TCRLA_Public/150122.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

            Thursday, January 22, 2015, Vol. 16, No. 015


                            Headlines



C A Y M A N  I S L A N D S

AL RAED: Placed Under Voluntary Wind-Up
ALPHA SCOUT: Commences Liquidation Proceedings
CINTRA HANSON: Commences Liquidation Proceedings
E-YOUNG INTERNATIONAL: Commences Liquidation Proceedings
ESE FUND: Commences Liquidation Proceedings

HDN DIVERSIFIED: Shareholder Receives Wind-Up Report
JAMES ALPHA: Commences Liquidation Proceedings
LDK SOLAR: To Issue $264MM in Convertible Senior Notes Due 2018
LDK SOLAR: To Issue $358MM in Convertible Senior Notes Due 2016
MBAM JANDAKOT: Shareholder Receives Wind-Up Report

MBAM LEVERAGED: Shareholder Receives Wind-Up Report
METIER ACTIVE: Commences Liquidation Proceedings
OSWALD MAGNIAC: Placed Under Voluntary Wind-Up
SHREE HANUMANTE: Placed Under Voluntary Wind-Up
STONE MILLINER: Commences Liquidation Proceedings

TSF FUND: Commences Liquidation Proceedings


C O L O M B I A

BANCO DAVIVIENDA: Fitch Affirms 'BB+' Rating on Subordinated Debt


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Sells US$2.5BB of Bonds to Refinance Debt


J A M A I C A

JAMAICA: BOJ Intervenes in Foreign Exchange Market


M E X I C O

GRUPO CEMENTOS: Fitch Raises IDR to 'BB-' & Revises Outlook
MEXICO: Rethinks Putting Certain Fields up for Bids as Crude Falls


P U E R T O    R I C O

DORAL FINANCIAL: Tax Refund Win Challenged By Puerto Rico


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: UTC Detected TT$50 Million Fraud Early


                            - - - - -


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


AL RAED: Placed Under Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting held on Nov. 19, 2014, the
sole shareholder of AL Raed 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:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


ALPHA SCOUT: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 20, 2014, the sole shareholder of Alpha Scout Canadian
Opportunities 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:

          William Messer
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


CINTRA HANSON: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 21, 2014, the sole shareholder of Cintra Hanson Investment
Fund resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Summit Management Limited
          c/o David Egglishaw
          Telephone: (345) 945 7676
          Governors Square, Suite # 4-210
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands


E-YOUNG INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 15, 2014, the shareholders of E-Young International Energy
Holdings Company Limited resolved to voluntarily liquidate the
company's business.

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:

          Ying Wang
          No. 139-1-2-1 Hutan Road
          Zhongshan District
          Dalian City Liaoning Province
          PRC
          Telephone: 86 0464 8530460
          Facsimile: 86 0464 8530420


ESE FUND: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 21, 2014, the members of Ese Fund SPC 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
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


HDN DIVERSIFIED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of The HDN Diversified Fund Limited received on
Dec. 31, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Telephone: 345-949-4244
          Facsimile: 345-949-8635
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands


JAMES ALPHA: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 21, 2014, the members of James Alpha Cie Fund, 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
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


LDK SOLAR: To Issue $264MM in Convertible Senior Notes Due 2018
---------------------------------------------------------------
LDK Solar Co., Ltd., filed with the U.S. Securities and Exchange
Commission a Form T-3 document related to the planned issuance of
5.535% Convertible Senior Notes due 2018.

LDK Solar intends to issue $264 million aggregate principal amount
of the Notes plus amounts paid-in-kind as permitted by an
indenture.  The issuance is subject to any increase at the closing
of Ordinary Creditors' election pursuant to the Cayman Scheme,
which closing has yet to occur.

A copy of the Form T-3 is available at http://is.gd/BWx6AU

The Bank of New York Mellon, London Branch, serves as Trustee, as
Paying Agent and as Conversion Agent under the indenture.  The
Bank of New York Mellon (Luxembourg) S.A., serves as Transfer
Agent and as Registrar under the indenture.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day.  The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from December 10, the
directors may exercise all their powers as such, subject to the
powers granted to the scheme supervisors in respect of the
Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power projects
and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct.
21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy
Court for recognition of the provisional liquidation proceeding in
the Grand Court of the Cayman Islands. The Chapter 15 case is In
re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014 from the holders of LDK Solar's 10% Senior Notes due
2014, as guarantors of the Senior Notes, and required such holders
of the Senior Notes to return their ballots by Oct. 15, 2014.
Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.


LDK SOLAR: To Issue $358MM in Convertible Senior Notes Due 2016
---------------------------------------------------------------
LDK Solar Co., Ltd. filed with the U.S. Securities and Exchange
Commission a Form T-3 document related to the planned issuance of
5.535% Convertible Senior Notes due 2016.

LDK Solar intends to issue $358,743,400 aggregate principal amount
plus amounts paid-in-kind as permitted by the indenture.

A copy of the Form T-3 is available at http://is.gd/VxUuSF

The Bank of New York Mellon, London Branch, serves as Trustee, as
Paying Agent and as Conversion Agent; The Bank of New York Mellon
(Luxembourg) S.A. serves as Transfer Agent and as Registrar; and
The Bank of New York Mellon, London Branch, serves as Collateral
Agent under the indenture.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on
Dec. 10, 2014, that the Cayman Islands schemes of arrangement in
respect of LDK Solar and LDK Silicon & Chemical Technology Co.,
Ltd. and the Hong Kong schemes of arrangement in respect of LDK
Solar, LDK Silicon and LDK Silicon Holding Co., Limited became
effective as of that day.  The Cayman Islands schemes of
arrangement were previously sanctioned by the Grand Court of the
Cayman Islands, and the Hong Kong schemes of arrangement were
previously sanctioned by the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of
LDK Solar were restored. With effect from December 10, the
directors may exercise all their powers as such, subject to the
powers granted to the scheme supervisors in respect of the
Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and
LDK Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq.,
at Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014 from the holders of LDK Solar's 10% Senior Notes due
2014, as guarantors of the Senior Notes, and required such holders
of the Senior Notes to return their ballots by Oct. 15, 2014.
Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.


MBAM JANDAKOT: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of The MBAM Jandakot Structured Fund received on
Dec. 31, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Telephone: 345-949-4244
          Facsimile: 345-949-8635
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MBAM LEVERAGED: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of The MBAM Leveraged Fund received on Dec. 31,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          IMS Liquidations Ltd
          c/o Anna Yonge or Gary Butler
          Telephone: 345-949-4244
          Facsimile: 345-949-8635
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands


METIER ACTIVE: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 21, 2014, the sole shareholder of Metier Active 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:

          Summit Management Limited
          c/o David Egglishaw
          Telephone: (345) 945 7676
          Governors Square, Suite # 4-210
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands


OSWALD MAGNIAC: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 17, 2014, the sole shareholder of Oswald Magniac Limited
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:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


SHREE HANUMANTE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 17, 2014, the sole shareholder of Shree Hanumante Limited
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:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


STONE MILLINER: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 1, 2014, the sole shareholder of Stone Milliner Cayman
Inc. 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:

          Mourant Ozannes
          on behalf of Stone Milliner Asset Management LLP
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          Mourant Ozannes, Attorneys-at-law
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


TSF FUND: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 18, 2014, the sole shareholder of TSF Fund, 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:

          Titan Advisors, LLC
          2 International Drive
          Suite 200, Rye Brook
          NY 10573


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


BANCO DAVIVIENDA: Fitch Affirms 'BB+' Rating on Subordinated Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda S.A.'s (Davivienda)
viability rating (VR) at 'bbb-' and Issuer Default Ratings (IDRs)
at 'BBB-'.  Fitch has also revised Davivienda's Outlook to
Positive.

KEY RATING DRIVERS

Viability and Issuer Default Ratings

Davivienda's Rating Outlook was revised to Positive given Fitch's
expectation that the banks' financial profile and performance will
continue to improve.  The bank's integration of its subsidiaries
in Central America (HSBC's former subsidiaries in Costa Rica, El
Salvador and Honduras) has so far been uneventful and Davivienda
has restored its capital levels closer to pre-acquisition levels
while gradually improving its profitability.

Davivienda's capitalization and profitability have the highest
influence on its VR and IDRs.  Davivienda's ratings also consider
its consistent performance, strong asset quality and risk
management and its clear long-term strategy and adequate
execution.  Fitch's view of Davivienda's creditworthiness is
tempered by the bank's moderate but improving efficiency, which is
weaker than its higher rated international peers (emerging market
commercial banks).

Capital ratios declined after the acquisition as risk weighted
assets (RWA) increased while goodwill and other adjustments eroded
the capital base.  Sustained growth and lower yet positive
profitability helped improve capital along with a conservative
dividend payout policy.  As of September 2014, Davivienda's Fitch
Core Capital ratio was 9.8% and it has hovered in the 9.5%-10.0%
range during 2014; a level that compares well to that of similarly
rated peers.

Sustained loan growth in Colombia and abroad has driven the bank's
performance which in spite of the lower profitability of the new
subsidiaries remains healthy.  ROAA stood at about 1.72% at
September 2014, above the 1.57% at September 2013 and poised to
improve gradually in line with the performance of the new
subsidiaries.

Given the still sound economic prospects at home and the positive
impact that lower oil prices should have on Central American
economies, Davivienda should gradually continue to perform well,
maintain good asset quality and underpin its capital.

Davivienda's newly acquired subsidiaries have shown an improvement
in their performance; they have resumed asset growth and re-
balanced their funding while they gained in efficiency and
improved asset quality to be, on average, at par with Davivienda
Colombia.  As expected, Davivienda's consolidated capital and
profitability had declined after the acquisition but these metrics
improved since 2012 and are well in line with previous
projections.

Owing to its sound risk management policies and mature
organization, the bank kept asset quality under control while
bolstering reserves under increasingly stringent regulation.
Davivienda's asset quality ratios (90-day NPLs: 1.6% at
Sept. 2014, unchanged from a year earlier but improving in Central
America) compare well to those of its peers even though its loan
portfolio has a slightly riskier profile.

Davivienda has a proven ability to devise and execute a clear
long-term strategy.  Building patiently around its core mortgage
business, Davivienda became a universal bank, a regional player
and diversified its target market, revenue sources, funding base,
and loan portfolio.  In the process, the bank's management gained
in depth and expertise; this was key to ensure an uneventful
integration of its new subsidiaries.

Davivienda's funding remains stable at home and has somewhat
changed its mix abroad - deposit growth in Central America was
mainly driven by time deposits - but remains adequate to its
growth needs.  The bank tapped global and local markets for senior
and subordinated debt and remains an attractive name for investors
at home and abroad.  In addition, its use of capital markets
funding improves its asset/liability matching.

Support and Support Rating Floor

Given Davivienda's size, systemic importance and historic support
policy, Fitch believes there is a high probability of support from
Colombia's central bank, whose ability to provide support reflects
the country's financial and fiscal standing (Colombia is currently
rated 'BBB'/'BBB+' with a Stable Outlook).  This underpins the
bank's Support (SR) and Support Rating Floor (SRF) ratings.

RATING SENSITIVITIES

Viability and Issuer Default Ratings

Davivienda's VR and IDRs could benefit from the continued
strengthening of its capital base (Fitch Core Capital Ratio
consolidating around 10%) and/or a sustainable increase of its
profitability (ROAA around 1.8%), while maintaining reasonable
asset quality and sound reserves.

A significant decline in its performance and or weaker asset
quality that would erode the core capital/reserve cushion (below
8.5% or 100%, respectively) could negatively affect the bank's VR.
Davivienda's IDRs would be underpinned by the SRF.

Support and Support Rating Floor

Changes in the support rating and support rating floor are
contingent on changes in Colombia's sovereign ratings or Fitch's
view of Colombia's willingness to support this bank.

Davivienda is Colombia's third largest bank with a market share of
about 12% - 13% by assets and has a presence in all segments, with
a particular stronghold in retail.  The bank has rapidly grown in
the past decade organically and through targeted acquisitions.
Since late 2012 it has an international franchise with banks in
Costa Rica, El Salvador and Honduras that add to its banks in
Panama and branch in the US.

Fitch has affirmed these ratings:

Davivienda
   -- Long-term foreign currency IDR at 'BBB-'; Outlook Revised to
      'Positive';
   -- Long-term local currency IDR at 'BBB-'; Outlook Revised to
      'Positive';
   -- Short-term foreign currency IDR at 'F3';
   -- Short-term local currency IDR at 'F3';
   -- Viability rating at 'bbb-';
   -- Support Rating at '2';
   -- Support Rating Floor at 'BBB-';
   -- Senior unsecured debt at 'BBB-';
   -- Subordinated debt at 'BB+';
   -- National Long term rating at 'AAA(Col)'; Outlook Stable;
   -- National Short term rating at 'F1+(Col)'.


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


DOMINICAN REPUBLIC: Sells US$2.5BB of Bonds to Refinance Debt
-------------------------------------------------------------
Julia Leite at Bloomberg News reports that Dominican Republic sold
US$2.5 billion of bonds, the second sovereign debt offer in Latin
America this year, to pay off more expensive notes.

The country issued US$1 billion in notes due 2025 and US$1.5
billion in bonds due 2045, according to data compiled by
Bloomberg.  Some of the proceeds of the sale will be used to
refinance and repurchase domestic and overseas debt, according to
a person familiar with the matter who isn't authorized to speak
publicly and asked not to be identified, according to Bloomberg
News.

Bloomberg News notes that the sale is the first since Fitch
Ratings raised the country's rating in November, putting it at B+,
four levels below investment grade, citing an increase in gold
exports, growth in tourism and a shrinking current account
deficit.  The Dominican Republic's economy probably expanded 7.1
percent last year, the central bank said Jan. 7, citing
preliminary figures, Bloomberg News relates.

The new 10-year bonds will yield 5.5 percent while the notes due
in 2045 will yield 6.85 percent, Bloomberg News discloses.  The
nation last sold dollar bonds in April, issuing a record amount in
its first offering of 30-year dollar debt since 1994, Bloomberg
News says.  The bonds were sold to yield 7.45 percent, data
compiled by Bloomberg show.

Some of the country's outstanding dollar notes pay coupons as high
as 9.04 percent, according to data compiled by Bloomberg.

Mexico sold $2 billion of dollar denominated bonds due in 2025 and
2046 on Jan. 12 in the first sovereign offer from the region this
year, Bloomberg News adds.


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


JAMAICA: BOJ Intervenes in Foreign Exchange Market
--------------------------------------------------
RJR News reports that the Bank of Jamaica intervened in the
foreign exchange market on Jan. 19, in a continuing bid to protect
the Jamaican dollar.

It was the third such intervention since the start of the year,
according to RJR News.

The report relates that the Bank of Jamaica said it spent US$50-
million in the interventions.

The Bank notes that daily inflows to the foreign exchange market
for the month to date have been buoyant, the report relates.

The Central Bank says it's committed to maintaining orderly
conditions in the foreign exchange market at all times, the report
adds.


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


GRUPO CEMENTOS: Fitch Raises IDR to 'BB-' & Revises Outlook
-----------------------------------------------------------
Fitch Ratings has upgraded Grupo Cementos de Chihuahua, S.A.B. de
C.V.'s (GCC) local and foreign currency Issuer Default Ratings
(IDRs) to 'BB-' from 'B+'.  The Rating Outlook has been revised to
Stable from Positive.

In addition, Fitch has affirmed GCC's USD260 million senior
secured notes due 2020 at 'BB-' and has withdrawn the 'RR3'
Recovery Rating.

The ratings upgrade reflects GCC's strong operating performance
over the past several quarters, its significantly improved credit
profile following debt repayments during 2014 and the successful
debt refinancing during 2013.  The upgrade takes into
consideration the improvement in the U.S. cement market and an
improving outlook for the company's EBITDA and cash flow
considering continued robust credit fundamentals.  These factors
have reduced GCC's refinancing risk, improved company liquidity
and lowered the financing cost at which the company can refinance
existing debt.

GCC's ratings reflect the company's solid business position in the
cement, ready mix and aggregates segments in the regions where it
has a presence; diversified operations in Mexico and the U.S. in
the non-residential and residential sectors; as well as positive
free cash flow generation through the recent industry cycle.  The
ratings are limited by the company's scale relative to industry
peers' and by the cyclicality of the cement industry.

KEY RATING DRIVERS

Solid U.S. Operating Performance

Fitch believes robust volumes and improved pricing in the U.S.
will likely support GCC's operating results and outweigh sluggish
demand growth for cement in Mexico.  In the first nine months of
2014, the company's total cement volumes grew 9%, mainly due to a
12% increase in U.S volumes.  This compares favorably to 2013,
wherein total volume grew a modest 1% and U.S. volumes grew 2%.
Price increases announced industry-wide in 2014 in the U.S. have
gained traction and several producers have announced pricing
increases for 2015.

The majority of GCC's markets have shown above-average volume
recovery in 2012, 2013 and first nine months of 2014, partly due
to their direct and indirect exposure to the agriculture and oil
and gas sectors which have shown positive momentum.  In Fitch's
view, less diversified states such as North Dakota could see lower
demand for cement due to cuts to energy infrastructure spending.
Cement demand in the larger more diversified states such as
Colorado and Texas is expected to remain robust.

Leading Market Shares

GCC is the largest cement producer in the state of Chihuahua
across all product segments.  It also has strong cement market
positions in Colorado, New Mexico, North and South Dakota, and in
the El Paso, TX, area.  GCC's contiguous North American footprint
allows for economies of scale, distribution optimization and
international trading capabilities.  According to the Portland
Cement Association (PCA), a majority of the states where GCC has
presence have a better-than-average outlook for the medium term.
The company has an installed annual capacity of 4.4 million metric
tons of cement production of which 2.2 million metric tons are
distributed among three plants in the U.S. states of New Mexico,
South Dakota and Colorado and 2.2 million tons in the state of
Chihuahua in Northern Mexico.

Positive FCF Through the Cycle

With the exception of 2013, cash flow from operations (CFFO) has
ranged between USD65 million and USD80 million per year.  Fitch
projects CFFO for 2014 to be close to USD87 million primarily due
to solid performance of the U.S. division.  Free cash flow (FCF)
in 2014 should be about USD30 million and about USD10 million in
2015, as recovery in GCC's main markets continues and the company
invests in deferred maintenance, upgrades and required
renovations.  Due to modest dividends and conservative capex, the
company had positive FCF from 2009 through 2014.  GCC's positive
FCF generation history, which in conjunction with asset sales has
been used to reduce debt levels, is factored into the ratings.
Also factored is an expectation that the company will continue to
pay dividends conservatively.

Leverage Improved Ahead of Expectations

GCC's total debt/EBITDA ratio as of Sept. 30, 2014 was 3.3x. Since
demand for cement plummeted in the U.S. in 2009, this is the first
time the company's leverage has dropped below 4x.  Considering
debt repayment for the full year of USD20 million, GCC's 2014
total/Debt to EBITDA will be at or below 3.2x, outperforming
Fitch's previous expectations and significantly below the 4.3x and
4.1x registered at the end of 2013 and 2012, respectively.

The company continues to maintain adequate liquidity as a result
of its capacity to generate CFFO, which together with cash and
cash equivalents of USD78 million, and available undrawn committed
credit lines of USD20 million, should be sufficient to cover USD53
million of principal payments due in 2015.  GCC's debt structure
primarily consists of an amortizing, variable rate, dual-currency
(Mexican pesos and U.S. dollars), syndicated loan with an
outstanding balance of USD224 million due 2017, and USD260 million
of secured notes due 2020.  GCC's debt is 92% denominated in U.S.
dollars.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

   -- Deterioration of the company's credit metrics and cash
      position due to weak operational results, reflecting
      increased price competition or a material slowdown in cement
      demand in Colorado, South Dakota and New Mexico that leads
      to EBITDA margins below 18%;

   -- Debt/EBITDA ratio consistently at or above 4.0x will also
      likely result in a downgrade.

   -- Deterioration in FCF generation due to large dividends or
      Capex

Future developments that may, individually or collectively, lead
to a positive rating action include:

   -- A rating upgrade could derive from sustained strong
      operating performance that leads to higher operating margins
      (above 21%) and EBITDA generation, which in conjunction with
      scheduled debt amortizations, translates into lower
      leverage.  A firm management commitment to maintain the
      total debt/EBITDA ratio below 3.0x throughout business
      cycles, while maintaining adequate liquidity and a
      manageable debt maturity profile, could have positive
      implications.

   -- Strong financial performance in a scenario of depressed oil
      prices; robust FCF relative to debt levels and continued
      financial discipline under an unsecured debt structure would
      also be viewed positively.


MEXICO: Rethinks Putting Certain Fields up for Bids as Crude Falls
------------------------------------------------------------------
EFE News reports that the first round of oil industry auctions is
going well in Mexico despite the drop in the price of crude on the
global market, but the government is rethinking whether to offer
private firms the right to bid on the riskiest projects, National
Hydrocarbons Commission, or CNH, chairman Juan Carlos Zepeda said.

Companies have expressed "wide interest" in bidding on the 14
blocks offered last month, the first of the 169 blocks in the
first round of the auction, Mr. Zepeda said, according to EFE
News.


======================
P U E R T O    R I C O
======================


DORAL FINANCIAL: Tax Refund Win Challenged By Puerto Rico
---------------------------------------------------------
Alexander Lopez, Christie Smythe and Erik Larson at Bloomberg News
report that Puerto Rico appealed a court ruling that Doral
Financial Corp., the holding company for the commonwealth's
second-largest mortgage lender, is entitled to a $229.9 million
tax refund from the cash-strapped island's government.

The San Juan-based financial firm, which hasn't posted an annual
profit since 2005, won an order requiring Puerto Rico's Treasury
Department to refund the full amount it claimed, according to
Bloomberg News.  Puerto Rico's credit rankings were dropped to
speculative grade in February by the three largest credit-rating
companies as concerns rose on whether it can repay $73 billion in
debt, the report notes.

Bloomberg News relates that Puerto Rico Justice Department
officials said in a statement that the trial court erred in ruling
for Doral.  The commonwealth alleges Doral misrepresented facts
under an agreement, negating the company's claim. Doral also
appealed, saying the court should have been more specific about
payment, Bloomberg News notes.

A lawyer for Doral, Matthew D. McGill, called the commonwealth's
appeal "baseless" and a sign that the administration is trying to
shirk financial obligations, Bloomberg News discloses.

                          'Eyes Open'

"We proved at trial that the commonwealth entered into the
contract with its eyes open and took millions of dollars in
benefits as part of the bargain," Mr. McGill said in a statement
obtained by Bloomberg News.  The commonwealth "refuses even to
negotiate" and chose to walk away from a would-be settlement, Mr.
McGill said, Bloomberg News notes.

Justice Secretary Cesar Miranda said in a statement that Doral has
no right to the funds under the commonwealth's constitution and
contract law, notes the report.

"We will defend with all the intensity and professional
responsibility the money that belongs to the people of Puerto
Rico," Mr. Miranda said in the statement, translated from Spanish,
Bloomberg News relays.

Bloomberg News says the commonwealth and Doral Financial filed
their appeals Dec. 31, according to court personnel.  Doral
Financial's shares surged in October after Superior Court Judge
Laureana Perez Perez, in a dispute that arose from an
overstatement of earnings, ordered the Treasury to refund the
money over five years.  The bank's shares had fallen 66 percent
last year before the ruling.

The Federal Deposit Insurance Corp. downgraded Doral from an
earlier finding of "undercapitalized," the company said in a
regulatory filing in October, Bloomberg News notes.  The bank was
told to immediately increase its capital to the minimum required
in a 2012 consent order or submit a contingency plan for a sale,
merger or liquidation, adds the report.

                           Follows Raid

The appeals follow a Dec. 23 raid on the bank's home office by the
Federal Bureau of Investigation in a search for evidence related
to what the agency said were several probes, notes Bloomberg News.

The report says that the agents collected computers and documents,
FBI officials said at the time.  The bureau gave no indication the
raid was linked to the holding company's tax fight.

The dispute comes amid a slowdown in Puerto Rico's economy, which
has struggled to expand since 2006, and financial difficulties for
both the island's government and the bank, Bloomberg News notes.

The judge said she couldn't consider the condition of the economy
in deciding the case, says the report.  The Treasury didn't prove
Doral had misrepresented or falsified facts related to an
agreement in the tax dispute, according to the judge, Bloomberg
News notes.

                          Restate Earnings

The refund stems from the company's overstatement of earnings from
1998 to 2005, an attorney for Doral said in June, Bloomberg News
discloses.

Doral Financial announced in September 2005 that it would restate
earnings before taxes as of the end of 2004, Bloomberg News
relays.   The following year, it agreed to pay a $25 million fine
to settle an investigation by the U.S. Securities and Exchange
Commission into whether it overstated earnings from 2000 to 2004.
The company didn't admit or deny regulators' allegations in the
settlement, the SEC said at the time.

The excess tax payment was memorialized in an agreement that Doral
said the Treasury wrongfully voided. In its lawsuit, the bank
called the agency's actions "unlawful and beyond its authority,"
reports Bloomberg News.

Bloomberg News relays that the Puerto Rico government maintained
that it didn't owe the money.  In May, the Federal Reserve Bank of
New York told Doral to write off the refund as a loss on its
balance sheet after the Treasury ruled the company wasn't entitled
to payment, Bloomberg News adds.

The case is Doral Financial Corp. (DRL) v. Commonwealth of Puerto
Rico, KAC2014-0533, Civil Court of First Instance, San Juan
Superior Division.


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


TRINIDAD CEMENT: UTC Detected TT$50 Million Fraud Early
-------------------------------------------------------
Trinidad Express reports that the Unit Trust Corporation says it
detected an attempt to defraud a financial institution of TT$50
million as far back as 2013.

The UTC was responding after a former manager of Trinidad Cement
Ltd Employees' Credit Union appeared before a Port of Spain
magistrate on Monday to answer the TT$50 million fraud charge,
according to Trinidad Express.

Darren Singh, 35, of Claxton Bay appeared before Magistrate Adrian
Darmanie charged with transferring the money from the credit
union's UTC account to his personal bank account, the report
notes.

In a statement, the UTC said: "In January 2013, during our routine
compliance procedures, the Unit Trust Corporation discovered and
prevented an attempt to defraud an institution of $50 million."
It said no money was lost," the report relates.

"There was no loss of funds to the institution and the monies were
fully recovered.  Immediately following the detection of the
fraudulent activity, we informed the financial institutions
involved and law enforcement officials were notified," the UTC
said, the report adds.


                            ***********


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
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                            ***********


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
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