TCRLA_Public/150119.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 19, 2015, Vol. 16, No. 012


                            Headlines



A R G E N T I N A

YPF SA: 3-Day Strike in Mendoza Caused "Huge Losses"


B R A Z I L

CIMENTO TUPI: S&P Lowers CCR to 'B-'; Outlook Negative
MEGA ENERGIA: Moody's Downgrades Corporate Family Rating to C


C A Y M A N  I S L A N D S

AFRICAN DAWN: Commences Liquidation Proceedings
CASPIAN SELECT: Commences Liquidation Proceedings
CASPIAN SELECT: Shareholder Receives Wind-Up Report
CINNAMON EUROPEAN: Placed Under Voluntary Wind-Up
COMCEL TRUST: Fitch Affirms 'BB+' Issuer Default Ratings

DANIX FUND: Placed Under Voluntary Wind-Up
DANIXMASTER FUND: Placed Under Voluntary Wind-Up
DEL MAR SPECIAL MASTER: Commences Liquidation Proceedings
DEL MAR SPECIAL: Commences Liquidation Proceedings
DIAMOND SPRINGS: Commences Liquidation Proceedings

MRM LIMITED: Commences Liquidation Proceedings
PERENNIAL CAPITAL: Placed Under Voluntary Wind-Up
PERENNIAL INVESTORS: Placed Under Voluntary Wind-Up
Q-BLK ALPHA: Placed Under Voluntary Wind-Up
SOFAER CAPITAL: Commences Liquidation Proceedings

SOFAER CAPITAL GLOBAL: Commences Liquidation Proceedings
SOFAER CAPITAL PACIFIC: Commences Liquidation Proceedings


C O L O M B I A

COLOMBIA: Agency Says Study to Check Oil Industry Competitiveness


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Plunge in Oil Paces 30-year Low 1.58% Inflation
DOMINICAN REP: Labor is Challenged to Justify 30% Wage Hike


E L  S A L V A D O R

GRUPO UNICOMER: Fitch Affirms 'BB-' IDR; Outlook Stable


J A M A I C A

JAMAICA: Auditor General Prepares for Budget Cuts


T R I N I D A D  &  T O B A G O

SCHLUMBERGER: To Fire 9,000 Workers


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Moody's Downgrades Issuer Rating to Caa3


X X X X X X X X X

* BOND PRICING: For the Week From Jan. 5 to Jan. 9, 2015


                            - - - - -


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


YPF SA: 3-Day Strike in Mendoza Caused "Huge Losses"
----------------------------------------------------
EFE News reports that Argentine state-controlled oil company YPF
SA said a 72-hour strike that affected all of its installations in
the western province of Mendoza caused "huge losses."

The job action resulted in a total of 16,000 barrels of crude not
being processed at the Lujan de Cuyo refinery and a production
shortfall of 20,000 barrels at fields in that province, YPF said
in a statement, according to EFE News.

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

                       *     *     *

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


===========
B R A Z I L
===========
CIMENTO TUPI: S&P Lowers CCR to 'B-'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit and issue-level ratings on Cimento Tupi S.A. to
'B-' from 'B'.  S&P also lowered the national scale rating to
'brB-' from 'brBB-'.  The outlook remains negative.

The downgrade is based on the company's inability to improve
operating performance and financial leverage metrics to the
previously expected levels.  Cimento Tupi weakened its capital
structure to fund the expansion of the Pedra do Sina plant, but
its ramp-up has delayed cash flow generation.  In addition, the
currency mismatch between the company's sources of financing (70%
in dollar-denominated unhedged debt) and its cash flows (in
Brazilian reals) exposes Cimento Tupi to short term fluctuations
in the exchange rate between the two currencies and hinders its
deleveraging.

S&P believes the company remains committed to debt reduction and
that its efforts to increase logistics efficiency and reduce its
corporate cost structure could boost margins in the next two
years.  However, S&P don't expect its leverage metrics to be in
line with what it views as "aggressive" financial risk profile
(debt to EBITDA of less than 5.0x and funds from operations to
debt of more than 12%) in the next 12 months.

Tupi's still limited scope of operations in a highly competitive
industry continues to constrain the company's business risk
profile.  The mitigating factor is Tupi's well-known brand in the
regional markets where it operates and S&P's expectation that
cement production at a single facility will provide Tupi with
significant efficiencies that should increase operating margins in
the near to intermediate term.


MEGA ENERGIA: Moody's Downgrades Corporate Family Rating to C
-------------------------------------------------------------
Moody's America Latina Ltda. downgraded Mega Energia's corporate
family ratings to C from Caa1 on its global scale and to C.br from
Caa1.br on its national scale. The ratings on the company's BRL 70
million senior unsecured debentures were downgraded to C/C.br from
Caa2/Caa2.br. The ratings outlook is stable.

Ratings downgraded:

Issuer: Mega Energia Locacao e Administracao de Bens S.A.

- Corporate Family Rating: to C from Caa1 (global scale); to C.br
from Caa1.br (national scale)

- BRL 70 million senior unsecured debentures due 2018: to C from
Caa2 (global scale); to C.br from Caa2.br (national scale)

Ratings Rationale

Mega Energia's downgrade reflect the further deterioration in the
company's liquidity position that will likely result in the
default of their debentures coupon payment due at the end of
January 2015, as well as the negative impact on the company's
already weak operating performance given Mega Energia's direct and
indirect exposure to the heavy construction industry and Petrobras
(Baa2 URPD), which is currently being investigated for corruption.

At the end of 2013, Mega Energia's cash balance was BRL 38
million. However, according to the management, the current cash
position is only about BRL 700 thousand, which is not sufficient
to service the significant amount of interest payments and debt
maturities over the next 12 months.

The C ratings reflect Moody's expectation of significant losses
for creditors in a potential debt restructuring due to Mega
Energia's weak liquidity, negative cash flow generation coupled
with further deterioration in operating performance arising from
Brazil's economic slowdown.

Due to the imminent default in coupon payment, an upgrade in Mega
Energia's rating is unlikely unless there is a significant
capitalization from its shareholders.

Headquartered in Rio de Janeiro, Brazil, Mega Energia is a local
provider of equipment rental, including crane, heavy vehicles,
natural gas compressors and energy generators. The company
operates mainly in the city of Rio de Janeiro (Baa2 negative),
where it generates approximately 64% of revenues, and in the North
and Northeast regions of Brazil (31% and 5% of revenues,
respectively). In 2013, Mega Energia reported net revenues of BRL
122 million and adjusted Ebitda margin of 32%.

The principal methodology used in this rating was the "Equipment
and Transportation Rental Industry" published in December 2014.


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


AFRICAN DAWN: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 20, 2014, the members of African Dawn Finance Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 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
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


CASPIAN SELECT: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 14, 2014, the sole shareholder of Caspian Select Credit
Intermediate, Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


CASPIAN SELECT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The sole shareholder of Caspian Select Credit Intermediate, Ltd.
received on Dec. 22, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


CINNAMON EUROPEAN: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 21, 2014, the sole shareholder of Cinnamon European
Structured Credit 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


COMCEL TRUST: Fitch Affirms 'BB+' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign currency and
local currency Issuer Default Ratings (IDRs) of Comcel Trust
(Comcel) at 'BB+' with a Stable Outlook. Fitch has also affirmed
Comcel's USD800 million senior unsecured debt at 'BB+.'
Comcel Trust (Comcel) is a special-purpose vehicle (SPV) created
in Cayman Island to issue USD 800 million senior unsecured notes
on behalf of Comcel Group (Comcel), a group of several legal
entities providing primarily mobile telecommunication services
under the Tigo brand. The ratings of the trust are based on the
combined credit profile of Comcel, which entities joint and
severally guarantee the note on a senior unsecured basis.

KEY RATING DRIVERS

Leading Market Position

Comcel is 55% owned by Millicom International Cellular S.A (MIC;
rated 'BB+' with a Stable Outlook). It is the largest mobile
service provider in Guatemala, with a 52.8% of subscriber market
share as of Sept. 30, 2014. As the first mobile service operator
in Guatemala since 1990, the company has established an entrenched
market position backed by its extensive network and distribution
coverage, stable quality of service, as well as strong brand
recognition of the 'Tigo' name. In addition, the company's
customized promotion strategy, especially for high-end
subscribers, has enabled its EBITDA market share to account for
about 64% of the industry, well above its subscriber market share.
Fitch believes that Comcel's competitive advantage, partly
supported by MIC's industry expertise, will remain intact and help
ward off price-driven competition from its peers to a certain
extent over the medium to long term.

Slow Mobile Revenue Growth

Fitch forecasts that Comcel's top-line growth could be slow, in
the low- to mid-single digits over the medium term, given the
maturity of the Guatemalan mobile industry with about 125%
penetration rates. Fitch believes that the continued decline in
traditional voice revenues will be somewhat offset by the positive
impact from increasing data revenues, which are being driven by
higher smartphone usage and data plan adoption rates, estimated to
be about 35% and 44% at the end of 2014, respectively. During
2014, the company has generated well over 90% of total sales from
the mobile services.

Positively, revenue contribution from Tigo Home segment, mainly
fixed broadband and cable TV, is likely to undergo strong double
digits revenue growth over the medium term given Comcel's
increasing network coverage expansion and bundling strategy. The
segment remains relatively underpenetrated and highly fragmented
which should provide Comcel with ample room to pursue both organic
and inorganic growth. Fitch expects Tigo Home revenue proportion
out of the total sales to increase to above 5% over the medium
term, from about 2.5% in 2014.

Margins Falling but Still Strong

Comcel boasts one of the highest operating margins among the
telecom operators in the region with its EBITDA margin of 51.3% in
the LTM ended Sept. 30, 2014. Fitch forecasts the company's EBITDA
margin to trend down toward 45% over the long term due to
persistent high levels of competition, as well as unfavorable
revenue mix change with an increasing contribution from lower
margin fixed-line and equipment sales. Despite the decline, Fitch
acknowledges that the forecasted EBITDA margin, in the range of
45%-50% during 2015-2017, still compares favorably to its regional
peers.

Moderately Low Leverage

Fitch expects Comcel to maintain moderately low financial leverage
for the rating category, with its net debt to EBITDAR forecast to
be at around 1.5x over the medium term, backed by solid
operational cash generation. The company's net leverage increased
to 1.4x as of Sept. 30, 2014 from 0.9x at end-2013 mainly due to
its high shareholder returns, including shareholder loan and
dividends, which amounted to USD588 million during the first nine
months of 2014 compared to just USD155 million from a year ago.

Fitch does not foresee any material improvement in the company's
financial profile due to the aggressive shareholder return policy
in the medium term. Despite solid cash flow from operations
(CFFO), estimated to be above USD500 million which fully covers
annual capex of about USD200 million, dividend payments could
continue to pressure Comcel's FCF generation.

Benign Regulatory Environment

The Guatemalan telecom industry has limited regulation, as
evidenced by the absence of material intervention in market
competition, and/or asymmetrical regulation imposed by the
regulatory body. Tariff policies are not subject to the regulatory
review, and the interconnection rates are set by private
contracts, all of which benefit the incumbent operator. In
addition, there is no regulation on number portability. Fitch sees
no indication of an adverse change in the regulatory stance that
could materially affect operational landscape of Comcel in the
near term given the high level of competition, quality of service,
and consumer affordability. In such an environment, the company
should be able to continue to develop business strategies
utilizing its largest-scale benefit to maintain its market
position.

Limited Geographical Diversification

Comcel's credit profile is tempered by its lack of geographical
diversification. The company operates only in Guatemala and is
significantly exposed to overall macroeconomic and political
conditions of the country; GDP per capita was estimated to be
USD3,700 in 2013. Although the company generates over 20% of its
total revenue in USD primarily through international
roaming/interconnection fees and calling cards, this revenue
portion is also based on the operation in Guatemala. In Fitch's
view, the company has limited room for growth and its scale of
cash generation will remain relatively small compared to regional
and global peers.

RATING SENSITIVITIES

Negative rating action could be considered in the case of an
increase in net debt-to-EBITDAR above 2.5x without a clear path to
deleveraging due to any one or combination of the following:
deterioration in MIC's financial profile leading to more
aggressive shareholder distributions, weaker cash generation due
to competitive or regulatory pressures on its operations, and M&A
activity.

Comcel's ratings are capped by the country ceiling of Guatemala.
Therefore, a negative rating action on Guatemala's country ceiling
would also pressure the ratings.


DANIX FUND: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 19, 2014, the shareholders of Danix Fund Limited SPC
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Danix Capital Investments Limited
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949 9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


DANIXMASTER FUND: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 19, 2014, the shareholders of Danixmaster Fund Limited SPC
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Danix Capital Investments Limited
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949 9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


DEL MAR SPECIAL MASTER: Commences Liquidation Proceedings
---------------------------------------------------------
On Nov. 19, 2014, the sole shareholder of Del Mar Special
Opportunities Master Fund Ltd. resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

           Del Mar Management LLC
           One Grand Central Place
           60 East 42nd Street Suite 5230
           New York
           New York 10165
           United States of America
           Telephone: +1 (212) 328 7137


DEL MAR SPECIAL: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 19, 2014, the sole shareholder of Del Mar Special
Opportunities Offshore Fund Ltd. resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

           Del Mar Management LLC
           One Grand Central Place
           60 East 42nd Street Suite 5230
           New York
           New York 10165
           United States of America
           Telephone: +1 (212) 328 7137


DIAMOND SPRINGS: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 20, 2014, the shareholders of Diamond Springs
International resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MRM LIMITED: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 20, 2014, the shareholders of MRM Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 22, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PERENNIAL CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 20, 2014, the sole shareholder of Perennial Capital Master
Fund LDC resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher C. Whitney
          c/o Perennial Management LLC
          100 First Stamford Place, 3rd Floor
          Stamford, Connecticut 06902, USA
          Telephone: 203 658 7333
          Facsimile: 203 357 0766


PERENNIAL INVESTORS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 20, 2014, the sole shareholder of Perennial Investors Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher C. Whitney
          c/o Perennial Management LLC
          100 First Stamford Place, 3rd Floor
          Stamford, Connecticut 06902, USA
          Telephone: 203 658 7333
          Facsimile: 203 357 0766


Q-BLK ALPHA: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 20, 2014, the sole shareholder of Q-BLK Alpha Engine, Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          PO Box 30464 Grand Cayman KY1-1202
          Cayman Islands


SOFAER CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------
On May 9, 2014, the members of Sofaer Capital Asia Private Equity
Fund resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby (Cayman) Ltd.
          c/o Sophie Benbow (345) 949 4900
          P.O. Box 190 Clifton House
          75 Fort Street
          Grand Cayman KY1-1104
          Cayman Islands


SOFAER CAPITAL GLOBAL: Commences Liquidation Proceedings
--------------------------------------------------------
On May 9, 2014, the members of Sofaer Capital Global Private
Equity Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby (Cayman) Ltd.
          c/o Sophie Benbow (345) 949 4900
          P.O. Box 190 Clifton House
          75 Fort Street
          Grand Cayman KY1-1104
          Cayman Islands


SOFAER CAPITAL PACIFIC: Commences Liquidation Proceedings
---------------------------------------------------------
On May 9, 2014, the members of Sofaer Capital Pacific Private
Equity Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Appleby (Cayman) Ltd.
          c/o Sophie Benbow (345) 949 4900
          P.O. Box 190 Clifton House
          75 Fort Street
          Grand Cayman KY1-1104
          Cayman Islands


===============
C O L O M B I A
===============


COLOMBIA: Agency Says Study to Check Oil Industry Competitiveness
-----------------------------------------------------------------
Andrew Willis at Bloomberg News reports that the Colombian
government will decide on the potential need for measures to aid
oil companies, based on the conclusions of an independent study,
according to the Andean nation's hydrocarbons agency.

The study will be commissioned from one of several consultancies
on a list, and may possibly lead to changes in "the current
conditions for hydrocarbon exploration and production," the agency
said in an e-mailed statement Jan. 16, according to Bloomberg
News.

Colombian officials will review proposals made by the
consultancies at a Jan. 27 meeting, the agency said, Bloomberg
News says.

Oil accounts for about half of Colombia's exports and is a key
revenue generator for the government, Bloomberg News says.  The
nation's oil production averaged 988,100 barrels a day in 2014,
the first drop in output since 2005 amid community protests and
pipeline attacks, Bloomberg News notes.

In addition, crude prices have collapsed as the Organization of
Petroleum Exporting Countries resisted calls to cut output amid a
U.S. shale boom that has boosted global supplies, Bloomberg News
adds.


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


DOMINICAN REP: Plunge in Oil Paces 30-year Low 1.58% Inflation
--------------------------------------------------------------
Dominican Today reports that Dominican Republic Central Bank said
Dominican Republic's inflation from December 2013 to December
2014, as measured by the change in the Consumer Price Index (CPI),
was 1.58%, the lowest in the last 30 years and lower by more than
two percentage points than the 3.88% in the same period in 2013.

In said inflation in 2014 was the second lowest in Latin America,
after the dollarized economy of El Salvador, notes the report.

"Core inflation, associated with monetary conditions ended the
year at 2.97%, similar to the 12-month average inflation of 3.00%,
which remained around the lower range target of 4.5% +/- 1%
referred to in the monetary program for 2014," the Central Bank
said, reports Dominican Today.

It adds that the result of inflation was influenced largely by low
inflationary pressures from abroad, especially the fall in oil
prices.


DOMINICAN REP: Labor is Challenged to Justify 30% Wage Hike
-----------------------------------------------------------
Dominican Today reports that in a meeting of less than one-hour,
management challenged labor to justify their request for a 30%
salary increase.

Jaime Gonzalez, president of the Dominican employers grouped in
Copardom, said to state their position, businesses need to know
the reasons behind the workers' demands, according to Dominican
Today.

But Gabriel del Rio, head of the union CASC, accuses management of
resorting to delay tactics against increasing the minimum wages.
"The attitude is common in the employer sector," the report notes.

CNUS Union leader Rafael-Pepe- Abreu and CNTD union president
Jacobo Ramos, among others, represented labor and workers, the
report discloses.

In the meeting held at the Labor Ministry's National Wage
Committee, Abreu said workers expect employers to ease
management's position stated last year, and to respect the need
for a wage hike, the report adds.


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


GRUPO UNICOMER: Fitch Affirms 'BB-' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Regal Forest Holding Co. Ltd ratings
(Grupo Unicomer):

   -- Local currency Issuer Default Rating (IDR) at 'BB-';
   -- Foreign currency IDR at 'BB-';

The Rating Outlook is Stable.

The ratings reflect the company's leading business position in
most of the 18 countries in Central America and the Caribbean and
in two countries in South America, where it has presence, through
857 units with 13 different store brands that sell consumer
durable products.  The ratings incorporate Grupo Unicomer's track
record of stable operational results based on a business model
that targets low-income to middle-income segments, which represent
the majority of the population in those countries where the
company operates, through several retail formats.  The ratings
consider the support and solid financial position of its
shareholders Milady Group (Milady) from El Salvador and El Puerto
de Liverpool (Liverpool) from Mexico (rated 'BBB+'/Outlook
Stable).  Supporting the ratings is the company's historic
performance of positive cash flow from operations throughout the
business cycle.

Grupo Unicomer's ratings are constrained by its growth strategy
through acquisitions, which has resulted in about USD300.6 million
of working capital and USD121 million of Capex investments since
year-end 2011 and adjusted leverage levels above 4.0x.  The
ratings also factor in the company's credit risk exposure from its
consumer finance business model with around 35% overdue accounts
receivable as of LTM Sept. 30, 2014 (past due accounts for 90 days
or more were 6.8%); this risk is mitigated somehow by the
company's track record of its collection procedures and the
portfolio yield strategies.

Fitch's previous expectation on adjusted debt to EBITDAR of around
4.0x was not met this year, due to weaker than expected economic
environment in some of the markets where the company operates.
The company's credit metrics are still within the rating category.
The Stable Outlook incorporates the view that Grupo Unicomer's
credit profile will be stable in the medium term.  Adjusted debt
to EBITDAR is expected to be in the 4.0-4.5 times (x) range in the
following years, absent additional acquisitions, in addition to
stable portfolio credit quality.

KEY RATING DRIVERS

Geographic & Format Diversification Support Predictable Results

Grupo Unicomer's business model provides important integration and
synergies among its retail division through a purchasing and
logistic company that allows the company to be an efficient
operator in many countries and having a competitive advantage in
small territories such as those in the Caribbean through ownership
or long term leases of prime spots in the islands.  Geographic
diversification allows the company to have a diverse revenue base
due to different dynamics in each of the countries where Grupo
Unicomer has presence.  Different sources of revenue through
product sales, extended warranties, consumer finance, and
insurance products provide stability along with the wide array of
products that the company offers (electronics, motorcycles,
furniture, eyewear, etc.)

Moderate 2015 Revenue Growth Expected

The company's operations have maintained a growing trend, with
consolidated revenues of USD1.4 billion as of Sept. 30, 2014,
representing a compound annual growth rate (CAGR) of 23.7% in the
2011-2014 period, most of it coming from acquired operations.
Fitch expects that the company will continue benefiting from
positive demand trends in discretionary products in the markets
where it operates.  During fiscal year ended 2015, Fitch projects
the company's revenues will grow by approximately 2.3%.  Fitch
expects consolidated EBITDAR margin will range between 11% and
12%.

Shareholders' Solid Position Incorporated

The ratings consider the support and solid financial position of
its shareholders Milady (50%) and Liverpool ( rated 'BBB+'/Outlook
Stable) (50%) with proven track record in retail since 1847.
Milady's Portfolio includes department store chains and all
Inditex's franchises in Central America.  Liverpool, a department
store with 101 units and 24 shopping malls in Mexico had USD5.9
billion in total revenues in the last 12 months (LTM) ended in
September 2014 with USD1 billion of EBITDAR in the same period.
Total assets were USD7.1 billion with USD4.3 billion in equity.
Liverpool's Total adjusted debt/EBITDAR was 1.3x for the LTM ended
in September 2014.

Positive CFO provide Financial Strength

The ratings incorporate Grupo Unicomer's positive FFO and CFO
generated throughout the business cycles.  The company's cash flow
is supported by its profitability and cost controls.
Historically, CFO has been sufficient to fund capex and dividend
payments; acquisitions of retail chains in Central and South
America and the Caribbean have been financed mostly with debt.  In
2010 and 2006, Grupo Unicomer received equity injections of USD109
million and USD35 million, respectively, which were used to
strengthen the company's financial position.

Limited Inorganic Growth in the Short Term

Historically, Grupo Unicomer has grown through acquisitions.  It
started in 2000 with the acquisition of Dutch Group CETECO's
Central America operations, La Curacao and Tropigas; in 2006 Regal
acquired Courts Plc's Caribbean operations.  In 2011, the company
acquired Artefacta in Ecuador and in 2012 Gollo in Costa Rica.
This growth resulted in about USD300.6 million of working capital
and USD121 million of Capex investments since year-end 2011.  This
situation of rapid growth constrains the ratings, given that it
has been financed mostly with debt, in conjunction with
shareholders' equity contributions of USD109 million in 2010.
Total lease adjusted debt to EBITDAR (EBITDA including operating
leases) was 4.7x in last 12 months (LTM) ended Sept. 30, 2014; at
the end of fiscal year (FY) ended March 2014, 2013, 2012 and 2011
were 4.5x, 4.6x, 3.8x, and 3.5x, respectively.

Neutral Free Cash Flow

The company has recorded positive FCF during this year, due to the
slowdown of its expansion strategy.  Grupo Unicomer generated
positive FCF of approximately USD4 million in LTM ended in
September, 2014 and negative FCF of USD10.4 million in fiscal year
ended March 2014.  Fitch's calculation of FCF considers cash flow
from operations less capital expenditures less distributed
dividends.  The company's FCF generation is anticipated to be
neutral or slightly negative during the 2015-2016 period.  The
company's capital expenditures plan during the next two years is
expected to reach annual levels of around USD33 million.
Distributed dividends are estimated to be 25% of previous year's
net profit for the following years.

Moderate Level of Overdue Accounts Offset by Financial Spread

Grupo Unicomer's ratings factor in the credit risk inherent to its
consumer finance business model.  At Sept. 30, 2014, the company's
portfolio had an average of 35% of overdue (balance) accounts
compared to 35.1%, 36% and 34.5% at the end of fiscal year at
March 2014, 2013 and 2012, respectively.  This risk is partially
mitigated by the company's efficient collections program and the
track record of its portfolio yield.  The company's past due
accounts for 90 days or more were 6.8% as of Sept. 30, 2014 and
6.2% and 4.8%, during fiscal years ended in March 2014 and 2013
respectively; during the financial crisis period (2009-2010) this
ratio increased to similar levels as current ratios which Fitch
considers manageable.  The company's uncollectable reserves policy
is based on a Roll Rate methodology, which predicts losses based
on delinquency.  The Roll Rate method measures the percentage of
dollars that 'roll' historically from one range of delinquency to
the next.  At Sept. 30, 2014, the total reserves to +90 days past
due balance was 0.87x.

Grupo Unicomer's commercial strategy considers a financial spread
sufficient to cover credit risks associated to the portfolio.
During the fiscal years ended at March 2014, 2013, 2012 and 2011
the portfolio yield after deducting uncollectable expenses and
write offs was around 39.2%, 42.2%, 41.7% and 41.7%, respectively,
and LTM as of Sept. 30, 2014 it was 39%.

RATING SENSITIVITIES

Positive Rating Actions: Grupo Unicomer's ratings could be
positively affected by significant and sustained improvement
(above expectations already incorporated) in its positive cash
flow generation, leverage and liquidity metrics.

Negative Rating Actions: A negative rating action could result
from some combination of the following factors: significant
deterioration in the credit quality of the company's consumer
finance business, lower cash flow generation, measured as EBITDAR;
and/or incremental debt associated with acquisition activity
resulting in the adjusted debt/EBITDAR ratios consistently above
5x.



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


JAMAICA: Auditor General Prepares for Budget Cuts
-------------------------------------------------
RJR News report that Jamaica Auditor-General's Department is
making preparations in the event it's hit with a budget cut.

Auditor-General, Pamela Monroe-Ellis, in her 2013/2014 annual
report tabled in the House of Representatives says the Department
is not exempted from the current fiscal consolidation and must
operate within those constraints, according to the report.

To overcome the threat, Ms. Moroe-Ellis said the Department could
seek closer collaboration with development partners to strengthen
institutional capacity, the report notes.

The Auditor-General said for example the association with
international bodies and agencies provides the opportunity to have
joint training programs and knowledge sharing, the report adds.


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


SCHLUMBERGER: To Fire 9,000 Workers
-----------------------------------
Trinidad Express reports that oil services company Schlumberger
has said it is firing 9,000 workers due to plunging oil prices
that have forced petroleum companies to cut drilling budgets.

Schlumberger disclosed the job cuts as it reported sharply lower
fourth-quarter earnings in the wake of a more than 50 per cent
fall in oil prices since June, according to Trinidad Express.  The
job cuts account for about 7.5 per cent of Schlumberger's global
workforce.

Schlumberger's fourth-quarter earnings came in at US$302 million,
down 82 per cent from the year-ago level, the report notes. The
report relates that revenues rose 6.2 per cent to US$12.6 billion.

The big drop was due to US$1.8 billion in a series of one-time
charges related to the steep fall in commodity prices, the report
discloses.

"In this uncertain environment, we continue to focus on what we
can control," the report quoted Chief Executive Officer Paal
Kibsgaard as saying.

"We have already taken a number of actions to restructure and
resize our organization that has led us to record a number of
charges in the fourth quarter," Mr. Kibsgaard added.

Schlumberger is the premier oilfield service provider in the
world. It provides services such as Seismic Acquisition & Data
Processing, Drilling and Measurements, Wireline Logging, Well
Testing, Well Completions, Cementing, Stimulation, Information
Solutions and Project Management amongst others. They have a long
history in Trinidad where they have been providing oilfield
services for 75 years.  Its subsidiary, Schlumberger Trinidad
Inc., is located in Victoria Av Port of Spain.


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


PETROLEOS DE VENEZUELA: Moody's Downgrades Issuer Rating to Caa3
----------------------------------------------------------------
Moody's Investors Service downgraded the long term issuer rating
and senior unsecured notes of Petroleos de Venezuela (PDVSA) to
Caa3 from Caa1 and changed the outlook on the ratings to stable
from negative. Moody's also downgraded CITGO Petroleum
Corporation's Corporate Family Rating to B3 from B1; its
Probability of Default rating to B3-PD from B1-PD; and its senior
secured ratings on term loans, notes and industrial revenue bonds
to B3 from B1. The rating on Citgo's senior secured revolving
credit facility was downgraded to B2 from B1, reflecting a lower
expected loss in case of default vis-a-vis other classes of debt
in the company's capital structure. The rating outlook for CITGO
was changed to stable from negative. CITGO is PDVSA's wholly-owned
US-based refining subsidiary.

The rating actions follow Moody's downgrade on January 13, 2015 of
the Venezuelan government's bond ratings to Caa3 from Caa1 with a
stable outlook. The principal driver of Moody's decision to
downgrade Venezuela's sovereign rating is a marked increase in
default risk owing to lower oil prices. In addition, the key
source of vulnerability for the sovereign's credit profile is the
external accounts. Although Moody's believes the sovereign is
highly likely to honor the upcoming EUR1 billion Eurobond maturing
in March 2015, the probability of a debt default occurring in the
next 1-2 years has risen from an already high level given the
large mismatch between inflows and outflows.

Ratings Rationale

In downgrading PDVSA's ratings to equal those of the government,
Moody's acknowledges the state oil company's substantial oil and
gas resources, among the largest in the world, and that the
company to date has never defaulted on its debt obligations.
However, PDVSA's on-balance-sheet debt obligations have increased
to USD 49.4 billion as of its latest June 30, 2014 interim
financial statements from USD 39.3 billion on year earlier.

PDVSA's ratings reflect it its key role as the state oil company
and the government's control over PDVSA's finances and access to
foreign currency. PDVSA is a driver of Venezuela's economy, a key
source of the government's revenues and the country's primary
source of foreign exchange. The government approves and controls
PDVSA's budget and has steeply increased its transfer payments
over the past few years in the form of royalties, social payments
and dividends to support government spending and social programs,
a trend that accelerated in recent years. Given fiscal and
economic deterioration in Venezuela, the government has become
even more dependent on PDVSA, which has further constrained the
state oil company's capital investments and increased its debt
burden.

As a government-related issuer, PDVSA's ratings reflect Moody's
assumption of a high level of government support and default
correlation between the two entities. Any future negative rating
actions affecting the government's ratings would be likely to
negatively impact PDVSA's ratings as well.

In turn, the downgrade of CITGO Petroleum's Corporate Family
Rating to B3 with a stable outlook primarily reflects heightened
risk associated with PDVSA's ownership and financial stress. While
CITGO's assets are located in the US and its credit agreements
provide certain protections to lenders, including limitations on
dividends, it lacks an independent board, with its members and
senior management appointed by PDVSA. Meanwhile, the refineries
continue to generate good financial results, fund capital spending
internally, and maintain a solid liquidity profile, including cash
and committed bank facilities.

The ratings of the senior secured credit facility and other
classes of debt reflect their priority claim under Moody's Loss
Given Default methodology. The senior secured credit facility is
rated one notch higher than the B3 Corporate Family Rating because
of its priority claim to certain assets of the company. The
remaining debt is rated at the same level as the Corporate Family
Rating.

The methodologies used in these ratings were Global Integrated Oil
& Gas Industry published in April 2014 and Global Refining and
Marketing Rating Methodology published in December 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009 and the Government-Related Issuers
methodology published in October 2014.


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


* BOND PRICING: For the Week From Jan. 5 to Jan. 9, 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
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 * * *