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

            Monday, February 9, 2015, Vol. 16, No. 027


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Rates ARS1,900MM Treasury Bill Prog. (P)Caa1
TOYOTA COMPANIA: Moody's Assigns B1 Global LC Sr. Debt Rating
YPF SOCIEDAD: Moody's Assigns Caa1 Rating to US$750MM Add-on Notes


B R A Z I L

OGX PETROLEO: Brazil Authorities Seize Assets From Eike Batista
PETROLEO BRASILEIRO: Names Bank Exec Bendine as New CEO
USINAS SIDERURGICAS: Moody's Lower Corporate Family Rating to Ba3


C A Y M A N  I S L A N D S

CENTURION CDO III: Commences Liquidation Proceedings
CRAFT 2011-4: Commences Liquidation Proceedings
CRAFT CLO 2008-1: Commences Liquidation Proceedings
DB RIVINGTON: Commences Liquidation Proceedings
DB WARREN: Commences Liquidation Proceedings

DBAS CAYMAN: Commences Liquidation Proceedings
EARLS LIMITED: Commences Liquidation Proceedings
GOLDMAN SACHS: Commences Liquidation Proceedings
GOLUB CAPITAL: Commences Liquidation Proceedings
GSC PARTNERS: Commences Liquidation Proceedings

HERODOTUS LIMITED: Commences Liquidation Proceedings
ICG EUROPEAN: Commences Liquidation Proceedings
JETS INTERNATIONAL: Commences Liquidation Proceedings
MA GOLDMAN SACHS: Commences Liquidation Proceedings
SB FINANCE: Commences Liquidation Proceedings

SCHAHIN II FINANCE: Fitch Lowers Rating on 2012-1 Notes to 'BB+'
SIGNUM FINANCE: Commences Liquidation Proceedings
SIGNUM ROUGE: Commences Liquidation Proceedings
SKM-LIBERTYVIEW: Commences Liquidation Proceedings
SUFFIELD CLO: Commences Liquidation Proceedings

ZEUS (CAYMAN) II: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Gasoline, Diesel Prices Up, Natural Gas Remain


J A M A I C A

JAMAICA: Marginal Decline in NHT Loans Last Year
JAMAICA: Improves Trade Balance With CARICOM


M E X I C O

ABENGOA MEXICO: Moody's Rates MXN3BB Local Notes Program 'B2'
CEMEX SAB: Reports Fourth-Quarter and Full-Year 2014 Results
TENEDORA NEMAK: Fitch Affirms 'BB' Issuer Default Ratings


P E R U

PERU: Looks to Lead LatAm With Growth of at least 4% in 2015
VOLCAN COMPANIA: Moody's Lowers Rating on USD600MM Notes to Ba1


X X X X X X X X X

* BOND PRICING: For the Week From Jan. 26 to Jan. 29, 2015


                            - - - - -


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


BUENOS AIRES: Moody's Rates ARS1,900MM Treasury Bill Prog. (P)Caa1
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (global scale local currency) and Baa1.ar
(Argentina National Scale) ratings to the 2015 Short-Term Treasury
Bills Program of the City of Buenos Aires for up to ARS1,900
million.

Ratings Rationale

The 2015 program, authorized by law NĀ§5.239 considers a maximum
issuance of ARS1,900 million. The assigned debt ratings reflect
the capacity of the City of Buenos Aires to honor these short-term
treasury bills as captured in the current Caa1/Baa1.ar debt
ratings.

The City of Buenos Aires intends to issue eleven series of short
term bills in the domestic market, the first of which --Series 1-
is scheduled for this week and the others throughout the rest of
the current fiscal year. Series 1, in turn, will have two classes
which will be payable in local currency, present bullet
amortization and mature in the months of May and October of 2015
respectively. The total amount that could be issued under this
program represents approximately 2.3% of the City's 2015 expected
total revenues.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

What Could Change The Rating Up/Down

Given the negative outlook on the City of Buenos Aires, Moody's
does not expect upward pressures in the ratings assigned in the
near to medium term. A downgrade in Argentina's bond ratings would
result in a downgrade of the ratings assigned. A sharp
deterioration in the city's metrics such as a rapid increase in
the debt to revenues ratio could exert downward pressure on the
ratings assigned and could result in a downgrade of the ratings.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness 5among 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".


TOYOTA COMPANIA: Moody's Assigns B1 Global LC Sr. Debt Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B1 global local currency senior debt rating to Toyota
Compania Financiera de Argentina S.A. (TCFA)'s Class 15 bond
expected issuance for an amount up to ARS100 million, which will
be due in 21 months, under its program for ARS 800 million or its
equivalent in other currencies. At the same time, on the National
Scale, Moody's assigned a Aaa.ar local currency debt rating to the
expected issuance.

The outlook on these ratings is negative.

The following ratings were assigned to Toyota Compania Financiera
de Argentina:

100 million senior unsecured debt issuance:

B1 Global Local Currency Debt Rating

Aaa.ar Argentina National Scale Local Currency Debt Rating

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Toyota Compania Financiera de Argentina S.A.'s
B1 global local currency deposit rating. Moody's also noted that
seniority was taken into consideration in the assignment of the
debt ratings.

TCFA's deposit rating derives from the entity's caa1 baseline
credit assessment and the high probability of parental support to
be provided by its ultimate parent, Toyota Motor Corporation
(Japan), which is currently rated Aa3 by Moody's. The company is
95% owned by Toyota Financial Services Americas and 5% by Toyota
Motor Credit Corporation, both based in California.

The standalone rating of caa1 is based mainly on its key role as
the financial agent for Toyota Corporation, as well as its strong
commercial and strategic importance to the corporation. The
ratings also consider the entity's profitability and its good
asset quality metrics given its targeted client base. However, the
rating captures the company's wholesale funding structure, its
small franchise in the Argentine market and its monoline business
orientation.

The negative outlook on the company's ratings is in line with the
negative outlook for the Caa1 rating for Argentina's government
bond rating and incorporates the deteriorating operating
environment in the country, including economic deceleration and
high inflation, that is negatively affecting the business and
earnings prospects of financial companies and banks in Argentina.

Toyota Compania Financiera de Argentina S.A. is headquartered in
Buenos Aires, Argentina, with assets of ARS1.4 billion and equity
of ARS179 million as of September 2014.


YPF SOCIEDAD: Moody's Assigns Caa1 Rating to US$750MM Add-on Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Caa1 global foreign
currency rating to YPF Sociedad Anonima's (YPF)'s proposed USD 750
million in aggregate in add-ons to its outstanding 8.875% USD 587
million notes due in 2018 and 8.750% USD 1,000 million notes due
in 2024. Both series were issued in the global capital markets.
The outlook on the ratings is negative.

Ratings Rationale

Since YPF is majority owned by the Argentine government, YPF's
Caa1 rating reflects the application of Moody's joint default
rating methodology for government-related issuers (GRIs). YPF's
Caa1 rating combines its underlying Baseline Credit Assessment
(BCA) of b3; the Caa1 local currency rating and negative outlook
of the Argentine government; and the rating agency's view of
moderate support from and high dependence on the sovereign.

YPF's underlying BCA reflects the company's exposure to Argentine
economic instability, including an unpredictable government policy
framework, and exposure to foreign currency convertibility and
transfer risk. While YPF has maintained its strong financial track
record since coming under government control in April 2012, this
track record still remains limited. In addition, the BCA is
supported by the company's status as the largest industrial
corporation and energy company in Argentina and is also based on
the company's low leverage and high levels of retained cash flow
when compared with many of its peers. YPF benefits from
upstream/downstream integration and other business
diversification, and sizeable oil and gas reserves, including
large shale resources in the longer-term.

The government of Argentina's ability to provide support to YPF is
measured by its Caa1 local currency rating and negative outlook
but Moody's support assumptions are constrained by the low policy
transparency and predictability of the Argentine government.
Moody's consider the government's willingness to support YPF as
moderate, which is based on YPF's majority government ownership
and control, as well as the importance of YPF to the Argentine
economy, with a dominant market position in the energy sector.
While YPF is expected to account for only a small part of the
government's revenue base, the high default dependence reflects
the high correlation between YPF's credit profile and Argentine
economic trends. YPF derives the majority of its revenues
domestically; also, the company and the government also both share
common exposure foreign exchange rate risk.

YPF's negative rating outlook is based on the negative outlook on
the Argentine government. YPF and the government's ratings are
closely linked since YPF is a government-related issuer and also
due to the negative impact of the government's involvement in the
energy sector. The negative outlook on the sovereign rating is
tied to concerns about the government's haphazard policies, poor
transparency and the quality and reliability of its official data
reporting, as well as the sovereign's willingness to pay its debt
obligations.

YPF's ratings could be downgraded if it is unable to maintain
sufficient liquidity and access to foreign currency in order to
meet its debt service obligations. The ratings could also be
downgraded if the government of Argentina's Caa1 rating were to be
downgraded.

There is limited upside for YPF's ratings over the near-term
though continued growth in oil production while maintaining strong
margins and low leverage could result in positive pressure on the
BCA. Over the longer term, an improvement in Argentina's Caa1
rating and continued demonstration of a strong financial track
record could result in a ratings upgrade.

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

YPF is an Argentine based integrated energy company with
operations concentrated in the exploration, development and
production of crude oil, natural gas and liquefied petroleum gas,
and downstream operations engaged in refining, chemicals
production, retail marketing, transportation and distribution of
oil and petroleum products. The company is 51% owned by the
Argentine government and had revenues of USD 17.6 billion and
total assets of USD 26 billion for the twelve months ending
September 30, 2014.


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


OGX PETROLEO: Brazil Authorities Seize Assets From Eike Batista
---------------------------------------------------------------
EFE News reports that Brazil's Federal Police seized seven
automobiles, two of them luxury vehicles, and other assets from
Brazilian businessman Eike Batista, who until 2013 was one of the
world's wealthiest individuals.

A federal judge in Rio de Janeiro issued the order to guarantee
payment of future penalties if Batista is found guilty of insider
trading and stock market manipulation, according to the former
magnate's attorney, Sergio Bermudes, reports EFE News.

                      About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds.  OGX said Oct. 29, 2013 that the talks
concluded without an agreement.


PETROLEO BRASILEIRO: Names Bank Exec Bendine as New CEO
-------------------------------------------------------
EFE News reports that scandal-hit Brazilian state-controlled oil
company Petroleo Brasileiro S.A. named the chief executive of
state-run bank Banco do Brasil as its new chief executive officer.

Petrobras, which made the announcement in a securities filing,
said its board of directors selected Aldemir Bendine to succeed
Maria das Gracas Silva Foster, who resigned amid a deepening
crisis at the company, according to 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 Brasileiro S.A.'s baseline
credit assessment to ba1.


USINAS SIDERURGICAS: Moody's Lower Corporate Family Rating to Ba3
-----------------------------------------------------------------
Moody's America Latina has downgraded to Ba3/A2.br from Ba2/Aa3.br
the corporate family rating assigned to Usinas Siderurgicas de
Minas Gerais S.A. (Usiminas). The outlook is stable.

The downgrade reflects the deterioration in the company's credit
metrics since 2Q14, and the low likelihood that profitability,
cash flow and leverage metrics will improve in 2015 to levels
appropriate for a Ba2 rating (global scale). Brazil's timid
economic growth and continued struggling industrial activity (3.2%
contraction through November 2014), especially in steel consuming
segments such as capital goods and the automotive industry, will
continue to challenge the steel industry throughout the year.

Ratings downgraded:

Issuer: Usinas SiderĀ£rgicas de Minas Gerais S.A.

- Corporate Family Rating: Ba3 (from Ba2) in the global scale and
A2. Br (from Aa3.br) in the national scale

The outlook for all ratings is stable

Ratings Rationale

The A2.br national scale rating reflects the standing of the
company's credit quality relative to its domestic peers.

Usiminas' rating is supported by the company's leading position in
the Brazilian flat steel market, as well as its large scale and
partially-integrated operations. Credit positives include the
proximity of its facilities to high-grade iron ore reserves,
efficient logistics, and partial self-sufficiency in iron ore,
coke and energy. The rating also reflects Usiminas' conservative
financial management, evidenced by the company's strong liquidity
position (BRL 3.0 billion cash balance at the end of 3Q 2014) and
moderate dividend payout. The company has scaled back its capital
expansion plans, limiting capital expenditures only to projects
with the objective of improving the sales mix and increasing self-
sufficiency in key inputs, focusing on iron ore reserves
development.

Constraining the ratings are the more negative perspective for the
global steel industry and the slower than expected recovery in
Brazil's steel demand. Although the Real depreciation has reduced
imports competitiveness, steel demand in the domestic market will
be ultimately constrained by the country's soft economic growth
over the next several quarters. Besides, the existing conflict
among Usiminas' controlling shareholders brings uncertainties and
adds to the challenges already faced by the company on its
operations.

The stable outlook reflects Moody's expectations that market
conditions for steel producers in Brazil will remain challenging,
but that imports will not increase, further supported by current
FX levels, and that Usiminas will prudently manage capital
expenditures and dividend distributions in order to maintain
adequate liquidity to service its financial obligations.

Although the likelihood of an upgrade is limited in the next 12 to
18 months, given the challenges faced by the steel industry in
Brazil, an upward rating movement would require an improvement in
operating results, with adjusted EBIT margins consistently
sustained above 8%, supported by solid demand recovery in the
domestic market, as well as a reduction in leverage, with adjusted
total debt to EBITDA consistently below 3.5x, while maintain a
solid liquidity position.

The ratings or outlook could suffer negative pressure should
conditions in key markets for Usiminas, such as automotive, tubes
and industrial equipment, remain weak, leading to lower
profitability, measured by adjusted EBIT margin consistently below
5% and interest coverage (measured by EBIT to interest) dropping
to levels below 2.5x. A downgrade could also be triggered if
adjusted debt to EBITDA remains persistently above 4.5x. A marked
deterioration in the company's liquidity could also precipitate a
downgrade. A further consideration would be the Brazilian
Governments foreign currency bond rating.

The principal methodology used in this rating was the Global Steel
Industry Methodology published in October 2012.

Moody's National Scale 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 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 ratings, please refer to Moody's Rating
Methodology published in October 2012 entitled "Mapping Moody's
National Scale Ratings to Global Scale Ratings".

Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. - Usiminas (Usiminas) is the largest
integrated flat-steel manufacturer in Latin America, with
production of 5.8 million tons of crude steel and consolidated net
revenues of BRL 12.3 billion (approximately USD 5.4 billion
converted by the average exchange rate) for the LTM period ending
September 30, 2014. Usiminas also owns iron ore mining properties,
steel distribution and capital goods subsidiaries in Brazil.


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


CENTURION CDO III: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
Centurion CDO III, Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CRAFT 2011-4: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 27, 2014, the members of
Craft 2011-4, 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CRAFT CLO 2008-1: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Nov. 27, 2014, the members of
Craft CLO 2008-1, 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


DB RIVINGTON: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
DB Rivington Investments Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


DB WARREN: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
DB Warren Investments Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


DBAS CAYMAN: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
DBAS Cayman Holdings 2 Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


EARLS LIMITED: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
Earls Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


GOLDMAN SACHS: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
Goldman Sachs Customised Multi-Asset Trend Traditional Strategy
Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


GOLUB CAPITAL: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Nov. 27, 2014, the members of
Golub Capital Funding CLO-8-2, 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


GSC PARTNERS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 5, 2014, the members of
GSC Partners CDO Fund II, Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


HERODOTUS LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Nov. 27, 2014, the members of
Herodotus Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ICG EUROPEAN: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 5, 2014, the members of
ICG European Special Credits Fund GP Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


JETS INTERNATIONAL: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Nov. 27, 2014, the members of
Jets International Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


MA GOLDMAN SACHS: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
MA Goldman Sachs Customised Multi-Asset Trend Traditional Strategy
Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SB FINANCE: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
SB Finance Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SCHAHIN II FINANCE: Fitch Lowers Rating on 2012-1 Notes to 'BB+'
------------------------------------------------------------------
-
Fitch Ratings has taken the following rating actions to Schahin II
Finance Company (SPV) Limited and Lancer Finance Company Ltd.:

Schahin II Finance Company (SPV) Limited (Schahin II)

   -- Series 2012-1 senior secured notes due 2023 downgraded to
      'BB+' from 'BBB-'; Placed on Rating Watch Negative.

Lancer Finance Company Ltd. (Lancer Finance)

   -- Series 2010-1 senior secured notes due 2016; 'BBB-' Placed
      on Rating Watch Negative.

The Schahin II notes are backed by flows related to a long-term
charter and services agreement signed with Petroleo Brasileiro
S.A. (Petrobras) for the use of the dynamically positioned ultra-
deepwater (UDW) drillship called 'Sertao'.  Schahin Petroleo e Gas
S.A. (Schahin P&G), the oil and gas arm of Brazilian-based Schahin
Group (Schahin), is the operator of the vessel and primary sponsor
of the transaction.  The Lancer Finance notes are backed by flows
related to a long-term charter and services agreement signed with
Petrobras for the use of the dynamically positioned drillship S.C.
Lancer.  Schahin's heavy construction company Schahin Engenharia
S.A. is the operator of the drilling rig.

The downgrade to the Schahin II notes reflects: (i) exposure to
the deteriorating credit quality of Schahin; and (ii) potential
pressure on global day rates and asset values caused by oil price
declines.  The transaction rating is not currently constrained by
the Issuer Default Rating (IDR) assigned to Petrobras.  The Rating
Watch Negative reflects the weakening credit quality of the
sponsor.

The rating action on the Lancer Finance notes reflects: the
transaction's direct exposure to Schahin Engenharia S.A. and
Schahin's weakening credit quality, balanced by the transaction's
relatively low net debt levels and overall structural
enhancements.  The Rating Watch Negative on the notes reflects the
Rating Watch Negative assigned to Petrobras, the weakening credit
quality of the sponsor, and the potential impact of the Lava Jato
investigations on Schahin.

The ratings on both transactions are ultimately supported by: (i)
the credit quality of Petrobras as offtaker; (ii) Fitch's view on
the strength of the existing contracts; (iii) potential support of
the sponsor; and (iv) structural enhancements.

KEY RATING DRIVERS

Credit Quality of Schahin: The deteriorating credit quality of the
Schahin group exposes both transactions to the potential risk of
early termination under the charter and services agreements.
These transactions are directly and indirectly exposed as the
charter and services agreements have termination clauses that
include bankruptcy and performance issues.  Furthermore, the
deteriorating credit quality may affect the sponsor's ability to
operate the vessel and impact overall maintenance, general safety,
and uptime performance.  Fitch recently downgraded the IDR
assigned to Schahin Oil and Gas Ltd. (holding company) to 'B+'
from 'BB-' and assigned a Negative Outlook due to higher leverage
and tighter liquidity.

Credit Quality of Petrobras: On Feb. 3, 2015, Fitch downgraded the
IDRs for Petrobras, offtaker to the transactions, to 'BBB-' from
'BBB' and placed the ratings on Rating Watch Negative.  Petrobras'
rating is the implied rating cap for the transactions, as the
offtaker represents the main source of cash flow generation.  The
downgrade reflects the increased and prolonged uncertainty
regarding Petrobras' ability to estimate and record an adjustment
to its fixed assets on a timely manner, which could allow a
significant portion of Petrobras' creditors to accelerate debt
payments.  The rating actions also reflect the potential impact
the current corruption scandal may have on Petrobras' ability to
hit Fitch's production expectations.  The Rating Watch Negative
reflects the heightened risk the company's debt could be
accelerated if it is not able to provide year-end audited
financial statements within 120 days of the period's end, plus a
60-day grace period.

Investigation of Schahin Engenharia: Last week, Brazil's Federal
Police included Schahin Engenharia in the list of companies under
formal investigation in the Lava Jato corruption scandal.  Schahin
Engenharia is a direct counterparty to Lancer Finance and
therefore directly exposes this transaction to potential
uncertainties related to this investigation.  Additionally, this
could further stress the financial condition of the overall group
if they are temporarily suspended from entering into new contracts
and future biddings with Petrobras.  Fitch believes the impact
this situation may have on the transactions is partially mitigated
by transaction structural features.

Structural Enhancements Support Lancer Finance: The transaction
benefits from extremely low leverage as the structured financing
has continued to de-lever since closing in 2010.  Furthermore,
reserves provide six months of debt service and three months of
operating expenses, which, assuming no payment delays under the
charter and service agreements, would allow the transaction to de-
lever (in net debt terms) during 2015.  Fitch conservatively
estimates loan-to-value (LTV) levels to be in the range of 20%-
30%, depending on various assumptions.

Strength of Existing Contracts: Despite the ongoing Lava Jato
investigations, Petrobras has indicated its intention to continue
honoring the terms of its existing offshore charter and service
contracts despite the company's recent decision to temporarily ban
affiliates of oil and gas service companies from participating in
new contracts and future bidding processes with Petrobras.  In
Fitch's view, the existing contracts are further supported by
Brazilian offshore supply/demand fundamentals.  The existing fleet
of contracted offshore vessels is essential to the overall
production growth strategy of Petrobras and Brazil.  Local supply
of drillships is constrained by the delayed delivery of 28 new
drillships (Sete Brasil).

Exposure to Market Day Rates and Asset Prices: Fitch's base case
analysis for the oil vessel-backed structured finance transactions
assumes that the existing underlying contracts remain in place for
the duration of the contracts.  However, if the temporary ban is
further extended or a contract terminates for any other reason,
the related transactions could be exposed to then current market
conditions.  Currently contracted day rates remain in line with
current market rates; however, a further long-term decline in oil
price may decrease market day rates below contracted day rates.
Fitch believes exposure to contract termination varies for each
transaction given the different LTV levels.

RATING SENSITIVITIES

The ratings are sensitive to implications of the Lava Jato
investigations on Schahin and the Brazilian oil and gas industry,
changes in the credit quality of Petrobras as offtaker, the
operating performance of the rigs, and further deterioration of
Schahin's quality as sponsor to the transactions.


SIGNUM FINANCE: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Nov. 27, 2014, the members of
Signum Finance Loan Repack 1 Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SIGNUM ROUGE: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
Signum Rouge Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SKM-LIBERTYVIEW: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
SKM-Libertyview CBO I Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


SUFFIELD CLO: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Nov. 27, 2014, the members of
Suffield CLO, Limited 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


ZEUS (CAYMAN) II: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Dec. 4, 2014, the members of
Zeus (Cayman) II 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


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


DOMINICAN REP: Gasoline, Diesel Prices Up, Natural Gas Remain
-------------------------------------------------------------
Dominican Today reports that Dominican Republic Industry and
Commerce Ministry posted the fuel prices for the week from
February 7 to 13, when premium gasoline will cost RD$196.70, for
an increase of RD$3.90; regular gasoline will sell for RD$174.20,
an increase of RD$4.10; premium diesel will cost RD$160.10 and
regular diesel will cost RD$152.00, both with an increase of
RD$2.30 per gallon.

Optimal diesel will cost RD$168.90, an increase of RD$2.30; avtur
will cost RD$100.90, an increase of RD$1.20; kerosene will cost
RD$133.80, an increase of RD$1.70 and fuel oil will cost RD$85.96,
an increase of RD$1.36 per gallon, according to Dominican Today.

The report notes that propane gas will cost RD$84.50, an increase
of RD$1.60 per gallon, and natural gas remains unchanged at
RD$31.44 per cubic meter.

Industry and Commerce said the Central Bank's average posted
exchange rate of RD$44.77 was used to calculate all fuel prices,
the report adds.


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


JAMAICA: Marginal Decline in NHT Loans Last Year
------------------------------------------------
RJR News reports that there was a marginal decline in loans
provided by the National Housing Trust (NHT) during the 2013/2014
financial year.

According to the agency's annual report for the period, which was
tabled this week in the House of Representatives, 7,807 loans were
created. This was 43 less than the previous year, RJR News
relates.

RJR News says that an additional 834 loans were written under the
Joint Financed Mortgage program.  They were valued at J$3.2
billion, the report discloses.

During the same period, the NHT collected J$15.8 billion in
mortgage repayment, an increase of J$1.9 billion, or 14%, the
report notes.  This was 4% above target.

RJR News adds that while there was an increase in repayments
associated with a growth in the mortgage portfolio, effort to
increase compliance also helped to boost inflows, the NHT
reported.

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


JAMAICA: Improves Trade Balance With CARICOM
--------------------------------------------
RJR News reports that Jamaica's trade balance with the rest of the
region improved over the first ten months of last year as imports
fell and exports increased.

The latest trade data show that at the end of October exports to
CARICOM were valued at US$72 million, according to RJR News.  That
was up from US$65 million for the corresponding period of the
prior year, the report relates.

At the same time, imports declined to US$665 million, from US$718
million in 2013, the report discloses.

The value of imports fell as Jamaicans consumed less oil and food
from the region, RJR News notes.

Higher exports of manufactured goods and chemicals accounted for
the improved earnings, the report adds.

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


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


ABENGOA MEXICO: Moody's Rates MXN3BB Local Notes Program 'B2'
-------------------------------------------------------------
Moody's de Mexico assigned a B2/Ba1.mx issuer rating to Abengoa
Mexico and a MX-3 short term national scale rating to its up to
MXN3 billion short term certificados bursatiles (local notes)
program. The certificados bursatiles program was registered with
the Mexican CNBV in June 2014 with a two year tenor. This is the
first time Moody's rates Abengoa Mexico. The outlook on the
ratings is stable.

Ratings assigned as follows:

Abengoa Mexico, S.A. de C.V.

Issuer Rating: B2 / Ba1.mx

Up to MXN 3 billion short term certificados bursatiles program
maturing in 2016: NP/MX-3

The outlook for the ratings is stable

Ratings Rationale

Abengoa Mexico's B2 / Ba1.mx issuer rating reflects the company's
experience in the Mexican construction market and longstanding
relationship with relevant customers like CFE (Baa1, stable), the
public electric utility. The rating also considers the positive
business prospects in light of the recently passed energy reform
in Mexico and the strong technical capabilities that the company
could access through its parent company, Abengoa S.A. (B2,
stable).

Balancing these positives are the company's small size compared to
its local and global peers, concentrated market base with public
counterparties in Mexico, and a relatively weak business diversity
assessment. The rating is further pressured by liquidity risk that
could arise should its parent company's liquidity deteriorates, as
there are no ring fencing provisions.

Given the close financial and operating relationship between
Abengoa S.A. and Abengoa Mexico, the ratings of the latter are
directly linked to its parent company's corporate family rating.
As a consequence, when assessing the credit risk of Abengoa
Mexico, Moody's considered the conditions that relates the default
probability of Abengoa Mexico in comparison with that of its
parent company. Moody's assessment is that there is a high
correlation between Abengoa Mexico's default risk vis-a-vis the
default risk of its parent company. Main drivers behind Moody's
assessment are: 1) the lack of ring-fencing provisions in Abengoa
Mexico's credit agreements; 2) the lack of restriction by the
Mexican corporate law on leverage and distributions to the parent;
3) existence of intercompany loans and cash pooling policies
between Abengoa Mexico and Abengoa S.A.; 4) existence of
guarantees from Abengoa Mexico to parent company's debt; and 5)
Moody's consideration that there is a high business dependence of
Abengoa Mexico on Abengoa S.A. As long as these dynamics hold,
Abengoa Mexico's rating will be constrained by its parent
company's rating.

Liquidity is currently adequate given moderate levels of short
term debt and strong cash position considering the surplus in the
centralized treasury of the group. Abengoa has a policy of
maintaining positive free cash flow in all of its projects, an
objective that it generally meets by having construction contracts
signed upon prepayments that cover working capital needs. For any
additional funding need, the company generally uses cash position
at the centralized treasury of the group. As of the end of 2014,
on a pro forma basis, the company had a positive net position of
around MXN 3.7 billion in the centralized treasury.

The centralized treasury concentrates excess cash from all the
subsidiaries without restrictions in order to have an optimal
investment while allowing the group to cover temporary cash
shortfalls at a subsidiary level. Given Abengoa Mexico's strong
cash generation, it has run surplus in the centralized treasury
and Moody's expect this trend to continue. However, given the lack
of restrictions of the group to dispose cash in the centralized
treasury, this could not be available for Abengoa Mexico's needs
should the group's liquidity weakens. Although Moody's consider
that Abengoa S.A.'s liquidity profile is adequate, its significant
debt load and continued investments in new concessions require
constant access to capital markets to maintain an adequate
liquidity situation. Abengoa S.A. reported EUR3.7 billion of
corporate cash as of September 2014, but out of that only around
EUR2.7 billion was unrestricted and freely available. The
remainder was linked to "confirming without recourse" credit
lines. In addition to the restricted cash, Moody's estimate that
some EUR 1 billion operating cash will be needed during a high
peak, given the pronounced intra-year seasonality of Abengoa's net
working capital. The group's cash balance on a corporate level has
been further bolstered by proceeds from the sale of assets to
YieldCo for around USD323 million since September, and by the
disposal of a 13% stake in YieldCo. Abengoa's debt maturity
profile through 2015 appears manageable in relation to the
available cash buffer.

Abengoa Mexico also uses uncommitted lines with local banks and
issuances of local commercial paper to cover its financing needs.
As of the company has around MXN 244 million in bank debt out of
which MXN 51 million are due within a year. Also, the company has
MXN 783 million commercial paper issuances outstanding maturing
within July and October of 2015. Since the registration of the
program, the company has been issuing longer tenor commercial
papers, with maturities around 360 days, a practice that Moody's
consider prudent on a liquidity perspective.

The stable outlook is based on Moody's expectations that Abengoa
will be able to take advantage of Mexico's infrastructure
requirements, participating in relevant projects for the country,
without hampering its credit or liquidity profile.

Given the linkage between Abengoa Mexico and its parent company, a
positive rating action for Abengoa Mexico is subject to an upgrade
in Abengoa S.A.'s rating and not envisioned in the short run. On a
stand-alone basis, Abengoa Mexico's rating or outlook could
improve if the company consistently grows revenues, while
diversifying its backlog with other clients and projects to reduce
the revenue concentration risk. An upgrade would also require an
improvement in credit metrics, particularly with leverage falling
below 1.5 times on a sustained basis, while maintaining a solid
capital structure with low exposure to short term debt.

Conversely, Abengoa Mexico's ratings could be downgraded if its
credit metrics deteriorate, for example, if adjusted gross debt to
EBITDA increases to 3.0 times and EBITA interest coverage falls
below 1.0 times with no recovery prospects. Further negative
pressure would arise if liquidity deteriorates, most likely due to
difficulties in rolling over short-term debt or from deterioration
in the operating environment stemming from economic slowdown
and/or increased competition. Likewise, a negative rating action
on Abengoa S.A. could result in a negative rating action for
Abengoa Mexico.

Headquartered in Mexico City, Abengoa Mexico is a fully owned
subsidiary of Abengoa S.A. (B2, stable). The company was founded
in 1981 to conduct Abengoa S.A.'s business in Mexico. The company
is well integrated into its parent's operation, with its main
activity being the engineering & construction (E&C) of projects
related with the energy industry. For the full year ended 2014
and, pro forma for the sale of concessions, Abengoa Mexico's
revenue and Moody's-adjusted EBITDA margin were USD 254 million
and 11.6% respectively.

The principal methodology used in these ratings was the Global
Construction Industry published in November 2010.

The period of time covered in the financial information used to
determine Abengoa Mexico, S.A. de C.Vv's rating is between 1/1/12
and 30/9/14 (source: Abengoa Mexico and Bolsa Mexicana de Valores
(BMV)).

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".


CEMEX SAB: Reports Fourth-Quarter and Full-Year 2014 Results
------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed that on a like-to-like basis for
the ongoing operations and adjusting for currency fluctuations,
consolidated net sales increased by 5% during the fourth quarter
of 2014 to approximately US$3.8 billion and increased 6% for the
full year to US$15.7 billion versus the comparable periods in
2013.

Operating EBITDA on a like-to-like basis increased by 16% during
the fourth quarter of 2014 to US$701 million and increased 6% for
the full year to US$2.7 billion versus 2013.

A full text copy of the company's financial results is available
free at:

                         http://is.gd/KXAykv

                        About CEMEX SAB

CEMEX, S.A.B. de C.V., is a holding company of entities which
main activities are oriented to the construction industry,
through the production, marketing, distribution and sale of
cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 8, 2014, Fitch Ratings has assigned expected ratings of 'BB-
/RR3(EXP)' to CEMEX S.A.B. de C.V.'s (CEMEX) proposed USD notes
due in 2025 and its proposed Euro notes due in 2022. Proceeds from
the Euro notes issuance will be used for general corporate
purposes, including the repayment of indebtedness under CEMEX's
Facilities Agreement.  Proceeds from the USD issuance will be used
for general corporate purposes, including the repurchase of a
portion of the company's outstanding 2018 and 2020 notes.


TENEDORA NEMAK: Fitch Affirms 'BB' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed Tenedora Nemak, S.A. de C.V.'s (Nemak)
ratings as follows:

-- Foreign currency Issuer Default Rating (IDR) at 'BB';
-- Local currency IDR at 'BB';
-- Long-term national scale rating at 'A(mex)';
-- USD500 million senior unsecured notes due 2023 at 'BB';
-- MXN3.5 billion Local Certificados Bursatiles due 2017 at 'AA-
(mex)'.

The Rating Outlook has been revised to Positive from Stable.

The revision of the Outlook to Positive reflects Fitch's view that
Nemak's operations could continue to strengthen due to solid
demand for the company's aluminum components and healthy U.S.
vehicle demand. A potential swing in the mix to higher sales of
pickups and sport utility vehicles due to continued low U.S.
gasoline prices also bodes well for an improvement in Nemak's cash
flow considering the company's exposure to Detroit Three
automotive original equipment manufacturers (OEMs). In Fitch's
view, the possibility that Nemak will be able to sustain leverage,
liquidity and cash flow metrics similar to those of higher rated
auto suppliers has increased. The materialization of demand
expectations in conjunction with conservative dividend and
investment policies supportive of free cash flow (FCF) generation
would likely result in stronger financial metrics, which in turn
could result in positive rating actions.

The ratings reflect Nemak's business position as a large Tier-1
supplier of aluminum components, regional and product-portfolio
diversification, low cost structure and strengthened credit
profile. The ratings are tempered by cyclicality of the automotive
industry, the company's still large concentration in North America
as well as to its exposure to Detroit Three OEMs.

The rating of the Certificados Bursatiles issuance takes into
account the partial guarantee granted by Bancomext equivalent to
29% of the principal amount and 100% of the first interest payment
in case of anticipated or scheduled maturity. Fitch believes that
a partial credit guarantee (PCG) can reduce loss severity given
default and uplifts the guaranteed issuance's rating by some
notches above the issuer's stand-alone rating. The overall
recovery estimate considering the execution of the guarantee and
the proceeds from company liquidation determine the number of
notches for the uplift.

KEY RATING DRIVERS

Strong Global Business Position
Nemak's ratings reflect the company's strong position in high-tech
aluminum components for the automotive industry in North American,
South American and European markets; its presence in high-growth
regions, such as Asia and its high percentage of installed
capacity in low-cost countries. The ratings also reflect Nemak's
long-term customer relationships, and its position as an essential
supplier for Detroit Three OEMs and in several of the largest
global engine platforms.

Positive Outlook in Key Markets
Fitch expects Nemak will continue to benefit from positive low to
mid single-digit growth in U.S. vehicle sales, driven by improving
economic conditions, increasing consumer confidence, strong
consumer credit access, low financing rates and ongoing pent-up
demand pressure. Continued low U.S. gasoline prices are expected
to support U.S. auto sales, particularly those of pickups and
sport utility vehicles. This should benefit sales of Detroit Three
OEMs and in turn be positive from Nemak due to its high exposure
to the vehicle platforms of these OEMs. Fitch expects modest
European auto sales recovery in the low single digit range.

Consistent FCF Key to Higher Rating
Nemak's operating performance has continued to strengthen in 2014
due to higher volumes and increased business opportunities in
North America. The company is also showing an improved performance
in Europe. During the latest 12 months (LTM) ended Sept. 30, 2014,
Nemak generated USD682 million of EBITDA as calculated by Fitch,
which compared favorably with EBITDA of USD611 million in 2013 and
USD492 million in 2012. Cash flow from operations (CFFO) for the
LTM ended in Sept. 30, 2014 was USD608 million and FCF was
positive USD208 million after capex of USD401 million. These
levels of CFFO and FCF compare to USD571 million and USD231
million generated by the company in 2013. During the LTM ended
Sept. 2014, and for the years ended 2013, 2012 and 2011, FCF to
sales was 4.5%, 5.2%, 3.5% and negative 0.5%, respectively.

Fitch expects Nemak's FCF to moderate in 2014 and 2015 due to
continued organic expansion in Mexico and Europe, higher working
capital and the possibility of dividend payments. Fitch is
projecting neutral FCF in 2014 and moderately positive FCF in
2015. This estimate considers dividend payments of USD60 million
in 2014 and USD80 million in 2015. In Fitch's view, conservative
investment and dividend policies could lead Nemak to generate
consistent FCF margins greater than 2% which together with total
leverage (total debt/EBITDA) levels of around 2x and strong
liquidity would likely lead to rating upgrades.

Adequate Liquidity
As of Sept. 30, 2014, the company's short-term debt was USD251
million and cash balances were USD81 million. Fitch expects Nemak
will partly refinance upcoming maturities. The company maintains
good access to bank loans and debt capital markets, which in
conjunction with cash balances, FCF generation and undrawn
committed credit lines of approximately USD194 million maturing in
2016 and 2019, Fitch believes, will be sufficient to face short-
term debt maturities.

The company's total adjusted debt as of Sept. 30, 2014 --to
include parent company loans-- was USD1,336 million, lower than
the USD1,445 million and USD1.586 billion registered at year-end
of 2013 and 2012, respectively. Nemak prepaid the full outstanding
amount of USD175 million on its parent company loan during second-
quarter 2014. During the LTM ended Sept. 30, 2014, the company's
total debt/EBITDA ratio, as calculated by Fitch to include
related-party debt was 2.0x, below the 2.4x in 2013 and 3.2x in
2012.

RATING SENSITIVITIES:

Future developments that may, individually or collectively, lead
to a positive rating action include:

--Increased product, customer and geographical diversification
that leads to continued strength in EBITDA generation and
sustained positive FCF (FCF margin >2%);
--Sustained levels of total debt/EBITDA around 2x;
--Strong liquidity supported by a healthy combination of cash, FCF
generation and committed credit facilities relative to upcoming
debt obligations.

Future developments that may, individually or collectively, lead
to a negative rating action include:

--A material decline in volumes that leads to a reduction in
EBITDA resulting in total debt/EBITDA above 3x for a sustained
period of time;
--Sustained negative FCF;
--Weak liquidity relative to upcoming debt obligations;
--Large debt financed acquisitions.


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


PERU: Looks to Lead LatAm With Growth of at least 4% in 2015
------------------------------------------------------------
EFE News reports that Peru's government expects to lead all Latin
American economies with a growth rate of at least 4 percent in
2015, Economy and Finance Minister Alonso Segura said.

"The most pessimistic estimates by reputable institutions, such as
the International Monetary Fund, project that Peru will grow 4
percent in 2015.  That's not a crisis.  The situation in the
region is complicated, but we have to redouble our efforts to
sustain our growth rates," Mr. Segura told Radio Programas del
Peru, according to EFE News.


VOLCAN COMPANIA: Moody's Lowers Rating on USD600MM Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
rating of Volcan Compania Minera S.A.A.'s ('Volcan") USD 600
million senior unsecured notes due in 2022. At the same time,
Moody's assigned a Ba1 corporate family rating (CFR) on the global
scale. The outlook is stable.

Ratings changed:

Issuer: Volcan Compania Minera S.A.A.

-- USD600 million senior unsecured notes due 2022: to Ba1 from
Baa3

Ratings Assigned:

-- Corporate Family Rating: Ba1

The outlook for all ratings is stable

The downgrade of Volcan's ratings to Ba1 reflects the
deterioration in the company's credit metrics and the low
likelihood that cash flow, leverage and interest coverage metrics
will improve in the next 12 to 18 months to levels commensurate
with a Baa3 credit. Worsening operating performance as a
consequence of weakening industry fundamentals (low base metals
and precious metals prices) reduced the company's cash generation
ability. This, combined with large expansion capex, resulted in a
tighter liquidity position, increased its reliance in short term
debt and led to poorer debt metrics. Accordingly, adjusted
leverage (total debt to Ebitda) increased to 3x and EBIT to
interest expense declined to 4.0x in the last twelve months ended
September 2014.

Ratings Rationale

Volcan's Ba1 senior unsecured rating is driven by its good mine
diversity, its cost position, its operational diversity in terms
of number of metals produced, mines, complexes and concentrators
and the company's position as a leading producer of zinc, silver
and lead globally. Ratings are further supported by the
significant exploration properties in mineral rich locations, and
Moody's expect its reserve position to improve over time as it
continues its exploration activities and strategic investments.

Constraining factors to the rating include Volcan's relatively
moderate reserve position (compared to global peers) of
approximately 8 years, and its more modest revenue size as
exemplified by revenues of about USD 1.1 billion for the twelve
months through September 30, 2014. The exposure to commodity price
volatility (particularly silver and zinc), low regional diversity
and the political landscape in which it operates in Peru are
further considerations.

The stable outlook is based on Moody's view that zinc, copper,
lead and silver prices, while expected to continue to be pressured
by weakening global macroeconomic growth indicators, will
nonetheless remains at levels above Volcan's cash costs, and that
Volcan will benefit from higher volumes coming from the recently
completed investments. The outlook also assumes that should prices
retreat further, the company will make the necessary adjustments
in its capital spending to maintain its financial profile.

To the extent that the company is able to successfully complete
planned developments, further diversifying its metal revenue base
and enhancing its reserves, the outlook or rating could be
positively impacted. In addition, should the company be able to
maintain a good liquidity position, reduce its reliance on short
term debt and maintain interest coverage (measured by EBIT to
Interest Expense) metrics of 4x or better, the ratings could be
favorably impacted.

Ratings could be negatively impacted if profitability and cash
generation capacity materially deteriorates, for example, due to a
combination of a drop in metals prices and increase in production
costs significantly exceeding Moody's expectations, with negative
impact on liquidity and on interest coverage metrics.
Specifically, if EBIT margin falls towards a 5%-8% range with cash
generation being negative on a sustained basis, ratings could be
downgraded. Negative pressure could also result from material debt
financed acquisitions.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Volcan is a Peruvian mining company with mining, concentrating and
commercial operations. It primarily produces zinc and lead
concentrate and some copper concentrate. These concentrates have a
high silver content. The company operates through four operational
complexes with a total of 10 mines and 7 concentrate plants. All
of Volcan's operations are located in Peru (A3 stable). For the
twelve months ended September 2014 it had revenues of USD 1.1
billion. During the period, silver represented 43% of total sales,
zinc 40%, lead 12% and copper 4%.Volcan is a holding company
listed in the stock exchanges of Lima and Chile and in Madrid's
Latibex. Virtually all of the company's shares are traded on the
Peruvian stock exchange, the Bolsa de Valores de Lima.


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


* BOND PRICING: For the Week From Jan. 26 to Jan. 29, 2015
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *