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

            Thursday, March 26, 2015, Vol. 16, No. 060


                            Headlines



A R G E N T I N A

ARGENTINA: U.S. Court Oks Citigroup to Process Bond Payments


B R A Z I L

PETROLEO BRASILEIRO: Bonds Shrug Off Downgrade Fears
PETROLEO BRASILEIRO: Ruling Party Treasurer Vaccari to Stand Trial
QGOG CONSTELLATION: S&P Lowers CCR to 'B+'; Outlook Stable
RB CAPITAL: Moody's Affirms Ba2 Rating of 80th Series of CRIS
TRANSMISSORA SUL: Moody's Assigns 'Ba1' Global Scale CFR


C A Y M A N  I S L A N D S

CONOCOPHILLIPS EAST: Placed Under Voluntary Wind-Up
D&P INVESTMENT: Commences Liquidation Proceedings
DCM ASSET: Creditors' Proofs of Debt Due April 8
FARENHEIT ADVISORS: Commences Liquidation Proceedings
HARVEST SS: Placed Under Voluntary Wind-Up

HUTCHISON WHAMPOA: Creditors' Proofs of Debt Due April 27
KIBOU LTD: Commences Liquidation Proceedings
LIBRA NO.2: Creditors' First Meeting Set for April 13
LIBRA NO.3: Creditors' First Meeting Set for April 13
LIPPO ASM: Creditors' Proofs of Debt Due April 6

MARINER NAVIGATOR: Creditors' Proofs of Debt Due April 10
MINA HOLDINGS: Commences Liquidation Proceedings
POLAR SCF GPA: Creditors' Proofs of Debt Due April 6
POLAR SCF GPB: Creditors' Proofs of Debt Due April 6
SCHAHIN II FINANCE: S&P Lowers Rating on Notes to 'B+'

TAWREED TRADING: Commences Liquidation Proceedings


C O L O M B I A

COLOMBIA: Growth Underpinned by Implementation of Strong Policy


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Bill Targets Fund Managers' 'Abhorrent' Profit


M E X I C O

MEXICO: Gov't Still Eyeing 5% Growth in 2018


T R I N I D A D  &  T O B A G O

DIGICEL TRINIDAD & TOBAGO: Urges Regulator to Make Sure on Merger


X X X X X X X X X

LATAM: Moody's Says Rated bank Debt Issuance to Drop Again in 2015
* Moody's Says Strong US$ Creates Pressures in Some Countries


                            - - - - -


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A R G E N T I N A
=================


ARGENTINA: U.S. Court Oks Citigroup to Process Bond Payments
------------------------------------------------------------
Reuters reports that Citigroup Inc. said it has been authorized by
a U.S. judge to process two Argentine debt payments, which could
ease tensions between the bank and the default-hit nation.

The U.S. bank, which acts as custodian of some Argentine bonds,
has been embroiled in a court battle between the South American
country and a group of New York-based hedge funds seeking full
payment on their defaulted sovereign bonds, according to Reuters.

The report notes that a potential resolution may have moved closer
after a ruling by the U.S. District Court for the Southern
District of New York on March 20.

The court has stipulated that it will not restrict Citi from
meeting its payment-processing obligations relating to dollar-
denominated Argentine bond payments under local law due on March
31 and June 30, the bank said in a statement obtained by Reuters.

The report relates that the court also said it will not impede the
bank from exiting the Argentine custody business, as it has said
it wants to do.

Leftist President Cristina Fernandez's government had threatened
to cancel Citibank Argentina's operating license if it refused to
process payments to other bond holders, the report relays.

U.S. District Judge Thomas Griesa in New York ruled that Argentina
must settle with the hedge funds seeking full payment on their
defaulted sovereign bonds before it continues paying interest to
the large majority of investors who accepted significant
writedowns on the debt holdings after the country's record default
on US$100 billion in 2002, the report notes.

The report discloses that most investors holding Argentina bonds
exchanged them for bonds worth much less, but a group of
bondholders rejected the swaps.

These holdouts, including billionaire Paul Singer's Elliott
Management LP hedge fund and its NML Capital affiliate, as well as
the Aurelius Capital Management hedge fund, have insisted they be
paid in full if holders of exchanged bonds are paid, the report
relays.

Commenting on the agreement, a spokesman for NML said, "NML and
other creditors reached an agreement with Citibank, according to
which Citibank agreed not to appeal the court's determination that
the pari passu injunction covers all of Argentina's exchange
bonds," the report notes.

The spokesman added that Griesa had approved the agreement that
was "specifically tailored to address the unique circumstances
facing Citi Argentina after Citibank announced it was exiting the
custody business in Argentina," the report says.

                           *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.


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


PETROLEO BRASILEIRO: Bonds Shrug Off Downgrade Fears
----------------------------------------------------
The Financial Times reports that for a company that has already
been stripped of its investment grade by one major credit rating
agency and is on the cusp of being junked by another, the bonds of
Petroleo Brasileiro S.A. (Petrobras) are proving surprisingly
resilient.

Yields on dollar-denominated bonds sold by the Brazilian oil major
have fallen by as much as 120 basis points over the past week even
as the crisis that has engulfed the company shows little sign of
abating, according to The Financial Times.

Once Latin America's most valuable company, Petrobras has had a
sharp reversal in fortunes over the past year as the collapse in
crude prices coincided with a widening investigation into the
company's alleged role in a vast kickback and bribery scheme, the
report notes.

Its failure to estimate its losses from the alleged corruption
scheme and produce audited third-quarter results prompted Moody's
to cut its rating to junk in February, the report relates.

Rival agency Standard & Poor's delivered a further blow on
March 23 when it revised its outlook on the company from stable to
negative, the report relays.

The report discloses that although analysts at S&P said they
expect the Brazilian government to support Petrobras if needed,
they noted that the fundamental backdrop for the company is
getting harder.

The rating agency did, however, lower Petrobras' so-called "stand
alone credit profile" (SACP) deeper into junk territory, from BB
to B+.

SACP -- a profile of the company's creditworthiness that excludes
any possible support from the Brazilian government -- is just one
component of a company's overall rating and is normally not a
market-moving metric, the report relays.

But in the case of Petrobras, S&P warned that another downgrade to
the SACP would automatically trigger a downgrade of the oil
major's main rating from BBB-, the lowest investment grade, to
junk, the report notes.

Should two major rating agencies remove Petrobras' investment
grade rating, a sell-off could follow as many institutional
investors won't be allowed to own them, the report discloses.

Given few emerging market companies are as widely held by equity
and bond investors as Petrobras that could have major knock-on
effects, the report notes.

S&P said in a conference call that one trigger for another
downgrade to Petrobras' SACP could come if the company fails to
produce audited third-quarter results by the end of May, says the
report.

Markets though aren't taking fright, 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.


PETROLEO BRASILEIRO: Ruling Party Treasurer Vaccari to Stand Trial
------------------------------------------------------------------
dw.de reports that Brazil's ruling Workers Party treasurer Joao
Vaccari has been ensnared by the ongoing scandal at Petroleo
Brasileiro S.A.  President Dilma Rouseff has seen her popularity
plummet as the affair unfolds.

Mr. Vaccari is to stand trial on corruption and money laundering
charges relating to a corruption scandal at state energy
conglomerate Petrobras, court documents revealed, according to
dw.de.

The report notes that Mr. Vaccari, along with 26 others, is set to
be tried for demanding "bribes in the form of electoral donations"
for the party of president Dilma Rousseff, according to
investigators.

The Petrobras controversy centers on a kickback scheme at the
state-run oil giant in which at least US$800 million (EUR730
million) was paid in bribes and other funds by the nation's
biggest construction and engineering firms in exchange for
inflated Petrobras contracts, the report relates.

Several top executives are already in jail and the country's
attorney general is investigating dozens of influential
congressmen in connection with the corruption, the report says.
When the corruption scheme began to unfold in 1997, Rousseff's
party had not yet taken power -- but she was formerly the
chairwoman of Petrobras' board, the report discloses.

Mr. Vaccari is alleged to have received donations totaling more
than US$1.2 million (EUR1.1 million), the report relates.  Mr.
Vaccari is one of the most prominent leaders yet to be accused in
the scandal.

The PT said that Mr. Vaccari would remain in his office unless
proven guilty. The judge responsible for the investigation in the
Brazilian city of Curitaba has not called for Mr. Vaccari's
arrest, the report notes.

                  Rousseff's Popularity Plummets

The revelations come as a poll indicated that a majority of
Brazilians favor impeaching president Rousseff over her
involvement in the Petrobras scandal and as the Brazilian economy
continues to slump, the report discloses.

According to the polling firm MDA, 59.7 percent of Brazilians
favor impeaching Rousseff, and 68.9 percent hold her responsible
for the corruption scandal at Petrobras, the report relays.

The same poll found President Roussef's personal favorability
ratings have also plummeted, with only 18.9 percent of Brazilians
viewing her favorably, down from 55.6 percent in September, the
report notes.

More than one million Brazilians demonstrated in cities across the
country on March 15 to demand Rousseff's impeachment, though
opposition leaders have resisted these calls and say removing her
from office is unlikely, the report discloses.

Prosecutors have found no evidence President Rousseff was involved
in the Petrobras corruption scheme, 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.


QGOG CONSTELLATION: S&P Lowers CCR to 'B+'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
rating on QGOG Constellation S.A. (QGOG) to 'B+' from 'BB'.  At
the same time, S&P lowered the issue-level rating on the company's
$700 million senior unsecured seven-year notes to 'B+' from 'BB'.
The outlook on the corporate credit rating is stable.

"Our ratings on QGOG are based on the company's ability to meet
financial obligations at the holding level thanks to dividend
distributions coming from those operating subsidiaries.  The
downgrade on the company follows the SACP revision on Petroleo
Brasileiro S.A. - Petrobras (Petrobras), which in turn reflects a
deterioration of the quality of QGOG cash flows.  Petrobras
chartered the vast majority of the vessels owned by QGOG under
long-term contracts with tenors that range between three and ten
years.  We believe these contracts constitute the key driver of
the credit quality of QGOG's operating assets.  Therefore, given
the deterioration of the counterparty, we have revised our
assessment of QGOG's quality of cash flow (QCF) to "moderately
stable and predictable" from "highly predictable," which, given
our unchanged view of the expected financial metrics, result in a
'B+' rating on QGOG," S&P said.

"The 'BBB-' corporate credit rating on Petrobras now incorporates
its 'b+' SACP and our view of the "very high likelihood" of
support from the government in the event of financial distress.
"We equalized the counterparty risk of QGOG's operating projects
to Petrobras' SACP, and not to the credit rating on it, because,
in our view, the SACP more effectively reflects the risk
associated with the nature of these contractual obligations," said
Standard & Poor's credit analyst Candela Macchi.  Although we
believe the sovereign will provide extraordinary support to
Petrobras (for example, through liquidity injections, loans from
government-owned banks, or other types of facilities), this
extraordinary support won't necessarily flow on a timely basis to
meet the drillship suppliers' liabilities.


RB CAPITAL: Moody's Affirms Ba2 Rating of 80th Series of CRIS
--------------------------------------------------------------
Moody's America Latina Ltda. affirms the Ba2 (global scale, local
currency) rating and upgrades to Aa2.br from Aa3.br (national
scale) the rating of the 80th Series of real estate certificates
(CRIs or certificates) issued by RB Capital Companhia de
Securitizacao S.A., following the assignment of ratings of the
underlying CCIs (cedulas de credito imobiliario).

The real estate certificates are backed by CCIs where Suzano Papel
e Celulose S.A. is the debtor.

Issuer: RB Capital Companhia de Securitizacao S.A.

  -- 80th Series / 1st Issuance: affirms the Ba2 (global scale,
     local currency), and upgrades to Aa2.br from Aa3.br
     (national scale) ratings

Moody's views the 80th series certificates as full pass-through
securities of the underlying CCI. Given that the ratings of the
80th series of certificates are primarily based on Suzano's
ability to make payments under the CCIs, any changes in ratings of
the underlying CCI will cause a change in the ratings of the CRIs.

The ratings of the corporate family ratings and the ratings of the
CCI that backs the 80th series of CRIs, reflects Suzano's position
as a low cost producer of bleached eucalyptus kraft pulp (BEKP)
and paper, with leading stakes the global BEKP market and
Brazilian printing and writing paper and paperboard sectors. Also,
the company's comfortable liquidity profile, with cash balance at
the end of 2014 sufficient to cover short term debt maturities by
2.0 times and our expectations that leverage and credit metrics
will improve in the medium term with the additional EBITDA stream
coming from the 1.5 million tons hardwood plant in the state of
Maranhao, now running at full-capacity. However, constraining
Suzano's corporate ratings are the volatile nature of the pulp
industry, which should represent around 60-65% of Suzano's
revenues onwards and the still high leverage related mostly to its
pulp expansion in the state of Maranhao. Furthermore, new hardwood
projects ramping up in the next two years in Latin America could
pressure pulp prices if we see a deceleration in demand. To the
extent the growth in demand from China's paper manufacturers and
pulp capacity shutdown do not materialize, pulp prices could
decline.

Factors that would lead to an upgrade or downgrade of the rating:

Any changes to the CCI ratings will lead to a change in the
ratings assigned to the certificates.


TRANSMISSORA SUL: Moody's Assigns 'Ba1' Global Scale CFR
--------------------------------------------------------
Moody's America Latina assigned a Ba1 global scale corporate
family rating and Aa1.br corporate family rating on the Brazilian
national scale to Transmissora Sul Litoranea de Energia S.A.  At
the same time, Moody's assigned a Ba1 global scale rating and
Aa1.br rating on the Brazilian national scale to the BRL 145
million senior secured debentures, which will be issued in the
form of infrastructure debentures pursuant to Law 12,431.  The
outlook for all ratings is stable.  This is the first time that
Moody's has rated the company.

On June 06, 2012 the Bal Consortium, composed by Eletrosul
Centrais Eletricas S.A. (Eletrosul; not rated), a subsidiary of
Eletrobras (Baa3 negative), and Companhia Estadual de Transmissao
de Energia Eletrica (CEEE-GT, not rated), was awarded "Lote A" in
ANEEL's Auction No005/2012 (the 30-year concession contract was
signed on August 27, 2012), with an Annual Permitted Revenue (RAP)
of BRL77 million (reference year 2012) to be adjusted annually by
the IPCA (the official inflation index), to construct, operate and
maintain the transmission system composed of the (i) Povo Novo --
Marmeleiro, (ii) the Marmeleiro -- Santa Vitoria do Palmar, and
(iii) the Nova Santa Rita -- Povo Novo transmission lines along
with several substations and one sectioning line (together, the
Project) with an extension of 487km in the State of Rio Grande do
Sul (not rated), Brazil's southernmost state. The Project reached
physical completion in March 2015 which included the issuance of
the operational licenses by the environmental agency of the State
of Rio Grande do Sul. Eletrosul will be in charge of the operation
the Projectwith minor assistance of Cotesa (not rated), a domestic
construction and engineering firm.

TSLE's shareholders are Eletrosul with 51%, and CEEE-GT with 49%.
Eletrosul is a concessionary of public transmission services and
electricity generator. It is one of Eletrobras's closely-held
subsidiaries, operating either directly or indirectly (through
SPEs) in Brazil's south region, in addition to the States of Mato
Grosso do Sul, Mato Grosso, Para and Rondonia. CEEE-GT is a state-
owned company of which the State of Rio Grande do Sul, through the
state owned energy company CEEE-Par (not rated), holds 67.95% of
the total capital; Eletrobras has the remaining 32.23% of the
total capital.

Total Project cost is BRL904.3 million, of which BRL494 million
will be provided by the Banco de Desenvolvimento Economico e
Social -- BNDES (Baa2 negative) in the form of a long-term loan.
As of March 2015, BNDES's loan was almost fully (99.5%) disbursed.
The remaining Project cost has been financed with equity
contributions from the Sponsors which, as of March 2015, were
fully disbursed.

A credit positive feature of the Project are the debt service
reserve accounts, as required by BNDES's loan agreement and the
debenture's indenture, which consist of 3 monthly principal
amortization installments plus interest, and 1 semi-annual
principal and interest installment, respectively. In addition, the
Project is supported with irrevocable, stand-by letters of credit
provided by Brazilian investment grade banks until financial
completion of the Project, which Moody's expect will occur in the
third quarter 2016 subject to meeting the financial completion
test as defined in the debentures' indenture which consists, among
others, of the Project meeting a debt service coverage ratio of at
least 1.2x over the previous 12 months. The Project also has a
comprehensive insurance package for the post-physical completion
period as well as performance bonds provided by equipment
suppliers some of which extend into May 2016.

The Project's security package includes: (i) pledge of the
concessionaire's shares; (ii) pledge of the concession rights;
(iii) pledge of receivables; (iv) pledge of the debt service
reserve accounts; (v) assignment of insurance proceeds; and (vi)
the letters of credit until financial completion. The security
package will be shared between BNDES and the infrastructure
debenture investors on a pari-passu basis. Furthermore, the
debentures' indenture and the BNDES loan will share similar
covenants, which are typical in BNDES's financings. Non-compliance
with these covenants can trigger cross-default and debt
acceleration under both BNDES's loan agreement and the debentures
indenture.

The stable outlook reflects our expectation that TSLE will
generate stable and predictable operating cash flows derived from
the long-term concession contract and the expected low
unavailability levels of the transmission infrastructure, thus
maintaining an adequate liquidity position and credit metrics in
line with the Ba1 rating category. On the other hand, TSLE does
not have an operational track record which somewhat constrains the
ratings.

The ratings could be upgraded if TSLE shows a sustainable track
record of low levels of unavailability. Quantitatively, a Funds
from Operations (FFO)-to-Net Debt ratio higher than 11%, combined
with FFO interest coverage above 2.8x on a sustainable basis would
create upward pressure on the ratings.

The rating or outlook could be downgraded if the company does not
meet the requirements to reach the financial completion test. Any
breach of covenants would also trigger a downgrade.
Quantitatively, the rating or outlook could come under downward
pressure if FFO-to-Net Debt ratio were to fall below 5%, combined
with an FFO interest coverage below 1.5x for an extended period. A
material change in the regulatory framework in Brazil could also
cause a downgrade in the ratings or outlook.


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


CONOCOPHILLIPS EAST: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Feb. 25, 2015, the shareholders of Conocophillips East Siberia
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:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands


D&P INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------
On March 5, 2015, the sole shareholder of D&P Investment
Management Advisors 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:

          Charalambos Michaelides
          5 Themistokli Dervi Street
          Elenion Building, 1066,
          Nicosia
          Cyprus


DCM ASSET: Creditors' Proofs of Debt Due April 8
------------------------------------------------
The creditors of DCM Asset Allocation Funds Ltd. are required to
file their proofs of debt by April 8, 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:

          Dimension Capital Management LLC
          c/o Albert Marques
          Telephone: +1 (305) 371 2776
          H&J Corporate Services (Cayman) Ltd
          P.O. Box 866 Grand Cayman KY1-1103
          Cayman Islands


FARENHEIT ADVISORS: Commences Liquidation Proceedings
-----------------------------------------------------
On March 4, 2015, the sole shareholder of Farenheit Advisors 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:

          Philippe Pouponnot
          c/o Azur Management
          17 rue des Pierres du Niton
          1207 Geneve
          Switzerland


HARVEST SS: Placed Under Voluntary Wind-Up
------------------------------------------
On March 4, 2015, the sole shareholder of Harvest SS 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:

          Ogier
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HUTCHISON WHAMPOA: Creditors' Proofs of Debt Due April 27
---------------------------------------------------------
The creditors of Hutchison Whampoa Finance (03/13) Limited are
required to file their proof of debt by April 27, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 27, 2015.

The company's liquidator is:

          Ying Hing Chiu
          Hopewell Centre, Level 54
          183 Queen's Road East, Hong Kong
          Telephone: (852) 2980-1988
          Facsimile: (852) 2882-6700


KIBOU LTD: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Feb. 24, 2015, the
shareholders of Kibou Ltd. resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Marsh Management Services Cayman Ltd.
          Governors Square
          Building 4, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 1051, Grand Cayman
          Cayman Islands


LIBRA NO.2: Creditors' First Meeting Set for April 13
-----------------------------------------------------
The creditors of Libra No.2 Limited will hold their first meeting
on April 13, 2015, at 10:30 a.m.

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

The company's liquidator is:

          Eleanor Fisher
          Zolfo Cooper
          38 Market Street, 2nd Floor, Canella Court
          Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          c/o Christina Ward
          Telephone: +1 (345) 814 4037


LIBRA NO.3: Creditors' First Meeting Set for April 13
-----------------------------------------------------
The creditors of Libra No.3 Limited will hold their first meeting
on April 13, 2015, at 10:00 a.m.

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

The company's liquidator is:

          Eleanor Fisher
          Zolfo Cooper
          38 Market Street, 2nd Floor, Canella Court
          Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          c/o Christina Ward
          Telephone: +1 (345) 814 4037


LIPPO ASM: Creditors' Proofs of Debt Due April 6
------------------------------------------------
The creditors of Lippo ASM Investment Management 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:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MARINER NAVIGATOR: Creditors' Proofs of Debt Due April 10
---------------------------------------------------------
The creditors of Mariner Navigator US Equities, Ltd. are required
to file their proofs of debt by April 10, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 2, 2015.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


MINA HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On March 6, 2015, the sole shareholder of Mina Holdings 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:

          Hazem Ahmed Ali Zaidan
          Flat No. 1506, 15th Floor
          Al Siri Tower; Hamdan Street
          Abu Dhabi
          United Arab Emirates


POLAR SCF GPA: Creditors' Proofs of Debt Due April 6
----------------------------------------------------
The creditors of Polar SCF GPA (Cayman) Inc. are required to file
their proof of debt by April 6, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 5, 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


POLAR SCF GPB: Creditors' Proofs of Debt Due April 6
----------------------------------------------------
The creditors of Polar SCF GPB (Cayman) Inc. 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 5, 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


SCHAHIN II FINANCE: S&P Lowers Rating on Notes to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Odebrecht Offshore Drilling Finance Ltd's (OODFL) and Schahin II
Finance Limited's (Schahin II) notes to 'B+' from 'BB'.  The
outlook is negative.

The downgrade reflects the revision of Petroleo Brasileiro S.A. -
Petrobras' (Petrobras) SACP. Petrobras chartered the vessels
involved in these transactions under long-term contracts with
tenors that range between seven and 10 years.  S&P believes these
contracts constitute a key component for the debt rating on
OODFL's and Schahin II's notes.  Therefore, S&P assigned an equal
credit dependency assessment (CDA) to Petrobras' SACP, which acts
as a constraining factor on the ratings on OODFL's and Schahin
II's debt.

The 'BBB-' corporate credit rating on Petrobras now incorporates
its 'b+' SACP and S&P's view of the "very high" likelihood of
extraordinary support from the government in the event of
financial distress.  S&P equalized OODFL's and Schahin II's
revenue or offtaker CDA to Petrobras' SACP, not its credit rating,
because, in S&P's view, the SACP reflects the risk associated with
the nature of these contractual obligations.  S&P envisions
scenarios of stress for Petrobras under which the sovereign
provides extraordinary support through, for example, liquidity
injections, loans from public banks, or other types of credit
facilities.  However, S&P believes that this extraordinary support
won't necessarily flow on a timely basis to meet the drillship
suppliers' liabilities.

The negative outlook reflects the dependency of the projects'
contractual foundation to provide stable cash flows throughout the
notes' term.  In addition, the rating on the notes is the same as
Petrobras' SACP and indicates that S&P would lower the rating on
them if it further revise Petrobras' SACP downward.  Although
S&P's base-case assumptions don't include payment delays from
Petrobras or extraordinary support from the government to meet
drillship contracts in a timely fashion, any delays in payments--
which, in S&P's view, would weaken the project's cash flow
available for debt service--could also lead to a downgrade.

S&P could raise the ratings if Petrobras' SACP improves or if S&P
believes that the government will extend its extraordinary and
timely support either directly or indirectly for the contract
payments to drillship suppliers.


TAWREED TRADING: Commences Liquidation Proceedings
--------------------------------------------------
On March 6, 2015, the sole shareholder of Tawreed Trading 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:

          Hazem Ahmed Ali Zaidan
          Flat No. 1506, 15th Floor
          Al Siri Tower; Hamdan Street
          Abu Dhabi
          United Arab Emirates


===============
C O L O M B I A
===============



COLOMBIA: Growth Underpinned by Implementation of Strong Policy
---------------------------------------------------------------
An International Monetary Fund (IMF) mission, headed by Valerie
Cerra, visited Bogota during March 10-24 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, Ms. Cerra issued the following
statement:

Colombia's impressive growth record over the recent past and
progress in social indicators were underpinned by skillful
implementation of a strong policy framework that ensured
macroeconomic stability and strengthened external resilience.  The
recent decline in oil prices poses new challenges and is already
affecting the near term outlook for fiscal revenues and growth.
However, policy space is ample to safely navigate through the
shock and the authorities' commitment to sound macroeconomic
management, including the adherence to the fiscal rule, is firm.
With medium-term prospects set to improve, the structural reform
agenda will continue to support competitiveness and improvement in
social outcomes.

A full text copy the press release is available at:

                  http://is.gd/oC4yZ7


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


DOMINICAN REP: Bill Targets Fund Managers' 'Abhorrent' Profit
-------------------------------------------------------------
Dominican Today reports that the Dominican Republic Chamber of
Deputies voted to amend Dominican Social Security System Law 87-
01, that will reduce the annual fee charged by pension fund
managers (AFP).

The vote comes in the heels of a complaint by a lawmaker that the
pension fund managers have made an "abhorrent" RD$15.6 billion
(US$346.7 million) in just five years, a figure he affirms is
behind workers' dwindle retirement savings, according to Dominican
Today.

The report notes that the initiative, approved by 122 of the
deputies present, stipulates an annual fee for pension fund
managers of up to 15% of the profits above the rate on CDs.

Chamber President Abel Martinez said lawmakers won't delegate
their responsibility to safeguard the interests of the majority,
the report relates.  "Dominican Republic has the highest
commission in the region, charging exorbitant amounts from
workers' savings for old age, thus reducing what they've accrued
for retirement," the report quoted Mr. Martinez as saying.

The report notes that Mr. Martinez said the excessive profits of
pension fund managers have been the source of scandal in all
countries of the region, but noted that the issue has been
corrected.

The report relays that Deputy Ramon Cabrera, who drafted the bill,
said Dominicans don't know where the AFPs are taking the people
with the lowest income.

Mr. Cabrera said the deputies forced the AFPs to drop commissions
from 30% to 25%, but I still believes it's too high, for which15%
would be fair.  "Those pension fund managers have made 15.6
billion pesos in five years. That's something abhorrent because
the more they pull out with those fees the lower the pensions will
be," Mr. Cabrera added.


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


MEXICO: Gov't Still Eyeing 5% Growth in 2018
--------------------------------------------
EFE News reports that Mexican Finance Secretary Luis Videgaray
said the government still expects a series of recent economic
reforms will lead to growth of 5 percent by the end of President
Enrique Pena Nieto's six-year term in 2018.

"I don't have the slightest doubt that Mexico will have
sustainable average growth rates in that range," Mr. Videgaray
said in an interview published by El Universal newspaper,
according to EFE News.

Though acknowledging that growth conditions depend on external and
cyclical factors, the minister said the "potential" to be
unleashed by structural overhauls in the energy,
telecommunications, labor and financial sectors will help fuel
economic expansion, the report notes.

Provided that the overhauls are implemented "in a thorough and
timely manner," the growth forecasts will be met, according to Mr.
Videgaray, the report relates.

The report discloses that Mr. Videgaray also stressed the
importance of an annual document that provides an overview of
Mexico's economic picture and will serve as a guide for the
country's economic policy in 2016.

That panorama includes a "high degree of uncertainty" in global
markets, capital flows triggered by monetary policy, particularly
in the United States, and sharply lower oil prices, which the
minister said earlier this month will put a strain on Mexico's
public finances next year, the report notes.

Despite the challenges, the minister said the 2016 budget will not
include cuts in areas such as pensions, although funding for
government programs and ministries will come under review, the
report relays.

Regarding expectations that the U.S. Federal Reserve will raise
interest rates this year, Mr. Videgaray said if that happens it
will be up to Mexico's central bank to make an independent
decision on whether to follow suit and raise its benchmark rate
from its record-low level, the report adds.


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


DIGICEL TRINIDAD & TOBAGO: Urges Regulator to Make Sure on Merger
-----------------------------------------------------------------
RJR News reports that Digicel Trinidad & Tobago Limited is calling
for regulators in the twin-island republic to insist that Cable &
Wireless shows binding agreements to sell its stake in
Telecommunications Services of Trinidad & Tobago (TSTT) before
giving approval for the merger of LIME and Flow in that country.

Digicel Trinidad & Tobago is a subsidiary of Digicel Group Limited

The regulator, the Telecommunications Authority of Trinidad and
Tobago (TATT) has so far declined to approve the merger of LIME (a
subsidiary of Cable & Wireless) and Flow, saying it will lessen
competition in that country's telecoms sector, according to RJR
News.  Cable & Wireless has a 49 per cent stake in telecoms
provider, TSTT.

TATT said Cable & Wireless must divest that stake and has given it
one year to do so, the report notes.

The report relates that Digicel is pressing the regulator,
however, to ensure that there is more than a casual commitment,
but instead solid proof from Cable & Wireless that its stake in
TSTT is being divested before granting approval for the merger.

Cable & Wireless Communications, the parent company of LIME, and
Columbus Communications, the parent company of Flow, agreed late
last year to a US$3 billion merger of the two entities in the
Caribbean, the report relays.

The merger will however go ahead only after approval is granted by
regulators in Jamaica, Trinidad & Tobago, Barbados and Antigua-
Barbuda, the report notes.

So far only Jamaica and Antigua-Barbuda have granted approval, the
report adds.

                      About Digicel Group

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on Feb.
27, 2015, Moody's Investors Service assigned a B1 rating to
Digicel Limited's proposed offering of $925 million Senior
Unsecured Notes due 2023.  The use of proceeds will be used to
redeem 100% of the existing Digicel Limited 8.25% Senior Unsecured
Notes due 2017, including redemption premiums, accrued interest
and fees, and the remaining net proceeds will be used to add cash
to the balance sheet to be used for general corporate purposes.

TCRLA reported on May 27, 2014, Fitch Ratings has affirmed the
ratings of Digicel Group Limited (DGL) and its subsidiaries
Digicel Limited (DL) and Digicel International Finance Limited
(DIFL), collectively referred as 'Digicel' as:

DGL
--Long-term Issuer Default Rating (IDR) at 'B' with a Stable
  Outlook;
--USD 2 billion 8.25% senior subordinated notes due 2020 at 'B-
  /RR5';
--USD 1 billion 7.125% senior unsecured notes due 2022 at 'B-
  /RR5'.

DL
--Long-term IDR at 'B' with a Stable Outlook;
--USD 800 million 8.25% senior notes due 2017 at 'B/RR4';
--USD 250 million 7% senior notes due 2020 at 'B/RR4';
--USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'.

DIFL
--Long-term IDR at 'B' with a Stable Outlook;
--Senior secured credit facility at 'B+/RR3'.


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


LATAM: Moody's Says Rated bank Debt Issuance to Drop Again in 2015
------------------------------------------------------------------
In 2015, debt issuance by rated banks throughout Latin America
will decline again, as it has for the last two years, according to
"Latin America Bank Debt Report: Funding Needs Remain Subdued Amid
Slow Growth," from Moody's Investors Service.

"Issuance is slowing down owing to a decline in banks' funding
needs, partly because the banks issued so much in the years
preceding 2013, but also because the region's largest economies
decelerated in 2014," said Farooq Khan, a Moody's associate
analyst. "Rising domestic interest rates and subsequently
declining loan growth have also had their effect, with the
prospect of rising interest rates in the US and the uncertainties
around the Petrobras investigation in Brazil contributing as
well."

Local currency issuance suffered the largest decline, especially
in Argentina, where it was down 77%. However, local currency
issuance in Brazil, largely unrated, has continued to grow and its
volume now surpasses foreign currency debt in the system.

US-dollar denominated rated debt also fell markedly in 2014, by
55%, and Swiss franc issuance fell although to a much lesser
extent, just 11%. Only Japanese yen and Australian dollar issuance
rose, but their share constitutes only a small fraction, less than
5% combined, of the market.

Furthermore, with the US Federal Reserve expected to raise
interest rates in the second half of 2015, demand for Latin
American debt could decline. However, loan growth will remain
subdued in 2015, as Brazil's economic fundamentals continue to
weaken and growth in many other countries in the region slows
relative to previous years, weighing on credit demand.

Finally, regulatory measures will have little effect on debt
issuance. Both Brazil and Mexico are on track to implement Basel
III regulations in full by 2019, while Argentina works on a
roadmap for 2016 and Colombia works on further implementation.
Moody's expects that the banks will issue little Basel III-
compliant contingent capital debt this year, again because of the
limited need for additional market funding.


* Moody's Says Strong US$ Creates Pressures in Some Countries
-------------------------------------------------------------
The strengthening US dollar has created external pressures in some
countries, as reflected in weakened currencies and declining
foreign exchange reserves, Moody's Investors Service says in
research.  To the extent that these pressures reflect capital
outflows or significantly lower inflows, they hurt countries with
large external funding needs.

Moody's report, entitled "US Dollar Strength Hurts Countries with
Large External Financing Needs", is an update to the markets and
does not constitute a rating action.

"The anticipated rise in US interest rates and subdued growth
prospects for some countries are making investment in these
markets less attractive," says Marie Diron, Senior Vice President
and co-author of the report.

Moody's report says the current pressure is on a similar scale to
mid-2013 when financial markets adjusted to the possibility of
tighter US monetary policy.

For countries with large pending external debt payments - such as
Malaysia, Turkey and Chile --marked depreciations of their
exchange rates make it more expensive for corporations to service
foreign currency debt. It could also crimp the willingness of
foreign creditors to refinance local currency external debt.

In addition, countries with large current account deficits, such
as Turkey and South Africa, are vulnerable to external pressures
because they may find it more difficult to finance their deficits.

Moreover, for some countries, falling commodity prices weigh on
export revenues, lowering current account surpluses or increasing
deficits. Chile, Colombia, Malaysia and Peru are among the
commodity exporters that have faced external pressures.

In Brazil, Colombia and Mexico, central banks have preserved
foreign exchange reserves and allowed the value of their
respective currency to depreciate.  However, in Malaysia and
Chile, central banks have used their reserves to try to stop even
larger depreciations.

"The erosion of reserves buffers is credit negative for
sovereigns," adds Ms. Diron, "most particularly in countries where
reserves are relatively low in relation to forthcoming external
debt repayments."

By contrast, foreign exchange reserves in India and Indonesia have
risen and their nominal effective exchange rates have not
depreciated as significantly as elsewhere. In both cases, current
account balances have improved since 2013 and capital flows have
accelerated in anticipation of policy reforms following political
transitions in 2014, bucking the general emerging market trend of
lower capital inflows.

However, Indonesia's higher exposure to lower global commodity
prices and greater reliance on foreign financing has resulted in
some exchange rate depreciation in recent weeks. In India's case,
improving growth prospects have drawn significant equity capital
inflows and the risk to its external position lies in growth or
policy disappointment over coming months leading to outflows.


                            ***********


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 * * *