TCRLA_Public/150211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, February 11, 2015, Vol. 16, No. 029


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Appoints New Internal Auditor


A R G E N T I N A

BUENOS AIRES CITY: S&P Assigns 'CCC-' Rating to $500MM Sr. Notes


B A R B A D O S

BARBADOS: PM Hopeful Economy Will Recover Fully by 2016


B R A Z I L

BRAZIL: Economy to Stall This Year, Analysts Say


C A Y M A N  I S L A N D S

ALTIMA GLOBAL: Commences Liquidation Proceedings
ALTIMA GLOBAL MASTER: Commences Liquidation Proceedings
ALTIMA INDIA: Commences Liquidation Proceedings
ALTIMA INDIA MASTER: Commences Liquidation Proceedings
AUGUST CAYMAN: S&P Discontinues 'B' CCR Following Acquisition

BBR ATLANTIC: Placed Under Voluntary Wind-Up
COY KOI: Shareholder Receives Wind-Up Report
FRAM CAPITAL: Commences Liquidation Proceedings
KAIROS FOCUS: Placed Under Voluntary Wind-Up
KENDALL SQUARE: Shareholder Receives Wind-Up Report

KI ANOMALY: Commences Liquidation Proceedings
KI ANOMALY MASTER: Commences Liquidation Proceedings
MALCOLM MILLER: Shareholder Receives Wind-Up Report
MAYSTONE HOLDINGS: Placed Under Voluntary Wind-Up
OERLIKON GROUP: Placed Under Voluntary Wind-Up

ONE AND ONLY: Placed Under Voluntary Wind-Up
RASSELAS LIMITED: Shareholder Receives Wind-Up Report
RP JAPAN: Placed Under Voluntary Wind-Up
RP JAPAN MASTER: Placed Under Voluntary Wind-Up
SAL-OPES GP: Commences Liquidation Proceedings

SHIRE OCEANIC: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: US$2BB on Coal Plants 'Historic Mistake'


E C U A D O R

ECUADOR: S&P Affirms 'B+' Rating; Outlook Remains Stable


J A M A I C A

UC RUSAL: Contemplates Refinancing Debt


V E N E Z U E L A

VENEZUELA: S&P Cuts Sovereign Credit Rating to 'CCC'; Outlook Neg.


                            - - - - -


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


LIAT: Appoints New Internal Auditor
-----------------------------------
Nation News reports that David Evans, chief executive officer of
LIAT, operating as Leeward Islands Air Transport, disclosed the
appointment of Chad Hyson as Internal Auditor.

Internal Audit is an interactive process that involves reviews and
discussions with persons at various levels of the organization,
including those involved with day to day operations, according to
Nation News.

"Mr. Hyson is responsible for evaluating LIAT's current processes
and providing recommendations based on best practices.  His
primary goal is to help improve the effectiveness and efficiency
of our overall operations, accuracy of financial reporting, and
compliance with various regulatory requirements," the report
quoted Mr. Evans as saying.

"Mr. Hyson joined the company on December 1, 2014 and comes to us
with more than 13 years of Internal Audit experience across a
number of different industries throughout the US and the
Caribbean," Mr. Evans added, says the report.

As the company Head of Internal Audit, Hyson reports directly to
the CEO and to the Audit Committee, a sub-committee of the Board
of Directors, the report relays.


                         About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2014, Caribbean360.com said that chairman of the
shareholder governments of the financially troubled regional
airline, LIAT, operating as Leeward Islands Air Transport, Dr.
Ralph Gonsalves said while he is unaware of the details regarding
any possible retrenchment of employees, the airline needs to deal
with its high cost of operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer.


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


BUENOS AIRES CITY: S&P Assigns 'CCC-' Rating to $500MM Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'CCC-'
issue-level rating to the city of Buenos Aires' (CCC-/Negative/--)
proposed up to $500 million senior unsecured notes.  The
amortizing notes, pursuant to the city of Buenos Aires' medium-
term note program (series 11), will mature in 2021 and will be
denominated in dollars.  The proceeds of the note issuance will be
used to pay off the city's $475 million notes due April 6, 2015.

The foreign currency rating on the city of Buenos Aires reflects
S&P's 'CCC-' transfer and convertibility (T&C) risk assessment for
the country.  Therefore, S&P caps its ratings on the city and on
its notes at the same level as that on the T&C assessment.
Despite the significant foreign exchange restrictions prevailing
in Argentina, public and private entities have not faced direct
constraints to access foreign exchange to pay down international
notes.  However, pressure continues on Argentina's external
liquidity, particularly due to the sovereign's prolonged default
since July 30, 2014.  In S&P's view, it has fully incorporated
these risks in its 'CCC-' foreign currency rating on the city.

Including the $500 million issuance, S&P expects the city's total
debt stock to surpass Argentine peso (ARP) $22.6 billion or about
36% of the city's estimated 2014 operating revenues, compared with
29% estimated at the end of 2014.  However, this increase in the
city's debt stock will reverse once the city repays its $475
million notes in April of this year.  Therefore, S&P don't believe
this additional debt will hurt the city's financial profile, and
S&P expects the city's low debt levels will continue to support
its creditworthiness.

The rating on the city of Buenos Aires also reflects the
challenges of operating amid low GDP growth, high inflation, and a
significant degree of uncertainty over the central government's
medium-term financial policies.  Additionally, the rating reflects
the city's good fiscal performance, with operating balances of
about 15% of operating revenues expected over the next three
years, and a high degree of fiscal independence from the central
government.

RATINGS LIST

City of Buenos Aires
Foreign currency                               CCC-/Negative/--
Local currency                                 CCC-/Negative/--

Ratings Assigned

Sen unsecured nts for up to $500 mil due 2021   CCC-


===============
B A R B A D O S
===============


BARBADOS: PM Hopeful Economy Will Recover Fully by 2016
-------------------------------------------------------
Nation News reports that Barbados Prime Minister Freundel Stuart
is hopeful that this island's economy will rebound in full by
2016, so that those Barbadians who made the necessary sacrifices
will reap the benefits.

Minister Stuart expressed this wish recently, during a meeting
with former President of the Republic of Chile, Sebastion Pinera,
at Ilaro Court, according to Nation News.  Those attending the
wide-ranging talks included Chilean Ambassador to Barbados,
Fernando Schmidt, and Chile's Honorary Consul, David Harding.

The report notes that during the discussions on the global
economic crisis and its impact on Barbados, Pinera said Chile was
following what was happening here, and the country "seemed to be
doing well".

Minister Stuart said government was working on getting its fiscal
deficit down to manageable levels, the report relates.

Minister Stuart pointed out that a 19-month stabilization program
was put in place, but it had now been extended by one year so as
to ensure that the gains the country had been making were not
reversed. He added, however, that the island was beginning to feel
the effects of the falling oil prices, the report notes.

"In addition, Barbados has been having a very good tourism season,
with the hotels holding their own, and we expect this trend to
continue," Minister Stuart stated, the report relays.

Minister Stuart noted that Government was also working in the area
of renewable energy and Parliament had recently passed the new
Electric Light and Power Act, the report says.

The report discloses that Mr. Pinera said people across the world
were growing impatient because of the economic recession.

Mr. Pinera noted that Chile has the highest per capita income in
Latin America, and he attributed this to good management of the
economy over time, the report relays.

The report says that the Chilean ex-President and Prime Minister
Stuart also discussed Chile's position on the border conflict
between Chile and Bolivia.

The dispute is currently before the International Court of
Justice, whose findings are expected before the end of February,
the report adds.


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


BRAZIL: Economy to Stall This Year, Analysts Say
------------------------------------------------
EFE News reports that private sector analysts expect Brazil's
economy to stall this year, with inflation coming in nearly 1
percent above the high end of the government's range, the Central
Bank said.

Analysts revised their 2015 gross domestic product (GDP) estimates
downward from 0.03 percent to zero in the latest survey released
by the Central Bank, according to EFE News.


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


ALTIMA GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 24, 2014, the shareholder of Altima Global Special
Opportunities Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Stephen Sargison
          Elian Fund Service Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          e-mail: Tamara.Hill@elian.com


ALTIMA GLOBAL MASTER: Commences Liquidation Proceedings
-------------------------------------------------------
On Nov. 24, 2014, the shareholder of Altima Global Special
Opportunities Master Fund Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Stephen Sargison
          Elian Fund Service Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ALTIMA INDIA: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 24, 2014, the shareholder of Altima India Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Stephen Sargison
          Elian Fund Service Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ALTIMA INDIA MASTER: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 24, 2014, the shareholder of Altima India Master Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 29, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          David Stephen Sargison
          Elian Fund Service Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


AUGUST CAYMAN: S&P Discontinues 'B' CCR Following Acquisition
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it is discontinuing
its 'B' corporate credit rating and all issue-level ratings on
August Cayman Intermediate Holdco Inc. (Schrader).  The
discontinuation is in accordance with Standard & Poor's policy on
acquired entities, following the completion of Schrader's
acquisition by Sensata Technologies B.V. and receipt of documents
supporting the repayment of all its previously outstanding debt.

RATINGS LIST

Discontinued
                                To           From
August Cayman Intermediate Holdco Inc.
Corporate credit rating        N.R.         B/Stable/--

August LuxUK Holding Company
August US Holding Company, Inc
  Senior secured First Lien     N.R.         B
   Recovery rating              N.R.         3
  Senior Secured second-lien    N.R.         B-
   Recovery rating              N.R.         5

N.R.--Not rated.


BBR ATLANTIC: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 4, 2014, the sole shareholder of BBR Atlantic Fund, Ltd.
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:

          BBR Partners, LLC
          Desiree Jacob
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          c/o Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


COY KOI: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of Coy Koi Limited received on Jan. 6, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Richard Fear
          Telephone: (345) 814 7759
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


FRAM CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 4, 2014, the shareholder of FRAM Capital Brazil SPC 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:

          Guilherme Muniz Atem
          Government Administration Bldg., 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands


KAIROS FOCUS: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 5, 2014, the sole shareholder of Kairos Focus Fund Ltd
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


KENDALL SQUARE: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Kendall Square Capital Offshore, Ltd. received
on Jan. 15, 2015, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Cathlin Rossiter
          Edel Andersen
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue George Town
          Grand Cayman
          Cayman Islands KY1-1106
          c/o Edel Andersen
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


KI ANOMALY: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 5, 2014, the shareholder of KI Anomaly Fund 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:

          Victor Murray
          c/o 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


KI ANOMALY MASTER: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 5, 2014, the shareholder of KI Anomaly Master Fund
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:

          Victor Murray
          c/o 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


MALCOLM MILLER: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Malcolm Miller Limited received on Jan. 6,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Richard Fear
          Telephone: (345) 814 7759
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MAYSTONE HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 21, 2014, the shareholders of Maystone Holdings Ltd.
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:

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


OERLIKON GROUP: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 5, 2014, the sole shareholder of Oerlikon Group
Investments Ltd. 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:

          Frank Dubuisson
          26 Bis Boulevard Princesse Charlotte
          Monte Carlo 98000
          Monaco
          Telephone: +377 97 70 23 00
          Facsimile: +377 97 70 23 01


ONE AND ONLY: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 5, 2014, the shareholders of One and Only Ltd. 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:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          e-mail: cayman@tridenttrust.com
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


RASSELAS LIMITED: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Rasselas Limited received on Jan. 6, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RP JAPAN: Placed Under Voluntary Wind-Up
----------------------------------------
On Dec. 5, 2014, the sole member of RP Japan Opportunities 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:

          Turners Management Ltd.
          c/o Gavin Lowe
          Telephone: (345) 814-0712
          Strathvale House
          90 North Church Street
          P.O. Box 2636 Grand Cayman KY1-1102
          Cayman Islands


RP JAPAN MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 5, 2014, the sole member of RP Japan Opportunities Master
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:

          Turners Management Ltd.
          c/o Gavin Lowe
          Telephone: (345) 814-0712
          Strathvale House
          90 North Church Street
          P.O. Box 2636 Grand Cayman KY1-1102
          Cayman Islands


SAL-OPES GP: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 4, 2014, the shareholder of SAL-OPES 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:

          Torman Limited
          Harneys Services (Cayman) Limited
          Telephone: +1 (345) 815 2921
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


SHIRE OCEANIC: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Shire Oceanic, Ltd received on Jan. 12, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: US$2BB on Coal Plants 'Historic Mistake'
------------------------------------------------------------
Dominican Today reports that while Dominican Republic spends more
than US$2.0 billion to build two coal plants, international energy
expert Jose Luis Cordeiro calls the investment is a historic
mistake since that fue is an issue that should've been deal with
20 years ago, since renewable energy is the trend in electricity
production.

"This is a historic mistake for the new generation. The older
generation has already capitalized on these investments, but for
the new one it's no longer profitable.  Today is not really
profitable, and even less in Dominican Republic's case since it
has to import coal.  If you have a free sun, why are you going to
import coal, and an old technology," the report quoted Mr.
Cordeiro as saying.

Mr. Cordeiro said the country should "open its eyes" because it
could be not only energy independent but an exporter, because it
has a geographical position where the sun and the wind abound,
according to Dominican Today.

"Dominican Republic could be the Saudi Arabia of the Caribbean in
solar energy production," Mr. Cordeiro added.

The report relays that Mr. Cordeiro said last year's statistics
for the US and California on new power generation lists nothing
about coal.

The report notes that Mr. Cordeiro said currently the energy is
basically solar, wind, geothermal and natural gas, the latter fuel
which he affirms could no longer figure in new additional
generation within five years.  "There'll be no new generation from
natural gas or coal. Coal is no longer used, of course, for old
ones yes, but no new generation with coal in the United States,"
Mr. Cordeiro added.

The report discloses that Mr. Cordeiro said oil's current low
price is a combination of factors, starting with the US increase
of its production by three million barrels, which has made the
country nearly self-sufficient and can even export.

"Solar energy is changing exponentially as cellular phones. If
someone says that solar panels were expensive two years ago, it's
true, but in two years they will be much cheaper than any type of
fossil fuel to generate power," Mr. Cordeiro said, the report
relays.

The Venezuela-born expert, invited speaker at the American Chamber
of Commerce (AmchamDR) monthly luncheon, added that what's
occurring these days is the onset of fossil fuels' death, the
report adds.


=============
E C U A D O R
=============


ECUADOR: S&P Affirms 'B+' Rating; Outlook Remains Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term and
'B' short-term sovereign credit ratings on the Republic of
Ecuador.  The outlook remains stable.  At the same time, S&P
affirmed its 'B+' issue ratings and our 'B+' transfer and
convertibility (T&C) assessment.

RATIONALE

Prices for crude oil in spot and futures markets have fallen by
about 60% since June 2014, leading Standard & Poor's to revise
down its oil price assumptions significantly over this period.
When S&P last reviewed Ecuador, in August 2014, S&P expected Brent
oil prices to average $105 per barrel in 2015, $100 in 2016, and
$95 in 2017 and beyond.  S&P now assumes an average Brent oil
price of $55 per barrel in 2015 and $70 in 2015-2018.
Consequently, S&P has revised its macroeconomic projections for
Ecuador.

Oil and oil derivatives represent nearly 15% of the economy, 50%
of exports, and 25% of fiscal revenues.  The adverse terms of
trade will test the government's ability to maintain macroeconomic
stability while pursuing its long-term growth strategy, which has
relied heavily on public-sector investment.  S&P expects the
general government fiscal deficit to reach 5%-6% of GDP in 2015
largely because of falling oil revenues.  Ecuador is likely to run
a current account deficit of 2% of GDP in 2015, down from a small
surplus in 2014.

S&P expects the government to pursue pragmatic economic policies
to contain the impact of low oil prices on fiscal revenues and the
balance of payments.  The combination of recent loans from various
Chinese banks and lending commitments from multilateral creditors
should provide enough money for the government to meet its large
projected financing requirements in 2015, which include servicing
its $650 million global bond maturing in December.

Projected fiscal deficits will raise Ecuador's currently moderate
debt and interest burdens over the next three years.  S&P expects
that net general government debt could increase on average by more
than 3% of GDP each year during 2015-2018, reflecting large fiscal
deficits.  As a result, net general government debt could rise in
2015 toward 27%-28% of GDP from roughly 23% of GDP in 2014.  S&P
expects that net debt will stabilize over the coming three to four
years at just below 30% of GDP. Total public-sector debt climbed
toward 29% of GDP in 2014, up from 19% in 2010, and could be 34%-
35% of GDP in the next three years.

Completion of major hydroelectric energy projects in 2016 is
likely to reduce government spending on subsidies and reduce
energy imports, helping to stabilize the recent rise in both the
fiscal and external current account deficits.  However, a
prolonged period of low oil prices could result in persistently
large fiscal and current account deficits that could erode
Ecuador's financial profile, absent further adjustments in
spending and other policies.  Under such a scenario, S&P expects
that the government would postpone some capital projects, control
current spending, and take other steps to contain fiscal slippage
and its debt burden.  S&P expects that the government will
maintain the use of U.S. dollars and avoid policies that could
undermine public confidence in dollarization, resulting in
potential capital flight.

S&P estimates that the country's per capita GDP growth may decline
to 2% in the next three years, compared with 3.3% during 2010-
2014.  S&P projects that Ecuador's narrow net external debt will
remain just below 50% of current account receipts (CARs) on
average in 2015-2018.  During the same period, S&P expects that
gross external financing needs will remain just higher than 100%
of CARs and usable reserves.  About 60% of the public sector's
debt is external, almost all in U.S. dollars.  Bilateral and
multilateral creditors hold 42% of all public-sector debt.
External commercial debt is 12% of total debt, or just below $4
billion.

The ratings on Ecuador reflect its centralized political
leadership.  Political power is consolidated within the executive
branch, reducing checks and balances and transparency.  The
ratings also reflect the country's lack of monetary and exchange-
rate flexibility, and its fiscal and external vulnerability to a
prolonged period of low oil prices.  The government's increasingly
pragmatic economic policies in recent years, which have restored
ties with official lenders and capital markets, support the
ratings.  For example, the sovereign issued a $2 billion global
bond in June 2014 and undertook Article IV consultations with the
International Monetary Fund in August 2014 for the first time in
many years.

OUTLOOK

The stable outlook incorporates S&P's expectation that the
government will make adjustments in policies to contain the
expected slippage in its fiscal deficit and in the country's
external current account deficit in 2015 due to low oil prices.
After many years of good GDP growth and high public-sector
investment, the government has the fiscal capacity to reduce or
delay its investment plans to contain the recent increase in its
debt burden.  The resulting negative impact of fiscal austerity on
GDP growth could be compensated, over the medium term, through
steps that encourage more private and foreign investment.  S&P's
stable outlook incorporates that it do not expect the new Monetary
and Financial Code, which the government passed in 2014, to
diminish the credibility of dollarization.

Failure to stabilize the recent rise in the sovereign's debt
burden, along with persistently large external current account
deficits, would worsen the country's economic profile, leading to
a lower rating.  S&P could also lower the ratings if there are
signs of a weakening commitment to dollarization or if the
political environment worsens, leading to potential capital flight
or lower prospects for economic growth.

Conversely, S&P could raise the ratings if the government's fiscal
profile and he country's external liquidity improve markedly.
Over the medium term, the combination of reduced fuel imports,
higher oil exports, and greater inflows of foreign direct
investment could improve the country's external profile.  That,
along with steps to reduce the fiscal deficit and reverse the
recent increase in the sovereign's debt burden, could lead to an
upgrade.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Ecuador (Republic of)
Sovereign Credit Rating                B+/Stable/B
Transfer & Convertibility Assessment   B+
Senior Unsecured                       B+


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


UC RUSAL: Contemplates Refinancing Debt
---------------------------------------
RJR News reports that UC Rusal, the world's largest aluminum
producer and a major stakeholder in Jamaica's bauxite/alumina
industry is contemplating refinancing its debts in Russia.

It is looking to get better rates from international lenders,
according to RJR News.

The report relates that UC Rusal's Chief Financial Officer,
Vladislav Soloviev, said the company is not comfortable with the
rate it has under Russian bank loans.

                           *     *     *

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


=================
V E N E Z U E L A
=================


VENEZUELA: S&P Cuts Sovereign Credit Rating to 'CCC'; Outlook Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency sovereign credit ratings on the Bolivarian
Republic of Venezuela to 'CCC' from 'CCC+'.  The outlook on both
long-term ratings is negative.  S&P also affirmed its 'C' short-
term foreign and local currency ratings.  In addition, S&P lowered
its transfer and convertibility (T&C) assessment on the sovereign
to 'CCC' from 'CCC+'.

RATIONALE

Prices for crude oil in spot and futures markets have fallen by
about 60% since June 2014, leading Standard & Poor's to revise
down its oil price assumptions significantly.  When S&P last
reviewed Venezuela, in September 2014, S&P expected Brent oil
prices to average $105 per barrel in 2015 and $100 in 2015-2018.
S&P now assumes an average Brent oil price of $55 per barrel in
2015 and $70 per barrel in 2015-2018.  Consequently, S&P has
revised its macroeconomic projections for Venezuela.  Venezuela
derives about 15% of its GDP, 50% of government revenues, and 90%
of exports from the hydrocarbons sector.

"We lowered our long-term ratings on Venezuela to reflect that
these negative terms of trade have hurt the sovereign's economy
and reduced the government's room to adjust its economic policy to
avoid a default on its commercial debt in the context of the
continuing deterioration of Venezuela's political and social
situation.  In recent years, severe restrictions on imports and
the use of multiple exchange rates have allowed the government to
retain sufficient external reserves--including gold and foreign
exchange held in various government funds--to meet external debt
obligations despite domestic shortages.  However, such restrictive
policies have created growing shortages in consumer and
intermediate goods.  They have also resulted in public-sector
supplier arrears domestically and abroad. In addition, they have
weakened public support for the government, likely reducing its
political room to introduce difficult corrective economic measures
that would improve its liquidity position," S&P said.

"Although to date the government has prioritized external debt
servicing over current expenditure, we believe pressure is growing
for the government to reschedule some of its market debt or
undertake a liability management operation to refinance some of
its maturing debt over the next year or two.  A debt exchange
undertaken in distressed circumstances, according to our
methodology, would lead us to lower the issuer credit rating on
Venezuela to selective default ('SD').  Absent an improvement in
Venezuela's terms of trade or other positive development, we
believe there is at least a one-in-two chance that we will lower
the sovereign rating on the government to 'SD' this year or next,"
S&P added.

Venezuela continues to suffer from a contraction in economic
activity, high inflation, and increasing scarcities, largely
resulting from stringent import restrictions.  S&P expects
Venezuela's GDP to decrease by as much as 7% in 2015, and another
decline might follow in 2016. Inflation could reach 100% or more
by year-end, mainly because of growing shortages of basic
products.

Venezuela's main external indicators are also deteriorating and
are vulnerable to a prolonged period of low oil prices.  S&P
estimates that the country's gross external financing gap in 2014
was equivalent to 104% of current account receipts plus usable
reserves, up from 83% in 2010.  S&P expects it may rise toward
114% in 2015.  S&P expects Venezuela's narrow net external debt to
spike to 125% of current account receipts by year-end 2015 from
61% in 2010.

Reported international reserves are at $22 billion, of which S&P
estimates $2 billion is liquid.  Other external assets held in
several government special funds, including FONDEN (Fondo de
Desarrollo Nacional) and BANDES (Banco de Desarrollo Econ¢mico y
Social), have also fallen.

S&P expects political polarization, erratic economic policymaking
that exacerbates both the economy's oil dependence and the
prevailing macroeconomic inconsistencies, and weakening external
liquidity to remain the main constraints to the ratings on
Venezuela.  The country's vast oil and gas reserves continue to
support the rating.

OUTLOOK

The negative outlook reflects the heightened risk of the
Venezuelan government defaulting or undertaking a distressed debt
exchange following the recent sharp fall in oil revenues.  Failure
to introduce substantial corrective measures to stabilize the
economy, alleviate shortages, boost economic activity, and
strengthen public finances could further erode the government's
access to liquidity.  That, along with lower external assets and
sustained political polarization, would increase the risks of a
government debt default over the next two years.

S&P's negative outlook also reflects the risk that the government
may not be able to implement adjustment measures (such as a
devaluation or fiscal adjustment) effectively because of the
growing social and political discontent and disagreements within
the government coalition.  Failure to act in time to diminishing
liquidity could lead to a downgrade.

Steps to defuse the heightened political tensions in Venezuela
would reduce the risks of eroding governability and greater
volatility in economic policies.  That, along with a growing track
record of pragmatic economic policies aimed at containing economic
imbalances and strengthening external liquidity, could lead to a
stabilization of the ratings.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that economic risk and external risk had
deteriorated.  All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Downgraded; Ratings Affirmed
                                          To                 From
Bolivarian Republic of Venezuela
Sovereign Credit Rating       CCC/Negative/C     CCC+/Negative/C
Senior Unsecured                         CCC                CCC+
Transfer & Convertibility Assessment     CCC                CCC+


                            ***********


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 * * *