TCRLA_Public/150225.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, February 25, 2015, Vol. 16, No. 039


                            Headlines



A R G E N T I N A

ARGENTINA: In No Rush to Re-start Debt Restructuring Talks
PROVINCE OF MENDOZA: Moody's Rates US$10MM Notes Program '(P)Caa1'


B R A Z I L

BRAZIL: Analysts See Economy Contracting 0.50% This Year
MAGNESITA REFRATARIOS: Fitch Affirms 'BB' Issuer Default Ratings
PDG REALTY: Moody's Cuts CFR to 'B3/B1.br', Outlook Negative
SUL AMERICA SA: S&P Affirms 'BB' Rating; Outlook Stable


C A Y M A N  I S L A N D S

ACE NAVIGATOR: Commences Liquidation Proceedings
AIRLIE OPPORTUNITY: Placed Under Voluntary Wind-Up
AIRLIE OPPORTUNITY MASTER: Placed Under Voluntary Wind-Up
ALECTO FUND: Commences Liquidation Proceedings
ALTIMA CENTRAL: Commences Liquidation Proceedings

ALTIMA CENTRAL MASTER: Commences Liquidation Proceedings
BLUEBAY MACRO: Commences Liquidation Proceedings
BLUEBAY MACRO GENERAL: Commences Liquidation Proceedings
BLUEBAY MACRO (MASTER): Commences Liquidation Proceedings
BLUE HARBOUR: Placed Under Voluntary Wind-Up

CALON LIMITED: Commences Liquidation Proceedings
CCF MANAGED: Placed Under Voluntary Wind-Up
CFML CONSTELLATION: Placed Under Voluntary Wind-Up
G CAPITAL: Placed Under Voluntary Wind-Up
G CAPITAL FUND II: Placed Under Voluntary Wind-Up

G CAPITAL MASTER: Placed Under Voluntary Wind-Up
GE CAPITAL: Commences Liquidation Proceedings
LAZARD DIRECTIONAL: Placed Under Voluntary Wind-Up
LB OFFSHORE: Shareholders Receive Wind-Up Report
LIBYA FUND: Shareholders Receive Wind-Up Report

MARATHON DIRECTIONAL: Commences Liquidation Proceedings
ORCHARD DEJIMA: Commences Liquidation Proceedings
PACIFICO INVESTMENTS: Commences Liquidation Proceedings
POSEIDON PTC: Commences Liquidation Proceedings
POTOMAC RIVER: Placed Under Voluntary Wind-Up

PROJECT FINANCE: Commences Liquidation Proceedings
RAM CAPITAL: Placed Under Voluntary Wind-Up
REPSOL INTERNATIONAL: Commences Liquidation Proceedings
SHERMAN TRINITY: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Starts Tax Information Exchange With U.S.
DOMINICAN REPUBLIC: Big business Slams Transport Firms


J A M A I C A

NATIONAL COMMERCIAL: To Revise Fees Effective March 16


P U E R T O    R I C O

BANCO SANTANDER: Moody's Affirms 'D' Bank Fin'l. Strength Rating


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Incurs TT$97 Million Loss for 2014


                            - - - - -


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


ARGENTINA: In No Rush to Re-start Debt Restructuring Talks
----------------------------------------------------------
Reuters reports that debt-holders who want to jumpstart
restructuring talks with Argentina may have to wait until a court
rules next month on whether to let a disputed bond payment go
through, further extending a legal feud that has hobbled state
finances.

The case stems from Argentina's 2002 default on about $100
billion, which has weighed on Latin America's No. 3 economy by
locking it out of the global bond market at a time of stagnant
growth and high inflation, according to Reuters.

The report notes that hedge funds that rejected the terms of
Argentina's 2005 and 2010 restructurings, in which a vast majority
of holders took steep payment cuts, offered last month to restart
talks aimed at clearing the rest of the country's non-paying
sovereign bonds.

Asked by a reporter if Argentina would accept the offer to restart
talks, cabinet chief Jorge Capitanich said: "At this point, we'll
have to see the ruling in March," the report relays.

U.S. District Judge Thomas Griesa has halted payments on
Argentina's restructured bonds until a deal is reached with funds
demanding better terms than offered in 2005 and 2010, the report
notes.

Judge Griesa has set a March 3 hearing on whether Citigroup Inc
can process interest payments on bonds issued under local
Argentine laws, the report relays.  In November, he put off a
determinative ruling while allowing the bank to temporarily
process payments, the report discloses.

"That ruling should have been permanent," Mr. Capitanich said,
"considering it makes no sense to impede these payments," the
report notes.

The report says that Argentina said it was considering the offer
to re-open restructuring talks.  But any hope of a quick
settlement was doused when Mr. Capitanich said that Judge Griesa
and his hand-picked mediator, Daniel Pollack, have lined up with
the bondholders against Argentina, the report relays.

"With respect to Daniel Pollack, the mediator is not a mediator.
The mediator is representing the interests of the vulture funds.
This has been clear from the beginning," Mr. Capitanich said, the
report notes.  "He is no more impartial than Judege Griesa is,"
Mr. Capitanich added.

Buenos Aires said last year that the "RUFO" clause in the
restructured bonds blocked it from offering better terms than
investors got in the 2005 and 2010 exchanges, the report notes.

The clause expired at the end of 2014 but Argentina has shown
little interest in returning to restructuring talks with holders
it characterizes as "vultures" out to make astronomical profits on
bonds that many of them bought at steep discounts, 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'.


PROVINCE OF MENDOZA: Moody's Rates US$10MM Notes Program '(P)Caa1'
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a (P)Caa1 (global scale local currency) and Baa3.ar
(Argentina National Scale) ratings to the Province of Mendoza's
Notes Program for up to US$10 million.  In the same rating action
Moody's assigned Caa1 -global local currency scale- and Baa3.ar -
on Argentina National Scale- to the first series to be issued
under this program.  The ratings are in line with the province's
long term local currency issuer ratings, which carry negative
outlook.

This Program was authorized by Decree N§212/2015 of the Governor
of Mendoza.  According to the documentation reviewed by Moody's,
Series I notes will be denominated in US dollars but subscribed
and payable in Argentine pesos at the specified exchange rate.  As
a result, the US dollar will be a currency of reference and not a
means of payment.  For that reason, the transaction is considered
to be denominated in local currency.  This Series will reach up to
USD10 million and will have a maturity up to 4 years, with one
year of grace period.  The amount to be issued under Series I
notes represents only 0.3% of the Province of Mendoza's total
revenues projected for 2015.

The assigned debt ratings reflect the capacity of the Province of
Mendoza to honor these notes as captured in the current
Caa1/Baa3.ar issuer ratings.  The assigned ratings are based on
preliminary documentation received by Moody's as of the rating
assignment date.  Moody's does not expect changes to the
documentation reviewed over this period or anticipates changes in
the main conditions that the notes will carry.  Should issuance
conditions and/or final documentation of any of the rated series
deviate from the original ones submitted and reviewed by the
rating agency, Moody's will assess the impact that these
differences may have on the ratings and act accordingly.

Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the Province of Mendoza's ratings in
the near to medium term.  A downgrade in Argentina's bond ratings
would result in a downgrade of the ratings assigned.  A sharp
deterioration in the province's metrics such as a rapid increase
in the debt to revenues ratio could exert downward pressure on the
ratings assigned and could result in a downgrade of the ratings.

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


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


BRAZIL: Analysts See Economy Contracting 0.50% This Year
--------------------------------------------------------
EFE News reports that the private sector analysts expect Brazil's
economy to contract 0.50 percent this year, with inflation coming
in above the high end of the government's range, the Central Bank
said.

The gross domestic product (GDP) estimate was included in the
Boletin Focus, a weekly Central Bank survey of analysts from about
100 private financial institutions on the state of the national
economy, according to EFE News.

The report notes that analysts said they expected Brazil's GDP to
contract 0.42 percent.

The analysts, however, still expect GDP to grow 1.5 percent in
2016, the report relates.

The Brazilian Institute of Geography and Statistics, or IBGE, will
release the official 2014 GDP number on March 27, the report
discloses.

Analysts surveyed for the Boletin Focus expect Brazil to finish
2015 with an inflation rate of 7.33 percent, revising their
estimates upward from the 6.99 percent projection released at the
end of January, the report relates.

The government has an inflation target of 4.5 percent for the
year, with a 2 percent band, the report says.

Brazil finished 2014 with an inflation rate of 6.41 percent, well
above the 5.91 percent rate registered in the prior year but below
the top end of the government's range, the report discloses.

The report notes that the inflation rate for January was 1.24
percent, the highest monthly rate since 2003, and prices have
risen 7.14 percent over the past 12 months.

Economy Minister Joaquim Levy, meanwhile, said that the government
must move quickly to spark a new growth cycle, with export
promotion at the top of the list, the report relays.

"There is nothing problematic in Brazil's economy, which has many
advantages, such as human capital, we are in a position to re-
engineer our economy without great difficulties," Minister Levy
said in an address to the France-Brazil Chamber of Commerce in Sao
Paulo, the report notes.

The government must "make fast decisions, create a new
environment, lay the foundation for a growth cycle based on human
capital, savings capacity and natural resources," the report
quoted Mr. Levy as saying.

President Dilma Rousseff's administration "has the will and means
to make the necessary adjustments" to re-start economic growth,
Mr. Levy said, the report adds.


MAGNESITA REFRATARIOS: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the local and foreign currency Issuer
Default Ratings (IDRs) of Magnesita Refratarios S.A. (Magnesita)
at 'BB' and National Scale Ratings at 'A+(bra)'.  The Rating
Outlook has been revised to Negative from Stable.

The Negative Outlook on the ratings reflects Magnesita's slower
than expected deleveraging. The company's net leverage has been
trending higher than Fitch's base case expectations and is not
commensurate with current ratings. Within the next 12-to-18-month
time horizon, the company has the challenge to generate free cash
flow to facilitate a reduction in net debt-to-EBITDA to around
3.5x or below. Fitch expects the company to actively seek options
to support a swifter deleveraging process in order to avoid a
rating downgrade in the medium term.

Fitch anticipates the company will continue to develop its
business into new markets and regions, bringing benefits in terms
of business diversification; nonetheless its cost-cutting
initiatives and SG&A dilution may not be sufficient to fully
offset pressures on profitability. Magnesita's EBITDA margins are
expected to vary between 13%-15% from 2015 to 2018 taking into
account these developments.

Key Rating Drivers:

Solid Business Profile; Vertical Integration:

Magnesita's ratings are supported by its low-cost and vertically
integrated business model, long-life mine reserves, geographical
diversification, and its position as the world's third largest
refractory manufacturer in a highly fragmented market. The
company's core business is refractory solutions, comprising 89% of
BRL2.9 billion in revenues during the 12-month period ended on
Sept. 30 2014, followed by its services business line (6%), and
its minerals segment (5%). The company has strong long-term
relationships with customers throughout the world, including the
largest Brazilian steel producers, as well as leading Brazilian
and international cement producers.

Increasing Geographical Diversification; Profitability Should
Decrease but Still Well-Positioned within Peers:

Magnesita has large exposure to the cyclical steel industry, which
accounted for 74% of consolidated revenues in September 2014. Over
the last two years, the company has successfully intensified its
geographical diversification strategy, aiming to reduce its
dependence on the Brazilian steel industry. This has resulted in a
reduction of Brazil total share in revenues to 28% in 2014 from
36% in 2012. During 2015, Fitch expects it to decline to 25% and
to remain in the range of 20%-25% in the medium term. Magnesita's
market share in Brazil is around 80%, but in other regions with
improving steel industry prospects, such as the U.S., it has
greater growth potential. Magnesita's estimated US market-share is
20%. For 2015, Fitch expects this market to represent around 26%
of Magnesita's revenues.

Despite the steel sector's volatility, since 2008 Magnesita has
been able to maintain relatively stable EBITDA margins. Its solid
business model has supported a track record of industry-leading
EBITDA margins close to 15%. Nevertheless, the ongoing
geographical diversification and strategy to develop non-core
markets have demanded higher operating expenses and pressured its
profitability. Magnesita's EBITDA is expected trend down to the
range of 13%-15% in the next three years, yet it is still sound
compared to its peers which exhibit average EBITDA margins of
around 12%.

Operating Cash Flow Still Weak; Rebound in Working Capital

Magnesita's funds from operations (FFO) is still weak, mostly
impacted by its high interest expense burden and the ongoing
restructuring of its operations abroad. Positively, during 2014
the company benefited from improved working capital as a result of
efficiency measures. In 2013, the company's more aggressive
commercial strategy pressured its working capital requirements due
to the need to build inventory levels in new points of sales.
During the LTM September 2014, working capital requirements
decreased to BRL21 million compared to BRL150 million in 2013.
Operating cash FFO (CFFO) improved to BRL91 million in Sept. 30,
2014 from BRL7 million in 2013, but it is still below the average
of BRL190 million in the 2009-2013 period. The company is
currently aiming to work on liability management strategies in
order to reduce interest expenses financed.

The conclusion of the capex related to the Brumado mine has helped
to reduce pressure on Magnesita's total capex (BRL178 million) and
on free cash flow (FCF) generation in 2014. Magnesita's total
capex averaged BRL226 million during 2010-2013. Magnesita's
dividend payments are conservative at 25% of net income with BRL17
million paid for September 2014. During the LTM September 2014,
FCF was negative BRL77 million, an improvement from the negative
BRL214 million in 2013. For 2014, Fitch expects Magnesita's FCF to
be neutral to slightly negative.

Leverage is High; Limited Medium-Term Improvement Expected

Magnesita's weaker EBITDA generation and BRL devaluation have
pressured the company's net leverage ratios. As of Sept. 30, 2104,
the company's total and net adjusted debt-to-LTM EBITDA ratios
were 6.1x and 3.9x, respectively, compared to 5.8x and 3.5x for
2013 and 5.2x and 2.9x for 2012. Fitch includes BRL24 million
related to future obligations from acquisitions in Magnesita's
total adjusted debt. Foreign exchange risk for the company in the
medium term is partially mitigated due to its geographic
diversification, as approximately 70% of its EBITDA is generated
in foreign currency compared to 61% of its debt denominated in USD
and EUR.

Fitch's Base Case indicates adjusted EBITDA generation at around
BRL420 million for 2015, with EBITDA margins around 14%. FCF is
expected to be neutral to slightly negative by around BRL20
million following capex, with FFO interest coverage at about 1.8x
and net adjusted debt-to-EBITDA improving to around 3.6x.

Solid Liquidity Position

Magnesita's liquidity position indicates comfortable headroom for
the rating category, ending Sept. 30, 2014 with BRL885 million of
cash and marketable securities compared to short-term debt of
BRL286 million. Liquidity ratios are strong with cash-to-short-
term debt at 6.5x and cash plus CFFO-to-short-term debt at 7.3x.
Magnesita's debt amortization schedule is manageable, with BRL286
million in short-term and BRL476 million spread over the next
three years. The company's cash position is enough to meet all
current debt maturities through 2017.

Minerals Segment Expansion Suspended; Business Diversification
Limited

Magnesita recently announced its decision to suspend the
development of graphite mines in Almenara and Aguas Belas (Minas
Gerais) due to greater than expected capex needs. The mines have
potential resources of 48 million tons, considering the potential
exploration areas in both areas, which could be processed at the
same facility. Proven resources would allow for an operation of
approximately six years, with annual production of around 40,000
tons. The project was expected to be positive to Magnesita and
lead to further business diversification and high profitability
levels.

Key Assumptions

Fitch's key assumptions within the rating case for the issuer
include:

-- Low-digits revenue growth from 2015 onward;
-- Softer but still resilient EBITDA margins - EBITDA margin in
the 13%-15% range (14% expected at fiscal year-end 2015);
-- Capex at around BRL210 million per year and dividends remaining
at 25%;
-- Cash balance remains sound compared to short-term debt;
-- Reserve life replenished annually;
-- Net adjusted debt-to-EBITDA trending toward 3.5x;
-- No large-scale M&A activity.

Rating Sensitivities

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

--An upgrade is not likely in the next 12-18 months due to the
slow pace of deleverage process;
--Stabilizing the Outlook is dependent on the issuer's ability to
achieve a net leverage ratio below 3.5x by the end of 2015 through
an improvement in operating cash flow generation or an asset sale.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action:

--Prolonged downturn in the cyclical steel and cement markets that
hampers production volumes globally;
--Market share erosion in Brazilian market;
--EBITDA margins falling and remaining below 13%;
--Net adjusted leverage remaining above 3.5x;
--Deterioration of sound liquidity of short-term debt, leading to
refinancing risk exposure;
--Large M&A acquisition that moves the company's leverage beyond
3.5x, on a sustainable basis.

Fitch has affirmed the following ratings:

Magnesita Refratarios S.A.

--Long-term IDR at 'BB';
--Local currency long-term IDR at 'BB';
--National long-term rating at 'A+(bra)'
--Magnesita Finance senior unsecured ratings at 'BB'.

In addition, Fitch has affirmed and withdrawn the following
ratings:

Magnesita Finance Ltd

--Long-term IDR at 'BB';
--Local currency long-term IDR at 'BB'.

The Rating Outlook has been revised to Negative from Stable.

These ratings were withdrawn as these entities are no longer
considered analytically meaningful for the credit quality of the
notes that have been issued out of them. All of the aforementioned
notes that were issued by these special purpose entities were
fully guaranteed by Magnesita and the ratings of those issuances
remain outstanding.


PDG REALTY: Moody's Cuts CFR to 'B3/B1.br', Outlook Negative
------------------------------------------------------------
Moody's America Latina downgraded the Corporate Family Ratings
assigned to PDG Realty S.A. Empreendimentos e Participacoes to B3
on the global scale and to B1.br on the Brazilian national scale.
At the same time, Moody's has downgraded the company's BRL250
million senior secured bank credit notes to B3/B1.br, while the
company's BRL140 million senior unsecured debentures (7th
issuance) were downgraded to Caa1/Caa1.br.  The outlook for all
ratings remains negative.

Issuer: PDG Realty S.A. Empreendimentos e Participacoes (PDG)

Ratings downgraded:

  -- Corporate Family Ratings: to B3 from B1 (global scale) and
     to B1.br from Baa3.br (national scale)

  -- BRL250 million senior secured bank credit notes (CCBs) due
     in 2016: to B3/B1.br from B1/Baa3.br

  -- BRL140 million senior unsecured debentures due in 2018 (7th
     issuance): to Caa1/Caa1.br from B2/Ba2.br

  -- The outlook of all ratings is negative

The downgrade of PDG's ratings reflects the company's increased
liquidity risk due to large corporate debt maturities over the
next six to eight months and the challenging refinancing
conditions in 2015 as per the weaker industry fundamentals for
homebuilders in Brazil.  Despite PDG's large number of projects to
be completed during this year, Moody's believes that the company
could face delays in the conversion of its receivables as a result
of higher sales cancellations and lower financing availability
that will eventually delay its much needed leverage reduction.

The negative outlook reflects the challenges ahead of the
management to streamline the company's operations and address its
liquidity situation on a timely fashion to meet the upcoming debt
payments and promote an effective leverage reduction.

The B3/B1.br CFR ratings continue to reflect PDG's significant
position in the Brazilian homebuilding market, with a well know
brand name and diversity in terms of product offering, ranging
from low to high income apartments and office buildings.  However,
it also considers Moody's expectation that the company's financing
plans and ongoing execution challenges will result in a much
smaller and less diversified company in the medium term, which is
inconsistent with previous B1/Baa3.br CFR ratings.  The ratings
are further constrained by PDG's high leverage ratios and
liquidity risks in the near term.  The senior unsecured debentures
are rated one notch lower than the CFR on the global scale and
three notches lower on the Brazilian national scale, in order to
reflect the increasing subordination of those creditors to the
high proportion of secured debt in PDG's consolidated capital
structure (76 % as of September 30, 2014).

Since 2013, the company made significant progress towards business
unification and improvements in internal processes and controls.
On the other hand, dissolutions of vintage projects and sales
cancellations continued to pressure PDG's earnings and cash flow
generation.  As a result, while the adjusted gross margins
improved to 28.2% in the last twelve months ended Sep. 30, 2014
(vs. 27.4% in 2013), the company's inventory of completed and
unsold units increased to 13.8% of total inventory (up from 9.5%
in 2013) and the leverage, as measured by the total debt to book
capitalization ratio, remained high at 61.8% (61.4% at FYE13).

PDG reported a positive cash generation of BRL166 million in the
3Q14, reflecting its revised operating strategy.  It also
reflected an aggressive commercial strategy with large focus on
the sale of inventory units and price discounts.  Although cash
generation should improve in 2015, supported by the high number of
project deliveries combined with lower launches, PDG's liquidity
and leverage profile should remain pressured in the absence of
major asset divestures or a substantial capital increase.  Without
a material debt amortization, the company will continue to face
negative pressure in the internal cash flow generation from
increasingly higher debt costs that constrain its profit margin
recovery.

PDG's ratings could be further downgraded as a consequence of
additional deterioration in its liquidity profile as per continued
reduction in its cash balance position, potential difficulties in
rolling over its upcoming debt maturities or higher likelihood of
a debt restructuring that would entail significant losses for the
creditors.  Quantitatively, the ratings could be further
downgraded if total debt to capitalization increases above 65% or
EBIT interest coverage remains below 1.0x for a prolonged period.

A rating upgrade is unlikely in the short term, but PDG's outlook
could stabilize if the company is able to timely address its
liquidity needs and improve its debt maturity profile. Positive
rating pressure also depends on improvement of its leverage
metrics, such as total debt to capitalization falls below 60%
(61.8% as of September 30, 2014) and EBIT interest coverage moves
above 1.0x (0.9x LTM 3Q14) for two or more consecutive quarters.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.  For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

PDG Realty S.A. Empreendimentos e Participacoes (PDG) is one of
largest homebuilders in Brazil operating through its wholly owned
subsidiaries, Goldfarb, CHL, Agre and minority investments in
other companies.  The company currently has 231 projects in 14
states and virtually all price segments. During the last twelve
month ended Sep. 30, 2014, PDG generated net revenues of BRL4.9
billion (USD2.1 billion) and net losses of BRL288 million (USD124
million).


SUL AMERICA SA: S&P Affirms 'BB' Rating; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' global
scale foreign currency and 'brAAA' national scale ratings on Sul
America Cia Nacional de Seguros (SulAmerica).  S&P also affirmed
its 'BB' global scale and 'brAA' national scale ratings on Sul
America S.A. (SASA).  The outlook is stable.

The affirmation reflects S&P's view that SulAmerica has maintained
its "strong" business risk profile due to its strong competitive
position derived from its prevalent market position and good
underwriting performance compared with peers.  S&P has revised the
company's financial risk profile to "less than adequate," from
"lower adequate," based on S&P's expectation that the dividend
stream from fully-owned subsidiary SulAmerica to its parent, SASA,
will increase because the holding company has boosted its debt.
This has weakened total adjusted capital (TAC) to S&P's 'BBB'
capital adequacy.  "SulAmerica's financial risk profile also
reflects its ability to raise capital, if required, the company's
manageable debt levels, and low reinsurance utilization," said
Standard & Poor's credit analyst Gabriela Sebrell.


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


ACE NAVIGATOR: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 19, 2014, the sole shareholder of Ace Navigator Trading
Company 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:

          Doran Minehane
          Telephone: 00353 61 413200
          Facsimile: 00353 61 408613
          Crescent House, 4th Floor
          Hartstonge Street
          Limerick
          Ireland


AIRLIE OPPORTUNITY: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 18, 2014, the sole shareholder of Airlie Opportunity Fund
Cayman, Ltd. resolved to voluntarily wind up the company's
operations.

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:

          Dort Cameron III
          c/o Nicola Murray
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


AIRLIE OPPORTUNITY MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On Dec. 18, 2014, the sole shareholder of Airlie Opportunity
Master Fund Cayman, Ltd. resolved to voluntarily wind up the
company's operations.

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:

          Dort Cameron III
          c/o Nicola Murray
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ALECTO FUND: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 19, 2014, the sole shareholder of Alecto Fund Futures Plus
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:

          Doran Minehane
          Telephone: 00353 61 413200
          Facsimile: 00353 61 408613
          Crescent House, 4th Floor
          Hartstonge Street
          Limerick
          Ireland


ALTIMA CENTRAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 18, 2014, the sole shareholder of Altima Central Asia Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


ALTIMA CENTRAL MASTER: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 18, 2014, the sole shareholder of Altima Central Asia
Master Fund Limited resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


BLUEBAY MACRO: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 19, 2014, the members of The Bluebay Macro Fund 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:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          e-mail: dlarner@bdo.ky
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands


BLUEBAY MACRO GENERAL: Commences Liquidation Proceedings
--------------------------------------------------------
On Dec. 19, 2014, the shareholders of The Bluebay Macro General
Partner 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:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands


BLUEBAY MACRO (MASTER): Commences Liquidation Proceedings
---------------------------------------------------------
On Dec. 19, 2014, the members of The Bluebay Macro (Master) Fund
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:

          Russell Smith
          c/o Derek Larner
          Telephone: (345) 815 4555
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands


BLUE HARBOUR: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 19, 2014, the sole shareholder of Blue Harbour
Institutional Partners Offshore, Ltd. resolved to voluntarily wind
up the company's operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CALON LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 15, 2014, the shareholders of Calon 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:

          Anthony Beovich
          The Blackstone Group
          345 Park Avenue
          31st Floor, New York
          New York 10154
          United States of America
          Telephone: +1 (212) 583 5877
          e-mail: Beovich@Blackstone.com


CCF MANAGED: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 19, 2014, the sole shareholder of CCF Managed Futures Fund
Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 28, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Abdoos Samade Jhummun
          Argyll Management Services Limited
          The CORE, 7th Floor
          62 Cybercity Ebene
          Mauritius
          Telephone: +230 454 7008
          Facsimile: +230 454 7678


CFML CONSTELLATION: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 19, 2014, the sole shareholder of CFML Constellation Fund
Limited resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          City Fund Management Limited
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


G CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------
On Dec. 19, 2014, the sole shareholder of G Capital Fund, Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          G Capital Management LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


G CAPITAL FUND II: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 19, 2014, the sole shareholder of G Capital Fund II, Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          G Capital Management LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


G CAPITAL MASTER: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 19, 2014, the sole shareholder of G Capital Master Fund,
Ltd. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          G Capital Management LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


GE CAPITAL: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 19, 2014, the shareholder of GE Capital Cayman LDC
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 29, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


LAZARD DIRECTIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Dec. 19, 2014, the sole member of Lazard Directional Strategies
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


LB OFFSHORE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of LB Offshore Long/Short Fund (SPV), 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:

          Richard Fear
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


LIBYA FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Libya Fund Limited received on Jan. 28, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Thomas Kelly
          151 St John's Road
          Tonbridge Wells, Kent


MARATHON DIRECTIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 19, 2014, the shareholders of Marathon Directional 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:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


ORCHARD DEJIMA: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 19, 2014, the sole member of Orchard Dejima 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:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PACIFICO INVESTMENTS: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 18, 2014, the sole shareholder of Pacifico Investments
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 29, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Susan Lo Yee Har
          Hopewell Centre, Level 54
          183 Queen's Road East
          Hong Kong
          c/o Kim Charaman
          Telephone: (345) 914 3207
          Facsimile: (345) 945 4757


POSEIDON PTC: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 18, 2014, the sole shareholder of Poseidon PTC 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:

          Eagle Management Services Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands


POTOMAC RIVER: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 16, 2014, the sole shareholder of Potomac River Capital
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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:

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


PROJECT FINANCE: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 19, 2014, the shareholder of Project Finance XX, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 29, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


RAM CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------
On Dec. 18, 2014, the sole shareholder of Ram Capital Structure
Arbitrage Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands


REPSOL INTERNATIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 17, 2014, the sole shareholder of Repsol International
Capital 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:

          Francisco Javier Nogales Aranguez
          Repsol International Finance B.V.
          Koninginnegracht
          19 2514 AB The Hague
          The Netherlands
          Telephone: +31 70314 1617
          e-mail: jnogales@repsol.com


SHERMAN TRINITY: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 18, 2014, the sole shareholder of Sherman Trinity Trading
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:

          Doran Minehane
          Telephone: 00353 61 413200
          Facsimile: 00353 61 408613
          Crescent House, 4th Floor
          Hartstonge Street
          Limerick
          Ireland


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


DOMINICAN REPUBLIC: Starts Tax Information Exchange With U.S.
-------------------------------------------------------------
Dominican Today reports that the U.S. Internal Revenue Service
(IRS) and Dominican Republic's Internal Taxes Agency (DGII) have
begun a process to exchange bilateral financial and tax
information, as part of the Foreign Accounts Tax Compliance Law
(FATCA).

A delegation of the IRS' International Cooperation Program led by
its senior manager Aziz Benbrahim met with DGII officials and
financial technicians during two days to establish the protocols
to protect the tax information exchanged between the two agencies,
according to Dominican Today.

The report notes that the work included a bilateral assessment of
policies, practices, procedures and technological firmness to
protect confidential tax information both the US and Dominican
Republic's tax administrators.

The FATCA requires that financial institutions in other countries
with operations in the US make available bank accounts of citizens
of that country to US tax authorities, to verify their tax
compliance if required, the report relates.

Among the people subjected to such provision, approved in 2010,
but steps are now being taken to enact it, are US citizens and
legal residents and those classified as companies, estates or
trusts in the US, the report notes.


DOMINICAN REPUBLIC: Big business Slams Transport Firms
------------------------------------------------------
Dominican Today reports that the National Business Council (CONEP)
proposed the start of a comprehensive process to reform the
national transport system, rocked by a recent spate of attacks by
vandal on freight and passenger transport, where "companies hide
disguised as unions."

It said to renew the country's transport system will require
institutional and administrative action to ensure order, respect
for the law and free market competitiveness, a task which it
affirms the government and society must immediately undertake,
according to Dominican Today.

"The transport system is the basis of national development and
competitiveness.  Dominican Republic receives millions of
tourists, exports in large volumes and has the potential to become
a regional logistics center," the report quoted CONEP as saying.

The report relates that the CONEP however, said it would be
impossible to modernize the country's outdated, expensive and
informal transport system which in its view doesn't obey free
market rules and competition, and assumes no responsibility with
society.

"We cannot continue to suffer the embarrassment and indignity of
our passenger transport and businesses and producers cannot grow
and develop with freight supported by a gross abuse of a dominant
position," CONEP said, the report relays.

The report says that the entity headed by Rafael Blanco said the
darkness that protects the transport sector, "where real companies
are hidden under the guise of unions," has been a breeding ground
for malicious acts against the State and serious attacks against
public safety and social peace.  "Society must take responsibility
for curbing this situation and not be intimidated by the use of
force," CONEP said, the report added.


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


NATIONAL COMMERCIAL: To Revise Fees Effective March 16
------------------------------------------------------
RJR News reports that National Commercial Bank said it will revise
four of its fees effective March 16.

The bank said customers making a balance enquiry through its
branch or customer care center will pay J$1,165 for the service,
according to RJR News.

The report relates that transfers between own NCB accounts and to
third Party Accounts will also cost J$1,165 as of March 16.
Transfers between own NCB accounts will cost the equivalent of
US$10.30 in currencies such as Canadian, Pound sterling and
euro's, the report notes.

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Standard & Poor's Ratings Services raised National
Commercial Bank Jamaica Ltd.'s (NCBJ) stand-alone credit profile
(SACP) to 'b+' from 'b' following the revision.  S&P also affirmed
its 'B-' long-term and 'B' short-term issuer credit ratings on the
bank'.  The outlook remains positive.


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


BANCO SANTANDER: Moody's Affirms 'D' Bank Fin'l. Strength Rating
----------------------------------------------------------------
Moody's Investors Service affirmed all of its ratings on three
Puerto Rican banks: Banco Santander Puerto Rico (BSPR; deposit
rating of Baa1, standalone bank financial strength rating [BFSR]
of D); Popular, Inc. and its subsidiaries (bank deposit rating of
Ba3, standalone BFSR of D-); and FirstBank Puerto Rico (deposit
rating of B2, standalone BFSR of E+).

The banks' standalone baseline credit assessments (ba2 for BSPR,
ba3 for Popular and b2 for FirstBank) were maintained.  Following
the affirmations, the outlook for BSPR's rating remains stable,
while the outlooks for Popular's and FirstBank's ratings remain
negative.

Today's affirmations follow Moody's February 19 downgrade of the
general obligation (GO) bond rating of the Commonwealth of Puerto
Rico to Caa1 from B2.

The bank rating affirmations take into account Puerto Rico's
current economic conditions, which, although very weak, remain
within Moody's expectations for the banks' liquidity and capital
profiles.  The affirmations were in contrast to the downgrade of
Puerto Rico's GO bond rating, which reflected not only the
commonwealth's continued economic weakness, but also its reduced
liquidity, which has increased the probability of default on
central government debt over the next two years.  Moody's said the
three banks' ratings already incorporate risks stemming from
Puerto Rico's broader economic and fiscal challenges, including
the high probability of a public-sector default.

Moody's added that it had affirmed BSPR's supported deposit and
debt ratings because those ratings benefit from the bank's
connection with its US affiliate, Santander Bank, N.A. (deposit
rating of Baa1 stable).  Moody's believes that the deposit ratings
of affiliates in a US banking family should be equalized because
of regulatory powers afforded by the cross-indemnification
provisions of the Federal Deposit Insurance Act.

However, the banks will continue to face challenges, particularly
with respect to their public-sector exposures and the likelihood
that asset quality will deteriorate if economic conditions do not
improve.

Moody's said that if the commonwealth defaults on its debt, the
banks were likely to take losses on their public-sector exposures.
In this event, however, the banks' capital positions would provide
a sizable buffer.  At Dec. 31, 2014, BSPR's consolidated Tier 1
capital ratio was 28.0%, Popular's was 18.2% and FirstBank's was
17.9%. Popular's direct public-sector exposure (to the
commonwealth, public corporations and municipalities in the form
of outstanding loans and securities) amounted to 21% of Tier 1
capital (21% at year-end 2013), and FirstBank's to 23% (32% at
year-end 2013).  BSPR's public-sector exposure is not publicly
disclosed.

With regard to the banks' asset quality, Moody's expects
deterioration in the next year or two, given Puerto Rico's
protracted recession.  A deeper recession and higher unemployment
would further weaken business and household balance sheets, which
would have negative implications for the banks in the form of
higher non-performing assets, higher provisions and capital
erosion.

Following today's affirmations, the outlook for BSPR's standalone
bank financial strength rating is stable, whereas the outlook for
both Popular's and FirstBank's is negative.  BSPR's stable outlook
reflects the bank's strong capital and funding positions, both of
which have benefitted from the bank's strategy to deleverage in
recent years, as well as its comparatively stable asset quality
and profitability.  Because of its stronger capital and funding
positions, BSPR is better able to absorb additional macroeconomic
stresses.

The negative outlooks for Popular's and FirstBank's ratings
reflect the two banks' greater vulnerability to further
deterioration in Puerto Rico's economy.  Their capital positions
are also less robust than BSPR's to absorb additional stresses.
The negative outlooks additionally reflect that Popular and
FirstBank rely more on wholesale funding than BSPR does.
FirstBank has the weakest funding profile of the three banks, as
it relies the most on brokered deposits, which accounted for 30%
of its total deposits and 26% of its liabilities at 31 December
2014.


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


TRINIDAD CEMENT: Incurs TT$97 Million Loss for 2014
---------------------------------------------------
Leah Sorias at Trinidad Express reports that Trinidad Cement
Limited (TCL) has recorded major losses for financial year 2014.

At a press conference at the Queen's Park Oval, Woodbrook, chief
executive officer of the cash-strapped company, Alejandro Ramirez,
noted that TCL's profit before tax position fell by TT$136 million
compared with 2013, according to Trinidad Express.

The report notes that Mr. Ramirez noted that in 2013, pre-tax
profit stood at TT$39 million while in 2014, TCL recorded a loss
of TT$97 million.

The company also recorded a loss after taxation of TT$211 million
compared with a profit of TT$67 million in 2013, the report
relates.

However, sales increased by nine per cent, from TT$1.9 billion in
2013 to TT$2.1 billion in 2014, the report notes.  This was mainly
driven by TCL's cement and Readymix segments, the company noted,
the report says.

"The EBITDA (earnings before interest, tax, depreciation and
amortization) remained flat," the report quoted Mr. Ramirez as
saying.  "It was $408 million flat against 2013. Despite that
increase in the sales, EBITDA didn't increase because there were
some extraordinary items that affected the results."

The report relays that Mr. Ramirez said these "extraordinary"
expenses totaled TT$57 million and included the impairment of
weather damaged clinker (last product in the process of cement-
making), which was stored outside TCL's Barbados subsidiary Arawak
Cement Company for several years.

Mr. Ramirez noted that the 51,000 tons of the clinker have not
been used in years and based on an assessment of its quality it
was decided that 50 per cent of its value (TT$20 million) would be
decreased, the report says.

"We also have TT$12 million of back-payment that we had to do
regarding the arrangement we came to with the union.  Also there
was TT$6 million of legal cost on cases against the shareholders.
Then we have TT$19 million of an unsuccessful debt refinancing
exercise that the company took in May of last year, so that
totaled TT$57 million.  So if we compare on a like-to-like basis,
excluding these extraordinary items, you can see that the EBITDA
is 13 per cent. So in an operative basis it improved," the report
quoted Mr. Ramirez as saying.

Acting group finance manager Parasram Heerah noted that one of the
main drivers of the company's poor financial results over the last
few years was the performance of Arawak Cement Company, the report
relays.

Mr. Heerah said management has looked at the assets of Arawak as
well as the projection based on its existing performance and it
was determined that the future value of those assets was not
sufficient, the report notes.  Mr. Heerah said as a result, TCL
had to impair TT$153 million of the Barbados subsidiary, adds the
report.

Meanwhile, TCL chairman Wilfred Espinet noted that an additional
TT$3 million was impaired when operations of a terminal in Haiti
was stopped, the report discloses.

"We had a situation where we were paying a monthly rental on a
piece of land in Haiti which we had been doing for several years
and this was costing us more than US$800,000 a year.  There was
absolutely no activity done in Haiti through that piece of land so
maintaining it was a no-brainer.  We had to get out of there," the
report quoted Mr. Espinet as saying.

The company is hoping that the impairment of Arawak and deferred
tax can be reversed with improved performance, the report adds.

                           *     *     *

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

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

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

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

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


                            ***********


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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