TCRLA_Public/150216.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

            Monday, February 16, 2015, Vol. 16, No. 032


                            Headlines



A R G E N T I N A

ARGENTINA: To Allay Private Sector Concerns About Pacts With China


B A H A M A S

ULTRAPETROL LIMITED: Moody's Puts B3 CFR on Review for Downgrade


B R A Z I L

COSAN SA: CADE's Decision on Merger is Neutral, Fitch Says


C A Y M A N  I S L A N D S

55 NORTH: Shareholders Receive Wind-Up Report
ALPHA SELECT: Shareholders Receive Wind-Up Report
ALTO CREDIT: Shareholders Receive Wind-Up Report
ARTIS CLEAN: Shareholders Receive Wind-Up Report
BANKERSRE INSURANCE: Shareholders Receive Wind-Up Report

BROADSTREET LIMITED: Shareholders Receive Wind-Up Report
CATALYST DISTRESSED: Shareholders Receive Wind-Up Report
CATALYST DISTRESSED FUND: Shareholders Receive Wind-Up Report
CENTURION CDO III: Shareholders Receive Wind-Up Report
CRAFT 2011-4: Shareholders Receive Wind-Up Report

CRAFT CLO 2008-1: Shareholders Receive Wind-Up Report
DB RIVINGTON: Shareholders Receive Wind-Up Report
DB WARREN: Shareholders Receive Wind-Up Report
DBAS CAYMAN: Shareholders Receive Wind-Up Report
EARLS LIMITED: Shareholders Receive Wind-Up Report

GOLDMAN SACHS: Shareholders Receive Wind-Up Report
GOLUB CAPITAL: Shareholders Receive Wind-Up Report
GSC PARTNERS: Shareholders Receive Wind-Up Report
HERODOTUS LIMITED: Shareholders Receive Wind-Up Report
LAFAYETTE CLO I: Shareholders Receive Wind-Up Report

NOUVELAIR TUNISIE: Shareholders Receive Wind-Up Report
RIMROCK LVMF: Shareholders Receive Wind-Up Report
SPLENDOR ABSOLUTE: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Most Fuel Prices Jump a Second Straight Week
DOMINICAN REP: Lower Fuel Prices Pace Negative Inflation in Jan


J A M A I C A

CABLE & WIRELESS: Records Significant Financial Loss
CARRERAS: Has Dismal Outlook Amid Changes in Tobacco Regulation


P U E R T O   R I C O

GOVERNMENT DEVELOPMENT BANK: S&P Lowers ICR to 'B-'; Outlook Neg.
PUERTO RICO: S&P Lowers GO Rating to 'B'; Outlook Negative


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Adds More Flights to Tobago for Carnival
TRINIDAD AND TOBAGO POSTAL: Workers Threaten 'Ole Mas'


X X X X X X X X X

* BOND PRICING: For the Week From Feb. 2 to Feb. 6, 2015


                            - - - - -



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


ARGENTINA: To Allay Private Sector Concerns About Pacts With China
------------------------------------------------------------------
EFE News reports that the Argentine government met with
authorities of the Argentine Industrial Union, or UIA, to explain
the extent of the accords signed by President Cristina Fernandez
on her trip to China, which had caused concern among the largest
employers' association in the country.

The head of the UIA, Hector Mendez, told a press conference that
he was "extremely satisfied" because the meeting with the
government allowed business owners and executives to "clear up
their doubts," according to EFE News.

                         *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.



=============
B A H A M A S
=============


ULTRAPETROL LIMITED: Moody's Puts B3 CFR on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Ultrapetrol
(Bahamas) Limited ("Ultrapetrol") under review for downgrade. The
review was prompted by Moody's recent downgrade of Petrobras'
ratings given the significant exposure of Ultrapetrol's offshore
supply business to Petrobras, as well as recent weaker-than-
anticipated operating performance in Ultrapetrol's river segment.
In a related action, Ultrapetrol's speculative grade liquidity
rating was lowered to SGL-3 denoting an adequate liquidity
profile.

Moody's has taken the following rating actions:

On Review for Downgrade:

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

$200 million Ship Mortgage Notes due 2021, Placed on Review for
Downgrade, currently B3

$25 million Sr Secured Notes due 2021, Placed on Review for
Downgrade, currently B3

Ratings Lowered:

Speculative Grade Liquidity rating to SGL-3 from SGL-2

Outlook Actions:

Outlook, Changed To Rating Under Review from Stable

Ratings Rationale

Moody's views the concentration of business in Ultrapetrol's
offshore supply segment with Petrobras as a credit risk. Concerns
about corruption investigations and liquidity pressures at
Petrobras that might result from delays in delivering audited
financial statements led to Moody's recent downgrade of Petrobras'
senior unsecured debt rating to Baa3 from Baa2 (with ratings
remaining under review for further downgrade). Moody's is
concerned about the risk that payments from Petrobras to
Ultrapetrol could be delayed or reduced. The offshore supply
business generates well over half of Ultrapetrol's EBITDA.

Lower than expected earnings generated in the company's River
business, including higher than expected maintenance costs and
lower third party barge sales, resulted in a decline in
consolidated operating performance during the quarter ended
September 30, 2014. Uncertainty surrounding the degree to which
the current drought in part of the Hidrovia region of South
America could negatively impact the company's business is also a
ratings consideration. Weaker operating performance has increased
debt/EBITDA (including Moody's standard adjustments) to above 7.0x
for the last twelve months ended September 30, 2014 from 5.5x for
the same period ended June 30, 2014, and interest coverage has
fallen well below 1.0x.

In its review of Ultrapetrol's ratings Moody's will assess the
company's fourth quarter 2014 and full year results as well as
management's operating plan for 2015 through 2016. Moody's will
also continue to monitor developments at Petrobras including
whether the company is able to resolve issues surrounding the
corruption investigation, timely delivery of audited financials
and any liquidity-related concerns.

Moody's lowered Ultrapetrol's speculative grade liquidity rating
to SGL-3 from SGL-2 primarily due to lower than expected free cash
flow generation and decreasing availability under the company's
$40 million reducing revolver that expires in May 2016. The
largest component of the company's debt, its $225 million notes,
do not mature until 2021. The company has $32.3 million of short-
term debt maturities but is likely to have sufficient sources to
address these maturities over the next year. Of note, although the
last twelve month period free cash flow totaled negative $125
million, approximately $100 million was attributable to the
acquisition of three PSVs (the UP Agate, UP Coral, and UP Opal)
that were added to the company's Offshore Supply fleet. The
company is expected to have adequate room under its financial
covenants over the next twelve to eighteen months. Ultrapetrol
possesses alternate sources of liquidity via a meaningful amount
of unencumbered assets, primarily in its River Business.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended September 30, 2014 revenues
totaled $384 million.


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


COSAN SA: CADE's Decision on Merger is Neutral, Fitch Says
----------------------------------------------------------
Fitch Ratings considers the decision by Brazil's anti-trust
regulator CADE to approve the merger of shares issued by America
Latina Logistica SA (ALL) into Rumo Logistica Operadora Multimodal
S.A (Rumo) to be credit neutral to Cosan Limited (Cosan Limited)'s
and to Cosan S.A. Industria e Comercio's (Cosan)'s ratings. Cosan
Limited ratings already incorporated the likelihood of this
transaction being approved and given the full segregation between
the energy and logistics segments within Cosan Limited's group,
the ratings of Cosan are not affected.

Brazil's anti-trust regulator CADE approved on Feb. 11 2015, by
unanimous decision, the merger of ALL into Rumo. CADE has not
imposed any financial restrictions or required asset sales upon
the approval, but required certain behaviors, in order to
eliminate competition-related issues. This refers to concerns of
traders and sugar and grain producers over a likely monopoly on
railway access to the port of Santos. Per CADE's restriction, the
new company should guarantee third-party access to Cosan's two dry
bulk terminals at the Santos Port, ensure equal service to rail
freight transportation users, transparent pricing and limit the
use of rail freight transportation services by related parties.
The deal has been discussed since February 2014 when Cosan
submitted a binding proposal to ALL's shareholders for the
incorporation of ALL by Rumo.

The merger is strategically positive for the Cosan Group, as it
contributes to broader business diversification and should help to
further lessen its cash flow volatility derived from the sugar and
ethanol business. This transaction also enhances the Group's
presence in the logistic segment, which currently is one of its
main focus. While it does not affect Cosan Limited's ratings,
Fitch will be monitoring both ALL and Rumo and a negative rating
action could arise depending on the realization of a potential
sizeable capex program at ALL.

Following CADE's approval, Cosan Logistica S.A (Cosan Logistica)
will hold 27.38% of Rumo's shares, which will own the totality of
ALL's shares. Cosan Logistica was created in October 2014 with the
floating of its shares on the BM&FBOVESPA exchange. The creation
of Cosan Logistica followed the spin-off of Cosan's logistic
assets and full segregation between its energy and logistics
businesses.

Fitch Ratings considers Cosan Limited's leverage to be manageable
on both a consolidated and stand-alone basis. Cosan Limited
reported consolidated net adjusted debt/EBITDAR of 4.0x for the
LTM ended Sept. 30, 2014. Fitch incorporates the dividends
received from joint ventures Raizen Energia S.A. and Raizen
Combustiveis S.A., as well as tax financing and intercompany
loans. At the holding company level, Cosan Limited's leverage
measured as net debt-to-EBITDA plus dividends received was 3.7x.

Fitch currently rates Cosan, its related debt and Cosan Limited as
follows:

Cosan S.A. Industria e Comercio

-- Foreign and local currency IDRs at 'BB+';
-- National scale rating at 'AA(bra)'.

Cosan Overseas LTD:

-- Perpetual notes at 'BB+'.

Cosan Luxembourg S.A:

-- Senior Unsecured Notes due in 2018 and 2023 at 'BB+'.

Cosan Limited

-- Foreign and local currency IDRs at 'BB';

The Outlook for the corporate ratings is Stable.



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


55 NORTH: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of 55 North Holdings Ltd. received on Jan 29,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ALPHA SELECT: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Alpha Select Liquidity Limited received on
Jan 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


ALTO CREDIT: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Alto Credit Products Co Ltd received on
Jan 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


ARTIS CLEAN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Artis Clean Tech Partners Ltd. received on
Jan 5, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Robert Riemer
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


BANKERSRE INSURANCE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Bankersre Insurance Group, SPC received on
Jan 14, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hank Straub
          c/o Global Captive Management Ltd.
          Building 3, 2nd Floor, Governors Square
          23 Lime Tree bay Avenue
          P.O. Box 1363 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 7966
          Facsimile: +1 (345) 949 8068


BROADSTREET LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Broadstreet Limited received on Jan 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


CATALYST DISTRESSED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of The Catalyst Distressed Mortgage Holdings,
Ltd. received on Jan 23, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P. O. Box 897 Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


CATALYST DISTRESSED FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of The Catalyst Distressed Mortgage Fund
Offshore, Ltd. received on Jan 23, 2015, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295
          P. O. Box 897 Windward 1, Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


CENTURION CDO III: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Centurion CDO III, Limited received on Jan 16,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Craft 2011-4, Ltd received on Jan 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Craft CLO 2008-1, Ltd received on Jan 16,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

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: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of DB Rivington Investments Limited received on
Jan 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of DB Warren Investments Limited received on
Jan 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of DBAS Cayman Holdings 2 Limited received on
Jan 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Earls Limited received on Jan 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Goldman Sachs Customised Multi-Asset Trend
Traditional Strategy Limited received on Jan 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Golub Capital Funding Clo-8-2, Ltd received on
Jan 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of GSC Partners CDO Fund II, Limited received on
Jan 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Herodotus Limited received on Jan 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


LAFAYETTE CLO I: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Lafayette CLO I Ltd. 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


NOUVELAIR TUNISIE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Nouvelair Tunisie (Cayman) 2 Limited received
on Jan 15, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands
          e-mail: ellen.christian@bnpparibas.ky


RIMROCK LVMF: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Rimrock LVMF, Ltd. received on Jan 8, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes
          c/o Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SPLENDOR ABSOLUTE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Splendor Absolute Return Fund received on
Jan 8, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Peter Goulden
          c/o Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


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


DOMINICAN REPUBLIC: Most Fuel Prices Jump a Second Straight Week
----------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry on
Feb. 13, posted higher prices on most fuels for the week from
February 14 to 20, when premium gasoline will cost RD$200.70, or
RD$4.00 more and regular gasoline will cost RD$178.30, or RD$4.10
more per gallon.

Premium diesel will cost RD$163.30, regular diesel RD$155.20, or
RD$3.20 on both, while optimal diesel will cost RD$167.60, an
increase of RD$3.70 per gallon, according to Dominican Today.

The report relays that Avtur will cost RD$108.50, an increase of
RD$7.60; kerosene will cost RD$142.50, or RD$8.70 higher and fuel
oil will cost RD$94.76, an increase of RD$8.80.

Propane gas (LPG) will cost RD$86.60, or RD$2.10 more per gallon,
while natural gas remains unchanged at RD$31.44 per cubic meter,
the report notes.

The Central Bank's posted average exchange rate of RD$44.94 per
dollar was used to calculate all fuel prices, the report adds.


DOMINICAN REP: Lower Fuel Prices Pace Negative Inflation in Jan
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Central Bank said
January prices were -0.19% lower than December, the fourth
consecutive month with negative inflation in the general price
index.

It said inflation during the 12 months from January 2014 to
January 2015 stood at 1.16%, the lowest annual inflation in the
first month of the year since 1984, according to Dominican Today.

The report relates that the Central Bank said lower prices on
fuels, services and transport most contributed to the negative
inflation.


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


CABLE & WIRELESS: Records Significant Financial Loss
----------------------------------------------------
RJR News reports that restructuring and legal costs during the
October to December quarter resulted in Cable & Wireless Jamaica
racking up a huge financial loss.

The company incurred J$1.5 billion in operating exceptional items
during the three months, according to RJR News.  As a result, it
ended the period with a J$1.89 billion loss, the report relates.
Revenues increased by 14 per cent to J$5.6 billion.

                          Customer Base

In the meantime, Cable & Wireless Jamaica has announced that its
customer base continues to increase, notes the report.

It grew by 18% to 813,000 subscribers, while mobile revenue was up
34%, the report relays.

The company says mobile data adoption rates by existing and new
pre-paid subscribers are encouraging, while its fixed voice market
share at the end of December maintained a near three per cent
increase, the report discloses.


CARRERAS: Has Dismal Outlook Amid Changes in Tobacco Regulation
---------------------------------------------------------------
RJR News reports that cigarette distributor, Carreras, is bracing
for further changes to tobacco regulations in Jamaica.

This prompted the company, in its third quarter results for the
period ended December 31, to state that it expects volume growth
to continue to be challenged for the rest of the financial year,
according to RJR News.

The report notes that Carreras, in the report, said total
operating income for April to December declined 14 per cent to
J$8.5 billion.

Net income was down 38 per cent, at $1.9 billion, the report
relays.


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


GOVERNMENT DEVELOPMENT BANK: S&P Lowers ICR to 'B-'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term issuer credit rating on the Government Development Bank for
Puerto Rico (GDB) to 'B-' from 'BB-'.  The outlook is negative.
S&P also lowered its short-term issuer credit rating on GDB to 'C'
from 'B'.  S&P revised its stand-alone credit profile (SACP) on
GDB to 'b' from 'b+'.

"The downgrade reflects our view that GDB faces persistent
economic weakness in Puerto Rico and increased liquidity risk
resulting from a recent decision invalidating its debt
restructuring law, which threatens GDB's ability to access capital
markets under reasonable terms," said Standard & Poor's credit
analyst Sunsierre Newsome.  Additionally, S&P's downgrade reflects
the potential that GDB will suffer material losses given its
substantial outstanding loans to three public corporations with
weak creditworthiness.  The rating action on GDB is in conjunction
with S&P's downgrade of the Commonwealth of Puerto Rico's general
obligation debt to 'B' from 'BB'.

S&P believes that GDB has a limited ability to cover its liquidity
needs, which includes nearly $900 million of notes due in fiscal
2016, over the next 12 months without accessing the debt markets.
Currently available funding options are limited and will likely be
significantly more expensive that what GDB has been able to obtain
in the past.  Given this increased near-term liquidity risk, S&P
lowered its liquidity assessment on GDB to "weak" from "adequate,"
which resulted in lowering S&P's SACP one notch to 'b' from 'b+'.

Additionally, GDB has loans aggregating more than $2 billion to
three public corporations.  The Highways and Transportation
Authority (HTA) is GDB's largest borrower and has about $2 billion
outstanding as of Sept. 30, 2014.  This is quite substantial
relative to GDB's equity capital of $2.3 billion.  These exposures
also include loans to the Puerto Rico Electric Power Authority
(PREPA), which has $35 million outstanding to GDB, and Puerto Rico
Aqueduct and Sewer Authority (PRASA), which has $99 million
outstanding to GDB.  Given GDB's heavy lending concentration to
the Commonwealth and to Puerto Rico's public entities, whose
creditworthiness is weak, S&P believes there is uncertainty of the
degree to which GDB's capital and financial condition could
decline.

S&P considers GDB a government-related entity (GRE) based on its
view that the link between GDB and the Commonwealth is very strong
and GDB plays a very important role for the government.  GDB
provides funding to the Commonwealth and other Puerto Rican public
corporations and is a fiscal agent to the Commonwealth and its
instrumentalities.  Because S&P lowered the rating on the
Commonwealth's general obligation debt to 'B', it no longer
incorporate one notch of uplift from S&P's SACP to arrive at its
issuer credit rating on GDB, based on S&P's GRE criteria.  S&P
also believes that GDB is structurally subordinated to the
Commonwealth, so S&P continues to include a one-notch distinction
between the ratings on the entities.

The outlook is negative, reflecting the potential that GDB will be
unable to raise sufficient capital to meet debt maturities or
other funding needs of the Commonwealth over the next several
quarters, as well as its substantial lending exposure to three
public corporations with weak creditworthiness.  S&P could lower
its ratings on GDB if it is unable to raise capital well ahead of
upcoming debt maturities or if S&P expects material losses to
occur at its largest borrower, the HTA, to a degree that it would
weaken GDB's capital or financial profile.  S&P could also lower
its ratings on GDB if it downgrades the Commonwealth's general
obligation debt further.  In S&P's view, GDB remains vulnerable
given its high lending concentration and interconnectedness to the
Commonwealth.

Alternatively, S&P could revise the outlook to stable if GDB is
successful in accessing the capital markets on reasonable terms to
raise capital to meet its liquidity needs over the next couple of
years.


PUERTO RICO: S&P Lowers GO Rating to 'B'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its general
obligation (GO) rating on the Commonwealth of Puerto Rico to 'B'
from 'BB'.  The outlook is negative.

In addition, Standard & Poor's has lowered its ratings on:

   -- Puerto Rico Sales Tax Financing Corp.'s (COFINA) first-lien
      sales tax bonds to 'B' from 'BBB';

   -- COFINA's second-lien sales tax bonds to 'B' from 'BBB-';

   -- Puerto Rico Municipal Finance Agency's, the Puerto Rico
      Employees Retirement System's, and the commonwealth's
      general fund-supported appropriation and moral obligation
      bonds to 'B' from 'BB-'; and

   -- Puerto Rico Infrastructure Financing Authority's (rum tax)
      and the Puerto Rico Convention Center District Authority's
      (hotel tax) debt to 'B' from 'BB'.

Standard & Poor's rating on the Puerto Rico Highways and
Transportation Authority (HTA) is unchanged at 'B'.  The outlook
on all ratings is negative.

S&P believes Puerto Rico's current economic and financial
trajectory is now more susceptible to adverse financial, economic,
and market conditions that could ultimately impair the
commonwealth's ability to fund services and its debt commitments.
Persistent economic weakness over many years has contributed to
declining revenue and fiscal imbalance.  Under revolving
leadership, the government's response to the situation has
vacillated between rounds of spending austerity and tax cuts, or
increased taxes and limited layoffs, but in either case it has
relied on debt issuance to cover operating deficits.  Over time,
this has led to high debt levels, which have become harder to
sustain because of continued economic weakness has reduced tax
resources.  In S&P's view, Puerto Rico's focus more recently has
turned to new rounds of financing to simply maintain critical
levels of operating cash, while paying a steep price for acquiring
new financing.  All of this poses a threat, in S&P's view, to the
commonwealth's ability to continue providing basic governmental
services.  S&P has observed in other jurisdictions that such an
environment can easily give way to political and policy
instability.

The GO and associated downgrades follow what S&P views as
significantly increased near-term liquidity risks for the
commonwealth.  At this rating level and due to the relatively low
proportion of appropriation-supported debt to total GO debt, S&P
believes appropriation and GO debt share similar risk.

S&P has also lowered the COFINA ratings based on its view that
introduction of the  new value added tax (VAT) will create
increased uncertainty as to the timing of receipts of pledged
revenues and whether bond covenants separating the tax revenue
from that of the commonwealth may be maintained.  The HTA debt is
affirmed, whose rating continues to reflect uncertainties relating
to the Puerto Rico Public Corporation Debt Enforcement and
Recovery Act debt restructuring law.  The outlook on all bonds
remains negative, reflecting liquidity, budget, and economic
uncertainty over the next year that could further erode credit
quality.

LIQUIDITY RISK

"We believe Puerto Rico has experienced and will continue to face
a major reduction in its ability to obtain external liquidity at a
reasonable cost, as evidenced by GO bond yields topping 10%,
following a lower court decision invalidating its debt
restructuring law.  As a result, Puerto Rico's access to cash flow
financing necessary for the next fiscal year could be severely
constrained in our opinion.  For the current fiscal year ending
June 30, 2015, Puerto Rico has arranged for more than $1 billion
in total of cash flow financing, which we expect to provide
sufficient liquidity through the end of the current fiscal year
based on current cash flow estimates provided by the commonwealth.
We note that economic trends continue to weaken, which could widen
the current year budget gap and further weaken liquidity.
Revenues through December 2014 were already $96.5 million, or
2.5%, below budget forecast.  We believe liquidity pressures will
mount early in fiscal 2016 because of the Government Development
Bank's (GDB) ability to provide liquidity may be constrained, and
budget risks may be amplified if a new tax structure in the form
of a VAT is implemented while at the same time negative economic
trends persist.  It is also unclear what effect the imposition of
a VAT, if approved, might have on the island's economy," S&P said.

The court decision on the restructuring law may also pose a threat
to the GDB's liquidity by reducing investor appetite for its plan
to refinance $2.2 billion of an unrated subordinate HTA loan.  In
S&P's view, refinancing the HTA loan is needed to recapitalize the
GDB and in turn provide for central government liquidity.

IMPLEMENTATION OF VALUE ADDED TAX

S&P also believes that budget risk is high for the next fiscal
year due to the government's announced plan to implement a new
VAT, expected to be imposed at 16%.

Puerto Rico's intention in imposing a VAT is to significantly
raise overall revenues and create a more equitable tax system that
reduces tax evasion, compared with the sales tax it would replace.
S&P believes there is implementation risk in the near term, if the
new tax structure is approved, due to the lack of collection
history and the uncertainty of collection mechanics.  S&P also
believes that it could increase forecasting volatility.  While on
a long-term basis, higher taxes could improve the budget balance,
S&P has concerns for the potential negative economic implications
that could result from the new tax.  When the current sales tax
went into effect, the commonwealth expected to increase revenues
and reduce tax evasion.  However, actual sales tax growth fell
short of original projections and compliance remains an issue.
S&P is concerned that similar unexpected consequences could arise
from implementation of the VAT.  If approved, it would be the
first time a VAT was implemented within the U.S. governmental
system.  There appears to be no consensus between the two main
political parties on imposition of the tax, suggesting the new tax
could be modified if the main opposition party gains office in the
future.

Introduction of VAT legislation has negative implications for
COFINA's sales tax-secured bonds in S&P's view due to the
uncertainty over the amount of pledged revenues that would replace
the sales tax, and whether the new structure maintains the
separation of pledged revenue from what is pledged to the GO
bondholders.  COFINA bond covenants allow replacement of sales
taxes pledged to bonds by a "substitute like or comparable
security," but only if it does not impair an obligation of COFINA.
In addition, bond covenants prohibit substitution unless the bond
trustee shall have been provided with written confirmation of all
bond ratings outstanding from rating agencies maintaining a rating
on the bonds, taking such substitution into account.  If approved,
S&P will evaluate the new VAT implementation plan and its impact
on credit quality.

ECONOMY

The current developments occur against the backdrop of continued
economic weakness in the past year.  Although employment has
stabilized in the past three months, it remains down slightly
year-over-year.  The GDB leading economic index released December
2014 showed a 1.4% year-over-year decline, and census data for
2014 show the island's population continues to decline.  S&P still
believes economic growth is necessary for the commonwealth to pay
growing debt service, pension, and health care costs and, in S&P's
view, the prospects for this have declined in recent months.

CAPITAL MARKET ACCESS

"As a result of what we believe is constrained capital market
access we have used an override factor within our state rating
methodology to limit our GO rating on Puerto Rico to the 'B'
category.  We believe the commonwealth will require access to
external debt markets for substantial cash flow financing in early
fiscal 2016, or potentially before that if budget forecasts prove
weaker than current forecasts.  In our opinion, Puerto Rico could
potentially find itself without market access at affordable cost
if GDB's liquidity falls or the private high-risk investors who
currently invest in Puerto Rico and its public corporations
abandon this high-yield lending strategy.  Recent GO bond yields
above 10% are, in our view, an expression of external market risk.
The central government's access to loans may also be affected by a
recent lower court decision that invalidated Puerto Rico's recent
debt restructuring law for public corporations, which investors
might perceive as limiting the commonwealth's efforts to isolate
or "ring fence" the GO debt from the credit problems affecting its
public agencies.  Although other overrides apply to our rating on
Puerto Rico, such as a high level of expected future long-term
liabilities for debt and pension systems, and weak financial
management, our downgrade reflects our assessment of the capital
market access risk override," S&P said.

As liquidity becomes more constrained, if the economy continues to
weaken, and budget gaps increase, S&P believes Puerto Rico's
access to the capital markets could deteriorate.  Proposed changes
to the current tax structure could also exacerbate this
uncertainty.  Although HTA, COFINA, rum, and hotel tax-secured
debt appears to have adequate pledged revenues on a strict legal
coverage basis, S&P is concerned that these revenue streams may
not be adequately separated from the commonwealth's credit quality
in the event of severe general fund credit and/or liquidity
stress.

OUTLOOK

S&P's outlook on Puerto Rico is negative.  To the extent the
commonwealth's liquidity situation deteriorates in the next year,
possibly due to an inability to place cash flow notes, or a
widening fiscal 2015 deficit, S&P could lower its GO and
associated ratings on Puerto Rico.  Should liquidity also become
further constrained during the phase-in period of the proposed
VAT, S&P could also lower the ratings.  Should Puerto Rico's
liquidity situation improve and the commonwealth regain affordable
market access, which S&P do not expect in the near term, it could
revise the outlook to stable.


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


CARIBBEAN AIRLINES: Adds More Flights to Tobago for Carnival
------------------------------------------------------------
Trinidad Express reports that Caribbean Airlines Limited is adding
more seats to Tobago for Carnival.

"In addition to the annual eight per cent increase in passenger
capacity on the Trinidad and Tobago airbridge, Caribbean Airlines
confirms even further capacity increases for the 2015 Carnival
period," the airline said, according to Trinidad Express.

The report notes that for the 13 days of operation between
February 12 and February 23, CAL has scheduled 530 flights (265
round trips) and is offering a total of 36,384 seats.

"We're pleased to add an additional 34 flights (17 round trips)
during this period," the report quoted George Reeleder, VP,
Commercial Operations and Customer Service, as saying.  "That's
3,860 extra seats in a combination of ATR and 737 aircraft.  We
know how important this route is to the economy and citizens of
Tobago, as well as the many tourists that visit during this
period," Mr. Reeleder added.

The report notes that although this is the capacity plan at this
time, Caribbean Airlines will monitor loads in detail and, if
required, add additional 737 frequencies, the airline said in a
statement.

"As always, we stand by to add additional capacity as required on
the day of the flight.  In the early period of February, for
example, CAL experienced light loads on certain mid-week flights
and in advance cancelled approximately six return flights to save
on costs and fuel," Mr. Reeleder added, notes the report.

For the holiday period, passengers are encouraged to utilise the
airline's online check-in facility and arrive early to ensure that
the airport experience is as smooth as possible, the report
relays.

Stand-by capacity during this period will be limited, the airline
said, the report adds.

                   About Caribbean Airlines

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

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

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


TRINIDAD AND TOBAGO POSTAL: Workers Threaten 'Ole Mas'
------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago postal workers
have threatened to make "ole mas" if wage negotiations for the
bargaining period 2011-2013 do not begin by the month's end.

The employees, represented by the Trinidad and Tobago Postal
Workers Union, say the management of the Trinidad and Tobago
Postal Corporation (TTPost) has failed to meet with the chief
personnel officer (CPO) to get wage talks going, according to
Trinidad Express.

The report notes that the union is proposing a TT$18.50 monthly
increase for workers over the period, which it says will bring
their salaries in line with international standards.

At a press conference at the union's office in El Dorado general
secretary Reginald Crichlow said the last time workers' wages were
increased was in 2010, the report relays.

The report discloses that Mr. Crichlow said despite working in
unfavourable conditions and without the proper tools, employees
have done everything possible to ensure that mail is delivered.

"We would have submitted our proposals for the period 2011, 2012,
and 2013 sometime back in last year August. To date we have had no
instructions or advisory from the management, coming from the CPO,
who normally would advise the management to engage the union in
discussions," Mr. Crichlow said, the report relays.  "It is unfair
that to this date the management would not have received any
direction from the CPO with regard to the situation. We are not
bound to meet and negotiate with the CPO.  Our corporation is
headed by a board, our corporation has a management and under the
Postal Corporation Act it directs negotiations to go about between
the management and board and the union," Mr. Crichlow added.

The report relays that Mr. Crichlow said the only interaction the
union has had with the management was with regard to clarifying
its wage proposal.

"We stand firm that today Carnival Thursday we not making no 'ole
mas', we want pretty mas.  We want George Bailey mas, but we wish
to guide the powers-that-be that all these kinds of mas could end
up to be 'ole mas'.  We expect by the end of February the
negotiations between the management and the workers'
representatives should be on full flow, failing to so do then the
actions of the workers will indeed state their readiness or
unreadiness to participate and seek what is their just due," said
Mr. Crichlow, the report notes.

Out of the 1,100 Postal Corporation workers, 800 are represented
by the union.  The starting salary of a delivery officer is
$4,000, Mr. Crichlow said, the report adds.


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


* BOND PRICING: For the Week From Feb. 2 to Feb. 6, 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.


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