TCRLA_Public/150311.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 11, 2015, Vol. 16, No. 049


                            Headlines



B R A Z I L

PETROLEO BRASILEIRO: Scandal Leaves Alusa Workers Without Pay
PETROLEO BRASILEIRO: Demand, Relationships Support Contracts


C A Y M A N  I S L A N D S

BLUE SELECT: Shareholder Receives Wind-Up Report
COLONNADE INVESTMENTS: Commences Liquidation Proceedings
DIAM ENHANCED: Placed Under Voluntary Wind-Up
DOVER OFFSHORE: Commences Liquidation Proceedings
EATON VANCE: Commences Liquidation Proceedings

EDDYSTONE OFFSHORE: Creditors' Proofs of Debt Due March 30
EVERBRIGHT ASHMORE: Shareholders Receive Wind-Up Report
EWARRANT CAPITAL: Shareholder Receives Wind-Up Report
HAV3 (9) LIMITED: Shareholders to Hear Wind-Up Report on March 27
LION INVESTMENTS C: Creditors' Proofs of Debt Due March 18

MONT BLANC: Sole Member to Hear Wind-Up Report on April 6
OLOOK LTD: Placed Under Voluntary Wind-Up
P MANAGEMENT COMPANY: Commences Liquidation Proceedings
PACIFIC ESPLANADE: Shareholders Receive Wind-Up Report
PARAGON (CAYMAN): Shareholders to Hear Wind-Up Report on April 2

PARAGON CAYMAN GP: Shareholders to Hear Wind-Up Report on April 2
PINE LUCK: Shareholders Receive Wind-Up Report
RIO VERDE: Creditors' Proofs of Debt Due March 18
STOCKTON HOLDINGS: Sole Member to Hear Wind-Up Report on March 17
SUNTECH POWER: Commences Liquidation Proceedings

SWEETSOP TRADING III: Member to Hear Wind-Up Report on April 6
THOUSAND PINES: Shareholders Receive Wind-Up Report
UNITY CAPITAL: Shareholder to Hear Wind-Up Report on March 27
VIETNAM RESOURCE: Commences Liquidation Proceedings
WASHINGTON LOAN: Creditors' Proofs of Debt Due March 18

WESTERN ASSET: Shareholders Receive Wind-Up Report
YAS 1: Shareholders to Hear Wind-Up Report on March 27


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: US$200MM 'Injection' Calms Jittery Dollar


J A M A I C A

JAMAICA: Announcement to be Made on Hedging Soon, Says Paulwell
JAMAICA: To Borrow at Least J$129 Billion in 2015/16
NATIONAL COMMERCIAL: Fitch Affirms 'B-' Issuer Default Ratings


M E X I C O

CONSUBANCO SA: Fitch Raises Issuer Default Ratings to 'BB'
FINANCIERA INDEPENDENCIA: Fitch Affirms 'BB-/B' IDRs
GRUPO KUO: Fitch Affirms 'BB' Issuer Default Ratings
SERVICIOS CORPORATIVOS: Fitch Affirms 'B' Issuer Default Rating


T R I N I D A D  &  T O B A G O

CL FIN'L: "New CLF Agreement by March," Chairman Says


                            - - - - -


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


PETROLEO BRASILEIRO: Scandal Leaves Alusa Workers Without Pay
-------------------------------------------------------------
EFE News reports that about 3,000 employees of a Petroleo
Brasileiro S.A. (Petrobras) contractor who have not been paid
since late 2014 claim they are the first victims of the corruption
scandal at the Brazilian state-controlled oil giant.

Alusa, a company hired by Petrobras to build the Rio de Janeiro
Petrochemical Complex, or Comperj, in the city of Itaborai,
located 50 kilometers (31 miles) from Rio de Janeiro, has
suspended the issuance of paychecks, spokesmen for the workers
told EFE News.

The report notes that the contractor was one of the companies
affected by Petrobras's decision to review its investment plans
and postpone some projects, including the Comperj, to deal with
the financial crisis caused by revelations of massive diversions
of funds from contracts entered into by Brazil's largest
corporation.

Petrobras, which accounts for 12 percent of Brazil's GDP, is under
investigation following disclosure of widespread corruption said
to have cost the company billions of dollars since the mid-1990s,
the report notes.

The scandal, in which money also was allegedly funneled to
politicians, has led to the resignation of top company executives,
including Maria das Gracas Silva Foster, who was replaced as
Petrobras's CEO by Aldemir Bendine, former chief executive of
state-run bank Banco do Brazil, the report discloses.

                     About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 6, 2015, the deepening investigation into an alleged
kickback scheme at Petroleo Brasileiro SA (Petrobras) has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, according to a new report from Moody's
Investors Service.


PETROLEO BRASILEIRO: Demand, Relationships Support Contracts
------------------------------------------------------------
A large-scale renegotiation or cancelation of existing offshore
driller contracts is not anticipated given the supportive Petroleo
Brasileiro S.A.'s s demand framework and long-term, mutually
beneficial relationship, according to Fitch Ratings. Further,
Fitch believes Brazilian and non-Brazilian offshore drillers will
be reluctant to renegotiate existing longer term contracts at
reasonable day rates that stretch beyond the current downcycle.

Operation Lava Jato, a Brazilian corruption investigation of
Petrobras and numerous construction companies, has created
uncertainty regarding the company's ability to execute its
aggressive capex plan and meet production growth targets, which
may impact offshore drillers. These concerns were further
highlighted by recent Petrobras-related announcements from
Seadrill Limited and Diamond Offshore (DO). Seadrill first
announced the removal of $1.1 billion in Petrobras-related
backlog, about 5% of its total, due to contract renewal concerns.
This was followed by DO's disclosure that Petrobras cancelled an
existing contract, representing over 5% of its backlog, within its
rights under the agreement.

Fitch considers Brazil's oil and gas sector, particularly
Petrobras, to be economically and strategically important to the
country. The oil and gas sector's contribution to GDP rose to 13%
in 2013 from 3% in 2000. Petrobras' importance is evidenced by its
near monopoly status as a liquid fuel supplier, supportive pricing
policy (Fitch-estimated Petrobras realized prices of $80-$85 per
barrel), access to capital from state-owned banks and role in the
development of ancillary industries. Petrobras' framework and
aggressive capex program support offshore demand. Another near-
term consideration is the delivery delay uncertainty of 28 Sete
Brasil drilling rigs, which further supports demand for working
offshore rigs.

About 9% of contracted offshore rigs are working for Petrobras
within Fitch's sample of 10 non-Brazilian offshore drillers.
Smaller, newer offshore drillers tend to have a larger percentage
(18%) of their fleets contracted with Petrobras. This is a
function of rig capability (ultra-deepwater) and delivery timing
(2011 or newer), as well as fleet size (10 or less rigs). Larger
offshore drillers have a more manageable fleet exposure (8%). One
notable outlier was DO, with over 20% of its working fleet
contracted with Petrobras.

Nearly 13% of revenue backlog within Fitch's sample of non-
Brazilian offshore drillers is linked to Petrobras. The relative
difference in backlog versus fleet exposure is due to contractual
terms. The smaller, newer drillers have a varied Petrobras revenue
profile. Pacific Drilling had its sole Petrobras contract expire
in February 2015, while Vantage Drilling has a higher
concentration (62%) due to the long length of its sole Petrobras
contract. The larger drillers generally have a more manageable
backlog exposure (11%). Notable exposure includes DO (25%), Ensco
(14%) and Seadrill (16%).



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


BLUE SELECT: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Blue Select Fund, Ltd. received on March 10,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-8577
          e-mail: martina.delima@palawcayman.com


COLONNADE INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------
On Jan. 26, 2015, the sole shareholder of Colonnade Investments
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:

          Richard Parsons
          Crossroads Capital, Little Denmark Building
          Road Town, Tortola
          British Virgin Islands VG1110


DIAM ENHANCED: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on Jan. 29, 2015, the
shareholder of Diam Enhanced Active Fund Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


DOVER OFFSHORE: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 9, 2015, the sole shareholder of Dover Offshore Fund II,
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

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


EATON VANCE: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 5, 2015, the shareholder of Eaton Vance Emlip Commodity
Subsidiary, 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:

          Frederick S. Marius
          c/o Two International Place
          Boston, MA 02110
          USA
          Telephone: +1 (345) 914 6365


EDDYSTONE OFFSHORE: Creditors' Proofs of Debt Due March 30
----------------------------------------------------------
The creditors of The Eddystone Offshore Fund, Ltd. are required to
file their proofs of debt by March 30, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 30, 2015.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: (345) 949-9710
          P.O. Box 2075, Grand Cayman, KY1-1105
          Cayman Islands


EVERBRIGHT ASHMORE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Everbright Ashmore Raycom Ltd. received on
March 10, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Antoine Bastian
          c/o Richard Bennett/Phoebe Chan
          Telephone: +852 3656 6069/ +852 3656 6063
          Facsimile: +352 949-9877
          Elian Fiduciary Services (Cayman) Limited
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


EWARRANT CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Ewarrant Capital Management 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:

          Richard Chisholm
          2425 Olympic Blvd.
          Suite 120E, Santa Monica
          CA, 90404, USA
          c/o Harrison Leong
          Telephone: (310) 315-8843


HAV3 (9) LIMITED: Shareholders to Hear Wind-Up Report on March 27
-----------------------------------------------------------------
The shareholders of HAV3 (9) Limited will hear on March 27, 2015,
at 9:15 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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


LION INVESTMENTS C: Creditors' Proofs of Debt Due March 18
----------------------------------------------------------
The creditors of Lion Investments C Limited are required to file
their proofs of debt by March 18, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 3, 2015.

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


MONT BLANC: Sole Member to Hear Wind-Up Report on April 6
---------------------------------------------------------
The sole member of Mont Blanc Investments Ltd. will hear on
April 6, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


OLOOK LTD: Placed Under Voluntary Wind-Up
-----------------------------------------
On Jan. 29, 2015, the shareholders of Olook, 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:

          Andre Nobre De Sousa Beisert
          c/o Campbells Corporate Services Limited
          Floor 4, Willow House, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949 6258
          Facsimile: +1 (345) 945 287


P MANAGEMENT COMPANY: Commences Liquidation Proceedings
-------------------------------------------------------
On Feb. 5, 2015, the sole shareholder of P Management Company 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:

          Charles Pilotaz
          Telephone: +41 79 137 1329
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


PACIFIC ESPLANADE: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Pacific Esplanade Investment Fund II GP
received on March 10, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hongdong Wang
          Telephone: +852 27972718
          Facsimile: +852 2341 7128
          160 Gloucester Road, 19th Floor
          Hong Kong


PARAGON (CAYMAN): Shareholders to Hear Wind-Up Report on April 2
----------------------------------------------------------------
The shareholders of Paragon (Cayman) Managers will hear on
April 2, 2015, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PARAGON CAYMAN GP: Shareholders to Hear Wind-Up Report on April 2
-----------------------------------------------------------------
The shareholders of Paragon Cayman GP will hear on April 2, 2015,
at 4:00 p.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PINE LUCK: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Pine Luck Assets Limited received on Jan. 28,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Lion International Management Limited
          c/o Irene HOR and Jean Lin
          The R & H Trust Co. Ltd.
          P.O. Box 897 Windward1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


RIO VERDE: Creditors' Proofs of Debt Due March 18
-------------------------------------------------
The creditors of Rio Verde Limited are required to file their
proofs of debt by March 18, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 5, 2015.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170 George Town, Grand Cayman
          Cayman Islands KY1-1102


STOCKTON HOLDINGS: Sole Member to Hear Wind-Up Report on March 17
-----------------------------------------------------------------
The sole member of Stockton Holdings Limited will hear on
March 17, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Robert G. Easton
          c/o Maples and Calder
          Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Island


SUNTECH POWER: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 27, 2015, the Grand Court of Cayman Islands entered an
order to liquidate the business of Suntech Power Holdings Co.,
Ltd.

The company's liquidators are:

          David A.K. Walker
          PwC Corporate Finance & Recovery (Cayman) Limited
          P.O. Box 258, Strathvale House
          Grand Cayman, KY1-1104
          Cayman Islands

          Yat Kit "Victor" Jong
          PricewaterhouseCoopers Consultants (Shenzhen) Limited
          PricewaterhouseCoopers Centre, 11th Floor
          202, Hubin Road, Shanghai
          People's Republic of China, 200021


SWEETSOP TRADING III: Member to Hear Wind-Up Report on April 6
--------------------------------------------------------------
The member of Sweetsop Trading III (Cayman) Limited will hear on
April 6, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


THOUSAND PINES: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Thousand Pines Holdings Limited received on
Jan. 28, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          c/o Irene HOR and Jean Lin
          The R & H Trust Co. Ltd.
          P.O. Box 897 Windward1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


UNITY CAPITAL: Shareholder to Hear Wind-Up Report on March 27
-------------------------------------------------------------
The shareholder of Unity Capital Partners (Cayman) Ltd will hear
on March 27, 2015, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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


VIETNAM RESOURCE: Commences Liquidation Proceedings
---------------------------------------------------
On Feb. 4, 2015, the sole shareholder of Vietnam Resource
Investments S.A.R.L. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

          Beat Schurch
          c/o Maples and Calder
          Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


WASHINGTON LOAN: Creditors' Proofs of Debt Due March 18
-------------------------------------------------------
The creditors of Washington Loan Funding Limited 2014-1 are
required to file their proofs of debt by March 18, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 5, 2015.

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


WESTERN ASSET: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Western Asset Emerging Markets Opportunity
Master Fund, Ltd. received on March 9, 2015, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gavin L. James
          Walkers
          190 Elgin Avenue
          George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


YAS 1: Shareholders to Hear Wind-Up Report on March 27
------------------------------------------------------
The shareholders of YAS 1 will hear on March 27, 2015, at
9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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


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


DOMINICAN REPUBLIC: US$200MM 'Injection' Calms Jittery Dollar
-------------------------------------------------------------
Dominican Today reports that Dominican Republic Central Banker
Hector Valdez Albizu said the injection of US$200 million to the
exchange market in mid-February produced excellent results, since
in his view it stabilized the dollar's rate.

Mr. Albizu said while the price of a dollar stood as high as
RD$45.20 in mid-January, its current RD$44.74 rate shows a
decline, reaching its normal growth trend, according to Dominican
Today.

"We managed to return to the peace and stability of the exchange
rate's movement," the report quoted Mr. Albizu as saying.

The report notes that Mr. Albizu said he's very calm because in
financial matters when those jumps reach as high as 60 or 65
points, returning the currency to its original state is "very
satisfying."


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


JAMAICA: Announcement to be Made on Hedging Soon, Says Paulwell
---------------------------------------------------------------
RJR News reports that Jamaica Energy Minister Phillip Paulwell has
confirmed that a decision on how Jamaica will go ahead with
hedging the price of oil will be announced soon.

Mr. Paulwell had previously given the Jamaican Government's
commitment to the option of exploring the issue of hedging, to
help the country benefit from current low oil prices, according to
RJR News.  This mechanism will provide a buffer when oil prices
start to rise again.

The Minister told RJR News that Finance Minister Dr. Peter
Phillips will make an announcement in respect of the hedging
option "very, very shortly," adding that the finance ministry will
be taking the lead in this matter.

Mr. Paulwell said Jamaica's commitment under the Petrocaribe
Agreement, in which it purchases oil from Venezuela under
favorable financing terms, was an issue to overcome if the country
is to hedge oil successfully, 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'.


JAMAICA: To Borrow at Least J$129 Billion in 2015/16
----------------------------------------------------
The Daily Observer reports that the Fiscal Policy Paper (FPP) for
2015/16 says that central government's borrowing for financial
year 2015/16, which begins on April 1, will amount to
approximately J$129 billion.

Of the budgeted loan receipts, J$56.3 billion is programmed to be
raised from domestic sources and J$72.5 billion from external
(overseas) sources, according to the Daily Observer.

The report notes that the overseas loans will be in the form of
policy-based/development policy loans from international financial
institutions, as well as J$11 billion in project loans in addition
to loans from the international capital market.

However, the FPP said that the borrowing need for 2015/16
represents a 21 per cent decline in gross loan receipts compared
to 2014/15, the report relates.  This reduced financing
requirement is due chiefly to the lower fiscal deficit, as well as
the fact that the government of Jamaica had pre-financed a
significant portion of its obligations due in 2015/16 from
resources raised in 2014/15, 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'.


NATIONAL COMMERCIAL: Fitch Affirms 'B-' Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed the National Commercial Bank Jamaica
Limited's (NCBJ) long-term foreign currency and local currency
Issuer Default Ratings (IDRs) at 'B-' and its Viability Rating
(VR) and Support Rating Floor (SRF) at 'b-.'

Fitch has also revised NCBJ's Rating Outlook to Positive from
Stable, which is in line with Fitch's revision of the sovereign's
Rating Outlook from Stable to Positive on Feb. 19, 2015.

A full list of rating actions follows at the end of this press
release.

Fitch has revised the Outlook on NCBJ's Long-Term IDRs in line
with the sovereign due to the high influence of the operating
environment on NCBJ's ratings and its resilient financial
performance under sovereign stress. NCBJ's SRF is equalized with
the sovereign's long-term IDR due to the bank's systemic
importance.

KEY RATING DRIVERS - IDRS and VR

The operating environment has a high influence on National
Commercial Bank Jamaica Ltd.'s (NCBJ) Viability Rating (VR) as
Jamaica's small and weak economy limits the bank's overall
financial profile relative to higher rated emerging market peers
(universal/commercial banks).

Asset quality weighs heavily on the bank's ratings due to NCBJ's
significant exposure to the Jamaican government. At September 2014
(FYE14) NCBJ's holdings of Jamaican government securities
(including government guaranteed bonds) represented 48.0% of total
assets, or 2.9x equity. Fitch views this exposure as a significant
source of credit risk given the sovereign's speculative grade
rating (long-term IDR of 'B-,' Positive Outlook).

In addition, the bank's loan portfolio exhibits material levels of
concentration, as is typical of a smaller economy, which has
contributed to volatility in the bank's loan quality indicators.
Loan impairment indicators are weaker than similarly rated
international peers (emerging market commercial/universal banks
with 'b' category VRs) as of Dec. 31, 2014.

NCBJ's ratings also consider the bank's resilient financial
performance despite two sovereign debt restructurings from 2010 to
2013 thanks to its scale and its stable and low-cost funding. In
addition, the bank has partly offset declining interest income
through fees from an expanding suite of services.

Solid earnings and a policy limiting dividend distributions have
strengthened the bank's capitalization levels which compare
favorably to international peers. However, Fitch views NCBJ's
capital levels as adequate given the bank's exposure to the
Jamaican government.

In term of the bank's funding, the bank relies primarily on
customer deposits but also makes use of its significant government
securities holdings in the repo market. Repos represented 30.8% of
total liabilities at Dec. 31, 2014. NCBJ maintains a significant
structural mismatch between short-term assets and liabilities.
However, this is partly mitigated by its solid liquidity profile,
with holdings of cash and available for sale securities equal to
122% of customer deposits at FYE2014.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

The sovereign's speculative grade rating limits the government's
capacity to provide support, resulting in a support rating of '5'.
However, the Support Rating Floor of 'B-,' which is equalized with
the sovereign rating, reflects NCBJ's systemic importance, as well
as the Jamaican government's provision of extraordinary support to
the banking system during prior crises.

RATING SENSITIVITIES - IDRS AND VR

The bank's ratings are sensitive to a change in Fitch's view of
the sovereign given the bank's sizable sovereign exposure. In
addition, a marked deterioration in financial performance,
including a decline in asset quality, weakened profitability that
pressures the bank's capital position, or sudden deposit
instability, to a level that is inconsistent with its current
peers (emerging market commercial banks with a VR of 'b-', 'b' or
'b+') could trigger a downgrade.

RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR

While Jamaica's propensity to provide timely support to NCBU
remains high due to the bank's systemic importance, its ability to
do so is not likely to change given the sovereign's high level of
indebtedness. As such, the support rating and the SRF have no
upgrade potential.

Fitch has affirmed National Commercial Bank Jamaica Ltd.'s ratings
as follows:

-- Long-term foreign and local currency IDR affirmed at 'B-';
Outlook revised to Positive from Stable;
-- Short-term foreign and local currency IDR affirmed at 'B';
-- Viability Rating affirmed at 'b-';
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed to 'B-'.


===========
M E X I C O
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CONSUBANCO SA: Fitch Raises Issuer Default Ratings to 'BB'
----------------------------------------------------------
Fitch Ratings has upgraded the foreign- and local-currency long-
term Issuer Default Ratings (IDRs) of Consubanco, S.A.,
Institucion de Banca Multiple (Consubanco) to 'BB' from 'BB-'. The
short-term IDR was affirmed at 'B'. Its Viability Rating (VR) was
also upgraded to 'BB' from 'BB-', its long- and short-term
National Scale ratings to 'A(mex)' from 'A-(mex)' and 'F1(mex)'
from 'F2(mex)', respectively.

The Outlook on the long-term rating is Stable.

KEY RATING DRIVERS - VR, IDRs, NATIONAL RATINGS AND SENIOR DEBT
RATINGS

The upgrade of the bank's IDRs, VR, National Scale and Senior Debt
ratings reflects its consistent financial performance throughout
the economic cycle, reflected in sound and recurring profitability
ratios driven by ample margins and strong efficiency levels, which
underpin its strong capitalization metrics. Additionally, the
upgrade is driven by the bank's substantial and sustained
improvement in the flexibility of its funding mix which shifted
towards unsecured and more stable funding sources and by the
moderate improvement in asset quality exhibited during 2014.
Consubanco's ratings also consider its strong and growing business
franchise in the public sector employee's pay-roll-deducted loan
segment.

Consubanco's ratings are constrained by the bank's high level of
balance sheet concentration, the challenging operating and
competitive environment of its business segment, and the
relatively high impaired loan ratio - although the latter is
compensated by its ample loan loss reserve coverage and strong
capital base.

Consubanco's National Scale ratings are supported by the same
factors that drive its VR, which result in a strong financial
profile and prospects.

Consubanco's profitability has been historically strong and stable
given the high net interest margins in its core products, coupled
with its leading market position, ample business volumes, sound
efficiency and moderately contained credit costs. Additionally,
most performance metrics remain robust and higher than most of its
peers.

Operating return on assets (ROA) and operating return on equity
(ROE) were 10% and 38.4%, respectively, higher than the 7.7% and
26.8% registered in 2013. Fitch considers Consubanco's consistent
profitability ratios as one of its main strengths and believes
core earnings are sustainable in the foreseeable future.

As of December 2014, the impairment ratio as adjusted by Fitch
(considering employer delays of more than 90 days) stood at 8.5%;
this represents an improvement to the 10.3% impairment ratio
registered in 2013. During 2014, net charge-offs amounted to
MXN146 million, which represented 3.5% of gross loans (2013: 3.7%)
while restructured loans represented 0.8% of average gross loans
as of December 2014. Consubanco's loan loss reserves are strong
and amply cover the impaired loans balance.

The limited flexibility and concentration of Consubanco's funding
base has been one of its major challenges. Fitch considers there
have been material improvements over the past years, shifting away
from secured funding towards unsecured issuances and more stable
funding sources. Nevertheless, Consubanco's funding base remains
highly concentrated on debt issuances (60.5% as of December 2014).

Historically, Consubanco has had strong capitalization metrics.
Its hefty capital base and its high capacity to internally
generate equity are major strengths in Fitch's opinion. The bank's
Fitch Core Capital Ratio stood at 17.3% as of December 2014 (2013:
15%).

Fitch considers that, other than traditional credit risks,
Consubanco is also somewhat exposed to operational, political and
event risk. Failure to properly implement the agreements with
employers or unwillingness from public sector entities to timely
and fully disburse retained collections, changes in municipal and
federal leadership, among others, are potential risk factors that
could affect Consubanco under certain circumstances.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's SR of '5' and SRF of 'NF' are driven by its low
systemic importance and reflect Fitch's opinion that external
support for the bank in case of need, although possible, cannot be
relied upon.

RATING SENSITIVITIES -VR, IDRs, NATIONAL RATINGS AND SENIOR DEBT
RATINGS

Fitch believes that Consubanco's ratings upside potential is
limited in the short term. Fitch would consider upgrading these
ratings in the medium term, when the bank's business volume
increases while it achieves important balance sheet
diversification, both in terms of its loan portfolio and funding
mix, and while maintaining asset and liability tenors relatively
matched, and a comfortable cash flow schedule.

The bank's VR, IDRs, National and senior debt ratings could be
downgraded if asset quality deteriorates to such an extent that
operating (ROA) and/or the Fitch core capital ratio fall below 5%
or 15%, respectively. Negative developments in political and/or
business risks could also affect the ratings.

RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR
Given the limited systemic importance of the bank and negligible
share of retail deposits, Fitch believes that the SR and SRF are
unlikely to change in the foreseeable future.

The rating actions are as follows:

Consubanco, S.A., Institucion de Banca Multiple:

-- Long-term IDR upgraded to 'BB' from 'BB-';
-- Short-term IDR affirmed at 'B';
-- Long-term local currency IDR upgraded to 'BB' from 'BB-';
-- Short-term local currency IDR affirmed at 'B';
-- Viability rating upgraded to 'bb' from 'bb-';
-- Long-term senior unsecured notes upgraded to 'BB' from 'BB-';
-- Support rating affirmed at '5';
-- Support rating floor affirmed at 'NF';
-- Long-term national-scale rating upgraded to 'A' from 'A-
(mex)';
-- Short-term national-scale rating upgraded to 'F1(mex)' from
'F2(mex)';
-- Long-term national-scale rating for local unsecured debt
upgraded to 'A' from 'A-(mex)'.

The Rating Outlook is Stable.


FINANCIERA INDEPENDENCIA: Fitch Affirms 'BB-/B' IDRs
----------------------------------------------------
Fitch Ratings has affirmed the foreign- and local-currency 'BB-'
and 'B' long- and short-term Issuer Default ratings (IDRs),
respectively, of Financiera Independencia S.A.B. de C.V. (Findep).
In addition, the national scale ratings for Findep and its Mexican
subsidiary Apoyo Economico Familiar S.A. de C.V. Sofom, E.N.R.
(AEF) have been affirmed at 'A-(mex)' for the long-term and
'F2(mex)' for the short-term rating. Also, the national scale
ratings for the group-lending subsidiary Financiera Finsol, S.A.
de C.V. Sofom E.N.R. (Finsol Mexico) have been affirmed at
'BBB+(mex)' and 'F2(mex)'.

The Outlook is Stable. A full list of rating actions follows at
the end of this rating action commentary.

FINDEP's IDRs AND NATIONAL SCALE RATINGS

KEY RATING DRIVERS

Fitch considers Findep's franchise in the microfinance sector as
one of its key strengths. Findep has a strong position in the
unsecured personal lending sector in Mexico, while it has expanded
its geographical and group lending niche presence mainly through
its subsidiaries in Mexico, U.S. and Brazil.

Fitch believes that the company's actions to focus its strategy
not only on loan growth but on portfolio quality, revenue
diversification, and capital and profitability enhancement has
enabled it to maintain a relatively stable performance in a
struggling competitive environment and weak macroeconomic
conditions that have affected the microfinance industry. The
micro-lending industry in Mexico continues to be pressured by low
entrance barriers and less formal participants that have increased
the indebtedness of Findep's customer base.

Findep's profitability has remained stable. Operating return on
assets moderately rose in 2014 to 4.1% (ROA 3%) despite stability
in loan portfolio size; sustained by the entity's ample interest
margins and modest improvements in efficiency and funding costs.
Profits have also benefited by the growing diversification by
product and country, which have partially reduced the adverse
effects of the concentration.

Total write-offs plus impaired loans are elevated in the
microfinance sector due to the target customer segment (low-income
and unbanked clients), and have been pressured over the past three
years. On a consolidated basis, during 2014 Findep managed to
somehow sustain its asset quality ratios; however, they are still
high. During 2014, non-performing loans (NPLs) plus 12-month
written-off loans rose to 22% from 21% at YE2013, but remained
below the 2009-2012 average of 25%. Loan quality indicators in
2014 were not as good as anticipated by the entity given the
slowdown of the Mexican and the Brazilian economies which saw
further delinquency deterioration in some of Findep's subsidiaries
(AEF, Independencia and Finsol Brazil). Findep expects to
strengthen asset quality indicators in the future, and to maintain
100% loan loss reserve coverage.

Profits from past two years and moderate organic growth allowed
Findep to preserve its capital base, although it has not yet
compensated for the goodwill generated from the acquisitions of
the subsidiaries. Fitch believes Findep has enhanced its capacity
to generate internal capital; however, the ratings are constrained
by its still tight capital ratios. Findep's profitability together
with management's decision to temporarily suspend dividends will
continue supporting Findep's commitment to restore capitalization.
As of December 2014, tangible equity-to-tangible assets was 12.3%
(YE2013 12.8%). Despite the internal capital generated in 2014,
tangible capital was moderately reduced given the increased
deferred expenses from the public debt issuances.

Findep is structurally reliant on wholesale funding, given its
legal limitation to receive retail deposits. Fitch believes that
the entity has access to a reasonably diversified funding mix by
source and maturity, with a combination of commercial and
development bank facilities, and national and international public
debt placements.

The short-term nature of its loan portfolio supports Findep's cash
flow generation and flexibility. Fitch considers that liquidity
management is adequate for Findep, and relies on its revolving
portfolio and adequate liability maturities which drive the
positive cumulative gaps for the next three years.

RATING SENSITIVITIES
Findep's ratings could be downgraded if the operating return on
assets (ROA) weakens to below 2%; the NPLs plus 12-month written-
off loans ratio is sustained above 25%; and/or the tangible
equity-to-tangible assets ratio fall below 12%. A downgrade could
also arise from negative changes in its funding profile. Findep's
ratings could only benefit from a substantial enhancement of its
tangible capital ratios and from a quicker than expected
improvement on its overall performance.

AEF AND FINSOL MEXICO's NATIONAL SCALE RATINGS

KEY RATING DRIVERS

National ratings of AEF and Finsol Mexico are based on the
likelihood of support from its parent, Findep, if needed.

Fitch believes that AEF is a core subsidiary to its parent, given
its strong and sustained contribution to the consolidated results
and internal capital generation. Its importance is marked by the
growing synergies in funding, corporate governance and operation,
and also on the knowledge transfer between the two entities. The
acquisition of AEF was relevant to the parent in terms of
geographical diversification. AEF's loans represent 19.3% of
Findep's total loans. AEF's ratings are affirmed at the same
national scale rating level of its parent.

Fitch considers Finsol Mexico as a strategically important
subsidiary to Findep given the strong synergies among the entities
in terms of corporate governance, operation and funding. Although
Finsol Mexico has been relevant to Findep in terms of product
diversification, representing 11% of the total loan portfolio, its
contribution to total results has been limited given the slower
than expected recovery of the subsidiary performance in a heavily
competitive environment. Findep's actions to strengthen the
behavior of the working capital loans, and the increasing
integration of strategies among the entities sustain Fitch's
assessment of support. Finsol's long-term rating is notched down
by one level from the national scale rating of its parent.

RATING SENSITIVITIES

Any downside potential for Findep's subsidiaries (AEF and Finsol
Mexico), will be driven by any potential downgrade of Findep's
ratings and/or a change of each entity's strategic importance to
the parent.

Fitch affirms the following ratings:

Findep:

-- Long-Term foreign and local currency IDRs at 'BB-'; Outlook
Stable;
-- Short-Term foreign and local currency IDRs at 'B';
-- USD200 million senior unsecured notes at 'BB-';
-- National-scale Long-Term rating at 'A-(mex)'; Outlook Stable;
-- National-scale Short-Term rating at 'F2(mex)'.

AEF:
National-scale Long-Term rating at 'A-(mex)'; Outlook Stable; and
National-scale Short-Term rating at 'F2(mex)'.

Finsol Mexico:
National-scale Long-Term rating at 'BBB+(mex)'; Outlook Stable;
and
National-scale Short-Term rating at 'F2(mex)'.


GRUPO KUO: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------
Fitch Ratings has affirmed Grupo KUO, S.A.B. de C.V. (KUO)'s
ratings as follows:

-- Long-term foreign currency Issuer Default Rating (IDR) at
'BB';
-- Long-term local currency IDR at 'BB';
-- Long-term national scale rating at 'A(mex)';
-- USD325 million senior notes due 2022 at 'BB';
-- MXN700 million Certificados Bursatiles due in 2015 at
'A(mex)';
-- MXN700 million Certificados Bursatiles due in 2019 at
'A(mex)'.

The Rating Outlook is Stable.

KEY RATING DRIVERS
The ratings reflect KUO's diversified business portfolio in the
chemical, consumer and automotive industries which allow the
company to mitigate the volatility across the business cycle,
solid market positions, and stable financial profile. The ratings
also incorporate its diversified revenue stream with around 46% of
its total revenues coming from exports and subsidiaries located
outside of Mexico, as well as its joint ventures (JVs) with
international industry leaders. The ratings consider the company's
strategy oriented toward developing high value-added products with
attractive returns. KUO's ratings are limited by the exposure to
volatility of demand and input costs across its business lines.

For analytical purposes Fitch incorporates the financial
information of KUO under the proportional consolidation of its JVs
(Dynasol, Herdez del Fuerte and Insa Gpro). In addition, Fitch
considers the consolidated figures reported under IFRS which
account for the JVs under the equity method.

Diversified Business Portfolio
Fitch believes that KUO's diversified revenue and cash flow
generation from its business portfolio mitigates the overall risks
associated with the volatile industries in which it participates.
KUO's relatively less cyclical consumer business (Herdez del
Fuerte JV and pork meat) has contributed to counterbalancing the
exposure to the volatile business cycle of its chemical (synthetic
rubber and plastics) and automotive (transmissions and
aftermarket) businesses. During 2014, lower cash flow generation
from the chemical and automotive businesses (25% and 7% of total
EBITDA, respectively) was more than compensated for by the higher
operating performance of its pork meat business (41% of total
EBITDA) in the consumer segment. KUO's JV with Herdez del Fuerte
added the remaining 27% of the total EBITDA reported by the
company.

Steady Profitability

Fitch expects KUO to face a challenging operating environment in
2015 associated with low sales prices in the chemical business and
a normalized operation in its pork meat business. KUO's chemical
business will continue to face pressures on revenues and cash flow
generation, as lower oil prices and oversupply conditions decrease
raw material costs and impact the company's average sales prices.
In addition, revenues from its consumer business are expected to
grow in the low single-digits range, as a result of a more
balanced demand and supply in the pork industry, which had higher
average sales prices during 2014. In contrast, KUO's transmissions
business should benefit from higher requirements of new customers
and better economic growth from the U.S. and Mexican economy. In
terms of profitability, KUO's EBITDA margin should remain
relatively stable, as lower EBITDA from its pork business will be
mitigated by an increase in the cash flow generation of its
transmissions, aftermarket and Herdez del Fuerte JV businesses.

Higher Temporal Leverage

Fitch expects that KUO's total debt-to-EBITDA and net-to-EBITDA,
considering the proportional consolidation of its JVs, to be
around 3.0x and 2.5x, respectively, in the following 12-18 months.
These ratios are slightly above those of the last five years;
however, Fitch considers them still within the current rating
category. Fitch projects a modest increase in total debt for 2015
and stronger EBITDA generation in the second half of the year. As
of Dec. 31, 2014, KUO's total debt-to-EBITDA was relatively stable
at 2.7x, compared to year-end 2013, while net debt-to-EBITDA
increased to 2.2x from 1.9x. Additionally, the company's
consolidated total debt to EBITDA and net to EBITDA ratios,
accounting its JVs by the equity method, were 3.8x and 3.4x,
respectively. These ratios compare to 3.6x and 2.8x, at the end of
2013. KUO's total debt as of Dec. 31, 2014, was USD500 million.

Negative FCF

The ratings incorporate KUO's expected negative free cash flow
(FCF) in 2015, considering the proportional consolidation of its
JVs, after covering capex and dividends of approximately USD116
million and USD11 million, respectively. In 2014, the company's
FCF was negative for around USD79 million as a result of capex for
USD138 million and dividends payments of USD11 million. Fitch also
estimated consolidated negative FCF of approximately USD103
million, accounting for the company's JVs by the equity method.
Sustained negative FCF in the next 2-3 years will pressure the
ratings.

Adequate Liquidity

KUO's liquidity position is adequate with a cash balance of USD90
million and a short-term debt of USD63 million as of Dec. 31,
2014, considering the proportional consolidation of its JVs. In
addition, the company's consolidated cash balance, accounting for
its JVs by the equity method, was around USD55 million. Fitch
expects KUO to refinance its short-term debt before its maturity
in November 2015. With no significant maturities from 2016 to 2018
after refinancing its credit facility of USD48 million due in
2016, Fitch considers the company's debt profile to be manageable.

The ratings incorporate KUO's financial strategy which
historically has funded its indebtedness needs at the holding
company and then has distributed the funds to subsidiaries through
intercompany lending or equity injections. At the holding company
KUO services its debt mainly from the cash inflows of its
subsidiaries in the form of interest payments from intercompany
loans, dividends, and management fees.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case include:

-- Proportional consolidation of its JVs;
-- 2015 top-line growth approximately flat in USD;
-- 2015 EBITDA margin stable at 9%;
-- Total debt-to-EBITDA and net debt-to-EBITDA approximate 3x and
2.5x in the next 12-18 months. Leverage could be temporarily above
these levels during 2015, since stronger results are expected in
the second half of 2015.

RATING SENSITIVITIES

Positive rating actions could result from the combination of the
following factors:

-- Lower volatility in cash flow generation across its businesses
leading to neutral to positive FCF through the cycle;
-- Sustained lower leverage ratios (total debt/EBITDA and net
debt-to-EBITDA around 2x and 1.5x, respectively, under the
proportional consolidation of its JVs);
-- Stronger liquidity position.

Negative rating actions could result from the combination of the
following factors:

-- Sustained deterioration in operating performance leading to
total debt-to-EBITDA and net debt-to-EBITDA consistently above 3x
and 2.5x, respectively (under the proportional consolidation of
its JVs);
-- High negative FCF over the next 2-3 years;
-- Weak liquidity position relative to upcoming debt obligations.


SERVICIOS CORPORATIVOS: Fitch Affirms 'B' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Servicios Corporativos Javer, S.A.P.I.
de C.V.'s (Javer) ratings as follows:

-- Foreign currency Issuer Default Rating (IDR) at 'B';
-- Local currency IDR at 'B';
-- USD320.25 million senior unsecured notes due 2021 at 'B+/RR3'.

The Rating Outlook is Stable.

Javer's 'B' ratings reflect its consistent business strategy that
is oriented to the affiliated low-income segment, with Infonavit
as its main mortgage provider. This strategy has allowed Javer to
maintain a stable cash conversion cycle, translating into positive
free cash flow (FCF). The company funding strategy of relying
primarily upon long-term public debt with almost no secured debt
is also unique for the industry and has led to an 'RR3' rating of
its public bonds. Further considered in the company's ratings are
its solid cash position, focus on FCF generation and manageable
debt amortization schedule. In Fitch's view, Javer's ratings are
constrained by its geographic concentration, as well as limited
financial flexibility characterized by high leverage and low
interest coverage.

KEY RATING DRIVERS

Weak Credit Profile due to High Leverage:
Javer's current adjusted gross leverage ratio is weak for the
rating category. Fitch calculates adjusted leverage considering
the nominal amount of outstanding debt balance instead of the
value reported on the balance sheet according to IFRS. Fitch
estimates that Javer's adjusted gross leverage will be around
4.0x-4.5x and net leverage will be around 3.0x-3.5x during 2015-
2016 due to an increase in EBITDA generation, as a result of
stability in its major markets and deployment of new projects in
Estado de Mexico and Cancun, coupled with stable debt levels;
deviations from these expectations could result in negative rating
actions. According to Fitch's calculations, Javer's gross leverage
was 5.3x as of Dec. 31, 2014, similar to the one registered the
prior year of 5.4x, and within expectations previously
incorporated in the ratings.

Total adjusted debt increased to MXN4.767 billion at the end of
2014 from MXN4.270 billion at the end of 2013, mostly due to the
Mexican peso depreciation in 2014 (12.55% year over year), Javer's
USD320.25 million senior unsecured notes when translated to
Mexican pesos resulted in a MXN525 million foreign exchange loss.
The rating affirmation incorporates Javer's capacity to maintain
focus on its FCF generation, improvement in its cash position
coupled with its extended debt maturity profile.

Focus on FCF Expected to Continue in 2015:
Javer's MXN66 million positive FCF was lower than last year's
MXN315 million, even though 2014's funds from operations (FFO)
were MXN103 million higher than the MXN177.6 million reported in
2013. This was the result of the strategy to acquire housing
projects and land with permits and infrastructure already in place
therefrom other homebuilders currently in Concurso Mercantil
(restructuring process). This investment in working capital
represented around MXN1.055 billion. FCF calculation considers
cash flow from operations less interests paid, less capital
expenditures. Fitch expects that the company's FCF to continue
positive in 2015 and 2016, as the land investments return to
normalized levels of MXN500 million.

Ability to Adjust Business Model:
Positively factored into Javer's ratings is the company's ability
to adjust its business strategy during 2014 to take advantage of
the space left in the industry by the three Mexican homebuilders
that filed for Concurso Mercantil. This situation allowed Javer to
sell 18,525 units during 2014, a 6.5% increase compared to units
sold in 2013. The increase during 2014 in terms of total income
represented 11.7% when compared to 2013, reaching MXN6.057
billion. During 2014, the company continued to balance its low-
income and middle-income and residential housing production. The
latter segment, which carries better margins, represented 52.1% of
total units sold in the year (or 9,660 units), similar to the
50.7% registered in 2013.

Stable Margins and Low Interest Coverage:
Javer's Fitch Calculated EBITDA for 2014 was MXN898 million, a 13%
increase when compared to MXN795 million in 2013. The company's
interest coverage levels are low with ratios around 1.5x.
According to Fitch's calculations FFO interest coverage ratio was
1.5x at the end of 2014 and 1.3x at the end of 2013. Fitch's
expectation is that this ratio will improve slightly at levels
around 1.8x in 2015 due to higher FFO generation and stable FX
rate. EBITDA/gross interest expense ratio was 1.6x at the end of
2014 and 2013. Javer's EBITDA margins have remained stable during
the last three years reaching 14.8%, 14.7% and 14.3% during 2014,
2013 and 2012, respectively; however, these levels are lower than
the average of 21.2% during 2008-2011. This margin compression
reflects the decision to avoid speculative land reserve
acquisitions that usually allowed the company to have higher gross
margins, as well as a competitive business environment. The
ratings incorporate the expectation that the company's EBITDA
margin will remain at around 14.5% during 2015, as a result of
Javer's strategy towards increased production of affordable entry
level housing, which traditionally carries lower margins.

Refinance Need in Mid-term:
Javer has a manageable debt amortization schedule with no material
debt maturities during the upcoming years. Javer's cash position
as of Dec. 31, 2014 was MXN1.308 billion. This level of cash was
practically the same as of year ended in 2013. The company does
not maintain any factoring of its account receivables embedded in
its cash position. Javer's debt of MXN4.8 billion consists
primarily of its USD320.25 million (MXN4.7 billion) senior
unsecured notes due in 2021. Javer's remaining debt balance is
comprised of capital leases. Debt payments due in 2015 are
approximately MXN26 million.

Limited Geographic Diversification:
Javer's limited geographic diversification constrains its ratings;
around 81% in 2014 and 83% in 2013 of Javer's total revenues were
generated in the states of Nuevo Leon and Jalisco. This
concentration increases the company's dependence upon specific
local and municipal governments to secure land and permits, and
translates into exposure to individual market dynamics. The
company accounts for 18.8% of mortgages granted by Infonavit in
Nuevo Leon and 12.3% in Jalisco. Although this concentration is
somehow mitigated through the company's long-term strategy to
overweight the affiliated affordable entry level segment with
Infonavit as its main mortgage provider, because this segment
usually presents more demand and government support programs in
the form of subsidies. This strategy has allowed Javer to have a
shorter working capital cycle.

Stable Business Position, Adequate Land Reserves:
Javer consolidated itself as the largest supplier of Infonavit
homes in the country at year-end 2014; the company is also the
largest supplier of homes titled through Infonavit in the state of
Nuevo Leo, Jalisco and Queretaro. Javer had land reserves
equivalent to 106,131 homes as of Dec. 31, 2014, which represents
about six years of production. Sixty nine percent of Javer's land
reserves are inside the urban perimeters established by the new
Urban Development and Housing Policy and the rest are land
reserves with infrastructure and/or housing already in them that
are authorized to operate as housing developments. The breakdown
of these reserves between owned and held through land trust
agreements is approximately 63%/37%. Javer's strategy is to invest
approximately MXN500 million per year in land reserves
replacement.

KEY ASSUMPTIONS

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

-- Housing prices increases at or below estimated inflation.
-- Low-double digit revenues growth in 2015-2016 then stable at
2016 levels.
-- Improvement in adjusted gross leverage towards 4.5x in 2015
reflecting increased EBITDA generation through deployment of new
projects in Estado de Mexico and Cancun and a stable debt levels.

-- Positive FCF in the range of MXN12 million-MXN77 million per
year over the next two years.

RATING SENSITIVITIES

A negative rating action could be triggered by a deterioration in
the company's credit protection measures and cash position due to
weak operational results and/or Capex levels substantially above
expectations, deterioration in FCF generation driven by increasing
working capital needs, and continued decline in EBITDA margins.
Total debt to EBITDA consistently above 5.0x will pressure Javer
ratings.

Conversely, a positive rating action could be triggered by a
combination of the following factors: material improvement in FCF
generation resulting in consistent generation of positive FCF,
stable operational performance, and significant strengthening in
the company's leverage and interest coverage metrics.


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


CL FIN'L: "New CLF Agreement by March," Chairman Says
-----------------------------------------------------
Andre Bagoo at Trinidad and Tobago Newsday reports that a new
shareholders agreement governing the relationship between the
State and the CL Financial Group is due to be completed by the end
of this month, CLF Chairman Gerald Yetming said.

"They are still trying to work out the final terms of the new
agreement but I am not involved," the report quoted Mr. Yetming as
saying.  "A team of government officials and shareholders are
working on this and they are expecting to have a final agreement
by March," Mr. Yetming added.

Finance and Economy Minister Larry Howai last year had stated one
factor which caused delay in relation to a new agreement had been
the pending arbitration on Colonial Life Insurance Company
Limited's (CLICO)'s 49 percent and CLF's 7.53 percent shareholding
in Methanol Holdings (Trinidad) Limited, according to Trinidad and
Tobago Newsday.

Under the terms of a Partial Final Award on Remaining Issues
delivered by the ICC International Court of Arbitration dated
August 24, 2014, the shares were offered for sale to Consolidated
Energy Limited and CEL accepted at the price of US$1.175 million
(TT$7.4 billion), the report notes.

Mr. Yetming confirmed that CLF's subsidiary Home Construction
Limited (HCL) was seeking to sell the Holiday Inn Express and
Suites Hotel, the report relates.  HCL has retained Ernst & Young
Services Limited (EYSL) to advice on the divestment of The Holiday
Inn Express & Suites Hotel.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
14, 2014, Asha Javeed at Trinidad Express said that Methanol
Holdings Trinidad Ltd (MHTL) has officially been sold and the
company was handed over to Consolidated Energy Ltd (CEL).

The sale was concluded one month after the International Court of
Arbitration (ICC) ruled that Colonial Life Insurance Company
Limited (Clico) and CL Financial (CLF) must sell its combined
56.53 per cent shareholding in MHTL to CEL for US$1.175 billion
(TT$7.485 billion), according to Trinidad Express.

The TCRLA on Aug. 6, 2013, citing Caribbean360.com, said that over
TT$8 billion worth of Colonial Life Insurance Company Limited's
(CLICO) profitable business will be transferred to Atruis, a new
company that will be owned by the state.  CLICO is a subsidiary of
CL Financial Limited.  The Trinidad Express said that the Cabinet
approved the transfer as the Finance and General Purposes
Committee continues to discuss a letter of intent hammered out by
the Ministry of Finance and CL Financial's 400 shareholders, which
envisions taxpayers will recover the more than TT$20 billion
Government has injected since 2009 to keep CL subsidiary CLICO and
other companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


                            ***********


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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