TCRLA_Public/150212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, February 12, 2015, Vol. 16, No. 030


                            Headlines



A R G E N T I N A

BUENOS AIRES: Moody's Assigns Caa2 Debt Rating to US$890MM Notes
BUENOS AIRES: Moody's Rates ARS2MM Bonds Program '(P)Caa1'


C A Y M A N  I S L A N D S

ALPHAHARVEST CAPITAL: Shareholders Receive Wind-Up Report
BBGP COINMACH: Shareholders Receive Wind-Up Report
BBGP PARKING: Shareholders Receive Wind-Up Report
CALEDONIAN BANK: SEC Sues Bank Over Bogus Registration Statements
CSAG COMMODITY: Shareholders Receive Wind-Up Report

F4O4 HOLDING: Shareholders Receive Wind-Up Report
FIGLEAVES INVESTMENTS: Members Receive Wind-Up Report
GEELY AUTOMOBILE: Factory Purchase No Impact on Moody's Ba2 CFR
INCENTIVE FUNDS: Shareholders Receive Wind-Up Report
KS HOLDINGS II: Shareholders Receive Wind-Up Report

MALABRIGO INVESTMENT: Members Receive Wind-Up Report
NEW CENTURY: Shareholders Receive Wind-Up Report
ORCHARD I INC: Shareholders Receive Wind-Up Report
PRIMEPARTNERS ASIA: Shareholders Receive Wind-Up Report
SBTC LIMITED: Shareholders Receive Wind-Up Report

RISING SUN III: Shareholders Receive Wind-Up Report
SHINING NOVA II: Shareholders Receive Wind-Up Report
SHINING NOVA III: Shareholders Receive Wind-Up Report
SHINING NOVA 4: Shareholders Receive Wind-Up Report
SHINING NOVA 5: Shareholders Receive Wind-Up Report

SHINSAIBASHI HOLDING: Shareholders Receive Wind-Up Report
TOKYO REALTY: Shareholders Receive Wind-Up Report
UBIZ INVESTMENT: Members Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Taps US$200MM to Halt Dollar's Surprising Jump
DOMINICAN REP: Chief Rebuffs 'Interests' Criticism of Coal Plants


G U A T E M A L A

EMPRESA ELECTRICA: S&P Affirms then Withdraws 'BB' CCR


M E X I C O

CONTROLADORA COMERCIAL: Soriana May Buy Firm for $3 Billion
CONTROLADORA COMERCIAL: Moody's Puts Ba1 CFR on Review for Upgrade
MEXICO: Foreign Reserves Fall by $204 Million


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: To Raise J$362 Million in New Capital


V E N E Z U E L A

CORPORACION ELECTRICA: S&P Lowers CCR to 'CCC'; Outlook Negative
PETROLEOS DE VENEZUELA: Default a Real Risk at $50/Barrel Oil
PETROLEOS DE VENEZUELA: S&P Lowers CCR to 'CCC'; Outlook Negative
VENEZUELA: To Partially Liberalize Foreign Exchange


                            - - - - -


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A R G E N T I N A
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BUENOS AIRES: Moody's Assigns Caa2 Debt Rating to US$890MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned Caa2 (global scale foreign
currency) debt rating to Series 11 Senior Unsecured Notes to be
issued by the City of Buenos Aires for up to USD890 million.

Ratings Rationale

Series 11 Notes are to be offered under the City's Medium Term
Note Program, which is currently limited to a maximum authorized
amount of USD2,290 million. The notes --which will pay fixed
interest rate and have a maturity of six years-- are direct,
unconditional, unsecured and unsubordinated obligations of the
city ranking at all times pari passu without any preference among
themselves. The notes will amortize in three equal installments
and will be subject to English Law.

With this new bond, the City of Buenos Aires intends to refinance
outstanding Series 8 already issued under this program and
maturing in April 2015. The proceeds of this new debt could also
be used to fund investments in the health and education sectors of
the City.

The assigned debt rating is equal to the City's Caa2 foreign
currency debt rating and reflects our view of the credit quality
of the City of Buenos Aires' within Argentina's erratic operating
environment. The Caa2 rating assigned to the notes is one notch
below the Argentine sovereign bond rating, reflecting the growing
risk that sub-sovereigns face in accessing the foreign currency
market to serve their international obligations.

After this transaction, Moody's anticipates that the ratio of
total debt to total revenues of the City of Buenos Aires will rise
to 29% from 28% estimated as of December 31, 2014, a relatively
low level.

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
nor anticipates changes in the main conditions that the notes will
carry. Should issuance conditions, final terms and conditions or
use of proceeds deviate from the tender offer terms submitted and
reviewed by the rating agency, Moody's will assess the impact that
these differences may have on the rating and act accordingly.

What Could Change The Rating Up/Down

Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the City of Buenos Aires's ratings in
the near to medium term. However, a change in Argentina's
sovereign outlook back to stable could lead to a change in the
outlook back to stable of the City of Buenos Aires. Conversely, a
sharp deterioration of the City's financial results, coupled with
higher debt levels could add downward pressure to the assigned
ratings. The City of Buenos Aires could also be downgraded if the
negative outlook on the sovereign rating materializes into a
rating downgrade.

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


BUENOS AIRES: Moody's Rates ARS2MM Bonds Program '(P)Caa1'
----------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (global scale local currency) and Baa3.ar
(Argentina National Scale) ratings the Province of Buenos Aires's
2015 Local Market Bonds Program for up to ARS2.000 million. In the
same rating action Moody's assigned Caa1 -global local currency
scale- and Baa3.ar -on Argentina National Scale- to the first two
bond classes to be issued under this program. The ratings are in
line with the province's long term local currency issuer ratings,
which carry negative outlook.

Ratings Rationale

The 2015 Local Market Bonds Program has been authorized by the
provincial Decree 46/2015 and by Law 14.652 of the Province of
Buenos Aires (2015 Budget Law). The notes to be issued under the
program constitute direct, general, unconditional, secured and
unsubordinated obligations of the province and the maximum amount
to be issued under the program represents less than 1% of total
revenues budgeted for this fiscal year.

The bonds to be issued under the program will be payable in
Argentine pesos and sold in the local capital market. The province
will initially offer one series consisting of two classes, which
will have quarterly interest payments, bullet amortization and
will mature in 18 and in 24 months respectively.

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 issuer ratings, Moody's does not
expect upward pressures in the Province of Buenos Aires's ratings
in the near to medium term. However, a change in Argentina's
sovereign outlook back to stable could lead to a change in the
outlook back to stable of the Province of Buenos Aires.
Conversely, a sharp deterioration of the Province of Buenos
Aires's financial results, coupled with higher debt levels could
add downward pressure to the assigned ratings. The province of
Buenos Aires could also be downgraded if the negative outlook on
the sovereign rating materializes into a rating downgrade.

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 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".


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


ALPHAHARVEST CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Alphaharvest Capital Partners, Ltd. received
on Jan. 7, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BBGP COINMACH: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of BBGP Coinmach Holdings Limited received on
Jan. 23, 2015, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


BBGP PARKING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of BBGP Parking Holdings Limited received on
Jan. 23, 2015, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


CALEDONIAN BANK: SEC Sues Bank Over Bogus Registration Statements
-----------------------------------------------------------------
Caribbean360.com reports that the United States regulatory agency,
the Securities and Exchange Commission (SEC) has sued the Cayman
Islands-based Caledonian Bank and four other companies, claiming
that they took more than US$75 million from unregistered sales of
"virtually worthless" penny stocks.

The SEC sued Caledonian Bank, Caledonian Securities, Clear Water
Securities, Legacy Global Markets, and Verdmont Capital, in US
federal district court in Manhattan, according to
Caribbean360.com.

The report notes that the Caledonian defendants are based in the
Cayman Islands. Clearwater and Legacy are based in Belize, and
Verdmont in Panama.

All of the allegations were the same, the SEC said in its 39-page
complaint, the report relays.

First, they filed "bogus registration statements" with the SEC,
purporting to register securities to public shareholders, though
there were no such sales and the securities stayed in the control
of the issuers and their affiliates, the report discloses

"In the sham offerings, the issuers pretended to sell securities
to shareholders in such places as Serbia, Mexico, Ireland, Norway,
Panama and Jamaica," said the SEC in the court filing obtained by
the news agency.

It alleged that the restricted securities were then "passed off"
as free-trading stocks in the United States and sold to the
public, the report notes.

The agency claims the defendants operated as affiliates, dealers,
sales outlets and underwriters, in connection with four shell
companies: Swingplane Ventures, Goff Corp., Nostra Energy and
Xuamnii Inc, the report relays.

"These violations occurred simultaneously with aggressive and
extensive promotion campaigns for the penny stocks of those shell
companies," the SEC said, the report discloses.

The defendants' unregistered sales of securities generated more
than $75 million in proceeds on penny stocks that were virtually
worthless and whose prices fell to their former token levels
within months of the defendants' sales," the report notes.

The SEC is seeking disgorgement, restitution, penalties and an
injunction, according to the court papers filed, the report adds.


CSAG COMMODITY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of CSAG Commodity Fund received on Jan. 23, 2015,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


F4O4 HOLDING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of F4O4 Holding 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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


FIGLEAVES INVESTMENTS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of Figleaves Investments received on Jan. 12, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GEELY AUTOMOBILE: Factory Purchase No Impact on Moody's Ba2 CFR
---------------------------------------------------------------
Moody's Investors Service says that Geely Automobile Holding's
(Ba2 stable) proposed acquisition of a new factory in Chunxiao
from parent Zhejiang Geely (unrated) is -- once it completes --
credit positive, but has no immediate impact on its Ba2 corporate
family and senior unsecured bond ratings.

The ratings outlook remains stable.

Geely's proposed acquisition is credit positive because it
demonstrates the parental support that Zhejiang Geely provides to
Geely. It is also in line with Geely's history of acquiring
capacity from Zhejiang Geely.

On February 9, 2015, Geely announced that it had agreed to buy the
factory for RMB1.1 billion. The consideration is based on the
factory's net asset value as of 31 January 2015.

The factory, located in Ningbo city in Zhejiang Province, will
have a production capacity of 100,000 units per annum. Production
is expected to begin at the end of 1Q 2015.

Its first product will be a new high-end sedan, GC9. It will also
make SUVs.

"The Chunxiao acquisition will give Geely the capacity to make
higher-end models. This will expand its product offering and
addressable market, a development which is positive for Geely,"
says Gerwin Ho, a Moody's Vice President and Senior Analyst.

The acquisition requires the approval of Geely's shareholders and
is expected to complete in mid- 2015.

Geely's cash holdings of around RMB6.4 billion at end-June 2014,
the proceeds from its USD300 million bond issuance in October
2014, and operating cash flow will be sufficient to cover its
short-term debt and estimated capex , including the Chunxiao
acquisition, over the next 12 months.

Moody's expects Geely will record 5%-10% year-over-year growth in
sales volume in 2015. The projected growth will be driven by
China's growing passenger vehicle market, Geely's product line up
renewal, and export sales stabilization.

The principal methodology used in this rating was Global
Automobile Manufacturer Industry published in June 2011.

Geely Automobile Holdings Limited is incorporated in the Cayman
Islands and listed on the Hong Kong Stock Exchange.

The company is one of the largest privately owned, local brand
automakers in China. Geely develops, manufactures and sells
passenger vehicles that are sold in China and globally. Its
chairman and founder, Mr. Li Shufu, became Geely's controlling
shareholder in June 2005. Mr. Li and his family held a 42.6% stake
in the company at end-2013.


INCENTIVE FUNDS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Incentive Funds (Cayman) SPC received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


KS HOLDINGS II: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of KS Holdings II 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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MALABRIGO INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------------
The members of Malabrigo Investment Company received on Jan. 12,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


NEW CENTURY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of New Century Fund Advisory received on Jan. 6,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ORCHARD I INC: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Orchard I, Inc. received on Jan. 12, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PRIMEPARTNERS ASIA: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Primepartners Asia Merchant Capital Holdings
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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SBTC LIMITED: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of SBTC Limited received on Jan. 23, 2015, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


RISING SUN III: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Rising Sun III Holding 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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHINING NOVA II: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Shining Nova II Holding 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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHINING NOVA III: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Shining Nova III Holding 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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHINING NOVA 4: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Shining Nova 4 Holding 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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHINING NOVA 5: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Shining Nova 5 Holding 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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SHINSAIBASHI HOLDING: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Shinsaibashi Holding 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
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


TOKYO REALTY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Tokyo Realty Investment Company received on
Jan. 6, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          2nd Floor Zephyr House, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


UBIZ INVESTMENT: Members Receive Wind-Up Report
-----------------------------------------------
The members of Ubiz Investment Inc received on Jan. 12, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Taps US$200MM to Halt Dollar's Surprising Jump
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic Central Bank
will start exchange market injecting between US$150 and US$200
million to halt a surprising jump in the dollar rate, now above
RD$45.

Central banker Hector Valdez Albizu announced that in its last
meeting the Monetary Board also approved a 2-point increase to the
banks' reserve requirements, which will roll back their liquidity
by around RD$14.0 billion, according to Dominican Today.

The report notes that Mr. Albizu said the measure aims to reduce
liquidity so no one can claim that the climb in the exchange rate
results from increased demand from a glut of money.

In a press conference, Mr. Albizu called the rate's behavior
atypical because there was a record income from tourism (around
US$5.6 billion) last year and around US$22.0 billion in general,
the report notes.

The report discloses that the official said other causes behind
the inexplicable situation is that oil has been falling, which
means there's less pressure to the exchange market.


DOMINICAN REP: Chief Rebuffs 'Interests' Criticism of Coal Plants
------------------------------------------------------------------
Dominican Today reports that state-owned Electric Utility (CDEEE)
Chief Executive Officer Ruben Jimenez Bichara rebuffed the
criticism that the two coal plants the government builds at a cost
of US$2 billion is a "historical mistake" as energy expert Jose
Luis Cordeiro claimed at the American Chamber of Commerce
(AmchamDR).

Ms. Jimenez said if the coal plants weren't feasible,
international agencies wouldn't approve funds, and much less in
record time because, in his view, the negotiation is at an
"excellent" stage, according to Dominican Today.

"You think that companies such as BNP Paribas, the National Bank
of Paris, the New York subsidiary which came here, would evaluate
a project and describe it as excellent if it weren't feasible in
economic terms," the official said, the report relates.

The report relays that Ms. Jimenez, speaking in the Z-101FM
morning radio program, said the criticism to the coal plants is
from interests he affirms seek to keep the Dominican Republic from
getting funding to conclude the work.


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G U A T E M A L A
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EMPRESA ELECTRICA: S&P Affirms then Withdraws 'BB' CCR
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on rating on Empresa Electrica de Guatemala S.A.
(EEGSA).  S&P subsequently withdrew the rating at the issuer's
request.  At the time of the withdrawal the outlook was stable.


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M E X I C O
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CONTROLADORA COMERCIAL: Soriana May Buy Firm for $3 Billion
-----------------------------------------------------------
Benjamin Bain and Jonathan Levin at Bloomberg News report that
Controladora Comercial Mexicana SAB is nearing an agreement to
sell most of its 200 retail stores to Organizacion Soriana SAB,
two people with knowledge of the transaction said.

Comercial Mexicana would sell 160 stores to Organizacion Soriana
for about MXN44 billion ($3 billion), one person said, according
to Bloomberg News.  While the deal is likely to close by the end
of the month, any transaction would be subject to shareholder and
regulatory approval, the person said, the report relates.

The report notes that Comercial Mexicana disclosed almost a year
ago that it had held non-binding talks with domestic and foreign
companies for a sale of its operations.  As recently as October,
the retailer was said to be close to an agreement to sell the
majority of its stores to another competitor, Grupo Comercial
Chedraui SAB, the report discloses.

Under the terms discussed with Chedraui, Comercial Mexicana would
have sold only the store operations, keeping ownership of the
underlying real estate, Bloomberg News reported in October.

With the deal now under consideration, Monterrey-based
Organizacion Soriana would buy the real estate as well, one of the
people said, the report relays.

In a statement to the Mexican stock exchange, Comercial Mexicana
said it has no material information to disclose and that it's
"continuing the process of analyzing strategic alternatives," the
report says.

The talks with Organizacion Soriana were reported by Excelsior
columnist Dario Celis, the report adds.


CONTROLADORA COMERCIAL: Moody's Puts Ba1 CFR on Review for Upgrade
------------------------------------------------------------------
Moody's de Mexico placed Controladora Comercial Mexicana, S.A.B.
de C.V.'s (Comerci) Aa3.mx and Ba1 corporate family ratings
(issuer ratings) under review for upgrade.

Ratings Rationale

This action results from Comerci's announcement on January 28,
2015 that it reached an agreement with Organizacion Soriana,
S.A.B. (Soriana, unrated) to sell the business and operation of
160 retail stores operated under the Mega, Tiendas Comercial
Mexicana, Bodega Comercial Mexicana and Alprecio formats.

The transaction includes the creation of a new company (New Co.)
which will retain 22 supermarkets under the City Market, Fresko,
and Sumesa formats as well as 18 stores under other formats that
will be ultimately converted to City Market and Fresko stores.
Following approval of shareholders and regulators, Comerci ex-New
Co would be then acquired by Soriana through a Public Offering in
the Mexican stock exchange.

Pro-forma for the spin-off of New Co., credit metrics of the
remaining entity (Comerci ex-New Co.) will remain strong for the
rating category, with an estimated adj. debt/EBITDA below one
time. Moreover, after the completion of the transaction, Comerci
will be part of a much larger retailer, which will benefit its
competitive position as well as its clout with suppliers.
Nevertheless, Moody's consider that there are integration risks as
Soriana will need to incorporate the acquired stores into its
operating platform. In addition, Moody's expect changes in
expansion plans and in financial and operating policies.

Comerci's liquidity is strong. As of September 30, 2014 Comerci
reported cash on hand of MXN2.7 billion (around USD200 million)
that can cover 2.4 times short term debt. The company does not
have committed credit facilities; instead it uses advised lines of
credit for around USD110 million to finance its working capital
requirements. Comerci has a comfortable long term debt maturity
profile with MXN800 million due 2015, MXN657 million due 2016, and
MXN500 million due 2017. According to Comerci, long term debt will
be fully prepaid before the transaction closes.

During the review period, Moody's will focus on the development of
the planned transaction as well as the growth strategy and
financial profile of the rated entity after the transaction
closes.

The period of time covered in the financial information used to
determine Controladora Comercial Mexicana S.A.B. de C.V.'s rating
is between 31/12/2010 and 30/9/2014 (source: Mexican stock
exchange).

The principal methodology used in rating Controladora Comercial
Mexicana, S.A.B. de C.V. was the Global Retail Industry
methodology published in June 2011.


MEXICO: Foreign Reserves Fall by $204 Million
---------------------------------------------
EFE News reports that Mexico's foreign reserves fell by $204
million last week to $195.8 billion, the Bank of Mexico said.

Gold and foreign currency reserves dropped in the week ending Feb.
6 mainly due to a change in the value of the bank's foreign
assets, the central bank said, according to EFE News.


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


TRINIDAD CEMENT: To Raise J$362 Million in New Capital
------------------------------------------------------
RJR News reports that the board of Trinidad Cement Limited has
passed a resolution to raise a maximum of J$362 million in new
capital.

This will be done via a rights issue of $124.8 million new shares
at a price of $2.90 each, according to RJR News.

The report notes that Trinidad Cement shareholders will be offered
the right to purchase one new share for every two they hold.

Trinidad Cement Chairman Wilfred Espinet said in establishing the
terms of the rights issue, the board took into consideration the
shareholders' situation especially the fact they have gone for
eight years without a dividend and suffered a slippage in share
value, the report notes.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
6, 2014, RJR News said Dr. Rollin Bertrand, Chief Executive
Officer of Trinidad Cement Limited, the parent company for
Jamaica's Caribbean Cement Limited, was sacked.

The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at an August 19
special meeting.  Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer at that time, the report related.

On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings
Services lowered its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'D' from 'B'.  The downgrade reflects TCL's
missed debt service payments due Sept. 30, 2014.

On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.


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


CORPORACION ELECTRICA: S&P Lowers CCR to 'CCC'; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit and senior unsecured debt ratings on Corporacion Electrica
Nacional S.A. (Corpoelec) to 'CCC' from 'CCC+'.  The outlook is
negative.

The ratings on Corpoelec continue to reflect S&P's view that there
is an "almost certain" likelihood that Venezuela would provide
timely and sufficient extraordinary support to the company in the
event of financial distress. Corpoelec's 'b-' stand-alone credit
profile (SACP) remains unchanged.

"In accordance with our criteria for GREs, our view of an almost
certain likelihood of extraordinary support is based on our
assessment of Corpoelec's critical role as the only provider of
electricity services in Venezuela," said Standard & Poor's credit
analyst Maria del Sol Gonzalez.  In S&P's opinion, this provides a
strong economic incentive for the sovereign to support the company
during periods of financial distress.  In S&P's assessment, it
also incorporates its integral link with the government given its
full ownership of Corpoelec and its special public status that S&P
views as an extension of the government.

Headquartered in Caracas, Venezuela, Corpoelec is the country's
national integrated electric utility


PETROLEOS DE VENEZUELA: Default a Real Risk at $50/Barrel Oil
-------------------------------------------------------------
Petroleos de Venezuela S.A.'s (PDVSA) 'CCC' rating suggests a real
possibility of default with average recovery for bondholders
likely at the bottom of 31%-50% range, according to the latest
report in Fitch Ratings' 10 report series Top 10 Most-Actively
Traded LatAm Corporates.

"Recovery would be highly dependent on the company's and the
government's willingness to provide concessions to bondholders to
be able to access debt capital markets in the future," said Lucas
Aristizabal, Senior Director.  "The bulk of the company's assets
are in Venezuela, and oil and gas reserves, the most valuable
asset from a recovery perspective, belong to the government.
Other assets abroad will provide very limited recovery for
bondholders due to structural subordinations."

Fitch expects investors will have limited ability to embargo in-
transit oil vessels to bolster recovery.

PDVSA's liquidity position will deteriorate significantly during
2015 should oil prices remain at current levels throughout the
year, the company is not able to access debt capital markets, and
the government does not reduce transfers.

PDVSA's negative funds from operations before borrowings from the
central government significantly exposes the company to oil price
downturns.

A Bolivar devaluation could harm PDVSA's cash flow generation if
the government continues to require the company to exchange its
export proceeds at the lower exchange rate.  Currently, there are
three exchange rates prevailing in Venezuela and PDVSA exchanges
approximately 80% of its export proceeds at the two lowest rates.


PETROLEOS DE VENEZUELA: S&P Lowers CCR to 'CCC'; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit and senior unsecured debt ratings on Petroleos de Venezuela
S.A. (PDVSA) to 'CCC' from 'CCC+'.  The outlook is negative.

The rating action on PDVSA follows the downgrade of Venezuela to
'CCC' from 'CCC+'.  S&P anticipates that higher political risk in
Venezuela coupled with lower oil prices results in a higher
refinancing risk for PDVSA, since it has significant debt
maturities coming due in the second half of the year.  S&P
believes that there is an "almost certain" likelihood that the
government would provide timely and extraordinary support to
PDVSA, in case of financial distress.  "We also believe if the
sovereign were to experience stress, this could result in an
extraordinary financial burden on PDVSA," said Standard & Poor's
credit analyst Marcela Duenas.  S&P's assessment of an "almost
certain" likelihood of extraordinary government support is based
on:

   -- PDVSA's "critical" role as it contributes about 50% of
      Venezuela's revenues and 90% of its exports, and its key
      role in meeting the sovereign's political and economic
      objectives; and

   -- Its "integral" link with the government, given its full and
      stable ownership of the company.  The company's "weak"
      business risk profile continues to reflect the government's
      heavy intervention and PDVSA's challenge to increase
      production.


VENEZUELA: To Partially Liberalize Foreign Exchange
---------------------------------------------------
EFE News reports that Venezuela's vice president for economic
policy announced that the government will inaugurate this week a
three-tiered exchange-rate regime which includes a "totally free"
market open to both individuals and companies.

The third tier, to be known as the Marginal Currency System, is to
operate via banks, exchange houses and authorized traders when the
new regime takes effect, Rodolfo Marco Torres told a press
conference at the Central Bank, according to EFE News.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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