TCRLA_Public/150320.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 20, 2015, Vol. 16, No. 056


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Transport Board GM Detained on Fraud


B A R B A D O S

BARBADOS: Economy Beginning to Show Signs of Growth, Sinckler Says


B R A Z I L

GOL LINHAS: Fitch Affirms 'B-' IDR; Outlook Stable
MENDES JUNIOR: S&P Lowers Rating to CCC & Removes from Watch Neg.
PARANA BANCO: S&P Affirms 'BB/B' Rating; Outlook Remains Negative
PETROLEO BRASILEIRO: Swiss Freeze Bank Assets as Part of Probe


C A Y M A N  I S L A N D S

CHEMICAL EQUITY: Creditors' Proofs of Debt Due April 13
CHEMICAL HOLDINGS: Creditors' Proofs of Debt Due April 13
CHEMICAL IIP: Creditors' Proofs of Debt Due April 13
CHEMICAL INVESTMENTS: Creditors' Proofs of Debt Due April 13
EQUITY ZSC: Creditors' Proofs of Debt Due April 13

FREMAR INVESTMENTS: Creditors' Proofs of Debt Due March 31
IBIZA BUSINESS: Creditors' Proofs of Debt Due March 31
JOVI INVESTMENTS: Creditors' Proofs of Debt Due March 31
MEME INVESTMENTS: Creditors' Proofs of Debt Due March 31
PETROASIA LIMITED: Creditors' Proofs of Debt Due April 10

STRATUS HOLDINGS: Creditors' Proofs of Debt Due April 23
STRATUS INVESTMENTS: Creditors' Proofs of Debt Due April 23
ZS ENTERPRISES: Creditors' Proofs of Debt Due April 13
ZS EQUITY: Creditors' Proofs of Debt Due April 13
ZS HOLDINGS: Creditors' Proofs of Debt Due April 13

ZS INVESTMENTS: Creditors' Proofs of Debt Due April 13


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Official Rejects that Labor Act Harms Economy


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Affirms 'BB' IDR; Outlook Stable


H O N D U R A S

* HONDURAS: "Met Quantitative Targets for December," IMF Says


J A M A I C A

JAMAICA: Cuba a Threat to Manufacturing Sector
JAMAICA: "Credit Conditions Have Tightened," BOJ Says


V E N E Z U E L A

VENEZUELA: Allies Line up With Maduro on Faceoff With US


                            - - - - -


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


ANTIGUA & BARBUDA: Transport Board GM Detained on Fraud
-------------------------------------------------------
The Daily Observer reports that General Manager of the Antigua &
Barbuda Transport Board Harry Josiah has been detained by police.

Police sources told Observer media that Josiah was picked up March
17, 2015, according to The Daily Observer.

Mr. Josiah is now in custody at the St John's Police Station.

The report notes that Mr. Josiah is reportedly being investigated
for fraud, but no charges have been laid against him.

The GM was sent home last September without a date of return,
pending the outcome of an investigation, the report relates.

Mr. Josiah, however, returned to work in January but was placed in
a room without the necessary materials to carry out his duties,
the report discloses.

Upon coming to office in 2014, the Labor Party government launched
a probe into the Transport Board under Josiah's tenure, the report
relays.

Minister Robin Yearwood had indicated that more than 100
government vehicles were unaccounted-for and, others were
seemingly auctioned for sums far below their values, the report
notes.

Hubert Jarvis has been acting general manager although Josiah
remained on the job, 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 A R B A D O S
===============


BARBADOS: Economy Beginning to Show Signs of Growth, Sinckler Says
------------------------------------------------------------------
Caribbean360.com reports that the Barbados government said the
economy is showing signs of growth and that the sacrifices made by
nationals over the past months have not been in vain.

Finance Minister Chris Sinckler delivering the 2015-16 estimates
of expenditure and revenue in Parliament, said that the home grown
fiscal adjustment and stabilization program has started to bear
fruit with the economy growth recorded in 2014 being 0.3 per cent
and that the economy should grow between one and two per cent this
year, according to Caribbean360.com.

"At the end of this current financial year the primary balance
will improve from negative BDS$385 million (One BDSs dollar =
US$0.50 cents) to a surplus of BDS$56 million," Mr. Sinckler said
as he led off the week long debate on the fiscal package, the
report notes.

Mr. Sinckler told legislators it would mean that for the first
time since 2011, Barbados is running a primary surplus "and we are
on our way to restoring the fiscal well-being of the country.

"This will provide further evidence that the home grown growth and
adjustment program is working.  Our confidence in ourselves and
our faith in our ability as a nation on the verge of our 50th
anniversary of (political) independence is evidence that we can
craft policies in Barbados by ourselves all be it with technical
assistance from others as all do," Mr. Sinckler told Parliament,
the report notes.

Mr. Sinckler said the island's fiscal challenges are not over
despite the encouraging situation, warning Barbadians that they
would have to stay the course as outlined by the Freundel Stuart
government for reviving the ailing economy, the report discloses.

"The job is far from over, we must stay the course, maintain our
discipline and keep and extend the fiscal gains we are making in
2014 into the next financial year and beyond," Mr. Sinckler said,
the report relates.

"As our economy returns to growth, the combination of robust
growth and fiscal discipline argues well for our economic future,"
Mr. Sinckler said, adding that the stabilization measures embarked
upon by the government including the decision to send home
thousands of public servants have helped to reduce the high wages
bill, notes Caribbean360.com.  Mr. Sinckler said the measures also
protected the Barbados dollar from devaluation.

"The fiscal adjustment program has already shown success in
attaining the preeminent objective of protecting the Barbados
dollar and stabilizing the foreign exchange market," Mr. Sinckler
said, adding "that is an empirical fact," the report notes.

"The value of the dollar has been protected by the measures that
contain spending in line with foreign exchange availability.  The
fiscal measures have achieved that most important objective to
reduce the demand for foreign exchange in line with our ability to
supply," the report quoted Mr. Sinckler as saying.

Government's total expenditure for the financial year 2015-2016 is
expected to be within the vicinity of BDS$4.3 billion with
BDS$3.02 billion going towards current expenditure while BDS$1.2
billion represents capital expenditure and amortization, the
report adds.


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


GOL LINHAS: Fitch Affirms 'B-' IDR; Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed the ratings for Gol Linhas Aereas
Inteligentes S.A.'s (GOL) and its fully owned subsidiaries as:

Gol Linhas Aereas Inteligentes S.A. (GOL):
   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) at 'B-';
   -- Long-term national rating at 'BBB-(bra)';
   -- USD200 million perpetual bonds at 'B-/RR4'.

VRG Linhas Aereas S.A. (VRG):
   -- Long-term foreign and local currency IDRs at 'B-';
   -- Long-term national rating at 'BBB-(bra)';
   -- BRL500 million of local debentures due 2017 at 'BBB-(bra)'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:
   -- USD225 million (USD84 million outstanding) of senior
      unsecured notes due 2017 at 'B-/RR4';
   -- USD300 million (USD154 million outstanding) of senior
      unsecured notes due 2020 at 'B-/RR4'.

GOL LuxCo S.A.:
   -- USD200 million (USD35 million outstanding) of senior
      unsecured notes due 2023 at 'B-/RR4';
   -- USD325 million of senior unsecured notes due 2022 at
      'B-/RR4'.

The Rating Outlook is Stable.

GOL's credit ratings are supported by its strong market position
in the Brazilian domestic airlines industry and adequate
liquidity.  Key credit constraints include its limited geographic
diversification and high adjusted gross leverage.  Also factored
into the ratings is the high degree of sensitivity of GOL's
financial performance to several factors not controlled by the
company such as competition, devaluation of the local currency
versus the U.S. dollar, and fuel cost.  The 'B-/RR4' rating of the
company's unsecured public debt reflects average recovery
prospects in the event of a default.

The Stable Outlook for GOL's ratings incorporates the view that
the company's consolidated adjusted gross leverage and liquidity,
measured as total cash to LTM revenues, will remain in the 5.5x to
7x range and around 20%, respectively, during 2015.  The ratings
also factor in the expectation that the company will maintain
neutral to slightly negative FCF during 2015.

KEY RATING DRIVERS

Rational Capacity Management to Continue

GOL managed to reduce its capacity, measured as available seat
kilometres (ASK), in the domestic market by approximately 7.4% and
1.7% during 2013 and 2014, respectively, closing 2014 with 43.4
billion of ASK in this segment.  The company's EBIT margins were
3% and 4.9% during 2013 and LTM Sept. 2014, respectively, after
reaching negative -11.2% in 2012.  Margin recovery reflected an
elevated pricing environment, which resulted from capacity
reductions executed by the two main players, as well as a number
of actions taken by the company to adjust its non-fuel costs.  The
ratings factor in the expectation that GOL will maintain a
rational capacity management during 2015, resulting in flat to
minimum capacity increases in the domestic market this year.

High Operational Risk Add Volatility

GOL's operational results are highly correlated to the domestic
economy.  The company is exposed to currency risk, as
approximately 90% of the company's revenues are denominated in
local currency, while approximately 60% of its cost structure is
U.S. dollars denominated.  In addition, about 60% of the company's
debt denominated in U.S. dollars.  Also factored in the ratings is
the company's exposure to oil price volatility since fuel costs
represent approximately 38%-40% of its cost structure.

2015 Revenue Growth Around 10%

The company's demand (RPKs) increased by 9.8% during 2014.  The
current weak economic climate in Brazil will hurt results, as the
business segment represents approximately 70% of the total traffic
in the domestic market, which could lead to 6% to 9% demand growth
during 2015.  In terms of pricing, the company reached an
important increase in yields of 19% in 2013, however during 2014
its yield only increased around 1.1%.  In the current scenario, it
is likely that yield increases remain difficult.

High Adjusted Gross Leverage at 6.3x

Fitch does not foresee GOL deleveraging materially during 2015.
The company's adjusted gross leverage, measured as total adjusted
debt to EBITDAR ratio, declined during 2013 and 2014 due to better
cash flow generation (EBITDAR).  GOL's adjusted gross leverage
were 5.9x on Dec. 31, 2013 and 6.3x on Dec. 31, 2014.  The
company's EBIT margin during LTM Sept. 30, 2014 was 4.94%.  The
trends in Brazil's macroeconomic environment and the company's
fuel hedge position are expected to limit the benefits from low
international fuel price.  Fitch expects the Brazilian economy to
contract by 0.4% during 2015.  The Brazilian real depreciation by
27% versus the U.S. dollar since January 28, 2015 also presents
strong headwinds.

Adequate Liquidity

Positively factored in the ratings is the company capacity to
maintain a strong liquidity position.  GOL had a cash position of
BRL2 billion as of Sept. 30, 2014, representing 20% of the
company's LTM Sep. 2014 revenues.  The company's exposure to
Venezuela is estimated at around BRL300 million, which has been
excluded for Fitch's cash calculation.  GOL's short term debt
increased during the second half of 2014 to BRL1.2 billion.  The
ratings incorporate the view that GOL will maintain adequate
liquidity with cash/LTM revenue in the 15% to 20% range during
2015 and 2016.

KEY ASSUMPTIONS

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

   -- Brazilian GDP contracting by 0.4% in 2015;
   -- 2015 revenue per kilometers (RPK) increase - domestic market
      in the 6% to 9% range;
   -- Increase in the domestic market capacity of between 0% to 2%
      during 2015;
   -- 2015 Adjusted Gross Leverage in the 5.5x to 7x range;
   -- Cash and marketable securities over last twelve month (LTM)
      revenues around 20% during 2015-2016 period;
   -- Neutral to slightly negative 2015 free cash flow (FCF).

RATING SENSITIVITIES

Negative Rating Action: A negative rating action could be
triggered by a deterioration of the company's credit protection
measures - at levels not incorporated in the ratings - resulting
from the some combination of the following factors: a fuel spike,
significant devaluation of the local currency versus the U.S.
dollar, excess capacity in the sector affecting pricing
environment, and falling demand scenario affecting Brazil's
domestic market.

Positive Rating Action: Fitch could consider a positive rating
action if GOL generates margins and FCF higher than the expected
levels incorporated in the ratings, resulting in lower financial
adjusted gross leverage while keeping current liquidity profile.


MENDES JUNIOR: S&P Lowers Rating to CCC & Removes from Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services downgraded Mendes Junior
Trading e Engenharia (MJTE) to 'CCC' from 'CCC+' on global scale
and to 'brCCC' from 'brCCC+' on national scale.  At the same time,
S&P removed the ratings from CreditWatch with negative
implications where it placed them on Jan. 13, 2015.  The outlook
is negative.  S&P subsequently withdrew all the ratings at MJTE's
request.  The company has no outstanding capital markets debt.

The downgrade reflects S&P's expectation that the ongoing
corruption investigations at Petroleo Brasileiro S.A. - Petrobras
(BBB-/Stable/--) are jeopardizing MJTE's refinancing and cash flow
generation.  Although MJTE was able to refinance its most
immediate bank obligations over the past few months, S&P still
sees a high short-term debt concentration, while it expects its
cash generation to be low and working capital swings to rise.
Furthermore, MJTE's creditors have increased scrutiny in light of
the ongoing investigations.  At the time of the withdrawal, the
negative outlook reflected MJTE's high short-term refinancing
risk.


PARANA BANCO: S&P Affirms 'BB/B' Rating; Outlook Remains Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' global
scale and 'brAA-' national scale ratings on Parana Banco S.A.  The
outlook remains negative.

Standard & Poor's bases its ratings on Parana Banco's "weak"
business position, "strong" capital and earnings, "adequate" risk
position, "below-average" funding, and "adequate" liquidity, as
S&P's criteria define these terms.

S&P's bank criteria use our BICRA economic risk and industry risk
scores to determine a bank's anchor, the starting point in
assigning an issuer credit rating.  The anchor for banks operating
in Brazil is 'bbb-'.

Brazil's economic risk reflects its low GDP per capita levels and
only modest growth prospects that limit household credit capacity
and the country's ability to withstand economic downturns.  It
also considers S&P's view that economic imbalances have increased
as a result of rapid credit expansion amid a slowly growing
economy that's likely won't pick up for the next two years,
further increasing the household debt burden.  In addition, S&P
expects Brazil's external vulnerability to rise somewhat for the
next several years, which also contributes to S&P's "high risk"
assessment for economic imbalances.  However, the corporate
sector's moderate leverage and the limited portion of high-risk
loans somewhat mitigate the higher risk factors in S&P's economic
risk assessment.

S&P's industry risk score of '5' reflects its belief that the
industry risks in Brazil's banking sector have increased as well.
In S&P's view, competitive dynamics have weakened as a result of
increased risk appetite due to rapid credit growth among
government-owned banks, despite sluggish economic conditions.
Furthermore, S&P sees higher market distortions due to the public
banks' increasing market share during the past two years and
increasing spread differential between public and private banks.
This has also resulted in the sector's falling profitability for
the same period.  However, the extensive coverage and effective
supervision of the financial system, coupled with an adequate
systemwide funding profile with low exposure to external funding,
support S&P's industry risk assessment.

"The negative outlook on Parana Banco reflects our view that
there's certain pressure on Parana Banco's capital level under our
RAC methodology," said Standard & Poor's credit analyst Guilherme
Machado.  S&P could lower the ratings if Parana Banco doesn't
generate enough internal capital after dividends distribution to
maintain the average RAC ratio above 10% for the next 24 months.
On the other hand, if the bank continues to successfully diversify
its business lines, or if the bank reduces its funding profile
risk S&P could raise the ratings.


PETROLEO BRASILEIRO: Swiss Freeze Bank Assets as Part of Probe
--------------------------------------------------------------
The Guardian reports that authorities in Switzerland have frozen
assets worth US$400 million as part of an investigation into
alleged links between Swiss accounts and a sprawling corruption
scandal in Brazil embroiling senior politicians and the state-
owned oil company, Petroleo Brasileiro S.A.

The Swiss attorney general has opened nine investigations into
suspected links between Swiss accounts based on allegations of
money laundering and other corrupt practices, according to The
Guardian.   Authorities said they have already repatriated more
than US$120 million of the frozen assets to Brazil, the report
relates.

In a sign that Swiss and Brazilian investigators are cooperating
closely, Swiss attorney general Michael Lauber flew to Brazil to
meet with those charged with investigating the largest corruption
scandal in Brazil's history, notes the report.  Mr. Lauber said he
has uncovered over 300 accounts at 30 Swiss banks allegedly used
to process bribery payments under investigation in Brazil.  In a
statement, the attorney general's office said their action
reflects a "clear intention to take a stand against the misuse of
its financial center for criminal purposes," the report discloses.

An ongoing investigation into the scandal, dubbed "Operation Car
Wash", has been told that oil and construction executives skimmed
millions from Petrobras contracts into Swiss bank accounts, the
report relays.  One former Petrobras executive, now a key
prosecution informant, has testified that he channeled around
US$100 million in bribes through a network of bank accounts,
including in Switzerland, the report says.

The disclosure comes as HSBC faces fresh revelations about its
Swiss bank after scores of its accounts were linked to corruption
scandals in Brazil and some of the country's most notorious
organized crime figures, according to an investigation by the
Brazilian newspaper O Globo and the UOL network, notes the report.
Their analysis of the leaked banking files follows revelations
about the Swiss bank reported by the Guardian, ICIJ, Le Monde and
others last month.

Brazil's tax authority said it would probe 6,600 undeclared
accounts with HSBC's Swiss private bank linked to Brazil,
including those linked to Operation Car Wash, the report
discloses.  HSBC has acknowledged past compliance and control
failures at the Swiss division and said standards of due diligence
were formerly significantly lower than they are at present, the
report adds.

                   About Petroleo Brasileiro

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

                       *     *     *

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


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


CHEMICAL EQUITY: Creditors' Proofs of Debt Due April 13
-------------------------------------------------------
The creditors of Chemical Equity Limited are required to file
their proofs of debt by April 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL HOLDINGS: Creditors' Proofs of Debt Due April 13
---------------------------------------------------------
The creditors of Chemical Holdings Limited are required to file
their proofs of debt by April 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL IIP: Creditors' Proofs of Debt Due April 13
----------------------------------------------------
The creditors of Chemical IIP Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL INVESTMENTS: Creditors' Proofs of Debt Due April 13
------------------------------------------------------------
The creditors of Chemical Investments Limited are required to file
their proofs of debt by April 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


EQUITY ZSC: Creditors' Proofs of Debt Due April 13
--------------------------------------------------
The creditors of Equity ZSC Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


FREMAR INVESTMENTS: Creditors' Proofs of Debt Due March 31
----------------------------------------------------------
The creditors of Fremar Investments 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 Jan. 30, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


IBIZA BUSINESS: Creditors' Proofs of Debt Due March 31
------------------------------------------------------
The creditors of Ibiza Business Inc. 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 Jan. 28, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


JOVI INVESTMENTS: Creditors' Proofs of Debt Due March 31
--------------------------------------------------------
The creditors of Jovi Investments 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 Jan. 28, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


MEME INVESTMENTS: Creditors' Proofs of Debt Due March 31
--------------------------------------------------------
The creditors of Meme Investments 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 Jan. 28, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town
          Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


PETROASIA LIMITED: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Petroasia Limited are required to file their
proofs of debt by April 10, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 25, 2015.

The company's liquidator is:

          Chris Narborough
          Telephone: 1-345-9253199
          CN Cayman Law
          Ground Floor, DMS House, Genesis Place
          Dr. Roy's Drive, George Town Grand Cayman
          Cayman Islands


STRATUS HOLDINGS: Creditors' Proofs of Debt Due April 23
--------------------------------------------------------
The creditors of Stratus Holdings Limited are required to file
their proofs of debt by April 23, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 9, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


STRATUS INVESTMENTS: Creditors' Proofs of Debt Due April 23
-----------------------------------------------------------
The creditors of Stratus Investments Limited are required to file
their proofs of debt by April 23, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 9, 2015.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS ENTERPRISES: Creditors' Proofs of Debt Due April 13
------------------------------------------------------
The creditors of ZS Enterprises Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS EQUITY: Creditors' Proofs of Debt Due April 13
-------------------------------------------------
The creditors of ZS Equity Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS HOLDINGS: Creditors' Proofs of Debt Due April 13
---------------------------------------------------
The creditors of ZS Holdings Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS INVESTMENTS: Creditors' Proofs of Debt Due April 13
------------------------------------------------------
The creditors of ZS Investments Limited are required to file their
proofs of debt by April 13, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


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


DOMINICAN REPUBLIC: Official Rejects that Labor Act Harms Economy
-----------------------------------------------------------------
Dominican Today reports that Immigration Director Jose Ricardo
Taveras discarded affirmations that compliance with the Migration
Act and other laws that protect local workers would harm the
Dominican economy.

The official responded to Housing Builders and Developers
Association (ACOPROVI) President Fermin Acosta, who warned of the
sector's collapse if all undocumented Haitian construction workers
are repatriated, according to Dominican Today.

The report notes that Mr. Acosta called impractical the
enforcement of the Labor Code's ceiling of 20% foreign labor, and
cautions that it could hobble the economy.

"What we cannot do is continue to play along with the economic
sectors that resist the formalization of their workforce, in
violation of not only the Migration Act, but the Social Security
Act and Labor Code," diariolibre.com quoted Mr. Taveras as saying,
the report relates.

The report adds that Mr. Taveras said the hiring of undocumented
workers, the sidestepping of Social Security, as well as all costs
associated with formalizing labor cannot continue, to "finally not
pay them, and also benefit from the shadow of a rule which allows
them to submit for tax purposes expenses payroll consisting of
illegal aliens, among other advantages."


=================
G U A T E M A L A
=================


BANCO AGROMERCANTIL: Fitch Affirms 'BB' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Banco Agromercantil de Guatemala's
(BAM) long-term Issuer Default Rating (IDR) at 'BB'.  The Rating
Outlook is Stable.

KEY RATING DRIVERS - BAM's IDRs & VR

The bank's standalone creditworthiness, as indicated by its
Viability Rating (VR) drives the IDR.  The operating environment
and sound capitalization highly influence the bank's ratings.
BAM's ratings also reflect its stable liquidity and funding.  In
Fitch's view, the bank's limited pricing-power, above market
average credit growth rates that can imply heightened risk
appetite, loan concentration risks, modest profitability, and high
exposure to the sovereign (2x Fitch Core Capital or FCC) weigh on
BAM's ratings.  Like all major local banks, BAM has a sizeable
exposure to Guatemalan sovereign securities (LC and FC IDRs of
'BB').  Fitch does not expect this to change due to limited
investment options in the country.

BAM's sound capital buffers enhance its competitive positive
relative to larger corporate-oriented banks.  As Fitch expected,
capitalization declined due to increasing business volumes, but it
will likely remain above industry averages in the foreseeable
future.  BAM's capital is of high quality as it consists mostly of
common equity and retained earnings.  Fitch's base scenario is
that the bank will maintain an FCC above 13% over the medium term
as credit growth moderates.  In the agency's opinion, maintaining
sound loss-absorption cushions is necessary given high loan growth
and concentration risks.

A granular and stable base of retail, short-term deposits comprise
the bulk of BAM's funding.  To address liquidity gaps, the bank
has been seeking to extend the maturity of its funding through a
larger participation of wholesale funds.  It successfully accessed
international capital markets through the issuance of a senior
unsecured loan participation note.  Additionally, BAM had 19
credit lines approved from correspondent banks.

Fitch views BAM's liquidity buffers, which consist of cash, due
from banks and Guatemalan sovereign securities, as adequate.  The
expansion of borrowed funds drove an increase in the bank's loan
to deposit ratio, but this should decrease to acceptable levels as
credit growth slows down.

Loan quality indicators are sound and impaired loan ratios have
decreased consistently in recent years as the bank applied tighter
underwriting criteria, more effective collection processes and
stricter work-out tools, such as write-offs and loan
restructuring.  Fitch expects that the seasoning of recent fast
loan growth will lead to credit quality deterioration, but this
will be largely manageable for the bank.  BAM applies conservative
provisioning policies, where impairment trigger is set at loans
overdue by 30 days, as per Colombian regulations. This has driven
a material increase in coverage of impaired loans.

Currently, the largest source of credit risk is the material
obligor concentration, which increases sensitivity to sharp
fluctuations in loan quality.  Top 20 loans accounted 23% of gross
loans and 1.71 times FCC; all of these exposures were performing
and of good quality.  Fitch does not expect concentration levels
to decline in the short term given BAM's corporate orientation.

Pressure on margins, due to increased funding costs and heightened
competition in BAM's target segments, led to lower profitability
indicators in 2014.  Fitch expects that improving operating
efficiency may provide a modest upside potential to improve core
earnings in the short term, but convergence with peers is no
longer the agency's base case.

Although ratings do not factor explicit support, Fitch views
Bancolombia's ('BBB'/Outlook Positive) 40% shareholding stake
positively.  Bancolombia has supported BAM's capitalization and is
now in the process of integrating key risk management functions.
Fitch believes Bancolombia has incentives to provide financial
assistance to BAM if required, but potential mechanisms of support
require approval from BAM's current majority shareholders.
Therefore, the agency believes that support cannot be relied upon
until Bancolombia increases its shareholding; this is expected
within five years.

RATINGS SENSITIVITIES - BAM'S IDR AND VR

The Stable Outlook reflects Fitch's expectation of no substantial
changes in BAM's risk profile in the foreseeable future.  The IDR
and VR are sensitive to bank maintaining a sound capitalization,
as measured by a FCC ratio above 11.5%.

Downward pressure to the ratings would occur if the bank increases
its risk appetite in order to pursue more aggressive loan growth,
which leads to a significant deterioration of asset quality and/or
capitalization.

BAM's IDRs and VR are at the same level as Guatemala's sovereign
rating.  Given the operating environment's high influence on BAM's
VR, changes in the sovereign's ratings may result in a similar
action on BAM's ratings.

Potential for positive rating action in the VR is limited given
the bank's moderate franchise and lower financial flexibility
relative to peers.  However, the IDRs could be upgraded if
Bancolombia becomes the majority shareholder.

Conversely, a breach in the shareholding agreement with
Bancolombia that weakens capital and/or liquidity could result in
a downgrade of BAM's ratings.

KEY RATING DRIVERS - AGROMERCANTIL SENIOR TRUST (AST)

Agromercantil Senior Trust's (AST) rating is in line with BAM's
IDR reflecting that the senior unsecured obligations rank equally
to the bank's unsecured and unsubordinated obligations.

AST'S RATINGS SENSITIVITIES

Changes in the notes' rating would move in tandem with those of
BAM.

KEY RATING DRIVERS & RATING SENSITIVITIES - SUPPORT RATING AND
SUPPORT RATING FLOOR

The Support Rating of '5' and Support Rating Floor of 'No Floor'
reflect Fitch's view that while support from the authorities is
possible, it cannot be relied upon given BAM's limited systemic
importance.

The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity or ability of the
Guatemalan government to provide timely support to the bank.

Fitch has affirmed these ratings:

Banco Agromercantil de Guatemala, S.A.
   -- Long-term foreign currency IDR at 'BB'; Outlook Stable;
   -- Short-term foreign currency IDR at 'B';
   -- Long-term local currency IDR at 'BB'; Outlook Stable;
   -- Short-term local currency IDR at 'B';
   -- Viability rating at 'bb';
   -- Support at '5';
   -- Support Rating Floor at 'NF';

Agromercantil Senior Trust
   -- Long-term foreign currency loan participation notes at 'BB'.


===============
H O N D U R A S
===============


* HONDURAS: "Met Quantitative Targets for December," IMF Says
-------------------------------------------------------------
An International Monetary Fund (IMF) mission, led by Lisandro
Abrego, visited Tegucigalpa during March 9-17 to conduct the first
review of Honduras' Fund-supported program, approved on December
3, 2014.

At the conclusion of the visit, Mr. Abrego issued the following
statement in Tegucigalpa:

"The mission is encouraged by the progress made to stabilize the
Honduran economy and return the public finances to a sustainable
path.  The staff team found that all quantitative targets for
December 2014 were met, in most cases with ample margins.  The
structural benchmarks were also observed, while significant
progress toward meetings March 2015 benchmarks has been made.

"Macroeconomic performance in 2014 generally exceeded program
expectations.  Real GDP growth is estimated to have risen to a
solid 3.1 percent while inflation ended at 5.8 percent -- well
below the program projection -- owing mainly to lower fuels
prices.  The external current account deficit decreased from 9.5
percent of GDP in 2014 to 7.4 percent of GDP, reflecting fiscal
consolidation, more favorable terms of trade, and strong growth of
remittances. International reserves increased by about US$260
million, comfortably exceeding the program target and bringing
reserve coverage to 4.3 months of imports.  Fiscal performance was
also significantly stronger than anticipated, with the deficit of
the combined public sector declining to 4.3 percent of GDP, well
below the program target of 5.9 percent of GDP. The overall
deficit of Empresa Nacional de Energia Electrica (ENEE) was
reduced to 1.3 percent of GDP (from 1.8 percent of GDP the
previous year), in line with the program target.

"For 2015, the mission and the authorities reached understandings
on the quantitative targets and appropriate policies to buttress
macroeconomic stability while supporting solid economic growth and
the expansion of social programs.  These understandings are
subject to approval by the IMF's Management and Executive Board,
which is expected to consider the first program review in May.
"The 2015 outlook of the Honduran economy is more positive than
envisaged previously as a result of the macroeconomic over
performance in 2014, the lower oil prices and a steady US
recovery.  GDP growth is expected to increase to 3.3 percent while
inflation is projected to fall to 4 3/4 percent.  This year's
fiscal program objective is to continue with fiscal consolidation
to reduce the CPS deficit to about 3 percent of GDP.  The
authorities will also expand their poverty reduction programs.

Monetary policy will continue to focus on keeping inflation under
control and strengthening the external position while providing
adequate support to economic growth.  The external current account
is also expected to improve, driven by lower fuel imports and more
coffee exports, supporting an increase in international reserve
coverage (projected to rise to 4.5 months of imports).  The
government will continue undertaking structural reforms in the
electricity sector, including the establishment of a fully
functional new regulator and the agreed measures to further
strengthen the finances of ENEE.

"The mission met with President Juan Orlando HernAndez, Minister
Coordinator of the Government Jorge HernAndez Alcerro, Central
Bank Governor and Head of the Economic Cabinet Marlon TAbora,
Minister of Infrastructure Roberto Ordonez, Minister of Finance
Wilfredo Cerrato, other senior government officials, members of
congress, and private sector representatives.

"The staff team would like to thank the authorities and private
sector representatives for a cordial and productive dialogue, as
well as for their excellent cooperation and hospitality."



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


JAMAICA: Cuba a Threat to Manufacturing Sector
----------------------------------------------
RJR News reports that a former Jamaican ambassador to Cuba is
warning that the country could lose some of its manufacturers to
the communist nation, as its economic and diplomatic relations
with the United States improve.

Ambassador Stewart Stephenson has expressed concern that the
opening up of Cuba could cause some of the country's manufacturers
to relocate to that country, according to RJR News.

The report notes that Ambassador Stephenson said a manufacturer
recently explained to him his rationale for considering a move of
his operations to Cuba: "The labor costs are lower there, they are
more efficient in terms of their efforts and their work, and we
are being offered tremendous incentives by the Cuban Government to
come and establish manufacturing interests there."

It was a threat that Jamaica needs to take seriously, Ambassador
Stephenson stressed, the report relates.

Hitherto, there has been far more concern in Jamaica about the
potential threat to Jamaica's tourism industry, emanating from the
opening of Cuba to American visitors, the report discloses.
Ambassador Stepehson is less concerned on that score, however,
asserting that Cuba cannot compete with Jamaica in the area of
customer service, the report adds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'.  The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable.  The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.


JAMAICA: "Credit Conditions Have Tightened," BOJ Says
-----------------------------------------------------
RJR News reports that the Bank of Jamaica said credit conditions
have tightened in Jamaica.

The central bank released the results of survey for the December
2014 quarter and it showed the market for loans tightened as
lending entities applied more restrictive policies to both secured
and unsecured loans, according to RJR News.

The report notes that those polices included hikes in interest
rates and the requirements that have to be met before loans are
disbursed.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'.  The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable.  The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.


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


VENEZUELA: Allies Line up With Maduro on Faceoff With US
--------------------------------------------------------
ABC News reports that leftist allies of Venezuela rallied behind
embattled President Nicolas Maduro in his faceoff with the U.S.
government, which he has accused of trying to oust his socialist
administration.

In an emergency meeting of the ALBA bloc of regional governments,
representatives from 12 nations decried what they called attempts
by Washington to undermine President Maduro with its recent
decision to sanction Venezuelan officials accused of violating
human rights during anti-government protesters last year,
according to ABC News.

By far the strongest defense came from Cuban President Raul
Castro, whose government is negotiating for the re-establishment
of diplomatic relations with the U.S. after more than a half
century of Cold War frictions, the report notes.

"The U.S. needs to understand once and for all that it can't
seduce or buy Cuba, just as it can't intimidate Venezuela," the
report quoted Mr. Castro as saying.  "Our unity is
indestructible," Mr. Castro added, says the report.

The meeting in Caracas came as tensions between Venezuela and the
U.S. reached a fevered pitch after President Maduro this month
claimed Washington is plotting to oust him and ordered the U.S.
Embassy in Caracas to slash staffing levels, the report relays.

The U.S. has denied the accusations and it applied sanctions on
the seven Venezuelan officials over the crackdown on last year's
protests, notes the report.

In an ad in The New York Times, President Maduro's government
declared that "Venezuela is not a threat" to U.S. security and
urged Obama administration to immediately cease hostile actions,
the report discloses.

"Never before in the history of our nations has a president of the
United States attempted to govern Venezuelans by decree," the ad
said, the report notes.  "It is a tyrannical and imperial order
and it pushes us back into the darkest days of the relationship"
between the U.S. and Latin America.

In Washington, senior U.S. administration officials told the
Senate Foreign Relations Committee that they will continue to
press Venezuela and said concerns about the President Maduro
government's human rights record would be one of Obama's top
priorities when he travels next month to Panama to attend the
Summit of Americas alongside President Maduro, Castro and 32 other
regional leaders, notes the report.

Alex Lee, the U.S. deputy assistant secretary of state for Latin
America, said legislative elections expected to take place in
Venezuela later this year offered the best chance to defuse a
deepening political and economic crisis, the report relays.  The
oil-dependent economy had widespread food shortages and the
world's fastest inflation even before the recent plunge in crude
prices burned a hole in the government's finances, the report
notes.

The report adds that Mr. Lee said it is important for regional
governments, almost all of which have criticized the U.S.
sanctions as heavy handed, to mount a robust observation mission
to ensure voting results are credible.


                            ***********


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 * * *