TCRLA_Public/150316.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

            Monday, March 16, 2015, Vol. 16, No. 052


                            Headlines



B R A Z I L

BANCO BONSUCESSO: Fitch Affirms Viability Rating at 'b'


C A Y M A N  I S L A N D S

BRICE INC: Commences Liquidation Proceedings
CALEDONIAN BANK: Placed Under Controllership
CALEDONIAN SECURITIES: Placed Under Controllership
COMPASS FINREC: Commences Liquidation Proceedings
COMPASS FINREC II: Commences Liquidation Proceedings

DODECANESE LIMITED: Creditors' Proofs of Debt Due March 30
HIGHLAND SOLA: Placed Under Voluntary Wind-Up
INTEGRAL CAPITAL: Commences Liquidation Proceedings
PERSEUS VII: Shareholder to Receive Wind-Up Report on April 8
RAS LAFFAN: Commences Liquidation Proceedings

RENOIR CAPITAL: Members to Hold Final Meeting on March 24
WALNUT LTD: Members to Hold Final Meeting on March 25


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exports Flat Despite Diversified Products
* DOMINICAN REPUBLIC: Facility to Save US$300M Yearly, Mogul Says


N I C A R A G U A

* NICARAGUA: Economy Continues to Register Growth Rates, IMF Says


P A N A M A

* PANAMA: IMF Sees Economic Performance to Remain Strong


P U E R T O   R I C O

UNIV. OF PUERTO RICO: Moody's Cuts Rating on $489MM Bonds to Caa2


V E N E Z U E L A

CORPORACION ELECTRICA: S&P Affirms 'CCC' CCR; Outlook Negative
VENEZUELA: To Pay Owens-Illinois Unit $455MM in Compensation


X X X X X X X X X

* BOND PRICING: For the Week From March 2 to March 6, 2015


                            - - - - -


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


BANCO BONSUCESSO: Fitch Affirms Viability Rating at 'b'
-------------------------------------------------------
Fitch Ratings has affirmed Banco Bonsucesso S.A.'s long-term
ratings and revised the Rating Outlook to Stable from Negative.

KEY RATING DRIVERS

The Outlook revision to Stable reflects the benefits from
Bonsucesso's joint venture (JV) with Banco Santander Brasil S.A.
(Santander, IDR 'BBB +'/Outlook Stable). The JV, which concluded
in February 2015, operates in the payroll loan business. Santander
has a 60% stake in the JV, named Banco Bonsucesso Consignado S.A.
(BBC), while Bonsucesso has 40%.

The transfer of the payroll loan portfolio and the operational
structure related to this portfolio of Bonsucesso for the BBC will
allow the bank to address its operating costs, improve its capital
base, the funding structure and its liquidity indicators. This
should help Bonsucesso to be better positioned in the domestic
highly competitive scenario and grant more flexibility while the
bank still prepares a new business model in a challenging
operating environment.

The current operating environment in Brazil adds special
challenges to the bank in order to develop its new business plan
away from its historic focus on payroll loan business. While
capitalization, funding and liquidity will remain adequate to
foster new business, the need to enhance current results on the
business lines to be preserved at Bonsucesso is the largest
challenge of the bank.

BBC's main business line will be the payroll lending business and
will concentrate all activities related to this segment, including
the payroll-linked credit card business and Santander's operations
originated out of its branch network. Nevertheless, Fitch expects
the majority of Bonsucesso's revenue stream will continue to come
from its payroll product, which is now received through equity
resulting from its minority interest in BBC. The revenues from
this business line should constitute roughly 65% of Bonsucesso's
revenue generation, at least during the next two years, since the
bank still needs to develop, implement and test a new business
model.

The success of BBC and its resulting equity result contribution to
Bonsucesso will be driven by easy funding access in the recently
created bank, supported by Santander's extensive franchise. As of
February 2015, monthly production at Bonsucesso of payroll loans
grew almost 5x if compared to September 2014 levels and are expect
to be transferred to the JV loan book in the following months of
2015.

It is still relatively early to anticipate potential effects on
Bonsucesso's standalone earnings generation. These will depend on
operating environment conditions, management's capacity to deliver
new operating activities and the reorganization of existing
business, such as credit to small and medium enterprises (SMEs)
and cards.

The ratings also consider Bonsucesso's relatively modest size,
which makes it more susceptible to fluctuations of the economy
compared to peers, its limited business profile with high
dependence of payroll business, still improving asset-quality and
low profitability since 2011.

Fitch believes Bonsucesso's overall structure should be favored by
the new business model, as BBC operations will be conducted by the
same management (with vast knowledge in the payroll segment) of
Bonsucesso and BBC's installations were not changed, which reduces
the likelihood of errors and operating systems. However, Fitch
also believes it is still relatively early to estimate the full
extent of future BBC's contributions to Bonsucesso's bottom-line
results, due to the dynamics of market demand, fierce competition
and funding costs at the new bank. The bank's strategy is to
further accelerate payroll loan production, which is already
occurring since September 2014, after the JV announcement. The
bank also intends to increase other activities, such as credit
cards and credit for SMEs, depending on the economic environment,
which is still poor in terms of volume and revenue.

Funding structure have also improved and should further improve
after the full transfer of payroll loans to the BBC, reducing its
dependence on costly funding sources, such Special Guaranteed Time
Deposits (DPGE). These decreased from 58% of total deposits in
December 2013 to 26% in September 2014.

Smaller banks have faced strong competition in payroll loans, as
large banks are more active in secured type of loans, as a result
of rising delinquency in the local financial system in other
segments, such as consumer finance and corporate lending. These
banks were also facing other important challenges such as rising
commission costs and restrictions on fees, as fixed- rates and
other rates ceilings imposed by the government for the most
profitable contracts (such as the INSS). Banco BMG SA also formed
a joint venture with Itau Unibanco Holding SA (IDR Local Currency
'A-'/Outlook Stable), with a slightly different structure in order
to keep expanding their existing business, along with a strong
partner in terms of funding capacity.

The number of Bonsucesso loans nonperforming for more than 90 days
decreased to 2.4% in September 2014 from 2.7% in 2013, while loans
within the D-H category improved to 8.8% from 10.2%. The high
delinquency ratios on the bank still reflect the problems faced in
the past in the SME portfolio, which reveals a certain
concentration in Fitch's opinion. This has led to higher
provisions costs for overdue loans since 2011, which, associated
with lower credit production and high funding costs have reflected
in lower profitability. The credit quality of this portfolio and
the growing share of other businesses mentioned before will be key
in order to deliver better operating results excluding the equity
participation on the expected results from its JV.

On the other hand, the strategy to deleverage its balance sheet
has contributed to a more adequate Fitch Core Capital ratio (FCC)
(considering its business profile) of 15.5% in September 2014,
compared to 11.4% in December 2013.

Ultimately controlled by Pentagna Guimaraes family, Bonsucesso
originated in 1992 from a car finance company (Bonsucesso
Financeira). The bank operates on the payroll deductible loans for
civil servants and retirees/pensioners of the Brazilian social
security agency Instituto Nacional do Seguro Social (INSS). On a
lesser scale, Bonsucesso lends to small and midsize companies.

RATING SENSITIVITIES

Positive rating actions could result if Bonsucesso is able to
develop and well-implement a new business model and, in the medium
term, demonstrate adequate and recurrent levels of profitability
(operational ROA above 1%), superior levels of asset quality and
maintain an adequate capital position. On the other hand, if the
transaction is not successful and / or the bank cannot develop
other businesses lines in the medium term, suggesting that
profitability remains dependent on BBC's operating profits, the
ratings could be downgraded. Operational ROA and Fitch Core
Capital below 0.5% and 10%, respectively, and / or major
deterioration in credit quality could also trigger negative
actions on the ratings.

Fitch has affirmed Bonsucesso's ratings as follows:

-- Long-term FC and LC Issuer Default Rating (IDR) at 'B', Outlook
   revised to Stable from Negative;
-- Short-term FC and LC IDR at 'B';
-- Viability rating at 'b';
-- Support rating at'5';
-- Support rating floor at 'NF';
-- Long-term National Rating at 'BBB(bra)', Outlook revised to
   Stable from Negative;
-- Short-term National Rating at 'F3(bra)'.


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


BRICE INC: Commences Liquidation Proceedings
--------------------------------------------
On Feb. 19, 2015, the sole shareholder of Brice Inc. 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:

          Mark Kernohan
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +4420 7220 4987


CALEDONIAN BANK: Placed Under Controllership
--------------------------------------------
On Feb. 10, 2015, The Cayman Islands Monetary Authority placed
Caledonian Bank Limited under controllership.

Keiran Hutchison and Claire Loebell were appointed as joint
controllers.

The Controllers can be reached at:

          Keiran Hutchison
          Claire Loebell
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman KY1-1106
          Cayman Islands


CALEDONIAN SECURITIES: Placed Under Controllership
--------------------------------------------------
On Feb. 10, 2015, The Cayman Islands Monetary Authority placed
Caledonian Securities Limited under controllership.

Keiran Hutchison and Claire Loebell were appointed as joint
controllers.

The Controllers can be reached at:

          Keiran Hutchison
          Claire Loebell
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510, Grand Cayman KY1-1106
          Cayman Islands


COMPASS FINREC: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Feb. 19, 2015, the
shareholders of Compass Finrec AK 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


COMPASS FINREC II: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Feb. 19, 2015, the
shareholders of Compass Finrec AK II 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:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


DODECANESE LIMITED: Creditors' Proofs of Debt Due March 30
----------------------------------------------------------
The creditors of Dodecanese Limited are required to file their
proofs of debt by March 30, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 2, 2015.

The company's liquidator is:

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


HIGHLAND SOLA: Placed Under Voluntary Wind-Up
---------------------------------------------
On Feb. 20, 2015, the sole shareholder of Highland Sola Fund Ltd
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Solus Alternative Asset Management LP
          c/o Bradley Kruger
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


INTEGRAL CAPITAL: Commences Liquidation Proceedings
---------------------------------------------------
On Feb. 20, 2015, the shareholders of Integral Capital Management
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:

          George Cotsikis
          Park Walk, 152 Elm Park Mansions
          London, SW10 0AS
          United Kingdom


PERSEUS VII: Shareholder to Receive Wind-Up Report on April 8
-------------------------------------------------------------
The shareholder of Perseus VII Cayman GP Limited will receive on
April 8, 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


RAS LAFFAN: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Feb. 19, 2015, the
shareholders of RAS Laffan Holdings LDC resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


RENOIR CAPITAL: Members to Hold Final Meeting on March 24
---------------------------------------------------------
The members of Renoir Capital Fund One will hold their final
meeting on March 24, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


WALNUT LTD: Members to Hold Final Meeting on March 25
-----------------------------------------------------
The members of Walnut Ltd. will hold their final meeting on
March 25, 2015, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: Exports Flat Despite Diversified Products
-------------------------------------------------------------
Dominican Today reports that despite progress to diversify the
products offered abroad and public-private effort to generate a
productive chain, Dominican Republic's exports posted a lower-
than-expected results compared with similar countries in the
region.

A report released by the World Bank, based on 2012 data, notes
that given the economy's level of development, export volumes show
a lower than expected dynamism, and identifies three challenges to
thrust toward international markets: product quality, the duality
of the export offer, and excessive market concentration, according
to Dominican Today.

Dominican Today relates that the trade competitiveness diagnosis
"How to keep Dominican Republic's export dynamism" by Jose Daniel
Reyes and Miguel Eduardo Sanchez notes that the country has a dual
export offer, as companies in the Special Economic Zones (EEZs)
system get preferential treatment, but jeopardize other productive
sectors.

The report said the country's situation demands sustained talks
among all stakeholder to reconsider the policy of incentives and
infrastructure support to exporters, to fulfill their potential in
foreign trade. It says the incentives formula, in addition to
creating distortions, has a 1% cost on GDP, Dominican Today
discloses.

It also states that despite Dominican Republic's diversified
product portfolio, hasn't done the same with markets as revealed
by a high degree of dependence on United States and Haiti,
countries which account for 70% of total exports, while growth has
been the same since 2000, but lower than Colombia, Honduras, Costa
Rica and El Salvador, Dominican Today adds.


* DOMINICAN REPUBLIC: Facility to Save US$300M Yearly, Mogul Says
-----------------------------------------------------------------
Dominican Today reports that the engineering design and studies to
install the Antillean Natural Gas plant in the eastern province
have concluded, mogul Juan B. Vicini announced during a meeting on
energy hosted by the American Chamber of Commerce in the town of
Juan Dolio.

"We have an agreement with the US company that will supply us
natural gas," Mr. Vicini said, noting that construction of the
floating regasification unit has begun in Asia, according to
Dominican Today.

The report notes that Mr. Vicini said when Antillean Gas starts
operating the power plants with output of around 1,000 megawatts
in the San Pedro area can use natural gas instead of other fuels,
which he affirms would cut the price per kilowatt hour.  "As soon
as Atillean Gas starts operations there'll be savings estimated at
nearly US$300 million a year of the CESPM, Quisqueya 1, Quisqueya
II, Sultana del Este, Origenes and CEMEX plants, which have an
installed capacity of 980 megawatts," Mr. Vicini said, the report
relates.

Mr. Vicini also announced the start of the process to obtain the
permits to lay out the pipeline to link the region's various power
plants, says the report.

The head of one of the country's largest business groups revealed
that the power company of San Pedro (CESPM) would be the first to
obtain natural gas lower than NYMEX indexed prices during 20
years, the report adds.

                            Consortium

Antillean Gas LTD is formed by Interenergy, COASTAL (Propagas and
Tropigas) and VICINI, from Dominican Republic, PROMIGAS from
Colombia and BW from Singapore.

BW is reportedly monitoring the construction of the Floating
Regasification Unit, which will be installed next to the COASTAL
terminal in San Pedro, the report adds.



=================
N I C A R A G U A
=================


* NICARAGUA: Economy Continues to Register Growth Rates, IMF Says
-----------------------------------------------------------------
A staff team from the International Monetary Fund (IMF) led by
Przemek Gajdeczka visited Managua during March 5-11, 2015.  The
visit took place as part of a regular dialogue with the
authorities, assessing the performance of the Nicaraguan economy
and to prepare for the next annual Article IV consultation.  The
staff team met with officials from the central bank, the ministry
of finance, other members of the economic cabinet, and
representatives of public sector entities.  They reviewed recent
economic developments and discussed the economic outlook for
Nicaragua. Mr. Gajdeczka issued the following statement at the
conclusion of the visit.

"The Nicaraguan economy continues to register relatively high
growth rates in the context of macroeconomic stability.  In 2014,
real Gross Domestic Product (GDP) grew by 4.5 percent, while
inflation was 6.5 percent.  The consolidated public sector
registered a deficit of 1.9 percent of GDP, which is above the
original fiscal target, largely due to an increase in capital
expenditure.  Gross international reserves of the central bank
increased by US$273 million in 2014, expanding reserves coverage
to 4.9 months of imports (excluding imports from the free trade
zone).  Credit to the private sector expanded by 20.5 percent in
2014, which is above the growth rate of deposits in the financial
system.

"The economic outlook remains favorable.  For 2015, real GDP is
projected to grow by 4.6 percent, while inflation is expected to
decline to 6 percent.  The consolidated public sector deficit is
expected to widen to 2.3 percent of GDP, owing to an increase in
current and capital expenditure.  The external current account
deficit is expected to widen modestly relative to 2014, with gross
international reserves coverage of imports remaining broadly
unchanged.  Risks to the outlook stem mainly from external
factors, including a slowdown in global economic activity and
changes in the availability of external financing.

"Going forward, securing strong, durable, and resilient growth
will require further strengthening of the public finances,
improving the functioning of the financial system, and increasing
productivity.  In particular, over the medium term, electricity
subsidies should be better targeted to protect the low-income and
vulnerable sectors of the population in a manner consistent with
fiscal sustainability; financial sustainability of the social
security system should be protected; and monetary and interbank
operations need to be modernized to improve the functioning and
resilience of the financial system.

"The authorities have reconciled the foreign trade statistics in
the balance of payments and the national accounts with support
from the IMF.  As a result, the external current account deficit
has been revised downwards, on average by 2 1/4 percent of GDP
during 2010-13.

"The IMF team wishes to thank the authorities for their
cooperation and candor of discussions.  The next visit will be for
the 2015 Article IV consultations and is currently scheduled for
mid-year."


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


* PANAMA: IMF Sees Economic Performance to Remain Strong
--------------------------------------------------------
An International Monetary Fund (IMF) mission, headed by Luca
Antonio Ricci, visited Panama City during March 3-13 to conduct
the country's annual Article IV consultation, part of the IMF's
regular surveillance of all member countries.  At the end of the
discussions, Mr. Ricci issued the following statement:

The IMF staff's baseline projections are favorable, with balanced
risks.  The policy discussion was centered on the importance of
strengthening the financial and fiscal policy framework, building
policy buffers, as well as continuing reforms geared towards
securing sustainable and inclusive growth.

A full text copy of IMF's report is available free at:

                        http://is.gd/F7Sm4o


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


UNIV. OF PUERTO RICO: Moody's Cuts Rating on $489MM Bonds to Caa2
-----------------------------------------------------------------
Moody's Investors Service downgrades $489 million of University of
Puerto Rico University System Revenue Bonds to Caa2 from Caa1 and
$73 million of Educational Facilities Revenue Bonds, 2000 Series A
issued through AFICA to Caa3 from Caa2.  The outlook is negative.
The rating differential between the University System Revenue
Bonds and the Educational Facilities Revenue Bonds reflects the
subordinate pledge and lease structure of the Educational
Facilities Revenue Bonds.

SUMMARY RATING RATIONALE

The downgrade of the University of Puerto Rico's (UPR) bonds is
driven by the university's extraordinarily high reliance on the
Commonwealth of Puerto Rico, downgraded to Caa1 on February 19,
2015, for operating revenue at (three-quarters of revenue) and for
governance, coupled with its reliance on Government Development
Bank, downgraded to Caa1, for liquidity and financial management
support.  UPR has extremely weak liquidity and limited ability to
grow other revenue sources, conditions that should continue given
expected challenges to maintain enrollment and grow tuition
revenue.  These conditions expose to university to possible credit
contagion related to the commonwealth and provide the university
little cushion to cope with any reduction in Commonwealth
appropriations or interruption in cashflow from the GDB.

The Caa2 rating favorably incorporates UPR's essential role as the
commonwealth's only public higher education institution and key
economic contributor through its academic, medical and research
programs.  Importantly, debt service coverage from pledged revenue
is favorable and the debt service reserve funds are fully cash-
funded at maximum annual debt service.

The Caa2 also reflects ongoing enrollment pressure, significant
pension and OPEB liabilities, and the need for ongoing capital and
infrastructure investment.  UPR also has high healthcare exposure
through its academic medical center, Servicios Medicos
Universitarios (SMU), which serves as a safety net hospital as
indicated by its very high 55% Medicaid payor share.  In addition,
the rating reflects susceptibility to possible reduction in
commonwealth operating appropriations and/or federal funding for
Pell Grants and research.

OUTLOOK

The negative outlook reflects the commonwealth's negative outlook
as well as pressures on enrollment and Pledged Revenues from
flight of college-aged students from the island.  It also reflects
the university's need to use its already thin liquidity in the
event the commonwealth reduces its funding obligation.

WHAT COULD MAKE THE RATING GO UP

   -- Strengthening of the commonwealth's credit quality
   -- Growth in independently generated revenue
   -- Improved liquidity profile

WHAT COULD MAKE THE RATING GO DOWN

   -- Material reduction in commonwealth funding or further
      strains on the commonwealth's credit quality
   -- Significant ongoing decline in enrollment further pressuring
      tuition revenue
   -- Inability to adjust operations in line with revenue decline
   -- Continued operating deterioration at SMU requiring liquidity
      support from the university

OBLIGOR PROFILE

The University of Puerto Rico is a public corporation and
component unit of the Commonwealth of Puerto Rico.  It is the only
public university system in the commonwealth, with multiple
campuses serving over 51,000 students.  Servicios Medicos
Universitarios, the university's academic medical center, is a
legally separate entity with its own board.  However, University
of Puerto Rico appoints the majority of SMU's board and most
members are employed by or sit on the board of the university.
The hospital facility is owned by the university and is a part of
its Medical Sciences campus.  UPR is financially accountable for
the hospital.

LEGAL SECURITY

The University System Revenue Bonds (Caa2, negative) are secured
by pledged revenues of tuition, student fees, auxiliary revenues,
investment interest income, indirect cost recovery revenues and
other income.  For FY 2014, Pledged Revenues were $132.2 million,
providing 3.1 times coverage of debt service.  UPR has covenanted
to use appropriations to fund debt service should other revenue be
insufficient.  There is a fully cash-funded debt service reserve
fund equal to maximum annual debt service.  There is an Additional
Bonds Test requiring Pledged Revenues and Reserve Account earnings
for 12 consecutive of previous 18 months prior to the issuance of
additional bonds and the estimated Pledged Revenues and Reserve
Account earnings for any fiscal year following issuance of
additional bonds be at least 150% of maximum annual debt service
for both outstanding and additional bonds for any fiscal year
after issuance of additional bonds.

The 2000 Series A Bonds (University Plaza Project) (Caa3,
negative) are secured by UPR's lease payments, with a subordinate
pledge of tuition and other restricted revenues.  FY 2014 debt
service coverage was 2.7 times.  There is a fully cash-funded debt
service reserve fund equal to maximum annual debt service.  There
is an Additional Bonds Test on the subordinate bonds requiring
Pledged Revenues and Reserve Account earnings for 12 consecutive
of previous 18 months prior to the issuance of additional bonds
and the estimated Pledged Revenues and Reserve Account earnings
for any fiscal year following issuance of additional bonds be at
least 125% of maximum debt service for both outstanding senior and
subordinate bonds for any fiscal year after issuance of additional
bonds.

The university has two GDB facilities with outstanding balances,
both subordinated to the rated bonds.  The first is a term loan
with $63.2 million outstanding and was originally a $125 million
working capital line of credit.  The term loan is collateralized
by UPR accounts receivable from the Commonwealth of Puerto Rico
and its agencies, as well as by the commonwealth's formula-based
appropriations.  The term loan matures in 2022, with interest
equal to prime rate plus 150 basis points, with a floor of 6% (6%
at June 30, 2014).  The second facility is a $75.0 million non-
revolving line of credit facility to fund construction projects.
This line is not collateralized.  The capital-funding line has
$23.4 million outstanding, with $51.6 million available.  Interest
is the prime rate plus 150 basis points, with a floor of 6% (6% at
June 30, 2014).  The maturity is Jan. 31, 2016.

USE OF PROCEEDS

Not applicable

RATING METHODOLOGY

The principal methodology used in this rating was U.S.  Not-for-
Profit Private and Public Higher Education published in August
2011.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in
relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program
for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices.  For ratings
issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the rating action on the
support provider and in relation to each particular rating action
for securities that derive their credit ratings from the support
provider's credit rating.  For provisional ratings, this
announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final
issuance of the debt, in each case where the transaction structure
and terms have not changed prior to the assignment of the
definitive rating in a manner that would have affected the rating.


=================
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.


VENEZUELA: To Pay Owens-Illinois Unit $455MM in Compensation
------------------------------------------------------------
EFE News reports that the World Bank's arbitration body has
ordered Venezuela to pay US$455 million to U.S.-based packaging
product manufacturer Owens-Illinois Inc.'s Dutch subsidiary for
the 2010 unlawful expropriation of its majority interest in two
glass-bottle plants, the parent company said.

The decision was handed down by a tribunal constituted under the
auspices of the Washington-based International Center for
Settlement of Investment Disputes, O-I said in a news release,
according to EFE News.

The subsidiary, OI European Group B.V., brought the case before
the ICSID in 2011.

"If Venezuela fails to meet its obligations, OIEG will seek to
enforce the award against Venezuela's assets around the world or
find alternative measures of redress," O-I said, the report notes.

The ICSID award includes US$372 million in compensation plus
interest, the report relates.

"As the tribunal found, Venezuela expropriated very valuable
assets, which were the result of more than half a century of hard
work and commitment by O-I employees and for which the country now
has to compensate O-I," Al Stroucken, the company's chairman and
CEO, said, EFE News notes.  "We hope that the plants continue to
benefit our former employees and the Venezuelan people."

The expropriation occurred in October 2010 under late President
Hugo Chavez, who accused the company of polluting the environment
and exploiting its workers, EFE News relays.

After it was nationalized, the company was renamed Venezolana de
Vidrio.

The report says that the two plants, located in the cities of Los
Guayos and Valera in northwestern Venezuela, had been in operation
for more than 50 years and employed more than 1,000 workers at the
time of the expropriation.

Venezuela, which has more than a score of arbitration cases
pending at the ICSID, withdrew from that body's convention on Jan.
24, 2012, but it still must comply with rulings on cases that were
brought prior to that date, the report notes.

O-I, the world's largest glass container manufacturer, employs
approximately 21,100 people at 75 plants in 21 countries.


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


* BOND PRICING: For the Week From March 2 to March 6, 2015
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP


                            ***********


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.


                   * * * End of Transmission * * *