TCRLA_Public/150112.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 12, 2015, Vol. 16, No. 007


                            Headlines



A R G E N T I N A

ARGENTINA: Closer to Repaying Debt Owed to Germany, Netherlands
ARGENTINA: Daimler's Bid to Annul Pro-Argentina Ruling Rejected


B R A Z I L

AUTOMETAL S.A.: Fitch Affirms Then Withdraws 'BB' Currency IDRs
BRAZIL: Inflation Rate Ends 2014 at 6.41%
PETROLEO BRASILEIRO: Probes Pressure Banks' Quality, Fitch Says


C A Y M A N  I S L A N D S

A&Q SELECT: Shareholders Receive Wind-Up Report
ALTAIRIS OFFSHORE: Shareholders Receive Wind-Up Report
CAPITAL FUND: Members Receive Wind-Up Report
CAPITAL HEDGE: Members Receive Wind-Up Report
FMCP EMERGING: Shareholders Receive Wind-Up Report

FMCP EMERGING MASTER: Shareholders Receive Wind-Up Report
FMIM DYNAMIC: Shareholders Receive Wind-Up Report
FMIM DYNAMIC MASTER: Shareholders Receive Wind-Up Report
ISLAND NOMINEES: Shareholders Receive Wind-Up Report
LIONGATE PBA: Shareholders Receive Wind-Up Report

MARATHON REAL: Shareholders Receive Wind-Up Report
MORGAN STANLEY: Shareholders Receive Wind-Up Report
PARMALAT CAPITAL: Creditors to Hold Meeting on Jan. 14
SHOAL BAY: Shareholder Receives Wind-Up Report
SHOAL BAY VILLAS: Shareholder Receives Wind-Up Report

TRITTON DEVELOPMENT: Shareholders Receive Wind-Up Report


J A M A I C A

JAMAICA: Minister Urges Moderation in Wage Negotiations


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Rampant Resignation of Pilots Noted


V E N E Z U E L A

CORPORACION ELECTRICA: Fitch Cuts Issuer Default Rating to 'CCC'


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 29 to Jan. 2, 2015


                            - - - - -


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


ARGENTINA: Closer to Repaying Debt Owed to Germany, Netherlands
---------------------------------------------------------------
EFE News reports that Argentina's government has approved
templates for bilateral debt-refinancing contracts it plans to
sign with Paris Club members Germany and the Netherlands.

The model agreements were published Jan. 2 in the Official Gazette
via presidential decree, according to EFE News.

                            *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


ARGENTINA: Daimler's Bid to Annul Pro-Argentina Ruling Rejected
---------------------------------------------------------------
EFE News reports that the World Bank's arbitration body has
rejected a request by a unit of Germany's Daimler to annul a 2012
ruling in favor of Argentina, the South American nation's
government said.

Argentine Cabinet chief Jorge Capitanich said in a press
conference that an International Centre for Settlement of
Investment Disputes committee rejected an application filed by
Daimler Financial Services seeking partial annulment of the
tribunal's August 2012 decision, according to EFE News.


                             *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


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


AUTOMETAL S.A.: Fitch Affirms Then Withdraws 'BB' Currency IDRs
---------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Autometal S.A.'s
(Autometal) 'BB' foreign currency and local currency Issuer
Default Ratings (IDRs) and its 'AA-(bra)' National Long-term
Rating. At the time of the withdrawal the Rating Outlook was
Stable.

Fitch has withdrawn the ratings for business reasons. Accordingly,
Fitch will no longer provide ratings or analytical coverage for
Autometal.


BRAZIL: Inflation Rate Ends 2014 at 6.41%
-----------------------------------------
EFE News reports that Brazil's inflation rate ended 2014 at 6.41
percent, up from 5.91 percent at the close of 2013, the IBGE
statistics agency said.

Inflation barely remained within the target range of between 2.5
percent and 6.5 percent, according to EFE News.

The report notes that Brazil targets an inflation rate of 4.5
percent, but has a tolerance margin of two percentage points.


PETROLEO BRASILEIRO: Probes Pressure Banks' Quality, Fitch Says
---------------------------------------------------------------
Risk within oil and construction-related loan portfolios of many
Brazilian banks has risen due to corruption scandals uncovered by
investigations into illegal contracts between Petrobras and
multiple companies across the civil construction and oil and gas
chains, says Fitch Ratings.

The scandals have elevated the challenges for the Brazilian bank
sector and could result in higher past due loans, loan loss
provisions and/or loan restructurings in 2015, especially for
Brazil's large public banks.

Fitch's downgrade of the civil construction company OAS S.A. (OAS)
Issuer Default Rating (IDR) to 'RD' from 'C' on Jan. 7 is the most
recent rating action related to the corruption scandal involving
Petrobras. On Nov. 19, 2014, Fitch placed all rated Brazilian
construction companies on Rating Watch Negative due to the
agency's concerns about the financial and business impact of the
allegations.

Brazil is already contending with weak GDP growth (Fitch's
expectation of 0.3% for 2014 and just 1.0% in 2015), high
inflation rates (current domestic Selic at 11.75%/ year) and
devaluation of the local currency (Brazilian real down 12.5% in
2014). These weak economic conditions for corporates are expected
to continue in 2015. Roughly 35% of Brazilian bank loans are in
the Brazilian corporate sector.

Corruption scandals can result in reduced appetites for Brazilian
risk in the international capital markets and reduce local
available credit, affecting the companies' liquidity, and adding
to the challenging macro environment.

Brazil's public (i.e. state-owned) banks could be more prone to
oil and construction-related asset quality deterioration in the
near future due to their aggressive loan growth over the last four
years. Public banks are also more susceptible to political
interference, which can lead to larger loans (relative to private
banks) to infrastructure sectors, which have been bottlenecks for
the country's growth. The oil and gas, and civil construction
industries fit in these categories, thus public banks are more
exposed to these industries, and Fitch expects larger provision
needs for public banks in 2015.

The capitalization levels of Brazil's public banks (Fitch Core
Capital, or FCC, of 9.1%, as of June 2014) and default ratios (90
days past due at 2.2% as of November 2014, up from 1.8% of year-
end 2012) have already shown deterioration trends relative to
private peers. The lower default ratios compared with private
peers are mainly justified by stronger guarantees of both BNDES
and Caixa's credit portfolio. Normally IDRs on public banks are
derived from sovereign support, meaning that any deterioration on
these bank's financial profiles would not have a direct impact on
its IDRs.

The largest Brazilian private banks have well-diversified credit
portfolios and, in our view, less exposure to oil and construction
sectors relative to the large public banks. Private banks in
Brazil can be exposed to loan facilities and or guarantees made to
large corporates. A possible reduction in Petrobras' investment
plans and an environment of lower oil prices may put an additional
burden on some construction companies, oil service-related
companies and to individuals employed by those industries.

Although a rapid deterioration of any of the major construction
companies operating in the energy sectors could lead to additional
provisioning needs, private Brazilian banks currently enjoy strong
capitalization (FCC: 10.4% as of Jun. 2014) and declining rates of
loan delinquencies (90 days past due at 4.0% in November 2014,
down from 5.3% at year-end 2012). These banks' ability to actively
reprice its credit portfolios and disciplined cost controls are
also positive factors. Only a severe deterioration of these banks'
asset quality, profitability and capitalization would justify a
negative rating action.

Small and midsize banks count on higher concentrations in their
loan portfolios, including to smaller (middle market) companies
that can be linked to the production chain of oil and gas and or
civil construction industries. Companies that have been
constituted solely for a particular project could be directly
exposed to larger corporate entities involved in the scandals. If
not properly formalized and adequately backed by collateral, a
small or midsized bank's exposure to companies or projects in oil
and construction industries could harm these banks' financial
profiles.

Foreign banks are normally smaller institutions operating in
Brazil and have limits on lending their local balance sheets,
either due to strict credit policies or due to the size of their
local balance sheets. In addition, the ratings of these banks are
mostly derived from institutional support, which means that any
rating action on these Brazilian subsidiaries would typically be
linked to the willingness and or ability of the parent to support
its Brazilian subsidiary.


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


A&Q SELECT: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of A&Q Select Funds - Euro Limited received on
Dec. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ALTAIRIS OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Altairis Offshore received on Dec. 11, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Peter Goulden
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CAPITAL FUND: Members Receive Wind-Up Report
--------------------------------------------
The members of The Capital Fund, Ltd received on Dec. 17, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jonathan Culshaw
          Telephone: (345) 949 8599
          Facsimile: (345) 949 4451
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


CAPITAL HEDGE: Members Receive Wind-Up Report
---------------------------------------------
The members of The Capital Hedge Fund, Ltd. received on Dec. 17,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Jonathan Culshaw
          Telephone: (345) 949 8599
          Facsimile: (345) 949 4451
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


FMCP EMERGING: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of FMCP Emerging Markets Hedged Fund Limited
received on Dec. 10, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


FMCP EMERGING MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of FMCP Emerging Markets Hedged Master Fund
Limited received on Dec. 10, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


FMIM DYNAMIC: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of FMIM Dynamic Macro Fund Limited received on
Dec. 10, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


FMIM DYNAMIC MASTER: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of FMIM Dynamic Macro Master Fund Limited
received on Dec. 10, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


ISLAND NOMINEES: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Island Nominees 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:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


LIONGATE PBA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Liongate PBA Limited received on Dec. 11,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Peter Goulden
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MARATHON REAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Marathon Real Estate Hotel 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:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


MORGAN STANLEY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Morgan Stanley Global Emerging Markets
Holdings (Cayman) 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:

          Gao Yu
          International Commerce Centre, 40th Floor
          1 Austin Road West
          Kowloon
          Hong Kong


PARMALAT CAPITAL: Creditors to Hold Meeting on Jan. 14
------------------------------------------------------
The creditors of Parmalat Capital Finance Limited will hold a
meeting on Jan. 14, 2015, at 9:00 a.m.

Creditors who wish to attend can contact the company's liquidators
at:

          Zolfo Cooper
          Suite 776, 38 Market Street
          Canella Court, 2nd Floor
          Camana Bay, Grand Cayman
          Cayman Islands KYI-9006


SHOAL BAY: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Shoal Bay West Marina Development LLC received
on Dec. 18, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Rebecca Eggleton
          Michael Eggleton
          Wilmington Trust (Cayman), Ltd.
          Attn.: Carl Gosselin, Agent
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


SHOAL BAY VILLAS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Shoal Bay West Villas LLC received on Dec. 18,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Rebecca Eggleton
          Michael Eggleton
          Wilmington Trust (Cayman), Ltd.
          Attn.: Carl Gosselin, Agent
          P.O. Box 32322, Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


TRITTON DEVELOPMENT: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Tritton Development Fund Ltd. received on
Dec. 11, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Peter Goulden
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


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


JAMAICA: Minister Urges Moderation in Wage Negotiations
-------------------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Peter Phillips
is again issuing a word of caution regarding expectations for
upcoming public sector wage negotiations.

Dr. Phillips stressed that while the Simpson Miller administration
does not expect workers to forego a wage adjustment in the new
contract period, consideration should be given to the country's
limited financial resources, according to RJR News.

"I have every hope and confidence that the same spirit that guided
the earlier negotiations, when wage restraint was accepted, will
be available to us . . . as we seek to make up some of the lost
ground," the report quoted Dr. Phillips as saying.

Dr. Phillips added that it was important to recognize that "it is
not possible to do everything that probably would even be
justified, and which may be expected."

The Government, despite being still under the strictures of an IMF
agreement, has conceded that, after five years of a public sector
wage freeze, it has to resume granting incremental increases, the
report notes.  It wants the negotiations completed before the
start of the next financial year, which commences in April, the
report adds.

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.


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


CARIBBEAN AIRLINES: Rampant Resignation of Pilots Noted
-------------------------------------------------------
RJR News reports that news reports have revealed that Caribbean
Airlines Limited is facing a shortage of pilots in Trinidad and
Jamaica.

Trinidad's Newsday newspaper said this could have a negative
impact on the airlines' services this year, according to RJR News.
The newspaper said that the shortage is not the only issue
affecting CAL as there are a number of industrial matters between
the pilots and airline's management. It said wage negotiations for
the period 2010 to 2013 remain incomplete and the issue of
promised bonuses has not been settled, the report relates.

The report notes that one of the main areas of concern for the
pilot body is the way CAL is going about trying to solve the
shortage.

According to RJR News, a statement from the Trinidad and Tobago
Airline Pilots Association disclosed that the airline was using a
recruiting company offering six-month temporary contracts for B-
737 captains. The Association has voiced its disapproval of this
action since it denies its members from moving up in the ranks,
the report notes.

In the meantime, Newsday is reporting that the pilot shortage is
compounded by rampant resignations at CAL's Jamaican operations,
the report discloses.  It is understood that last year, at least a
dozen pilots quit CAL for other jobs in the Middle East and
Africa.  The Newsday report said recruiters from Emirates and
Qatar Air have been recruiting pilots, the report relays.

It says there is a large number of pilots from the Caribbean
working in the Middle East, Africa and India, the report adds.

                 About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on July
11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines
is facing another loss.  However, Finance Minister Larry Howai is
hopeful the loss could be narrowed down to less than TT$100
million, according to Trinidad and Tobago Newsday.  Mr. Howai
noted the airline industry is not the easiest and many airlines
have gone bankrupt at some point.

Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister
Howai said Caribbean Airlines Limited recorded losses estimated at
US$70 million in 2012.  In 2011, CAL had recorded losses of US43.7
million.


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


CORPORACION ELECTRICA: Fitch Cuts Issuer Default Rating to 'CCC'
----------------------------------------------------------------
Fitch Ratings has downgraded Corporacion Electrica Nacional S.A.'s
(CORPOELEC) foreign and local currency Issuer Default Ratings
(IDRs) to 'CCC' from 'B'. Fitch has also downgraded approximately
USD650 million of senior unsecured debt outstanding to 'CCC/RR4'
from 'B/RR4'. Concurrently, Fitch has downgraded CORPOELEC's
national long-term rating to 'AA(ven)' from 'AAA(ven)' and has
also affirmed its national short-term rating at 'F1+(ven)'.

Prior to this downgrade, the Rating Outlook for CORPOELEC was
Negative. Fitch has removed the Negative Outlook, as the agency
does not assign Outlooks to ratings of 'CCC' or below.

The rating downgrade follows Fitch's downgrade of the sovereign
ratings of Venezuela to 'CCC' from 'B'. The downgrade of the
sovereign ratings reflects the sharp decline of international oil
prices, which increase balance of payments pressures in the
context of reduced external financing flexibility and rising
macroeconomic instability.

KEY RATING DRIVERS
CORPOELEC's ratings reflect the company's strong linkage to the
government of Venezuela (rated 'CCC' by Fitch), given its tight
integration into the public sector determined by its 100% public
ownership and its dependence on public funding to carry on its day
to day operations, honor its financial obligations and finance its
capital expenditure needs.

RATING SENSITIVITIES

The key rating triggers that could lead to a negative rating
action include:

--A downgrade of the sovereign;
--Lack of financial support coming from the central government and
its agencies in order to allow CORPOELEC to service its financial
obligations on a timely basis, particularly the EDC bonds maturing
in October 2018 (USD 650 million).


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


* BOND PRICING: For the Week From Dec. 29 to Jan. 2, 2015
---------------------------------------------------------

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

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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.


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