TCRLA_Public/150223.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 23, 2015, Vol. 16, No. 037


                            Headlines



B R I T I S H   V I R G I N   I S L A N D S

AMIRA NATURE: Moody's Withdraws (P)B3 Rating on $225MM Sr. Notes


C A Y M A N  I S L A N D S

ALPINA LTD: Placed Under Voluntary Wind-Up
BPI CAYMAN: Moody's Reviews P(B2) Note Program Rating for Upgrade
CANE GLOBAL: Commences Liquidation Proceedings
CIUFFI OVERSEAS: Placed Under Voluntary Wind-Up
CLOAK LANE: Commences Liquidation Proceedings

COMMON SENSE: Commences Liquidation Proceedings
COP SPV: Commences Liquidation Proceedings
DSHAMILYA LTD: Commences Liquidation Proceedings
ELEVENTH JULY: Commences Liquidation Proceedings
EMANCIPATION CAPITAL: Placed Under Voluntary Wind-Up

FIRST MEDIA: Commences Liquidation Proceedings
FORTUNE SG: Placed Under Voluntary Wind-Up
FULCRUM AFRICA: Commences Liquidation Proceedings
FULCRUM AFRICA MASTER: Commences Liquidation Proceedings
FULCRUM GLOBAL: Commences Liquidation Proceedings

FULCRUM GLOBAL MASTER: Commences Liquidation Proceedings
INVERSIONES EL BOHIO: Commences Liquidation Proceedings
LIBRA NO. 2: Commences Liquidation Proceedings
LIBRA NO. 3: Commences Liquidation Proceedings
LION/NIAGARA: Shareholder Receives Wind-Up Report

MAGDALENA INVESTMENTS: Commences Liquidation Proceedings
MERCATOR FINANCE: Commences Liquidation Proceedings
ORDINO INTERNATIONAL: Placed Under Voluntary Wind-Up
PANTHERA/FUNDING: Shareholder Receives Wind-Up Report
RIG FUNDING: Commences Liquidation Proceedings

ROTELLA AQUARIUS: Commences Liquidation Proceedings
ROTELLA AQUARIUS MASTER: Commences Liquidation Proceedings
SERY INTERNATIONAL: Placed Under Voluntary Wind-Up
SIGNUM VERDE: S&P Lowers Rating on $4.8BB Notes to 'BB+'
THIRD AVENUE: Placed Under Voluntary Wind-Up

THIRD AVENUE GLOBAL: Placed Under Voluntary Wind-Up
VANQUISH INVESTMENT: Placed Under Voluntary Wind-Up
XIJIAO INTERNATIONAL: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Talks Leading to Electricity Pact Start Wed


J A M A I C A

JAMAICA: Much Lower Growth Now Projected for 2014/2015 Fiscal Year
JAMAICA: Fitch Affirms 'B-' IDR & Revises Outlook to Positive
UC RUSAL: Possible Good News for Jamaica's Bauxite-Alumina Sector


P A R A G U A Y

PARAGUAY: Economic Activity Has Slowed But Still Buoyant, IMF Says


P U E R T O    R I C O

PUERTO RICO: Moody's Downgrades GO Bonds to Caa1
SPORTS AUTHORITY: Moody's Cuts CFR to 'Caa1', Outlook Negative


X X X X X X X X X

* BOND PRICING: For the Week From Feb. 9 to Feb. 13, 2015


                            - - - - -


===========================================
B R I T I S H   V I R G I N   I S L A N D S
===========================================


AMIRA NATURE: Moody's Withdraws (P)B3 Rating on $225MM Sr. Notes
----------------------------------------------------------------
Moody's Investors Service has withdrawn the provisional (P)B3
rating on the US$225 million senior secured second lien notes due
2020.  These were to be issued jointly by Amira Nature Foods Ltd
Mauritius (Amira Mauritius), and Amira I Grand Foods Inc. (BVI),
both wholly owned subsidiaries of Amira Nature Foods Ltd (Amira).
Concurrently, Moody's placed on review for downgrade the B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR) of Amira Nature Foods Ltd.

"The rating action reflects the expectations that the proposed
issuance of the US$225 million bonds will be postponed and will
not happen in the near future," says Ernesto Bisagno, Moody's Vice
President - Senior Analyst and lead analyst for Amira.

On Jan. 28, 2015, Amira announced that it was offering US$225
million bonds and intended to use about US$90 million of the bond
proceeds to reduce existing debt, and the remainder to increase
liquidity and for general corporate purposes.  The company's
historical liquidity profile was somewhat constrained because free
cash flows remained negative, as funds from operations were fully
consumed to fund the company's organic growth which resulted in
significant working capital requirements. Moody's expected that
the transaction would strengthen the liquidity profile by reducing
a significant part of the short-term debt and increasing Amira's
cash balance by US$97 million.

Amira will postpone the deal because the financial information
supporting the offering became stale on February 15.  Moody's is
therefore withdrawing the provisional (P)B3 rating on the US$225
million secured notes.  As a result, Moody's will reassess the
company's financial profile, as Amira is likely to continue to
rely on its short-term uncommitted working capital facilities
granted from the Indian banks.  Although Amira has sufficient
headroom under the existing covenants, those facilities need to be
rolled over.

Moody's review will mainly focus on (1) the company's plans to
secure committed financing that would strengthen its liquidity
profile; and (2) Amira's financial policy decisions with regard to
its investment plan which, if reduced, could enhance the company's
free cash flow generation.

Prior to the delay of the proposed issuance, Moody's had indicated
that upward pressure on the rating would likely result if the
company increased its sales diversification, with (1) a
stabilization in the cash flow from operations, expected to be
significantly negative in the current fiscal year; (2) the
adjusted EBITA/interest expense ratio moving close to 3x; and (3)
the adjusted gross leverage ratio remaining below 3x. Conversely,
negative pressure could be exerted on the ratings if (1) the
adjusted EBITA/Interest ratio falls below 2x; or (2) if the
corporate realignment was delayed resulting in uncertainty about
the guarantee structure for the notes; or (3) due to liquidity
concerns, either as a result of weak covenants headroom or a
failure to improve liquidity as expected with the issuance of the
proposed notes.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.  Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Amira Nature Foods Ltd (Amira), headquartered in the British
Virgin Islands, is a global provider of branded basmati rice.  The
company has been listed on the NYSE since 2012, and is majority-
owned by Karan Chanana, with the remainder as free float.  It
reported revenues of US$547 million for the financial year (FY)
2014 (to March 2014) and generated sales in over 60 countries,
including both emerging and developed markets.



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


ALPINA LTD: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 16, 2014, the sole shareholder of Alpina Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


BPI CAYMAN: Moody's Reviews P(B2) Note Program Rating for Upgrade
-----------------------------------------------------------------
Moody's Investors Service placed on review for downgrade
Caixabank's Baa3 long-term debt, issuer and deposit ratings, its
Ba2 subordinated debt rating and the D+ bank financial strength
rating (equivalent to a ba1 baseline credit assessment).  Moody's
also placed Caixabank's Prime-3 short-term debt and deposit
ratings on review for downgrade.

At the same time, Moody's has placed on review for upgrade the Ba3
long-term debt, issuer and deposit ratings of Banco BPI S.A. and
its supported entities, its B2 subordinated debt rating, the (P)B3
junior subordinated debt rating and the Caa1(hyb) preferred shares
rating.  The E+ BFSR (equivalent to a b1 BCA) and the Not-Prime
short-term debt and deposit ratings were not affected and remain
unchanged.

The review for downgrade reflects Caixabank's announcement on
February 17 to launch a public tender offer for the acquisition of
BPI's not-yet-owned share capital (55.9%), and the negative impact
the deal will have on Caixabank's solvency.  The review for
upgrade for BPI indicates the upward pressure that could stem from
the acquisition by a stronger bank.

The rating action reflects Caixabank's intention to launch a
public tender offer for the acquisition of ordinary shares
representing the share capital of Banco BPI and the negative
impact it will have on Caixabank's solvency levels.  The deal is
expected to close by the end of Q2 2015.

Depending on the level of acceptance of the tender offer, the
effect on its solvency levels could range from 80 to 140 basis
points on its fully loaded Common Equity Tier 1 (FL CET1) ratio.
The acquisition will thus bring down Caixabank's FL CET 1 ratio to
10.7%-10.1%, below the 11% average of its European peers.

The success of this deal is subject not only to pertinent
regulatory approvals, but also to meeting the following conditions
(1) achieving an acceptance level over 5.9% to ensure that
Caixabank owns more than a 50% stake in BPI after the offer; and
(2) the elimination of the 20% voting cap currently included in
BPI's bylaws.

This offer is voluntary, with a price of EUR1.33 per share payable
in cash, and is directed to all the outstanding shares of BPI that
CaixaBank does not hold (current shareholding of 44.1%).

The bank has stated that it will reach a FL CET1 ratio above 11%
post-acquisition.  During the review period Moody's will focus on
Caixabank's capacity to restore its solvency and risk-absorption
capacity in a timely fashion.

Moody's believes that the impact on asset quality and cost
efficiency should be limited and manageable, given the relative
size of BPI versus Caixabank (EUR42.6 billion in assets at end-
2014 versus EUR339 billion, respectively) and Caixabank's strong
track record in delivering cost synergies. In addition,
Caixabank's long-standing ownership at BPI should help ease the
transaction's execution risks.

Moody's considers that BPI's senior creditors could benefit from
Caixabank's parental support if the announced tender offer is
successfully completed, therefore mitigating the risks emerging
from the bank's still-modest credit fundamentals.  Unlike previous
acquisitions, Caixabank intends to maintain BPI as an independent
subsidiary.

Upward pressure on Caixabank's ratings is unlikely given the
current review for downgrade.

Downward pressure could materialise if Caixabank fails to restore
its solvency and/or if the ongoing improving trend of its asset
quality and profitability is reversed.

BPI's long-term ratings could be upgraded if Moody's assessment of
parental support from Caixabank is deemed to be high.

List of Affected Ratings:

On Review for Downgrade:

   -- Issuer: Caixabank

      - Bank Financial Strength Rating, Placed on Review for
        Downgrade, currently D+ STA (equivalent to BCA ba1)

      - Issuer Rating, Placed on Review for Downgrade, currently
        Baa3 STA

      - Long-term Deposit Rating, Placed on Review for Downgrade,
        currently Baa3 STA

      - Short-term Deposit Rating, Placed on Review for
        Downgrade, currently P-3

      - Subordinate Regular Bond/Debenture, Placed on Review for
        Downgrade, currently Ba2 STA

      - Senior Unsecured Regular Bond/Debenture, Placed on Review
        for Downgrade, currently Baa3 STA

      - Backed Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Downgrade, currently Baa3 STA

      - Subordinate Medium-Term Note Program, Placed on Review
        for Downgrade, currently (P)Ba2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Downgrade, currently (P)P-3

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Downgrade, currently (P)Baa3

On Review for Upgrade:

   -- Issuer: Banco BPI S.A.

      - Issuer Rating, Placed on Review for Upgrade, currently
        Ba3 NEG

      - Long-term Deposit Rating, Placed on Review for Upgrade,
        currently Ba3 NEG

      - Senior Unsecured Regular Bond/Debenture, Placed on Review
        for Upgrade, currently Ba3 NEG

      - Subordinate Regular Bond/Debenture, Placed on Review for
        Upgrade, currently B2 STA

      - Junior Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B3

      - Subordinate Medium-Term Note Program, Placed on Review
        for Upgrade, currently (P)B2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)Ba3

   -- Issuer: BPI Capital Finance Ltd.

      - Backed Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B2

      - Backed Junior Subordinate Medium-Term Note Program,
        Placed on Review for Upgrade, currently (P)B3

      - Backed Senior Unsecured Medium-Term Note Program, Placed
        on Review for Upgrade, currently (P)Ba3

      - Backed Pref. Stock Non-cumulative Preferred Stock, Placed
        on Review for Upgrade, currently Caa1(hyb) STA

   -- Issuer: Banco BPI Cayman Ltd

      - Backed Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B2

      - Backed Junior Subordinate Medium-Term Note Program,
        Placed on Review for Upgrade, currently (P)B3

      - Backed Senior Unsecured Medium-Term Note Program, Placed
        on Review for Upgrade, currently (P)Ba3

   -- Issuer: Banco BPI S.A. (Cayman)

      - Senior Unsecured Regular Bond/Debenture, Placed on Review
        for Upgrade, currently Ba3 NEG

      - Subordinate Regular Bond/Debenture, Placed on Review for
        Upgrade, currently B2 STA

      - Junior Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B3

      - Subordinate Medium-Term Note Program, Placed on Review
        for Upgrade, currently (P)B2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)Ba3

   -- Issuer: Banco BPI S.A. (Madeira)

      - Junior Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B3

      - Subordinate Medium-Term Note Program, Placed on Review
        for Upgrade, currently (P)B2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)Ba3

   -- Issuer: Banco BPI S.A. (Santa Maria)

      - Junior Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B3

      - Subordinate Medium-Term Note Program, Placed on Review
        for Upgrade, currently (P)B2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)Ba3

Ratings unaffected

   -- Issuer: Banco BPI S.A.

      - Baak Financial Strength Rating, E+ STA (equivalent to a
        b1 BCA)

      - Short-term Deposit Rating, NP

      - Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: BPI Capital Finance Ltd.

      - Backed Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: Banco BPI Cayman Ltd

      - Backed Commercial Paper, NP

      - Backed Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: Banco BPI S.A. (Cayman)

      - Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: Banco BPI S.A. (Madeira)

      - Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: Banco BPI S.A. (Santa Maria)

      - Senior Unsecured Medium-Term Note Program, (P)NP

Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Negative(m)

      - Issuer: Banco BPI Cayman Ltd

      - Issuer: Banco BPI S.A.

      - Issuer: Banco BPI S.A. (Cayman)

      - Issuer: Banco BPI S.A. (Madeira)

      - Issuer: Banco BPI S.A. (Santa Maria)

      - Issuer: BPI Capital Finance Ltd.

   -- Outlook, Changed To Rating Under Review From Stable

      - Issuer: Caixabank

The principal methodology used in these ratings was Global Banks
published in July 2014.


CANE GLOBAL: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 5, 2014, the sole shareholder of Cane Global Macro, Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Fontenot
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


CIUFFI OVERSEAS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 15, 2014, the sole shareholder of CIUFFI Overseas Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


CLOAK LANE: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 16, 2014, the sole shareholder of Cloak Lane Finance
(Cayman) Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          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


COMMON SENSE: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 15, 2014, the sole shareholder of Common Sense Special
Opportunity Offshore, Ltd resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Michael Wietecki
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


COP SPV: Commences Liquidation Proceedings
------------------------------------------
On Dec. 17, 2014, the sole shareholder of COP SPV resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Rebecca Doxey
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 9075
          e-mail: Rebecca.Doxey@ky.ey.com


DSHAMILYA LTD: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 12, 2014, the sole shareholder of DSHAMILYA Ltd. resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          James Eugene O'Neill
          113 Shoreline Drive
          P.O. Box 30584 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: (345) 936-0080
          Facsimile: (345) 943-3351


ELEVENTH JULY: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 15, 2014, the members of Eleventh July Investment Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


EMANCIPATION CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 17, 2014, the sole shareholder of Emancipation Capital
Offshore, Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Emancipation Management LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


FIRST MEDIA: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 12, 2014, the shareholders of First Media Holdings, Ltd
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Stanley Emmett Thomas III
          Monitor Company
          Suite 1007 Shui On Centre
          6-8 Harbour Road; Wan Chai
          Hong Kong


FORTUNE SG: Placed Under Voluntary Wind-Up
------------------------------------------
On Dec. 12, 2014, the sole shareholder of Fortune SG HK HSI
Dynamic Allocation Fund resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 5, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stephane Serge Cluade Roger
          Block 78, Apt 1501
          74-86 Kennedy Road
          Hong Kong
          Telephone: + 852 2166 5499
          Facsimile: + 852 2166 5019


FULCRUM AFRICA: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 15, 2014, the sole shareholder of The Fulcrum Africa All
Cap Fund Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FULCRUM AFRICA MASTER: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 15, 2014, the sole shareholder of The Fulcrum Africa All
Cap Master Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FULCRUM GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 15, 2014, the sole shareholder of Fulcrum Global Equity
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


FULCRUM GLOBAL MASTER: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 15, 2014, the sole shareholder of Fulcrum Global Equity
Master Limited resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


INVERSIONES EL BOHIO: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 15, 2014, the members of Inversiones El Bohio resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LIBRA NO. 2: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 12, 2014, the shareholders of Libra No. 2 Limited resolved
to voluntarily liquidate the company's business.

The company's liquidators are:

          Ms. Eleanor Fisher
          Zolfo Cooper (Cayman) Limited
          38 Market Street, 2nd Floor, Canella Court
          Camana Bay, Grand Cayman
          Cayman Islands, KY1-9006; and

          Mr. Alastair Beveridge
          Zolfo Cooper LLP, 10 Fleet Street
          London, EC4M 7RB
          United Kingdom


LIBRA NO. 3: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 12, 2014, the shareholders of Libra No. 3 Limited resolved
to voluntarily liquidate the company's business.

The company's liquidators are:

          Ms. Eleanor Fisher
          Zolfo Cooper (Cayman) Limited
          38 Market Street, 2nd Floor, Canella Court
          Camana Bay, Grand Cayman
          Cayman Islands, KY1-9006; and

          Mr. Alastair Beveridge
          Zolfo Cooper LLP, 10 Fleet Street
          London, EC4M 7RB
          United Kingdom


LION/NIAGARA: Shareholder Receives Wind-Up Report
-------------------------------------------------
The sole shareholder of Lion/Niagara GP (Cayman) Limited received
on Jan. 27, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 10, 2014.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


MAGDALENA INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 15, 2014, the members of Magdalena Investments resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


MERCATOR FINANCE: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 12, 2014, the sole member of Mercator Finance Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          James Eugene O'Neill
          113 Shoreline Drive
          P.O. Box 30584 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: (345) 936-0080
          Facsimile: (345) 943-3351


ORDINO INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 16, 2014, the sole shareholder of Ordino International
Ltd. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 16, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


PANTHERA/FUNDING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Panthera/Funding Cayman II Cayman 3 Limited
received on Jan. 5, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 5, 2014.

Only creditors who were able to file their proofs of debt by
Jan. 26, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


RIG FUNDING: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 17, 2014, the sole shareholder of RIG Funding (Cayman)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          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


ROTELLA AQUARIUS: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 17, 2014, the sole shareholder of Rotella Aquarius Fund,
Ltd. resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Rosemarie C Rotella
          c/o Rotella Capital Management, Inc.
          800 Bellevue Way NE
          Suite 200, Bellevue
          WA 98004, USA
          Telephone: +1.312.467.2700


ROTELLA AQUARIUS MASTER: Commences Liquidation Proceedings
----------------------------------------------------------
On Dec. 17, 2014, the sole shareholder of Rotella Aquarius Master
Fund, Ltd. resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Rosemarie C Rotella
          c/o Rotella Capital Management, Inc.
          800 Bellevue Way NE
          Suite 200, Bellevue
          WA 98004, USA
          Telephone: +1.312.467.2700


SERY INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 15, 2014, the sole shareholder of Sery International Ltd
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SIGNUM VERDE: S&P Lowers Rating on $4.8BB Notes to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Signum
Verde Ltd.'s Chilean peso-denominated (CLP) $4.8 billion fixed-
rate notes series 2008-1 to 'BB+' from 'BBB-'.

The series 2008-1 certificate issuance is an emerging markets
synthetic structured financing with a first-to-default structure
that is credit-linked to CAP S.A. ('BB+/Negative/--'), a Chilean
mining company, and collateralized by Goldman Sachs Group
subordinated debt ('A-').  In addition, the certificate holders
have exposure to The Goldman Sachs Group Inc. ('A-/Negative/A-2'),
which is the swap guarantor for Goldman Sachs International, the
swap counterparty ('A/Stable/A-1').  The certificate issuance is
credit-linked to CAP S.A., but it does not represent a direct
obligation of this company.

The rating action follows the Jan. 30, 2015, lowering of S&P's
corporate credit rating on CAP S.A. to 'BB+' from 'BBB-'.

The downgrade reflects S&P's expectation that CAP's financial risk
profile will weaken in the next two years due to eroding iron
prices, which S&P now expects to remain at $65 per ton in 2015 and
2016 and at $70 per ton in 2017 (Platts 62% iron content,
delivered in China).

Even though the new price assumptions for 2015 and 2016 are $20
per ton lower than S&P's previous ones, the hit on CAP's financial
performance wouldn't be as hard given the company's cost-cutting
efforts and lower capital expenditures (capex).  Moreover, freight
costs have significantly dropped and the CLP has depreciated 10%
in the past six months, all of which S&P expects to mitigate the
impact of lower iron ore prices.

S&P still considers CAP's financial risk profile to be
"intermediate" despite slightly weaker main credit metrics--debt
to EBITDA of slightly above 3x and funds from operations to debt
close to 20%--in 2015 and 2016 than what S&P typically expects for
that category.  S&P believes the company's ability to improve
credit ratios is limited due to lower commodity prices, because
CAP would need to cut capex further and/or explorations costs,
which could hinder future performance.  The reduced flexibility
prompted S&P to remove the "positive" comparison score, which S&P
had assigned while iron ore prices were higher and CAP's capital
expansion cycle was ending and it benefited from the incremental
volumes.

If a credit event occurs regarding CAP S.A., the trustee will
liquidate the underlying collateral and transfer those proceeds to
the swap counterparty.  The swap counterparty will then deliver
the reference entity's obligations to the trust in an amount equal
to the certificates' face value (adjusted by the Unidad de Fomento
rate and the CLP/U.S. dollar spot rate on that day).  The trustee
will then distribute any of the reference entity's obligations
that it receives from the counterparty to the certificate holders.

S&P will continue to surveil the rating on this asset-backed
transaction and revise the rating as necessary to reflect any
changes in the transaction's underlying credit quality.

         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 and Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Signum Verde Ltd.
CLP4.8 bil Signum Verde Limited (Goldman Sachs)
                          Rating
Class     Identifier      To          From
2008-1    XS0342733242    BB+ (sf)    BBB- (sf)


THIRD AVENUE: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 16, 2014, the sole shareholder of Third Avenue Emerging
Markets (Offshore) Fund, Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Third Avenue Management LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


THIRD AVENUE GLOBAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 16, 2014, the sole shareholder of Third Avenue Global
Value (Offshore) Fund, Ltd resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 27, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Third Avenue Management LLC
          c/o Daniella Skotnicki
          Telephone: (345) 815 1861
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


VANQUISH INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 15, 2014, the sole shareholder of Vanquish Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 15, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


XIJIAO INTERNATIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 11, 2014, the sole shareholder of Xijiao International
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Adrian Chan
          1503 Ruttonjee House
          11 Duddell Street
          Hong Kong


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


DOMINICAN REPUBLIC: Talks Leading to Electricity Pact Start Wed
---------------------------------------------------------------
Dominican Today reports that the consultations to discuss
recommendations and proposals leading the Electricity Pact begin
in San Francisco (northeast) Wednesday, Feb. 25, 2015, which the
Government's representative noted that they'll also be carried out
through a website.

Antonio Isa Conde said the consultations will be conducted through
the country's 10 planning regions, with chosen locations including
academic centers that can accommodate participants, according to
Dominican Today.

San Francisco's Nordestana University will be the site on
Wednesday, Feb. 25; the central cities Bonao on the 23rd, Santiago
and then Mao, and finally the East and South regions, the report
notes.

The report relays that Mr. Isa said proposals will be debated and
processed, then taken to the workbench based on existing topics.

"There'll be a workbench for every central topic where the people
or delegates called to the pact will go," the report quoted Mr.
Isa as saying.

Mr. Isa said in addition to processing proposals each table will
analyze the consultations' results, reiterating that the pact's
stages are consultation, discussion and materialization, the
report adds.



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


JAMAICA: Much Lower Growth Now Projected for 2014/2015 Fiscal Year
------------------------------------------------------------------
RJR News reports that the Jamaican Government has now conceded
that it is expecting economic expansion for the current fiscal
year, which ends on March 31, to be far lower than previously
projected.

Finance Ministry data tabled in Parliament show growth for the
2014/2015 fiscal year is now expected to be 0.3%, according to RJR
News.

That is much lower than the one per cent revised growth
projection, which was projected by Finance Minister Dr. Peter
Phillips as late as December, the report notes.

The original projection was 1.4% growth for the fiscal year.

The report relays that Dr. Phillips explained that the decline was
"largely" due to a falloff in agricultural production during the
year.

Agricultural output was significantly affected by a severe drought
in 2014, the report relays.

Dr. Phillips said the government will now focus on improving
irrigation of agricultural lands to mitigate the impact of a few
months of  lower than normal rainfall in the future, the report
adds.


JAMAICA: Fitch Affirms 'B-' IDR & Revises Outlook to Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Jamaica's long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'B-'.  The issue ratings
on Jamaica's senior unsecured foreign and local currency bonds are
also affirmed at 'B-'.  The Rating Outlooks on the long-term IDRs
are revised to Positive from Stable.  The Country Ceiling is
affirmed at 'B' and the short-term foreign currency IDR at 'B'.

KEY RATING DRIVERS

The revision of the Outlook of Jamaica's IDRs to Positive reflects
the following key rating drivers:

External financing risks have diminished.  The Bank of Jamaica has
built up reserves equivalent to more than three months of current
account payments.  The current account deficit declined to an
estimated 6% of GDP in 2014, compared with an average of nearly
10% of GDP in 2009-2013.  The current account adjustment has been
driven by tight fiscal policy and currency depreciation, but
services and remittances are also on an upward trend.

Fitch expects the CAD to narrow further in 2015-2016, to 3%-4% of
GDP, assisted by lower imported fuel prices.  Capital inflows have
also strengthened.  FDI doubled in 2014 to reach 4%-5% of GDP, and
Fitch expects similar levels of FDI in 2015-2016.  A narrower CAD
has contributed to lower external financial needs.

The government is sticking to a fiscal and structural adjustment
designed to bring down government indebtedness.  Jamaica is on
course to meet its 7.5% of GDP primary fiscal surplus target for
the second successive fiscal year (FY) in FY2014/2015, recording a
small overall deficit.  Maintaining this primary surplus is the
overarching target under the Extended Fund Facility (EFF)
arrangement with the IMF.

Under realistic assumptions, maintaining this surplus will put
government debt/GDP on a downward path from its very high starting
point of 131.6% of GDP (estimated) at end FY2014/2015 to 120% of
GDP by end FY2016/2017.  The government's biggest near term
challenge is to reduce the public sector wage bill to 9% of GDP in
2015-2016, an adjustment of 1pp of GDP.

The economy is showing signs of revival, growing at an underlying
rate of almost 2% before being hit by a sharp contraction in
agriculture in the second half of 2014 (2H'14).  Unemployment fell
by 1.6pp in 2014, but remains high at 13.8%.  Growth in tourism,
the re-opening of some shuttered capacity in the bauxite and
alumina sector, infrastructure investments, a strengthening U.S.
economy and an improvement in terms of trade all point to stronger
growth in 2015-2016 of around 2%, well above the lacklustre five-
year average of 0.2%.

The government has demonstrated access to external bond markets,
prefinancing external debt maturities in 2015.  But it has been
unable to reopen the domestic debt market at medium and long term
maturities in local currency, still highly illiquid following the
domestic debt exchange in 2013.  Financing flexibility is
therefore limited.

The rating level also reflects the following factors:

Jamaica's government debt burden is the fourth-highest among rated
sovereigns, and well above the 'B' median.  Even after the debt
exchange, interest payments account for 28% of spending.  Around
61% of government debt is denominated in foreign currency,
including some domestic debt.  Currency depreciation worsens
government solvency.  While Jamaica has avoided imposing punitive
losses on bondholders, it has twice reprofiled domestic debt (in
2010 and 2013), which constitutes a default under Fitch's
methodology.

Structural indicators such as governance, human development and
per capita income are better than the 'B' median.  The crime rate,
which has deterred investment, is falling and business environment
indicators are improving, according to the World Bank's Doing
Business survey.

RATING SENSITIVITIES

These risk factors could individually or collectively lead to
positive rating action:

   -- Higher economic growth and improved fiscal performance
      leading to faster debt reduction.

Further reserve accumulation and strengthening in the balance of
payments would improve confidence in the Jamaican dollar.  This
would ease pressure on government solvency and inflation.

The current rating Outlook is Positive.  Consequently, Fitch does
not currently anticipate developments with a material likelihood
of leading to a downgrade.  However the following factors could
lead to a negative rating action:

Failure to adhere to the IMF programme would remove a source of
balance of payments support and hurt private sector and creditor
confidence, renewing concerns about fiscal and external financing.

   -- A sustained fiscal deterioration leading to higher
      unfavorable debt dynamics.

   -- Confidence shocks that lead to macroeconomic and financial
      sector instability.

KEY ASSUMPTIONS

Fitch assumes that Jamaica will continue to make the necessary
policy adjustments to successfully perform under the EFF,
contributing to rebuilding domestic confidence and receive
technical and financial support from multilaterals.

Fitch assumes that the Petrocaribe agreement with Venezuela for
the financing of oil imports will remain in place over the
forecast period.

Fitch's fiscal and external projections do not factor in weather-
related shocks over the forecast period.  Such events would
require additional policy adjustments to maintain fiscal
consolidation and macroeconomic stability.


UC RUSAL: Possible Good News for Jamaica's Bauxite-Alumina Sector
-----------------------------------------------------------------
RJR News reports that developments in the global aluminum market
could strengthen the Jamaican Government's resolve to have its
bauxite/alumina facilities reopened.

The latest developments come in the form of news from Russian
aluminum producer U.C. Rusal, according to RJR News.

The report notes that UC Rusal, which has a major stake in
Jamaica's bauxite/alumina sector, says aluminum stocks have
declined to four million metric tons for the first time since May
2009.

This decline in stocks has already caused the price of aluminum to
rise, the report relates.

UC Rusal's expectation is that reported and unreported stocks are
being delivered to markets to address the supply deficit, and up
until now there has not been significant downward pressure on
premiums, with levels in the US and Asia remaining around record
levels, the report discloses.

                           *     *     *

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


===============
P A R A G U A Y
===============


PARAGUAY: Economic Activity Has Slowed But Still Buoyant, IMF Says
------------------------------------------------------------------
On February 12, 2015, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Paraguay, and considered and endorsed the staff appraisal without
a meeting.

Economic activity in Paraguay has slowed from the record-high
growth in 2013, but remains buoyant. Construction, manufacturing,
and services led the expansion in 2014, whereas electricity
production declined, and re-exports suffered from weak growth in
Brazil.  Full-year growth is estimated to have slightly exceeded 4
percent.  Inflation spiked in early 2014 on account of higher food
and regulated prices, but subsequently eased, ending the year at
4.2 percent, slightly below the authorities' midpoint target.
Credit growth has moderated from earlier peak rates but still
hovers around 20 percent, while banks continue to report strong
capitalization and profitability.

Macroeconomic policies have been tightened somewhat since late
2013.  Tax revenue grew at a brisk pace in 2014, linked to better
enforcement and new taxes. Due to lower revenue from electricity
royalties and faster execution of spending in the latter part of
the year, the headline deficit increased slightly relative to
2013.  Still, estimates point to a modest contractionary impulse.
Monetary policy has been on hold since the central bank (BCP)
raised the official policy rate by 125 basis points, to 6.75
percent, between December 2013 and February 2014.

Real GDP is projected to remain close to 4 percent in 2015.  Weak
trading partner growth and lower export prices cloud the outlook,
and agricultural production is projected to rise only marginally
above the high level of 2014.  However, positive impulses should
come from the projected rebound in electricity generation, the
lower oil price, and the launch of new infrastructure projects.
The external current account is projected to switch from a small
surplus in 2014 to a moderate deficit in 2015, reflecting weaker
terms of trade.

Risks around the outlook are broadly balanced.  On the one hand,
worsening terms of trade could affect domestic spending more than
anticipated, while further ruble depreciation might hurt exports
to Russia.  On the other hand, looser-than-expected macroeconomic
policies and efforts to exploit a recently discovered hydrocarbon
resource could create upside surprises.  Inflation is expected to
hover around the 4.5 percent target in 2015, as recent Guarani
depreciation and a small positive output gap offset the impact of
lower commodity prices.

                    Executive Board Assessment

In concluding the 2014 Article IV consultation with Paraguay,
Executive Directors endorsed the staff's appraisal as follows:
The government has started to tackle some of the long-standing
structural weaknesses holding back development.  Tax collection
has improved significantly, creating space for higher public
investment; preparations are underway to launch several large
infrastructure projects; and the recently adopted "freedom-of-
information" law will foster government transparency.  These
efforts are commendable, and should be extended to achieve lasting
improvements in public services, institutional quality, and the
rule of law.  Such improvements, in turn, are critical to attract
investment, boost productivity, and underpin medium-term growth
and poverty reduction.

Paraguay's macroeconomic fundamentals remain sound, though the
2015 budget has dimmed hopes that the Fiscal Responsibility Law
(FRL) would provide a firm institutional anchor for fiscal
prudence.  Paraguay boasts moderate public debt, low inflation,
and strong external balances.  To consolidate macroeconomic
stability, the authorities have adopted new policy frameworks in
recent years, notably an inflation targeting regime and the FRL.
These frameworks provide appropriate anchors for policy.  It is
thus unfortunate that the approved 2015 budget envisages spending
and a deficit above the mandated limits. With due restraint in the
execution of the budget and continued efforts to improve tax
enforcement, it remains possible to achieve the original FRL
targets and thereby bolster the credibility of the fiscal rules.

Over time, a stronger budget process will be essential to support
fiscal discipline.

More broadly, it will be crucial to integrate the planned
improvement of public services into a prudent fiscal plan for the
medium term.  The authorities' reform strategy holds great
promise, but should not come at the expense of weakening
Paraguay's solid macroeconomic position.  This puts a premium on
generating sufficient revenue to accommodate spending plans and
preserve favorable debt dynamics.  To ensure public support, it is
important that additional revenue effectively translates into
better public services.  Civil service reform would assist this
endeavor, by rationalizing public employment and raising
efficiency.  A prudent medium-term fiscal plan should also
incorporate some buffer against adverse shocks, given the high
volatility of Paraguay's economic environment.

In the same vein, it will be important to contain fiscal risks
related to infrastructure projects, State Owned Entreprises
(SOEs), and public pension funds. Private sector participation in
infrastructure is welcome but must be managed carefully to contain
risks to the public finances.  Particular caution is warranted
with respect to deferred financing schemes that could create
government liabilities without the scrutiny of the regular budget
process. Fiscal risks could also arise from the missing oversight
of Paraguay's pension funds and their actuarial imbalances.  It is
encouraging that the authorities plan to address these risks
proactively, starting with the planned creation of a regulator.
Similar resolve is required to address the financial and
operational challenges in the SOE sector.

Monetary policy is currently well calibrated, and efforts should
focus on further enhancing the effectiveness of the inflation
targeting regime.  To strengthen the transmission of monetary
policy, it will be instrumental to develop a more active money
market and encourage gradual de-dollarization.  Meanwhile, the
central bank's plan to make its sales of government foreign-
currency receipts more predictable will help to distinguish these
transactions clearly from occasional discretionary intervention
within the flexible exchange rate regime.

In light of continued strong credit growth, the authorities should
closely monitor potential risks and consider targeted
macroprudential tightening.  Paraguay's banking system remains
sound, but the long-running credit expansion calls for vigilance.
To contain the risks from rising consumer indebtedness, lenders
should be formally required to observe prudent limits on
households' debt servicing capacity.  Other areas for stepped-up
oversight include foreign-currency lending; and the proper
recognition of credit risk in renegotiated loans.  In this
context, the proposed revision of the central bank and banking
laws is essential to put risk-based regulation and supervision on
a robust legal basis. Another priority is to strengthen the
governance, resources, and enforcement powers of Instituto
Nacional de Cooperativismo (INCOOP).



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


PUERTO RICO: Moody's Downgrades GO Bonds to Caa1
------------------------------------------------
Moody's Investors Service downgraded the Commonwealth of Puerto
Rico's general obligation bonds and guaranteed debt to Caa1 from
B2, its Sales Tax Financing Corporation (COFINA) senior and
subordinate bonds, respectively, to B3 and Caa1 from Ba3 and B1,
and the notes of the Government Development Bank for Puerto Rico,
to Caa1 from B3.  Additionally, the Puerto Rico Highway and
Transportation Authority's senior bonds were downgraded to Caa2
from Caa1, while ratings on the Puerto Rico Aqueduct and Sewer
Authority (PRASA) have been affirmed at Caa1, in connection with
this action.  Other securities affected are listed at the end of
this report.  A negative outlook has been maintained for all of
Puerto Rico's governmental and public corporation debt.

Tax revenue shortfalls attributable to sluggish economic growth
may accelerate the depletion of Puerto Rico's already very narrow
liquidity, leaving the commonwealth unprepared to manage
substantial growth in debt payments in the fiscal year starting
July 1.  Continued liquidity for operations and debt repayment
depends on access to a small lender group.  Tax reforms now before
the legislature, which are uncertain in their timing and their
results, further signal a rising degree of political risk that
could ultimately cause outcomes unfavorable to bondholders.  These
factors have increased the probability of default on GDB, GO,
COFINA and other central government debt to a high level, during
the next two years.  Downgrades of some ratings to Caa2, a notch
below the commonwealth's GO rating, reflect the vulnerability of
pledged revenues to a constitutional provision that provides a
claim in favor of general obligation bondholders.  At the same
time, we see no material increase in risks associated with PRASA.

The outlook for Puerto Rico remains negative.  Weakening liquidity
and economic deterioration may put increasing pressure on the
commonwealth's credit position in coming months, heightening the
risk of default on central government obligations.  Efforts to
access the capital market, if successful, may bolster liquidity in
the short term but will not address fundamental economic and
fiscal stress.  Significant tax reforms may have a longer-term
fiscal benefit, but also signal the difficulty of meeting all
obligations in the near term under the current fiscal structure.

What could make the rating go up:

  -- Moody's does not anticipate an upward rating movement at
     this time

What could make the rating go down:

  -- Indications that the commonwealth is actively considering
     debt restructuring or other strategies that would lead to
     default

  -- Significant further weakening of GDB liquidity

  -- Decline in revenues caused by economic or other factors

Puerto Rico is a territory of the United States.  It has issued
general obligation bonds, subject-to-appropriation bonds, pension
funding bonds, sales tax revenue bonds and bonds backed by
revenues of public utilities and authorities.

This action affects many of the commonwealth's securities,
including the GO debt, which is a full faith and credit obligation
of the commonwealth.

Use of Proceeds:

  - Not applicable.

Ratings Affected:

Downgraded to B3

  - COFINA Senior (from Ba3)

  - Puerto Rico Industrial Development Corp (PRIDCO, from Ba3)

Downgraded to Caa1

  - General Obligation and guaranteed debt (from B2)

  - Government Development Bank Notes (from B3)

  - Municipal Finance Agency (from B3)

  - COFINA Subordinate (from B1)

Downgraded to Caa2

  - Appropriation debt (from B3)

  - Employees Retirement System Pension Bonds (from B3)

  - Infrastructure Financing Authority (from B3)

  - Convention Center District Authority (from Caa1)

  - Highway Transportation Authority Senior (from Caa1)

Affirmed at Caa1

  - Aqueduct and Sewer Authority (Caa1)

Affirmed at Caa2

  - Highway and Transportation Authority Subordinate (Caa2)

The principal methodology used in rating the Commonwealth of
Puerto Rico, Puerto Rico Municipal Finance Agency, Puerto Rico
Highway & Transportation Authority, Puerto Rico Aqueduct and Sewer
Authority, Puerto Rico Infrastructure Financing Authority,
Government Development Bank for Puerto Rico, Convention Center
District Authority, and Puerto Rico Public Finance Corporation
debt was US States Rating Methodology published in April 2013.

The additional methodology used in rating the Puerto Rico Highway
& Transportation Authority debt, the Puerto Rico Infrastructure
Financing Authority debt, and the Puerto Rico Convention Center
District Authority debt was US Public Finance Special Tax
Methodology published in January 2014.

The additional methodology used in rating the Puerto Rico Aqueduct
and Sewer Authority was US Municipal Utility Revenue Debt
published in December 2014.

The additional methodology used in rating the Puerto Rico Public
Finance Corporation debt was The Fundamentals of Credit Analysis
for Lease-Backed Municipal Obligations published in December 2011.

The principal methodology used in rating the Puerto Rico Sales Tax
Financing Corporation debt and the Puerto Rico Industrial
Development Company debt was US Public Finance Special Tax
Methodology published in January 2014.  An additional methodology
used in this rating was US States Rating Methodology published in
April 2013.


SPORTS AUTHORITY: Moody's Cuts CFR to 'Caa1', Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded The Sports Authority Inc.'s
Corporate Family Rating to Caa1 from B3 and Probability of Default
Rating to Caa1-PD from B3-PD. Moody's also downgraded the rating
on the company's $300 million senior secured term loan to Caa1
from B3.  The ratings outlook is negative.

Ratings downgraded:

   -- Corporate Family Rating to Caa1 from B3;

   -- Probability of Default Rating to Caa1-PD from B3-PD ;

   -- $300 million senior secured term loan due 2017 to Caa1
      (LGD 3) from B3 (LGD 3)

The downgrade of the Corporate Family Rating to Caa1 reflects
Sports Authority's weak liquidity stemming from the need for the
company to address near-term debt maturities.  While maturing on
Nov. 16, 2017, the company's senior secured term loan will come
due on Feb. 2, 2016 if its subordinated notes remain outstanding
on that day.  In Moody's view, the term loan effectively became
current on Feb. 2, 2015.  In addition, the company's operating
performance and debt protection metrics remain weak, with lease-
adjusted debt/EBITDAR rising to over 8.25 times and EBITA/interest
falling well below 1.0 time in the latest twelve month period
ended Nov. 1, 2014. At these operating levels, Sports Authority's
capital structure is unsustainable over the longer term, and the
risk of a default, including a distressed exchange, is high given
the upcoming maturities.

Management continues to implement its operational improvement
plan, which includes cost savings initiatives and investments in
the customer shopping experience through improved product
merchandising and stock levels, more strategic store
remodel/relocation and marketing plans, and e-commerce
initiatives.  However, when considering margin pressures stemming
from a highly promotional retail environment and increased
shipping costs related to higher e-commerce sales, these
investments have exacerbated EBITDA declines.  Should these
initiatives not bear fruit over the next twelve months,
refinancing its capital structure could be challenging.

Sports Authority's $350 million subordinated notes (not rated by
Moody's) mature on May 3, 2016.  The $300 million secured term
loan matures on Nov. 16, 2017, but could come due on Feb. 2, 2016
if any subordinated notes remain outstanding on that day, or if
the subordinated notes are not refinanced with an extended
maturity date greater than 91 days after the term loan maturity
date.  The $650 million ABL (unrated by Moody's) expires on May
17, 2017.

The Caa1 rating on the senior secured term loan reflects its
junior position to the $650 million ABL, which has a first lien on
the company's more liquid assets.  The rating is also supported by
the cushion provided by more junior claims in the capital
structure, including $343 million of subordinated notes.

The negative outlook reflects the company's need to show
improvement in operations and improve liquidity by addressing near
term debt maturities.

The ratings could be downgraded if the probability of a default
increases over the very near term through the inability to
refinance its debt, or should substantive progress not be made by
the time the subordinated notes become current on May 3, 2015.
Continued weakening in operating performance and debt protection
metrics could also lead to a ratings downgrade.

The outlook could return to stable if the company addresses its
near term refinancing risk while maintaining adequate liquidity.
An upgrade would require maintenance of adequate liquidity via the
successful refinancing of its full capital structure, as well as
improved operating performance such that lease-adjusted
debt/EBITDAR falls below 7 times and EBITA/interest expense is
sustained above 1 times.

The Sports Authority, Inc. is a full-line sporting goods retailer
operating 467 stores in 41 states and Puerto Rico. Revenues
approached $2.7 billion for the twelve months ended Nov. 1, 2014.
The company is owned by private equity firm Leonard Green &
Partners, L.P.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.



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


* BOND PRICING: For the Week From Feb. 9 to Feb. 13, 2015
---------------------------------------------------------

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *