TCRLA_Public/150304.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, March 4, 2015, Vol. 16, No. 044


                            Headlines



A R G E N T I N A

ARGENTINA: Testimony in NML's Bond Fight Ordered Unsealed
BANCO HIPOTECARIO: Posts ARS550 Million Net Income in 4Q 2014
BUENOS AIRES: S&P Affirms 'CCC-' Rating; Outlook Negative
YPF SA: Posts Quarterly Earnings Results


B R A Z I L

SBM BALEIA: Moody's Cuts Ratings on Sr. Sec. 2027 Notes to 'Ba3'


C A Y M A N  I S L A N D S

ALTERNATIVE INVESTMENT: Commences Liquidation Proceedings
ARDON MAROON: Commences Liquidation Proceedings
ARDON MAROON MASTER: Commences Liquidation Proceedings
BELMONT GLOBAL: Commences Liquidation Proceedings
BELMONT SPC: Commences Liquidation Proceedings

BROUGHTON CORPORATION: Commences Liquidation Proceedings
CHASE CAPITAL: Commences Automatic Liquidation
CLOVER INVESTMENT: Court Enters Wind-Up Order
ESPIAL CAPITAL: Placed Under Voluntary Wind-Up
GEROVA FINANCIAL: Creditors to Hold First Meeting on March 27

GEROVA HOLDINGS: Creditors to Hold First Meeting on March 27
GOODMAN KUNG: Commences Liquidation Proceedings
HEDGE FUND: Commences Liquidation Proceedings
HORIZON MARINE: Commences Liquidation Proceedings
INTEGRATED STRATEGIC: Commences Liquidation Proceedings

KIKIN LIMITED: Court to Continue Supervision of Liquidation
LAGRANGE CAPITAL: Commences Liquidation Proceedings
LEBLON VALUE: Placed Under Voluntary Wind-Up
LEBLON VALUE MASTER: Placed Under Voluntary Wind-Up
LIMMAT SELECT: Commences Liquidation Proceedings

LIONGATE LIQUID: Commences Liquidation Proceedings
LIONGATE PAN-LATAM: Commences Liquidation Proceedings
LIONGATE TACTICAL: Commences Liquidation Proceedings
NEXUS ENERGY: Placed Under Voluntary Wind-Up
NEXUS ENERGY SPC: Placed Under Voluntary Wind-Up

OFFSHORE CAPITAL: Creditors Hold First Meeting
PIONEER IRON: Creditors' Proofs of Debt Due March 5
SERVERTIS FUND I: Placed Under Voluntary Wind-Up
SPLENDOR CAPITAL: Commences Liquidation Proceedings
VC COMPUTER: Court Enters Liquidation Order


C O L O M B I A

PACIFIC RUBIALES: Fitch Cuts LT Issuer Default Ratings to 'BB'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Central Bank Holds Benchmark Rate at 6.25%


J A M A I C A

JAMAICA: PETCOM Sale Will proceed, Says Minister Paulwell
JAMAICA: Bank of Jamaica Reports Slowdown in Demand for Loans


T R I N I D A D  &  T O B A G O

FIRST CITIZENS: Names Karen Darbasie as New CEO


X X X X X X X X X

LATAM: Finance Credits to Face Difficult Conditions, Fitch Says


                            - - - - -


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


ARGENTINA: Testimony in NML's Bond Fight Ordered Unsealed
---------------------------------------------------------
Cara Salvatore at Law360.com reports that a Nevada federal
magistrate responding to a journalist's request said he will
unseal the deposition of a law firm employee at the center of NML
Capital Ltd.'s $1.7 billion search for judgment money in its bond
fight with the government of Argentina, according to a Thursday,
Feb. 19 order.

U.S. Magistrate Judge Cam Ferenbach ordered the testimony of MF
Corporate Services' Patricia Amunategui to be unsealed -- with
redactions of sensitive personal information -- in response to a
request by an Argentine journalist who has been investigating
potential ties between dozens of Nevada shell corporations and the
president of Argentina, according to Law360.com.

The report notes that Judge Ferenbach acknowledged the
"considerable stress" Amunategui has experienced and will
experience because of her role in the ordeal, however.

"The difficulties Ms. Amunategui faces are appreciable," the
report quoted Judge Ferenbach as saying.  "She is not a public
figure and not a party to the underlying lawsuit.  Nonetheless,
she finds herself at the center of a dispute involving $1.7
billion, a hedge fund, and a foreign nation's sovereign-default
crisis and a political scandal," Judge Ferenbach added.

To prevent the unsealing, Ms. Amunategui would have to show that
she would likely be harmed in a particular way and that her
interest in privacy overrode the public's interest in disclosure.
She was not able to do that, the judge said, the report relates.

"These matters cannot be litigated in secret," Judge Ferenbach
said, the report relays.  "Doing so would limit the public's
understanding of the court's final decision and, therefore, risk
weakening the judicial power, which depends upon public access and
trust," Judge Ferenbach added.

The journalist, Jorge Lanata, requested the unsealing in early
December.

The report relays that Ms. Amunategui has identified herself as
the vice president of MFCS, the Nevada outpost of Panama-based law
firm Mossack & Fonseca.

"We are obviously disappointed," Kent Woods, an attorney for MFCS,
said by email, the report says.   "There are a few procedural
issues left to resolve that are related to that order, and I am
hopeful that the people involved will respect the seal until those
issues can be worked out," Mr. Woods added.

In August, Judge Ferenbach granted NML Capital's request to wrest
information from numerous companies that the hedge fund says are
hiding $65 million embezzled from Argentina's coffers, ruling
against 123 Nevada entities the judge described as shell
companies, the report notes.

Judge Ferenbach said the companies must hand over information on
their finances, or provide a deponent, so that NML can try to find
out the location of money that was allegedly embezzled by current
Argentine President Cristina Fernandez de Kirchner, her husband,
and associate Lazaro Baez, the report discloses.  NML is going
after Argentine assets for repayment of $1.7 billion in bonds that
it has refused to restructure with the now-defaulted country, the
report notes.

The Argentine government has been investigating the alleged
embezzlement of the money since 2013.  It apparently came from
infrastructure projects, Judge Ferenbach said, the report relates.

Judge Ferenbach ordered that an attorney with Mossack & Fonseca,
which helped create the companies, or another deponent would have
to undergo a deposition in Las Vegas, the report relays.  It's not
currently clear whether that took place or whether Ms.
Amunategui's deposition served instead.

A representative for NML declined to comment.

NML is represented in the Nevada suit by Dennis Harry Hranitzky of
Dechert LLP, and Kirk B. Lenhard and Nikki Baker of Brownstein
Hyatt Farber Schreck LLP.

MF Corporate Services (Nevada) Ltd. is represented by Kent Woods
of Woods Erickson & Whitaker LLP.

The 123 entities are represented by Jason Wiley of Kolesar &
Leatham.

The case is NML Capital Ltd. v. Republic of Argentina, case number
2:14-cv-00492, in the U.S. District Court for the District of
Nevada.

                           *     *     *

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'.


BANCO HIPOTECARIO: Posts ARS550 Million Net Income in 4Q 2014
-------------------------------------------------------------
Banco Hipotecario S.A. reported its fourth quarter 2014 results.

Total net income for the year was ARS550.0 million, 30.7% higher
than ARS421.0 million of 2013.  Net income for the fourth quarter
was ARS46.3 million, compared to ARS145.3 million and ARS121.3
million of last quarter and same quarter of previous year,
respectively.

Net financial margin for the year was ARS2,321.5 million and
ARS1,629.6 million for 2013.  Net financial margin for the quarter
was ARS452.1 million, compared to ARS638.1 million of last quarter
and ARS532.7 million of same quarter of last year.

Aggregated net income from services of ARS1,909.8 million was
56.6% higher than 2013.  Net income from services for the quarter
was ARS622.3 million 28.8% higher than previous quarter, and 85.5%
higher than fourth quarter 2013.

Loans to the private sector increased 12.2% in the quarter and
33.0% YoY.

Deposits increased 19.2% in the quarter and a 68.4% YoY growth.

NPL slightly increased to 2.3% from 2.2% of 2013.  Coverage ratio
was 95.9%.

Equity ratio of 14.0%, compared to 18.9% of 2013.

                     About Banco Hipotecario

Banco Hipotecario S.A. provides various banking services in
Argentina. It accepts deposit products; and offers loan products
comprising mortgage, personal, and SME loans.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug.
21, 2014, Standard & Poor's Ratings Services affirmed its 'CCC-'
foreign currency ratings on Banco Hipotecario S.A., Banco
Patagonia S.A., and Banco de Galicia y Buenos Aires S.A.  At the
same time, S&P affirmed the 'CCC+' local currency ratings on these
banks and removed the ratings from CreditWatch with negative
implications, where S&P placed them on June 18, 2014.  The outlook
on the ratings is negative.


BUENOS AIRES: S&P Affirms 'CCC-' Rating; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency ratings on the city of Buenos Aires.  The outlook
remains negative.

RATIONALE

The creditworthiness of the city of Buenos Aires is constrained by
Argentina's "volatile and underfunded" intergovernmental
institutional framework, a strained macroeconomic environment and
"weak" liquidity levels, although these levels are somewhat
compensated by the city's recent issuance of $500 million in
senior unsecured notes.  On the other hand, the city's "moderate"
debt burden, which S&P expects to be about 27% of the city's
operating revenues by the end of 2015, "average" budgetary
performance with an expected operating surplus of 14%-15% of
operating revenues for the next two years despite high inflation,
and its "average" budgetary flexibility, with 90% own-source
revenues and capital expenditures (capex) of more than 15% of
total expenditures, support its creditworthiness.

Regardless of factors that influence the city's stand-alone
creditworthiness, S&P caps its long-term ratings on Buenos Aires
at the same level as the 'CCC-' T&C on Argentina (foreign
currency: SD/SD; local currency: CCC+/Negative/C).  S&P do so to
reflect the likelihood that the sovereign could restrict the
domestic entities' access to foreign currency for their debt
service obligations.  In S&P's view, the city doesn't meet the
criteria under which the foreign currency rating on a local or
regional government (LRG) could be higher than the related T&C
assessment.

Due to the cross-default clauses included in some of the city's
debt obligations, S&P don't believe it has sufficient liquidity to
meet all of its foreign and local currency debt obligations, if a
cross-default clause were to be activated amid stagnant
macroeconomic conditions after Argentina's selective default on
July 30, 2014.  Therefore, S&P also caps the local currency rating
on the city at 'CCC-'.

A weak economy -- low growth, high inflation, a dual exchange
rate, and uncertainty over medium-term prospects, which further
exacerbate Argentina's volatile and underfunded intergovernmental
institutional framework -- limits the creditworthiness on the city
of Buenos Aires.  Though its GDP per capita is high for Argentina,
the city's economy is subject to the same limited growth prospects
and volatile performance as the national economy.

The low economic growth, which S&P expects this year and next,
will present challenges to the city's weak financial management.
Mauricio Macri of the center-right Propuesta Republicana (PRO)
political party was reelected as mayor on July 10, 2011.  During
his second term, Macri oversaw reforms to gradually increase
revenues amid increasing expenditure demands due to inflation, new
expenditure needs, and the limited external financing access that
has been characteristic of entities operating in Argentina.
However, the relations between the city government and the federal
government have been fractious given that the mayor is the leader
of one of the main opposition parties and a key presidential
candidate in the 2015 elections.  As Macri is illegible to run for
a third term in 2015, it remains unclear if the PRO party will
once again win the mayoral elections.

The city of Buenos Aires has historically maintained a solid
budgetary performance.  In 2014, the city had a high operating
surplus of 16.4% of operating revenues and a deficit after capital
accounts of 2.6% of total revenues.  However, S&P expects some
volatility due to still high inflation and the upcoming local and
national elections.  In 2015, S&P expects an operating surplus of
about 14.6% of operating revenues and a deficit after capital
accounts of about 3% of total revenues.

The city's moderate debt burden underpins the city's
creditworthiness.  S&P expects its debt level to be about 27% of
operating revenues by the end of 2015.  Although the city managed
to issue a $500 million bond in international capital markets in
February 2015, S&P expects this will only temporarily increase the
city's total debt relative to operating revenues, given that
Buenos Aires faces a $475 million bond amortization on April 6,
2015.  Nevertheless, Buenos Aires' debt burden could be
potentially volatile given that about 99% of it is denominated in
foreign currency.

Given that the city generates about 90% of its operating revenues
and its capex of more than 15% of total expenditures, it has ample
budgetary flexibility.  However, due to the recent extensive tax
reforms, S&P believes that it has limited leeway in further
raising taxes given their high political cost during an election
year.  Additionally, similar to other LRGs in Argentina, the city
of Buenos Aires is subject to ongoing public-sector wage increase
demands because of high inflation.  S&P believes that these
demands will continue to pressure the city's operating
expenditures over the next two years, hampering its ability to cut
expenditures.

Buenos Aires has "moderate" contingent liabilities.  Its largest
asset is its fully owned bank, Banco de la Ciudad de Buenos Aires.
The city guarantees the bank's liabilities under its statuary
terms.  During the past five years, the bank has been
strengthening its financial profile thanks to good asset quality
and improved solvency.

Liquidity

Overall, the city's liquidity is "weak" because its estimated free
cash and reserves are insufficient to cover the 2015 projected
debt service.  In addition, the city has large upcoming external
debt amortizations -- for $475 million in April 2015 and for $415
million in 2017 -- which will add volatility to its liquidity
levels.  Furthermore, because almost all of its debt is
denominated in foreign currency (about 99%), it will also add
volatility to the city's debt service due to the volatile exchange
rate in Argentina.

S&P estimates the city's debt service in 2015 will be about ARP7.8
billion.  S&P also estimates that the city has free cash of about
ARP817 million, covering only about 10.5% of the estimated 2015
debt service.  However, the city's recent $500 million bond
issuance will cover the $475 million bond amortization in April.

Outlook

The negative outlook reflects the potential implications that
further restrictions to foreign currency access could have on the
city's ability to continue to pay its debt service in a timely
manner amid limited external financing due to the sovereign's
selective default in 2014.  S&P could lower the ratings on the
city if it perceives the central government might further tighten
its exchange control regime, which could impair the city's ability
to service its foreign currency debt.  On the other hand, S&P
could raise its ratings if the risks of the sovereign's limited
access to foreign currency diminish.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Buenos Aires (City of)
Issuer Credit Rating                   CCC-/Negative/--
Senior Unsecured                       CCC-


YPF SA: Posts Quarterly Earnings Results
----------------------------------------
The Legacy reports that YPF SA released its earnings data on March
27.  American Banking and Market News said that the company
reported $0.41 earnings per share for the quarter, missing the
analysts' consensus estimate of $0.75 by $0.34, according to The
Legacy.

The report notes that a number of research firms have recently
commented on YPF.  Analysts at JPMorgan Chase & Co. reiterated a
"hold" rating and set a $30.00 price target (down previously from
$41.00) on shares of YPF SA in a research note on Tuesday,
February 3, the report relays.

Analysts at Deutsche Bank downgraded shares of YPF SA to a "hold"
rating and set a $31.00 price target on the stock in a research
note on Monday, January 5, the report recalls.

Finally, analysts at Zacks downgraded shares of YPF SA from an
"outperform" rating to a "neutral" rating and set a $28.80 price
target on the stock in a research note on Thursday, January 1, the
report relays.

Five equities research analysts have rated the stock with a hold
rating and one has issued a buy rating to the company, the report
discloses.  The company currently has a consensus rating of "Hold"
and an average target price of $29.93, the report adds.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2015, Fitch Ratings rates YPF S.A.'s (YPF) reopening of
the company's 2018 and 2024 notes by up to USD750 million 'CCC'.
The company's rated notes with maturity dates of December 2018 and
April 2024 notes total, before the reopening, USD587 million and
USD1 billion respectively.  The 2024 notes have a 10-year maturity
with amortizations in years eight (30%), nine (30%) and 10 (40%).
The 2018 notes have a bullet maturity.


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


SBM BALEIA: Moody's Cuts Ratings on Sr. Sec. 2027 Notes to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service (Moody's) downgraded the ratings of the
senior secured notes of the following issuers:

SBM Baleia Azul, SII/ S.a.r.l.

  -- Senior secured global notes due September 2027 downgraded to
     Ba3 from Ba1

  -- Approximately US$400 million of debt affected

Lancer Finance Company (SPV) Limited

  -- Senior secured global notes due July 2016 downgraded to B1
     from Ba1

  -- Approximately US$80 million of debt affected

Schahin II Finance Company (SPV) Limited

  -- Senior secured global notes due September 2022 downgraded to
     B1 from Ba1

  -- Approximately US$675 million of debt affected

QGOG Atlantic / Alaskan Rigs Limited

  -- Senior secured global notes due July 2018 downgraded to B1
     from Ba1

  -- Approximately US$372 million of debt affected

Odebrecht Drilling Norbe VIII/IX Ltd.

  -- Senior secured global notes due June 2021 downgraded to B2
     from Ba1

  -- Approximately US$1.275 billion of debt affected

Odebrecht Offshore Drilling Finance Limited

  -- 6.75% and 6.625% senior secured global notes due in October
     2022 downgraded to B2 from Ba1

  -- Approximately US$ 2.151 billion of debt affected (US$ 2.122
     billion after March 2nd)

All ratings remain on watchlist under review for possible
downgrade.

Moody's actions reflect the increased liquidity risk associated
with the deteriorating credit profile of Petroleo Brasileiro S.A.
('Petrobras') (Ba2/On Review), the sole contractual off-taker and
revenue source to service the outstanding debt issued by the above
referenced entities.  On Feb. 24, 2015 Moody's downgraded all
ratings for Petrobras (including debts rated based on Petrobras'
guarantee), including a downgrade of the company's senior
unsecured debt to Ba2 from Baa3, and assigned a Ba2 Corporate
Family Rating (CFR) to the company.  Moody's also lowered the
company's Baseline Credit Assessment (BCA) to b2 from ba2.  All
Petrobras' ratings remain on review for downgrade.

Petrobras' rating downgrade reflects continued concerns about the
potential impacts of the on-going corruption investigations as
well as significant liquidity pressures that could arise as a
consequence of Petrobras' failure to provide timely financial
statements.  Petrobras' debt agreements include covenants for the
provision of financial statements.  Extended delays in providing
financial statements pose the risk that creditors may take actions
that could eventually lead to payment acceleration.  For a more
detailed discussion of the recent Petrobras rating action, please
refer to Moody's press release 'Moody's downgrades Petrobras'
ratings to Ba2; maintains review for downgrade', dated Febr. 24,
2015.

The rating actions on the issuers also take into account, on a
relative basis, the vessels' recent operating performance in 2013
and 2014 as measured by average uptime, the age and value of the
vessels, chartered daily rates as compared to current market daily
rates, maturity of the outstanding debt, re-contracting risk,
liquidity arrangements as measured by level of reserve accounts,
and the potential impact on the issuers as a result of the
corruption investigations at the off taker's and sponsors' level,
where applicable.

Moody's do not anticipate upward pressure in the near to medium
term.  The review of the issuers' ratings will continue to focus
on a number of credit factors including: (i) any further
deterioration of Petrobras' ratings, (ii) Petrobras' production
and exploration strategy amid weakening sector fundamentals due to
falling oil prices and other developments, and how the vessels fit
into Petrobras' strategy, (iii) uncertainties due to the on-going
corruption investigations, (iv) financial and operating
performance, (v) legal constructs, and (vi) the risk that
bondholders may accelerate a material amount of debt if Petrobras
does not produce audited financial statements in a timely basis.

In case of negative outcomes related to the ongoing corruption
investigations at Petrobras and/or certain issuers' sponsors, the
review will assess the ability of the issuers' sponsors to renew
its contracts or continue to provide services to Petrobras
pursuant to their respective executed charter and services
agreements. Moody's also expect that re-chartering risk will be
exacerbated by lower market-based daily rates caused by falling
oil prices worldwide. T he review will also assess whether further
differentiation among the issuers ratings is deemed necessary
based on the specifics of each transaction on an individual as
well as on a relative basis.

SBM Baleia Azul, SII/ S.a.r.l.

The downgrade reflects primarily the further deterioration of the
credit risk profile of Petrobras, the sole contractual off-taker
and revenue source to service the outstanding Notes.

In addition, falling oil prices on a worldwide basis impact the
value of the Project asset, FPSO Cidade de Anchieta (the
"vessel"), a key piece of the security package.  The change in
economic fundamentals could dampen demand for FPSOs on a worldwide
basis, thereby impacting the ability to re-contract the vessel in
the extreme case that the charter and services agreements are
terminated prior to debt maturity.  Notwithstanding, it is Moody's
view that FPSOs present lower operating and technology risk than
drilling rigs.

The Notes are secured on a senior basis by the revenues received
from the Charter Agreement with Petrobras for the use of the FPSO
Cidade de Anchieta.  The rating incorporates the debt structure
which fully amortizes three years prior to the end of the
Petrobras Charter Agreement, the stable and strong cash flow
generation capability of the asset evidenced by historically high
average uptimes absent negative potential developments related to
Petrobras.  Revenues stemming from the associated Services
Agreement between Petrobras and SBM do Brasil are not pledged to
the Notes' investors.  The Notes are also secured by a first
priority mortgage on the vessel as well as the pledge of shares of
the Issuer and by all transaction accounts, as is customary in
this type of transaction.

Lancer Finance Company (SPV) Limited

The transaction is based on the charter agreement for the use of
the S.C. Lancer drilling vessel between Petrobras and Turasoria
S.A., L.L.C.. Under the agreement, Petrobras pays the lessor a
daily rate irrespective of whether the vessel is actively
drilling, is engaged in another activity such as moving to another
job site, waiting to get a drilling assignment, or is unable to
operate due to bad weather.  The issuer will service the debt on
the notes according to a schedule that comprises pre-defined
interest payments and target principal amortization until the
expected repayment of the Notes in June 2016.

The ratings also take into account the relatively short time until
the final maturity of the Notes (July 2016), with no re-
contracting risk at maturity. Notwithstanding, the ratings are
somewhat constrained by the relatively limited transparency
practices at the holding and operator levels when compared to its
rated peers.

Schahin II Finance Company (SPV) Limited

Schahin II Finance Company (SPV) Limited ("the Issuer"), is a
special purpose company established in the Cayman Islands, the
activities of which are limited to the issuance and the repayment
of the Notes. Dleif Drilling LLC., the owner of the vessel ("the
Owner"), is a Delaware limited liability company, the activities
of which are limited solely to owning and chartering the vessel.
Schahin P&G is the operator of Sertao, as well as of a sister
drilling vessel called the Cerrado, for which net revenues at the
bottom of its waterfall are pledged to this transaction to help
support the payments of the outstanding debt of the Issuer.
Schahin P&G is wholly owned by Schahin through Schahin Holding
S.A. The Notes were issued in 2012, and are due in September 2022.

The vessel chartered to Petrobras has presented operational
performance that exceeds Moody's original base case projections.
Notwithstanding, the transaction has been structured to include a
gross balloon payment of approximately US$219 million at maturity
(September 2022), which is reduced to a net balloon of US$109.5
million when considering the cash trapping mechanism in the three
years prior to debt maturity.  Despite the option to extend the
charter agreement for additional 10 years, the ratings are further
constrained by the transaction's inherent re-contracting risk
which is further potentially impacted by developments at
Petrobras, in addition to the relatively limited transparency
practices at the holding and operator levels when compared to its
rated peers.

QGOG Atlantic / Alaskan Rigs Limited

QGOG Atlantic / Alaskan Rigs Limited, ("QGOG A/A" or the "Issuer")
is a special purpose vehicle organized under the laws of the
British Virgin Islands.  The Issuer is jointly owned in equal
parts by Alaskan Star Ltd (BVI) and Star International Drilling
Ltd (Cayman Islands), both of which are wholly owned by Hopelake
Services Limited (BVI).

The Alaskan Star and the Atlantic Star are mid-water drilling
moored rigs. Both rigs are currently operating in Brazil under
charter with Petrobras, with the charter agreement for the Alaskan
Star ending November 2016, while the charter agreement for the
Atlantic Star will end in July 2018.  The US$700 million senior
secured notes were issued by QGOG A/A in July 2011, and are due in
July 2018, with a relatively small gross balloon payment of
US$49.3 million, which Moody's expect that at maturity will be
fully covered with funds captured through the retention mechanisms
and letters of credit.

Both Alaskan Star and Atlantic Star have demonstrated strong
operating performance above Moody's original base case projections
for these type of vessels (drilling rigs). Notwithstanding,
despite the relatively small gross balloon payment at maturity,
re-contracting risk is exacerbated by charter daily rates that are
only marginally below current market daily rates.

Odebrecht Drilling Norbe VIII/IX Ltd.

Odebrecht Drilling Norbe VIII/IX Limited is a wholly-owned
subsidiary of Odebrecht Oil and Gas S.A. ("OOG" or the "Company",
not rated), organized as a limited liability company under the
laws of the Cayman Islands.  The activities of Odebrecht Drilling
Norbe VIII/IX Limited are limited to the issuance of the Notes and
making the corresponding loan to each of the Project Companies,
Odebrecht Drilling Norbe Eight Gmbh and Odebrecht Drilling Norbe
Nine Gmbh, domiciled in Austria which own, respectively, the
vessels Norbe VIII and Norbe IX.  Each of the Project companies
has a 10-year Charter Agreement with Petrobras, which began at the
start of operation of each drilling vessel (2011) under which
Petrobras pays a contracted daily rate for the use of each vessel.
Both the Charter and the Services Agreements signed with Petrobras
are extendable, upon mutual agreement between OOG and Petrobras,
for additional 10 years at the end of the original expiration.

During the assessed period (2013/2014), Norbe VIII presented
average uptime performance significantly below Moody's original
base case projections.  This contrasts with the very strong
operating performance of Norbe IX.  The transaction has been
structured to include a gross balloon payment of approximately
US$450 million at maturity (June 2021), which is reduced to a
still relatively large net balloon of US$225 million when
considering the cash trapping mechanism in the three years prior
to debt maturity embedded in the transaction structure.

Odebrecht Offshore Drilling Finance Limited

Odebrecht Offshore Drilling Finance Limited ("OODFL" or "Issuer")
is an exempted company organized under the laws of the Cayman
Islands, indirectly owned by Odebrecht Oil and Gas (not rated).

The transaction consists of the securitization of future flows of
the Charter and Services Agreements between Petrobras and ODN I
GmbH and ODN Six GmbH, which solely own OODFL, associated with a
state-of--the-art, brand new 3-asset portfolio: two drillships ODN
I and ODN II, and one semisubmersible rig, Norbe VI.

On February 14, 2014 OODFL completed a $580 million note offering,
which added ODN Tay IV, a semisubmersible rig to the collateral
package.  ODN Tay IV is a fifth generation ultra-deepwater,
purchased by OOG in 2011, at which time it was operating in
Nigeria for Total SA by Stena Drilling.

The ratings of OODFL are constrained by the differing uptime
performance among its 4-asset portfolio with ODN1 and Tay IV
lagging behind, posing pressure on the issuer's ability to service
debt.  The ratings are further constrained by a relatively large
net balloon payment at debt maturity, which is somewhat offset by
a relatively low re-contracting risk given average chartered daily
rates significantly below market daily rates.

The principal methodology used in these ratings was Generic
Project Finance Methodology published in December 2010.


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


ALTERNATIVE INVESTMENT: Commences Liquidation Proceedings
---------------------------------------------------------
On Jan. 2, 2015, the sole shareholder of Alternative Investment
Solutions 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:

          Margaret Thompson
          Telephone: (345) 916 5628
          10 Market Street, Suite 140
          Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


ARDON MAROON: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 30, 2014, the shareholders of Ardon Maroon Asia Dragon
Feeder Fund 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 Griffin
          c/o Richard Gardner
          Telephone: +1 (345) 743 6830
          e-mail: richard.gardner@fticonsulting.com
          FTI Consulting (Cayman) Ltd.
          2D Landmark Square, 64 Earth Close
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


ARDON MAROON MASTER: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 30, 2014, the shareholders of Ardon Maroon Asia Master
Fund 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 Griffin
          c/o Richard Gardner
          Telephone: +1 (345) 743 6830
          FTI Consulting (Cayman) Ltd.
          2D Landmark Square, 64 Earth Close
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


BELMONT GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 31, 2014, the sole shareholder of Belmont Global SPC
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:

          Stratus FOHF Liquidation Services Ltd
          Vincenti Buildings
          29/19 (Suite 1163) Straight Street
          Valletta, VLT 1432
          Malta
          c/o Armand van Houten
          Telephone: + 356.2546.6066


BELMONT SPC: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 31, 2014, the sole shareholder of Belmont SPC 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:

          Stratus FOHF Liquidation Services Ltd
          Vincenti Buildings
          29/19 (Suite 1163) Straight Street
          Valletta, VLT 1432
          Malta
          c/o Armand van Houten
          Telephone: + 356.2546.6066


BROUGHTON CORPORATION: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on Dec. 22, 2014, the members of
Broughton Corporation resolved to voluntarily liquidate the
company's business.

Only creditors who were able file their proofs of debt by Feb. 12,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Philip Mosely
          Harbour Centre, Ground Floor
          P.O. Box 1569 42, North Church Street
          George Town
          Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891
          e-mail: general@caymanmanagement.ky


CHASE CAPITAL: Commences Automatic Liquidation
----------------------------------------------
Chase Capital Partners Private Equity Fund of Funds II, Ltd.
commenced automatic liquidation as per Article 149 of the
Memorandum and Articles of Association.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


CLOVER INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------
On Dec. 11, 2014, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Clover Investment Advisors Ltd.

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

The company's liquidators are:

          Michael Pearson
          Andrew Childe
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street, Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 947 5855


ESPIAL CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 31, 2014, the sole shareholder of Espial Capital 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:

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


GEROVA FINANCIAL: Creditors to Hold First Meeting on March 27
-------------------------------------------------------------
The creditors of Gerova Financial Group Limited will hold their
first meeting on March 27, 2015, at 10:00 a.m.

Proxy forms for the meeting must be lodged with the company's
liquidators by March 26, 2015.

The company's liquidators are:

          Charles Thresh
          Mike Morrison
          KPMG Advisory Limited
          Crown House, 4 Par-la Ville Road
          Hamilton HM 08
          Bermuda


GEROVA HOLDINGS: Creditors to Hold First Meeting on March 27
------------------------------------------------------------
The creditors of Gerova Holdings Limited will hold their first
meeting on March 27, 2015, at 11:30 a.m.

Proxy forms for the meeting must be lodged with the company's
liquidators by March 26, 2015.

The company's liquidators are:

          Charles Thresh
          Mike Morrison
          KPMG Advisory Limited
          Crown House, 4 Par-la Ville Road
          Hamilton HM 08
          Bermuda


GOODMAN KUNG: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 30, 2014, the shareholders of Goodman Kung Yip Investments
No.2 resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          A. Lawson
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jenna Nicholson
          Telephone: +1 345-4494
          Facsimile: +1 345-949-7164
          Century Yard, 2nd Floor, Cricket Square
          Elgin Avenue, Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


HEDGE FUND: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 16, 2014, the members of Hedge Fund Ventures Ltd. resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 89 Nexus Way
          Camana Bay, Grand Cayman KY1-1205
          Cayman Islands


HORIZON MARINE: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 2, 2015, the sole shareholder of Horizon Marine
Construction 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:

          Quinn J. Hebert
          Cal Dive Offshore Contractors, Inc
          Telephone: (713) 361-2600
          Facsimile: (713) 586-7338
          2500 CityWest Blvd.
          Suite 2200, Houston
          Texas 77042
          USA


INTEGRATED STRATEGIC: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 19, 2014, the shareholders of Integrated Strategic Funds
Limited resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Christopher Smith
          Krys & Associates Cayman Ltd
          23 Lime Tree Bay Avenue
          Governors Square
          Building 6, 2nd Floor
          P.O. Box 31237, Grand Cayman KY1-1205
          Cayman Islands


KIKIN LIMITED: Court to Continue Supervision of Liquidation
-----------------------------------------------------------
On Dec. 9, 2014, the Grand Court of the Cayman Islands entered an
order to continue its supervision of Kikin Limited's liquidation.

The company's liquidator is:

          Alyson Reilly
          Krys Global, Governors Square
          Building 6, 2nd Floor, 23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Evette Burnell
          Telephone: +1 (345) 947 4700
          e-mail: evette.burnell@krys-global.com


LAGRANGE CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 29, 2014, the shareholders of Lagrange Capital Partners
Offshore Fund Ltd resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          A. Lawson
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jenna Nicholson
          Telephone: +1 345-4494
          Facsimile: +1 345-949-7164
          Century Yard, 2nd Floor, Cricket Square
          Elgin Avenue, Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


LEBLON VALUE: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 29, 2014, the sole shareholder of Leblon Value Hedge 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:

          Leblon Equities Gestao De Recursos Ltda.
          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


LEBLON VALUE MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 29, 2014, the sole shareholder of Leblon Value Hedge
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:

          Leblon Equities Gestao De Recursos Ltda.
          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


LIMMAT SELECT: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 31, 2014, the sole shareholder of Limmat Select Plus 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:

          Stratus FOHF Liquidation Services Ltd
          Vincenti Buildings
          29/19 (Suite 1163) Straight Street
          Valletta, VLT 1432
          Malta
          c/o Armand van Houten
          e-mail: info@stratus.com.mt
          Telephone: + 356.2546.6066


LIONGATE LIQUID: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 17, 2014, the sole shareholder of Liongate Liquid
Opportunities Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647


LIONGATE PAN-LATAM: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 17, 2014, the sole shareholder of Liongate Pan-Latam Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647


LIONGATE TACTICAL: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 17, 2014, the sole shareholder of Liongate Tactical
Opportunity Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647


NEXUS ENERGY: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 31, 2014, the sole shareholder of Nexus Energy Partners
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:

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


NEXUS ENERGY SPC: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 31, 2014, the sole shareholder of Nexus Energy Partners
SPC 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:

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


OFFSHORE CAPITAL: Creditors Hold First Meeting
----------------------------------------------
The creditors of Offshore Capital Limited held their first meeting
on Feb. 17, 2015.

The company commenced wind-up proceedings on Dec. 11, 2014.

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

The company's liquidator is:

          Andrew Childe
          c/o Trudy-Ann Scott
          Fund Solution Services
          Harbour Centre, 2nd Floor
          42 North Church Street
          George Town
          Cayman Islands
          Telephone: +1 (345) 947 5855


PIONEER IRON: Creditors' Proofs of Debt Due March 5
---------------------------------------------------
The creditors of Pioneer Iron & Steel Group Company Ltd. are
required to file their proofs of debt by March 5, 2015, to be
included in the company's second and final dividend distribution.

The company's liquidator is:

          Roderick Sutton
          c/o FTI Consulting
          The Center, Level 22
          99 Queen's Road Central
          Hong Kong


SERVERTIS FUND I: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Dec. 30, 2014, the sole shareholder of Servertis Fund I 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:

          Zais Group, LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier89
          Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SPLENDOR CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
On Dec. 29, 2014, the sole shareholder of Splendor Capital
Management resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647


VC COMPUTER: Court Enters Liquidation Order
-------------------------------------------
On Dec. 2014, the Grand Court of the Cayman Islands entered an
order to liquidate the business of VC Computer Holdings Limited.

The company's liquidators are:

          K. Beighton
          A. Lawson
          KPMG
          P.O. Box 493, Century Yard
          Cricket Square, Grand Cayman KY1-1106
          Telephone: (345) 914-4465
          Facsimile: (345) 949-7164


===============
C O L O M B I A
===============


PACIFIC RUBIALES: Fitch Cuts LT Issuer Default Ratings to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded Pacific Rubiales Energy Corp.
(Pacific Rubiales) foreign and local long-term Issuer Default
Ratings (IDRs) to 'BB' from 'BB+'. Fitch has also downgraded to
'BB' from 'BB+' its long-term rating on Pacific Rubiales'
outstanding senior unsecured debt issuances totaling approximately
US$4 billion with final maturities in 2019 through and 2025.
Additionally, Fitch has revised the Rating Outlook to Negative
from Stable.

The downgrade reflects the negative effect the decline in oil
prices have on Pacific Rubiales' credit profile. Medium and long-
term production and reserve replacement will likely be affected by
the steep decrease in prices seen in recent months. This in turn
will force Pacific Rubiales to reduce capital expenditures
significantly. Pacific Rubiales credit metrics will also
deteriorate in 2015 and 2016; leverage, as measured by total-debt
to EBITDA for the next two years would rise to or above 4.0x under
Fitch's revised price deck for WTI oil prices of $50/bbl for 2015
and $60/bbl for 2016.

The Outlook revision to Negative reflects further potential long-
term effects the reduction in capex may have on the company's
ability to replace the production from the Pirir-Ruibiales field
with new fields. Fitch's previous base case assumed that the
Pirir-Rubiales field, which accounts for approximately 35% of
Pacific Rubiales' total production, reverts back to Ecopetrol in
the middle of 2016 and that Pacific Rubiales production declines
in 2017 as a result of this. The decrease in production in light
of Fitch's revised price deck could be more severe than initially
anticipated given the capex reduction Pacific Rubiales will have
to implement over the next two years.

Under Fitch's price deck assumption for 2015, Pacific Rubiales'
liquidity position will be pressured but would still be
manageable. Further price decreases could trigger covenants
embedded in Pacific Rubiales' indebtedness. As of Sep. 30, 2014,
Pacific Rubiales reported $478 million of cash on hand and
approximately $158 million of short-term debt and the remaining
debt had a manageable amortization schedule.

Fitch estimates Pacific Rubiales' FCF would break even at oil
prices of between $60/bbl-$65/bbl for the next 24 months. This
assumes cash costs are successfully cut per barrel by 15% and
capex trimmed back to $1 billion/year. Under this scenario,
Pacific Rubiales' net leverage would range between 3.2x and 4.2x.
If current prices of $50/bbl are sustained for the next 24 months,
EBITDA margins could decrease to the low 20% level, FCF would turn
negative and leverage could reach 6.0x-7.0x and result in further
negative rating actions.

RATING SENSITIVITIES

A negative rating action would be triggered by any combination of
the following events:
-- A sustained leverage above 3.5x, which could be driven by
either a decrease in production as a result of capex curtailment
or persistent low oil prices;
-- A significant reduction in the reserve replacement ratio could
affect Pacific Rubiales' credit quality given the current
relatively low proved reserve life of approximately 8.3 years

A positive rating action is unlikely in the medium term.


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


DOMINICAN REPUBLIC: Central Bank Holds Benchmark Rate at 6.25%
--------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said the Monetary Board will keep its benchmark 6.25% per annum
interest rate unchanged.

It said the decision resulted from an analysis of the outlook and
the balance of risks on inflation projections, according to
Dominican Today.

"In that regard, despite that the inter-annual inflation was only
1.16% in January, a rate below this year's target of 4.0% ñ 1%,
projections continue to indicate that in the monetary policy
horizon, inflation will converge to its medium-term objective,"
the report quoted the Central Bank as saying.


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


JAMAICA: PETCOM Sale Will proceed, Says Minister Paulwell
---------------------------------------------------------
RJR News reports that the Jamaican Government is proceeding with
the sale of PETCOM, a state-owned company which operates several
petrol stations, despite objections from the Parliamentary
Opposition.

In a statement, Robert Montague, Opposition Spokesman on Energy,
said the divestment of PETCOM should not proceed, according to RJR
News.   The report says Mr. Montague argued that PETCOM brings
balance and equilibrium to the petroleum retail trade and is a
profitable entity.

However, in a response to the Financial Report, Energy Minister
Phillip Paulwell said a formal invitation for tenders to purchase
the company will be announced soon, the report notes.

The report discloses that Mr. Paulwell explained that PETCOM has
been on the auction block since 2005, and over the past two years
there has been renewed effort to complete the sale.

Mr. Paulwell said the sale will be done via a competitive and
transparent process, the report relays.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, 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'.


JAMAICA: Bank of Jamaica Reports Slowdown in Demand for Loans
-------------------------------------------------------------
RJR News, citing data provided by the Bank of Jamaica, reports
that there was a slowdown in the demand for loans during the final
three months of 2014.

The outturn for the December quarter reflected a decline in
foreign currency loans, a continuation of the trend observed since
December 2012, as well as slower growth in domestic currency
loans, according to RJR News.

The report notes that the results for the quarter were consistent
with lenders' expectations.

The central bank said the deceleration in the annual growth of
credit was reflected in loans extended to households and business
lending, the report relates.

Stronger growth in loans was only recorded for the distribution
and tourism sectors, within the business lending category, the
report says.

In the "Personal and Other" lending category, the slower growth
was reflected in both personal loans and lending to overseas
residents, the report discloses.

Personal loans reflected a slower pace of growth in mortgage, term
and instalment loans, as well as net repayments of loans for
insurance premiums and miscellaneous needs, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, 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'.


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



FIRST CITIZENS: Names Karen Darbasie as New CEO
-----------------------------------------------
Trinidad Express reports that First Citizens Bank Limited has
appointed former Citibanker Karen Darbasie to fill the post of
chief executive officer of majority state-owned bank.

In a statement sent to all staff, First Citizens executive
chairman Anthony Smart said that Ms. Darbasie had accepted the
bank's offer "to assume the position of group chief executive
officer with effect from April 7, 2015," according to Trinidad
Express.

The report notes that Mr. Smart explained that Ms. Darbasie has 21
years' experience in the financial services industry and held the
position of country treasurer and local market head of Citibank
(Trinidad & Tobago) Ltd and managing director of Citicorp Merchant
Bank Ltd.

In December, former chief executive Larry Nath resigned with
immediate effect, the report recalls.  Mr. Nath had been under
pressure over the course of last year following the bank's Initial
Public Offering (IPO) and negative fallout, the report relates.

The report says Mr. Nath had said he was leaving the bank to
pursue other career choices and a "cooling off period" was
negotiated between himself and the bank.

In January, the bank appointed Jason Julien, the former general
manager of subsidiary First Citizens Investment Services (FCIS),
as its deputy chief executive of Bank Operations, the report
relays.

Julien and Sharon Christopher share deputy chief executive titles.

Julien is the deputy chief executive of bank operations while
holds the position of deputy chief executive of Corporate
Administration, the report notes.

In the past few months, the bank's chairman Anthony Smart has
functioned as executive chairman and was advised by retired
Citibanker Steve Bideshi, the report says.

                    About First Citizens Bank

First Citizens Bank Limited is headquartered in Port of Spain,
Trinidad and Tobago, and is 82.64% owned by the Republic. The bank
reported total consolidated assets of TT$ 35.8 billion (US$ 5.6
billion) and shareholders' equity of TT$6 billion (US$ 945
million) as of March 31, 2014.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2014, Moody's Investors Service has downgraded First
Citizens Bank Limited (FCBL) standalone bank financial strength
rating (BFSR) to D+ from C-, lowering the baseline credit
assessment (BCA) to baa3 from baa1.  The outlook has been revised
to stable from negative.


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


LATAM: Finance Credits to Face Difficult Conditions, Fitch Says
---------------------------------------------------------------
Latin American leveraged finance credits are expected to face
challenging conditions in 2015 due to weak economic growth in the
region, according to Fitch Ratings.

"Fitch anticipates multiple downward rating actions in 2015 within
its portfolio of rated high-yield Latin American corporates," said
Joe Bormann, Managing Director at Fitch. "Default risk is at a
high point with 13% of leveraged finance corporates in Latin
America having a rating of 'CCC' or lower. Brazil is at the
forefront of the negativity with a high degree of pressure on
construction companies, as well as sugar and ethanol producers."

Refinancing risk is currently elevated for small, high-yield
corporates rated 'B+' or lower that issue bonds of less than $400
million. Volatility in the market during 2014 led investors to
seek benchmark-sized bonds with secondary market liquidity.
Posadas is the only small, high-yield issuer with a bond falling
due in 2015. Arendal ($80 million), Bio-PAPPEL ($250 million),
Ceagro ($100 million) and Marfrig ($375 million) comprise the list
of 'B' rated issuers with non-benchmark-sized bonds maturing in
2016.


                            ***********


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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