TCRLA_Public/150305.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, March 5, 2015, Vol. 16, No. 045


                            Headlines



B R A Z I L

BANCO DO BRASIL: Cuts Outlook for Fee Income on Cielo Partnership
ODEBRECHT OFFSHORE: S&P Affirms 'BB' Rating; Outlook Stable
USINA CAETE: S&P Puts 'B+' Rating on CreditWatch Negative


C A Y M A N  I S L A N D S

ABSOLUTE INVESTMENT: Creditors' Proofs of Debt Due March 20
AUTOSTRADA INVESTMENT: Commences Liquidation Proceedings
CHESTNUT INVESTMENT: Commences Liquidation Proceedings
DELTA SPV2: Commences Liquidation Proceedings
DREAM INTERACTIVE: Members Receive Wind-Up Report

EPSILON ALPHA: Commences Liquidation Proceedings
HEDGE FUND: Members Receive Wind-Up Report
HORIZON MARINE: Shareholder Receives Wind-Up Report
IGT SYNERGY: Shareholders Receive Wind-Up Report
INTEGRATED STRATEGIC: Creditors' Proofs of Debt Due March 20

KEA INVESTMENTS: Commences Liquidation Proceedings
KIKIN LIMITED: Creditors Hold First Meeting
LAUREL LIMITED: Commences Liquidation Proceedings
LEBLON VALUE: Shareholder Receives Wind-Up Report
LEBLON VALUE MASTER: Shareholder Receives Wind-Up Report

MILLENNIUM EUROPEAN: Commences Liquidation Proceedings
MILLENNIUM TMT: Commences Liquidation Proceedings
MILLENNIUM TMT USA: Commences Liquidation Proceedings
OPTIMUS FUND: Commences Liquidation Proceedings
OVS CAPITAL: Shareholders Receive Wind-Up Report

QI-X HOLDINGS: Commences Liquidation Proceedings
TOKIO MARINE: Commences Liquidation Proceedings
TOSCANNO LIMITED: Placed Under Voluntary Wind-Up
WALNUT LTD: Commences Liquidation Proceedings
Y SHMCK COMPANY: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Power Firms 'Fully Support' Pact w/ Consumers
PERAVIA BANK: Depositors Can Get Their Money Back


J A M A I C A

JAMAICA: Low Investor Confidence Affects Equities Market


M E X I C O

BUENAVISTA DEL COBRE: To Pay $1.5MM Fine for Polluting River
* MEXICO: Remittances to County Fall 0.70% in January


P A N A M A

* PANAMA: Growth Rate Slows to 6.2%, says INEC


P E R U

HOCHSCHILD MINING: Moody's Downgrades CFR to Ba3, Outlook Stable


                            - - - - -


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


BANCO DO BRASIL: Cuts Outlook for Fee Income on Cielo Partnership
-----------------------------------------------------------------
Reuters reports that Brazil's state-controlled commercial bank
Banco do Brasil SA said it cut its outlook for fee income as a
result of a partnership with Cielo SA, Brazil's largest credit and
debt card operator.

Banco do Brasil expects fee income to grow 3 percent to 6 percent
instead of the 7 percent to 10 percent it suggested in guidance
for investors published on Feb. 11, the bank said in a securities
filing, according to Reuters.

The report notes that the other forecasts published on Feb. 11
remain the same, the bank said.

The report relates that Banco do Brazil said it agreed to take a
30 percent stake in a new company to be called Token Gestao de
Contas de Pagamento that will be 70 percent owned by Cielo.

The pro-forma net income for the joint venture was BRL615 million
in 2015 while gross revenue was BRL2.4 billion, Cielo said, the
report discloses.

Under the deal, Banco do Brazil will realize a BRL3.2 billion
boost to its net income as a result of intangible assets stemming
from the partnership, the report says.

Cielo is paying for its stake in the new venture with BRL3.46
billion of debt sold in the domestic Brazilian market, the report
adds.

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2014, Standard & Poor's Ratings Services has raised its rating
on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative
subordinated bonds to 'BB-' from 'B+'.  In addition, S&P affirmed
its 'BB' rating on the bank's $500 million 10-year subordinated
deferrable notes.  In addition, S&P removed its "Under Credit
Observation" identifier from the ratings on these instruments.


ODEBRECHT OFFSHORE: S&P Affirms 'BB' Rating; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' ratings on
Odebrecht Offshore Drilling Finance Ltd.'s (OODFL).  The outlook
on the notes remains stable.

The ratings of OODFL are the same as the 'bb' stand-alone credit
profile (SACP) of Petroleo Brasileiro S.A. - Petrobras (BBB-
/Stable/--) due to S&P's view of notes credit dependency
assessment (CDA) to the offtaker of the project's underlying
charter contract.  Petrobras chartered the four drillships
involved in the OODFL transaction under long-term contracts with a
tenor of 10 years for the ODN I and II vessels and seven years for
Norbe VI and ODN Tay IV vessels.  S&P believes these contracts
constitute a key project component for the debt rating on OODFL's
notes.

S&P equalized OODFL's revenue or offtaker CDA to Petrobras' SACP,
and not its credit rating because S&P believes the SACP reflects
the risk associated to the nature of these contractual
obligations.  S&P could envision scenarios of stress for Petrobras
under which the sovereign provides extraordinary support through,
for example, liquidity injections, loans from public banks, or
other types of credit facilities.  However, S&P believes that this
extraordinary support won't necessarily flow on a timely basis to
meet the liabilities of drillship suppliers.


USINA CAETE: S&P Puts 'B+' Rating on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed all ratings on Usina
Caete S/A (Caete) on CreditWatch with negative implications,
including the global scale 'B+' and Brazil national scale 'brBBB-'
corporate ratings.

The CreditWatch placement reflects the possibility that Caete's
creditors could require the acceleration payment of the company's
R$185 million debenture amid expected covenant breach according to
our calculation for Dec. 31, 2014 verification.  This, in S&P's
view, would severely hurt the company's liquidity and make new
refinancing more difficult.  Caete's debt is highly concentrated
in the short-term, although it consists mostly of export finance
transactions, which are liquidated once the exports are completed.
However, S&P believes there are economic incentives for three
banks (Caete's creditors) to give a waiver, as they did in the
past.  However, the risks of not obtaining it have increased
because credit for the sector is more expensive and tight due to
weak industry fundamentals and recent defaults of Caete's peers.

Prior to the CreditWatch placement, the negative outlook already
reflected the company's high concentration of short-term debt and
exposure to refinance working capital lines amid low global sugar
prices and high inflation weakening profitability and cash flow
generation.  If the company can't gradually improve its capital
structure by extending maturities while improving operating cash
flows that results in positive free cash flows, a downgrade could
occur if S&P believes Caete's liquidity will be pressured
consistently.


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


ABSOLUTE INVESTMENT: Creditors' Proofs of Debt Due March 20
-----------------------------------------------------------
The creditors of Absolute Investment Funds SPC are required to
file their proofs of debt by March 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 31, 2014.

The company's liquidator is:

          KRYS Global VL Services Limited
          KRyS Global, Governors Square,
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          c/o Christopher Smith
          Telephone (345) 947 4700


AUTOSTRADA INVESTMENT: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on Jan. 8, 2015, the members of
Autostrada Investment Management Limited resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


CHESTNUT INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------------
On Jan. 12, 2015, the shareholders of Chestnut Investment Holdings
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 9, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mr. Timothy J. Curt
          c/o Maples and Calder
          Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


DELTA SPV2: Commences Liquidation Proceedings
---------------------------------------------
On Jan. 6, 2015, the sole shareholder of Delta SPV2 Limited
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; or


DREAM INTERACTIVE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Dream Interactive Group Limited received on
Jan. 26, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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:

          Xu Bin
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: 345-946-6146
          Portcullis TrustNet (Cayman) Ltd
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


EPSILON ALPHA: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Jan. 9, 2015, the members of
Epsilon Alpha Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


HEDGE FUND: Members Receive Wind-Up Report
------------------------------------------
The members of Hedge Fund Ventures Ltd. received on Feb. 16, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HORIZON MARINE: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Horizon Marine Construction Ltd. received on
Feb. 19, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


IGT SYNERGY: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of IGT Synergy Holding Limited received on
Feb. 10, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

Only creditors who were able to file their proofs of debt by
Feb. 9, 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


INTEGRATED STRATEGIC: Creditors' Proofs of Debt Due March 20
------------------------------------------------------------
The creditors of Integrated Strategic Funds Limited are required
to file their proofs of debt by March 20, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 19, 2014.

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, KY1-1205, Grand Cayman
          Cayman Islands


KEA INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 30, 2014, the sole shareholder of KEA Investments SPC
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 9, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815 4558
          e-mail: apowell@bdo.ky
          BDO CRI (Cayman) Ltd.
          Building 3, Floor 2
          Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands


KIKIN LIMITED: Creditors Hold First Meeting
-------------------------------------------
The creditors of Kikin Limited held their first meeting on
Feb. 17, 2015.  During the meeting, the creditors were asked to
elect a liquidation committee and deal with any other matters or
resolutions the company's liquidator thinks fit or the Court may
have direct.

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
          Cayman Islands
          Telephone: (345) 947-4700
          Facsimile: (345) 946-6728


LAUREL LIMITED: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 6, 2015, the sole shareholder of Laurel 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:

          Ian Phillips
          Telephone: (345) 749-3340
          Facsimile: (345) 749-2230
          Suite 4210 Canella Court
          48 Market Street, Camana Bay
          P.O. Box 32203 Grand Cayman KY1-1208
          Cayman Islands


LEBLON VALUE: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Leblon Value Hedge Fund Ltd. received on
Feb. 10, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


LEBLON VALUE MASTER: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Leblon Value Hedge Master Fund Ltd. received on
Feb. 10, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


MILLENNIUM EUROPEAN: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on Dec. 22, 2014, the members of
Millennium European Opportunity GP resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          KRyS Global VL Services Limited
          Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


MILLENNIUM TMT: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 22, 2014, the members of
Millennium TMT Fund Turin Networks Investment Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          KRyS Global VL Services Limited
          Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


MILLENNIUM TMT USA: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Dec. 22, 2014, the members of
Millennium TMT Fund USA Investments Limited resolved to
voluntarily liquidate the company's business.

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

The company's liquidator is:

          KRyS Global VL Services Limited
          Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


OPTIMUS FUND: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 20, 2014, the shareholders of Optimus Fund resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 9, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815 4558
          e-mail: apowell@bdo.ky
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3
          Governors Square, 23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman, KY1 1205
          Cayman Islands


OVS CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of OVS Capital Management (Cayman) Limited
received on Feb. 10, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

Only creditors who were able to file their proofs of debt by
Feb. 10, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Managementplus (Cayman) Limited
          Buckingham Square, 2nd Floor
          West Bay Road
          P.O. Box 11735 Grand Cayman, KY1-1009
          Cayman Islands
          Telephone: (345) 925 5976
          e-mail: frank.balderamos@mplgroup.com


QI-X HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 8, 2015, the shareholders of QI-X Holdings LDC resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 17, 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


TOKIO MARINE: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 5, 2015, the shareholders of Tokio Marine Financial
Solutions Ltd resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 23, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          K.D. Blake
          PO Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jenna Nicholson
          Telephone: 345 914 4494/ 345 949 4800
          Facsimile: 345 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


TOSCANNO LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 2, 2015, the sole shareholder of Toscanno Limited resolved
to voluntarily wind up the company's operations.

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:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


WALNUT LTD: Commences Liquidation Proceedings
---------------------------------------------
On Jan. 12, 2015, the shareholders of Walnut Ltd. resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 9, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mr. Timothy J. Curt
          c/o Maples and Calder
          Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


Y SHMCK COMPANY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Y SHMCK Company Ltd received on Feb. 9, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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

The company's liquidator is:

          ITA Bank And Trust Company Ltd
          Suite 4210 Canella Court
          48 Market Street, Camana Bay
          P.O. Box 32203 Grand Cayman KY-1208
          Cayman Islands


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Power Firms 'Fully Support' Pact w/ Consumers
-----------------------------------------------------------------
Dominican Today reports that high costs, unstable service and
other ills have characterized the electricity sector's failures,
spurring the major power companies, regulators and consumers to
seek a solution to the crisis, via a pact still far from
agreement.

With no consensus figure thorny issues such as the purchase of
energy and a halt to subsidies, whose political cost for the
parties includes a challenge to meet the July deadline, according
to Dominican Today.

In his recent state of the country speech president Danilo Medina
said the electricity pact -- whose talks began on January 19 -- is
key to a definitive solution to the energy crisis, the report
relates.

Medina Executive Order 389-14 calls on 59 representatives from
government, labor unions and social and business organizations to
the bargaining table to forge the pact, the report notes.

The report relays that Milton Morrison, executive vice president
of Dominican Republic's power companies association (ADIE) have
stated support for the talks leading to an electric pact said:
"For a while ADIE has stated its willingness and responsibility to
actively participate in the process to discuss the electricity
pact, to find a solution to this problem that affects us all."

Mr. Morrison said they support Medina and fully agrees with his
proposal.  "We feel that the power pact must be supported
responsibly by all sectors convened, and in that sense we're fully
prepared to attend the talks with proposals reflecting the
collective interest rather than individual interests," the report
quoted Mr. Morrison as saying.

The report relates that Mr. Morrison added that since the
electricity pact was announced, ADIE has publicly stated that the
consumer should be at the center, so they can count on
uninterrupted, quality service.


PERAVIA BANK: Depositors Can Get Their Money Back
-------------------------------------------------
Dominican Today reports that the Banks Superintendence announced
it will reimburse deposits to 6,751 customers of the collapsed
Peravia bank, of up to RD$500,000 each.

Superintendent Luis A. Asuncion said 95.28% of depositors would be
reimbursed in the first stage, coordinated with the State-owned
Reservas Bank, which acquired Peravia's credit portfolio discount
at 33.49%, or a 66.51% recovery rate, according to Dominican
Today.

The report notes that the Banks Superintendent said the Reservas
Bank was given an audited electronic list with an ID card, a Tax
Registry Number, passport and other information on the amount
payable to the 6,721 Peravia depositors.

To retrieve their money, depositors must present their ID, and the
original validation form for deposits issued by the Banks
Superintendence, the report relates.


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


JAMAICA: Low Investor Confidence Affects Equities Market
--------------------------------------------------------
RJR News reports that the Bank of Jamaica has observed that the
performance of the local equities market in 2014 reflected
continued low investor confidence notwithstanding positive macro-
economic developments.

During the December quarter, four of the six Jamaica Stock
Exchange (JSE) indices recorded declines, ranging from 5.3% to
20.9%, according to RJR News.

The report notes that the Central Bank said the outturn at the end
of 2014 was in contrast to the marginal annual increase of 0.5%,
on average, for the previous five calendar years.

Despite the annual decline for 2014, there was a 5.7% increase in
the JSE Main Index during the October to December quarter,
relative to the previous three months, the report relates.

                          *     *     *

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'.


===========
M E X I C O
===========


BUENAVISTA DEL COBRE: To Pay $1.5MM Fine for Polluting River
------------------------------------------------------------
EFE News reports that Mexican mining company Buenavista del Cobre
must pay nearly MXN23 million (about $1.5 million) for polluting
the Sonora and Bacanuchi rivers with copper sulphate, among other
infractions, officials said.

The fine was levied by the PROFEPA environmental protection
agency, which found the company guilty of 55 infractions, some of
which were associated with the accident last August that left
rivers in the northern state of Sonora intensely polluted,
according to EFE News.

The sanction is "independent of the MXN2 billion ($133.7 million)
the company had to place in a trust fund," Profepa Director
Guillermo Haro said, the report notes.

The effects caused to the rivers "have been duly cleaned up
following the measures the company was ordered to carry out," Mr.
Haro said, the report relates.

There is "no imminent risk to the environment or to the ecological
stability of the region," Mr. Haro said, the report discloses.

The area the company must repair in the first stage of restoration
measures 28,183 sq. meters (302,961 sq. feet), distributed in 14
industrial complexes, while the volume of soil to be removed
amounts to some 2,818 cu. meters (99,321 cu. feet), the report
discloses.

Buenavista del Cobre must also carry out in the presence of
Profepa a partial monitoring of the area, and submit a report on
the works underway in the first stage of repair to the Environment
Secretariat "within a period no more that eight weeks," Mr. Haro
said, the report notes.

The pollution of the rivers occurred on Aug. 6 when the spill of
copper sulphate at the mining company reached the Tinajas stream
and the Bacanuchi and Sonora rivers, the report relays.

El Molinito Dam remains closed because of the spill, though up to
now no evidence of pollution has been detected there, the report
adds.


* MEXICO: Remittances to County Fall 0.70% in January
-----------------------------------------------------
EFE News reports that remittances sent to Mexico by emigrants
totaled $1.63 billion in January, down 0.70 percent compared to
the same month last year, the Bank of Mexico said.

Total remittances came in below the $1.64 billion received in
January 2014, ending an upward trend that started in August 2013,
the Bank of Mexico said in its monthly report, according to EFE
News.

The report notes that the average remittance was $279.18 in
January, down from the $290.71 average registered in the same
month last year.

The number of transactions climbed from 5.65 million in January
2014 to 5.84 million in January of this year, with the majority of
remittances sent via electronic funds transfers, the central bank
said, the report relates.

Mexico received $23.64 billion in remittances in 2014, a figure
that was up 9.6 percent from 2013, the report says.

Remittances sent by Mexicans living abroad, mainly in the United
States, are the country's second-largest source of foreign
exchange, after oil, and help cover the living expenses of
millions of people, the report adds.


===========
P A N A M A
===========


* PANAMA: Growth Rate Slows to 6.2%, says INEC
----------------------------------------------
EFE News reports that Panama's gross domestic product grew 6.2
percent last year compared with an 8.4 percent increase in 2013,
the National Institute for Statistics and Census, or INEC,
reported.

The major drivers of growth in 2014 were the logistics sector,
tourism and agriculture, INEC said, according to EFE News.

Panama's GDP grew by 10.2 percent in 2012 and by 10.8 percent in
2011.

The report notes that analysts attribute the gradual slowdown to
external factors, given the Panamanian economy's heavy dependence
on tourism and the logistics sector, whose fortunes are tied to
the level of global trade and shipping.

INEC reported for 2014 a "slight decrease of trade in the Colon
Free Zone," the world's second-largest free-trade area after Hong
Kong, the report relays.

Zone administrators said activity fell 12.3 percent last year due
to the difficult economic situation in Venezuela and tariffs
imposed by Colombia on re-exports of Chinese textiles and
footwear, the report says.

The government of Panama has projected median annual growth of 6.5
percent over the next five years and has plans to support the goal
with roughly $19.5 billion in public investment, the report
discloses.

Nicolas Ardito Barletta, director of the National Competitiveness
Center, said in January that annual growth in the range of 6
percent to 7 percent is feasible as long as "the international
situation remains more or less stable," the report adds.


=======
P E R U
=======


HOCHSCHILD MINING: Moody's Downgrades CFR to Ba3, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Ba1 the corporate
family rating of Hochschild Mining plc. and its US$350 million
senior unsecured notes due in 2021 and issued by Compania Minera
Ares S.A.C., but fully and unconditionally guaranteed by
Hochschild plc and its main subsidiaries.  The outlook is stable.

Ratings downgraded:

Issuer: Hochschild Mining plc

  -- Corporate Family Rating: to Ba3 from Ba1

Issuer: Compania Minera Ares S.A.C.

  -- US$350 million senior unsecured notes due 2021: to Ba3 from
     Ba1

The outlook for all ratings is stable

The downgrade of Hochschild's ratings to Ba3 reflects the
deterioration in the company's credit metrics as a result of weak
commodity prices (namely silver and gold) coupled with the large
capital expenditures for the Advanced Project Inmaculada that will
add 12 million ounces of silver equivalent per year.  The
company's reduced cash generation ability in a period of large
expansion capex resulted in a tighter liquidity position and
poorer debt metrics, with (CFO-Dividends)/Debt declining to 18.2%
(117.6% at the end of 2012), while EBIT to interest expense
declined to 1.7x (14.5x at the end of 2012) in the last twelve
months ended June 2014, and expectation of further pressure in FY
2014 credit metrics as silver/gold prices weakened in 2H14.

The Ba3 rating reflects Hochschild's long history of stable
financial performance, good corporate governance standards and
good silver cost position, which should help support the company's
earnings and credit metrics at a lower price environment for gold
and silver.  The rating also incorporates Hochschild's acceptable
credit metrics through June 2014.  However, a prolonged period of
lower precious metals prices can bring further downside risk to
the ratings.  Constraining the company's ratings are its limited
size, concentration in two precious metals (66% silver and 34%
gold in terms of revenues as of LTM June 2014) and susceptibility
to the volatility of its prices, as well as significant exposure
of production and cash flows from its San Jose mine in Argentina
(Argentina, Gov't of; Caa1 negative).  The ratings consider
Hochschild's inability to access the Argentine cash flow, as
repatriation of dividends in foreign currencies requires specific
approval by the Central Bank of Argentina.

The stable outlook reflects Moody's expectation that Hochschild
will prudently manage its capital expenditures, dividend
distributions and debt levels in a conservative manner to maintain
adequate liquidity to service its financial obligations.  The
outlook also incorporates the expectation that the company will
make necessary spending and other adjustments in the case of a
further contraction in precious metal prices.

Although the likelihood of an upgrade is limited in the next 12 to
18 months, given the challenging price environment for precious
metals, an upward rating movement would require an improvement in
operating results, with adjusted EBIT margins consistently
sustained above 8% (9% in LTM ended June 2014), as well as solid
liquidity position and a reduction in leverage to levels below 3x
(measured by total debt to EBITDA), with interest coverage
(measured by EBIT to interest expense) consistently above 4x (1.7x
in LTM ended June 2014).  To the extent that the company is able
to successfully complete planned developments, further
diversifying its mine revenue base, and enhancing its overall
scale and reserves, the outlook or rating could be positively
impacted.  Reduced risk exposure to Argentina, combined with
evidenced ability to repatriate cash flows from there, will also
be necessary for an upgrade.

Ratings could be negatively impacted if profitability and cash
generation capacity materially deteriorates, for example, due to a
combination of a drop in metal prices and increase in production
costs significantly exceeding Moody's expectation.  Specifically,
if EBIT margin falls and is sustained below 5% (9% in the LTM
ended June 2014) with cash generation being negative on a
sustained basis, ratings could come under downward pressure.
Negative pressure could also result from material debt financed
acquisitions such that adjusted leverage remains above 4.0x for an
extended period (2.6x in the LTM ended June 2014).

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Hochschild Mining PLC ("Hochschild"), headquartered in Lima, Peru,
is primarily a producer and seller of gold and silver, mined from
its three core underground mines, with two located in southern
Peru and one in southern Argentina.  For the last twelve months
ended June 30, 2014, Hochschild reported consolidated revenues of
US$596 million.


                            ***********


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

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

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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.
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Chapman, Editors.

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