TCRLA_Public/150105.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, January 5, 2015, Vol. 16, No. 002


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Air Station Proved Too Costly to Operate


A R G E N T I N A

BUENOS AIRES: Moody's Rates ST Treasury Note Program (P)Caa1
ICBC ARGENTINA: Moody's Assigns B1 Global LC Debt Rating
RJ DELTA: Moody's Withdraws Caa-bf Ratings of 4 Bond Funds


B A R B A D O S

SAGICOR LIFE: S&P Lowers Rating to 'BB-'; Outlook Negative


B R A Z I L

COMPANHIA ENERGETICA: S&P Affirms 'BB+' Global Scale CCR
GRUPO VIRGOLINO: In Talks to Raise Cash by Selling Equity Stake


C A Y M A N  I S L A N D S

ACQ EQUITY: Shareholder Receives Wind-Up Report
ADVENT CONVERTIBLE: Shareholders Receive Wind-Up Report
ASIAN CENTURY: Shareholder Receives Wind-Up Report
ATRIUM TRADING: Shareholders Receive Wind-Up Report
C. INVESTMENTS: Members Receive Wind-Up Report

CHL TOTAL: Shareholder Receives Wind-Up Report
EP ENERGY: Members Receive Wind-Up Report
INTERNATIONAL AVIATION: Shareholder Receives Wind-Up Report
MS DAIRY: Members Receive Wind-Up Report
MS DAIRY II: Members Receive Wind-Up Report

PRENTICE CAPITAL: Shareholder Receives Wind-Up Report
PRENTICE SPECIAL: Shareholder Receives Wind-Up Report
UNIVERSA ASYMMETRY: Members Receive Wind-Up Report
WESTERN ASSET: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Foreign Debt Climbs 11.8% on Bonds
DOMINICAN REPUBLIC: Fuel Prices Fall a 7th Straight Week


J A M A I C A

JAMAICA: Borrowing Doubles Targeted Intake
JAMAICA: Reduces Trade Deficit With CARICOM


M E X I C O

MULTICAT MEXICO 2012-I: S&P Affirms B- Rating on Class C Notes


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Sets Special Meeting of Shareholders For Jan. 22


V E N E Z U E L A

VENEZUELA: Opposition Leader Says "It Smells Like Devaluation"


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: Air Station Proved Too Costly to Operate
-----------------------------------------------------------
The Daily Observer reports that the Public Relations team for the
United States Air Station (Antigua Air Station) said it had to
close its 70-year-old naval base in Antigua & Barbuda as it was
too expensive to operate.

Public Affairs Representative for the US Southern Command in
Miami, Raymond Sarracino, told Daily Observer it took
approximately US $10 million a year to run the Coolidge-based
operation.

"It was a substantial investment that unfortunately, the decision
was made that they were not able to continue with that," Mr.
Sarracino said.

Mr. Sarracino said that US$1.5 million of that figure covers the
annual lease agreement between the Government of Antigua & Barbuda
and the US authorities, while another US$100,000 is spent to man
the entire facility, the report notes.

Weeks ago, Daily Observer was reliably informed that the air
station would be closed indefinitely and that close to 100 workers
would be terminated over a nine-month period.

The news came after the US authorities reportedly informed the
Gaston Browne administration of the pending closure next year, the
report relates.

In 2012, US authorities first announced the intention to relocate
its satellite operations in Antigua to Australia as part of a
space surveillance deal, the report discloses.

The PR representative said, following the closure of the air
station, the property will be returned to government, the report
adds.

                          *     *     *

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


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


BUENOS AIRES: Moody's Rates ST Treasury Note Program (P)Caa1
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (global scale local currency) and Baa3.ar
(Argentina National Scale) ratings to the 2015 Short-Term Treasury
Note Program of the Province of Buenos Aires. The ratings are in
line with the province's long term local currency issuer ratings,
which carry negative outlook.

Ratings Rationale

The Short-Term Treasury Note Program has been authorized by the
province's 2015 Budget Law N§14.652 and by the Supplementary
Budgetary Law, whereas Resolution 942/14 --dated December 19th
2014- of the provincial General Treasury set the specific issuance
conditions of the series within the program. The treasury notes
will be backed by transfers from the Government of Argentina
(Caa1, negative). The assigned debt ratings reflect Moody's view
that the willingness and capacity of the Province of Buenos Aires
to honor these short-term treasury notes is in line with the
provincial's long-term credit quality as reflected in the
Caa1/Baa3.ar issuer ratings in local currency.

The maximum issuance amount authorized under the program is
approximately ARS4.376 million or its equivalent in foreign
currency. This represents around 5% of the province's net direct
and indirect debt as of September 2014 --last reported figure- and
about 1.8% of total revenues budgeted for 2015.

The Province of Buenos Aires intends to issue sixteen tranches in
public tenders in the domestic market with maturities up to 365
days, the first of which is scheduled for the first week of 2015
and the others throughout the rest of that fiscal year.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

What Could Change The Rating Up/Down

Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the Province of Buenos Aires's ratings
in the near to medium term. However, a change in Argentina's
sovereign outlook back to stable could lead to a change in the
outlook back to stable of the Province of Buenos Aires.
Conversely, a sharp deterioration of the Province of Buenos
Aires's financial results, coupled with higher debt levels could
add downward pressure to the assigned ratings. The province of
Buenos Aires could also be downgraded if the negative outlook on
the sovereign rating materializes into a rating downgrade.

The principal methodology used in this rating was Regional and
Local Governments published in January 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".


ICBC ARGENTINA: Moody's Assigns B1 Global LC Debt Rating
--------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B1 global local currency debt rating to Industrial and Commercial
Bank of China (Argentina) S.A. (ICBC Argentina)'s expected
issuance of up to ARS 500 million, which will be due in 18 months,
under the bank's US $250 million medium-term note program. At the
same time, Moody's Latin America assigned a Aaa.ar national scale
local currency debt rating to the expected issuance.

The outlook for all ratings is negative, given the deteriorating
operating environment prompted by Argentina's default. Continued
economic deceleration and high inflation will negatively affect
ICBC Argentina's business prospects, asset quality and earnings
generation.

The following ratings were assigned to ICBC Argentina S.A.'s
expected issuance under the debt program:

Expected Issuance of up to ARS 500 million:

B1 Global Local Currency Debt Rating, negative outlook

Aaa.ar Argentina National Scale Local Currency Debt Rating,
negative outlook

Ratings Rationale

ICBC Argentina's B1 global local currency debt and deposit ratings
derive from the bank's caa1 baseline credit assessment and Moody's
assessment of a high probability of parental support to be
provided by its shareholder, Industrial & Commercial Bank of China
Ltd, rated A1 with stable outlook.

The standalone rating considers the challenging operating
environment in Argentina and incorporate the risks related to
increasing government intervention through mechanisms unfavorable
to the earnings generation, funding dynamics and financial
flexibility of financial institutions. These challenges and risks
limit the support provided by ICBC Argentina's prudent risk
management practices, adequate capitalization and its well-defined
footprint in the corporate and retail banking segments. In
addition, while reported profitability metrics are strong, they
are considerably weaker when adjusted for the country's very high
rate of inflation.

ICBC Argentina is headquartered in Buenos Aires, with assets of
ARS 35.36 billion and equity of ARS 4.34 billion as of September
2014.

The principal methodology used in this rating was Global Banks
published in July 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".


RJ DELTA: Moody's Withdraws Caa-bf Ratings of 4 Bond Funds
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn the rating of ten bond funds and the assessment of three
equity funds managed by RJ Delta Fund Management S.A.S.G.F.C.I.
(RJ Delta).

The ratings of the following ten bond funds have been withdrawn:

- Performance Ahorro FCI - global scale rating and national scale
rating were withdrawn at B-bf and Aa-bf.ar, respectively

- RJ Delta Renta FCI - global scale rating and national scale
rating were withdrawn at Caa-bf and Baa-bf.ar, respectively

- RJ Delta Global FCI - global scale rating and national scale
rating were withdrawn at Caa-bf and Baa-bf.ar, respectively

- Delta Federal I FCI - global scale rating and national scale
rating were withdrawn at Caa-bf and Baa-bf.ar, respectively

- Delta Patrimonio I FCI - global scale rating and national scale
rating were withdrawn at B-bf and Aa-bf.ar, respectively

- Delta Patrimonio II FCI - global scale rating and national scale
rating were withdrawn at B-bf and A-bf.ar, respectively

- RJ Delta Ahorro FCI - global scale rating and national scale
rating were withdrawn at B-bf and Aa-bf.ar, respectively

- RJ Delta Renta II FCI - global scale rating and national scale
rating were withdrawn at Caa-bf and Baa-bf.ar, respectively

- RJ Delta Renta IV FCI - global scale rating and national scale
rating were withdrawn at B-bf and A-bf.ar, respectively

- RJ Empresas Argentinas PYME FCI Abierto - global scale rating
and national scale rating were withdrawn at B-bf and A-bf.ar,
respectively

Additionally, the assessments of the following three equity funds
have been withdrawn:

- RJ Delta Acciones: withdrawn at EF-3

- RJ Delta Acciones II: withdrawn at EF-3

- Delta Multimercado: withdrawn at EF-3

Moody's has withdrawn the ratings of these bond funds and the
assessments of these equity funds due to its own business reasons.

The principal methodology used in this rating was Moody's Bond
Fund Rating Methodology published in May 2013.

RJ Delta is one of the larger asset managers within the
Argentinean mutual fund industry with a 4.6% market share. As of
November 2014, RJ Delta Fund Management managed approximately
AR$5,432 million in assets.


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


SAGICOR LIFE: S&P Lowers Rating to 'BB-'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its foreign and local
currency counterparty credit ratings and financial strength rating
on Sagicor Life Inc. (Sagicor) to 'BB-' from 'BB+'.  At the same
time, S&P lowered its rating on Sagicor Finance Ltd.'s $150
million, 10-year senior unsecured notes to 'B' from 'BB-'.  The
outlook is negative.

The rating action on Sagicor follows the downgrade on Barbados to
'B' from 'BB-'.  "Although the company passes our default stress
scenario for this country, a life insurer rating is capped at two
notches above the sovereign rating of its country of domicile
considering our view that life insurers have a high sensitivity to
country risk and the critical role of regulations and funding for
these entities," said Standard & Poor's credit analyst Jose Perez-
Gorozpe.  S&P's ratings also consider Sagicor's significant
exposure to Jamaica (foreign and local currency ratings: B-
/Positive/B), representing, as of Sept. 2014, 33.7% of the
company's investment portfolio.  Consequently, S&P conducted
sovereign default stress and transfer and convertibility tests for
this country.  Sagicor passed stress tests for both Jamaica and
Barbados; therefore, S&P assigned ratings above the sovereign
ratings of these two countries.  However, the ratings on Sagicor
are two notches below the potential rating of 'bb+', as its
country of domicile limits it to 'BB-'.  The ratings continue to
be supported by the company's "moderately strong" capitalization,
improving operating performance, and "adequate" competitive
position.

The rating on Sagicor Finance's $150 million, 10-year senior
unsecured notes is two notches below the issuer credit rating on
Sagicor, reflecting the subordination of this debt to
policyholders' obligations.  Sagicor Financial Corp. (not rated)
and Sagicor guarantee the debt.


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


COMPANHIA ENERGETICA: S&P Affirms 'BB+' Global Scale CCR
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA+' Brazilian national scale corporate credit ratings on
Companhia Energetica de Minas Gerais S.A. (Cemig) and its
operating subsidiaries, Cemig Distribuicao S.A. (Cemig D) and
Cemig Geracao e Transmissao S.A. (Cemig GT).  The outlook remains
stable.  Cemig's stand-alone credit profile (SACP) remains at
'bb+'.

The ratings on Cemig reflect the group's "satisfactory" business
risk profile and "significant" financial risk profile.  Although
Cemig is continuing its legal disputes over its rights to renew
the concessions for its hydropower plants with an installed
capacity of about 2,500 megawatts (MW), S&P believes that the
outcome won't jeopardize its competitive position.  Cemig's
diversified portfolio of assets in the electricity generation,
transmission, and distribution provides certain resilience to its
operations.  S&P's ratings on Cemig D and Cemig GT mirror the
ratings on their parent, because it views them s "core" entities
of the group.

S&P applies its criteria for government-related entities (GREs) in
its analysis of Cemig, because the Brazilian state of Minas Gerais
(global scale: BBB-/Stable/-- national scale: brAAA/Stable/--)
controls 51% of the group.  S&P's belief of a "moderately high"
likelihood of extraordinary support stems from S&P's view of
Cemig's "important" role because it provides essential energy
services to the state's population.  The likelihood of support
also reflects that it has a "strong" link with the state based on
its majority equity stake in the company.  For entities S&P views
as benefiting from supportive government policies, possibly
through direct assistance or extraordinary intervention, but the
likelihood of the latter is lower, the ratings are usually more
closely aligned with the SACP.


GRUPO VIRGOLINO: In Talks to Raise Cash by Selling Equity Stake
----------------------------------------------------------------
Paula Sambo and Gerson Freitas Jr. at Bloomberg News report that
Grupo Virgolino de Oliveira SA, the Brazilian sugar and ethanol
producer that's negotiating with creditors to avoid bankruptcy, is
in talks to sell a stake in the company before an interest payment
due later this month, according to three people with direct
knowledge of the matter.

The sugar producer is looking to bolster its finances after a glut
of the sweetener pushed prices to the lowest in almost four years
and as Brazil's gasoline price caps damp domestic ethanol prices,
according to Bloomberg News.  The report notes that GVO's $300
million of bonds due in 2018 have plunged to 6.75 cents on the
dollar, levels signaling investors are expecting a default.

The company is due to pay US$15.8 million in interest on the notes
Jan. 28.

Bloomberg News relates that while discussions are taking place
with several potential bidders, talks are most advanced with
Biosev SA (BSEV3), the Brazilian sugar-mill operator controlled by
Louis Dreyfus Holding BV, said the people, who asked not to be
identified because the information is private.

GVO is also seeking to raise US$100 million to US$200 million via
debtor-in-possession financing, one of the people said, Bloomberg
News says.

Bloomberg News notes that GVO is also negotiating a standstill
agreement with creditors to suspend debt payments, one of the
people said.

The sugar producer met with shareholders and bondholders Dec. 11
to discuss a deal to swap debt for equity and invest additional
money into the business, two people with knowledge of the matter
said at the time, Bloomberg News relays.

Earlier this month, Biosev said it will receive an investment of
as much as BRL128 million (US$47.6 million) from International
Finance Corporation, Bloomberg News relays.  IFC will control 5.84
percent of the company if minorities don't inject any capital,
Chief Executive Officer Rui Chammas said at the time, Bloomberg
News adds.

Grupo Virgolino de Oliveira SA is a Brazilian sugar and ethanol
producer.


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


ACQ EQUITY: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of ACQ Equity Income Offshore Fund, Ltd received
on Nov. 3, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877


ADVENT CONVERTIBLE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of The Advent Convertible Arbitrage (Cayman) Fund
II received on Dec. 10, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Advent Capital Management, LLC
          Ed Delk
          c/o Advent Capital Management, LLC
          1271 Avenue of the Americas, 45th Floor
          New York
          NY 10020
          United States of America
          Telephone: +1 (212) 482 7390


ASIAN CENTURY: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Asian Century Quest Offshore Fund, Ltd received
on Dec. 9, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877


ATRIUM TRADING: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Atrium Trading Company received on Dec. 18,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Philip Mosely
          Harbour Centre, Ground Floor
          42, North Church Street
          George Town
          Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


C. INVESTMENTS: Members Receive Wind-Up Report
----------------------------------------------
The members of C. Investments Ltd. received on Dec. 10, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Oscar Sustaita Torres
          Av. De lad Fuentes
          41-A-902 Col. Lomas de Tecamachalco
          Estado de Mexico CP 53950
          Telephone: 52 55 5520 1789


CHL TOTAL: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of CHL Total Return Fund received on Dec. 11,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1763
          Facsimile: (345) 949-9877


EP ENERGY: Members Receive Wind-Up Report
-----------------------------------------
The members of EP Energy Brazil Holdings Company received on
Dec. 9, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


INTERNATIONAL AVIATION: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of International Aviation Management (CI) Ltd
received on Dec. 11, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Roger Priaulx
          Edel Andersen
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


MS DAIRY: Members Receive Wind-Up Report
----------------------------------------
The members of MS Dairy Holdings received on Dec. 15, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MS DAIRY II: Members Receive Wind-Up Report
-------------------------------------------
The members of MS Dairy Holdings II, Limited received on Dec. 15,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PRENTICE CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Prentice Capital Offshore, Ltd received on
Dec. 16, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          MJM (Cayman) Limited
          19 Bel Air Drive, Cocowalk 5
          Grand Cayman
          Cayman Islands
          Telephone: (345) 938-2707


PRENTICE SPECIAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Prentice Special Opportunities Offshore, Ltd
received on Dec. 16, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          MJM (Cayman) Limited
          19 Bel Air Drive, Cocowalk 5
          Grand Cayman
          Cayman Islands
          Telephone: (345) 938-2707


UNIVERSA ASYMMETRY: Members Receive Wind-Up Report
--------------------------------------------------
The members of Universa Asymmetry Offshore Fund Ltd. received on
Jan. 1, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


WESTERN ASSET: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Western Asset Protection Fund, Ltd received on
Dec. 8, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gavin L. James
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


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


DOMINICAN REPUBLIC: Foreign Debt Climbs 11.8% on Bonds
------------------------------------------------------
Dominican Today reports that Dominican Republic's foreign debt
grew 11.8%, from Jan. to Sept. 2014 compared with the same period
in 2013, the Central Bank said in its 2014 Report on the Dominican
Economy.

The central bank said the external debt increased by US$1.74
billion, mostly due to new bonds issues and the Petrocaribe Energy
Cooperation Agreement, according to Dominican Today.

The report notes that statistics from the Central Bank's Public
Credit Agency place the public sector external consolidated debt
at US$16.6 billion, or 26.4% of GDP at the end of September.

Of the total debt, US$15.7 billion (24.6% of GDP) correspond to
the nonfinancial public sector, whereas the Central Bank accounts
for the remaining US$900.1 million, or 1.4% of GDP, says the
report.


DOMINICAN REPUBLIC: Fuel Prices Fall a 7th Straight Week
--------------------------------------------------------
Dominican Today reports that for the 7th straight week, the
Industry and Commerce Ministry posted lower prices on most fuels,
as much as RD$3.30 per gallon in some cases.

For the week starting Jan. 4, premium gasoline will sell for
RD$197.00, or RD$3.10 less, and regular gasoline will cost
RD$174.10, or RD$3.30 lower per gallon, according to Dominican
Today.

The report notes that premium diesel will cost RD$163.00, while
regular diesel will cost RD$154.90, or RD$2.70 lower on both.

Propane gas remains unchanged at RD$85.90 per gallon, the same
with natural gas, at RD$31.44 per cubic meter, the report relates.


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


JAMAICA: Borrowing Doubles Targeted Intake
------------------------------------------
RJR News reports that government of Jamaica borrowing up to the
end of November was almost double the targeted intake.

Latest data released by the Finance Ministry shows total borrowing
for the current fiscal year to the end of November was J$133
billion, an increase of 90 percent on the target of J$69 billion,
according to RJR News.

The report notes that loan receipts are above target, due mainly
to the government's intake of US$800 million in July.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


JAMAICA: Reduces Trade Deficit With CARICOM
-------------------------------------------
RJR News reports that Jamaica has narrowed its trade deficit with
its CARICOM partners by US$36 million, after cutting imports and
boosting exports.

The latest trade data show imports from the region were valued at
US$616 million, according to RJR News.  This figure represents a
decline of 28 per cent from a year ago, notes the report.

The report says exports to CARICOM were valued at US$60 million in
the period under review.  That was up 20 per cent from a year ago,
the report adds.

The report notes that the result is a trade deficit of US$551
million.

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its
'B-' long-term foreign and local currency and 'B' short-term
foreign and local currency sovereign credit ratings on Jamaica.
At the same time, S&P revised the outlook on the long-term
sovereign credit ratings to positive from stable.  In addition,
S&P affirmed its 'B' transfer and convertibility (T&C) assessment.


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


MULTICAT MEXICO 2012-I: S&P Affirms B- Rating on Class C Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'B- (sf)' rating on MultiCat Mexico Ltd.'s series 2012-I class C
principal-at-risk variable-rate notes.  At the same time, S&P
removed the rating from CreditWatch with negative implications,
where it had placed it on Sept. 18, 2014.

On Sept. 15, 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, Swiss Reinsurance Co. Ltd. submitted an
event notice to the calculation agent, AIR Worldwide Corp.

On Sept. 18, S&P placed its rating on the class C notes on
CreditWatch to reflect the possibility that a triggering event may
have occurred.

On Dec. 19, the National Hurricane Center, the reporting agency,
published its cyclone report for Hurricane Odile.  The report
contained the data needed for AIR to determine whether Hurricane
Odile was a trigger event or not.  On Dec. 23, AIR published its
event report, which confirmed that it had determined that the
hurricane was not a triggering event.

For this reason, S&P is affirming its rating on the class C notes
at 'B- (sf)'.


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


TRINIDAD CEMENT: Sets Special Meeting of Shareholders For Jan. 22
-----------------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad Cement Limited
(TCL) will hold a special meeting of its shareholders at the
Hilton Trinidad on January 22 at 5:00 p.m.

In a statement, TCL indicated that the purpose of the meeting is
to provide shareholders with an update on the company's
restructuring plan and remove a restriction which prevents any
person from holding more than 20 percent of the issued share
capital of the company, according Trinidad and Tobago Newsday.

The report notes that the restriction also prohibits any person
from having more than 20 percent of the voting rights of the
company.  In its statement, TCL said this restriction is contained
in Article V of its Articles of Continuance (Restrictions on Share
Transfers and Share Ownership), the report relays.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
6, 2014, RJR News said Dr. Rollin Bertrand, Chief Executive
Officer of Trinidad Cement Limited, the parent company for
Jamaica's Caribbean Cement Limited, was sacked.

The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at an August 19
special meeting.  Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer at that time, the report related.

On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings
Services lowered its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'D' from 'B'.  The downgrade reflects TCL's
missed debt service payments due Sept. 30, 2014.

On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.


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


VENEZUELA: Opposition Leader Says "It Smells Like Devaluation"
--------------------------------------------------------------
EFE News reports that Venezuelan opposition leader and
presidential candidate in the last two elections, Henrique
Capriles, said that once again "it smells like devaluation" of the
bolivar, a reference to President Nicolas Maduro's declaration
that changes are about to be made to the state monetary exchange
system that has been in effect for 12 years.

"Let's just see what happens (Jan. 3) with the exchange system, it
smells like devaluation," Mr. Capriles wrote on his Twitter
account, according to EFE News.


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


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

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP


                            ***********


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 2015.  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 * * *