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

            Friday, February 6, 2015, Vol. 16, No. 026


                            Headlines



B E R M U D A

HERA BOUTIQUE: To Close Doors Later This Month


B R A Z I L

ALUPAR INVESTIMENTOS: Moody's Withdraws Ba1 Corp. Family Rating
CAMARGO CORREA: S&P Revises Outlook on 'BB' CCR to Negative
INTERCEMENT BRASIL: S&P Revises Outlook on 'BB' CCR to Negative
PETROLEO BRASILEIRO: Says Entire Top Management to be Replaced


C A Y M A N  I S L A N D S

ALPHAHARVEST CAPITAL: Commences Liquidation Proceedings
CSAG COMMODITY: Placed Under Voluntary Wind-Up
EOS PARTNERS: Commences Liquidation Proceedings
FALCON 973: Commences Liquidation Proceedings
FIGLEAVES INVESTMENTS: Commences Liquidation Proceedings

GIL INVESTMENT: Placed Under Voluntary Wind-Up
IRONSHIELD SPECIAL: Placed Under Voluntary Wind-Up
IRONSHIELD SPECIAL MASTER: Placed Under Voluntary Wind-Up
LEUCHARS LIMITED: Placed Under Voluntary Wind-Up
MALABRIGO INVESTMENT: Commences Liquidation Proceedings

NEW CENTURY: Commences Liquidation Proceedings
OPHIR PARTNERS: Commences Liquidation Proceedings
ORCHARD I: Commences Liquidation Proceedings
OYSTER MANAGEMENT: Placed Under Voluntary Wind-Up
PRIMEPARTNERS ASIA: Placed Under Voluntary Wind-Up

RISING SUN III: Placed Under Voluntary Wind-Up
SBTC LIMITED: Placed Under Voluntary Wind-Up
SHANTA FUND: Commences Liquidation Proceedings
SHINING NOVA 4: Placed Under Voluntary Wind-Up
UBIZ INVESTMENT: Commences Liquidation Proceedings


C O S T A  R I C A

COSTA RICA: IMF Says Growth Momentum Slowing, 2015 Outlook Subdued


M E X I C O

FINANCIERA FINCA: S&P Affirms 'BB-/B' Rating; Outlook Stable
FINANCIERA INDEPENDENCIA: S&P Affirms 'B+' Global Credit Rating
MEXICO: Analysts Cut 2015 Economic Growth Estimate to 3.2 Percent
UNIFIN FINANCIERA: S&P Affirms 'BB-' Rating on Sr. Unsec. Debt


P U E R T O    R I C O

UNIVERSITY OF PUERTO RICO: S&P Affirms 'BB' SPUR; Outlook Neg.


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank Releases US$150 Million More
TRINIDAD & TOBAGO: Chamber Concerned Over Government Shakeup


                            - - - - -


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B E R M U D A
=============


HERA BOUTIQUE: To Close Doors Later This Month
----------------------------------------------
The Royal Gazette reports that Joan Cabral will close her Hera
Boutique later this month.

Explaining the decision to close the boutique, which she owns, Ms.
Cabral said it was the result of a combination of factors,
according to The Royal Gazette.

"Firstly, I find myself in the position of needing to spend more
time with an elderly parent due to changing circumstances at
home," the report quoted Ms. Cabral as saying.

"Secondly, the last year has been very difficult for retail sales
overall.  It has been a journey for the retail sector over the
last four years as Bermuda has lost a significant portion of her
population since 2010.  There have been job losses and residents
have seen their disposable income reduced," Ms. Cabral said, the
report notes.

The report relays that Ms. Cabral added: "If the last year had
been better for my store, I would have been in a position to
actually hire someone to fill in for me while I attend to home
matters."

The report notes that the boutique occupies a cozy corner in Old
Cellar Lane, Walker Arcade, which leads off from Front Street.  It
opened in 2011 offering classic and stylish women's clothing for
baby boomers and middle-aged women.

Hera Boutique enjoyed some early success, but the extended,
unfavorable economic climate presented a formidable headwind to
the business, the report says.

The report discloses that Ms. Cabral said it had been a risk
opening the store during the downturn. "I thought things had
turned the corner, but last year I noticed that things were not as
good as the year before," the report quoted Ms. Cabral as saying.
"It was noticeable that people did not have the disposable income
that they used to have.  There was a lot less spending.  Last year
was the toughest.  If it hadn't been so hard I could have afforded
to hire someone to continue running the shop."

The report notes that Ms. Cabral also noted that the increasing
trend to buy overseas, and particularly online, is hitting
Bermuda's retailers hard, the report relays.  Ms. Cabral said
retailers would like to see residents offering more support to
local business to help them stay viable, the report adds.


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


ALUPAR INVESTIMENTOS: Moody's Withdraws Ba1 Corp. Family Rating
---------------------------------------------------------------
Moody's last rating action on Alupar Investimentos S.A. (Alupar)
was on December 26, 2013 when Moody's affirmed Alupar's corporate
family ratings of Ba1 on the global scale and Aa2.br on the
Brazilian national scale. At the same time, Moody's affirmed the
Ba2/Aa3.br ratings of Alupar's four-year BRL 17.8 million
unsecured amortizing debentures which matured in December 2014.
The outlook was stable for all ratings.

The following ratings have been withdrawn:

Corporate Family Ratings: Ba1/Aa2.br

Ratings Rationale

Moody's America Latina Ltda has withdrawn the above credit ratings
for its own business reasons.

Alupar is a holding company that participates in the capital of 20
transmission companies in Brazil and one in Chile, with total
transmission lines of 5,703 km, of which 753 km are under
construction and will be operating up to 2017. Alupar also holds
interests in the hydro generation sector in Brazil with a total
installed capacity of 347.4 MW as of December 31, 2014, which is
projected to increase additional 84MW in February 2015 with the
completion of the Ferreira Gomes hydro power project. The company
is also engaged in the construction of two other minor hydro power
projects consisting of 64 MW and 28 MW in Peru and Colombia,
respectively, as also two PCHs in Brazil (Verde 08 with 30 MW and
Agua Limpa 23 MW). Alupar is also working on the implementation of
5 wind farm projects with total installed capacity of 98.7 MW
scheduled to start operating in January 2016.

Alupar is controlled by Guarupart Participacoes Ltda. (unrated), a
family-owned holding company with investments in in the
electricity sector in Brazil and also in other Latin American
countries.

In the last twelve months ended September 30, 2014, Alupar
reported consolidated net sales of BRL1,272 million (USD 556
million), which excludes BRL127 million (USD 55.51 million)
infrastructure construction revenues, and net profit of BRL 316
million (USD 138 million) in accordance with the international
accounting standards (IFRS).

The principal methodology used in this rating was Regulated
Electric and Gas Networks published in November 2014.

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


CAMARGO CORREA: S&P Revises Outlook on 'BB' CCR to Negative
-----------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on its 'BBB'
global scale corporate credit rating on Construtora Norberto
Odebrecht S.A. (CNO) to negative from stable.  In addition, S&P
affirmed this rating.  At the same time, S&P revised its outlook
on its 'BB' global scale corporate credit rating on Camargo Correa
S.A. (CCSA) to negative from positive.  S&P also affirmed this
rating.

At the same time, S&P affirmed its national scale 'brAAA' long-
term corporate credit rating on CNO.  The outlook on this rating
remains stable.  S&P also raised its national scale short-term
corporate credit rating on CNO to 'brA-1+' from 'brA-1' following
S&P's updated national scale criteria.  S&P also lowered its
national scale issue-level rating on CCSA to 'brAA-' from 'brAA',
reflecting the outlook revision on global scale rating and
weakening position in relation to the company's national scale
rated peers.

The negative outlook reflects potential downgrades of CNO and CCSA
in light of the ongoing corruption investigations over allegations
of overpriced contracts between the Brazilian E&C companies and
Petroleo Brasileiro S.A. - Petrobras (BBB-/Stable/--), which could
significantly raise contingent and reputational risks for the
sector.

Although the potential implications on those companies are still
uncertain, they could be liable to fines and restrictions to bid
on public-sector projects.  However, as the investigation evolves,
S&P perceives increasing scrutiny on these companies' business
models, commercial capabilities, and corporate governance matters,
which is turning refinancing efforts more challenging and
costlier.  Moreover, the weak Brazilian economy could restrict the
ability to replenish backlog.  The falling oil prices would also
likely hurt future projects in Venezuela and Angola, countries
where the companies have a large commercial exposure.  As a
result, in S&P's view, worsening operating conditions in the
sector could impair refinancing activities and operating cash flow
generation due to a lower contract base or potentially higher
working capital swings due to delays in collection and claims
process.

S&P don't expect uniform ratings impact on CNO and CCSA.  It would
depend on the severity of the penalties on each company and their
ability to manage reputational and refinancing risks, backlog
diversification, reliance on public-sector contracts, liquidity,
and debt level to absorb high-impact unanticipated cash outflows.

S&P believes that CNO's exposure to the current contingent risks
could hamper its ability to pass S&P's hypothetical stress test to
be rated above the Brazilian sovereign foreign currency rating
(BBB-/Stable/A-3), although the liability is currently highly
unpredictable (if any).

S&P expects the probable contraction of the E&C business for CCSA,
along with lower prospects for its cement division-due to weaker
infrastructure and real estate activities-to delay its debt
reduction.  The still high debt amount at the holding level also
posts additional refinancing risks.


INTERCEMENT BRASIL: S&P Revises Outlook on 'BB' CCR to Negative
---------------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on its 'BB'
global scale corporate credit rating on InterCement Brasil S.A.
(InterCement) to negative from positive.  S&P also affirmed this
rating.  At the same time, S&P lowered its national scale
corporate credit rating to 'brAA-' from 'brAA' to reflect the
outlook revision on the global scale rating and weakening position
in relation to InterCement's national scale rated peers.  The
rating outlook on the national scale rating is also negative.

S&P's ratings on InterCement mirror the ratings on its parent
company, Camargo Correa S.A. (CCSA), because S&P considers both
entities as a single economic group bearing the same default risk.
S&P also views InterCement and Cimpor as integrated companies.
InterCement, the group's cement division, is CCSA's core
subsidiary, in S&P's view.  InterCement is one of the most
profitable subsidiaries in the group, accounting for most of its
cash flow generation.

Although the degree of separation between CCSA and InterCement has
been increasing following Cimpor's acquisition, S&P's analysis is
based on the assumption that InterCement will remain CCSA's main
cash generator, which will continue to exercise control over
InterCement's main financial policies.  In S&P's view, InterCement
is CCSA's core investment due to its efficient operations and
stable revenue stream.  This equalizes the risk of default and
ratings on CCSA and InterCement.


PETROLEO BRASILEIRO: Says Entire Top Management to be Replaced
--------------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A., which is mired in
a massive corruption scandal, said that its entire senior
management team will be replaced and that the names of the new
directors could be announced in two days.

"Petrobras confirms that its board of directors will meet Friday,
Feb. 6 to choose the new management team following the resignation
of the president (of the company) and five other senior
directors," the oil giant said in a securities filing obtained by
EFE News.

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
==========================


ALPHAHARVEST CAPITAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 26, 2014, the shareholder of Alphaharvest Capital
Partners, Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Abhinav Shukla
          75 Rockefeller Plaza 27th Floor
          New York, NY, 10019 USA
          Telephone: +1 (345) 914 6365


CSAG COMMODITY: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov.21, 2014, the shareholders of CSAG Commodity Fund 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 liquidators are:

          Dwight Dube
          Michael Wheaton
          Telephone: (345) 640 5555
          P.O. Box 31661
          2nd Floor
          Regatta Office Park, Windward III
          Grand Cayman KY1-1207
          Cayman Islands


EOS PARTNERS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 25, 2014, the members of
EOS Partners (Offshore), L.P. 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 House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


FALCON 973: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 1, 2014, the sole shareholder of Falcon 973 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:

          Wesam Abdulaziz Mohamed Baqer
          Bahrain Islamic Bank B.S.C. (BisB)
          Al Salam Tower, 2nd Floor, Diplomatic Area
          P.O. Box 5240 Manama
          Bahrain


FIGLEAVES INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov.28, 2014, the sole member of Figleaves Investments resolved
to voluntarily liquidate the company's business.

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:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


GIL INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary meeting held on Nov. 18, 2014, the
shareholders of Gil Investment Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Governor's Square
          Ground Floor, West Bay Road
          P.O. Box 1982 Grand Cayman KY-1104
          Cayman Islands


IRONSHIELD SPECIAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 5, 2014, the sole shareholder of Ironshield Special
Situations G2 Fund 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:

          Ironshield Management (Cayman) Limited
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


IRONSHIELD SPECIAL MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On Dec. 5, 2014, the sole shareholder of Ironshield Special
Situations G2 Master Fund L.P. 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:

          Ironshield Management (Cayman) Limited
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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

Only creditors who were able to file their proofs of debt by
Jan. 16, 2015, will be included in the company's dividend
distribution.

The company's liquidators are:

          Rakia Turner
          Carina Pires
          c/o Steering Group S.A.
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          13, Quai de I'lle, CH-1211
          Geneva 11, Switzerland


MALABRIGO INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov.28, 2014, the sole member of Malabrigo Investment Company
resolved to voluntarily liquidate the company's business.

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:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


NEW CENTURY: Commences Liquidation Proceedings
----------------------------------------------
On Nov.7, 2014, the members of New Century Fund Advisory resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 6, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


OPHIR PARTNERS: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 27, 2014, the shareholder of Ophir Partners International
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Ophir Partners, LLC
          120 West 45th Street, Suite 3705
          New York, NY 10036, USA
          Telephone: +1 (345) 914 6365


ORCHARD I: Commences Liquidation Proceedings
--------------------------------------------
On Nov.27, 2014, the sole member of Orchard I, Inc. resolved to
voluntarily liquidate the company's business.

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:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


OYSTER MANAGEMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 1, 2014, the sole shareholder of Oyster Management Limited
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 Grand Cayman KY1-1107
          Cayman Islands


PRIMEPARTNERS ASIA: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov.27, 2014, the sole member of Primepartners Asia Merchant
Capital Holdings 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


RISING SUN III: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov.25, 2014, the sole member of Rising Sun 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


SBTC LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov.25, 2014, the sole shareholder of SBTC Limited 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 liquidators are:

          Dwight Dube
          Michael Wheaton
          Telephone: (345) 640 5555
          P.O. Box 31661
          2nd Floor
          Regatta Office Park, Windward III
          Grand Cayman KY1-1207
          Cayman Islands


SHANTA FUND: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 1, 2014, the shareholder of Shanta Fund SPC Limited
resolved to voluntarily liquidate the company's business.

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 liquidators are:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116 Landmark Square, 2nd Floor
          64 Earth Close
          Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: 1 (345) 749 8181
          Facsimile: 1 (345) 743 6767


SHINING NOVA 4: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov.25, 2014, the sole member of Shining Nova 4 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


UBIZ INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------
On Nov.28, 2014, the sole member of Ubiz Investment Inc resolved
to voluntarily liquidate the company's business.

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:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


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C O S T A  R I C A
==================


COSTA RICA: IMF Says Growth Momentum Slowing, 2015 Outlook Subdued
------------------------------------------------------------------
On January 30, the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation with Costa Rica.

Costa Rica bounced back quickly from the 2008-09 global crisis,
but growth momentum is now slowing and macro vulnerabilities,
mainly from the weak fiscal position, are rising.  After falling
modestly in 2009, real GDP surged in 2010-12.  Since then,
however, growth has moderated below potential, with the latter
also on a declining trend.  The counter-cyclical budgetary
stimulus imparted in 2009 pushed the deficit above 5 percent of
GDP in 2010 (mainly through a rise in wages and transfers).  The
deficit has been creeping up further since then, placing the
public-debt-to-GDP ratio on an unsustainable upward trajectory,
which is fast approaching levels shown to increase risks of
disorderly adjustment for emerging economies.  A fairly inflexible
exchange rate has contributed to vulnerabilities associated with
dollarization in the financial sector.

The outlook for 2015 and beyond remains subdued amid deteriorating
fundamentals.  Growth in 2015 is expected to stay virtually
unchanged, as the positive influence of U.S. recovery offsets the
negative impact of a gradual Intel withdrawal.  The output gap is
projected to widen through 2016, then mostly closing over the
medium term, with growth also converging to potential.  The
baseline scenario contemplates fiscal consolidation of 2.2 percent
of GDP over the medium term.  In this case, the central government
fiscal deficit would stay at about 5.75 percent of GDP, and the
public debt ratio would approach 51 percent of GDP by 2019.
Thanks to continued prudent monetary policy, inflation is
projected to hover around 4 percent after returning within the
Central Bank's announced band in early 2015, while the current
account deficit rises to 5.25percent of GDP by 2019.

Risks to the outlook are tilted to the downside. Concerning
external factors, in the case of faster U.S. monetary policy
normalization, slightly upside risks prevail, with a positive
impact of higher U.S. growth more than offsetting the negative
influence of tighter global financial conditions in the short run.

However, extreme bouts of market volatility could inflict serious
damage, especially given Costa Rica's weak fiscal position, as
interest rates may rise abruptly.  On the other hand, further
sustained declines in energy prices could have a modest positive
effect on Costa Rica.  On the domestic side, the persistence of a
large fiscal deficit and the ensuing rise in the public debt ratio
could render the economy vulnerable to sudden changes in financial
market conditions.

                     Executive Board Assessment

While commending Costa Rica's resilience in the aftermath of the
global financial crisis, Executive Directors called for
reinvigorated efforts to preserve macroeconomic stability in the
wake of waning growth and rising unemployment and vulnerabilities.

They recommended an ambitious but phased budget consolidation to
arrest the deterioration in the fiscal accounts and put the public
debt on a sustainable trajectory, along with a strengthening of
the monetary policy framework and structural reforms to boost
competitiveness and inclusive growth.

Directors welcomed the authorities' intention to implement a total
fiscal adjustment of about 4 percent of GDP, with a front-loaded
adjustment in 2015 followed by more incremental steps in
subsequent years.  Noting Costa Rica's low revenue effort relative
to peer countries, they supported the emphasis on boosting revenue
mobilization through a mix of administrative and policy reforms-
including broadening the tax base, and raising the VAT rate and
marginal rates on higher-income brackets.  Directors also
encouraged efforts to contain the growth of current outlays,
particularly the wage bill and transfers, thus creating space for
much-needed infrastructure spending.  They looked forward to
Parliamentary approval of outstanding legislative reforms and
encouraged consensus building for a comprehensive package of
measures to underpin deficit reduction.  Over the longer run,
measures are also needed to address the social security actuarial
deficit.
Directors considered the current monetary policy stance to be
appropriate, while calling on the Banco Central de Costa Rica
(BCCR) to stand ready to increase its policy rate should
inflationary pressure persist.  They recommended strengthening the
monetary policy framework, including further steps towards
inflation targeting and enhanced exchange rate flexibility. In
this regard, most Directors supported the elimination of the
exchange rate band.  Directors also recommended the development of
tools to underpin greater exchange rate flexibility, including
hedging instruments.

Directors encouraged implementation of pending FSAP
recommendations, to help strengthen financial sector supervision
and resilience.  They advised a gradual move towards Basel III
standards, and strengthening cross-border supervision.  Priority
should also be given to empowering the Financial Institutions
Superintendence to conduct consolidated and transnational
supervision, providing adequate protection to supervisors, and
enhancing bank resolution procedures.

Directors called for continued progress in structural reforms to
boost productivity, enhance external competitiveness, and foster
long-run inclusive growth.  Efforts are needed to streamline the
regulatory environment, increase private sector participation in
the energy sector, alleviate infrastructure bottlenecks, and
promote capital market development.  Directors also recommended
ameliorating the efficiency of education spending, with a view to
increasing women's labor force participation, stimulating
productivity, and reducing inequality in the long term.


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


FINANCIERA FINCA: S&P Affirms 'BB-/B' Rating; Outlook Stable
------------------------------------------------------------
As previously announced on Feb. 3, 2015, Standard & Poor's Ratings
Services affirmed its 'BB-/B' global scale and 'mxBBB+/mxA-2'
Mexican national scale counterparty credit ratings on Financiera
Finca S.A. de C.V SOFOM E.N.R. (FINCA).  The outlook remains
stable.

S&P's ratings on FINCA reflect its "weak" business position, "very
strong" capital and earnings, "moderate" risk position, and
"adequate" funding and liquidity.

S&P initially sets the anchor for finance companies (fincos) three
notches below the anchor for banks in the same country to reflect
the typical lack of central bank access, lower regulatory
oversight, and higher competitive risk for finance companies
relative to banks.  S&P may modify that standard three-notch
adjustment for fincos 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, are regulated to
some degree, or have unique competitive positions, such as
monopolistic or oligopolistic businesses).  In Mexico, the anchor
for finance companies is only two notches below the bank anchor,
reflecting that some of them have regulatory oversight by the
National Banking and Securities Commission (CNBV) and that there
is a good track record of government support through guarantees
and liquidity during periods of market turmoil.  In addition, some
fincos have funding lines from government-owned banks, which S&P
considers as extremely stable.


FINANCIERA INDEPENDENCIA: S&P Affirms 'B+' Global Credit Rating
---------------------------------------------------------------
As previously announced on Feb. 3, 2015, Standard & Poor's Ratings
Services affirmed its 'B+' global scale and 'mxBBB/mxA-3' Mexican
national scale counterparty credit ratings on Financiera
Independencia S.A.B. de C.V. SOFOM E.N.R. (Findep).  At the same
time, S&P affirmed its 'B+' rating on its $200 million senior
unsecured notes due 2019.  The outlook on the issuer credit rating
remains positive.

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

S&P's 'B+' rating on the company's $200 million senior unsecured
notes incorporates that, as of Sept. 30, 2014, secured debt
represented less than 30% of adjusted assets and unencumbered
assets completely covered unsecured debt.

"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.


MEXICO: Analysts Cut 2015 Economic Growth Estimate to 3.2 Percent
-----------------------------------------------------------------
EFE News reports that financial analysts cut their 2015 economic
growth estimates for Mexico to 3.2 percent, the Bank of Mexico
said, citing a new survey.

Analysts estimated in December that Mexico's economy would grow
3.5 percent this year, according to EFE News.


UNIFIN FINANCIERA: S&P Affirms 'BB-' Rating on Sr. Unsec. Debt
--------------------------------------------------------------
As previously announced, on Feb. 3, 2015, Standard & Poor's
Ratings Services affirmed its 'BB-' global scale and 'mxA-/mxA-2'
national scale issuer credit ratings on Unifin Financiera,
S.A.P.I. de C.V. SOFOM, E.N.R. (Unifin).  At the same time, S&P
affirmed its 'BB-' senior unsecured debt rating on the company's
debt.  The outlook on the issuer credit ratings is stable.

The ratings on Unifin reflect its "adequate" business position,
"moderate" capital and earnings, "moderate" risk position, and
"adequate" funding and liquidity.  The stand-alone credit profile
(SACP) is 'bb-'.

S&P's 'BB-' rating on the company's $400 million senior unsecured
notes reflect that, as of Sept. 30, 2014, the company's recourse
secured debt to assets was less than 15% and unencumbered assets
cover unsecured debt by 1.3x.

"We initially set the anchor for finance companies three notches
below the anchor for banks in the same country to reflect the
typical lack of central bank access, lower regulatory oversight,
and higher competitive risk for finance companies relative to
banks.  We may modify that standard three-notch adjustment for
finance companies 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, are regulated to
some degree, or have unique competitive positions, such as
monopolistic or oligopolistic businesses).  In Mexico, the anchor
for finance companies is only two notches below the bank anchor
because the National Banking and Securities Commission (CNBV)
oversees some of them, and there is a good track record of
government support through guarantees and liquidity during periods
of market turmoil.  Additionally, some NBFIs have funding lines
from government-owned banks, which we consider as extremely
stable," S&P said.


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


UNIVERSITY OF PUERTO RICO: S&P Affirms 'BB' SPUR; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
rating and underlying rating (SPUR) on the University of Puerto
Rico's (UPR) existing university system revenue bonds, some of
which were issued by the Puerto Rico Industrial, Tourist,
Educational, Medical, & Environmental Control Facilities Financing
Authority, and removed the ratings from CreditWatch with negative
implications.  The outlook is negative.

"The negative outlook reflects our view that, during the next
year, the Puerto Rico economy could weaken further, which could
increase pressure on the budget and may result in declines or
delays in state appropriations or operating liquidity," said
Standard & Poor's credit analyst Bianca Gaytan-Burrell.

Although state appropriations are not pledged to the bonds, they
make up the largest portion of revenues available for operations.

"We could lower the ratings on these university system revenue
bonds if the Puerto Rico general obligation rating is lowered or
if a delay or reduction in state appropriation payment pressures
the university's operating liquidity," continued Ms. Gaytan-
Burrell.  "Although unlikely, we could revise the outlook stable
if the university improves financial resources or if we revise the
outlook on Puerto Rico back to stable."

Total debt is $620 million, including the $531 million of revenue
bonds.


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


TRINIDAD & TOBAGO: Central Bank Releases US$150 Million More
------------------------------------------------------------
Leah Sorias at Trinidad Express reports that Trinidad and Tobago
Central Bank will release US$150 million to the local market,
bringing the injection of foreign exchange into the financial
system up to US$550 million for the year so far.

But in addressing the supply/demand imbalance of foreign exchange
again, Central Bank Governor Jwala Rambarran told businesspeople
that they must understand there had to be measures applied to how
the country's foreign reserves are used, according to Trinidad
Express.

"The typical question I get from the business community is 'why
starve businesses of foreign exchange when the Central Bank sits
on US$11 billion in reserves?" Governor Jwala Rambarran asked.

"As the guardians of the country's reserves we have to balance
today's needs against tomorrow's needs.  We are the only entity
that can do that.  Therefore, if the reserves are the country's
insurance against external shocks when the shocks are happening,
that is, when you start to activate and make more use of your
reserves to help insulate the economy from the shocks that are
taking place.  We simply cannot take up the country's reserves and
hand it over and say, use it as you want," Governor Rambarran
said.

Governor Rambarran pointed out that, "25 years ago, US$100 million
was all the reserves the country had and that was able to pay for
six weeks of imports," notes the report. This same amount can only
pay for four days of imports, Governor Rambarran said.

"I want you to remember this-it took us 25 years to go from US$100
million to US$11 billion.  Twenty-five years is half the lifetime
of the Central Bank, therefore as the guardians of the country's
reserves we have to disburse those reserves prudently.  We have to
balance today against tomorrow," the report quoted Governor
Rambarran as saying.

Governor Rambarran said the imbalance in the foreign exchange
market was likely to keep growing at a faster pace over the next
two to three years and will outstrip supply, the report notes.
"So that shortfall is likely to widen in the foreign exchange
market.  This is why we have said our foreign exchange management
program for 2015 speaks to larger and more frequent interventions
in the foreign exchange market. It is based on actual hardcore
work by the Central Bank," Governor Rambarran noted.

                           Growth in 2015

The report says that Governor Rambarran said the economy is
expected to grow by about 1.5 per cent this year, up from 0.8 per
cent estimated for 2014.

"Bear in mind here we're talking about real economic growth, so we
are looking at the level of production that is taking place and is
in a sense separated from what is happening with the energy
prices," Governor Rambarran explained, the report notes.

"We are basically assuming, even the energy sector, that supply
disruptions both planned and unplanned are likely to continue in
2015 as they did in 2014.  That bpTT and (British Gas) will
continue with their cost rationalization exercises but some of
that impact will be mitigated by what's happening with increased
natural gas production coming from the Starfish well," Governor
Rambarran added, the report relays.

Governor Rambarran noted that the energy sector was also expected
to see growth by about one per cent in 2015, which is a turnaround
from the contraction of 1.7 per cent experienced last year, the
report notes.

"And it will surprise you that this is actually the best
performance in the energy sector in the last three years,"
Governor Rambarran said, the report adds.


TRINIDAD & TOBAGO: Chamber Concerned Over Government Shakeup
------------------------------------------------------------
Trinidad and Tobago Newsday reports that the Trinidad and Tobago
Chamber of Industry and Commerce has expressed surprise at Feb 2's
changes in ministerial portfolios saying these changes could
impact on productivity in the respective ministries.

Continuous changes of ministers of national security, the Chamber
said in a release, "do not lend themselves to a perception of
stability" as the country continues to be plagued by a serious
crime situation, according to Trinidad and Tobago Newsday.

Noting that the country has long enjoyed a reputation for stable
governance that has enhanced investor confidence, the Chamber said
sweeping changes could reduce confidence in the ability of the new
Cabinet to effectively run the country during this time of
economic uncertainty.  It also questioned the decision to make the
sweeping changes with the general elections constitutionally due
by September, the report relates.

The report discloses that the Chamber's remarks were in response
to Prime Minister Kamla Persad-Bissessar's address to the nation
during which she dealt with the allegation against former Attorney
General Anand Ramlogan who is being investigated by the police for
witness tampering to pervert the course of justice.

The Chamber said it is of the view that the Prime Minister acted
in accordance with the principles of good governance in Ramlogan's
removal from his portfolio as Attorney General given the serious
nature of the allegations made against him, the report notes.

Calling on Acting Police Commissioner Stephen Williams "to act
urgently in the conduct and conclusion of his investigations into
the allegations," the Chamber said any forthcoming investigation
are a matter of public interest and should be conducted free of
any perception of interference or bias, the report says.

The report discloses that the Chamber called on "all parties to
rise above the immediate politics of the situation and conduct
themselves in a mature and responsible manner, befitting a country
that brands itself "open for business".


                            ***********


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
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Information contained herein is obtained from sources believed to
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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,
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202-362-8552.


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