TCRLA_Public/150126.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 26, 2015, Vol. 16, No. 017


                            Headlines



A R G E N T I N A

CHUBUT: Province Plan to Cut Royalties Hits Snag


B R A Z I L

PETROLEO BRASILEIRO: Still Tallying Up Losses From Kickback Scheme


C A Y M A N  I S L A N D S

AL RAED: Members Receive Wind-Up Report
ARDEN PROPPARTNERS: Shareholder Receives Wind-Up Report
BOLERO INVESTMENTS: Members Receive Wind-Up Report
BRIGHT LIGHT: Members Receive Wind-Up Report
CHARLES LIMITED: Members Receive Wind-Up Report

GRAND ESCADA: Members Receive Wind-Up Report
GRAND PINNACLE: Members Receive Wind-Up Report
LATIN AMERICA BIOENERGY: Members Receive Wind-Up Report
LORIENT SHIPPING: Shareholder Receives Wind-Up Report
RUSSOLA INTERNATIONAL: Members Receive Wind-Up Report

SIMONA LTD: Members Receive Wind-Up Report
SUNTECH POWER: Court to Hear Wind-Up Petition on Jan. 27
TURBO VENTURES: Members Receive Wind-Up Report
VERIPOS INC: Members Receive Wind-Up Report
YONDER STAR: Members Receive Wind-Up Report


C O S T A   R I C A

COSTA RICA: Fitch Revises Outlook to Neg; Affirms IDRs at 'BB+'


C U B A

CUBA: Easing of US Restrictions is Credit Positive, Says Moody's


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Gives RD$70MM to Mitigate Drought Effects in Bani


G U A T E M A L A

BANCO DE DESARROLLO: Fitch Affirms 'BB' Issuer Default Rating


J A M A I C A

JAMAICA: JMA Welcomes Policy Reversal on CAF
JAMAICA: Oil Price Drop Will Boost Economy, Minister Says


P E R U

LOS PORTALES: S&P Lowers CCR to 'B'; Outlook Negative


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Corrects Auditing Issues


X X X X X X X X X

* BOND PRICING: For the Week From Jan. 12 to Jan. 16, 2015


                            - - - - -


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


CHUBUT: Province Plan to Cut Royalties Hits Snag
------------------------------------------------
Pablo Gonzalez at Bloomberg News reports that Chubut, Argentina's
biggest oil-exporting province, is running into an unexpected
obstacle for a plan to cut royalties -- it failed to get mandatory
approval from its bond trustee, a letter sent by the trustee
shows.

Chubut Economy Minister Ricardo Bestene was sent a letter from
Banco de Valores SA, trustee of Chubut's 7.75 percent bond due
2020, reminding him of terms preventing a lowering of royalties
from the province's largest field, according to a copy of the
letter obtained by Bloomberg News.  Bond payments come from
royalties from the Cerro Dragon field in Chubut.

Chubut Oil Minister Ezequiel Cufre said Jan. 12 that the province
would cut royalties paid by producers by as much as 50 percent for
new production in a bid to keep output from falling amid lower
prices, according to Bloomberg News.  Cerro Dragon's operator Pan
American Energy LLC provided 38 percent of Chubut's royalties in
November.

"The province has signed a contract with the trustee saying it
would not cut royalties," Banco de Valores said in the letter,
Bloomberg News notes.  "We are obliged to alert the province to
take the needed measures in order to not affect this obligation,"
Banco de Valores added.

A Chubut bond due in 2019 also includes the same covenant that
prohibits the province from lowering royalties, according to data
compiled by Bloomberg.  Chubut province has $284 million
outstanding in the two bonds.

Cerro Dragon produced 96 percent of Chubut's gas in November and
46 percent of its crude, Bloomberg News notes.

The field's oil output slid by 3 percent in November from the
prior month while gas production fell 4 percent, according to the
most recent figures received by the bond trustee, Bloomberg News
says.  Royalties tumbled 3 percent in the period to ARS205.3
million ($23.8 million.)  The bonds were sold in 2010.

The province saw its export price slide 48 percent to $51.06 a
barrel, based on last year's average price for Brent oil, the
international benchmark it uses, Bloomberg News adds.



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


PETROLEO BRASILEIRO: Still Tallying Up Losses From Kickback Scheme
------------------------------------------------------------------
EFE News reports that Brazilian state-controlled oil company
Petroleo Brasileiro S.A. said it is still calculating the scale of
its losses stemming from a massive kickback scheme, as well as the
size of the investment scale-back it will need to carry out due to
its financial difficulties.

In a filing with the Sao Paulo Stock Exchange, Petrobras said it
could not confirm the figures published Thursday by the daily O
Globo, which reported -- citing a government source -- that the
company would take a BRL10-billion (some US$3.85-billion) charge
in its delayed third-quarter results.

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2014, Moody's Cut Petrobras S.A.'s baseline credit
assessment to ba1.


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


AL RAED: Members Receive Wind-Up Report
---------------------------------------
The members of Al Raed Ltd. received on Dec. 23, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


ARDEN PROPPARTNERS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Arden Proppartners Global Macro, Ltd. received
on Dec. 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jody Powery-Gilbert
          Telephone: (345) 815-1763
          Facsimile: (345) 949-9877


BOLERO INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Bolero Investments Limited received on Dec. 23,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


BRIGHT LIGHT: Members Receive Wind-Up Report
--------------------------------------------
The members of Bright Light Limited received on Dec. 23, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


CHARLES LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Charles Limited received on Dec. 23, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


GRAND ESCADA: Members Receive Wind-Up Report
--------------------------------------------
The members of Grand Escada Investments Ltd. received on Dec. 1,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


GRAND PINNACLE: Members Receive Wind-Up Report
----------------------------------------------
The members of Grand Pinnacle Investments 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:

          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


LATIN AMERICA BIOENERGY: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Latin America Bioenergy Fund, 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:

          Crecera Finance Management Company, LLC
          c/o Matthew Taber
          Telephone: +1 (345) 949 4900
          Appleby Trust (Cayman) Ltd.
          75 Fort Street
          PO Box 1350 Grand Cayman KY1-1108
          Cayman Islands


LORIENT SHIPPING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Lorient Shipping Co. received on Dec. 29, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bruce A. Mcallister
          c/o Alley, Maass, Rogers & Lindsay, P.A.
          340 Royal Poinciana Way, Suite 321
          Palm Beach FL 33480
          United States of America
          Telephone: +1 (651) 659 1770
          Facsimile: +1 (651) 804 4628


RUSSOLA INTERNATIONAL: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Russola International Ltd. received on Dec. 17,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          c/o Cherrie Graham
          Telephone: +1 (345) 949 9808
          Facsimile: +1 (345) 949 9793
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


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

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          c/o Cherrie Graham
          Telephone: +1 (345) 949 9808
          Facsimile: +1 (345) 949 9793
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SUNTECH POWER: Court to Hear Wind-Up Petition on Jan. 27
--------------------------------------------------------
An amended petition to wind up the operations of Suntech Power
Holdings Co. Ltd. will be heard before the Grand Court of Cayman
Islands on Jan. 27, 2015, at 10:00 a.m.

The amended petition was filed by Christopher Michael Nacson of
888/27 Sol4, PS Home, Lau Na Di, Tumbol Baan Phat, Khon Kaan
40000, Thailand.


TURBO VENTURES: Members Receive Wind-Up Report
----------------------------------------------
The members of Turbo Ventures 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:

          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


VERIPOS INC: Members Receive Wind-Up Report
-------------------------------------------
The members of Veripos Inc. received on Dec. 22, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


YONDER STAR: Members Receive Wind-Up Report
-------------------------------------------
The members of Yonder Star Limited received on Dec. 23, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


===================
C O S T A   R I C A
===================


COSTA RICA: Fitch Revises Outlook to Neg; Affirms IDRs at 'BB+'
---------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Costa Rica's Long-
term foreign and local currency Issuer Default Ratings (IDRs) to
Negative from Stable and affirmed the IDRs at 'BB+'. The issue
ratings on Costa Rica's senior unsecured foreign and local
currency bonds have been affirmed at 'BB+'. The Short-term foreign
currency IDR has been affirmed at 'B' and the Country Ceiling at
'BBB-'.

KEY RATING DRIVERS

The revision of the Outlook to Negative reflects the following:

Costa Rica's high structural fiscal deficits, slower economic
growth and difficulties in implementing tax reforms over the last
decade have led to worsening debt dynamics. The sovereign
maintains access to debt markets and multilateral credit lines.
However, financing conditions are deteriorating due to the lower
absorption capacity of the domestic public sector investor base
and the rising pressure on international interest rates.

The budget deficit widened for the fifth consecutive year in 2013-
2014, climbing to an estimated 5.6% of GDP, the weakest outturn
since 1980. This reflects a structural deterioration in public
finances. Fiscal revenue is among the lowest among rating peers
owing to weak compliance and a generalized system of incentives
and tax exemptions. Spending rigidity has worsened since 2008 due
to increases in public sector payroll and social transfers.
Interest payments to revenue exceeded 17% in 2014, more than
double the 'BB' median of 7%.

Fitch expects fiscal deficits to remain elevated at 6% of GDP in
2015-2016 in the absence of material progress on tax-enhancing
measures. The incoming administration aims at a 3.8% of GDP
primary fiscal deficit reduction by 2019 through cost-containment,
anti-evasion efforts, efficiency gains in tax administration and
an overhaul of the direct and indirect taxation systems. As with
various unsuccessful attempts over the last decade, congressional
gridlock and adverse court rulings could delay, dilute or block
fiscal reform. The new composition of the legislative assembly is
more fragmented than in the past, increasing the challenges to
secure the passage of a tax reform.

Debt dynamics and financing conditions have deteriorated faster
than those of peers. Consolidated general government debt rose to
34.6% of GDP in 2014 from 20% in 2008. Fitch forecasts that the
debt burden could surpass the 'BB' median of 40% in 2016 and would
not stabilise before 2019, even if a frontloaded budget adjustment
is assumed. Growth underperformance and rising borrowings costs on
domestic and external debt pose downside risks to the pace of
fiscal consolidation.

Fitch forecasts that economic activity could decelerate below the
estimated potential of 4% in 2015-2016, mainly affected by the
relocation of a large multinational microprocessors manufacturing
plant to Asia. Despite the continued success of the country's
investment promotion strategy, bureaucratic red tape, weak
competition in the energy and financial services markets and long-
standing infrastructure bottlenecks constrain growth prospects.

Costa Rica's 'BB+' IDRs are underpinned by the following key
rating factors:

Costa Rica continues to attract large foreign investment into high
value-added manufacturing and services industries. The country
remains a competitive jurisdiction among regional and rating peers
thanks to its strong social development indicators, well-educated
workforce, political stability, rule of law and active free-trade
agreements with China and the U.S.

Adequate international reserves and a well-diversified export base
enhance the economy's capacity to absorb adverse terms-of-trade
shocks. The sovereign's net external creditor status contrasts
favourably with the median debtor position of the 'BB' category.

High fiscal deficits, limited albeit improving exchange rate
flexibility, financial dollarization and quasi-fiscal losses at
the central bank constrain monetary policy. Despite tightening
policy rates, inflation ended 2014 at 5.1%, at the upper band of
the official target of 3%-5%, mainly as a result of the rapid
pass-through from currency depreciation to domestic prices.
Dollarization of credit remains an important source of credit risk
for financial institutions, as nearly half of private sector loans
are denominated in foreign currency.

RATING SENSITIVITIES

The following risk factors individually, or collectively, could
trigger a negative rating action:

--Failure to implement a primary fiscal deficit reduction
consistent with a sustained improvement in debt trajectory;
--Evidence of sovereign financing constraints in the domestic or
international debt markets;
--A marked deterioration in the business or political environment
that impairs foreign investment and growth prospects.

The Outlook is Negative. Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a high
likelihood of leading to a positive rating change. Future
developments that could individually, or collectively, result in a
stabilization of the Outlook include:

--Greater confidence on the government's fiscal consolidation
strategy that improves the prospects for debt stabilization in the
medium-term.

KEY ASSUMPTIONS

Costa Rica's ratings are based on a number of key assumptions:

Fitch assumes that market access will remain available to finance
Costa Rica's high financing needs in 2015-2016.

Fitch's economic growth and external forecasts factor in that the
continued strengthening of the U.S. economy could improve exports
and tourism activity in Costa Rica. Similarly, lower international
fuel prices could reduce imports and benefit consumer spending.



=======
C U B A
=======


CUBA: Easing of US Restrictions is Credit Positive, Says Moody's
----------------------------------------------------------------
The measures the US government recently announced scaling back its
decades-old economic embargo are positive for Cuba's credit
quality, says Moody's Investors Service in a new report. Moody's
rates Cuba Caa2 with a stable outlook.

The looser restrictions should give the Cuban economy a lift that
more than offsets the negative impact of potentially less
assistance from Venezuela, its key ally, which is going through
severe economic stress because of lower oil prices.

"The shift in US policy toward Cuba will have a positive effect on
economic activity over the next 1-2 years, breathing new life into
Cuba's economy, as it will likely more than offset the potential
decrease in Venezuelan financial assistance," says , Jaime
Reusche, a Moody's Vice Present -- Senior Analyst in the report
"Cuba: US Eases Travel And Other Restrictions, A Credit Positive."

Official statistics show the Cuban economy expanding 2.7% in 2013,
following 3.0% growth in 2012. Moody's estimates that growth
slowed markedly to 0.8% in 2014 due to a decline in terms of
trade, economic and political instability in Venezuela, and also
due to much slower reforms momentum in Cuba.

Loosening restrictions on US visitors should help the growth of
Cuba's burgeoning tourist industry, which in the Caribbean already
lags only the Dominican Republic in share of stay-over visitors
and the year-over-year growth in visitors, according to the
Caribbean Tourism Organization. However, Cuba's tourist
infrastructure tends to cater to more budget-conscious tourists,
and Moody's says growth in US visitors will be slow and require
significant investment to nurture.

"Nevertheless, given its already strong position and attractive
pricing, depending on how fast and in what direction the Cuban
tourism sector develops, the country could become a growing
competitor to established higher-end destinations such as the
Dominican Republic (B1 stable), the region's largest tourism
market," says Moody's Reusche.

Under the new framework, which came into force January 16, US
citizens and permanent residents are now allowed to travel to Cuba
for any of a dozen specific reasons without having to first obtain
a specific license from the US government and travelers are
permitted to bring back up to $400 in total goods. General tourist
travel, however, is still prohibited.

Among additional changes were an increase in the limit of
remittances to family members in Cuba, which Moody's forecasts
could double over the next 2-3 years from an estimated $3.5
billion in 2013, allowing US financial institutions to open
correspondent accounts in Cuban banks, and permitting the use of
US credit and debit cards in Cuba.


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


DOMINICAN REP: Gives RD$70MM to Mitigate Drought Effects in Bani
----------------------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina disclosed the allocation of RD$70 million to mitigate the
drought affecting producers in Peravia province, who during the
last six months have being asking for millions of pesos to deal
with lack of water.

Medina's decision took place at the end of a meeting held at the
National Palace with farmers, ranchers, agricultural officials,
the water sector, and Peravia's Governor and Senator, according to
Dominican Today.

The report notes that Agriculture Minister Angel Estevez said the
president discussed the situation and agreed to build wells and
rehabilitate the Marcos A. Cabral and Juan Caballero channels, as
well as clearing out the weeds, building damaged gates and leakage
correction.


=================
G U A T E M A L A
=================


BANCO DE DESARROLLO: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Banco de Desarrollo Rural's (Banrural)
Issuer Default Rating (IDR) at 'BB', short-term IDR at 'B', and
Viability Rating (VR) at 'bb'. The Rating Outlook is Stable.
Banrural's National Ratings were also affirmed.

KEY RATING DRIVERS - VR, IDRs, AND NATIONAL RATINGS

Banrural's VR drives its IDR and National Ratings. The key rating
drivers with the highest influence on the bank's VR include its
robust profitability, solid capitalization and weaker operating
environment. The ratings also take into account Banrural's
significant government exposure. The Stable Outlook reflects
Fitch's expectation of no material changes in the bank's overall
financial profile over the rating horizon.

In Fitch's opinion, Banrural maintains good capital levels thanks
to its solid capital generation capacity and moderate payout of
dividends. Its Fitch core capital to risk-weighted assets stood at
15.7%, comparing positively with its main local peers and
similarly rated international banks. Banrural's growth is dynamic
and often exceeds the market; however, in the agency's view, it is
in line with the bank's high internal capital generation capacity.

Banrural's profitability is above similarly rated peers and
consistently exceeds the Guatemalan market average. The bank's
ROAA of 2.31% reflects the high net interest margins
characteristic of its microfinance orientation. Banrural's
moderate efficiency ratios and relatively limited income
diversification are partially compensated by sustainably low
credit costs.

Banrural's good credit quality reflects the bank's adequate
underwriting practice; effective collection process and employee
incentive programs to support low delinquency levels. Non-
performing loans account for a low 0.67% of total loans and are
sufficiently covered with reserves. Banrural's loan portfolio
concentration is moderate, as is its foreign currency exposure.

In Fitch's opinion, the bank's capacity to maintain its stable and
diversified deposit base is a result of the strength of the bank's
franchise, its ample geographic coverage in rural areas and unique
capacity to continue growing in those regions. Customer deposits
are stable and maintain a positive trend.

Banrural maintains moderate exposure to public sector deposits
(22% of total deposits), and significant concentration in
government bonds (54% of total investments). The Guatemalan
Government also holds a 17.2% stake in Banrural.

Fitch views Banrural's liquidity coverage as adequate, in light of
its stable deposit base. A high proportion of loans with duration
below five years minimize liquidity gaps in the short term.
Banrural's loan to deposits ratio is below market average at 75%
and liquidity coverage of deposits and short-term funding of 43%
also compares favorably with its peers. High concentration in
government securities is a concern but is unlikely to change given
the limited investment options in Guatemala.

RATING SENSITIVITIES - IDRS, VR AND NATIONAL RATINGS
Banrural's IDRs and VR are at the same level as Guatemala's
sovereign rating. Given the operating environment's high influence
on Banrural's VR as well as concentrations with the government,
changes in the sovereign's ratings may result in a similar action
on Banrural's ratings.

Fitch does not anticipate changes in the bank's credit profile
that may lead to a modification of its ratings. However, the
unlikely scenario of a sharp decline in capitalization (below 10%)
and a period of sustained low earnings (operating ROAA close to
1%) may result in a downgrade of the bank's VR, IDR and national
ratings. As the sovereign currently has a Stable Outlook, upside
potential for Banrurals' ratings is limited.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR
Banrural's support rating (SR) of '3' reflects Fitch's opinion
that there is a moderate probability of support from the state,
given Banrural's systemic importance in the banking system. This
probability is limited by Guatemala's sovereign rating of
'BB'/Outlook Stable. The bank's Support Rating Floor (SRF) is one
notch below the sovereign rating at 'BB-'. The bank's SRF reflects
the moderate financial flexibility of the government to provide
support to systemically important banks in the country and the
significant presence of foreign currency funding.

RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR
Banrural's support SR and SRF are sensitive to changes in the
sovereign rating.

Fitch affirms the following ratings:

Banco de Desarrollo Rural:
--Long-term Issuer Default Rating (IDR) at 'BB'; Outlook Stable;
--Short-term IDR at 'B';
--Local currency long-term IDR at 'BB'; Outlook Stable;
--Local currency short-term IDR at 'B';
--Viability Rating at 'bb';
--Support Rating at '3';
--Support Rating Floor at 'BB-';
--National long-term rating at 'AA+(gtm)'; Outlook Stable;
--National short-term rating at 'F1+(gtm)'.


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


JAMAICA: JMA Welcomes Policy Reversal on CAF
--------------------------------------------
RJR News reports that Jamaica Manufacturers' Association (JMA) has
welcomed the move by the Government to apply a 50% discount to the
Customs Administration Fee (CAF) on raw materials and intermediate
goods.

The reduction takes effect February 1.

According to Brian Pengelley, JMA President, manufacturers had
been adversely affected by the removal of the incentive, in
respect of intermediate goods, in December, the report notes.

Mr. Pengelley said that the decision by the government to reverse
that decision will assist in managing input costs to manufacturers
and consumers as well as encourage investment in the sector,
according to RJR News.

The report relates that Mr. Pengelley said the JMA will continue
to lobby for initiatives that will positively impact the
competitiveness of the sector.

Last May, the JMA urged the government to reconsider the CAF on
raw materials, which resulted in a fee hike of up to 500% percent
to clear containers, the report adds.

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


JAMAICA: Oil Price Drop Will Boost Economy, Minister Says
---------------------------------------------------------
RJR News reports that Finance Minister Dr. Peter Phillips is
predicting that the ongoing fall in fuel prices will provide a
stimulus for the Jamaican economy.

The price of oil has fallen 50% in the last six months, with OPEC,
the producers' cartel, having failed to agree on cuts in
production to stem the downward spiral, according to RJR News.

The report notes that Minister Philipps, during an address in
Kingston, said he expected the benefit will primarily go to
consumers, in the first instance, but that they, in turn, were
likely to spend that money, "and provide, in a sense, a stimulus;
unexpected, but very much welcomed."

The report relays that Minister Philipps said preliminary
indications suggest there has recently been significant capital
investment as well as an increase in demand for intermediate
goods.

Minister Philipps reported as well that imports of consumer goods
are down and have been replaced by an increase in domestic
supplies.

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


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


LOS PORTALES: S&P Lowers CCR to 'B'; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Los Portales S.A. (Portales) to 'B' from 'B+'.  The
outlook is negative.

The downgrade results from Portales' failure to complete its
refinancing plan, which S&P expected since the first half of 2014.
For the last 10 months, Portales has only rolled over its debt
maturities through short-term funding, which poses liquidity
risks.  As of Dec. 31, 2014, the bulk of Portales' debt is short-
term with a weighted average maturity of 2.4 years.

The ratings on Portales reflect S&P's assessment of its "weak"
business risk profile and "aggressive" financial risk profile.

S&P considers Portales' leading position--with about a 30% market
share in land development in Peru--its somewhat diversified
portfolio among the three main business lines, and the
predictability of its cash flows as per its customers payment
schedules as the key strengths.  However, its reduced scope of
operations in Lima and Peru's other large cities and the risks of
financing about 80% of its lot sales, which currently limit EBITDA
margin to about 23%, constrain S&P's business risk profile
assessment.

Although S&P expects credit metrics to remain in line with the
"aggressive" financial risk profile category, Portales' delay in
improving its maturity profile during the last 12 months pressures
its capital structure and liquidity.

S&P assess Portales' liquidity as "less than adequate."  Under
S&P's base-case scenario, sources of liquidity won't be sufficient
to cover its uses and won't cope with a 15% EBITDA decline.  S&P
could revise its liquidity assessment to "weak" over the next few
months if the company fails to complete its long-term debt
refinancing.



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


CARIBBEAN AIRLINES: Corrects Auditing Issues
--------------------------------------------
RJR News reports that Caribbean Airlines Limited has reportedly
rectified problems which delayed the timely release of its audited
financial statements.

Larry Howai, Trinidad & Tobago's Finance Minister, disclosed on
Jan. 21 that the airline had addressed backlogs identified by
auditors KPMG, according to RJR News.

The report notes that audited statements for the 2012 financial
year are now due by March while statements for 2013 should be
ready by June.

Mr. Howai said critical systems at CAL have been improved while
new ones are to be used. They concern cargo, credit card sales and
unearned revenue, the report relates.

It had been reported that backlogs in the processing of
cargo/airway billings, credit card transactions, as well as
duplications and inconsistencies created a headache for auditors
scrutinizing the accounts of Caribbean Airlines for the 2011
financial year, the report adds.

                  About Caribbean Airlines

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

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

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


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


* BOND PRICING: For the Week From Jan. 12 to Jan. 16, 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 * * *