TCRLA_Public/150325.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, March 25, 2015, Vol. 16, No. 059


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Pilots Threaten Industrial Action


B R A Z I L

BRAZIL: Economy to Suffer Biggest Contraction, Says Analyst
SETE BRASIL: S&P Lowers CCR to 'SD' on Default of Bilateral Loan


C A Y M A N  I S L A N D S

CALEDONIAN BANK: Creditors' First Meeting Set for April 16
CALEDONIAN SECURITIES: Creditors' First Meeting Set for April 17
CLAIRVUE-TOR CAYMAN: Commences Liquidation Proceedings
EFFICIENCY GROWTH: Creditors' Proofs of Debt Due April 6
EMEA CAPITAL: Creditors' Proofs of Debt Due April 15

EMEA CAPITAL MASTER: Creditors' Proofs of Debt Due April 15
EMERALD ONE: Commences Liquidation Proceedings
EMERALD TWO: Commences Liquidation Proceedings
INTEGRITY GROWTH: Creditors' Proofs of Debt Due April 6
LAPLACE CAPITAL: Creditors' Proofs of Debt Due April 16

LAPLACE CAPITAL LP: Creditors' Proofs of Debt Due April 16
LAPLACE TRADING: Creditors' Proofs of Debt Due April 16
LORA INVESTMENTS: Creditors' Proofs of Debt Due April 6
SO FINANCE: Creditors' Proofs of Debt Due April 15
TT AMSTERDAM: Creditors and Contributories to Meet on April 13


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Products Too Reliant on US, Haiti
DOMINICAN REPUBLIC: CEI-RD Plays Down Impact From US Agro Ban


J A M A I C A

JAMAICA: Interest Rates on J$ Loans Fell in December Quarter
JAMAICA: Winding Up Inactive Public Sector Entities


M E X I C O

EMPRESAS ICA: S&P Lowers CCR to 'B' on Slower Debt Reduction
MEXICO: To Adjust Monetary Policy to Counter Volatility


                            - - - - -


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


LIAT: Pilots Threaten Industrial Action
---------------------------------------
Caribbean360.com reports that travelers were placed on alert for
possible industrial action by pilots of the regional airline LIAT,
operating as Leeward Islands Air Transport, with the financially
strapped company warning that its employees were using a "cynical
tactic to exploit the fears of the travelling public" particularly
over the Easter weekend.

The Leeward Islands Airline Pilots Association (LIALPA) has been
calling on the airline to reinstate two pilots who were dismissed
following an incident last October in which one of the company's
new aircraft was damaged, according to Caribbean360.com.

Earlier, LIALPA met with LIAT representatives, Antigua and Barbuda
Labour Minister Steadroy "Cutie" Benjamin as well as Labor
Commissioner Eltonia Rojas and a statement issued afterwards
revealed that the government officials were of the view that the
two pilots should be reinstated and that LIAT would be reviewing
the case, the report notes.

But the pilots say LIAT has disregarded the advise and in a
statement expressed their disappointment with the airline's
decision, calling it "harsh and not in the spirit of good
industrial best practices envisaged by the Labour Code of Antigua
and Barbuda," the report relates.

The report discloses that the pilots are also alleging that LIAT
has resorted to "unethical rostering practices" including
eliminating crew meal breaks while increasing work hours to
compensate for a steadily declining workforce.

The association said these strenuous conditions have resulted in
the regional carrier losing 10 per cent of its pilot workforce
over the last year, the report notes.

It also warned the public that the poor working conditions at
LIAT, combined with the pilots' increased stress load, may have a
negative impact on the airline's flight schedule in coming months,
citing "inevitable industrial action," the report relays.

But LIAT in its response accused the pilots of threatening
industrial action at a time of high travel within the region, the
report notes.

"Threatening industrial action shortly before a public holiday, in
this case, the Easter period, is a common, often repeated and
cynical tactic employed by LIALPA to exploit the fears of the
travelling public," the report quoted airline's chief executive
officer, David Evans, as saying.

"I have had dealings with numerous pilot associations over many
years and in many jurisdictions.  These dealings have often been
tough and uncompromising, but always based on mutual respect and a
clear understanding of the needs of the business.  This has not
been my experience with LIALPA. Unless we can reach a common
understanding of LIAT's current circumstances, LIAT's future looks
bleak," Mr. Evans said, the report notes.

"We will do everything we can to minimize industrial action over
the Easter period, for the sake of the travelling public.  If
however, there is significant disruption, the resulting financial
crunch would mean that salary payments would be further delayed,
and the airline would be unable to meet the demands of its
creditors.  Such a situation would put LIAT in a position of no
return, leading to a shutdown of the airline. This would be
catastrophic for the entire region and its economies, and or the
jobs and livelihoods of thousands of people," Mr. Evans added, the
report discloses.

The report adds that Mr. Evans said all of the grievances raised
by the pilots are either before the courts or being dealt with in
the normal manner.

LIAT maintained that the two pilots were terminated after they
blatantly disregarded instructions from the company's Flight
Operations Department and flew an aircraft to V.C. Bird
International Airport just hours before the passage of tropical
storm Gonzalo, the report notes.

It said the decision to terminate followed a full internal
investigation of the incident during which the pilots were
represented, the report discloses.

"The company is quite convinced it acted correctly in this matter,
and it is before the courts," Mr. Evans said, the report adds.

                             About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2014, Caribbean360.com said that chairman of the
shareholder governments of the financially troubled regional
airline, LIAT, operating as Leeward Islands Air Transport, Dr.
Ralph Gonsalves said while he is unaware of the details regarding
any possible retrenchment of employees, the airline needs to deal
with its high cost of operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer.


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


BRAZIL: Economy to Suffer Biggest Contraction, Says Analyst
-----------------------------------------------------------
EFE News reports that financial experts expect Brazil's economy to
shrink 0.83 percent in 2015, its biggest contraction since 1990,
and inflation to climb to 8.12 percent, its highest level since
2003, according to the results of a Central Bank survey released.

The private economists, who were polled for the monetary
authority's weekly Focus bulletin, had forecast an economic
contraction for 2015 of 0.78 percent in last week's survey,
according to EFE News.

If their forecast proves accurate, Brazil's economy, which
expanded 2.49 percent in 2013 and 0.2 percent last year, will post
its worst result since gross domestic product contracted 4.35
percent in 1990, the report relates.

It marked the 12th consecutive week that private financial experts
have lowered their forecast for Brazil's economy, the report
notes.  At the start of the year, those economists predicted
growth of 0.5 percent in 2015, the report discloses.

In the survey released, the analysts forecast growth of 1.2
percent in 2016, the report says.

They also were more pessimistic about consumer prices, raising
their 2015 inflation forecast from 7.93 percent last week to 8.12
percent, which would be the highest level since the annual
inflation rate stood at 9.3 percent at the end of 2003, the report
notes.

Brazil, which aims to keep annual inflation within a target range
of between 4.5 percent and 6.5 percent, ended 2014 with an
inflation rate of 6.41 percent, the report relays.

The country's federal, state and local governments ended 2014 with
a cumulative primary budget deficit (before interest payments)
equivalent to $12.51 billion, putting public finances in the red
for the first time since the current reporting methodology was
adopted in 2001, the report discloses.

To combat the country's deficit and inflation problems, the
government unveiled a series of austerity measures, including
spending cuts, the paring back of tax breaks, tighter credit, and
a reduction in labor benefits, that have sparked criticism, even
from labor unions and other allies of President Dilma Rousseff on
the left, the report notes.

EFE News adds that the president has attributed the country's
problems to the global financial crisis that erupted in 2008 and
said the counter-cyclical measures the government had adopted
until now, mainly state-subsidized credit and tax breaks, had
prevented a sharp rise in unemployment and a sharp slowdown in
growth seen over the past six-and-a-half years in other countries.


SETE BRASIL: S&P Lowers CCR to 'SD' on Default of Bilateral Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Sete Brasil Participa‡oes S.A. (Sete)
to 'SD' from 'B-'.  S&P also lowered the national scale rating to
'SD' from 'brB-'.  At the same time, S&P removed both corporate
credit ratings from CreditWatch with negative implications where
S&P placed them on Feb. 13, 2015.  At the same time, S&P is
lowering the rating on Sete's R$1.85 billion debenture issuance to
'brCCC' from 'brB-'.  S&P is keeping the issue rating on
CreditWatch with negative implications.

The downgrade reflects Sete's declaration of default and
subsequent nonpayment on the $250 million bilateral bridge loan it
has with Standard Chartered Bank.  The bank has sought the
guarantee from Fundo de Garantia de Construcao Naval (FGCN) and
other existing cash collateral guarantees that should provide a
very high recovery to the bank.

The CreditWatch placement on the rated debentures now reflects the
higher short-term refinancing and debt acceleration risks.
Although S&P believes the remaining existing creditors still have
incentives to continue to refinance their loans until the long-
term financing package is established (as the majority of these
creditors are Sete's shareholders and benefit from the FCGN
guarantee but not from the cash collateral), S&P also believes the
refinancing and debt acceleration risks are much higher as the
company faces challenges to secure long-term financing.  This is
despite the fact that the rated debenture's principal and interest
payment are due in 2018.


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


CALEDONIAN BANK: Creditors' First Meeting Set for April 16
----------------------------------------------------------
The creditors of Caledonian Bank Limited will hold their first
meeting on April 16, 2015, at 10:00 a.m.

The company was ordered to wind up its operations on Feb. 23,
2015, by the Grand Court of Cayman Islands.

The company's liquidator is:

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


CALEDONIAN SECURITIES: Creditors' First Meeting Set for April 17
----------------------------------------------------------------
The creditors of Caledonian Securities Limited will hold their
first meeting on April 17, 2015, at 10:00 a.m.

The company was ordered to wind up its operations on Feb. 23,
2015, by the Grand Court of Cayman Islands.

The company's liquidator is:

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


CLAIRVUE-TOR CAYMAN: Commences Liquidation Proceedings
------------------------------------------------------
On March 2, 2015, the shareholder of Clairvue-Tor Cayman Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Brendan MacDonald
          c/o StepStone Group
          150 California Street
          Suite 850 San Francisco
          CA 94111 USA
          Telephone: +1 (345) 914 6365


EFFICIENCY GROWTH: Creditors' Proofs of Debt Due April 6
--------------------------------------------------------
The creditors of Efficiency Growth Fund GP Limited are required to
file their proofs of debt by April 6, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2015.

The company's liquidator is:

          Emily Chih Hsuan Chiang
          Apt 72B, Tower 1
          The Harbourside
          No.1 Austin Road West
          Kowloon
          Hong Kong
          Telephone: (852) 3666 9888
          Facsimile: (852) 3665 0003


EMEA CAPITAL: Creditors' Proofs of Debt Due April 15
----------------------------------------------------
The creditors of Emea Capital Income Fund Limited are required to
file their proofs of debt by April 15, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

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


EMEA CAPITAL MASTER: Creditors' Proofs of Debt Due April 15
-----------------------------------------------------------
The creditors of Emea Capital Income Master Fund Limited are
required to file their proofs of debt by April 15, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 25, 2015.

The company's liquidator is:

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


EMERALD ONE: Commences Liquidation Proceedings
----------------------------------------------
On March 4, 2015, the sole member of Emerald One 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:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


EMERALD TWO: Commences Liquidation Proceedings
----------------------------------------------
On March 4, 2015, the sole member of Emerald Two 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:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


INTEGRITY GROWTH: Creditors' Proofs of Debt Due April 6
-------------------------------------------------------
The creditors of Integrity Growth Fund GP Limited are required to
file their proofs of debt by April 6, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 3, 2015.

The company's liquidator is:

          Emily Chih Hsuan Chiang
          Apt 72B, Tower 1
          The Harbourside
          No.1 Austin Road West
          Kowloon
          Hong Kong
          Telephone: (852) 3666 9888
          Facsimile: (852) 3665 0003


LAPLACE CAPITAL: Creditors' Proofs of Debt Due April 16
-------------------------------------------------------
The creditors of Laplace Capital Partners Limited are required to
file their proofs of debt by April 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


LAPLACE CAPITAL LP: Creditors' Proofs of Debt Due April 16
----------------------------------------------------------
The creditors of Laplace Capital Partners LP are required to file
their proofs of debt by April 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


LAPLACE TRADING: Creditors' Proofs of Debt Due April 16
-------------------------------------------------------
The creditors of Laplace Trading Limited are required to file
their proofs of debt by April 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


LORA INVESTMENTS: Creditors' Proofs of Debt Due April 6
-------------------------------------------------------
The creditors of Lora Investments, Ltd. are required to file their
proofs of debt by April 6, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 3, 2015.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SO FINANCE: Creditors' Proofs of Debt Due April 15
--------------------------------------------------
The creditors of So Finance (Cayman) Ltd. are required to file
their proofs of debt by April 15, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

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


TT AMSTERDAM: Creditors and Contributories to Meet on April 13
--------------------------------------------------------------
The creditors and contributories of TT Amsterdam Funding Company,
Ltd will hold their first meeting on April 13, 2015, at 9:00 a.m.

The company was ordered to wind up its operations on Feb. 27,
2015, by the Grand Court of Cayman Islands.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


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


DOMINICAN REPUBLIC: Products Too Reliant on US, Haiti
-----------------------------------------------------
Dominican Today reports that the head of the Roundtable of
Commonwealth Countries in Dominican Republic urged the country to
focus on exploring new international markets for exports, noting
that the US and Haiti bans on Dominican fruits and vegetables send
a clear signal and a reminder that 'all eggs cannot be placed in
one basket'.

Fernando Gonzalez Nicolas said it's not healthy for Dominican
Republic to concentrate 64 percent of its exports on the US,
Puerto Rico and Haiti markets, according to Dominican Today.  "The
total Dominican exports were 8.05 billion dollars, while 4.09
billion of that were exported to the United States and Puerto Rico
in 2013," the report quoted Mr. Nicolas as saying.

The report notes that Mr. Gonzalez said US$1.05 billion were
exported to Haiti in the same period of 2013.

The business leader said countries with healthy foreign trade
don't concentrate more than 20 percent of total exports in one
nation, for which he suggests looking to the markets of the
Commonwealth's 53 countries, the report relates.

"Let's see how we can export more, to the Caribbean, Canada,
Britain, India, Malaysia, Australia, New Zealand, Singapore, South
Africa etc," Mr. Gonzalez said, noting that they are members of
the Commonwealth, which controls 25 percent of world trade, the
report notes.


DOMINICAN REPUBLIC: CEI-RD Plays Down Impact From US Agro Ban
-------------------------------------------------------------
Dominican Today reports that the head of Dominican Republic's
Exports and Investment Center (CEI-RD) disclosed government
support for producers affected by the US ban on several Dominican
agro products, listed as hosts of the fruit fly.

Jean Alain Rodriguez said all products that were in transit would
enter US territory due to international standards, but noted that
from now on its potential impact will be established to propose
solutions, according to Dominican Today.

"The first thing is that it's a temporary and important measure to
which we must pay close attention and that's what the government
is doing," the official said, the report notes.

The report relays that Mr. Rodriguez said both the Agriculture
Ministry and CEI-RD are providing all necessary support to
producers.

"It's (the ban) limited to only four fruits that are exported by
Dominican Republic to the United States and yet, at the moment,
there's no impact, the size of the impact it may have will depend
on the duration of that measure, It could either be one or two
days, as it may also take several days," Mr. Rodriguez said, the
report adds.


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


JAMAICA: Interest Rates on J$ Loans Fell in December Quarter
------------------------------------------------------------
RJR News reports that the Bank of Jamaica has released information
showing that interest rates on Jamaican dollar loans fell in the
December quarter.  The information was released as part of the
results of its latest survey on credit conditions in the market.

The central bank report said interest rates were generally lower
because of the overall weakness in demand for local currency
business loans, according to RJR News.

The central bank report added that the lower rate could have also
been influenced by greater supply of Jamaican dollars to the
market, RJR News relates.

The BOJ said, in the December quarter, it injected J$10.5 billion
into the market, the report notes.  That was up from the J$3.3
billion that was supplied to the market in the September quarter,
the report relays.

                         EPOC Concerned

Meanwhile, the Economic Program Oversight Committee (EPOC) has
expressed concern over the decline in the rate of credit growth to
the business sector, the report relays.

The EPOC, in a release, said it will keep a keen eye on the
development and make comments in the future, the report discloses.

Data from the Bank of Jamaica's Annual Report for 2014 show
commercial banks grew loans to the private sector by only 4.8%
last year. That is compared to a 16.3% rate of growth in 2013 and
an average growth of over 9% for the previous five years, 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: Winding Up Inactive Public Sector Entities
---------------------------------------------------
RJR News reports that the Jamaica Ministry of Finance is reporting
progress in winding up inactive public sector entities.

According to the Jamaica Public Bodies Report for 2015/2016, the
number of inactive entities has been reduced from 74 in 2010, to
24 March 18, RJR News relates.  It says various public bodies have
obtained expertise and assistance to expedite the process of
winding up subsidiaries, according to RJR News.

The Finance Ministry expects more inactive public bodies will be
wound up, the report notes.

                         *     *     *

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


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


EMPRESAS ICA: S&P Lowers CCR to 'B' on Slower Debt Reduction
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on Empresas ICA S.A.B. de C.V. (ICA) to
'B' from 'B+'.  At the same time, S&P lowered its global scale
issue-level rating on the company's senior unsecured notes to 'B-'
from 'B'.  The recovery rating of '5' on the notes, indicating
expectation of modest (10% to 30%) recovery in the event of a
payment default, remains unchanged.  S&P also affirmed its
'mxBBB-' national scale corporate credit rating on ICA and revised
the outlook on it to stable from negative.  The outlook on both
scales is stable.

The downgrade reflects the company's slower debt reduction pace
than S&P previously expected, which have resulted in weaker
financial credit metrics.  Currently, ICA's debt accounts for 45%
of the holding company's total debt of about MXN23.7 billion.
Additional, the depreciation of the Mexican peso against the US
dollar increased company's debt by 21.5%.  As a result, the
company's debt to EBITDA was at 8.0x as of Dec. 31, 2014, compared
with 7.0x that S&P originally expected.  S&P expects this ratio to
6.5x-7.0x for the next two years.

Despite ICA's competitive business scale, leading market position
within the Mexican engineering and construction sector, and its
proven access to different funding sources, S&P is revising its
comparable rating analysis score on the company to "neutral" from
"positive" because S&P believes that ICA's high cash requirements
to support working capital needs lead to a debt leverage of more
than 5.0x.

S&P's assessment of ICA's business risk profile as "fair" reflects
its status as the largest engineering, procurement, and
construction firm in Mexico, with a long and positive track record
throughout its various business divisions.  This assessment also
incorporates the company's diversified portfolio mix with
investments in large projects with complex designs and heavy
construction, as well as participation in road and water
concessions, and airport construction.  The inherent cyclicality
of the construction industry, the geographic concentration of its
markets, and its substantial dependence on Mexican government
spending mitigate these strengths.


MEXICO: To Adjust Monetary Policy to Counter Volatility
-------------------------------------------------------
EFE News reports that Mexican authorities have a plan to combat
volatility in global financial markets that includes interventions
in the currency market and other adjustments to monetary policy,
the central bank's governor, Agustin Carstens, said.

Speaking at a banking convention in this Pacific coast city, Mr.
Carstens said "a significant reduction in global oil prices" and
the persistent weakness of global economic activity have been
among the causes of volatility in recent months, according to EFE
News.

Nevertheless, "the factor that has most contributed to this
volatility has been the expectation that the U.S. Federal Reserve
will begin raising its benchmark interest rate from its current
historically low level some time in 2015," Mr. Carstens said, the
report relays.

The report discloses that the Fed's policy-making body said this
week that an increase in its federal funds rate, which has been
near zero since 2008, is unlikely at its April meeting but the
language in the statement also led many analysts to predict the
rate hike could come at its June meeting.

The report notes that Mr. Carstens explained that the lowering of
the federal funds rate, aimed at stimulating the U.S. economy amid
the global recession, "created big incentives for capital from
that country to flow to others that offered a better return."

"Mexico has undoubtedly been a recipient of a portion of that
capital, which at the time was reflected in the appreciation of
the peso, in a reduction of domestic interest rates and in a
certain accumulation of foreign reserves," the Bank of Mexico
governor said, the report relays.

It is unsurprising, therefore, that the prospects of a reversal of
the Fed's monetary policy, combined with "the drop in oil prices"
have been reflected in a depreciation of the peso relative to the
dollar, Mr. Carstens said, the report says.

Over the past two months, the peso has depreciated more than 5
percent, falling from MXN14.59 per dollar to MXN15.39 per
greenback, the report notes.

In response, the Mexican central bank announced a plan earlier
this month to start selling as much as US$52 million a day over
the next three months, the report relays.

The report discloses that Mr. Carstens noted that Mexico is at
liberty to act due to its ample foreign reserves and an existing
US$75 billion flexible credit line with the International Monetary
Fund.

Separately, Mr. Carstens reiterated that the Bank of Mexico could
raise its benchmark overnight rate this year, the report notes.

Mr. Carstens also said the foreseeable increase in the Fed's
federal funds rate would take place amid a more favorable outlook
on the growth of the U.S. economy, whose improvement would provide
a strong boost to Mexico's exports and overall growth, the report
adds.


                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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