TCRLA_Public/150129.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 29, 2015, Vol. 16, No. 020


                            Headlines



A R G E N T I N A

ARGENTINA: Under Fire for Revealing Trip of Fleeing Reporter
ARGENTINA: 40% Loan Rates Deemed Too Paltry for Banks


B O L I V I A

BANCO FORTALEZA: Moody's Rates New Bs.110MM Debt Program (P)B3


B R A Z I L

BANCO DO BRASIL: Says Cielo Venture to Boost Profit by $1.2 Bil.
BANCO ORIGINAL: Fitch Assigns 'B+' IDR; Outlook Stable


C A Y M A N  I S L A N D S

CHAYTON DUNA: Shareholders Receive Wind-Up Report
DANIX FUND: Shareholder Receives Wind-Up Report
DANIXMASTER FUND: Shareholder Receives Wind-Up Report
DEL MAR SPECIAL: Shareholders Receive Wind-Up Report
DEL MAR SPECIAL MASTER: Shareholders Receive Wind-Up Report

LODESTONE INVESTMENT: Shareholders Receive Wind-Up Report
OVERHILL OFFSHORE: Shareholders Receive Wind-Up Report
PERENNIAL CAPITAL: Shareholders Receive Wind-Up Report
PERENNIAL INVESTORS: Shareholders Receive Wind-Up Report
SEAHUNTER DRILLER: Shareholder Receives Wind-Up Report

SOFAER CAPITAL: Shareholders Receive Wind-Up Report
SOFAER CAPITAL GLOBAL: Shareholders Receive Wind-Up Report
SOFAER CAPITAL PACIFIC: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Farmlands Fall Victim to Sprawl


J A M A I C A

JAMAICA: Growth Strategy to be Tabled Shortly
JAMAICA: Tax Administration Jamaica Going After Tax Dodgers


M E X I C O

MEXICO: Trade Deficit Doubles
MEXICO: Foreign Reserves Fall by $341 Million


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Budget May be Revised Again, Minister Says


                            - - - - -




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


ARGENTINA: Under Fire for Revealing Trip of Fleeing Reporter
------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Argentina's
government faced criticism for publishing the travel details of a
journalist who said he fled the country in fear of his life after
breaking the news of the death of a prosecutor in a politically
charged case.

The official Twitter account of the presidential palace published
Jan. 24 Damian Pachter's voucher for a flight to Uruguay,
highlighting that he was due to return to Argentina on Feb. 2.
Pachter, a journalist for the Buenos Aires Herald, was first to
report the death of Alberto Nisman, who had accused President
Cristina Fernandez de Kirchner of graft, according to Bloomberg
News.

While the government denied any malign intent, a lawmaker filed an
accusation for publishing "confidential and private details" of an
Argentine citizen, Bloomberg News notes.  Revealing private
information such as someone's address violates Twitter rules,
according to guidelines published on the social media company's
website, Bloomberg News says.

A presidential official, Secretary General Anibal Fernandez, said
the government was merely trying to reassure the public.

"We were explaining that the well-founded fear that something
could happen to him was resolved because he had left," President
Fernandez told reporters in Buenos Aires, Bloomberg News says.
"There were valid reasons" for publishing the information "because
of public concern and we had to explain the situation," Bloomberg
News quoted President Fernandez as saying.

In an article published in La Nacion, Mr. Pachter said that he
fled to Israel via Uruguay and Spain after he was followed by a
man he believed to be an Argentine intelligence officer, Bloomberg
News says.

                        Privacy Rules

"We do not comment on individual accounts, for privacy and
security reasons," Nu Wexler, a Twitter spokesman, told Bloomberg
News by e-mail when asked if the Argentine government account
breached the platform's terms of use.

Mr. Pachter said he received a tip-off from a source on Jan. 18
that Mr. Nisman, who accused President Fernandez of trying to
absolve Iranian officials from their alleged involvement in the
1994 bombing of a Jewish community center in Buenos Aires, was
dead, Bloomberg News relates.  Mr. Nisman died the day before he
was due to appear in Congress to present evidence for his claims,
Bloomberg News notes.

In response to Mr. Nisman's death, President Fernandez on Jan. 22
wrote a public letter in which she speculated Mr. Nisman was fed
false information to accuse her and then killed in order to
incriminate the government, Bloomberg News notes.  Mr. Nisman was
found dead in the bathroom of his apartment in Buenos Aires with a
shot to the temple and a .22 caliber Bersa pistol beside his body.

"They used him while alive and then needed him dead," President
Fernandez wrote, Bloomberg News relays.

Security Cameras

Bloomberg News discloses that President Fernandez identified
former intelligence agent Antonio Stiusso as one of the people who
may have fed Mr. Nisman the false information.

Mr. Stiusso, who until December was the third highest ranking spy
within the Intelligence Secretariat, has sought asylum in Uruguay,
Madrid-based El Mundo reported without saying how it obtained the
information, according to Bloomberg News.

Prosecutors charged Diego Lagomarsino, who worked under Mr.
Nisman, with providing the weapon that killed him, according to a
statement posted on the prosecutor's office's website, Bloomberg
News relays.  Mr. Lagomarsino said he lent the weapon after Mr.
Nisman requested it, Bloomberg News notes.

Prosecutors said they are studying footage from security cameras
in the building in the Puerto Madero neighborhood after finding
discrepancies in security guards' registers of visitors to the
apartment building, Bloomberg News says.

Opposition lawmaker Patricia Bullrich said Mr. Nisman told her he
had recordings of phone calls in which an Argentine intelligence
agent gave details of his family to one of the seven Iranians
charged for being involved in the bombing that killed 85 people,
Bloomberg News discloses.

"That was an arrow in his heart because he couldn't believe that
an Argentine prosecutor could be betrayed like that," Mr. Bullrich
told reporters in Buenos Aires after visiting the prosecutor in
charge of investigating Mr. Nisman's death, Bloomberg News adds.

                         *     *     *

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

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

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

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

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

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

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

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


ARGENTINA: 40% Loan Rates Deemed Too Paltry for Banks
-----------------------------------------------------
Camila Russo at Bloomberg News reports that Argentina's effort to
spur spending and protect borrowers from high interest rates is
backfiring as banks respond by curbing new loans, choking credit
to an economy that's struggling to avert a recession.

After adjusting for inflation, bank loans in Argentina decreased
by the most on record last year, according to Bloomberg News.

Part of the reason stems from regulators' decision in June to
impose interest-rate caps of about 40 percent on personal loans
and credit cards, according to Moody's Investors Service,
Bloomberg News notes.

The caps leave little room for banks to profit once they pay
interest on deposits and set aside reserves for loan losses,
Moody's said, Bloomberg News relates.   The credit tightening
could have hardly come at a worse time.  The economy probably
contracted in the second half of 2014 and inflation is surging as
the government, which defaulted last year, pays bills with newly
printed money, Bloomberg News says.

"At the end of the day, the banks will look out for their balance
sheets," Valeria Azconegui, a Buenos Aires-based bank analyst at
Moody's, told Bloomberg News by telephone.

Argentine warrants, which pay holders a coupon if economic growth
beats 3 percent, have dropped 8.3 percent since the beginning of
June, Bloomberg News relates.  The securities were down 1 percent
to 7.3 cents on the dollar at 1:15 p.m. New York time on Jan. 27,
2015.

Bloomberg News relays that the lending regulations followed calls
by Economy Minister Axel Kicillof and Cabinet Chief Jorge
Capitanich earlier in the year for an end to "usury" by the
nation's banks.

Brokerage firms including Raymond James on June 11 predicted the
new rules would be a drag on profitability at lenders including
BBVA Banco Frances, Banco Macro and Grupo Galicia, Argentina's
three-biggest banks, Bloomberg News notes.

                           Bank Deposits

Under the rules, interest rates on personal loans and credit cards
can't exceed 1.25 to 2 times the rate of the central bank's 90-day
notes, which are sold in weekly auctions, Bloomberg News says.
The notes yielded 26.9 percent in the last auction.

The central bank also required lenders to loan at least 5.5
percent of their deposits to small companies and set the interest-
rate cap for such businesses at 19.5 percent -- less than half the
limit for consumer loans, Bloomberg News relays.

Bloomberg News discloses that total bank loans in the country
increased 20 percent last year, almost half the 39 percent
inflation rate estimated by private economists in an index
published by opposition lawmakers.  In 2013, before the rate caps
were imposed, loans grew by 35 percent, or 7 percentage points
faster than the inflation rate, Bloomberg News relays.

Consumers who are turned away from banks can end up paying even
higher interest rates for store credit provided by retailers that
aren't subject to the banking rules, Bloomberg News discloses.

                           Coppel Stores

Mexico's Coppel SA, which has 17 stores in Argentina, increased
total credit in the year through November by 54 percent, said
Heriberto Perez, chief of the company's Buenos Aires-based unit,
Bloomberg News relays.  Coppel SA charges average interest rates
of 56 percent plus taxes on its store credit, Mr. Perez told
Bloomberg News by telephone.

Carolina Aguirre, 29, who cleans houses in the Palermo
neighborhood of Buenos Aires, said she opened a credit line at
Coppel four months ago after she was denied a personal loan at her
bank, Bloomberg News notes.  The shopping card allows her to buy
everything from clothes to refrigerators in as many as 12 monthly
installments.

For banks, the restrictions may make it even harder to find
profitable loans at a time when a slowing economy already has
businesses curtailing new investment, said Soledad Perez Duhalde,
an analyst at Buenos Aires-based consultancy abeceb.com, Bloomberg
News notes.  Delinquency rates may also rise as more consumers
find themselves strapped for cash, Bloomberg News relays.

"Excessive regulation and slow economic growth are fatal for
credit," Ms. Duhalde told Bloomberg News by telephone.


                         *     *     *

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

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

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

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

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

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

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

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


=============
B O L I V I A
=============


BANCO FORTALEZA: Moody's Rates New Bs.110MM Debt Program (P)B3
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned (P)B3 global scale and A1.bo national scale local and
foreign currency ratings to Banco Fortaleza S.A. (Fortaleza)'s new
subordinated multicurrency debt program of Bs. 110 million. At the
same time, Moody's has assigned B3 global scale and A1.bo national
scale local currency subordinated debt ratings to the expected
issuance of Bs. 35 million under the program.

The outlook on all ratings is stable.

The following ratings were assigned to Banco Fortaleza S.A.:

Bs. 110 million subordinated debt program:

Global Local Currency Subordinated Debt Rating: (P)B3

Global Foreign Currency Subordinated Debt Rating: (P)B3

Bolivia National Scale Local Currency Subordinated Debt Rating:
A1.bo

Bolivia National Scale Foreign Currency Subordinated Debt Rating:
A1.bo

First Bs. 35 million expected issuance:

Global Local Currency Subordinated Debt Rating: B3

Bolivia National Scale Local Currency Subordinated Debt Rating:
A1.bo

Ratings Rationale

The B3 local currency subordinated debt rating is notched down
from Fortaleza's b2 baseline credit assessment to reflect the
subordination of the notes, following Moody's normal notching
practices.

Moody's ratings reflect Fortaleza's short track record as a
commercial bank and its limited market share coupled with its
efforts to shift its highly concentrated portfolio mix towards
small and medium sized enterprises (SMEs) from its current focus
on microfinance lending. While greater diversification would
ultimately be credit positive, during the transition period, this
shift in strategy exposes the bank to the risk of a deterioration
in asset quality, which already lags the average for the Bolivian
banking system. In addition, Fortaleza's loan loss reserves are
below the system average and profitability continues to lag
despite having improved in 2014, as the highly competitive
environment and poor efficiency metrics impact the bank's earnings
generation capacity. Moreover, we expect profitability to decline
going forward due to recent regulatory changes that will reduce
banks' interest margins and increase competition further. These
challenges outweigh Fortaleza's credit strengths, which include
strong Tier 1 capitalization and adequate funding diversification
and liquidity management.

An upgrade of Fortaleza's ratings would depend on improved
diversification supported by continued, sustainable growth in both
microfinance and SME lending, while the bank maintains asset
quality, liquidity, and capitalization at good levels. However,
the rating could face downward pressure if continued deterioration
in the Bolivian operating environment and margin compression in
the microfinance and SME market segments specifically affects
Fortaleza's earnings generation and puts pressure on its capital
metrics.

The principal methodology used in these ratings was Global Banks
published in July 2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

Banco Fortaleza S.A. is headquartered in La Paz, Bolivia, and it
had assets of Bs. 1.93 billion and equity of Bs. 212 million as of
December 2014.


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


BANCO DO BRASIL: Says Cielo Venture to Boost Profit by $1.2 Bil.
----------------------------------------------------------------
Reuters reports that Banco do Brasil SA said it would get a BRL3.2
billion (US$1.2 billion) boost to its bottom line from a joint
venture with card payment processor Cielo SA.

In a securities filing, Banco do Brasil said it was able to
reverse the central bank's decision that prevented it from
recording accounting gains from the venture's intangible assets,
according to Reuters.

Banco do Brasil said it provided new information to the central
bank, which then changed its position, the report notes.

The report relates that the bank affirmed its estimates for a
BRL3.2 billion benefit to net profit.

Banco do Brasil in November announced the BRL11.6 billion joint
venture to run its card business with Cielo, the report adds.

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2014, Standard & Poor's Ratings Services has raised its rating
on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative
subordinated bonds to 'BB-' from 'B+'.  In addition, S&P affirmed
its 'BB' rating on the bank's $500 million 10-year subordinated
deferrable notes.  In addition, S&P removed its "Under Credit
Observation" identifier from the ratings on these instruments.


BANCO ORIGINAL: Fitch Assigns 'B+' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has assigned these ratings to Banco Original S.A.
(Original):

   -- Long-term foreign currency Issuer Default Rating (IDR) 'B+';
      Outlook Stable;
   -- Long-term local currency IDR 'B+'; Outlook Stable;
   -- Short-term foreign currency IDR 'B';
   -- Short-term local currency IDR 'B';
   -- Viability Rating 'b+';
   -- Support Rating '5';
   -- Support Rating Floor 'NF';
   -- National long-term rating 'BBB+(bra)'; Outlook Stable
   -- National short-term rating 'F2(bra)'.

KEY RATING DRIVERS

The ratings assigned to Original reflect its large capital base,
comfortable liquidity position, adequate asset quality and its
growing funding base.  Original's ratings also take into account
the bank's ambitious business plan that will result in expressive
investments over the next few years and should result in limited
profitability over the next two or three years.

Fitch views the bank's plan to develop a retail bank, focused on
high-end individuals as an ambitious undertaken that will require
disciplined risk management given the challenging operating
environment.  The bank's revamped management team composed of
professionals with vast experience in leading local financial
institutions will be essential for the successful implementation
of the bank's plan to build a solid franchise and become a
relevant midsized bank in the Brazilian market.

Even so, the bank's plan to enter the competitive retail banking
market will face tough competition of larger and more established
banks with larger client base and a more complete product offer.
Investments in marketing and on IT platform and on training and
hiring a qualified team will also be expensive and will add
pressure to the bank's performance, which should lead to at least
two periods of limited profitability.

Since the new management took on the bank, a massive revamp of its
operations has been carried out, including a complete revision of
the credit risk framework that resulted in a clean-up of the
bank's loan portfolio; such positive changes on its risk controls
tools will need to be tested along the expansionary business plan
and the challenges of the operating environment.  The expansion of
the funding base and the enhancing of its commercial banking
platform have already started to show some results and if managed
properly could help the bank build a solid franchise.

Capitalization is vastly comfortable and in spite of the bank's
aggressive growth plans, the bank's management has stated that it
aims to keep regulatory capital on excess of 16%.  The
implementation of the bank's business plan should result in higher
recurring earnings generation but given the weak operating
environment, the bank's expansion plans may be halted by the
challenging economic scenario.  Developing and achieving the
proposed business plan may prove challenging under the current
scenario and competence levels and Fitch acknowledges that such
expansion may come with certain degree of volatility on the banks
operating results, common of banks in this stage of development.

As is the case with wholesale funded bank and midsized banks in
general, the bank presents concentrations on both its assets and
liabilities, which are offset by its very comfortable liquidity
and capitalization position.  The project of building an
innovative retail bank and competitive corporate lending and
investment banking platforms results in an investment plan of
USD200 million that will require the bank's client acquisition
strategy to be successful in order to generate results that will
cover the higher level of administrative and personnel expenses.

RATING SENSITIVITIES

Positive Rating Action: Ratings could benefit from a less
concentrated funding base and by a successful implementation of
the proposed business plan that result in consistent operating
profitability.  Also, preserving capital levels along the target
of 16% set up by management would be important to enhance the
financial profile of the bank while it grows.  However, given the
intensive investment plan, this is an unlikely scenario in the
medium term.

Negative Rating Action: A longer than expected development of its
business plan or a deterioration of its corporate lending or
agribusiness loan portfolio that result in negative results could
lead to a downgrade of Original's ratings.  Operating ROAA below
0.5% and a deterioration of Fitch Core Capital to levels below 15%
could trigger a downgrade on the ratings.


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


CHAYTON DUNA: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Chayton Duna General Partner received on
Dec. 22, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815-4558
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


DANIX FUND: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Danix Fund Limited SPC received on Dec. 23,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Danixmaster Fund Limited SPC received on
Dec. 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Del Mar Special Opportunities Offshore Fund
Ltd. received on Dec. 31, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

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 MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Del Mar Special Opportunities Master Fund Ltd.
received on Dec. 31, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


LODESTONE INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Lodestone Investment Management 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:

          Tim Whyte
          Althea Capital LLP
          Office 108, Golden Cross House
          8 Duncann Street
          London WC2N 4JF


OVERHILL OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Overhill Offshore Fund, Ltd. received on
Dec. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Slotnik Capital Management LLC
          3953 Maple Avenue
          Suite 160, Dallas
          Texas 75219
          United States of America
          Telephone: +1 (212) 462 9202


PERENNIAL CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Perennial Capital Master Fund LDC received on
Dec. 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Perennial Investors Ltd. received on Dec. 30,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


SEAHUNTER DRILLER: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Seahunter Driller 3 Limited received on
Jan. 5, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Yao Chye Chiang
          4 Battery Road #34-01
          Singapore 049908


SOFAER CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sofaer Capital Asia Private Equity Fund
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 (Cayman) Ltd.
          Sophie Benbow
          Telephone: (345) 949 4900
          c/o Appleby (Cayman) Ltd.
          P.O. Box 190 Clifton House
          75 Fort Street
          Grand Cayman, KY1-1104
          Cayman Islands


SOFAER CAPITAL GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Sofaer Capital Global Private Equity Fund
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 (Cayman) Ltd.
          Sophie Benbow
          Telephone: (345) 949 4900
          c/o Appleby (Cayman) Ltd.
          P.O. Box 190 Clifton House
          75 Fort Street
          Grand Cayman, KY1-1104
          Cayman Islands


SOFAER CAPITAL PACIFIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Sofaer Capital Pacific Private Equity Fund
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 (Cayman) Ltd.
          Sophie Benbow
          Telephone: (345) 949 4900
          c/o Appleby (Cayman) Ltd.
          P.O. Box 190 Clifton House
          75 Fort Street
          Grand Cayman, KY1-1104
          Cayman Islands


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


DOMINICAN REPUBLIC: Farmlands Fall Victim to Sprawl
---------------------------------------------------
Dominican Today reports that the razing of major tracts of
Dominican Republic's farmlands for housing or shopping centers
begs the question of whether it might jeopardize food security at
some point.

The phenomenon isn't exclusive to one geographical location since
during several years the northern, southern and eastern provinces,
where the problem has become quite visible now, according to
Dominican Today.

"How long will the country withstand increasing use of land for
activities which don't produce food for the population?" is a
question producers and civil society actors often ask, and they
warn that "certain controls or regulations must be established, or
we risk relying on imports in the future," elcaribe.com.do
reported, Dominican Today says.

Dominican Republic produces 85% of its food, according to
officials figures and from international organizations such as the
Inter-American Development Bank (IDB), the report notes.

The report relays that Dominicans are self-sufficient in rice and
similar crops and its lands can yield vegetables, grains and
cattle pastures, among others.

It's been estimated that its land can even feed around 20 million
people, but as its population grows, the story will likely change,
the report adds.



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


JAMAICA: Growth Strategy to be Tabled Shortly
---------------------------------------------
RJR News reports that the Jamaican Government's growth strategy
will be tabled in Parliament shortly.

Finance Minister Dr. Peter Phillips announced the plan for tabling
the growth strategy, during a Jamaica House press briefing on
Monday, Jan. 26, according to RJR News.

RJR News notes that Dr. Phillips said the document will include a
detailed matrix of the growth agenda, "with the specific
performance targets assigned to various ministries, departments,
and agencies, to allow for wider public participation."

The report notes that that wider participation, Dr. Phillips said,
is a component of the "growth inducement effort that is being
undertaken."

The report says that Jamaica is now almost half-way through a
four-year Extended Funded Facility agreement with the
International Monetary Fund (IMF), which, for the first period,
has largely focused on "fiscal stability."

Pressure has been mounting on the government to lay out and pursue
a growth strategy, to take the country beyond the sacrifices
endured during the first phase of the IMF agreement, RJR News
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: Tax Administration Jamaica Going After Tax Dodgers
-----------------------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Peter Phillips
has served notice that the Jamaican tax authorities will be
aggressively pursuing tax dodgers in the upcoming fiscal year.

Dr. Phillips disclosed at a special media briefing on Monday, Jan.
26, 2015, that Tax Administration Jamaica (TAJ) will be
intensifying collections, due to the decline in revenue inflows
this fiscal year, according to RJR News.

Dr. Phillips said the TAJ will use the increased powers available
to it, legislatively, "such as the access to third-party
information, the publication of offenders . . ." and will
"undertake efforts to improve taxpayer information and education,"
the report relays.

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


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


MEXICO: Trade Deficit Doubles
-----------------------------
EFE News reports that Mexico ran a trade deficit of $2.44 billion
last year, a rise of 106 percent over the 2013 figure, the
National Institute of Statistics and Geography (Inegi), said.

Mexican exports in 2014 totaled $397.55 billion, up 4.6 percent
from the previous year, while imports climbed 4.9 percent to
$399.98 billion, according to EFE News.


MEXICO: Foreign Reserves Fall by $341 Million
---------------------------------------------
EFE News reports that Mexico's foreign reserves fell by $341
million last week to $192.91 billion, the Bank of Mexico said.

Gold and foreign currency reserves dropped in the week ending Jan.
23, mainly due to a change in the value of the bank's foreign
assets, according to EFE News.

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


TRINIDAD & TOBAGO: Budget May be Revised Again, Minister Says
-------------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that Trinidad
and Tobago Finance Minister Larry Howai said the 2014/12015
National Budget may have to be revised for a third time based on
the "evolving fiscal situation" as it pertains to the continuing
slide in world oil prices.

Minister Howai observed the Budget was originally based on an oil
price of US$80 per barrel, but because of the declining price of
oil on the international market, that price was revised downwards
to US$45, according to Trinidad and Tobago Newsday.  Minister
Howai said with prices continuing to fall, even that revised price
might not be enough and TT must be prepared to revise the price
even further if prices continue to fall, the report relates.

Notwithstanding this, Minister Howai said, "the Ministry of
Finance remains confident the nation's financial buffers are
strong enough to address immediate concerns of the recent decline
in oil prices," says the report.

The buffers Minister Howai was referring to are the country's
favorable macro-economic situation, the report notes.

The report relays that Minister Howai said the country's balance
of payments registered a surplus of US$318.2 million during the
first six months of calendar 2014, "a notable improvement on
US$195 million surplus recorded during the similar 2013 period."

The report discloses that Minister Howai said the country's
official foreign reserves rose from US$8.9 billion in 2009 to a
"record high" of US$11.6 billion as at December 31, 2014,
representing over 13 months of import cover.  In addition, the Net
Asset Value of the Heritage and Stabilization Fund totaled US$5.5
billion as of September 30, 2014," the report relays.

"We are witnessing a market increase in drilling activity, a
significant increase in foreign and domestic direct investment,
discoveries of new reserves of oil and natural gas and the
stabilization of oil production. We expect that starting in 2017,
we shall see improved results arising out of the audits of our oil
and gas reserves," the report quoted Minister Howai as saying.

Minister Howai commented that the local manufacturing and
financial sectors depend heavily on business with the rest of the
region for their success and these sectors will be negatively
affected in the event of declines in the economic performance of
Caribbean countries because of the current economic malaise in
which the world finds itself, the report notes.

"Should the local economy slow next year as a result of the fall
in energy prices and lower government revenues, this could present
challenges for our manufacturing sector and our budget measures
for next year will have to pay close attention to the factors that
would help our manufacturers to become more globally competitive,"
Minister Howai added, notes the report.

On the subject of inflation, Minister Howai said this country had
managed to control inflation within single digits since August
2012, but an expected increase in the US policy interest rate and
a recent rise in the general price level "has prompted the Central
Bank of Trinidad and Tobago to recently announce its second
consecutive increase in the repo rate, which now stands at 3.25
percent," 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
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.


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