TCRLA_Public/150313.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

            Friday, March 13, 2015, Vol. 16, No. 051


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Rules Out APC Deal, Prepares for Ct. Battle
ANTIGUA & BARBUDA: Aims to Pay Half Moon Bay by Month End


B R A Z I L

BANDEIRANTE ENERGIA: Moody's Affirms Ba1/Aa2.br Rating on Debt
EDP ENERGIAS: Moody's Reviews 'Ba1/Aa2.br' Rating for Downgrade
SAO MANOEL: Moody's Cuts Ratings on BRL532MM Debt to Ba1/Aa2.br


C A Y M A N  I S L A N D S

ARDON MAROON: Commences Wind-Up Proceedings
ARDON MAROON MASTER: Commences Wind-Up Proceedings
AREF ENERGY: Placed Under Voluntary Wind-Up
BANIF SECURITIES: Creditors' Proofs of Debt Due March 24
BOSHIWA INTERNATIONAL: Placed Under Provisional Liquidation

CGMA SPECIAL: Creditors' Proofs of Debt Due April 1
DRAGON VENTURES: Commences Liquidation Proceedings
E28 GLOBAL: Creditors' Proofs of Debt Due March 31
E28 LIMITED: Creditors' Proofs of Debt Due March 31
E.WORLD: Commences Liquidation Proceedings

OHMA INVESTMENTS: Creditors' Proofs of Debt Due April 2
PERSEUS VII: Creditors' Proofs of Debt Due March 31
PRIMACY ASSET: Creditors' Proofs of Debt Due April 2
RENOIR CAPITAL: Creditors' Proofs of Debt Due March 23
WEXON INVESTMENTS: Creditors' Proofs of Debt Due April 2


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Feb. Prices Climb 0.20%, Brake 4-Month Lull


M E X I C O

BANCO VE POR MAS: Moody's Affirms 'D-' BFSR, Outlook Stable
CEMEX SAB: Exercises US$200MM of Note Purchase Contracts
GRUPO FAMSA: Fitch Affirms 'B+' IDR; Outlook Stable
MEXICO: To Sell Dollars for 3 months to Stem Peso's Fall
PRESTACIONES FINMART: Fitch Affirms LT Issuer Default Rating at B+


P U E R T O    R I C O

AEROSTAR AIRPORT: Moody's Affirms Ba2 Rating on $350MM Sr. Notes
DORAL FINANCIAL: Liquidating Under Ch. 11 After Bank Unit Seized
DORAL FINANCIAL: Case Summary & 20 Largest Unsecured Creditors
LA ESPERANZA DEL MANANA: Case Summary & 8 Top Unsecured Creditors
METROPISTAS: Moody's Affirms 'Ba3' Rating on $435MM Notes


V E N E Z U E L A

CORPORACION ELECTRICA: S&P Affirms 'CCC' CCR; Outlook Negative


                            - - - - -


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


ANTIGUA & BARBUDA: Rules Out APC Deal, Prepares for Ct. Battle
--------------------------------------------------------------
The Daily Observer reports that less than a month after the
government said it was nearing an out-of-court settlement with the
Hadeed-owned Antigua Power Company (APC), Prime Minister Gaston
Browne has said he is now resigned to fighting the matter in
court.

"I have been advised by Gerald Watt and Co that we should not sign
any deal.  I understand that the government has a strong case,
that the demands that they are making for EC$228 million in
damages, as settlement, that it's unlikely that they will get
anything close," the report quoted Mr. Browne as saying.

APC has sued the government and the China EXIM Bank for over
EC$220 million, claiming that the former Baldwin Spencer-
administration breached a contract with APC, according to The
Daily Observer.

The Hadeed-owned firm said the government reneged on the second
phase of a joint venture contract to provide the country with 50.9
megawatts of electricity and instead entered an agreement with the
Chinese government to construct the Wadadli Power Plant, the
report notes.

The Privy Council, in 2013, ruled in APC's favor and referred the
case to the local High Court to determine damages, the report
recalls.

"I want to make sure that the people of Antigua and Barbuda get
the best deal, and I have declined signing any agreement.  So, I
imagine the matter will be tied up in court for some time," Mr.
Browne said, the report notes.

"It's pointless for me to negotiate a $100 million settlement when
our lawyers are suggesting it may be 20 (million); it may be
minimal," Mr. Browne added.

The report relays that Mr. Browne said Aziz Hadeed's inclusion of
the Chinese EXIM Bank in the lawsuit is jeopardizing funding for a
US$200 million port redevelopment, and last month Mr. Browne said
he had succeeded through negotiations in getting the EXIM Bank
dropped from the lawsuit.  But Browne said that is now uncertain
and thus the fate of the US$225 million port redevelopment appears
uncertain, the report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


ANTIGUA & BARBUDA: Aims to Pay Half Moon Bay by Month End
---------------------------------------------------------
The Daily Observer reports that over three months after promising
in court to pay Half Moon Bay (HMB) Holdings Limited within 30
days, the government said it now hopes to, within weeks, make the
first payment.

Prime Minister Gaston Browne said the government aims to complete
the sale of the 105 acre Half Moon Bay property to the Canadian
group Replay Resorts for US$23 million by the end of the month,
according to The Daily Observer.

"I'm told that they have the resources and that by the end of this
month they should be able to execute that initial payment of US$20
million.  As soon as we get that US$20 million, it should be
flipped and paid right into HMB's account to reduce the debt,
which is now about US$42/43 million," the report quoted Mr. Browne
as saying.

In December, Mr. Browne had said the government was delaying the
sale of the property to consider an offer made by US
multimillionaire Michael Malik Sr. (worth US$750 million), but now
said the property will be sold to the company which began
negotiations with the former UPP administration, over three years
ago, the report notes.

"Replay has been around for the last three years, and initially
they were supposed to come up with US$31 million based on the
agreement that they had with the former government.  For various
reasons that did not happen," Mr. Browne said, the report relays.
"I half suspect that the US$31 million is a little steep, so we
have since restructured it.  We have taken out the additional 100
acres that the former administration promised them and they now
have an option of the Half Moon Bay property of 105 acres for 23
million," Mr. Browne said, the report discloses.

The government completed the compulsory acquisition of HMB in 2005
and since then, there has been a battle over how much the
shareholders should be paid for the property, the report notes.
The resort was badly damaged during Hurricane Luis in 1995 and
this led to its closure, the report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related


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


BANDEIRANTE ENERGIA: Moody's Affirms Ba1/Aa2.br Rating on Debt
--------------------------------------------------------------
Moody's America Latina Ltda affirmed the Baa3/Aa1.br issuer
ratings on Bandeirante Energia S/A.  Moody's also affirmed the
Ba1/Aa2.br ratings on BRL390 million in subordinated debentures
issued by Bandeirante that are scheduled to mature in July 2016.
The outlook for all ratings was changed to negative from stable.

The Baa3/Aa1.br issuer ratings reflect the stable and predictable
cash flow from Bandeirante's regulated distribution business,
strong credit metrics for its rating category and its historically
good access to the local banking and capital markets.  The ratings
are constrained by the company's high dividend pay-out ratio,
relatively sizeable capital expenditures and the evolving
regulatory environment in Brazil.

The change in outlook to negative from stable reflects the growing
uncertainties about the potential impact of any energy rationing
on the company's cash flow and liquidity.  It also remains unclear
how the company will handle the distribution of dividends in light
of an expected deterioration in cash flow metrics owing to an
increase in debt to finance working capital needs despite the
recent mandated increase in tariffs as well as the scheduled
fourth tariff review in October 2015.

Moody's would consider stabilizing the outlook if the company can
maintain its current strong credit metrics while securing long-
term debt to finance its sizeable working capital needs and
capital expenditures so that its current liquidity position
improves.

In light of this rating action, an upgrade is very unlikely over
the medium term.

The rating could be downgraded if the company's liquidity
deteriorates.  Quantitatively, Moody's would consider a downgrade
if the ratio of retained cash flow to debt were to decline and
remain below 10% and interest coverage similarly fell below 3.5x,
for any length of time.

Bandeirante, headquartered in Sao Paulo, Brazil, is an electricity
distribution utility fully controlled by EDP Energias do Brasil
(EDB), an integrated utility group that is in turn controlled by
EDP - Energias de Portugal, S.A. (Baa3 stable). Bandeirante serves
around 1.7 million clients in the eastern portion of the
industrialized state of Sao Paulo.  In 2014, Bandeirante reported
net revenues of BRL3,060 million (US$1,301 million), which does
not include construction revenues of BRL138million (US$59
million), on sales of 15,452 GWh, constituting around 3.2% of the
electricity consumed in Brazil's integrated system.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.


EDP ENERGIAS: Moody's Reviews 'Ba1/Aa2.br' Rating for Downgrade
---------------------------------------------------------------
Moody's America Latina Ltda placed the Ba1/Aa2.br issuer ratings
of EDP Energias do Brasil S.A (EDB) under review for downgrade.

The rationale for placing EDB's issuer ratings under review for
downgrade is EDB's weaker liquidity position coupled with Moody's
expectation that EDB's consolidated credit metrics will continue
to deteriorate from losses associated with the current exposure to
the spot market of its hydro generation subsidiaries and higher
indebtedness at the level of the holding company EDB and its
distribution utilities.

The purchase of the other 50% interest and subsequent
consolidation of the 720MW thermo- power plant PECEM I which is
expected to occur in the short term will further weaken EDB's
consolidated credit metrics and potentially require further
financial support from EDB which has placed additional pressure on
the ratings.

During this review period Moody's will evaluate the impact of the
recently mandated tariff increase and the growing potential for
energy rationing on EDB's consolidated cash flow and overall
liquidity position taking into consideration other steps the
regulator or government may take including the schedule Fourth
tariff review scheduled for October 2015 and August 2016 for its
distribution subsidiaries Bandeirante and Escelsa, respectively.

EDB's ratings are one notch lower than the implicit Baa3/Aa1.br
ratings of EDB on a consolidated basis to reflect the structural
subordination of debt at the holding company level to that of the
operating companies, where Moody's expects that debt levels to
increase in the near term as a result of current investments and
lower dividends from its subsidiaries.

In light of this rating action an upgrade rating action is very
unlikely in the medium term.

There would be pressure for a downgrade action should EDB fail to
raise timely and adequate funding to refinance its short debt and
further support capital injections in its power projects.  Higher
than expected losses associated with the current exposure to the
spot market of its generation business and weaker liquidity at the
level of its distribution utilities would trigger a downgrade
action.

Quantitatively, a downgrade could be triggered by a fall in the
consolidated retained cash flow (RCF) over debt ratio below 10%
and interest coverage declining below 3.5x for a prolonged period.

Headquartered in Sao Paulo, Brazil, EDP - Energias do Brasil S.A.
(EDB) is a holding company controlled by EDP - Energias de
Portugal (EDP, Baa3; stable outlook) with activities in
generation, distribution and commercialization of electricity.  In
2014, EDB's power distribution business represented 55% of the
consolidated EBITDA, the power generation business represented 39%
and the commercialization of energy represented the remaining 6%.

The two distribution subsidiaries, Bandeirante and Escelsa,
distributed in aggregate 26,443 GWh in 2014 (approximately 5.3% of
the electricity consumed in the Brazilian electricity integrated
system).  The generation business consisted of 2,381MW of
installed capacity at year-end 2014, which accounted for
approximately 1.8% of the country's electricity installed
capacity.  EDB reported consolidated net revenues of BRL 8,604
billion (USD 3,656 billion), which does not include BRL 294
million of construction revenues (USD125 million) and a net profit
of BRL 744 million (USD 316million) in 2014.


SAO MANOEL: Moody's Cuts Ratings on BRL532MM Debt to Ba1/Aa2.br
---------------------------------------------------------------
Moody's America Latina Ltda downgraded the ratings of the 18-month
BRL532 million debentures issued by Empresa de Energia Sao Manoel
S.A. on July 18, 2014 to Ba1/Aa2.br from Baa3/Aa1.br and changed
the outlook to under review for downgrade from stable.

The downgrade of Sao Manoel's debentures stemmed from Moody's view
that the debenture rating should reflect the lowest rating between
the three guarantors, which is the Ba1/Aa2.br ratings of EDP
Energias do Brasil (EDB, Ba1/ Aa2.br; under review for downgrade)
without factoring the overall investment grade characteristics of
EDB on a consolidated basis as Moody's did when assigning the
Baa3/Aa1.br ratings to Saao Manoel's Debentures on Aug. 15, 2014.

The ratings have been placed under review for downgrade to reflect
the fact that EDB's ratings have been placed under review for
downgrade.

EDB reduced its guarantee to 33.3% of the debenture amount in
November 2014 with the divestiture of 50% of its 66.7%
participation in Sao Manoel to CWEI (Brasil) Participacoes Ltda.
(CWEI unrated), a full subsidiary of China Three Gorges
Corporation (A1; stable).  The reduction of EDB's guarantee was
followed by CWEI presenting a banking guarantee provided by
Santander Brasil (Baa2; negative).  Banco Santander Brasil S.A
also guarantees another 33.3% of the debentures through a banking
guarantee on behalf of Furnas Centrais Eletricas S.A (Furnas not
rated), a full subsidiary of Centrais Eletricas Brasileiras S.A.
(Eletrobras, Baa3; negative ), which holds 33.3% of Sao Manoel.

In light of this rating action a rating upgrade is very unlikely
over the medium term.

A downgrade rating action of EDB's issuer rating could trigger a
downgrade of Sao Manoel's debenture rating.

The consortium Terra Nova formed by EDB initially with a 66.7%
participation and Furnas Centrais Eletricas S.A (Furnas not
rated), a full subsidiary of Eletrobras with a 33.3% participation
won the energy auction coordinated by the Regulator ANEEL on Dec.
13, 2013 to construct and operate the Sao Manoel 700 MW hydro-
power project.

The consortium was awarded a 30-year concession contract to sell
on average 409.5 MW in the regulated market at BRL83.49 per
megawatt hour as of December 2013 to be annually adjusted by the
consumer price inflation index (IPC-A).  The consortium is
committed to start delivering electricity in May 2018.  Management
estimates that the power project will require around BRL2.7
billion in capital expenditures, of which 66% will be funded by
long-term financing.

The principal methodology use in these ratings was Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts published in March
2013.


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


ARDON MAROON: Commences Wind-Up Proceedings
-------------------------------------------
On Feb. 13, 2015, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Ardon Maroon Asia Dragon Feeder
Fund.

The company's liquidators are:

          David Griffin
          FTI Consulting (Cayman) Limited
          2D Landmark Square
          64 Earth Close, SMB
          P.O. Box 30613, Grand Cayman KY1-1203
          Cayman Islands; and

          John Batchelor
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central
          Hong Kong


ARDON MAROON MASTER: Commences Wind-Up Proceedings
--------------------------------------------------
On Feb. 13, 2015, the Grand Court of the Cayman Islands entered an
order to wind up the operations of Ardon Maroon Asia Master Fund.

The company's liquidators are:

          David Griffin
          FTI Consulting (Cayman) Limited
          2D Landmark Square
          64 Earth Close, SMB
          P.O. Box 30613, Grand Cayman KY1-1203
          Cayman Islands; and

          John Batchelor
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queen's Road Central
          Hong Kong


AREF ENERGY: Placed Under Voluntary Wind-Up
-------------------------------------------
Aref Energy Global, Ltd. commenced wind-up proceedings.

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

The company's liquidators are:

          Mohammad A Algharaballi
          Telephone: (345) 949 0488
          Facsimile: (345) 949 0364
          FirstCaribbean Building, 3rd Floor
          P.O. Box 1990 Grand Cayman KY1-1104
          Cayman Islands


BANIF SECURITIES: Creditors' Proofs of Debt Due March 24
---------------------------------------------------------
The creditors of Banif Securities Holdings, Ltd. are required to
file their proofs of debt by March 24, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 31.

The company's liquidators are:

          Luca Cantelli
          Candace L. Ebanks
          Finab-International Corporate Management Services Ltd.
          Genesis Building 3rd Floor
          P.O. Box 32338, George Town
          Grand Cayman KY1-1209
          Cayman Islands


BOSHIWA INTERNATIONAL: Placed Under Provisional Liquidation
-----------------------------------------------------------
On Feb. 11, 2015, the Grand Court of the Cayman Islands entered an
order to place Boshiwa International Holding Limited under
provisional liquidation.

The company's liquidators are:

          David Yen Ching Wai
          Stephen Liu Yiu Keung
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong

          Keiran Hutchison
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          PO Box 510, Grand Cayman KY1-1106
          Cayman Islands


CGMA SPECIAL: Creditors' Proofs of Debt Due April 1
----------------------------------------------------
The creditors of CGMA Special Accounts LLC are required to file
their proofs of debt by April 1, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 6, 2015.

The company's liquidators are:

          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


DRAGON VENTURES: Commences Liquidation Proceedings
--------------------------------------------------
On Feb. 11, 2015, the sole shareholder of Dragon Ventures 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:

          Gong Yu
          No. 7, Unit 7, Floor 7
          District 14, Heping District
          Chaoyang District, Beijing
          People's Republic of China


E28 GLOBAL: Creditors' Proofs of Debt Due March 31
---------------------------------------------------
The creditors of E28 Global Limited are required to file their
proofs of debt by March 31, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 13, 2015.

The company's liquidators are:

          Ho Man Kit
          Zhang Li Jun
          Telephone: +852 29922205
          Unit 511, 5th Floor, Tower 1
          Silvercord, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


E28 LIMITED: Creditors' Proofs of Debt Due March 31
---------------------------------------------------
The creditors of E28 Limited are required to file their proofs of
debt by March 31, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 13, 2015.

The company's liquidators are:

          Ho Man Kit
          Zhang Li Jun
          Telephone: +852 29922205
          Unit 511, 5th Floor, Tower 1
          Silvercord, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


E.WORLD: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary meeting held on Jan. 23, 2015, the
shareholders of E.World (Holdings) 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:

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


OHMA INVESTMENTS: Creditors' Proofs of Debt Due April 2
-------------------------------------------------------
The creditors of OHMA Investments are required to file their
proofs of debt by April 2, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 19, 2015.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          c/o Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647;

                      or

          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


PERSEUS VII: Creditors' Proofs of Debt Due March 31
---------------------------------------------------
The creditors of Perseus VII Cayman GP Limited are required to
file their proofs of debt by March 31, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 13, 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


PRIMACY ASSET: Creditors' Proofs of Debt Due April 2
----------------------------------------------------
The creditors of Primacy Asset Management are required to file
their proofs of debt by April 2, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 29, 2015.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          c/o Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647;

                      or

          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


RENOIR CAPITAL: Creditors' Proofs of Debt Due March 23
-------------------------------------------------------
The creditors of Renoir Capital Fund One are required to file
their proofs of debt by March 23, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 9, 2015.

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


WEXON INVESTMENTS: Creditors' Proofs of Debt Due April 2
---------------------------------------------------------
The creditors of Wexon Investments are required to file their
proofs of debt by April 2, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 9, 2015.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647

                       or

          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


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


DOMINICAN REPUBLIC: Feb. Prices Climb 0.20%, Brake 4-Month Lull
---------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said February prices climbed 0.20% compared with January, braking
four months of negative inflation.

It said annual inflation, from February 2014 to February 2015 was
1.02%, "significantly lower than the annualized rate of 2.84%
verified at the end of February 2014," according to Dominican
Today.

The Central Bank said lower costs of transport and housing had a
positive impact in February's low inflation, the report notes.

                       Ministers to Meet

Meanwhile, Dominican Today said in a separate report that after
weeks of tense incidents which have hurt bilateral relations
including the temporary closing of Dominican consulates in Haiti,
the foreign ministers of Hispaniola will meet in Guatemala, as
part of the 20th annual meeting of the Association of Caribbean
States (ACS) Council of Ministers.

In the meeting whose time wasn't announced, Dominican Foreign
minister Andres Navarro, and Haiti's Pierre Duly Brutus are
expected to resume the political dialogue, according to Dominican
Today.

The report notes that the Dominican Foreign Ministry said Navarro
headed meetings with the Dominican ambassador and the five consuls
in Haiti, to coordinate the normalization of their functions.

The diplomatic flaps between Haiti and Dominican Republic since
January culminated in violent protests at Anse-a-Pitre near the
town of Pedernales (southwest), when Haitians demanded the release
of three fishermen arrested in Dominican waters, the report notes.

Calm returned after Haiti authorities provided safe passage for
Dominican consulate personnel in that town who were in lockdown at
the facility on fear of being attacked, the report discloses.


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


BANCO VE POR MAS: Moody's Affirms 'D-' BFSR, Outlook Stable
-----------------------------------------------------------
Moody's de Mexico affirmed all ratings on Banco Ve por Mas, S.A.
(BX+), including the D- standalone bank financial strength rating,
which maps to a ba3 baseline credit assessment (BCA).  Moody's
also affirmed the bank's global scale local and foreign currency
long- and short-term deposit ratings of Ba3 and Not Prime, as well
as the Mexican National Scale long and short-term deposit ratings
of A3.mx and MX-2.  The outlook on all these ratings is stable.

At the same time, Moody's affirmed all ratings on Casa de Bolsa Ve
por Mas, S.A. de C.V. (CB BX+), including the global local
currency (GLC) long- and short-term issuer ratings of Ba3 and Not-
prime, as well as the Mexican National Scale long- and short-term
issuer ratings of A3.mx and MX-2.  The outlook on these ratings is
stable.

This rating action does not affect the ratings on Arrendadora Ve
por Mas, S.A.

The following ratings on Banco Ve por Mas, S.A. were affirmed,
with stable outlook:

  -- Standalone bank financial strength: D-, mapping to a ba3
     standalone baseline credit assessment

  -- Long-term global local currency deposits: Ba3

  -- Short-term global local currency deposits: Not Prime

  -- Long-term foreign currency deposits: Ba3

  -- Short-term foreign currency deposits: Not Prime

  -- Long-term Mexican National Scale deposit rating: A3.mx

  -- Short-term Mexican National Scale deposit rating: MX-2

The following ratings on Casa de Bolsa Ve por Mas, S.A. de C.V.
were affirmed, with stable outlook:

  -- Long-term global local currency issuer: Ba3

  -- Short-term global local currency issuer: Not Prime

  -- Long-term Mexican National Scale issuer rating: A3.mx

  -- Short-term Mexican National Scale issuer rating: MX-2

BANCO VE POR MAS, SA. (BX+)

Moody's affirmation of BX+'s ratings, and in particular the D-
bank financial strength rating takes into account the bank's
consistent, yet narrow, earnings, robust capitalization, and
relatively stable asset quality metrics exhibited over time.
According to Moody's analyst David Olivares "the bank's
conservative loan underwriting practices and loan guarantees from
various government-related programs have led to consistently low
loan delinquencies and credit losses."

Moody's also noted that the bank's capitalization has been
considerably strengthened following two recent capital injections
for a combined amount of MXN1 billion, which have raised the
bank's Tier 1 capital ratio to over 17% as of January 2015, from
11.99% in 3Q2014.  These injections were related to the strategic
alliance between BX+'s parent, Grupo Financiero Ve por Mas (GF
BX+), and Banco Popular Espa¤ol (Banco Popular, Ba3 Negative,
E+/b1 negative).  In exchange of a 24.99% stake in GF BX+, Banco
Popular invested over MXN1.7 billion.  The capitalization will
support BX+'s ambitious plan to triple its loan portfolio by 2018.
Although the bank will pursue new market segments, it expects to
maintain its focus on lending to the high-margin and largely
underserved SME segment in Mexico.  Further capitalizations are
expected to be forthcoming as the bank proceeds with its expansion
program.  However, Olivares noted that "the ambitious growth plan
entails important risks, including deterioration of asset quality
as well as increased provisioning needs that could hurt the bank's
profitability.  "Profitability will also be challenged by the
bank's plans to build a branch network from scratch, which will
result in an increase in already high operating expenses that will
not be immediately offset by increased revenues.  Moreover, such
ambitious expansion plans will test the bank's governance and its
risk management function.

The ratings on BX+ continue to be constrained by the bank's small
scale and the challenges posed by its limited business scope and
dependence on government-sponsored programs.  The bank is also
faced by the risks inherent to a high exposure to the SME segment
and loans to large single borrowers including related party loans.
While management's plans to expand BX+'s market presence and
product offering could help to address some of these challenges,
it will take time for this strategy to prove successful.

The ratings could gradually attract positive pressure if the
expansion results in a meaningful improvement to BX+'s franchise
and the bank achieves a. "sustainable increase in profitability,
which has historically been pretty narrow relative to peers.

CASA DE BOLSA VE POR MAS, SA. (CB BX+)

In affirming CB BX+'s Ba3 issuer rating, Moody's took into account
the brokerage house's standalone credit strength of b2 and
expected support from BX+.  The low b2 intrinsic strength in turn
reflects CB BX+'s still modest franchise value.  Given its limited
size, the company is vulnerable to competitive pressures and it
needs to develop its ability to generate consistent core earnings.
While the company has begun to diversify its business mix, it
remains heavily dependent on FX trading.

Moody's notes that, for over a year now, CB BX+ has been
undergoing an ambitious corporate re-organization aimed at
widening its business scope and diversifying its product offering
away from its historic focus on FX trading.  The company is
focused on the development of other lines of business, including
increased activities in money and capital markets, mutual funds
distribution, fiduciary and trust services and corporate finance.

According to Olivares, "the company has already achieved some
progress in terms of revenue diversification however the long-term
prospects of its new business model remain uncertain as the
ambitious re-organization raises execution risks."  CB BX+ is also
faced with the challenge of improving its operating efficiency in
light of a hefty cost/income ratio over 85%.  In light of the
ongoing expansion plans, however, Moody's see limited opportunity
for efficiency gains in the near term.  In this light, growth of
new sources of revenue coupled with the successful execution of
its strategy to reach a broader customer base and gain sustainable
market presence remain the main challenges facing CB BX+.

The Ba3 issuer rating takes into account a two-notch uplift from
the company's standalone credit strength of b2 due to affiliate
support considerations.  Moody's believes that group support would
be forthcoming in case of stress, given CB BX+'s strategic
importance to GF BX+.  In our view, this support would indirectly
come from BX+, the strongest entity within the financial group.

The methodologies used in these ratings were Global Securities
Industry Methodology published in May 2013, and Global Banks
published in July 2014.

The period of time covered in the financial information used to
determine Banco Ve por Mas, S.A's and Casa de Bolsa Ve por Mas,
S.A. de C.V.'s ratings is between 01/01/2009 and 12/31/2014
(source: Moody's and BX+).

The sources and items of information used to determine the ratings
include 2014 and 2013 interim financial statements (source:
Moody's, BX+ and CB BX+); year-end 2014 and 2013 audited financial
statements (source: BX+ and CB BX+, audited by Galaz, Yamazaki,
Ruiz Urquiza, S.C. member of Deloitte Touche Tohmatsu Limited, and
Moody's); information on market position (source: CNBV); and
regulatory capital information (source: Banxico).


CEMEX SAB: Exercises US$200MM of Note Purchase Contracts
--------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed the exercise of U.S. $200 million
of Note Purchase Contracts underlying the Contingent Convertible
Units issued by CEMEX on October 3, 2014.  As a result of the
exercise, CEMEX will issue US$200 million in aggregate principal
amount of Convertible Subordinated Notes due 2020 on March 13,
2015 to the holders of the Contingent Convertible Units in respect
of which Note Purchase Contracts have been exercised, in exchange
for a cash payment of US$200 million.

The proceeds of the issuance of the New Convertible Notes will be
used to finance, in part, the payment at maturity of CEMEX's
4.875% Convertible Subordinated Notes due 2015.

Interest on the New Convertible Notes will be payable at a rate
equal to 1.770% (the 5-year swap rate on March 11, 2015) plus a
spread of 195 basis points, subject to incremental adjustments if
the 5 Day Average VWAP of CEMEX's American Depositary Shares is
lower than U.S.$8.62.  Interest on the New Convertible Notes will
be payable semi-annually in arrears on March 15 and September 15
of each year, commencing on September 15, 2015.  The New
Convertible Notes will be convertible by holders into ADSs at an
initial conversion price equal to the greater of (a) U.S.$11.20,
(b) 130% of the 5 Day Average VWAP of the ADSs and (c) 110% of the
closing sale price of the ADSs on the New York Stock Exchange on
March 13, 2015.  The "5 Day Average VWAP" of the ADSs will be
equal to the average of the daily volume-weighted average prices
of the ADSs for the 5 trading day period beginning on March 18,
2015.  The initial conversion rate of the New Convertible Notes
will be equal to the quotient of (x) 1,000 divided by (y) the
initial conversion price, rounded to the nearest 1/10,000th of an
ADS.  CEMEX's ordinary shares currently held in treasury that
underlie the 2015 Existing Convertible Notes will be kept in
CEMEX's treasury and will be re-allocated to ensure the conversion
rights of the New Convertible Notes that are issued.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 9, 2015, Standard & Poor's Ratings Services revised its
outlook on CEMEX S.A.B. de C.V. (CEMEX) to positive from stable.
At the same time, S&P affirmed its 'B+' global scale and 'mxBBB'
national scale ratings on CEMEX and its subsidiaries, CEMEX Espana
S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc.


GRUPO FAMSA: Fitch Affirms 'B+' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed these ratings of Grupo Famsa, S.A.B. de
C.V. (FAMSA):

   -- Foreign currency Issuer Default Rating (IDR) at 'B+';
   -- Local currency IDR at 'B+';
   -- Long-term national scale rating at 'BBB(mex)';
   -- Short-term national scale rating at 'F3(mex)';
   -- USD250 million senior unsecured notes due in 2020 at
      'B+/RR4';
   -- MXN1 billion Certificados Bursatiles issuance due 2016 at
      'BBB(mex)';
   -- MXN1 billion short-term Certificados Bursatiles programs at
      'F3(mex)'.

The Rating Outlook is Stable.

FAMSA's ratings reflect its market position in the Mexican retail
sector, geographic and product diversification, broadly stable
operating cash flow generation by the retail operation, as well as
an expectation of a gradual improvement in leverage.  On the other
hand, the ratings are constrained by historically low growth in
retail sales and a linkage with its banking subsidiary, Banco
Ahorro Famsa (Banco Famsa; or BAF), rated 'BBB(mex)'/Stable
Outlook).  The 'RR4' rating reflects average recovery prospects in
case of default between 30% and 50% of principal.

KEY RATING DRIVERS

Stable Performance in Mexican Retail Sales:

Recently, notwithstanding the weak consumer confidence and
expenditure during 2014, Famsa showed basically stable revenues,
with a 1.2% drop in consolidated revenues in 2014.  EBITDA margins
fell 87 basis points, partly due to SG&A increases.  Going
forward, the firm is trying to capitalize on 4Q'13's acquisition
of Montemex, to broaden not just its financial services offer, but
its geographic footprint within Mexico.  Montemex's addition will
help with some cross-selling opportunities for merchandise through
catalog and limited-variety displays in Montemex's locations.
FAMSA competes directly with larger Mexican retail chains such as
Coppel and Elektra, which also target the low-income segment of
the population.

Banco Famsa Undergoing Operational Consolidation:

FAMSA's financial division, Banco Famsa (about 45% of FAMSA's
total assets), has good brand equity and competitive position in
consumer finance, mainly in northeastern Mexico.  Its financial
performance is constrained by its high loan-impairment charges;
however, BAF is addressing it and still shows a reasonable capital
adequacy.  In addition, BAF continues to operate with a lower cost
of funding from a diversified and growing base of customer
deposits.  BAF also shows organic growth of its loan portfolio,
although customers' sensitivity to a weak economic environment
continues to be a limiting factor.

Manageable Increase in NPLs:

The increase in non-performing loans (NPLs) for Banco Famsa in
2014 was mostly driven by loan accounting changes, and to a lesser
degree, by the economic environment and operational concerns.
Starting July 2013, loans originated by Promobien, a payroll
lender which is also a subsidiary of FAMSA, were no longer
accounted for as part of the loan portfolio, but as collection
rights.  This caused current loans to decrease far more than NPLs
and thus resulted in an increase in the NPL ratio.  This ratio, as
of December 2014 and including collection rights, was 14.2%, lower
than the 15.1% of a year before.   Excluding collection rights and
as reported by the CNBV banking authority, the percentages are
17.9% and 16.8% for 2014 and 2013.

USA Operations EBITDA-Positive:

Currently, fiscal year end (FYE) 2014 EBITDA for the U.S.
operations is MXN88 million, an increase compared to MXN55 million
in 2013.  Furthermore, the U.S. operation has seen its first same
store sales increase in the last five years, which can be
attributed to stronger consumer confidence among U.S. consumers,
including the subsectors served by Famsa USA in Texas and
Illinois.  The company is planning on growing the U.S. operation
modestly, with just one store opening in 2015.

Leverage Expected to Gradually Decrease:

Fitch expects debt-to-EBITDA (excluding bank deposits) to steadily
decline in the short- to medium-term from current levels.
Consolidated leverage has increased due to bank capitalization
efforts and to finance working capital.  Debt-to-EBITDA and net
debt-to-EBITDA for 2014 (excluding bank deposits) are at 5x and
3.9x, respectively.  Including bank deposits, these ratios are
14.5x and 13.4x for 2014.   In December 2014, the company carried
out a recapitalization for MXN1.5 billion, of which MXN850 million
was used for debt reduction.  This compensated for an increase in
USD-denominated debt due to the Mexican peso's devaluation against
the U.S. dollar.  Furthermore, FAMSA has not declared dividends
for the last few years and has a limited share repurchase program
for up to MXN300 million.

Liquidity Should Be Adequate:

For year-end 2014, FAMSA's debt amounted to MXN7.8 billion and
bank deposits totaled MXN14.8 billion.  FAMSA's debt is comprised
of senior notes, national short- and long-term issuances and bank
loans.  Short-term debt as of Dec. 31, 2014 was about MXN3.1
billion (pro forma short-term debt after January 2015's commercial
paper issuance of MXN2.7 billion), with non-restricted cash
holdings of about MXN1.7 billion, so some refinancing risk could
persist.  Pro forma short-term debt is 93% denominated in pesos
and it is mostly made up of short-term Cebures programs and bank
loans and is primarily used to finance working capital.

KEY ASSUMPTIONS:

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

   -- Consolidated debt (excluding bank deposits) to be around
      MXN8.5 billion in the medium term.
   -- BAF to continue facing pressure on capital adequacy and
      operational metrics.
   -- If necessary, FAMSA will continue to support Banco Famsa.
   -- Consolidated EBITDAR to be around MXN2.5 billion in the
      medium term.
   -- EBITDA from the U.S. division to be neutral-to-positive.
   -- Non-restricted cash balance will be above MXN1 billion.

RATING SENSITIVITIES:

Credit quality could be negatively affected by deterioration in
BAF's creditworthiness beyond FAMSA's ability to lend support, by
consolidated leverage (excluding bank deposits) consistently above
5.5x, by lower EBITDA generation by FAMSA USA that results in
higher leverage levels, as well as by deterioration in the quality
of the loan portfolio.

Conversely, creditworthiness would benefit from increased EBITDA
generation due to improving margins and/or organic growth in sales
that consistently outperforms the industry, as well as from lower
debt levels resulting from less use of credit lines, factoring,
and other short-term debt.


MEXICO: To Sell Dollars for 3 months to Stem Peso's Fall
--------------------------------------------------------
EFE News reports that Mexico's central bank will auction off US$52
million per day for three months to provide liquidity to the
foreign exchange market and halt a slide in the peso.

The Bank of Mexico and the Finance Secretariat said the measure
was adopted amid volatility in financial markets and taking into
account the country's current level of foreign reserves, which on
March 6 amounted to US$194.9 billion, according to EFE News.

The new auctions, which have no minimum price, began March 11 and
will run through June 8, at which time the central bank's Foreign
Exchange Commission will "assess the advisability of extending
this mechanism," those entities said in a statement obtained by
the news agency.

The report relates that the goal in reducing the rate of reserve
accumulation over the next three months is to prevent "additional
pressures from disrupting the orderly functioning of the foreign
exchange market," they added.

The central bank also said it will maintain a mechanism that was
unveiled on Dec. 8, 2014, and consists of daily auctions of US$200
million on days when the Mexican peso is 1.5 percent weaker than
the previous day.

Since it was launched, that auction mechanism has been used on two
occasions, most recently on March 6, the report relates.

The Mexican peso has depreciated 6.6 percent over the past two
months, falling from MXN14.59 to the dollar to MXN15.62 to the
greenback, reports EFE News.


PRESTACIONES FINMART: Fitch Affirms LT Issuer Default Rating at B+
------------------------------------------------------------------
Fitch Ratings has affirmed the foreign- and local-currency long-
term Issuer Default Ratings (IDRs) of Prestaciones Finmart,
S.A.P.I de C.V., SOFOM E.N.R. (Finmart) at 'B+' and the short-term
at 'B'.  Its national scale long- and short-term ratings were
affirmed at 'BBB+(mex)' and 'F2(mex)', respectively.  The long-
term Rating Outlook was revised to Stable from Positive.
Finmart's Reg S 8.5% bonds due 2015 have been also affirmed at
'B+/RR4'.

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

The Outlook revision to Stable reflects Fitch's opinion that the
previous assumptions related to a possible upgrade of the entity's
ratings are less likely to be achieved.  Such view is based on the
continued pressure on asset quality metrics (as defined by Fitch)
and the insufficient loan loss reserve coverage that may put
pressure on Fitch's adjusted capitalization metrics.  The revision
also considers Finmart's still high reliance on secured debt
facilities on balance as well as public and private
securitizations.  Fitch believes that the recent shift in business
model, which now incorporates more frequent non-recourse asset
sales of its loans, although benefitting liquidity, could
translate into less certain funding availability and recurrence in
the long term.  This may also result in increased earnings
volatility as it is more vulnerable to the investor's appetite for
this type of transaction.

Finmart's IDRs, National Scale and Senior Debt Ratings are driven
by its consistent profitability ratios, adequate capitalization
ratios and its increasingly growing franchise in the pay-roll-
deducted loans business amidst a slow growth macroeconomic
environment.

Fitch considers that Finmart's consistent profitability metrics
are one of its main strengths.  Nevertheless, Fitch believes
earnings are overstated to a certain extent due to the fact that
the company is consistently under-reserved.  Also, the fact that
interest income is accrued for some loans which are more than 90
days past due, may make operating cash inflows lag reported
operating earnings.  Operating return on assets (ROA) and
operating return on equity (ROE) were 7.5% and 26.2%,
respectively, lower than the 9.2% and 34.4% registered during 2013
due to higher loan loss provisions.

As of December 2014, the impairment ratio as adjusted by Fitch
(considering partial payments and accounts receivables from
employers more than 90 days past due) stood at 22.4% compared to
the 15.5% registered in 2013.  Fitch believes asset quality is one
of Finmart's main challenges.  Even though effective credit losses
are not expected to be high as long as the borrower is still
employed in the public entity - an affirmation supported by the
manageable amount of written-off loans - Fitch considers that the
delayed collection period represents a moderate liquidity risk to
Finmart.

Finmart's tangible common equity represented an adequate 21.6% of
its tangible common assets as of December 2014.  Nevertheless,
after making an adjustment for the under-reserved portion of non-
performing loans (NPLs) as defined by Fitch (MXN241.6 million as
of December 2014), tangible common equity represents 14.2% of
tangible assets (2013: 10.4%), which in Fitch's opinion is tight
given its high concentration on a single and sensitive sector, and
compares unfavourably to its peers.  Potential regulatory risks
that may require Finmart to accept more stringent loan loss
reserve generation, could further pressure the company's
capitalization ratios.

Despite Finmart's efforts to gradually diversify its funding
structure, most of it continues to be collateralized (78.7% as of
December 2014), while its unencumbered loans represented 30% of
gross loans and 97% of unsecured debt.  After considering
Finmart's unpledged cash equivalents (MXN508 million),
unencumbered loans and cash equivalents amply cover the
outstanding balance of unsecured debt (2.3x).

Fitch believes that further improving the flexibility of its
funding base through the use of unsecured facilities at a
reasonable cost, while maintaining maturing mismatches between
assets and liabilities to a minimum, remains as one of Finmart's
main challenges.  Additionally, Finmart's new strategy entails the
use of less stable funding sources, dependent on the market's
appetite for structured asset sales, which could further limit its
financial flexibility.

Fitch considers that, other than traditional credit risks, Finmart
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 Finmart under certain circumstances.

The 'B+/RR4' rating on the notes reflects Fitch's opinion that
Finmart has enough available earning assets to ensure an average
recovery for bondholders in the case of liquidation.  This
underpins the Recovery Rating of 'RR4' and the alignment of the
notes' rating with Finmart's long-term IDR.

RATING SENSITIVITIES - IDRs, NATIONAL RATINGS AND SENIOR DEBT
RATINGS

Finmart's ratings could be upgraded if the entity's new business
model proves to be sustained in the medium term and throughout the
economic cycle, along with the use of more prudential accounting
practices in terms of its non-performing loan classifications and
related income and loan loss expense recognition.  Additionally,
funding mix diversification towards more stable financing channels
while maintaining adequate capitalization and profitability ratios
would be needed for a positive rating action.

Finmart's ratings could be downgraded if its tangible equity-to-
tangible assets ratio adjusted for the unreserved portion of NPLs
as defined by Fitch decreases below 10%.  Additionally, asset
quality deterioration that puts pressure on its profitability
ratios (operating ROA below 7%) and negative developments in
political and/or business risks could also affect the ratings.

The rating of the senior notes will likely remain aligned with
Finmart's IDRs, unless the portion of unpledged assets relative to
the outstanding unsecured liabilities decreases materially.

Fitch has affirmed these ratings:

Prestaciones Finmart, S.A.P.I. de C.V., SOFOM E.N.R.:

   -- Long-term foreign and local currency IDRs at 'B+';
   -- Short-term foreign and local currency IDRs at 'B';
   -- USD30million 8.5% Reg S bonds due 2015 at 'B+/RR4';
   -- National-scale long-term rating at 'BBB+(mex)';
   -- National-scale short-term rating at 'F2(mex)'.

The Rating Outlook for the long-term ratings (international- and
national-scale) has been revised to Stable from Positive.


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


AEROSTAR AIRPORT: Moody's Affirms Ba2 Rating on $350MM Sr. Notes
----------------------------------------------------------------
Moody's Investors Service affirmed Aerostar's $350 million of
senior secured notes Ba2 rating and maintained the rating outlook
at negative.

Aerostar Airport Holdings, LLC (AAH) is the project company
selected by the Commonwealth of Puerto Rico (Caa1 negative) to
operate Luis Mu¤oz Mar¡n Airport (LMM), the largest commercial
airport in Puerto Rico, under a 40 year lease agreement.  AAH is
jointly owned by Highstar Capital IV L.P. and Aeropuerto de Cancun
S.A. de C.V.  In March 2013, Aerostar issued $350mm of 5.75%
Senior Secured Notes due 2035 (Notes).

The rating affirmation recognizes certain credit characteristics
that partially isolate Aerostar Airport Holdings creditworthiness
from that of the Commonwealth of Puerto Rico.

Aerostar has recorded adequate passenger growth levels and a very
solid revenue growth recently, despite the economic stresses faced
by the economy of Puerto Rico, given it has a greater dependence
on tourism related travel from the United States rather than on
the domestic economy.  LMM recorded flat enplanement growth in
2013 and growth of 3% during 2014.  Also, total revenues in 2014
(unaudited) increased by 28% driven by a solid growth of
aeronautical revenues of 17% and of non-aeronautical revenues of
57%.  The non-aeronautical revenue growth is a consequence of the
concession focus on maximizing commercial, parking and other non-
aeronautical revenues, a business strategy that was not the focus
of the prior airport management.  Ultimately the greater
diversification of airport revenues provides the airport with more
resilience to the local economy.  Also a 15 year Airline Use
Agreement with signatory airlines provides a stable floor of
aeronautical revenues at $62mm per year, roughly 52% of total
revenues, regardless of passenger or enplanement volumes.

Another key consideration is that Luis Munoz Marin Airport is the
first and only major US passenger airport P3 that has been
privatized under the FAA's Airport Privatization Program, helping
to underpin the legal and operating arrangement between the
concession and the government that potentially reduces the
likelihood of interference from the Commonwealth.

The rating outlook is negative, mirroring the negative outlook on
the Caa1 rating of the Commonwealth of Puerto Rico, and consistent
with Moody's view that the airport's creditworthiness cannot be
completely de-linked from the current stresses facing the
government, economy and population of the Commonwealth of Puerto
Rico. If Aerostar's passenger traffic and financial performance
deteriorates in the near term or if Moody's deem that there is a
higher likelihood that the government could take any action that
might impact the project's revenue generation, profitability, or
ability to operate, the rating could face downward pressures.

Given the negative outlook, Moody's does not expect upward
pressure on the rating.  However, if Puerto Rico's rating outlook
is revised to stable, Aerostar's outlook may follow suit.  A
consistent and positive track record of non-aeronautical revenue
growth and the continuation of enplanement growth could also lead
to the stabilization of the outlook.

The principal methodology used in this rating was Privately
Managed Airports and Related Issuers published in December 2014.


DORAL FINANCIAL: Liquidating Under Ch. 11 After Bank Unit Seized
----------------------------------------------------------------
Puerto Rican company Doral Financial Corporation sought bankruptcy
protection less than two weeks after its 26-branch banking unit
Doral Bank was seized by regulators.

Carol Flaton, the CRO, explains that DFC initiated the Chapter 11
case in response to Doral Bank being placed into receivership.
DFC is already in the process of liquidating certain of its
assets, which DFC expects to convert to cash through sales and
other transactions under the jurisdiction of this Court.  In light
of the Supreme Court of Puerto Rico's denial of DFC's petition for
Certiorari regarding the 2012 Closing Agreement, DFC also intends
to pursue litigation or transactions to realize value on its tax
rights with the Hacienda, including DFC's rights under the 2006
Closing Agreement and the 2013 Closing Agreement.  The Debtor
expects to distribute the proceeds to creditors through a chapter
11 plan of liquidation negotiated with the major creditor
constituencies.

Prepetition, DFC engaged in several transactions to resolve
nonperforming assets and increase capital at Doral Bank.  In 2014,
DFC retained Houlihan Lokey to help DFC and Doral Bank restructure
their operations and raise capital through asset sales.  This
resulted in several asset sales by DFC and Doral Bank in 2014,
which raised needed capital.  DFC also intended to initiate an
exchange offer to recapitalize DFC around a smaller, but
profitable and regulatory-compliant, banking operation. However,
the exchange never came to fruition.

DFC blamed its woes on the ongoing recession in Puerto Rico, tax
disputes with the Commonwealth of Puerto Rico, disputes with the
Federal Deposit Insurance Corporation and the Puerto Rico Office
of the Commissioner of Financial Institutions.

Due to the continued recession in Puerto Rico, Doral Bank
experienced difficulty in maintaining sufficient capital to
satisfy the FDIC's requirements.  The FDIC, appointed the Bank's
receiver on Feb. 27, entered into a purchase and assumption
agreement with Banco Popular de Puerto Rico, Hato Rey, Puerto
Rico, to acquire the banking operations, including all the
deposits, of Doral Bank.  As of Dec. 31, 2014, Doral
Bank had approximately $5.9 billion in total assets and $4.1
billion in total deposits.

                  Tax Disputes with the Commonwealth

The Doral Group reported large, but illusory, gains in the early
to mid-2000s.  Largely as a result of apparent gains in these
transactions, the Doral Group reported large profits in the early
to mid-2000s, on which it paid substantial amounts in taxes to the
Commonwealth's taxing authority (the "Hacienda").

To address the tax overpayments, DFC and the Hacienda engaged in
lengthy negotiations, which eventually resulted in several closing
agreements with the Hacienda settling these disputes over time.

However, after a change in the government of Puerto Rico, the
Hacienda refused to abide by the terms of the 2012 Closing
Agreement and did not issue refunds for the prepaid taxes.  On May
14, 2014, the Hacienda issued a decision finding that Doral Bank
was not entitled to the refunds.

Subsequently, DFC sought to judicially enforce the 2012 Closing
Agreement and filed a complaint for declaratory judgment in the
Court of First Instance of Puerto Rico.  On Oct. 10, 2014, the
Court of First Instance ruled in DFC's favor, finding the 2012
Closing Agreement to be a valid and binding obligation enforceable
against the Commonwealth.

On Dec. 31, 2014, the Commonwealth appealed the ruling to the
Court of Appeals of Puerto Rico, and on February 25, 2015, the
Court of Appeals overturned the ruling of the Court of First
Instance.

DFC filed an appeal to the Supreme Court of Puerto Rico early in
the morning on Friday, Feb. 27, 2015.  Later that day -- the same
day Doral Bank was placed into receivership -- the Supreme Court
of Puerto Rico denied DFC's petition for Certiorari.  As a result,
the Court of Appeals decision is final and the 2012 Closing
Agreement is now void.

DFC is exploring its rights in the aftermath of the judicial
disallowance of the 2012 Closing Agreement.

                         First Day Motions

The Debtor on the Petition Date filed with the U.S. Bankruptcy
Court motions to:

   -- extend deadline to file its schedules;

   -- reject certain unexpired leases of nonresidential real
property;

   -- reject certain executory contracts;

   -- pay prepetition wages and obligations to employees; and

   -- obtain a waiver under Section 345(B) regarding the Debtor's
bank accounts.

A copy of the CRO's declaration in support of the first day
motions is available for free at:

    http://bankrupt.com/misc/Doral_1st_Day_Affidavit.pdf

                       About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-
10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.


DORAL FINANCIAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Doral Financial Corporation
        dba Doral Financial Puerto Rico Corporation
        200 Park Avenue, Suite 1700
        New York, NY 10166

Case No.: 15-10573

Type of Business: DFC is a holding company whose primary operating
                  asset, prior to Doral Bank being placed into
                  receivership, was equity in Doral Bank.

Chapter 11 Petition Date: March 11, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Shelley C. Chapman

Debtor's Counsel: Mark I Bane, Esq.
                  Meredith S. Tinkham, Esq.
                  ROPES & GRAY LLP
                  1211 Avenue of the Americas
                  New York, NY 10036-8704
                  Tel: (212) 596-9000
                  Fax: (212) 596-9090
                  Email: mark.bane@ropesgray.com
                         meredith.tinkham@ropesgray.com

                     - and -

                  James A. Wright III, Esq.
                  Prudential Tower
                  800 Boylston Street
                  Boston, MA 02199-3600
                  Tel: (617) 951-7000
                  Fax: (617) 951-7050
                  Email: james.wright@ropesgray.com

Debtor's          ZOLFO COOPER MANAGEMENT, LLC
Management        Carol Flaton
Services          Chief Restructuring Officer
Provider:

Estimated Assets: $50 million to $100 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by Glen Wakeman, chief executive officer.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
US Bank National Association        2016 7.65%       $100,000,000
as Trustee                         Senior Notes
One Federal Street, 3rd Floor
Boston, MA 02110

Maslon Edelman Borman & Brand,
LLP
Attn: Clark T. Whitmore Esq.
3300 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402-4140
Tel: (612) 672-8335

US Bank National Association        2017 7.10%        $40,000,000
as Trustee                         Senior Notes
One Federal Street, 3rd Floor
Boston, MA 02110

Maslon Edelman Borman & Brand,
LLP
Attn: Clark T. Whitmore, Esq.
3300 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402-4140
Tel: (612) 672-8335

CitiBank, N.A. as Trustee           Loan Guaranty     $30,835,000
Attn: Rodolfo Zamora
One Citibank Drive 2 South
Rio Piedras, PR 00926
Tel: (787) 771-2800

US Bank National Association         2022 7.15%       $30,000,000
as Trustee                          Senior Notes
One Federal Street, 3rd Floor
Boston, MA 02110

Maslon Edelman Borman & Brand, LLP
Attn: Clark T. Whitmore Esq.
3300 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402-4140
Tel: (612) 672-8335

Banco Popular de Puerto             Loan Guaranty      $6,500,000
Rico, as Trustee
209 Munoz Rivera Ave, 4th Fl
San Juan, PR 00918
Tel: (787) 865-9800

Fifth Avenue Building                Lease Claim       $4,292,926
Company, LLC
750 Lexington, Ave
New York, NY 10022

PricewaterhouseCoopers LLP       Service Provider      $1,656,000
254 Munoz Rivera Ave.
BBVA Tower, Suite 900
Hato Rey, PR 00918

Union Bancaire Provee              Lease Claim         $1,281,286
Asset Management, LLC
767 Fifth Ave, 19th Flr
New York, NY 10153

345 PAS Owner, LLC               Lease Guarantor         $848,344
345 Park Avenue South
New York, NY 10010

875 Third Avenue LLC             Lease Guarantor         $565,704
c/o Eastgate Realty
410 Park Ave
New York, NY 10022

Houlihan Lokey Capital Inc.         Services             $750,000
c/o Eugene (Gene) Weil
245 Park Ave, 20th Floor
New York, NY 10167

Fiddler Gonzalez &                  Services             $122,313
Rodriguez, PSC
254 Munoz Rivera Ave
6th Floor
Hato Rey, PR 00918

O'Neill & Borges, LLC               Services              $10,368
Attn: Aurelio Emanuelli-Freese
250 Munoz Rivera Ave, Ste 800
San Juan, PR 00918

Computershare, Inc.                 Services               $7,776
Dept CH 16934
Palatine, IL 60055-6934

Simpson Thacher & Bartlett LLP      Services               $3,426

Act 1 Personal Services             Services               $3,285

American Express Travel           Credit Card             Unknown
Related Services Company

Doral Bank                        Intercompany            Unknown

Bank United                       Tenant Claim            Unknown

HCL America, Inc.                 Tenant Claim            Unknown


LA ESPERANZA DEL MANANA: Case Summary & 8 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: La Esperanza Del Manana
        PO Box 492
        Hatillo, PR 00659

Case No.: 15-01726

Chapter 11 Petition Date: March 10, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Jesus Enrique Batista Sanchez, Esq.
                  THE BATISTA LAW GROUP, PSC
                  Cond Midtown Center
                  420 Juan Ponce de Leon Ave
                  Suite 901
                  San Juan, PR 00918
                  Tel: 787-620-2856
                  Fax: 787-620-2854
                  Email: rosafblg@gmail.com
                         jesus.batista@batistalawgroup.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Hector del Busto, president.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb15-01726.pdf


METROPISTAS: Moody's Affirms 'Ba3' Rating on $435MM Notes
---------------------------------------------------------
Moody's Investors Service affirmed Metropistas' $435 million of
senior secured notes Ba3 rating and maintained the rating outlook
at negative.

Metropistas operates the PR-22 and the PR-5 toll-roads in San Juan
under a concession from the Puerto Rico Highways and
Transportation Authority (PRHTA: Caa2 negative).  On August 2013,
Metropistas issued $435 million of 6.75% Senior Secured Notes due
2035 (Notes) with quarterly debt service payments.  The Notes are
fully amortizing commencing on the third year after the issue
date.

The rating affirmation acknowledges specific credit
characteristics that differentiate Metropistas' creditworthiness
from that of the Commonwealth of Puerto Rico.

Metropistas' recent operating and financial performance has been
adequate.  Traffic has remained roughly flat in 2013 and 2014
despite the economic downturn in Puerto Rico.  Despite the flat
traffic volumes, as of December 2014 revenues increased 12% from
2013, as a result of a tariff increase at the beginning of year as
permitted by the concession agreement.  Furthermore, early in 2015
the company increased tariffs by 5.5% according to a formula set
in the concession.

Another key consideration is that the two toll roads that
Metropistas operates (PR-22 and the PR-5) are essential routes to
commercial and urban areas.  PR-22 traverses an important
manufacturing, pharmaceutical, and retail trade corridor, serves
as a commuter link to the suburbs west of San Juan, and is a
connector among popular tourist areas and the Port of San Juan.
PR-5 connects San Juan with the growing city of Bayamon.  The
service area population of the two routes is over 1.2 million.

The rating outlook is negative, mirroring the negative outlook on
the Caa1 rating of the Commonwealth of Puerto Rico, and consistent
with our view that the concession's creditworthiness cannot be
completely de-linked from the current stresses facing the
government, economy and population of the Commonwealth of Puerto
Rico.  If in the near term Metropistas' month-over-month traffic
starts to drop and debt service coverage starts to deteriorate the
rating could face downward pressure.  Any negative intervention by
the government including failure to adhere to the provisions of
the concession agreement, could also put downward pressure on the
rating.

Given the negative outlook, Moody's do not expect upward pressure
on the rating.  However, if Puerto Rico's outlook is revised to
stable or if the concession was able to refinance its bank
facilities, Metropistas' outlook might change to stable.
Consistent and sustainable growth in traffic and revenues could
also lead to stabilization of the outlook.

The principal methodology used in this rating was Privately
Managed Toll Roads published in May 2014.


=================
V E N E Z U E L A
=================


CORPORACION ELECTRICA: S&P Affirms 'CCC' CCR; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' corporate
credit rating on Corporacion Electrica Nacional S.A. (Corpoelec).
At the same, time S&P revised downward the SACP to 'ccc' from
'b-'.  The outlook remains negative.

The ratings on Corpoelec continue to reflect S&P's view that there
is an "almost certain" likelihood that Venezuela would provide
timely and sufficient extraordinary support to the company in the
event of financial distress.  In addition, S&P lowered Corpoelec's
SACP to 'ccc' from 'B-' to reflect S&P's opinion that the company
faces significant difficulties in meeting its financial
commitments due to its very weak financial condition.

In accordance with S&P's criteria for GREs, its view of an "almost
certain" likelihood of extraordinary support is based on S&P's
assessment of Corpoelec's critical role as the only provider of
electricity services in Venezuela.  "In our opinion, this provides
a strong economic incentive for the sovereign to support the
company during periods of financial distress.  In our assessment,
we also incorporate the company's integral link with the
government given its full ownership of Corpoelec and its special
public status that we view as an extension of the government,"
said Standard & Poor's credit analyst Maria del Sol Gonzalez.

Headquartered in Caracas, Venezuela, Corpoelec is the country's
national, integrated electric utility.

The negative outlook on Corpoelec reflects that on Venezuela.


                            ***********


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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                            ***********


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.

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