TCRLA_Public/150219.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 19, 2015, Vol. 16, No. 035


                            Headlines



A R G E N T I N A

ARGENTINA: Debt Dispute Remains Murky Even as UK Ct. Sheds Light


C A Y M A N  I S L A N D S

ALTIMA INDIA: Members Receive Wind-Up Report
BAYESIAN MULTI-STRATEGY: Shareholders Receive Wind-Up Report
BENNELONG CAYMAN: Shareholders Receive Wind-Up Report
EEA CAYMAN FUND: Shareholders Receive Wind-Up Report
FRAM CAPITAL: Members Receive Wind-Up Report

GLG NATURAL: Shareholders Receive Wind-Up Report
GLG TISBURY: Shareholders Receive Wind-Up Report
GLG TISBURY OPPORTUNITY: Shareholders Receive Wind-Up Report
KI ANOMALY: Shareholders Receive Wind-Up Report
KI ANOMALY MASTER: Shareholders Receive Wind-Up Report

KRATOS CAYMAN: Shareholders Receive Wind-Up Report
KSYRIUM I LIMITED: Shareholders Receive Wind-Up Report
MAN LONG/SHORT: Shareholders Receive Wind-Up Report
SAL-OPES GP: Members Receive Wind-Up Report
STERLING CAYMAN: Shareholders Receive Wind-Up Report

SURSUM CAPITAL: Shareholders Receive Wind-Up Report
TRG ASIA: Shareholders Receive Wind-Up Report
WOODBINE CAYMAN: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Mogul Upbeat Despite Dismal Trade Deficit


M E X I C O

METROFINANCIERA II: S&P Lowers Rating on Series MTROCB 08U to CCC-


P U E R T O    R I C O

PUERTO RICO: U.S. Commonwealth is Bankrupt, says Media Group


T R I N I D A D  &  T O B A G O

TRINIDAD AND TOBAGO POSTAL: Union Calls on Mgmt to Engage in Talks


V E N E Z U E L A

VENEZUELA: To Allow Free-Floating Exchange Rate


X X X X X X X X X

AVON: To Cease Operations in 16 Caribbean Territories


                            - - - - -


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


ARGENTINA: Debt Dispute Remains Murky Even as UK Ct. Sheds Light
----------------------------------------------------------------
Peter Eavis writing for The New York Times' DealBook reports that
a stalemate in the bitter dispute over Argentina's bonds looks set
to drag on, even after a ruling in an English court gave one side
a small victory.

A New York federal judge has for months blocked Argentina from
making payments on most of the bonds that is has issued in foreign
markets, greatly frustrating investors who hold the bonds,
according to The New York Times' DealBook.

The report notes that some of those bonds were issued under
English law, which prompted investors who hold the debt to pursue
their case at the England and Wales High Court, Chancery Division,
in London.  Judge David Richards, in his ruling, agreed with the
investors' assertion that EUR225 million ($257 million) set aside
to pay the bonds is governed by English law, the report discloses.
But the judge did not rule that the bank that handles the bond
payments was free to pass the money to the bondholders, the report
notes.

"This clarifies that the money belongs to them," said W. Mark C.
Weidemaier, an associate professor at the University of North
Carolina School of Law, "but it does not do much to advance the
ball to getting the money in their hands," the report relays.

The report says that the wider dispute over the bonds, which pits
prominent hedge fund managers against each other, and which is
changing the way the vast international bond markets work, stems
from Argentina's default in 2001 on nearly $100 billion of debt.

After the default, Argentina cut deals with its creditors, issuing
new bonds worth much less than the original securities, the report
relays.   Some investors, known as holdouts, refused to accept the
new, so-called exchange bonds and later sued Argentina for a full
repayment, the report discloses.  Judge Thomas P. Griesa of the
Federal District Court in Manhattan, sided with the holdouts and
ruled three years ago that Argentina could not make payments on
the exchange bonds without also making the holdouts whole, the
report relates.

Argentina refused to comply with Judge Griesa's order.

Argentina's president, Cristina Fern ndez de Kirchner, has often
taken a vitriolic approach to the debt fight, recently calling the
hedge fund holdouts "vulture funds" and "economic terrorists," the
report recalls.

But Judge Griesa's order was able to stop the payments because it
was written in such a way that any bank passing on money from
Argentina to the exchange bondholders would be in contempt of his
court, the report notes.

Holders of the English law exchange bonds include Kyle Bass's
hedge fund Hayman Capital Management and Soros Fund Management,
the family office of George Soros, the report says.  The holdout
camp contains Paul Singer's Elliott Management and Aurelius
Capital Management.

The holdouts remained defiant after the ruling. "Exchange
Bondholders cynically went to the U.K. court seeking relief that
they had already been denied in the U.S. courts," Robert Cohen, a
lawyer representing NML Capital, a subsidiary of Elliott, said in
a statement obtained by the news agency.  "That effort failed,"
Mr. Cohen added.

The report notes that legal specialists say that the exchange
bondholders may have come away with something small.  The
bondholders, they said, might decide to take Judge Richards'
declaration that the money set aside is covered by English law to
Judge Griesa, the report discloses.  But such an action, they
added, would almost certainly not persuade him to change his order
that bars payments to the exchange bondholders, the report says.

The order effectively shuts Argentina's government out of the
international debt markets, the report relays.  But that is not
necessarily a bind, since the government seems able to finance its
spending without tapping global bond investors, notes the report.
The case, as it lingers, may, however, deter foreign investment in
private Argentine entities, the report relates.

The report notes that the holdouts may be hoping that a new
Argentine government, looking for ways to clear the economic
clouds over the country, will compromise and pay them in full.
Argentina's next general elections, which include a vote for a new
president, take place in October. After winning two elections, in
2007 and 2011, Mrs. Kirchner is not eligible to stand again, the
report adds.

                          *     *     *

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'.


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


ALTIMA INDIA: Members Receive Wind-Up Report
--------------------------------------------
The members of Altima India Master Fund Limited received on
Dec. 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Stephen Sargison
          Tamara Hill
          89 Nexus Wa, Camana Bay
          P.O Box KY1-9007 Cayman Islands


BAYESIAN MULTI-STRATEGY: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Bayesian Multi-Strategy Cayman Fund Limited
received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


BENNELONG CAYMAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Bennelong Cayman Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


EEA CAYMAN FUND: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of EEA Cayman Fund Limited received on Jan. 27,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


FRAM CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
The members of Fram Capital Brazil SPC Ltd. received on Jan. 22,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Guilherme Muniz Atem
          Telephone: +55 11 3513-3175
          Facsimile: +55 11 3513 3131
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


GLG NATURAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of GLG Natural Resources Offshore Fund Ltd.
received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG TISBURY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of GLG Tisbury Fund Limited received on Jan. 27,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


GLG TISBURY OPPORTUNITY: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of GLG Tisbury Opportunity Fund Limited received
on Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


KI ANOMALY: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of KI Anomaly Fund received on Jan. 5, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KI ANOMALY MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of KI Anomaly Master Fund received on Jan. 5,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


KRATOS CAYMAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Kratos Cayman Fund Limited received on
Dec. 15, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


KSYRIUM I LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of KSYRIUM I 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


MAN LONG/SHORT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Man Long/Short Europe Index Tracker Series 1
Ltd received on Jan. 27, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


SAL-OPES GP: Members Receive Wind-Up Report
-------------------------------------------
The members of SAL-OPES GP Limited received on Jan. 22, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


STERLING CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sterling Cayman Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


SURSUM CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sursum Capital Cayman Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


TRG ASIA: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of TRG Asia Cayman Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


WOODBINE CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Woodbine Cayman Fund Limited received on
Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


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


DOMINICAN REPUBLIC: Mogul Upbeat Despite Dismal Trade Deficit
-------------------------------------------------------------
Dominican Today reports that Dominican Republic's trade deficit
with India was US$121.8 million in 2013, when it exported US$10.2
million and imported US$132.1 million.

Dominican Republic Industries Association president Campos de Moya
provided the figures in a meeting with India Foreign Affairs
minister Vijay Kumar Singh, who concluded his official 3-day visit
to the country, according to Dominican Today.

"We could ask ourselves if there are no conditions to balance our
trade deficit, what could we do to make our business relationship
more favorable?  As we redefine our model of economic development
internally, we can say that there are lessons to learn and can be
useful in this redefinition process," the report quoted Mr. De
Moya as saying.

The report notes that Mr. De Moya said "India's success rests on
its entrepreneurship, the ability to turn challenges into
opportunities in the possibility that the government could pave
the way in some areas, but also with the determination to keep
going even when the government is slow on the needed reforms.
That is to say, in their business style."

In the meeting with foreign officials and Dominican industry
leaders Mr. De Moya said among the key features of India's
development figure the connectivity emerged as an overall global
development, as well as the emphasis on certain areas of the
education which led to a highly skilled labor to turn India into a
world-class high-tech areas such as automobiles, pharmaceuticals
and most notably, in the software industry, the report notes.

Mr. De Moya said many Indian pharmaceutical companies are
multinationals which even purchases from other businesses
worldwide, the report relays.

                             Autos

The report relays that Mr. De Moya said in the case of the
automotive industry, which requires constant innovation, engineers
and manufacturers in India have shown what is flexibility and
speed, "of which from the AIRD little is spoken.

"No one imagined that one day Tata Steel would acquire Britain's
Corus, which was six times its size, or that Tata Motors would
acquire Jaguar and Land Rover, or India's metallurgical, Hindalco,
would take over Novellis," the report quoted Mr. De Moya as
saying.

"The industrial sector, in particular, is optimistic, it's
fiercely sticking to the view that we can have a prosperous
country for all, if we take risks, if it has the capacity to adapt
to change.  The Dominican business sector wants better cooperation
with industry in India, I want to balance the numbers we talked
about earlier," Mr. De Moya said, the report relays.

The report relays that De Moya added that as AIRD president and as
India Honorary Consul, it's not about size of economies. "Let's
surprise analysts and break the predictions directing us toward
unprecedented growth of our exports.  If you want to summarize in
one sentence what should be our priority and the priority of our
regulations, it would read: export, export and export."


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M E X I C O
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METROFINANCIERA II: S&P Lowers Rating on Series MTROCB 08U to CCC-
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term global
and Mexico National (CaVal) scale ratings on three Mexican
residential mortgage-backed securities (RMBS) transactions
originated and serviced by Metrofinanciera S.A.P.I. de C.V. SOFOM
E.N.R (Metrofinanciera).  S&P also affirmed its ratings on four
other Mexican RMBS deals originated and serviced by
Metrofinanciera.  At the same time, S&P removed five of these
ratings from CreditWatch, where they were placed with negative
implications on Jan. 30, 2015.

The downgrades on series METROCB 05U, MFCB 05U, and MTROCB 08U
reflect S&P's opinion that their current levels of credit
enhancement remain very weak, and, in the case of series METROCB
05U and MTROCB 08U, continue deteriorating.  The weak credit
enhancement levels result in generally higher estimated levels of
foreclosure frequency and loss severity (obtained using LEVELS
Mexico) than those observed in S&P's last rating action in October
2013.  Therefore, in S&P's opinion, the credit enhancement levels
in these transactions are no longer sufficient to support their
previous rating levels.

In terms of portfolio performance, the levels of non-performing
loans for series METROCB 05U and MFCB 05U are very similar to
those observed in October 2013, while the level for series MTROCB
08U has decreased slightly.  Nonetheless, overcollateralization
for series METROCB 05U and MTROCB 08U declined from those observed
in October 2013.  Overcollateralization for series MFCB 05U has
remained relatively stable; however, S&P believes it is no longer
sufficient to support its stress scenarios corresponding to its
previous rating level under its updated estimations for loss
severity and foreclosure frequency.

Series METROCB 05U and MFCB 05U have partial credit guarantees
(PCGs) provided by Sociedad Hipotecaria Federal S.N.C. (SHF) for
up to 26% and 11% of the outstanding balance of the notes,
respectively.  These PCGs can be disbursed to cover interest
shortfalls under possible liquidity events or principal at
maturity.  However, they cannot be disbursed to restore the parity
between current assets and liabilities; therefore, their capacity
to absorb losses is very limited.

The rating affirmations on series METROCB 04U, METROCB 06U,
METROCB 07U, and MTROFCB 08 reflect S&P's opinion that the
transactions have sufficient levels of credit enhancement--in the
orms of overcollateralization, excess spread, cash reserves and
PCGs--to support their current rating levels under our projected
stress scenarios.  The affirmations also reflect the performance
of the portfolios backing the classes, which S&P considers in line
with their current rating levels.

The underlying portfolios for series METROCB 04U and MTROFCB 08
have relatively solid performance, with non-performing levels
similar to those observed in October 2013.  Although the
overcollateralization for series METROCB 06U and MTROCB 07U
continue to deteriorate, S&P believes that they are still
sufficient to support our projected stress scenarios consistent
with their current rating levels of 'mxB- (sf)'.

In general, the transactions have begun to realize additional
income derived from increased sales of foreclosed properties and
the implementation of loan modification programs, which has helped
to decrease non-performing loan ratios in some portfolios.
However, in S&P's opinion, these efforts have not been sufficient
to contain and revert the decline in the overcollateralization for
most of these transactions.

DEFAULT RATIOS AND CREDIT ENHANCEMENT LEVELS(i)
Series         Def. (%)  Def. (%)   O/C(%)  PCG(%)     C/E
                   (ii)     (iii)     (iv)     (v) (iv, v)
METROCB 04U       27.65      5.18     6.92    9.00   15.92
METROCB 05U       32.89      7.53  (35.67)   26.00  (9.67)
MFCB 05U          33.01      9.29  (29.32)   11.00 (18.32)
METROCB 06U       45.67      15.6  (47.18)    0.00 (47.18)
MTROCB 07U        50.29     23.34  (83.26)    0.00 (83.26)
MTROCB 08U        45.34     22.70  (88.47)    0.00 (88.47)
MTROFCB 08        31.38     15.03    0.44    34.16   34.60

(i)Calculations used data as of December 2014.  (ii)Defaults
measured over the loans' outstanding amount.  (iii)Defaults
measured over the loans' initial balance.  (iv)Calculated as one
minus (liabilities divided by current assets including cash in the
trusts).  (v)Available PCG amount. Standard & Poor's estimates
defaults considering the reported delinquency buckets of 61-90
days and more than 90 days.  O/C--Overcollateralization.  PCG--
Partial credit guarantee. C/E--Credit enhancement.

S&P estimated the transactions' delinquency and default rates and
current credit enhancement levels using its RMBS methodology and
assumptions, and analyzed the transactions using the LEVELS Mexico
model to determine updated foreclosure frequency and loss severity
levels.  S&P then used its Mexican RMBS cash flow model to
determine its rating on each deal based on its financial position,
projected performance, and structure.  S&P modeled each deal's
expected recovery using asset liquidations that are consistent
with the model's output.

FORECLOSURE FREQUENCY AND LOSS SEVERITY LEVELS MODELED FOR THE
RESPECTIVE ASSIGNED RATING LEVEL
              Current
              rating
Series        level       FF (%)    LS (%)    LSDP (%)
METROCB 04U   mxAA (sf)    32.92     56.00       57.03
METROCB 05U   mxBBB- (sf)  28.74     33.65       38.05
MFCB 05U      mxBB (sf)    26.49     29.67       34.17
METROCB 06U   mxB- (sf)    33.88     21.45       25.45
MTROCB 07U    mxB- (sf)    29.16     20.08       22.70
MTROCB 08U    mxCCC (sf)   21.75     14.04       20.46
MTROFCB 08    mxAA (sf)    33.29     25.79       39.35

FF--Foreclosure frequency. LS-Loss severity. LSDP-Loss severity of
the defaulted portfolio.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED AND REMOVED FROM WATCH NEGATIVE

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
Series       Maturity              Rating
             date         To             From
METROCB 05U  2/20/2034    mxBBB- (sf)    mxA (sf)/Watch Neg
MFCB 05U     10/24/2033   mxBB (sf)      mxBBB- (sf)/Watch Neg

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales II
Series       Maturity              Rating
             date         To                      From
MTROCB 08U   4/1/2033     CCC- (sf)      CCC+ (sf)/Watch Neg
MTROCB 08U   4/1/2033     mxCCC (sf)     mxB (sf)/Watch Neg

RATINGS AFFIRMED AND REMOVED FROM WATCH NEGATIVE

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
Series       Maturity              Rating
             date         To            From
METROCB 06U  11/14/2033   mxB- (sf)     mxB- (sf)/Watch Neg

Metrofinanciera - Bursatilizaciones de Hipotecas ResidencialesII
Series       Maturity              Rating
             date         To            From
MTROCB 07U   12/01/2033   CCC (sf)      CCC  (sf)/Watch Neg
MTROCB 07U   12/01/2033   mxB- (sf)     mxB- (sf)/Watch Neg

RATINGS AFFIRMED

Metrofinanciera - Bursatilizaciones de Hipotecas Residenciales
Series       Maturity              Rating
             date
METROCB 04U  11/11/2033            mxAA (sf)

Metrofinanciera - Bursatilizaciones de Hipotecas ResidencialesII
Series       Maturity              Rating
             date
MTROFCB 08   6/01/2039             mxAA (sf)


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


PUERTO RICO: U.S. Commonwealth is Bankrupt, says Media Group
------------------------------------------------------------
Fox News Latino reports that in an unusual step, Puerto Rico's
leading media group openly declared, calling for the restructuring
of a public debt that it says is really twice the official figure.

"Puerto Rico is broke" is the eloquent front-page headline Feb. 3,
of El Nuevo Dia, the daily with the most readers in the U.S.
commonwealth and which dedicates a 20-page special to proving that
the Caribbean island's accumulated debt is double the generally
accepted figure of $73 billion, according to Fox News Latino.

The report notes that the article talks about a $167.46 billion
debt, a "frightening" figure obtained by adding up interest on the
debt and the deficit accumulated by retirement and public health
programs.

"You don't need to be an economist from Harvard to understand that
this debt is unsustainable," says the editorial entitled
"Restructuring, there's no other choice," and which bluntly states
that "Puerto Rico's viability as a country is at stake," the
report relays.

Fox News Latino discloses that this move by the Ferre Rangel Group
was being described as historic, because up to now few have dared
to voice such a warning, and yet the alarm is being sounded by a
conglomerate that besides controlling three of the five biggest
newspapers on the island, has many other enterprises.

"Since the beginning of the century at least 20 sovereign nations
have defaulted or renegotiated their government debts. Some
preventively and others after defaulting," the editorial said, the
report relays.

The report says that the editor of the daily, Luis Alberto Ferre
Rangel, said the intention is to "focus public debate" on
"recapitalizing" the Government Development Bank, restructuring
the debt, redimensioning government and carrying out a genuine tax
reform."

Without singling out either of the two parties that dominate
Puerto Rican politics, it sums up very clearly the causes that
have led to this complicated economic situation, with simple
infographics that go back to the 1980s, the report notes.

At that time, it said, "the government began to borrow funds in
order to pay its debts when faced with a reduction of tax revenues
caused, among other factors, by the economic crisis set off by the
oil embargo of the mid-1970s and the recession from the mid-1980s
to the beginning of the 1990s," the report discloses.

"Over the past 15 years, the government has operated under a
constant deficit.  Poor administration and wrong decisions paved
the way to a historic public debt that now has the country almost
totally bankrupt," the paper said, notes the report.

The report says that for that reason, "it is now an urgent matter
to explore and establish the government's options for getting the
country out of this profound crisis," which is only getting worse,
the daily said, because of the exodus of Puerto Ricans to the U.S.
mainland.

Fewer than 1 million of Puerto Rico's 3.5 million residents have
steady jobs, food costs have gone up almost 50 percent over the
last 10 years, pension systems have accumulated $34 billion in
unfunded liabilities and the total owed to bondholders comes to
$47,800 per inhabitant, the report adds.

As reported in the Troubled Company Reporter Latin America on
February 16, 2015, Standard & Poor's Ratings Services has lowered
its general obligation (GO) rating on the Commonwealth of Puerto
Rico to 'B' from 'BB'.  The ratings outlook is negative, with S&P
saying 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, it added.


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


TRINIDAD AND TOBAGO POSTAL: Union Calls on Mgmt to Engage in Talks
------------------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad and Tobago
Postal Corporation Workers Union is calling upon the management to
engage in wage-talks so as to raise the workers' salaries that are
stuck at 2010 levels which the union claimed are far below their
Caricom counterparts and other sectors in Trinidad and Tobago.

At a news conference at its El Dorado, Tunapuna office, union
general secretary, Reginald Critchlow made this call as he
observed that typically earns just TT$4,000 per month, according
to Trinidad and Tobago Newsday.

Mr. Critchlow said an independent consultant, HR, had previously
recommended a 18.5 percent pay-raise for the period 2008 to 2010
but TTPost had refused to apply this retroactively for that
period, the report notes.   Mr. Critchlow would like to see that
the 18.5 percent applied for the new period of 2011 to 2013 for
which he hopes wage talks will begin by month-end, the report
relates.

The report discloses that Mr. Critchlow said the Chief Personnel
Officer's (CPO) apparent failure to instruct the TTPost Management
to engage the union has left workers feel as irate as jack
spaniards (wasps).  Under the ILO Convention, management is
obliged to meet and treat with the union, Mr. Critchlow said in
frustration, the report says.

Alleging that the CPO's Office has an archaic approach, Mr.
Critchlow urged the Ministry of Finance and the Government to
review the operations of the CPO Office so as to be more relevant
to the 21st Century and to the needs of workers, the report adds.


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


VENEZUELA: To Allow Free-Floating Exchange Rate
-----------------------------------------------
Fox News Latino reports that Venezuelan officials disclosed Feb.
6, that the government will allow a free-floating exchange rate
for the country's battered currency while maintaining a subsidized
rate for key imports.

The socialist South American government has been struggling to
maintain its decade-old currency controls as inflation has soared
with heavy public spending, and the black market value of the
bolivar has plummeted, according to Fox News Latino.  Now the
falling price of petroleum is slamming the oil-based economy, the
report notes.

The report relays that the government sells dollars for the most
crucial imports at rates of 6.3 or VEF12, demanding that retailers
hold down prices to reflect the subsidies, the report relays.   It
has also been selling currency at a third rate, around VEF52 to
the dollar, but officials said that rate will now be replaced by a
more transparent system in which dealers and buyers exchange
currency on a supply and demand basis, the report notes.

The report adds that Finance Minister Rodolfo Marco Torres said
the new system would be "totally free," with "the market itself
setting the exchange rate."  But officials said trades would have
to be made through authorized banks or exchange houses and only
people with dollar-denominated bank accounts can take part.

As it struggles with a cash crunch, the government has limited the
dollars it auctions at any of the rates, and businesses say delays
in getting money for imports has fed shortages, the report
discloses.  The exchange difficulties have driven people to an
illegal parallel market where bolivars have been trading at about
190 per dollar, notes the report.

The report discloses that the new system announced could allow
greater access to dollars, but at a far higher price than legally
possible before.  Central Bank President Nelson Merentes
encouraged Venezuelans living outside the country to use the new
system to send money back home.

Analysts called the new system an effective devaluation, which
most economists agree is needed on a larger scale to right the
country's economy, but also said the new system would likely be
more tightly regulated than officials suggest, the report relays.

With the threat of street protests and a legislative election
looming, the government is likely to look for ways to channel
scarce dollars to politically sensitive goods and take steps to
prevent capital from leaving the country, said Risa Grais-Targow,
an analyst at the Washington-based Eurasia Group, the report
relates.

"I think it will be less flexible because the government's
incentives right now are to increase control," Ms. Grais-Targow
said, the report adds.


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


AVON: To Cease Operations in 16 Caribbean Territories
-----------------------------------------------------
Fox News Latino reports that cosmetics giant Avon has decided to
cease operations in 16 Caribbean territories as it works to
restore its core business in the United States, a spokeswoman
confirmed to EFE.

"Avon has announced its decision to cease operations in the
Islands markets that fall under U.S. distribution," the firm's
manager of external communications, Lindsay Fox, said, according
to Fox News Latino.

The report notes that Ms. Fox added that the New York-based
company "remains committed to focusing its resources on restoring
the health of the U.S. business to deliver future growth."

Ms. Fox said Avon will no longer accept orders from 16 Caribbean
territories after Feb. 20, the report relays.

Avon will cease operations in Antigua, Aruba, the Bahamas,
Barbados, Belize, Bermuda, Bonaire, Curacao, Dominica, Grand
Cayman, Guyana, Haiti, Jamaica, St. Kitts and Nevis, Suriname, and
Trinidad and Tobago.

"Hawaii, Guam and Saipan, as well as the islands served through
Avon Puerto Rico distribution, are unaffected by the closure of
these Islands markets," the report quoted Ms. Fox as saying.

Founded in 1886, Avon is the largest direct-sale beauty products
company in the world, with more than 6.4 million independent
sellers operating in upwards of 100 countries.  Avon's 2014
financial results showed an 11 percent decline in revenue and
losses of $388.6 million.


                            ***********


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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