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                     L A T I N   A M E R I C A

            Monday, February 2, 2015, Vol. 16, No. 022


                            Headlines



B A H A M A S

BRITISH AMERICAN: Nears Deal Over $10-Mil. Investment Gone Bad


B R A Z I L

BANCO ABC: S&P Affirms 'BB+' Rating; Outlook Stable
PETROBRAS GLOBAL: Moody's Lowers Sub. Shelf Rating to (P)Ba1
VIRGOLINO DE OLIVEIRA: S&P Cuts Note Rating to D on Missed Payment


C A Y M A N  I S L A N D S

ARTEPHIUS FUND: Shareholders Receive Wind-Up Report
GRACCHI DIVERSIFIED: Shareholders Receive Wind-Up Report
GRACCHI DIVERSIFIED MASTER: Shareholders Receive Wind-Up Report
HUNT OMAN: Shareholders Receive Wind-Up Report
INTEGRITY INDEPENDENT: Shareholders Receive Wind-Up Report

MARATHON ASIA: Shareholders Receive Wind-Up Report
MARATHON ASIA MASTER: Shareholders Receive Wind-Up Report
MARATHON SPECIAL: Shareholders Receive Wind-Up Report
MARATHON SPECIAL MASTER: Shareholders Receive Wind-Up Report
MARATHON DISTRESSED: Shareholders Receive Wind-Up Report

MARATHON EM: Shareholders Receive Wind-Up Report
MARATHON EM MASTER: Shareholders Receive Wind-Up Report
TEMPORIS CLEAN: Shareholder Receives Wind-Up Report
TEMPORIS CLEAN MASTER: Shareholder Receives Wind-Up Report
TIEDEMANN/PIKE: Shareholder Receives Wind-Up Report

UNIVERSA ASYMMETRY: Shareholders Receive Wind-Up Report


C O L O M B I A

COLOMBIA: Holds Policy Rate at 4.5% and Cuts Growth Forecast


C O S T A   R I C A

COSTA RICA: Colon to Float Against Dollar as Bank Releases Brake


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pays Most of US$4.1 Billion Oil Debt


J A M A I C A

JAMAICA: BSJ Removes Certificate Requirement for Some Food Exports
UC RUSAL: No Immediate Plan to Restart Idle Aluminum Smelters


M E X I C O

MEXICO: Government to Cut 2015 Budget by $8.57 Billion


P A R A G U A Y

PARAGUAY: Fitch Raises IDR to 'BB'; Outlook Stable


P U E R T O    R I C O

ALCO CORP: Complies with Reports; Bid to Dismiss Deemed Moot


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Inflation Creeps Up to 8.5%
TRINIDAD & TOBAGO: Promises to Pump More US$ Into System


X X X X X X X X X

* BOND PRICING: For the Week From Jan. 19 to Jan. 23, 2015


                            - - - - -


=============
B A H A M A S
=============


BRITISH AMERICAN: Nears Deal Over $10-Mil. Investment Gone Bad
--------------------------------------------------------------
Law360 reported that Caribbean insurer British American Insurance
Co. Ltd. has told the Eleventh Circuit it is close to a deal with
a former investment fund director over the alleged theft of $10.25
million, after the case was found by a lower court to be time-
barred.  According to the report, the insurer said on Jan. 26 it
needed time to finalize settlement documents with Peter Krieger, a
former principal of investment firm Corban Fund II LP and several
related entities, and requested a stay or abatement of the appeal.

As previously reported by the TCR, the Caribbean insurer and a
subsidiary filed the lawsuit against the former directors over
unsuccessful real estate transactions in Florida that allegedly
led to the companies' Chapter 15 insolvency.  The others named as
defendants in the lawsuit are Green Island Holdings LLC, Charles
Pratt, and Voyager Development LLC.

The appeals case is British American Insurance com v. Peter
Krieger, et al., Case No. 14-14965 (11th Cir.).

                           About BAICO

British American Insurance Company is a Nassau, Bahamas-based
insurance and financial services company.  BAIC is owned by
Trinidad-based parent CL Financial.  BAIC listed debt of $500
million to $1 billion and assets of more than $100 million in its
Chapter 15 petition (Bankr. S.D. Fla. Case No. 09-3588).

By order entered Aug. 4, 2009, the Eastern Caribbean Supreme Court
in the High Court of Justice Saint Vincent and the Grenadines
appointed Brian Glasgow as Judicial Manager for BAICO under
Section 52 of the Insurance Act, No. 45 of 2003 of the Laws of
Saint Vincent and the Grenadines.


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


BANCO ABC: S&P Affirms 'BB+' Rating; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA' national scale ratings on Banco ABC Brasil S.A. (ABC
Brasil).  The outlook on both scales is stable and the bank's
stand-alone credit profile (SACP) remains 'bb+'.

The ratings on ABC Brasil reflect the bank's "moderate" business
position, "adequate" capital and earnings, "strong" risk position,
"below average" funding and "adequate" liquidity.  The bank's
strong asset quality, conservative risk management, and stable
revenues partially offset its "moderate" business position given
its small size and concentrated business lines and its "below
average" funding profile.  "Although 2015 looks like a challenging
year for midsize banks in Brazil, we believe ABC Brasil will
maintain its good risk management standards allowing it to achieve
good profitability and maintain strong asset quality," said
Standard & Poor's credit analyst Vitor Garcia.

"Under our bank criteria, we use our Banking Industry Country Risk
Assessment (BICRA) economic and industry risk scores to determine
a bank's anchor, the starting point in assigning an issuer credit
rating.  Our anchor for a commercial bank operating only in Brazil
is 'bbb-', based on the banking sector's economic risk score of
'6' and industry risk score of '5'.  The economic risk reflects
Brazil's low GDP per capita levels and only modest growth
prospects that limit household credit capacity and the country's
ability to withstand economic downturns.  It also considers our
view that economic imbalances have increased as a result of rapid
credit expansion amid a slowly growing economy, which isn't likely
to pick up for the next two years, further increasing the
household debt burden.  In addition, we expect Brazil's external
vulnerability tol rise somewhat over the next several years, which
also contributes to our "high risk" assessment for economic
imbalances.  However, the Brazilian corporate sector's moderate
leverage and the absence of high-risk loans somewhat mitigate the
higher risk factors in our economic risk assessment.  Our industry
risk score of '5' reflects our belief that the industry risks in
Brazil's banking sector continued to increase.  In our view, there
are growing market distortions due to an increasing market share
of loans from publicly owned banks during the past two years and
an increasing spread differential between public and private
banks, which have reduced the sector's profitability.  Extensive
coverage, effective supervision of the financial system, and an
adequate and stable deposit base support our industry risk
assessment," S&P said.

"We continue to view ABC Brasil as a "strategically important"
subsidiary for Arab Banking Corp. B.S.C. (BBB-/Stable/A-3).  As of
Sept. 30, 2014, the Brazilian bank accounted for 43% of the
group's overall revenues, 27% of its assets, and 22% of its equity
(according to our metrics).  Although ABC Brasil is not one of the
group's core businesses, the Brazilian subsidiary is a profitable
and independent investment, and we don't believe ABC is likely to
sell it.  The parent participates on ABC Brasil's board of
directors and supports its subsidiary through contingency lines.
Following our group methodology criteria, we view ABC Brasil as a
"strategically important" subsidiary, which reflects our
expectation that it would receive parent support in most
foreseeable stressful circumstances.  Nevertheless, ABC Brasil's
SACP is already one notch below the issuer credit rating on the
parent and the group credit profile; therefore, the ratings on ABC
Brasil don't reflect any notches of support from its parent," S&P
added.


PETROBRAS GLOBAL: Moody's Lowers Sub. Shelf Rating to (P)Ba1
------------------------------------------------------------
Moody's Investors Service downgraded all ratings for Petrobras
S.A. (including debts rated based on Petrobras' guarantee),
including a downgrade of the company's senior unsecured debt to
Baa3 from Baa2. Moody's also lowered the company's Baseline Credit
Assessment (BCA) to ba2 from ba1. The rating actions reflect
concerns about corruption investigations and liquidity pressures
that might result from delays in delivering audited financial
statements. The ratings remain on review for further downgrade.

Below is a list of affected ratings:

Downgrades:

Issuer: Petrobras Global Finance B.V.

Subordinate Shelf, Downgraded to (P)Ba1 from (P)Baa3; Placed
Under Review for further Downgrade

Senior Unsecured Shelf, Downgraded to (P)Baa3 from (P)Baa2;
Placed Under Review for further Downgrade
Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from
Baa2; Placed Under Review for further Downgrade

Issuer: Petrobras International Finance Company

Subordinated Shelf, Downgraded to (P)Ba1 from (P)Baa3; Placed
Under Review for further Downgrade

Senior Secured Shelf, Downgraded to (P)Baa2 from (P)Baa1; Placed
Under Review for further Downgrade

Senior Unsecured Shelf, Downgraded to (P)Baa3 from (P)Baa2;
Placed Under Review for further Downgrade

Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from
Baa2; Placed Under Review for further Downgrade

Issuer: Petroleo Brasileiro S.A. - PETROBRAS

Issuer Rating, Downgraded to Baa3 from Baa2; Placed Under Review
for further Downgrade

Preferred Shelf, Downgraded to (P)Ba2 from (P)Ba1; Placed Under
Review for further Downgrade

Preferred Shelf, Downgraded to (P)Ba3 from (P)Ba2; Placed Under
Review for further Downgrade

Subrodinate Shelf, Downgraded to (P)Ba1 from (P)Baa3; Placed
Under Review for further Downgrade

Senior Unsecured Shelf, Downgraded to (P)Baa3 from (P)Baa2;
Placed Under Review for further Downgrade

Senior Secured Shelf, Downgraded to (P)Baa3 from (P)Baa2; Placed
Under Review for further Downgrade

Ratings Rationale

The Baa3 rating reflects the deepening scope of the investigation
of improper payments, which Moody's believes heightens uncertainty
about the timely delivery of audited financial statements and
could lead to significant liquidity pressures.

On January 27, Petrobras released its delayed unaudited financial
statements for the third quarter 2014. The company acknowledged
the need to make revisions to fixed asset values in its financial
statements to reflect overpayments tied to past misconduct.
However, Petrobras failed to provide any clarity about the
magnitude of these adjustments. The lack of progress in disclosing
approximate adjustment amounts is not an encouraging sign for the
timely release of audited year-end financial statements.

Petrobras' ratings remain on review for possible downgrade,
reflecting continued concern about potential liquidity pressures
that could arise as a consequence of not providing timely
financial statements. The company's debt agreements include
covenants for the provision of financial statements. Extended
delays in providing financial statements carries the risk that
creditors may take actions that could eventually lead to payment
acceleration.

Additional rating actions will consider any further developments
in the ongoing corruption investigation and the passage of time
without clear progress towards normal production of financial
statements. Failure to make such progress over the next month may
lead to a downgrade in the absence of other actions that would
reduce uncertainty around the company's ability to meet all of its
financial obligations on a timely basis. Moody's credit assessment
of Petrobras takes into account the expected level and timeliness
of government support, in case of need. Moody's current
assumptions are that there is a high likelihood of support and
moderate dependence with the government's rating. Petrobras'
rating would be sensitive to any change in the government's
rating. In addition, Petrobras' ratings could also be downgraded
if financial leverage increases and is sustained with debt/EBITDA
above 5x or if production growth falls short of targets.

The principal methodology used in these ratings was Global
Integrated Oil & Gas Industry published in April 2014. Other
methodologies used include the Government-Related Issuers
methodology published in October 2014.

Petrobras, based in Rio de Janeiro, is an integrated energy
company, with total assets of about USD 341 billion as of
September 30, 2014. Petrobras dominates Brazil's oil and natural
gas production, as well as downstream refining and marketing. The
company also holds a significant stake in petrochemicals and a
burgeoning position in sugar-based ethanol production and
distribution. The Brazilian government directly and indirectly
owns about 46% of Petrobras' outstanding capital stock and 60.4%
of its voting shares.


VIRGOLINO DE OLIVEIRA: S&P Cuts Note Rating to D on Missed Payment
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue-level rating
on Virgolino de Oliveira Finance S.A.'s 2018 notes to 'D' from
'CC'.  S&P also removed the rating from CreditWatch negative.
Virgolino de Oliveira Finance is a wholly-owned financial vehicle
of Virgolino de Oliveira S.A. - Acucar e Alcool (GVO).

The downgrade reflects GVO's missed payment on these notes'
interest, which Virgolino de Oliveira Finance issued.  S&P's 'D'
corporate credit rating on GVO already reflects its expectation of
general debt obligation restructuring.


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


ARTEPHIUS FUND: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Artephius Fund 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:

          Hung Lok Ming Gary
          Telephone: (852) 2809 3286
          St. George's Building
          Room 402, 4th Floor
          2 Ice House Street, Central
          Hong Kong


GRACCHI DIVERSIFIED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Gracchi Diversified Volatility Fund 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:

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


GRACCHI DIVERSIFIED MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Gracchi Diversified Volatility Master Fund
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:

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


HUNT OMAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Hunt Oman Musandam Exploration Company
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


INTEGRITY INDEPENDENT: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Integrity Independent Risk & Financial
Solutions Holdings Limited received on Dec. 29, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Rainier Hok Chung Lam
          c/o Ian Lindo
          Telephone: +1 (345) 814 2059
          Facsimile: +1 (345) 949 4900
          Appleby Trust (Cayman) Limited
          Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands


MARATHON ASIA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Marathon Asia Fund, 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:

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


MARATHON ASIA MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Marathon Asia Master Fund, 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:

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


MARATHON SPECIAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Marathon Special Opportunities Offshore Fund
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:

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


MARATHON SPECIAL MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Marathon Special Opportunities Offshore Master
Fund 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:

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


MARATHON DISTRESSED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Marathon Distressed Subprime Fund (Cayman),
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:

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


MARATHON EM: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Marathon EM Opportunity Fund, 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:

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


MARATHON EM MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Marathon EM Opportunity Master Fund, 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:

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


TEMPORIS CLEAN: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Temporis Clean Technology Fund received on
Dec. 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Cinnamon Capital Management (Cayman) Limited
          c/o Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TEMPORIS CLEAN MASTER: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Temporis Clean Technology Master Fund received
on Dec. 23, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Cinnamon Capital Management (Cayman) Limited
          c/o Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TIEDEMANN/PIKE: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Tiedemann/Pike Place Offshore QP, 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:

          Barbara Warga Naratil
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877


UNIVERSA ASYMMETRY: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Universa Asymmetry Offshore Fund Ltd. received
on Jan. 1, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


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


COLOMBIA: Holds Policy Rate at 4.5% and Cuts Growth Forecast
------------------------------------------------------------
Oscar Medina and Christine Jenkins at Bloomberg News report that
Colombia's central bank kept borrowing costs unchanged for a fifth
consecutive month and cut its 2015 growth forecast following a
slump in oil prices.

The seven-member board voted unanimously to leave the overnight
lending rate at 4.5 percent, Governor Jose Dario Uribe told
reporters in Bogota after their meeting, according to Bloomberg
News.  The decision was forecast by all 37 analysts surveyed by
Bloomberg.

Bloomberg News relates that policy makers cut their forecast for
economic growth this year to 3.6 percent from 4.3 percent, citing
the drop in oil prices.  The reduction raises the prospect of
interest rate cuts to revive growth, said Camilo Perez, chief
economist at Banco de Bogota, Bloomberg News relates.

"This is very important because it shows that the bank's optimism
has fallen," Mr. Perez said in reply to e-mailed questions,
Bloomberg News notes.  "It's now more likely that there'll be a
rate cut in 2015, which may be as soon as April," Mr. Perez added.

Twenty analysts surveyed by Bloomberg this month cut their median
forecast for 2015 growth to 3.9 percent from 4.2 percent in a
December survey.  Crude, which accounts for about 50 percent of
Colombian exports, has more than halved since June. The slump in
crude is already affecting investment in the oil industry, Uribe
said, Bloomberg News relates.

The economy grew 4.8 percent last year, according to the central
bank's forecast, Bloomberg News relates.  The country has been
shielded from a sharper slowdown by strong consumer spending,
Bloomberg News notes.

                     Consumer Strength

Retail sales rose 8.4 percent in November from a year earlier,
while industrial production slid 0.9 percent over the same period.
Gross lending in the 12 months through November increased 14.5
percent, Bloomberg News says.

Annual inflation accelerated to 3.66 percent last year, the
fastest pace in three years and above the 3 percent mid-point of
the central bank's target range, Bloomberg News notes.  Mr. Uribe
said the "particularly strong" drop in the peso this year will
temporarily increase the prices of some imported goods, without
contaminating general inflation, Bloomberg News discloses.

"Internal demand continues to show dynamism in a context of near
full-capacity use," Bloomberg News quoted Mr. Uribe as saying.
"At the same time inflation and inflation expectations remain a
bit above 3 percent. This is happening in a context of worsening
terms of trade and uncertainty over its impact on aggregate
demand," said Mr. Uribe.


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


COSTA RICA: Colon to Float Against Dollar as Bank Releases Brake
----------------------------------------------------------------
Michael McDonald at Bloomberg News reports that Costa Rica will
allow the value of its currency, the colon, to float against the
U.S. dollar after decades of gradually reduced brakes on its
volatility, the country's central bank announced.

Costa Rica implemented a "currency band" in October 2006 after 22
years of small devaluations, according to Bloomberg News.  The
band limited the colon's value to a range of 500 to 866 per
dollar.

Bloomberg News notes that Central Bank President Olivier Castro
said that under the new system authorities will only intervene
when the colon experiences "abnormal fluctuations."

"This strategy will allow a greater flexibility in the exchange
rate," Bloomberg News quoted Mr. Castro as saying.  "The
macroeconomic conditions are adequate for this migration," Mr.
Castro added.

Bloomberg News notes that Costa Rica's colon has fallen 4.6
percent against the dollar in the past 12 months to 536 on Jan.
30, as Mr. Castro said the currency has been in "de facto float"
for a year.  The bank sold about $2.8 million this year to
stabilize the colon, Bloomberg News relates.

Costa Rica's economy will expand 3.4 percent this year and 4.1
percent in 2016, Mr. Castro said, Bloomberg News relates.  The
bank will maintain its inflation target between 3 percent and 5
percent for the next two years, Mr. Castro added.


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


DOMINICAN REPUBLIC: Pays Most of US$4.1 Billion Oil Debt
--------------------------------------------------------
Dominican Today reports that Dominican Republic Finance Minister
Simon Lizardo said the government paid off nearly all of a US$4.1
billion oil debt to Venezuela accumulated since 2005, with funds
raised through a bond sale.

The government used US$1.93 billion to pay off 98 percent of its
debt to Venezuela at a discount of more than 50 percent, the
official told reporters in a National Palace press conference,
according to Dominican Today.

The report notes that the deal, the official said, concluded on
Jan. 27, and the Administration headed by Danilo Medina will
reduce the country's debt owed to Venezuela.

The Dominican Republic had accumulated the debt under preferential
financing terms afforded to it as a member of Venezuela's
Petrocaribe energy program, enacted by the late former president
Hugo Chavez, the report relates.


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


JAMAICA: BSJ Removes Certificate Requirement for Some Food Exports
------------------------------------------------------------------
RJR News reports that the Bureau of Standards Jamaica has
announced the removal of the requirement for export certificates
for prescribed foods.

The change, which takes immediate effect, mainly concerns agro-
processed foods, according to RJR News.

The report notes that the removal follows discussions with the
Jamaica Customs Agency.

Companies that require certification from the Bureau in order to
meet the requirements of importing jurisdictions will continue to
be facilitated, but Customs will no longer need the certificate
for supplies to leave the country, the report relates.

The change will allow exports to be certified based on market
access rules in the destination country, 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.


UC RUSAL: No Immediate Plan to Restart Idle Aluminum Smelters
-------------------------------------------------------------
RJR News reports that UC Rusal, the owner of three alumina
refineries in Jamaica (two of which are currently closed), says it
has no plan this year to restart smelting capacity, idled in the
past two years due to oversupply.

The company says it does expect stable output and favorable prices
for aluminum, according to RJR News.

The report notes that UC Rusal, in a filing to Hong Kong's stock
exchange on Jan. 30, said its aluminum output fell 7% year to 3.6
million tons.

Fourth-quarter production grew one per cent from the third quarter
to 915,000 tons, the report relays.

Fourth-quarter average price for aluminum grew 5% to 2-thousand
US$425 per ton from the third quarter, the report discloses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 31, 2014, RJR News said that UC Rusal reported a massive
increase in net losses in the year to December 31.  This was due
mainly to a large impairment cost and one-off restructuring
charges combined with lower production and a fall in aluminum
prices.  The report said the company reported a net loss of US$3.2
billion.  It suffered a US$528 million loss in 2012.


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


MEXICO: Government to Cut 2015 Budget by $8.57 Billion
------------------------------------------------------
EFE News reports that Mexico's government will trim its planned
spending by $8.57 billion in 2015, equivalent to 0.7 percent of
the nation's gross domestic product, Finance Secretary Luis
Videgaray said.

The measure includes reducing the budgets of state oil company
Petroleos Mexicanos and state-owned electric utility CFE by $4.28
billion and $689.7 million, respectively, Mr. Videgaray said at a
press conference, according to EFE News.


===============
P A R A G U A Y
===============


PARAGUAY: Fitch Raises IDR to 'BB'; Outlook Stable
--------------------------------------------------
Fitch Ratings has taken these rating actions on Paraguay:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) upgraded to 'BB' from 'BB-';
   -- Senior unsecured foreign and local currency bonds upgraded
      to 'BB' from 'BB-';
   -- Country Ceiling upgraded to 'BB+' from 'BB';
   -- Short-term foreign currency IDR affirmed at 'B'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

The resilience of Paraguay's external accounts and economic growth
has increased, underpinned by export diversification and
productivity enhancements in the primary sector, which accounts
for 25% of GDP.  The country's export receipts are generated by
three industries that are relatively uncorrelated and less exposed
to the current downturn in global commodity prices: soy, beef and
electricity.  Fitch expects the sovereign to remain a net external
creditor and international reserves to cover over five months of
current external payments in 2015-2016, providing a cushion
against adverse terms-of-trade shocks.

Paraguay's five-year average growth of 7% exceeded the 'BB' median
of 4% in 2014.  Higher growth has facilitated the convergence of
the country's per capita income with the 'BB' median.  Fitch
forecasts that economic activity will keep pace at 4.5% in 2015-
2016, driven by the dynamism of construction, infrastructure,
private consumption and a rising maquila industry.  Despite the
recent fall in soybean export prices, the agriculture sector
maintains high profitability margins, low leverage and adequate
capitalization.  These factors mitigate the potential for negative
spillovers to the rest of the economy and the financial system.

Monetary authorities have been able to maintain moderate inflation
rates despite the challenges imposed by low financial
intermediation, high dollarisation and underdeveloped local
capital markets.  The central bank has met its inflation target
since the adoption of the regime in 2011, and expectations point
to consumer price increases in line with the new official
reference mid-point of 4.5% in 2015-2016.  International reserves
accumulation and greater currency flexibility have enhanced the
capacity of the exchange rate to serve as a shock absorber.

Fitch projects that Paraguay's debt burden will approach 23% of
GDP by 2016 but remain well below the 'BB' median of 40% even
after factoring in a moderate deterioration in fiscal accounts.
Fitch expects the central government deficit to widen to 2.4% of
GDP in 2014-2015, after recording average surpluses of 1% in 2004-
2011.  In addition, the revenue base is expected to increase
gradually in the coming years with the gradual introduction of
personal income and agriculture taxes.  The sovereign's
demonstrated capacity to access international bond markets and
multilateral funding at favorable conditions support fiscal
financing flexibility.

However, Fitch notes that implementation of the new fiscal
responsibility law has already proved challenging, weakening its
role as an institutional anchor for fiscal policy.  The first
budget (2015) approved by congress after the law calls for a
central government deficit of 3.5% of GDP, above the legal limit
of 1.5%.  Real wage adjustments awarded to teachers and doctors
and increased transfers to sub-national governments in an
electoral year make it difficult to abide by the primary current
spending growth ceiling of 4% above inflation.  The authorities
seem willing to accept deviations from the legal deficit threshold
if they are derived from public investment projects with secure
external financing.

The banking sector has strengthened since the 2003 crisis and
presently maintains adequate levels of capitalization, liquidity
and credit quality.  Credit is largely concentrated in the export-
oriented agriculture and livestock industries, two sectors with
solid collateral and without currency mismatches.  Nonetheless,
rapid lending growth, rising household indebtedness and high
dollarization of credit could become sources of vulnerability for
financial institutions.

Paraguay's ratings balance a long track record of fiscal prudence
through different economic and political cycles and strong fiscal
solvency indicators against high output volatility due to weather-
related shocks, a low tax revenue base and comparatively weak
structural factors in terms of investment rates, GDP per capita,
institutional quality and social development indicators.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.  The main
factors that individually, or collectively, could trigger a rating
action are:

Positive:

   -- Higher growth trajectory in the context of macroeconomic and
      financial stability.  Improvements in the business
      environment and the execution of public infrastructure
      projects that lead to higher investment rates will be
      positive;

   -- Strengthening of the economy's external liquidity position
      in line with the peer median;

   -- Structural improvements in public finances in terms of
      revenue base, expenditure rigidity and a continued moderate
      debt burden.

Negative:

   -- Commodity production shocks or severe export price falls
      that materially impair external and fiscal solvency ratios;
   -- Sustained fiscal deterioration in the context of financing
      constraints.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to a number of assumptions:

   -- Fitch assumes weak economic growth in Brazil and a recession
      in Argentina in 2015.  A sharper than expected deterioration
      in economic conditions could affect Paraguay's economic and
      export performance given the important trade links with
      these countries.

   -- Fitch's economic growth and external forecasts assume
      continued softening of international soybean prices in 2015-
      2016, after the 20% correction observed in 2013-2014.  The
      shift towards agriculture exports of higher value-added and
      higher beef production could partially offset the decline in
      soy prices.

   -- Fitch assumes that Paraguay will maintain access to external
      sources of financing.


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


ALCO CORP: Complies with Reports; Bid to Dismiss Deemed Moot
------------------------------------------------------------
The Bankruptcy Court deemed moot the U.S. Trustee's motion to
dismiss the Chapter 11 case of Alco Corporation, and vacated the
hearing set for Jan. 21.

On Jan. 2, Guy G. Gebhardt, the acting U.S. trustee for Region 21,
filed a motion to dismiss or convert the Debtor's case.  As
grounds for the dismissal, the U.S. Trustee argued that (1) debtor
corporation did not have legal representation and thus, could not
represent itself in court; (2) debtor corporation had not filed
operating reports for the months of May through November of 2014;
and, (3) debtor corporation had not paid statutory quarterly fees
to the U.S. Trustee for the First, Second and Third Quarters of
2014.

At the hearing held on another matter on Jan. 13, the Court
directed the U.S. Trustee to inform the Court by Jan. 20, if the
Debtor had filed the outstanding operating reports, as the
scheduled hearing would not be held if the reports were filed.

As of Jan. 13, the Debtor had already retained legal
representation.  On Jan. 13, 2015, the Debtor delivered to the
United States Trustee a check in payment of the quarterly fees
owed.  The check has been forwarded to the Payment Center.

                      About Alco Corp.

Alco Corporation in Dorado, Puerto Rico, filed for Chapter 11
bankruptcy (Bankr. D.P.R. Case No. 12-00139) on Jan. 12, 2012.
Carmen D. Conde Torres, Esq., and C. Conde & Associates represent
the Debtor in its restructuring effort.  Alco tapped Jimenez
Vasquez & Associates, PSC, as accountants.  The Debtor scheduled
$11.2 million in assets and $7.76 million in debts.  The petition
was signed by Alfonso Rodriguez, president.

Bankruptcy Judge Mildred Caban Flores in Puerto Rico issued an
opinion and order on March 11, 2013, confirming the Amended
Chapter 11 Plan of Reorganization filed by Alco Corporation.  The
Plan considers the full payment of all administrative, secured
creditors and priority claims and a 50% dividend to the general
unsecured creditors on monthly installments within 5 years from
the effective date.


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


TRINIDAD & TOBAGO: Inflation Creeps Up to 8.5%
----------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
headline inflation "is creeping up" and reached 8.5 percent last
December from the 5.5 percent at the start of 2014, Central Bank
Governor Jwala Rambarran said.

Higher prices for foods, especially fruits and vegetables, is what
led to the inflation spike, Governor Rambarran told reporters at a
press conference on monetary policy at Central Bank, Port-of-
Spain, according to Trinidad and Tobago Newsday.

"(The) pickup in headline inflation is mainly due to food price
inflation, which remained in double-digit territory; almost 17
percent, for the sixth successive month in December 2014. The
acceleration in food prices largely reflects rising prices for
locally produced vegetables and fruits," the report quoted
Governor Rambarran as saying.

The report relays that Governor Rambarran also announced that the
bank's Monetary Policy Committee (MPC) agreed to a third
consecutive increase in the repo rate by 25 basis points to 3.5
percent.  The repo is a discount rate at which the Central Bank
buys government securities from commercial banks, the report says.

The report discloses that the first reason for adjusting the repo
was the recent interest rate guidance from the US Federal Reserve
about the future path of its monetary policy.  "The second factor
related to signs the TT economy seems to be approaching full
capacity, and finally, the MPC considered the still positive
growth outlook for the non-energy sector despite the steep decline
in oil prices," Governor Rambarran stated, the report relays.

The report notes that Governor Rambarran noted the economy
approaching full capacity was reflected in such indicators as
higher headline inflation, low unemployment being "at a little
over three percent of the labour force", and the demand for
foreign exchange due to increased imports of consumer goods.  On
the matter of core inflation, Rambarran said the rate could be
pushed up if Government maintains its "expansionary fiscal
stance."

The report notes that Governor Rambarran explained that although
Government has "substantially revised downwards its energy price
assumptions for the 2014 - 2015 Budget" because of falling crude
oil prices, it intends to return to the original fiscal deficit
target of "roughly 2.5 percent of GDP (gross domestic product)."

"This suggests the Government is likely to maintain its
expansionary fiscal stance (which) would further add to elevated
liquidity levels; currently around $6 billion, and push up core
inflation," the report quoted Governor Rambarran as saying.

Describing the debate on how falling crude oil prices would affect
the local economy as "ill- informed," Governor Rambarran reminded
that TT "has been a natural gas economy for the past 16 years" and
that those prices having remained stable, the report notes.  The
Governor also said he does not expect a drop in natural gas prices
until May of this year, the report adds.


TRINIDAD & TOBAGO: Promises to Pump More US$ Into System
--------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Central Bank has
promised to make larger and more frequent foreign exchange
interventions to help the business community access US currency.

"We've said that we plan to basically clear the unsatisfied
demands and clear some of the precautionary demand that has been
brought forward and therefore you could look forward to further
easing over the coming months," the report quoted Central Bank
Governor Jwala Rambarran as saying.

"Based on data we've seen coming in over the last month,
substantial businesses have been receiving foreign exchange. You
may not have received all that you've wanted but the process has
started and the tensions are beginning to ease," Governor
Rambarran added.

Noting Jan. 26's largest injection of US$400 million by the
Central Bank, Governor Rambarran urged the business community to
give the new distribution system set up by the Central Bank some
time to work, the report relays.

Just two weeks ago, businessmen present at an economic forum
hosted by the American Chamber of Commerce complained that despite
recent promises they are still experiencing problems accessing the
US dollars, the report notes.

The report discloses that some claimed that they were told the
Central Bank had created an allocation list and if they were not
on the list, they could not receive the currency.

But in response, Governor Rambarran said: "The relationship that
exists between a commercial bank and its clients, the Central Bank
does not get involved in that.  It is up to the commercial banks
to decide how much, when and why it will provide foreign exchange
to its client. That is not the business of the Central Bank.  We
remain at the system level in terms of our operations," the report
adds.


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


* BOND PRICING: For the Week From Jan. 19 to Jan. 23, 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 * * *