TCRLA_Public/150205.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, February 5, 2015, Vol. 16, No. 025


                            Headlines



A R G E N T I N A

YPF S.A.: Fitch Assigns 'CCC' Rating on Reopening of USD750M Notes


B R A Z I L

PETROLEO BRASILEIRO: Shares Up in Brazil on Rumors of CEO's firing


C A Y M A N  I S L A N D S

BANCO PRIVADO: Court Enters Wind-Up Order
BLACKHORSE EMERGING: Commences Liquidation Proceedings
CORDON INTERNATIONAL: Placed Under Voluntary Wind-Up
COY KOI: Placed Under Voluntary Wind-Up
CRIS82 LIMITED: Members Receive Wind-Up Report

EOS INTERNATIONAL: Commences Liquidation Proceedings
F4O4 HOLDING: Placed Under Voluntary Wind-Up
FANTASTIC HOLDINGS: Members Receive Wind-Up Report
FIVE STARS: Commences Liquidation Proceedings
HESS (INDONESIA-IV): Commences Liquidation Proceedings

INCENTIVE FUNDS: Placed Under Voluntary Wind-Up
KS HOLDINGS II: Placed Under Voluntary Wind-Up
MALCOLM MILLER: Placed Under Voluntary Wind-Up
RASA LAND: Placed Under Voluntary Wind-Up
RASSELAS LIMITED: Placed Under Voluntary Wind-Up

SHINING NOVA II: Placed Under Voluntary Wind-Up
SHINING NOVA III: Placed Under Voluntary Wind-Up
SHINING NOVA 5: Placed Under Voluntary Wind-Up
SHINSAIBASHI HOLDING: Placed Under Voluntary Wind-Up
SHIRE OCEANIC: Placed Under Voluntary Wind-Up


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: 'Panama Blight' Can Wreak Havoc on Bananas
DOMINICAN REP: Electric Pact Should Center on Consumers, ADIE Says


M E X I C O

CREDITO REAL: S&P Raises Rating to 'BB+'; Outlook Stable
DOCUFORMAS: S&P Affirms 'B+' Rating; Outlook Remains Stable
FINANCIERA INDEPENDENCIA: Affirms 'B+' Global Scale ICR
MEXICO: Oil Prices to Stay Low for Years, Bank of Mexico Says


P U E R T O    R I C O

PUERTO RICO: Aims to Insure $500MM of $2 Billion Bond Deal


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Incurs US$60 Million Loss in 2014
TRINIDAD CEMENT: OWTU Warns of Possible Buyout


                            - - - - -


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


YPF S.A.: Fitch Assigns 'CCC' Rating on Reopening of USD750M Notes
------------------------------------------------------------------
Fitch Ratings rates YPF S.A.'s (YPF) reopening of the company's
2018 and 2024 notes by up to USD750 million 'CCC'.  The company's
rated notes with maturity dates of December 2018 and April 2024
notes total, before the reopening, USD587 million and USD1 billion
respectively.  The 2024 notes have a 10-year maturity with
amortizations in years eight (30%), nine (30%) and 10 (40%).  The
2018 notes have a bullet maturity.

The proceeds from the reopening will be used to fund fixed asset
investments in Argentina and working capital requirements.  The
notes rank at least pari passu in priority of payment with all
other YPF senior unsecured debt, and are rated the same as all
senior unsecured obligations of YPF.

KEY RATING DRIVERS

YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina (Fitch local and foreign currency
Issuer Default Ratings [IDRs] of 'RD' and a country ceiling of
'CCC') and the company's relatively low reserve life.

LINKAGE TO SOVEREIGN: YPF's ratings reflect the close linkage with
the Republic of Argentina resulting from the company's ownership
structure as well as recent government interventions.  The
Republic of Argentina controls the company through its 51%
participation after it nationalized the company on April 2012.
Following this action, the company's strategy and business
decisions are governed by the Republic of Argentina.

LOW HYDROCARBON RESERVE LIFE: The ratings consider the company's
relatively weak operating metrics characterized by low reserve
life and historically declining production levels.  As of year-end
2013, YPF reported proved reserves of 1,083 million barrels of oil
equivalent (boe) and average production of 493,400 boe per day.
This translates into a below-optimal level reserve life of
approximately six years.  This factor could create significant
operational challenges in the medium to long term.

IMPROVING PRODUCTION: The company's average production in 2013 was
up nearly 2% year-over-year, and this improving trend has
continued in 2014.  Production in the third quarter of 2014
averaged 573,000 boe per day, which is 16% higher than 2013
figures.  Both crude oil and natural gas production have steadily
grown on a quarterly basis helped in large part by the steady
growth in tight gas and shale oil production.  After only two
years, the Loma Campana shale oil field is the second largest
producing field in Argentina with gross production increasing from
7,900 boe/day in 1Q13 to 31,900 boe/day in 3Q'14.

STRONG BUSINESS POSITION: YPF benefits from a strong business
position supported by its vertically integrated operations and
dominant market presence in the Argentine hydrocarbons' market.
Fitch anticipates that YPF will continue to exercise an active
role in domestic fuel and gas supply.  In addition, Fitch expects
the company to continue to solidify its market leadership in
Argentina and also increase its proved reserves via small to
medium-sized acquisitions such as the this year's purchase of
Apache Argentina which added 135 million boe in proved reserves.
This acquisition increased the company's proved reserves by 12%.

ADEQUATE CREDIT PROTECTION METRICS: YPF has relatively solid
credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule.  Total cash and
equivalents amounted to approximately USD1.9 billion as of
Sept. 30, 2014, which covers the company's debt maturities for the
next 18 months.  As of the last 12 months (LTM) Sept. 30, 2014
period, total financial leverage, as measured by total debt-to-
EBITDA, reached 1.1x, which is considered low for the assigned
rating.  As of year-end 2013, YPF's total debt-to-total proved
reserves ratio was average at USD4.5 per boe.

Total debt as of third quarter of 2014 amounted to approximately
USD5.8 billion, of which approximately USD1.5 billion was short-
term.  EBITDA for LTM September 2014 was approximately USD5.1
billion, which is up 25% on a year-on-year basis.  During recent
years, the company's leverage has been moderately increasing,
mostly as a result of increases in debt.  Fitch expects leverage
to increase above 1.5x in the near to medium term given YPF's
ambitious 2013-2017 USD28-USD30 billion capex program.
Incorporating the maximum bond reopening of USD750 million, the
company's LTM September 2014 leverage ratio would rise to 1.3x on
a pro forma basis.

RATING SENSITIVITIES

YPF's ratings could be negatively affected by a combination of the
following: a downgrade of the Republic of Argentina's ratings; a
significant deterioration of credit metrics; and/or the adoption
of adverse public policies that can affect the company's business
performance in any of its business segments.

A positive rating action in the short to medium term is considered
unlikely given the linkage with sovereign credit quality, and
Argentina's current sovereign restricted default rating.


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


PETROLEO BRASILEIRO: Shares Up in Brazil on Rumors of CEO's firing
------------------------------------------------------------------
EFE News reports that stocks of Petroleo Brasileiro S.A., Brazil's
scandal-ridden state oil company, soared Feb. 3 on the Sao Paulo
exchange amid rumors that Chief Executive Maria das Gracas Foster
will be soon replaced.

The company's preferential shares were up 12.59 percent at 3:30
p.m., while Petrobras ordinary shares rose 11.79 percent, spurring
a 2.67 percent rise in the benchmark Ibovespa index, EFE's Feb.
report notes.

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

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


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


BANCO PRIVADO: Court Enters Wind-Up Order
-----------------------------------------
On July 9, 2010, the Grand Court of Cayman Islands entered an
order to wind up the operations of Banco Privado Portugues
(Cayman) Ltd.

David A.K. Walker -- david.walker@ky.pwc.com -- Ian D. Stokoe --
ian.stokoe@ky.pwc.com -- and Simon Conway --
simon.r.conway@ky.pwc.com -- of PwC Corporate Finance & Recovery
(Cayman) Limited were appointed as the company's liquidators.


BLACKHORSE EMERGING: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 2, 2014, the sole shareholder of The Blackhorse Emerging
Enterprises (US) Fund resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

         John Francis Engle
         9R Barker Road, 307493
         Singapore


CORDON INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting held on Nov. 20, 2014, the
shareholders of Cordon International Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidators are:

         Sarah Baudet
         Paula Hegarty
         Citron 2004 Limited
         Telephone: + 44 1534 282276
         Facsimile: + 44 1534 282400
         Clifton House, 75 Fort Street
         P.O. Box 1350 Grand Cayman KY1-1108
         Cayman Islands


COY KOI: Placed Under Voluntary Wind-Up
---------------------------------------
On Nov. 14, 2014, the sole member of Coy Koi Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          Telephone: (345) 814 7759
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman Ky1-1111
          Cayman Islands


CRIS82 LIMITED: Members Receive Wind-Up Report
----------------------------------------------
The members of CRIS82 Limited received on Dec. 23, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EOS INTERNATIONAL: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Nov. 25, 2014, the
shareholders of EOS International resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 14, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


F4O4 HOLDING: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 25, 2014, the sole member of F4O4 Holding resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


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

The company's liquidator is:

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


FIVE STARS: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 1, 2014, the sole member of Five Stars Fortune Investment
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

         Lion International Management Limited
         Craigmuir Chambers
         P.O. Box 71 Road Town
         Tortola VG 1110
         British Virgin Islands


HESS (INDONESIA-IV): Commences Liquidation Proceedings
------------------------------------------------------
Hess (Indonesia-IV) Limited has commenced liquidation proceedings
and only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mr. George C. Barry
          1185 Avenues of the Americas
          New York, N.Y. 10036
          United States of America
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


INCENTIVE FUNDS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 17, 2014, the sole shareholder of Incentive Funds (Cayman)
SPC resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square
          1st Floor, 64 Earth Close
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


KS HOLDINGS II: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 25, 2014, the sole member of KS Holdings II resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MALCOLM MILLER: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 14, 2014, the sole member of Malcolm Miller Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          Telephone: (345) 814 7759
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman Ky1-1111
          Cayman Islands


RASA LAND: Placed Under Voluntary Wind-Up
-----------------------------------------
On Nov. 21, 2014, the sole member of Rasa Land Development Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


RASSELAS LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 14, 2014, the sole member of Rasselas Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          Telephone: (345) 814 7759
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman Ky1-1111
          Cayman Islands


SHINING NOVA II: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 25, 2014, the sole member of Shining Nova II Holding
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHINING NOVA III: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 25, 2014, the sole member of Shining Nova III Holding
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHINING NOVA 5: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 25, 2014, the sole member of Shining Nova 5 Holding
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHINSAIBASHI HOLDING: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Nov. 25, 2014, the sole member of Shinsaibashi Holding resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHIRE OCEANIC: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 20, 2014, the sole shareholder of Shire Oceanic, Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ignazio Ipriani
          110 East 42nd Street
          New York NY 10017
          U.S.A.


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


DOMINICAN REP: 'Panama Blight' Can Wreak Havoc on Bananas
---------------------------------------------------------
Dominican Today reports that Dominican Exporters Association
(ADOEXPO) President Sadala Khoury warned that the "Panama blight"
is wreaking havoc on banana plantations in several countries and
asked the authorities to take steps to prevent damages to one of
the country's main export products.

President Khoury said income from bananas is more than US$200
million annually, and the main livelihood for thousands of
families in southwestern and northeastern regions, and provides
thousands of indirect jobs at harvest, according to Dominican
Today.

The report notes that President Khoury said the government should
take serious steps to deal with the dangerous pest that damages
plantations at their root, "because we already had the experience
of coffee rust, which greatly reduced exports of that product."

In an emailed statement, the business leader said to prevent is
always cheaper than to fix, the report notes.  "We must invest the
necessary resources to preserve our exports in this important
sector," the report quoted President Khoury as saying.

President Khoury said the Panama blight is a fungus that attacks
the roots of some banana varieties and its resistance to
fungicides has made it the most dangerous plague in history of
that crop, the report notes.

The blight is present in Indonesia, China, Taiwan, Malaysia, the
Philippines, Australia and Africa, while Dominican Republic's high
temperature and humidity makes infestation possible, "since
they're conducive to the plants' rapid growth they also spread the
disease," the report adds.


DOMINICAN REP: Electric Pact Should Center on Consumers, ADIE Says
------------------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
(ADIE) said the proposed Electricity Pact should center on service
to consumers and be the "overseer" to ensure compliance with the
agreed measures and projects.

ADIE Executive Vice President Milton Morrison said if the user
doesn't receive 24-7 quality and competitively-priced service, "it
makes no sense sitting down to talk," according to Dominican
Today.

"Once reached the agreements are considered essential to create
spaces for oversight to give the assurance that what is agreed can
be fulfilled and not just left in a bunch of papers," the report
quoted Mr. Morrison as saying.

Mr. Morrison listed ADIE's four most important points, of the more
than 20 discussed leading to the Electricity Pact, the report
notes.  "First, supply 100 percent of demand, giving consumers 24
hours of electricity," the report quoted Mr. Morrison as saying.

"A second step would be to expand the energy matrix based on a
least-cost generation plan, transmission and distribution, which
means looking onward toward the long-term needs and allow it to
reach the kind of competitive generation in terms of price and
technology, based on studies," Mr. Morrison said, the report
notes.

The report relates that Mr. Morrison said the 33% average energy
losses in distribution and marketing must be lowered and "reduce
and optimize" the Board of Directors and implement models from
other entities he affirms have been effective.

"It's been shown that between 95% and 96% of those who get a light
bill pay.  It's true that the light bill in this country isn't
paid, the problem is the distributor's (EDES) inability to install
the meter and bill the customer," Mr. Morrison said, adding that
ADIE's fourth proposal "involve people," making responsible and
active consumers.  "If we go into a discussion of interests, we
will not find results," the report says.


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


CREDITO REAL: S&P Raises Rating to 'BB+'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale ratings
on Credito Real S.A.B. de C.V. SOFOM, E.R. (Credito Real) to 'BB+'
from 'BB' and national scale counterparty credit and debt ratings
to 'mxA+/mxA-1' from 'mxA/mxA-2'.  S&P also raised the rating on
the company's $425 million five-year senior unsecured notes to
'BB+' from 'BB'.  The outlook is stable.

S&P's ratings on Credito Real reflect its "adequate" business
position, "strong" capital and earnings, "moderate" risk position,
and "adequate" funding and liquidity.  The stand-alone credit
profile (SACP) is 'bb+'.

"Our 'BB+' rating on the company's $425 million senior unsecured
notes is at the same level as the issuer credit rating, and
incorporates that as of Sept. 30, 2014, the firm's secured debt
represented less than 30% of adjusted assets, and unencumbered
assets completely covered unsecured debt," said Standard & Poor's
credit analyst Barbara Carreon.

"We initially set the anchor for NBFIs three notches below the
anchor for banks in the same country to reflect the typical lack
of access to the central bank's credit lines, lower regulatory
oversight, and higher competitive risk for these entities than for
banks.  We may modify that standard three-notch adjustment for
NBFIs in countries or in sectors where these differences do not
exist or are less pronounced (i.e. the finance company can access
funding from the central bank, is regulated to some degree, or has
unique competitive positions, such as monopolistic or
oligopolistic businesses).  In Mexico, the NBFI anchor is only two
notches below that for the bank anchor, reflecting the National
Banking and Securities Commission's oversight of some of them, and
that there is a good track record of government support through
guarantees and liquidity during periods of market turmoil.  In
addition, some NBFIs have funding lines from government-owned
banks, which we consider as extremely stable," S&P said.


DOCUFORMAS: S&P Affirms 'B+' Rating; Outlook Remains Stable
-----------------------------------------------------------
As previously announced, On Feb. 3, 2015, Standard & Poor's
Ratings Services affirmed its 'B+' global scale and 'mxBBB/mxA-3'
Mexican national scale ratings on Docuformas S.A.P.I. de C.V.  The
outlook remains stable.

S&P's ratings on Docuformas reflect S&P's "adequate" assessments
for its business position and capital and earnings, its "weak"
risk position, and S&P's view of its "adequate" funding and
"moderate" liquidity.  The stand-alone credit profile (SACP) is
'b+'.

S&P initially sets the anchor for NBFIs three notches below the
anchor for banks in the same country to reflect the typical lack
of access to the central bank's credit lines, lower regulatory
oversight, and higher competitive risk for these entities than for
banks.  S&P may modify that standard three-notch adjustment for
NBFIs in countries or in sectors where these differences do not
exist or are less pronounced (i.e. the finance company can access
funding from the central bank, is regulated to some degree, or has
unique competitive positions, such as monopolistic or
oligopolistic businesses).  In Mexico, the NBFI anchor is only two
notches below that for the bank anchor, reflecting the National
Banking and Securities Commission's oversight of some of them, and
that there is a good track record of government support through
guarantees and liquidity during periods of market turmoil.  In
addition, some NBFIs have funding lines from government-owned
banks, which S&P considers as extremely stable.


FINANCIERA INDEPENDENCIA: Affirms 'B+' Global Scale ICR
-------------------------------------------------------
Standard & Poor's Ratings Services said it reviewed its ratings on
six finance companies and one financial market infrastructure
(FMI) company in Mexico by applying its new criteria for rating
nonbank financial institutions (NBFIs), published on Dec. 9, 2014.

NBFI finance companies are firms that are typically not registered
as banks and non-depository financial institutions that make loans
to individuals or businesses.  Their greatest risks relate to
asset quality, funding and liquidity, and tangible capital.  On
the other hand, S&P views FMI companies as specialized entities
within the financial institutions industry, and they include
exchanges, clearinghouses, central securities depositories (CSDs),
and payment networks.

S&P rates NBFI finance companies under a similar framework to
S&P's bank criteria.  S&P uses an anchor--a starting point for all
ratings in a given country--and then rate each NBFI higher, lower,
or equal to the anchor depending on S&P's assessment of its
business position; capital, leverage, and earnings; risk position;
and funding and liquidity.  S&P also considers whether a company
may receive extraordinary support from a government or parent
entity.

S&P's nonbank finance company anchor reflects its view of the
sector's economic and industry risks.

S&P initially sets the anchor for NBFIs three notches below the
anchor for banks in the same country to reflect the typical lack
of access to the central bank's credit lines, lower regulatory
oversight, and higher competitive risk for these entities than for
banks.  S&P may modify that standard three-notch adjustment for
NBFIs in countries or in sectors where these differences do not
exist or are less pronounced (i.e. the finance company can access
funding from the central bank, is regulated to some degree, or has
unique competitive positions, such as monopolistic or
oligopolistic businesses).  In Mexico, the bb+ NBFI anchor is only
two notches below that for the bank anchor, reflecting the
National Banking and Securities Commission's oversight of some of
them, and that there is a good track record of government support
through guarantees and liquidity during periods of market turmoil.
In addition, some NBFIs have funding lines from government-owned
banks, which S&P considers as extremely stable.

FMI companies are different from other financial institutions in
that they have characteristics similar to corporate companies.
S&P's financial analysis of FMI companies focuses on the trend and
fluctuations of operating cash flows as a source for repaying
debt.  The foundation for determining FMI ratings is S&P's
"Corporate Methodology," (published Nov. 19, 2013) and S&P adapts
the methodology to incorporate in its analysis the unique business
activities, regulations, and risks of the FMI industry.

To determine the stand-alone credit profile (SACP), the starting
point in assigning an issuer credit rating (ICR), on an FMI
company, S&P first combines its industry risk and country risk
assessments to determine a Corporate Industry and Country Risk
Assessment (CICRA).  S&P combines the CICRA and the entity's
competitive position to arrive at our business risk profile
assessment.  S&P next assess the institution's cash flow and debt
leverage metrics to determine the FMI company's financial risk
profile.  S&P combines the business and financial risk profiles to
determine the entity's preliminary anchor.  S&P then assess
clearing and settlement (C&S) risk.  This final assessment
represents the key difference between our FMI rating framework and
S&P's corporate methodology.  Additional rating factors can add to
or subtract from the anchor, such as: diversification/portfolio
effect, capital structure, financial policy, liquidity, and
management and governance.  As with S&P's corporate methodology, a
comparable ratings analysis is the last analytical factor under
S&P's criteria to determine an FMI company's SACP.

RATINGS LIST

Ratings Affirmed
Financiera Independencia S.A.B. de C.V. SOFOM E.N.R.
Issuer Credit Rating
Global Scale Rating                B+/Positive/--
CaVal (Mexico) National Scale      mxBBB/Positive/mxA-3

Senior Unsecured                    B+

Instituto del Fondo Nacional de la Vivienda para los Trabajadores
(Infonavit)
Issuer Credit Rating
Foreign Currency                   BBB+/Stable/A-2
Local Currency                     A-/Stable/A-2
CaVal (Mexico) National Scale      mxAAA/Stable/mxA-1+

Financiera Finca S.A. de C.V. SOFOM E.N.R.
Issuer Credit Rating
Global Scale Rating                BB-/Stable/B
CaVal (Mexico) National Scale      mxBBB+/Stable/mxA-2

Docuformas S.A.P.I. de C.V.
Issuer Credit Rating
Global Scale Rating                B+/Stable/--
CaVal (Mexico) National Scale      mxBBB/Stable/mxA-3

Unifin Financiera, S.A.P.I. de C.V. SOFOM, E.N.R.
Issuer Credit Rating
Global Scale Rating               BB-/Stable/--
CaVal (Mexico) National Scale     mxA-/Stable/mxA-2

Senior Unsecured                   BB-

Asigna Compensacion y Liquidacion
Issuer Credit Rating
Global Scale Rating               A-/Stable/A-2
CaVal (Mexico) National Scale     mxAAA/Stable/mxA-1+


Upgraded
Credito Real S.A.B. de C.V. SOFOM, E.R.
Issuer Credit Rating               To               From
Global Scale Rating           BB+/Stable/--     BB/Stable/--
CaVal (Mexico) National Scale mxA+/Stable/mxA-1 mxA/Stable/mxA-2

Senior Unsecured
Global Scale BB+                   BB
CaVal (Mexico) National Scale      mxA+          mxA
Commercial Paper
CaVal (Mexico) National Scale      mxA-1         mxA-2


MEXICO: Oil Prices to Stay Low for Years, Bank of Mexico Says
-------------------------------------------------------------
EFE News reports that low petroleum prices will be around for
"years, not months," and Mexico will have to adjust to lower
revenues from the oil industry for a longer period of time, Bank
of Mexico Gov. Agustin Carstens said.

"We had gotten used to spending with revenues from an oil price of
between $80 and $100 per barrel" in Mexico, Mr. Carstens said
during a meeting with legislators from the conservative National
Action Party, or PAN, according to EFE News.


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


PUERTO RICO: Aims to Insure $500MM of $2 Billion Bond Deal
----------------------------------------------------------
Reuters reports that Puerto Rico is negotiating with at least two
bond insurers to insure around $500 million of a planned $2
billion bond issue, which would extend the appeal of the sale
beyond the hedge funds currently buying the U.S. commonwealth's
debt, according to two sources close to the process.

The island's Government Development Bank (GDB) is in talks with
MBIA's National Public Finance Guarantee Corp and Assured
Guaranty, the sources said, according to Reuters.  The insurers
already have substantial exposure to Puerto Rico's debt and may be
trying to protect their exposure in other areas by helping Puerto
Rico raise more money, the sources said, the report notes.

The insured part of the deal would have a coupon of 5 percent,
according to the sources, the report relates. Assured Guaranty did
not respond to a request for comment.  MBIA declined to comment.

"The insurance companies don't want to do it but they are being
leveraged into doing so because of their exposure to Puerto Rico
Electric Power Authority (PREPA)," said a Washington, DC-based
lobbyist who has worked for the Puerto Rico government and
investment groups, the report says.

Reuters discloses that Puerto Rico badly needs the bond sale to
stabilize its finances.  The GDB's liquidity fell to $1.09 billion
at the end of last year, a sharp drop from the $1.6 billion
reported in November, the report notes.  The GDB, the financing
arm of the commonwealth, did not immediately comment.

GDB President Melba Acosta-Febo said in November that the bank had
held discussions with four bond insurers about insuring part of
the deal but did not specify the amount, the report relays.
Acosta-Febo did not name the insurance companies but said they had
commented on legislation needed for the deal.

The GDB said earlier that it discussed the legislation with
Assured Guaranty, Ambac Financial Group Inc, National Public
Finance Guarantee Corp and FGIC Corp, the report notes.

"Obviously, they don't want to be involved, but they have to
because one firm has about $1.4 billion exposure to PREPA, while
the other has about $1 billion in exposure to PREPA.  They also
have exposure to the Highways & Transportation Authority," added a
New York-based financial executive close to the process, the
report notes.

The report adds that while Puerto Rico planned to raise up to $2.9
billion in March, it may be able to raise only $2 billion because
a petroleum tax increase backing the deal was not indexed for
inflation and will be able to provide coverage for only about $2
billion, government officials and lawmakers have said.


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


CARIBBEAN AIRLINES: Incurs US$60 Million Loss in 2014
-----------------------------------------------------
Ria Taitt at Trinidad Express reports that state-owned Caribbean
Airlines Limited is estimated to have lost US$60 million for the
year 2014 (TT$383 million), Finance Minister Larry Howai said.

In a response to a question from PNM Senator Lester Henry,
Minister Howai said the accounts for fiscal year ending December
31, 2014 were not yet completed, according to Trinidad Express.

The report notes that Minister Howai said the figure took into
consideration the grant of US$38 million made by Government during
2014 which was recorded as equity.

However, Minister Howai said the unaudited accounts showed a loss
of US$60 million, the report relays.  Minister Howai said the
company had developed a strategy plan which envisaged it breaking
even by 2017, the report discloses.

Minister Howai said the transformation of CAL would take three to
four years following a consistent company strategy to achieve
identified objectives with major milestones targeted during this
period, the report relays.

Minister Howai said this strategy plan was recently developed and
completed towards the end of last year, the report says.

Asked by PNM Senator Stuart Young whether this US$38 million was
the only grant or injection into CAL in the last year, Minister
Howai said this was the only one he was seeing on the accounts,
the report discloses.

Minister Howai said there was no injection of over TT$1 billion
into the State-owned airline last year, in response to a question
in the Senate, the report adds.

                   About Caribbean Airlines

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

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

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


TRINIDAD CEMENT: OWTU Warns of Possible Buyout
----------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday reports that the
Oilfields Workers Trade Union (OWTU), has once again signaled its
intention to contest any possible buyout or takeover of Trinidad
Cement Limited (TCL), should the rules governing the "ceiling"
amount of shares which could be owned by individuals or
organizations be changed to allow a majority shareholding by a
single entity.

In a media statement, the OWTU noted that while it was supportive
of a restructuring of TCL's operations to increase its
profitability, stated that it was opposed to a repeal of any
restriction on the number of shares which would be held by a
single entity such as Mexican cement giant, Cemex Limited,
according to Trinidad and Tobago Newsday.

"The OWTU has also been calling for the restructuring of TCL in
order to improve the operations of the Company and therefore
increase its profitability," the union said, the report notes.

However, the OWTU was very clear in terms of any attempt to
takeover the company by any one entity, in particular, CEMEX, The
OWTU stated, and recalled that this position was consistent with
its position in 2002 when CEMEX was attempting to take over TCL
and the union had led a campaign to ensure that TCL had remained
in local ownership, the report relates.

At that time, the union OWTU's President General was Errol McLeod,
who is currently Labour Minister in the People's Partnership
Government, the report discloses.  The union's current president
general is Ancel Roget.

"We believe that any takeover of TCL by any foreign company is
inimical to the interests of the TCL workers, the company, the
country and the nation as a whole.  We will do everything possible
to prevent the loss of such a valuable national company to a
multinational giant such as CEMEX or any other company," the union
declared, the report notes.

"The OWTU therefore vehemently oppose repealing Article Five of
the Articles of Continuance which will remove the 20 percent
ceiling on the number of shares owned by single individual or
corporation.  If this restriction is lifted by repealing Article
Five it would enable one entity to gain majority control of TCL,"
the union added.

The report relays that the OWTU noted that the TCL issue involved
matters which were "beyond the shareholder value" saying if the
economy was "to grow and be strengthened then there will be need
to encourage strong, competitive companies that are locally owned
and produce for both local and foreign export."

The union noted that a "negative" precedent would then be set
which would affect all local companies listed on the stock
exchange should the stock restrictions be lifted, the report
relays.  "It will usher in an era where global companies will
start buying out local companies which will have a serious adverse
impact on our economy.  We can wake up one morning and find that
our economy and the majority of our national resources are in
foreign hands.  If such a situation occurs then it would be
foreigners who will dictate the future of our country. Is that
what we want for our country?" the union asked, the report relays.

The report adds that the OWTU pointed out that TCL was a "good
company" with the vast potential to be extremely profitable which
was "strategically important" to Trinidad and Tobago.


                            ***********


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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