. resolved to voluntarily wind up the company's
operations.

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:

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


AQR GLOBAL: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 5, 2014, the sole shareholder of AQR Global Asset
Allocation Offshore Fund (USD) IV Ltd. resolved to voluntarily
wind up the company's operations.

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:

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


BASE ABSOLUTE: Placed Under Voluntary Wind-Up
---------------------------------------------
The shareholders of Base Absolute Fund resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court
          Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


BASE CAPITAL: Placed Under Voluntary Wind-Up
--------------------------------------------
The shareholders of Base Capital Limited resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court
          Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


BLACKROCK GLOBAL: Commences Liquidation Proceedings
---------------------------------------------------
On Sept. 30, 2014, the shareholders of Blackrock Global Horizons
Ltd resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 12, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


BLACKROCK GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Blackrock Global Horizons Ltd received on
Dec. 12, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jane Fleming
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands


LIONGATE EQUITY: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 6, 2014, the sole shareholder of Liongate Equity
Opportunities Fund resolved to voluntarily wind up the company's
operations.

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:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Fascimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LSP COLUMBUS: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 5, 2014, the members of LSP Columbus EB II, Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 9, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


M SQUARE: Placed Under Voluntary Wind-Up
----------------------------------------
On Nov. 7, 2014, the sole shareholder of M Square Brazil Value
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          M Square Investimentos Ltda
          Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


M SQUARE MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 7, 2014, the sole shareholder of M Square Brazil Value
Master Fund resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          M Square Investimentos Ltda
          Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MFA FINANCE: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 6, 2014, the sole shareholder of MFA Finance Allegro Fund
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands


TRINCANA INTERNATIONAL: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Nov. 6, 2014, the shareholders of Trincana International Inc.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


VICTORIA SPV: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 6, 2014, the shareholders
of Victoria SPV 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


VOYAGER ADVANTAGE: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 7, 2014, the sole shareholder of Voyager Advantage SPV,
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Voyager Management GP, LLC
          c/o Jennifer Parsons
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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


CHILE: To Get Two IDB Loans to Expand Renewable Energy Sources
-------------------------------------------------------------
Chile will expand the use of renewable resources to substitute for
fossil fuel generation to meet the energy needs of its mining
industry with two loans from the Inter-American Development Bank
(IDB) of $27.7 million for the Arica 1 project and $25.7 million
for the Los Loros project.  Both projects will sell energy to the
spot markets.

"These Projects will contribute to diversifying the energy matrix
in the country, which is presently heavily dependent on imported
fossil fuels, through the incorporation of renewable energy that
is fueled by the exceptional solar resource of Chile's Atacama
Desert," said Jean-Marc Aboussouan, Chief of the Infrastructure
Division of the IDB's Structured and Corporate Finance Department.

Arica 1 Solar Photovoltaic Power Project

The project, developed by Sky Solar Group, will be sited 26 km
northeast of the City of Arica; it will generate 44 MW of
renewable energy and will supply electricity to reduce the
reliance on fossil fuels in Chile's northern electricity grid,
Sistema Interconectado Norte Grande, where demand derives almost
entirely from mining companies and other industrial users.

The project will bring significant private investment to Chile's
northernmost region, which is characterized by low rates of growth
and investment. Arica 1 will eliminate an estimated 54,000 tons of
greenhouse gas emissions annually.

The IDB financing package for the Arica 1 plant consists of loans
to Arica Solar Generaci¢n 1, Ltda., controlled by Hong Kong-based
Sky Solar Holdings, Ltd., of $27.7 million from the IDB's ordinary
capital, a loan of up to half the amount of the IDB loan ($13.9
million) from the China Fund for Latin America and the Caribbean
(China Fund), and a loan of $8.5 million from the Clean Technology
Fund.

Los Loros Photovoltaic Power Project

The Los Loros project is the first solar PV project financed by
the Bank in the Sistema Interconectado Central (SIC) of the
country. The project, located approximately 50 km southwest of the
city of Copiap¢, has been developed by Solairedirect Chile.
Solairedirect of France will be the majority shareholder in the
project. It will generate approximately 54 MW of renewable energy
and will connect at the Los Loros node, serving the significant
energy needs of the central region of the country, and especially
the Santiago area.

The project will increase competition in Chile's central
electricity market, while helping to reduce the overall carbon
footprint of the central electricity grid, with a reduction of
57,000 tons of greenhouse gas emissions annually.

The Bank's financing for the Los Loros project includes loans to
Solairedirect Generaci¢n V SpA of $25.7 million from the Bank's
ordinary capital, senior loans of $6 million from the Canadian
Climate Fund for the Private Sector in the Americas (C2F) and $8
million from the China Co-financing Fund for Latin America and the
Caribbean (China Fund), and a subordinated loan of $12 million,
also from the C2F.

In both cases, IDB is bringing financing to the projects that
would not otherwise be available from other financing sources.
The participation of IDB with its own resources as well as
resources from the CTF and C2F helps to enable lower-carbon and
more climate-proof investment, creates flexibility in the
structure of the transactions and helps to attract the
participation of commercial banks for merchant solar PV projects
in Chile.

The Canadian Climate Fund for the Private Sector in the Americas
(C2F) and the China Fund are administered by the IDB.


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


DOMINICAN REP: Tax Hike Will Affect Prices of Products From Jan
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Internal Taxes
(DGII) disclosed that starting on 1 January 2015 the Tax on the
Transfer of Industrialized Goods and Services (ITBIS) increase
from 11% to 13% will be applied to mass consumption products such
as water, coffee, chocolate, edible oils, yogurt and sugar.

The measure will cause increases in the prices of those products,
starting in the first days of January or as soon as merchants
start to transfer the tax increase to consumers, according to
Dominican Today.

According to outlet diariolibre.com, the DGII also announced that
it would maintain at 18% the tax rate for the other products taxed
under this law, which would have gone down to 16% if they had
achieved the fiscal goals that the government laid out in Law 253
-- 12 for the "Strengthening of the Capacity for State
Collections," the report relates.

In the same communique in which the DGII offers the negative news
for consumers, they also reported about the reduction of the
Income Tax for natural and judicial persons from 28% to 27%, the
report adds.


=====================
E L   S A L V A D O R
=====================


EL SALVADOR: S&P Cuts LT Foreign Currency Rating to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term foreign currency rating on the Republic of El Salvador to
'B+/B' from 'BB-/B'.  The outlook on the long-term rating is
stable.

S&P also affirmed its 'AAA' transfer and convertibility (T&C)
assessment for El Salvador.

RATIONALE

The downgrade reflects a continued, gradual erosion of the
government's financial profile due to a combination of
persistently low economic growth and elevated fiscal deficits,
which result in large part due to shortfalls in the country's
pension system.  The resulting steady increase in the government's
debt burden raises its vulnerability to potential adverse external
shocks.

Real per capita GDP has averaged less than 1% annual growth over
the past five years and is likely to rise by around 1%-2% in the
next three years, owing to low private- and public-sector
investment.  Despite recent measures to strengthen tax revenues,
the government is likely to incur fiscal deficits approaching 4%
of GDP in the next couple of years (about half of which are
related to the pension system).

S&P projects that net general government debt could rise to 56% of
GDP in 2014 and potentially higher in subsequent years.  The debt
burden has risen in recent years due largely to the need to fund
obligations of the pension system, highlighting the importance of
pension reform.  Excluding pension-related debt, the general
government debt burden is only slightly higher than in 2009.

The government's rising debt burden exposes the sovereign to
growing vulnerability to potentially adverse shifts in market
sentiment.  Relatively low foreign direct investment (FDI) has led
to reliance on external debt to fund the country's persistent
current account deficit.  S&P projects that the current account
deficit could be 5% of GDP on average during 2014-2015 and FDI is
likely to fund less than half the external shortfall.

There has been greater dialogue between the government and
private-sector groups since the very close presidential elections
in March.  S&P expects that recently-elected President Salvador
Sanchez Ceren of the Frente Farabundo Marti para la Liberacion
Nacional (FMLN) will pursue largely pragmatic economic policies.
However, it remains to be seen if, unlike his predecessor,
President Sanchez Ceren is able to gain the confidence of the
business sector, and thereby boost investment and economic growth.
The country's long-term growth prospects also depend on
strengthening El Salvador's legal and regulatory environment.

El Salvador's limited monetary and fiscal flexibility and its high
general government and external debt burdens constrain the
ratings.  Total investment has remained below 15% of GDP for many
years, thereby limiting GDP growth and contributing to fiscal
strains.  The country formally adopted the U.S. dollar as its
currency in 2001.  Dollarization has lowered inflation and helped
to stabilize the market, though it has also imposed monetary
inflexibility.  El Salvador's well-regulated banking system, as
well as its commitment to maintaining macroeconomic stability,
supports the ratings.

The long-term local currency rating on El Salvador is 'B+', and
the T&C assessment is 'AAA'.  These reflect the country's adoption
of full dollarization in 2001.  S&P thinks El Salvador is unlikely
to de-dollarize because most policymakers consider the costs of
doing so much greater than the disadvantages of limited monetary
flexibility.

OUTLOOK

The stable outlook reflects S&P's expectation of pragmatic
economic policies in the coming three years.  S&P projects that
GDP growth could rise modestly above 2% in 2015, boosted by
economic recovery in the U.S. and lower oil prices.  S&P expects a
fairly divided legislature after Congressional elections in March
2015, sustaining the political polarization that has constrained
investment and GDP growth for many years.  The Sanchez Ceren
administration is likely to work with smaller parties in the new
Congress to pass ordinary legislation but will likely have to
negotiate with the main opposition party, Alianza Republicana
Nacionalista (ARENA), for laws that require a two-thirds majority,
such as laws to authorize debt issuance.

The future rating on El Salvador will depend on the government's
ability to boost economic growth and reduce the fiscal deficit,
potentially through a new fiscal responsibility law and reforms to
the country's pension system to address long-term structural
weaknesses in it.  Failure to stabilize the growth of public debt,
along with continued political polarization that contributes to
sluggish economic growth, could further erode the sovereign's
financial profile, leading to a lower credit rating.

Conversely, a marked improvement in political dialogue between the
government and the private sector and a more cohesive decision-
making process could improve conditions for economic growth.
Moreover, timely implementation of new fiscal measures, as well as
a reform to the pension system, could contain and possibly reverse
the negative trend in fiscal deficits and government debt.  Over
time, the combination of faster economic growth, smaller fiscal
deficits, and a declining debt burden could lead to a higher
credit rating.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "fiscal flexibility and performance"
deteriorated. All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Downgraded
                                        To                 From
El Salvador (Republic of)
Sovereign Credit Rating      B+/Stable/B        BB-/Negative/B
Senior Unsecured             B+                 BB-

Ratings Affirmed

El Salvador (Republic of)
Transfer & Convertibility Assessment   AAA


=========
H A I T I
=========


HAITI TELECOMMUNICATIONS: Judge Dismisses Claims Against TELECO
---------------------------------------------------------------
Madsen Law, P.C. on Dec. 22 disclosed that a federal judge
dismissed all claims brought against Les Telecommunications
D'Haiti S.A.M (TELECO), Haiti's local telecommunications provider,
by Haiti Telecommunications International S.A. (HAITEL) and its
founder Franck Cine.  In a sweeping ruling Judge Jack B. Weinstein
rejected all accusations that TELECO had used its influence as a
government-controlled entity to extort licensing fees from Haitel
with the objective of driving it out of business.

Bertrand Madsen of Madsen Law, P.C. who represented TELECO noted,
"This ruling is a testament to the rule of law.  Judge Weinstein's
decision is a warning to those who purport to contract with
corporations by dealing with rogue employees who act beyond their
authority."

Mr. Cine and HAITEL -- represented by the former U.S. Attorney for
the Southern District of Florida, Guy A. Lewis of the law firm
LEWIS TEIN PL -- sought an award of more than US$ 240 million,
representing the value of Mr. Cine's personal assets (US$ 96.75
million) and HAITEL'S assets (US$ 150 million) which have been
seized in on-going bankruptcy proceedings in Haiti.  Under the
terms of a dubious agreement signed by the parties in 1998,
Mr. Cine and HAITEL also sought an order compelling TELECO to
arbitrate their claims in Bermuda.

TELECO argued that the arbitration agreement was null and void
because its representative had exceeded the scope of his
employment powers when he signed it without authorization from the
company's board of directors.  According to Mr. Madsen, "This
contract was signed under dubious circumstances by Teleco's
general director in 1998, without any involvement from Teleco's
board of directors and in contravention to Haitian law."

Following a two-day trial, Judge Weinstein ruled that TELECO had
no obligation to submit to arbitration because the parties'
agreement was invalid.  The judge found that TELECO's case had
been proven "by clear and convincing evidence" and that "Haitel
has no right to arbitrate disputes it has with TELECO."

Salim Succar, a spokesperson for Cabinet Lissade in Haiti, stated
that with the ruling "justice had prevailed."

Bertrand Madsen of MADSEN LAW P.C. and Silvia Serpe of SERPE RYAN
LLP -- both former Assistant U.S. Attorneys in the Southern
District of New York -- represented TELECO in the United States,
and Louis Gary Lissade of Cabinet Lissade did so in Haiti.


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


FINANCIERA BEPENSA: Moody's Affirms B2 CFR & Global Issuer Rating
-----------------------------------------------------------------
Moody's de Mexico affirmed all of Financiera Bepensa S.A. de C.V.
SOFOM E.N.R.'s (Financiera Bepensa) ratings with a stable outlook.
The ratings affirmed are: Mexican National Scale Baa3.mx/MX-3
long- and short-term issuer ratings, and B2 long-term global local
currency issuer and corporate family ratings. Moody's also
affirmed the Not-Prime short-term global local currency issuer
rating. Financiera Bepensa's ratings take into account a b2
standalone baseline credit assessment (BCA). All these ratings
have stable outlooks.

List Of Ratings Affirmed

The following ratings were affirmed with a stable outlook:

Long term local currency issuer rating of B2

Short term local currency issuer rating of Not Prime

Long term Mexican National Scale issuer rating of Baa3.mx

Short term Mexican National Scale issuer rating of MX-3

Long-term local currency Corporate Family Rating of B2

Ratings Rationale

In affirming Financiera Bepensa's ratings, Moody's took into
account the company's sound overall performance and ability to
generate core earnings, which are partially offset by a
significant increase in past due loans (PDLs) following the
company's opportunistic expansion into new markets.

Financiera Bepensa continues to diversify away from its narrow
historical focus on SME lending in the Yucatan peninsula by
expanding its operations into new products, clients and
geographies .According to Moody's analyst David Olivares, "this
strategy has helped reduce Financiera Bepensa's dependence on its
economic group, Grupo Bepensa (unrated), but it has also led to an
increase in credit and execution risks." Notwithstanding these
increased risks, Financiera Bepensa's ratings continue to be
upheld by the company's good capitalization, which is a key factor
in supporting the company's ongoing expansion. While the company
has benefited from significant capital injections from its parent,
it also generates substantial internal capital thanks to the wider
spreads charged on its relatively riskier loans to small and
medium sized enterprises (SMEs), reflected in an average net
interest margin of 9% during 2014. The finance company's
profitability has also improved because Financiera Bepensa is no
longer responsible for funding any of Grupo Bepensa's operating
expenses, which use to be a significant burden to its bottom line.

However, Financiera Bepensa's expansion beyond its historical base
of operations in southern Mexico and its traditional business of
lending to SMEs into areas in which it has limited expertise, such
as real estate lending in the north of Mexico, raises questions
about its risk management standards and has lead to an increase in
execution risks and loan underwriting challenges. The company's
increasing risk profile is reflected by an increase in PDLs to 7%
in 3Q2014 from 3.9% in the same period of last year and a
corresponding rise in loss provisions related to one of the
company's largest credit exposures. Management indicates that it
has already provisioned for approximately one-third of its
exposure related to these non-performing loans and the balance is
well covered by collateral, on which it is currently in the
process of foreclosing. Moody's note that even if the company
needs to write-off its remaining exposure, the impact on capital
should be manageable.

Olivares also indicated that "notwithstanding Financiera Bepensa's
increasing operational independence, its ratings also remain
constrained by a poorly diversified funding structure
characterized by limited access to long-term funding sources and
debt capital markets coupled with continued high reliance on
related companies, which guarantee a large portion of the finance
company's funding lines." While the company has recently been able
to access lines of credit without explicit parental support for
the first time, Financiera Bepensa would nevertheless most likely
face higher funding costs and limited access to bank funding if
not for the Bepensa name and support of its affiliate entities.
With its top 20 customers accounting for more than half its loan
portfolio, the finance company also remains challenged by its high
customer concentration, which leaves its asset quality metrics
dependent on the performance of large individual borrowers, as
well as its family-based ownership structure, which raises
concerns regarding potential corporate governance risks.

If the increase in the company's risk appetite that resulted in
recent opportunistic lending activities and the ensuing spike in
PDLs proves not to be an isolated incident and additional loan
deterioration results, Financiera Bepensa's ratings could face
downward pressure. While upward pressure is limited at this
juncture, the ratings could benefit if the company demonstrates
that it has addressed its risk management shortcomings while
obtaining more stable funding and successfully diversifying its
business.

Financiera Bepensa's B2 issuer rating is aligned to the b2 BCA.
Financiera Bepensa is headquartered in Merida, Yucatan; Mexico. As
of 30 September 2014 it had Mx$3.6 billion in assets and Mx$1.6
billion in capital.


GRUPO KUO: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'mxA' national scale corporate credit ratings on Grupo KUO,
S.A.B. de C.V. (KUO).  The outlook remains stable.  At the same
time, S&P's recovery rating of '3' on KUO's debt on global scale
remains unchanged, and it assigned a the same recovery rating to
this debt on national scale.

The ratings affirmation follows the assignment of S&P's recovery
rating on national scale to KUO's local unsecured notes
(Certificados Bursatiles or CEBURES) due 2015 and 2019, each for
about $53 million.

The rating affirmation includes S&P's expectation that the company
will maintain strong market shares due to its leadership and
operating capabilities in all of its business segments.  KUO will
likely maintain its current business position in the coming years
mainly thanks to its strategic focus on investing in profitable
and value-added businesses, continued expected diversification of
its portfolio through joint ventures (JVs), which match its core
businesses (consumer goods, chemicals and auto parts), and the
resilient nature of its food business.  However, the offsetting
factors are some geographic concentration (as about 82% of its
sales are generated in the North America Free Trade Agreement
region) and the cyclicality in the auto parts and chemicals
businesses will continue to offset these factors.


METROFINANCIERA S.A.P.I.: Fitch Affirms CCC Rating on UDI Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of these Metrofinanciera,
S.A.P.I. de C.V., SOFOM, E.N.R. (Metro) residential mortgage
backed securities (RMBS):

MTROCB 07U

   -- UDI indexed notes due 2033 long-term Local Currency rating
      at 'CCCsf' and national long-term rating at 'CCC(mex)vra'.

MTROCB 08U

   -- UDI indexed notes due 2033 long-term Local Currency rating
      at 'Csf' and national long-term rating at 'C(mex)vra'.

KEY RATING DRIVERS

MTROCB 07U

Asset quality metrics continue deteriorating.  As of December
2014, overcollateralization (OC) levels have decreased to -74.5%
from -57.7% reported 12 months ago and delinquent loans represent
21.6% of the original loan balance.

Given the excess spread of -1.4% (average of last 12 months),
principal collections have been used to complete coupon payments;
thus reducing the amortization pace.  Notes have amortized 55.9%
of their original bond balance.

In Fitch's view, full payment of the notes relies on Metro's
(primary servicer) ability to recover non-performing loans (NPLs),
execute mortgage insurance, and sell real estate owned assets
(REOs).  As of the December 2014 payment date, REOs represented
approximately 15.4% of the outstanding balance of the notes and
NPLs represent 46.7% of current collateral balance.  During the
last 12 months, Fitch has observed a recovery rate of delinquent
loans around 75.1%

MTROCB 08U

Current ratings reflect the ongoing deterioration of the
transaction; as of the December 2014 payment date, OC level has
worsened to -75.4% from -59.7% 12 months ago, and delinquent loans
represent 21.1% of the original loan balance.  Excess spread is
negative at -2.4% and reduces the amortization pace for these
notes.  The bond has been paid 45.7% of its original balance.

In Fitch's view, full payment of the notes relies on the
servicer's ability to recover NPLs, execute mortgage insurance,
and sell its REOs.  As of the December 2014 payment date, REOs
represented approximately 14% of the outstanding balance of the
notes and NPLs represent 41.6% of current collateral balance.
During the last 12 months, Fitch has observed a recovery rate of
delinquent loans around 83.1%

RATING SENSITIVITIES

Rating upgrades are limited for both transactions.  An increase in
late-stage arrears and subsequent defaults beyond Fitch's
expectations and/or prolonged periods of no recoveries would
pressure current ratings to be downgraded.  Recovery estimates as
of this date are expected to be in excess of 70%.


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


CORPORACION LINDLEY: S&P Revises Outlook to Neg. & Affirms BB+ CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Corporacion Lindley S.A. (Lindley) to negative from stable.  At
the same time, S&P affirmed its 'BB+' corporate credit and debt
ratings on the company.

The rating action is based on Lindley's weaker-than-expected
performance during 2014 and S&P's expectation of improvement in
the company's profitability, liquidity, and key credit metric will
take longer than previously anticipated.  This stems from Peru's
subdued economic performance and lower consumption, denting
Lindley's sale volumes, mainly in the sparkling beverage
categories.  The company has also incurred higher expenses to
improve sales and distribution capabilities, and additional costs
related to the Pucusana plant startup.  S&P expects the company's
financial metrics to remain weak for the "significant" financial
risk profile during the first half of 2015.  However, S&P also
believes Lindley's performance to recover by the end of 2015.


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


PROVINCIAL DE REASEGUROS: Fitch Cuts LT LC IFS Rating to 'CCC'
--------------------------------------------------------------
Fitch Ratings has taken rating actions on these Venezuelan
reinsurance companies subsequent to the downgrade of the
sovereign's Issuer Default Ratings (IDRs):

   -- Provincial de Reaseguros, C.A. (Pro Re);
   -- Americana de Reaseguros, C.A.;
   -- Reaseguradora Delta, C.A.

KEY RATING DRIVERS - PRO RE's INTERNATIONAL RATING

Pro Re's International Insurer Financial Strength Rating (IFS)
rating has been downgraded 'CCC' from 'B' in line with the
downgrade in Venezuela's sovereign rating also to 'CCC' from 'B'
The reinsurer is directly exposed to issues constraining the
sovereign rating level.  The operating environment in Venezuela is
a constraint to Pro Re's rating, domiciled in Venezuela and owned
by local shareholders.  In Fitch's view this is because the
company has not achieved a sizeable international business
diversification (only 3% of net premiums from sources outside of
its home country as of June 2014).

KEY RATING DRIVERS - VENEZUELAN REINSURERS' NATIONAL RATINGS

Fitch has affirmed all Venezuelan reinsurers' National IFS
ratings.  The affirmations reflect Fitch's belief that credit
fundamentals of these three reinsurers are still sufficiently
strong and consistent with their current national rating levels.
Their strong credit profiles reflect their high profitability
levels, with combined ratios consistently below 100%, as well as
their adequate capitalization and liquidity positions.  In
addition, none of these reinsurers hold high levels of government
debt.

RATING SENSITIVITIES - INTERNATIONAL AND NATIONAL IFS RATINGS

A subsequent downgrade of the sovereign's IDRs would result in a
similar action on the IFS ratings of these reinsurers, which are
currently capped at the sovereign.

Additional government intervention that pressures the financial
performance of these reinsurers could negatively affect their
International and National IFS ratings.

Fitch considers that an upgrade to any of the reinsurers' ratings
is unlikely in the near future, in light of current macroeconomic
vulnerabilities.

Fitch has taken these rating actions:

Provincial de Reaseguros, C.A.

   -- Long-term local currency IFS rating downgraded to 'CCC' from
      'B';
   -- Long-term National IFS rating affirmed at 'A-(ven)'.

      Americana de Reaseguros, C.A.
   -- Long-term National IFS rating affirmed at 'A-(ven)'.

Reaseguradora Delta, C.A.

   -- Long-term National IFS rating affirmed at 'A-(ven)'.


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


* BOND PRICING: For the Week From Dec. 22 to Dec. 26, 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
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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,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *