TCRLA_Public/150330.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, March 30, 2015, Vol. 16, No. 062


                            Headlines



A R G E N T I N A

ARGENTINA: Bars Citigroup From Capital Market Operations


B R A Z I L

BRAZIL: Economy Stalled in 2014, Inched up at only 0.1%
BROOKFIELD INCORPORACOES: Fitch Affirms 'B' IDR, Outlook Now Neg.
BV FINANCEIRA: Moody's Downgrades Then Withdraws Ba3 Shares Rating
GALVAO ENGENHARIA: Seeks Bankruptcy Protection
GALVAO PARTICIPACOES: Fitch Cuts Issuer Default Ratings to 'D'

MENDES JUNIOR: Moody's Withdraws Ca CFR and Negative Outlook


C A Y M A N  I S L A N D S

BO HAI: Shareholders' Final Meeting Set for April 14
CLAIRVUE-TOR: Shareholders' Final Meeting Set for April 8
DRAGON VENTURES: Shareholders' Final Meeting Set for April 8
EFFICIENCY GROWTH: Shareholder to Hear Wind-Up Report on April 7
EMEA CAPITAL: Shareholders' Final Meeting Set for April 14

EMERALD ONE: Sole Member to Hear Wind-Up Report on April 7
EMERALD TWO: Sole Member to Hear Wind-Up Report on April 7
INTEGRITY GROWTH: Shareholder to Hear Wind-Up Report on April 7
KILDARE INVESTMENTS: Member to Hear Wind-Up Report on April 30
LAPLACE CAPITAL: Shareholders' Final Meeting Set for May 12

LAPLACE CAPITAL LP: Shareholders' Final Meeting Set for May 12
LAPLACE TRADING: Shareholders' Final Meeting Set for May 12
LORA INVESTMENTS: Shareholders' Final Meeting Set for April 10
SBOB LTD: Shareholder to Hear Wind-Up Report on April 30
TOWONA MEDIA: Shareholders' Final Meeting Set for April 14


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Wage Hike Stalls Despite Months of Talks
* DOMINICAN REPUBLIC: Approves US$227.3MM for Low-Cost Housing


J A M A I C A

JAMAICA: Economic Life Returning to Communities Adjacent to Alpart
JAMAICA MERCHANT 2015-1: Fitch Expects to Rate $250MM Notes BB+
* JAMAICA: Customs Agency and Tax Administration Sign MOU


M E X I C O

NII HOLDINGS: Gets Court Approval to Sell Wireless Biz in Mexico


P U E R T O    R I C O

PUERTO RICO: Fitch Cuts GO Rating to 'B'; On Watch Negative


X X X X X X X X X

* BOND PRICING: For the Week From March 16 to March 20, 2015


                            - - - - -



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


ARGENTINA: Bars Citigroup From Capital Market Operations
--------------------------------------------------------
EFE News reports that Argentina's CNV securities regulator has
barred Citigroup's local unit from operating in the country's
capital market after the bank reached a deal with holdout U.S.-
based hedge funds that are seeking full payment on defaulted
Argentine debt.

In a statement, the CNV said Citibank Argentina did not act in
accordance with Argentine law in reaching an agreement with NML
Capital Ltd., a unit of Paul Singer's Elliott Management Corp.,
and other hedge funds, according to EFE News.

The report notes that the CNV said the measure was adopted "taking
into consideration the grave danger and uncertainty for holders of
restructured debt" that accepted steep haircuts in 2005 and 2010
restructurings.

The regulator designated local financial institution Caja de
Valores to process future payments to exchange bondholders.

In an agreement with the hedge funds and sanctioned by U.S.
District Judge Thomas Griesa, Citibank Argentina agreed not to
appeal Griesa's March 12 ruling barring it from processing
payments to holders of Argentina's exchange bonds -- not only
those issued under U.S. and English law but also Argentine law --
unless Buenos Aires simultaneously paid the holdouts, the report
relates.

Citi had argued prior to that decision that it should be able to
process payment on restructured bonds issued under Argentine law
and warned of "grave sanctions" in the South American country if
it failed to do so, notes the report.

As part of the settlement, Citi was authorized to make two one-off
payments to exchange bondholders - one due on March 31 and another
on June 30 -- that will facilitate its exit from Argentina's
custody business, the report relays.

But Argentine President Cristina Fernandez's administration said
it fears the bank will not process those payments, says the
report.

"Reading the small print, what we find here is a trap and possibly
the workings of a scam to cheat (exchange) bondholders," Economy
Minister Axel Kicillof said, the report discloses.

The CNV's measure does not affect Citibank Argentina's commercial
banking business, notes EFE News.

Argentina and the holdout hedge funds have been locked in a
longstanding legal battle that stems from a massive Argentine debt
default in 2001 amid a financial meltdown and economic depression.

Those funds bought a small percentage of defaulted Argentine
sovereign bonds in the wake of the nation's 2001 economic collapse
and, unlike 93 percent of creditors, refused to take part in debt
restructurings in 2005 and 2010, the report says.

Judge Griesa ruled in favor of the litigating hedge funds in 2012
and ordered Argentina to pay them US$1.3 billion plus interest.

As part of that ruling, Judge Griesa also barred Argentina from
paying the exchange bondholders without simultaneously paying the
holdouts. That ruling also prevented custodian banks from
processing Argentina's attempts to pay, the report relays.

Because Buenos Aires has refused to settle with what it terms
"vulture funds," it has been unable to service its debt to the
vast majority of its creditors, prompting rating agencies to
declare the country to be in technical default, the report notes.

Tensions have been high for months between Buenos Aires and
Citibank Argentina, which has been threatened with criminal and
civil penalties for not processing the debt payments, the report
adds.

The origins of the debt problem go back to Argentina's 1976-1983
military regime, which presided over a 465-percent expansion in
public indebtedness, says EFE News.


                            *     *     *

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
===========


BRAZIL: Economy Stalled in 2014, Inched up at only 0.1%
-------------------------------------------------------
EFE News reports that Brazil's economy stalled in 2014, growing
just 0.1 percent relative to the previous year, the IBGE
statistics agency said.

The result came as a relief for the government considering
projections for a contraction in Brazil's gross domestic product
for 2014 and forecasts for a 0.83 percent decline in GDP for this
year, according to EFE News.

The IBGE also released revised GDP data showing that Brazil's
economy grew 2.7 percent in 2013, the report relates.  The economy
expanded just 1 percent in 2012.

Brazil's economy grew a surprising 0.3 percent in the fourth
quarter compared to the previous three-month period but contracted
0.2 percent compared to the final three months of 2014, the report
notes.

The year-over-year quarterly result, however, was better than that
of the third quarter, when the economy shrank 0.6 percent relative
to July-September 2014, the report discloses.

The report relays that economic stagnation in 2014 was mainly due
to a 1.2 percent contraction in industrial output, since
agricultural production grew 0.4 percent and the services sector
expanded by 0.7 percent.

The disappointing industrial performance was primarily due to a
3.8 percent decline in factory output, primarily caused by a
contraction in the automotive sector, the report notes.

But the industrial contraction was offset by growth of 8.7 percent
in the mining sector, mainly driven by higher production of crude,
natural gas and iron-ore, the report discloses.

The lackluster economic performance last year also was caused by a
4.4 percent drop in productive investment, the IBGE said, the
report says.

The report notes that household consumption, which for many years
was the chief driver of Brazilian economic growth, grew just 0.9
percent in 2014 after expanding 2.9 percent in 2013.

Brazil's low growth rates since President Dilma Rousseff first
took office -- 3.9 percent in 2011, 1 percent in 2012, 2.7 percent
in 2013 and 0.1 percent last year -- contrast with the strong
growth of 7.6 percent in 2010, the final year in office of her
mentor and predecessor, Luiz Inacio Lula da Silva, the report
relays.

Private-sector economists are forecasting a 0.83 percent
contraction in 2015 due in part to a commitment to austerity by
Rousseff and new Finance Minister Joaquim Levy, the report relays.
The Central Bank is projecting that the nation's gross domestic
product will decline by 0.5 percent.

President Rousseff, who was narrowly re-elected to a second four-
year term in October, is committed to getting Brazil's financial
house in order -- via spending cuts and the rolling back of tax
breaks -- after federal, state and local governments ended 2014
with a cumulative primary budget deficit equivalent to $12.51
billion, the report notes.

Meanwhile, annual inflation in February rose to 7.7 percent, its
highest level in a decade, and the real has depreciated by more
than 20 percent against the dollar since the start of 2015, the
report relates.


BROOKFIELD INCORPORACOES: Fitch Affirms 'B' IDR, Outlook Now Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed the long-term Foreign Currency Issuer
Default Ratings (IDRs) of Brookfield Incorporacoes S.A.
(Brookfield Incorporacoes) at 'B' and its long-term National
Rating, at 'BBB+(bra)'.  The Rating Outlook for the corporate
ratings has been revised to Negative from Stable.

KEY RATING DRIVERS

The affirmation of Brookfield Incorporacoes' ratings reflects the
strong integration with the controlling shareholder, Brookfield
Asset Management Inc. (BAM, IDR 'BBB-'), besides the support
provided by the parent.  The group's financial support has been
continued and was made evident by the capital increases of
BRL1.260 million in 2014 and in the first quarter of 2015, by the
BRL200 million of intercompany loans from a subsidiary of the
Brookfield group, besides the acquisition of shares in circulation
in the market, which increased the participation of the
controlling group to around 97% of the total capital.  Between
2012 and 2013, the company received BRL396 million in capital
injections.  Fitch believes that new measures aimed at enhancing
the company's capital structure and liquidity will be implemented
still in 2015, through capital increases or inter-company loans,
and this expectation was incorporated to the ratings.  On a stand
alone basis, without the strong evidences of support and the
integration of company's business with its controlling group,
Brookfield Incorporacoes' ratings would be several grades lower.

BAM's support has been fundamental to reduce the high pressures on
corporate debt refinancing and to strengthen Brookfield
Incorporacoes liquidity.  The company has been successful in
amortizing and lengthening its corporate debt maturity profile and
has considerably reduced its corporate debt volume falling due in
2015.  However, Brookfield Incorporacoes shows a continued and
sharp weakening of its credit ratios, which are strongly pressured
by relevant amounts of cost adjustments, negative EBITDA
generation and high sales cancellations.

The Negative Outlook reflects the major challenges related to the
need of strengthening of credit indicators and operating
performance of Brookfield Incorporacoes.  The risk of an increased
volume of sales cancellations, reduction in the capacity to resale
the units which had their sales contracts cancelled and an
increase in the inventory of finished units are of concern for
Fitch, since the company's credit ratios should be further
pressured by the strong volume of project deliveries scheduled for
2015 within a less favorable macroeconomic environment.  These
factors can increase the need for working capital to support the
projects under development and negatively affect company's
operating cash generation capacity, which could result in rating
downgrades.

Important Group Support Reduces Refinancing Pressure

Brookfield's capitalization measures taken by the controlling
group for Brookfield Incorporacoes capitalization were fundamental
to reduce the high refinancing risk and strengthen company's
liquidity.  As of Sept. 30, 2014, the company reported cash and
marketable securities of BRL620 million, for a total debt of
BRL3.9 billion, of which, BRL1.4 billion consisted of corporate
debt maturing up to end 2015.

Brookfield Incorporacoes has been successful in amortizing and
lengthening its corporate debt maturity profile, with
capitalization of BRL1.260 million and BRL200 million in inter-
company loans from the controlling group, in 2014 and during the
first quarter of 2015, combined with around BRL670 million of
recent debt issuances.  On a pro forma basis, Fitch estimates that
the company has BRL351 million of corporate debt maturing up to
December 2015 and BRL398 million in 2016, a significant reduction
when compared with the BRL1.4 billion reported in September 2014.
Since end 2013, company's net debt reduced by near BRL1 billion,
to around BRL2.5 billion on a pro forma basis.

Weak Operating Performance

Brookfield Incorporacoes operating result remains strongly
affected by costs above budget and by the still high volume of
sales cancellations.  During the last 12 months (LTM) ended in
September 2014, the company generated negative adjusted EBITDA of
BRL715 million, which reflects the impact of the recognition of
additional project costs of BRL110 million and BRL442 million of
revenue reversal resulting from the high volume of sales
cancellations.

Brookfield Incorporacoes has as its main challenge to
significantly reduce the high volume of sales cancellations and
manage the increase of the inventory of concluded units.  These
two important factors will be more strongly tested in 2015 and
2016, years of high volume of project deliveries.  During the
first nine months of 2014, the company had BRL646 million in sales
contracts cancelled, against BRL649 million in 2013, and the
inventory of finished units accounted for 18% of the total
inventory in September 2014.  The high volume of project
deliveries scheduled for 2015, with potential sales value (PSV) of
around BRL5.3 billion, of which, near BRL991 million consisted of
units in inventory, could further pressure the sales contract
cancellations and increase company's inventory.  Brookfield
Incorporacoes's sales speed has been lower than the sector's
average, and the average sales-over-supply (SoS), net of sales
contract cancellations, was at 5% per quarter between January and
September 2014

Brookfield Incorporacoes has adopted a series of measures to
recover its operational efficiency.  However, lower margin
projects are still in the conclusion phase and continue to
pressure results.  The deterioration in local macroeconomic
environment, the sector's long operating cycle and Fitch's
negative outlook for the homebuilding construction sector in 2015
make the recovery of company's operating results even more
challenging.

Cash Flow from Operations Should Remain Negative in 2015

During the LTM period ended September 2014, Brookfield
Incorporacoes reported negative funds from operations (FFO) of
BRL592 million and negative cash flow from operations (CFFO) of
BRL453 million.  The weak operating cash generation resulted from
negative operating margins and high financial expense with its
debt.  Since 2009, the company has been reporting negative CFFO,
resulting from a high need for working capital to sustain its
activities.  Fitch does not project a positive CFFO in 2015, since
the company still has a high need for working capital to support
the projects under development.  In the agency's opinion, the
increased volume of project deliveries in 2015 and 2016, the
maintenance of reduced project launches, together with measures to
improve the transfer process of buyer credits to banks, should
contribute for a gradual recovery of company's operating cash
generation as from 2016.

High Leverage

Brookfield Incorporacoes' leverage should remain high, since a
recovery of EBITDA generation is not expected in the short term.
Fitch expects EBITDA margin to remain negative in 2015, with a
slight recovery in 2016, which should contribute to maintain
leverage at a high level.

Under a potential cash flow perspective, the company also remains
strongly leveraged.  The ratio total receivables on balance sheet
plus total inventory, added to the revenue to be recognized over
net debt, plus obligations with real estate acquisition for
development and plus cost to incur from units sold has also
remained weak at 1.6 times in September 2014 but stable in
relation to that of December 2013.

KEY ASSUMPTIONS

Fitch's key assumptions, in accordance with the base case scenario
for this issuer include:

   -- Continued support and integration with the controlling
      shareholder;
   -- Maintenance of the volume of sales cancellations at the 2014
      level;
   -- Negative EBITDA in 2015;
   -- Negative operating cash generation in 2015, with gradual
      recovery in 2016.

RATING SENSITIVITIES

Future developments which could, individually or collectively lead
to a negative rating action are:

   -- Any evidence of reduction of support and integration with
      the controlling parent;
   -- Short-term corporate debt coverage by the cash and
      marketable securities lower than 1.0 time;
   -- Strong increase in sales cancellations, which contributes to
      increase the inventory of finished units, above 25% of the
      total inventory.

Positive rating actions are not expected in the short term.

Fitch has affirmed Brookfield Incorporacoes' ratings as:

   -- Long-Term Foreign and Local Currency IDRs at 'B';
   -- Long-Term National Rating at 'BBB+(bra)';
   -- Second debenture issuance, in the amount of BRL366 million,
      final maturity in 2016, at 'BBB+(bra)';
   -- Third debenture issuance, in the amount of BRL300 million,
      final maturity in 2016, at 'BBB+(bra)';
   -- Fourth debenture issuance, first series, in the amount of
      BRL76.76 million maturing 2015, at 'BBB+(bra);
   -- Fourth debenture issuance, second series, in the amount of
      BRL223.24 million maturing 2016, at 'BBB+(bra).

The Outlook for the corporate ratings is revised to Negative from
Stable.


BV FINANCEIRA: Moody's Downgrades Then Withdraws Ba3 Shares Rating
------------------------------------------------------------------
Moody's America Latina Ltda. downgrades the ratings of the senior
shares issued by BV Financeira -- Fundo de Investimento em
Direitos Creditorios I (FIDC BV I) to Ba3 (sf) from Ba1 (sf) on
the global scale and to A2.br (sf) from Aa2.br (sf). Immediately
following the rating actions, Moody's will withdraw the ratings
because it believes it has insufficient or otherwise inadequate
information to support the maintenance of the ratings.

Issuer: BV Financeira FIDC I

  -- Senior Shares -- Downgrades ratings to A2.br (sf) from
     Aa2.br (sf) (National Scale Rating) and to Ba3 (sf) from Ba1
     (sf) (Global Scale, Local Currency), thereafter the ratings
     will be withdrawn

The rating for the FIDC BV I was downgraded due to concerns over
potential pool performance, if the transaction were to revolve to
acquire loans and subordination reduced to the minimum 20% level,
based on our best estimates given the lack of updated verified
vintage portfolio data. Moody's will withdraw the ratings because
it believes it has insufficient or otherwise inadequate
information to support the maintenance of the ratings. Please
refer to the Moody's Investors Service's Policy for Withdrawal of
Credit Ratings, available on its Web site, www.moodys.com.br.

As part of its on-going monitoring, Moody's projects the expected
loss on a securitized pool of receivables and compares it to
credit enhancement available in the transaction. To arrive at its
expected loss levels, Moody's typically relies on up-to-date,
verified vintage portfolio performance information including
cumulative losses, prepayments and recoveries on receivables with
similar characteristics to project future expected performance. In
the case of FIDC BV I, however, since the transaction has started
to revolve again in 2014, Moody's has not received reliable,
independently verified and updated performance information on
recent vintages of auto loans originated by BV Financeira. Without
this information, Moody's is unable to accurately determine the
expected losses for the senior shares as the composition of the
receivables in the pool changes over time.

The downgrade of the shares to Ba3 (sf)/A2.br (sf) was based on
our best estimates of potential cumulative losses, based on the
portfolio information available, assuming the transaction reduces
the level of existing credit enhancement to the minimum required
subordination of 20% and allocates all available cash in new
receivables. Cumulative losses are assumed at 11%, based on
information available from peer comparisons since Moody's has not
received updated performance information verified by an
independent third party. The analysis also assumes an interest
rate stress factor of 1.4x on the future interbank deposit (CDI)
curve, with the CDI rate capped at 18%, since the transaction does
not have an interest rate hedge.

FIDC BV I, which closed in 2006, is a revolving open-ended fund
whose shares are backed by a pool of predominantly used auto loans
originated by BV Financeira S.A. -- Credito, Financiamento e
Investimento (BV Financeira, not rated). The FIDC, which has a
legal final maturity in June 2026, allows its investors to redeem
their shares at any time upon request. Such redemption requests
will be honored in the order they are received and subject to the
fund having sufficient available liquidity.

As a revolving fund, FIDC BV I, in accordance with its fund
documents, is allowed to buy auto receivables. From August 2011 to
January 2014, however, FIDC BV I stopped revolving as BV
Financeira did not sell additional receivables to the FIDC and the
receivables portfolio started to amortize. In January 2014, the
fund purchased new receivables. In February 2014, however, the
FIDC BV I failed to meet the standards of the newly implemented
CVM regulation 531, which required new or revolving FIDCs to have
an unrelated third party transaction trustee, and the fund ceased
revolving. In May 2014 Citibank DTVM S.A, which has acted as the
FIDC's master servicer since the transaction's inception, replaced
VAM DTVM Ltda. (an entity related to the originator) as the
transaction trustee. With the change in trustee, the FIDC came
into compliance with the CVM regulation and has the ability to
revolving again.

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

-- Ratings will be withdrawn.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS," published in
January 2015.


GALVAO ENGENHARIA: Seeks Bankruptcy Protection
----------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Brazilian
construction firm Galvao Engenharia filed a request for bankruptcy
protection, the second such filing by a company alleged by
authorities to have been involved in corruption at state-run
energy giant Petroleo Brasileiro SA.

Local prosecutors and federal police have alleged that Galvao
Engenharia is one of dozens companies that were part of a cartel
to drive up the value of contracts with Petrobras, according the
WSJ.  The company has denied any wrongdoing and said that the
investigation restricted its access to credit, the report notes.
No one in the company has been charged.

The report discloses that the company made the request for
bankruptcy protection alleging that Petrobras hasn't paid debt
worth BRL500 billion ($156 million) for services provided.

If the local court accepts Galvao's request, the company has 60
days to present a recovery plan for its creditors, the report
notes.

In January, a Brazilian court accepted engineering firm Alumini
Engenharia's request for bankruptcy protection, the report
relates.   Alumini said has also said denied the prosecutors
allegations, the report notes.  No charges have been brought
against the company or any of its employees, the report says.

At the end of 2014, Petrobras temporarily suspended 23 builders
and engineering firms, including Galvao and Alumini from bidding
on contracts amid authorities' investigations, the report adds.

Galvao Engenharia is a Brazilian construction firm.


GALVAO PARTICIPACOES: Fitch Cuts Issuer Default Ratings to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) for Galvao Participacoes S.A. (GalPar) to
'D' from 'CCC' and the national long-term rating to 'D(bra)' from
'CCC(bra)'. Fitch has also downgraded the national long-term
rating for GalPar's fully owned subsidiary, Galvao Engenharia S.A.
(GESA), to 'D(bra)' from 'CCC(bra)'.

KEY RATING DRIVERS

The downgrades reflect GalPar's and GESA's file for bankruptcy
protection after unsuccessful refinancing negotiations with
financial creditors. The request for bankruptcy protection is
limited to the two aforementioned entities and was not extended to
other GalPar's subsidiaries.

The group had been facing relevant difficulties in obtaining
funding to operate, pay suppliers, and lengthen its debt maturity
profile. Allegations of involvements in the Lava-Jato
investigation and potential heavy fines, has led banks to become
more restrictive towards the group. Important projects, such as
the BR-153 toll road, are on hold as Banco Nacional de
Desenvolvimento Economico e Social (BNDES) is demanding additional
guarantees to provide the long term financing. The challenging
conditions and delays in receiving payments for completed projects
and recognizing claims related to contract amendments with
Petroleo Brasileiro S.A. (Petrobras), worth more than BRL500
million, have also negatively impacted GESA's cash flow generation
and sharply deteriorated the group's liquidity condition.

Latest financials available for GalPar and GESA are from June
2014, which reported weak credit metrics. At that time, GalPar and
GESA reported cash positions of BRL272 million and BRL183 million,
respectively, on a consolidated basis, which covered only 32% and
49% of their short term debts of BRL847 million and BRL371
million. In the same period, the consolidated total debt for
GalPar was BRL2.1 billion and for GESA BRL597 million, which
resulted on net leverages of 3.8x and 3.2x, respectively.

RATING SENSITIVITIES

The company's ratings reached the lowest level in Fitch's rating
scale. An upgrade is unlikely at this time given the group's
bankruptcy protection filling.

Fitch has downgraded the following ratings:

Galvao Participacoes S.A.

   -- Foreign currency IDR to 'D' from 'CCC';
   -- Local currency IDR to 'D' from 'CCC';
   -- National scale rating to 'D(bra) from 'CCC(bra)';
   -- BRL300 million senior unsecured debentures due 2020 to
      'D(bra)' from 'CCC(bra)'.

Galvao Engenharia S.A.

   -- National scale rating to 'D(bra) from 'CCC(bra)'


MENDES JUNIOR: Moody's Withdraws Ca CFR and Negative Outlook
------------------------------------------------------------
Moody's Investors Service has withdrawn the corporate family
rating assigned to Mendes Junior Trading e Engenharia S.A. (Mendes
Junior) as well as the negative outlook.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

The last rating action on Mendes Junior was taken on Jan. 14,
2015, when Moody's downgraded the company's corporate family
ratings to Ca from B3, outlook negative.

Headquartered in Belo Horizonte, Brazil, Mendes Junior Trading e
Engenharia S.A. (Mendes Junior) is a major engineering and
construction company in Brazil, with net consolidated revenues of
about BRL1.8 billion in the twelve months that ended June 30,
2014.  Mendes Junior construction projects include highways,
railways, bridges, power plants, tunnels, subways, airports,
ports, commercial buildings, mining and industrial facilities.


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


BO HAI: Shareholders' Final Meeting Set for April 14
----------------------------------------------------
The shareholders of Bo Hai Enterprises will hold their final
meeting on April 14, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Donghao Yang
          20 Huahai Road
          Liwan District
          Guangzhou 510370
          China
          e-mail: donghao_y@hotmail.com
          Telephone: +86 1382 625 6657
          Facsimile: +86 202 233 0111


CLAIRVUE-TOR: Shareholders' Final Meeting Set for April 8
---------------------------------------------------------
The shareholders of Clairvue-Tor Cayman Ltd. will hold their final
meeting on April 8, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Brendan MacDonald
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


DRAGON VENTURES: Shareholders' Final Meeting Set for April 8
------------------------------------------------------------
The shareholders of Dragon Ventures Limited will hold their final
meeting on April 8, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


EFFICIENCY GROWTH: Shareholder to Hear Wind-Up Report on April 7
----------------------------------------------------------------
The shareholder of Efficiency Growth Fund GP Limited will hear on
April 7, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EMEA CAPITAL: Shareholders' Final Meeting Set for April 14
----------------------------------------------------------
The shareholders of Emea Capital Global Income Fund Limited will
hold their final meeting on April 14, 2015, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Sole Member to Hear Wind-Up Report on April 7
----------------------------------------------------------
The sole member of Emerald One Limited will hear on April 7, 2015,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


EMERALD TWO: Sole Member to Hear Wind-Up Report on April 7
----------------------------------------------------------
The sole member of Emerald Two Limited will hear on April 7, 2015,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


INTEGRITY GROWTH: Shareholder to Hear Wind-Up Report on April 7
---------------------------------------------------------------
The shareholder of Integrity Growth Fund GP Limited will hear on
April 7, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


KILDARE INVESTMENTS: Member to Hear Wind-Up Report on April 30
--------------------------------------------------------------
The member of Kildare Investments Limited will hear on April 30,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Susan Lo Yee Har
          Hopewell Centre, Level 54
          183 Queen's Road East
          Hong Kong
          Jennifer Chailler
          Telephone: (345) 914 3100


LAPLACE CAPITAL: Shareholders' Final Meeting Set for May 12
-----------------------------------------------------------
The shareholders of Laplace Capital Partners Limited will hold
their final meeting on May 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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: Shareholders' Final Meeting Set for May 12
--------------------------------------------------------------
The shareholders of Laplace Capital Partners LP will hold their
final meeting on May 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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: Shareholders' Final Meeting Set for May 12
-----------------------------------------------------------
The shareholders of Laplace Trading Limited will hold their final
meeting on May 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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: Shareholders' Final Meeting Set for April 10
--------------------------------------------------------------
The shareholders of Lora Investments, Ltd. will hold their final
meeting on April 10, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SBOB LTD: Shareholder to Hear Wind-Up Report on April 30
--------------------------------------------------------
The shareholder of SBOB, Ltd. will hear on April 30, 2015, at
10:15 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


TOWONA MEDIA: Shareholders' Final Meeting Set for April 14
----------------------------------------------------------
The shareholders of Towona Media Holding Company Limited will hold
their final meeting on April 14, 2015, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Margot Macinnis
          Telephone: (345) 926 8038
          Suite 731, 10 Market Street
          Camana Bay
          Grand Cayman KY1 9006
          Cayman Islands


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


DOMINICAN REPUBLIC: Wage Hike Stalls Despite Months of Talks
------------------------------------------------------------
Dominican Today reports that both management and labor stiffened
their position in the meeting at the Labor Ministry, when
employers failed to make a counteroffer to the 30% wage increase
which the unions have demanded for months.

The talks at the National Salary Committee (CNS) started around
March 26, and agreed to meet again on Tuesday, April 21.

Labor spokesman Rafael-Pepe Abreu said since management has yet to
submit their proposal to labor's demand of a 30% increase, they've
asked the employers' representatives to make a definitive offer,
according to Dominican Today.

For his part Dominican Republic Employers Confederation (COPARDOM)
President Joel Santos said before any agreement on a salary hike
can be reached, other issues must first be discussed, such as
enforcement of the Law on SMEs, the report notes.  "We have to go
advancing by parts along this road until arriving at a point where
we can agree on a salary adjustment," the report quoted Mr. Santos
as saying.

Also present in the meeting was National Business Council (CONEP)
vice president Circe Almanzar, among other business and labor
leaders, the report relates.


* DOMINICAN REPUBLIC: Approves US$227.3MM for Low-Cost Housing
--------------------------------------------------------------
Dominican Today reports that Dominican Republic's Central Bank
said it has been authorized to promote the massive construction of
low-cost housing, and support public-private projects in adherence
to the Mortgage Market and Trust Law 189-11, among other
initiatives.

On its website the Central Bank said Monetary Board Resolution
issued March 26 authorizes as much as RD$10.0 billion (US$227.3
million) from the banks' and S & Ls' reserve to encourage low
rate, long term mortgage lending, with funding from the Pension
Fund, according to Dominican Today.

The Central Bank said it was authorized to consider fixed rate
securities and other eligible papers as reserve requirement, to
replace a proportion of the required cash reserve equal up to
RD$10.0 billion, to facilitate, through financial institutions
interim loans for builders at rates up to 6% and term of up to two
years, as well as up to RD$2.4 billion in loans at 8% and up to 20
years for housing buyers, the report notes.




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


JAMAICA: Economic Life Returning to Communities Adjacent to Alpart
------------------------------------------------------------------
RJR News reports that Mining Minister Phillip Paulwell has
declared that the resumption of bauxite mining in Southern
Manchester and St Elizabeth has brought the affected communities
back to life.

Mining in the two parishes grounded to a halt six years ago as the
global financial crisis caused a slump in aluminum prices,
according to RJR News.

But with a revival in prices and UC Rusal seeking to restart
alumina refining at Alpart, Mr. Paulwell said that the communities
adjacent to the plant are showing new signs of life, the report
notes.

Reflecting on a recent trip, traveling through Nain, Mr. Paulwell
said he had observed "a level of optimism," the report relates.

Accordingly, Mr. Paulwell said the government was "holding UC
Rusal . . . to the letter of the agreement."

Mr. Paulwell confirmed that bauxite mining had already resumed at
Alpart, "and more importantly, with the new energy solution that
is coming on stream," resumption of refining of alumina is set for
December, 2016, the report relays.

That development, Mr. Paulwell said, will "see that area being
brought back to life," 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 MERCHANT 2015-1: Fitch Expects to Rate $250MM Notes BB+
---------------------------------------------------------------
Fitch Ratings expects to rate the up to $250 million series 2015-1
notes to be issued by Jamaica Merchant Voucher Receivables Limited
'BB+(EXP)' with a Stable Rating Outlook.

National Commercial Bank Jamaica Ltd. (NCBJ) is an acquiring and
issuing partner of Visa International Service Association (Visa)
and MasterCard International Incorporated (MasterCard) in Jamaica.
The issuance will be backed by future flows due from Visa and
MasterCard related to international merchant vouchers acquired by
NCBJ in Jamaica.  Fitch's rating addresses timely payment of
interest and principal on a quarterly basis.

KEY RATING DRIVERS

The expected rating reflects:

Originator's Strength and Systemic Importance: Fitch assigns a
going concern assessment (GCA) score of 'GC1' to the bank and cash
flow generating business, allowing the transaction to achieve the
maximum potential uplift from the bank's local currency (LC)
Issuer Default Rating (IDR).  NCBJ is a systemically important
top-tier bank representing more than 30% of system assets.  The
bank has demonstrated its ability to continue performing in high
stress environments.  The long-term IDRs assigned to NCBJ are in
line with the sovereign due to the high influence of the operating
environment on NCBJ's ratings.

Strategic and Resilient Business: NCBJ's card business contributes
between 10% and 17% of the bank's annual operating profit.  The
bank's acquiring receivables have demonstrated growth and
stability over the long term, including sovereign crises and bank
difficulties.  NCBJ's market leading credit card franchise
supports a growing level of international Visa and MasterCard
merchant vouchers.

Low Sovereign/Diversion Risk: The structure mitigates certain
sovereign risks by keeping cash flows offshore until collection of
periodic debt service, allowing the transaction to be rated above
the sovereign country ceiling.  Fitch believes diversion risk is
mitigated by consent and agreements obligating Visa and MasterCard
to make payments into a collection account controlled by the
trustee.

Level of Future Flow Debt: Future flow debt, which includes the
proposed issuance and outstanding balance of NCBJ's diversified
payment rights (DPR) securitization, would represent 9.62% of
total consolidated liabilities and 100% of long-term funding.
This level of future flow debt acts as a limiting factor to the
transaction rating.

RATING SENSITIVITIES

The rating assigned to the notes is linked to the credit quality
of NCBJ and the ability of the credit card business to continue
operating, as reflected by the GCA score.  Although the future
flow rating is sensitive to changes in the bank's LC IDR, a one-
notch movement in the bank's IDR may not lead to a similar rating
action on the notes.  In addition, the transaction rating is
sensitive to the performance of the securitized business line.
Reductions in coverage levels could result in rating downgrades.

TRANSACTION SUMMARY

The transaction is backed by current and future receivables due
from Visa and MasterCard for international USD-denominated
merchant vouchers acquired by NCBJ in Jamaica.  An international
VISA or MasterCard holder creates a voucher when he or she pays
for goods or services from a Jamaican-based merchant that is part
of NCBJ's merchant network.  The merchant presents the voucher to
NCBJ and the bank pays the merchant the amount of the voucher and
forwards the voucher to Visa or MasterCard for authorization and
settlement in U.S. dollars.  Visa and MasterCard will each sign a
consent and agreement obligating them to make all payments related
to the USD international merchant vouchers into an account
controlled by the trustee for the benefit of the noteholders.


* JAMAICA: Customs Agency and Tax Administration Sign MOU
-------------------------------------------------------
RJR News reports that a Memorandum of Understanding was signed by
the Jamaica Customs Agency (JCA) and Tax Administration of Jamaica
(TAJ) for the sharing of information.

The agreement strengthens the co-operation between both entities
as well as establishes a framework for sharing information and
enforcement of customs and tax laws in Jamaica, according to RJR
News.

The report notes that the terms of reference allow for TAJ and
Jamaica Customs to benefit from collaborative support on audits
and investigations into tax fraud and non-compliance.


                         *     *     *

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
===========


NII HOLDINGS: Gets Court Approval to Sell Wireless Biz in Mexico
----------------------------------------------------------------
NII Holdings Inc. received court approval to sell its wireless
business in Mexico to an affiliate of AT&T Inc.

U.S. Bankruptcy Judge Shelley Chapman on March 23 approved the
sale of the company's wireless business to New Cingular Wireless
Services Inc., which offered $1.875 billion.

In his decision, the bankruptcy judge said the $1.875 billion
offer made by New Cingular is "fair and reasonable" and is in the
"best interests" of NII Holdings and its creditors.  A copy of the
court order is available for free at http://is.gd/GYdh6D

The company's wireless business was supposed to be sold at an
auction on March 20, with New Cingular's offer serving as the
stalking horse bid.  NII Holdings, the parent of Nextel operators
in Latin America, canceled the auction after it didn't receive
competing bids.

Rothschild Inc., NII Holdings' financial adviser, said it tried to
contact major international telecommunications companies but no
one expressed an interest to buy the wireless business.

"No party believed it would be able to make an offer that was
higher or otherwise better than the offer received from the
purchaser," J. Nicholas Melton, Rothschild's managing director,
said in a declaration.

AT&T had said in January that it wanted to buy NII Holdings'
wireless business to create a larger Mexican wireless player that
will have a better chance of competing with billionaire Carlos
Slim's America Movil.

The company plans to combine Nextel Mexico with Iusacell, Mexico's
third-largest wireless operator which has over 8 million
subscribers.  AT&T acquired Iusacell in November for $1.7 billion.

AT&T had said combining Nextel Mexico with Iusacell would help
create a North American mobile service area covering 400 million
consumers and businesses in Mexico and the U.S.

                         About NII Holdings

NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina.  NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin
America.

NII Holdings' shares of common stock, par value $0.001, are
publicly traded under the symbol NIHD on the NASDAQ Global Select
Market.

NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan
on Sept. 15, 2014.  The Debtors' cases are jointly administered
and are assigned to Judge Shelley C. Chapman.

The Debtors have tapped Scott J. Greenberg, Esq., and Michael J.
Cohen, Esq., of Jones Day as counsel and Prime Clerk LLC as claims
and noticing agent.  NII Holdings disclosed $1.22 billion in
assets and $3.068 billion in liabilities as of the Chapter 11
filing.

The U.S. Trustee for Region 2 appointed five creditors of NII
Holdings to serve on the official committee of unsecured
creditors.

The Committee is represented by Kenneth H. Eckstein, Esq., and
Adam C. Rogoff, Esq., at KRAMER LEVIN NAFTALIS & FRANKEL LLP.

Capital Group, one of the Backstop Parties, is represented by
Andrew N. Rosenberg, Esq., Elizabeth R. McColm, Esq., and Lawrence
G. Wee, Esq., at PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP.

Aurelius, one of the Backstop Parties, is represented by Daniel H.
Golden, Esq., David H. Botter, Esq., and Brad M. Kahn, Esq., at
AKIN GUMP STRAUSS HAUER & FELD LLP.

                            *   *   *

The Plan and Disclosure Statement, filed on Dec. 22, 2014, allow
the Debtors to strengthen their balance sheet by converting $4.35
billion of prepetition notes into new stock and provide the
Debtors with $500 million of new capital.  The Plan also permits
the Debtors to avoid the incurrence of significant litigation
costs and delays in connection with potential litigation claims
and exit bankruptcy protection expeditiously and with sufficient
liquidity to execute their business plan.


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


PUERTO RICO: Fitch Cuts GO Rating to 'B'; On Watch Negative
-----------------------------------------------------------
Fitch Ratings has downgraded the Commonwealth of Puerto Rico's
general obligation (GO) and related debt ratings to 'B' from 'BB-'
and placed them on Rating Watch Negative.

The action on the GO rating results in a downgrade of the Puerto
Rico Aqueduct and Sewer Authority (PRASA) senior lien revenue
bonds to 'B' from 'B+' and maintained on Negative Watch. However,
it does not affect Fitch's ratings on debt of the Puerto Rico
Electric Power Authority (PREPA; rated 'CC', Watch Negative).

The downgrade and Negative Watch reflect elevated concerns
regarding both the ability of the Commonwealth to execute a
financing to bolster the liquidity cushion of the Government
Development Bank (GDB), and thereby that of the Commonwealth, and
the willingness to pay on the part of the legislature. These
issues are clearly related, as Fitch believes that recent
statements and actions by the legislature that would result in an
abrogation of the Commonwealth's commitments to general government
bondholders have increased the challenges to a successful Puerto
Rico Infrastructure Finance Authority (PRIFA) financing and, at a
minimum, are likely to result in an increase in already elevated
borrowing costs.

SECURITY

GO bonds are secured by the good faith, credit and taxing power of
the Commonwealth of Puerto Rico. Strong legal provisions for GO
debt include a constitutional first claim on Commonwealth
revenues, including transportation-related and rum excise tax
revenues that are dedicated to specific authorities and other
bonds.

KEY RATING DRIVERS

ELEVATED EXECUTION RISK: The risk that the Commonwealth will not
be able to execute a financing to bolster liquidity in the near
term has increased in recent months. The financing was delayed due
to challenges in securing workable legislative authorization. More
recently there has been mounting concern about the legislature's
support of general government bondholder security; there are now
two different proposals in the legislature that would materially
negatively affect bondholder interests.

WILLINGNESS TO PAY AN INCREASING CONCERN: Fitch believes that the
Commonwealth has the capacity to make full and timely payments on
its GO and related tax-supported debt. However, Fitch notes that
willingness to pay, particularly on the part of the Commonwealth's
legislature, has quickly become a significant concern. Calls for
debt restructuring could increase further in the coming months as
part of the debate surrounding tax reform and the fiscal 2016
budget, and thereafter in the campaigns for the 2016 elections.

GDB LIQUIDITY CRITICAL: Given the Commonwealth's very tight fiscal
position, GDB liquidity in essence serves as the financial cushion
for the general fund. The GDB's liquidity has deteriorated and is
projected to decline further. As such, near-term action to
increase GDB liquidity is critical.

BUDGET IMPROVED, BUT CHALLENGES REMAIN: Following a long history
of significant budget deficits and a reliance on borrowing to fund
operations, the general fund gap has been reduced considerably
under the current governor. Fitch believes achieving and
maintaining balance will remain challenging, including due to
ongoing revenue underperformance and increased demands for debt
service and pension funding in the budget for the coming fiscal
year.

TAX REFORM PRESENTS OPPORTUNITIES AND RISKS: The above-average
reliance on corporate taxes in the Commonwealth's current revenue
system has been a credit negative, given the potential volatility
and concentration inherent in these revenue streams. The
legislature is now considering the governor's proposal to
substantially revise the tax code to focus on consumption. The tax
plan involves substantial risks in both passage and during the
implementation period, which may extend over multiple years. Based
on legislative reaction to the governor's proposal, it seems
likely that the final version of the reform will have
significantly different features.

FINANCIAL FLEXIBILITY CONSTRAINED: The Commonwealth's capital
markets access deteriorated steeply in 2013, and the market
available for the Commonwealth's debt remains limited. Reliable
external market access in line with market norms is important to
long-term stability.

RATING SENSITIVITIES

INCREASED GDB LIQUIDITY: Fitch expects to resolve the Negative
Watch based on the Commonwealth's ability to successfully arrange
a sizable PRIFA financing in the coming months or otherwise
bolster GDB liquidity.

WILLINGNESS TO PAY: Fitch will downgrade the rating immediately
and significantly if legislation proposing to reduce protections
afforded to GO and related tax-supported debt progresses in the
legislative process or if there is other tangible evidence that
the Commonwealth is considering the restructuring of general
government debt.

CREDIT PROFILE
The next two months will be critical for the Commonwealth. In
addition to the fate of the planned PRIFA financing to improve
liquidity, revenue and spending performance in fiscal 2015 and the
progress of the governor's tax reform proposal and upcoming budget
for fiscal 2016 will be significant.

The Commonwealth once again finds itself in need of significant
external financing to support liquidity at a time of still
dramatically reduced market access. The planned PRIFA transaction
to address this need was originally scheduled for the first half
of the fiscal year but was delayed due to numerous roadblocks in
the legislature.

Legislation was recently finalized that increases petroleum taxes
to support a PRIFA financing of up to $2.9 billion that would be
used, in part, to pay off highway authority loans at GDB. As GDB
currently has sizable loans outstanding to the Highways and
Transportation Authority, a refinancing of this debt would
meaningfully bolster liquidity. The PRIFA transaction is expected
to have a GO guarantee.

The Commonwealth was able to execute a sizable GO financing in a
similar position last year and has since made further progress
towards budget balance. However, signs that the legislature may no
longer fully support the administration's plan to achieve fiscal
stability or its commitments to bondholders are a significant
change from last year that could make the financing more difficult
to execute. Fitch has also noted extensive discussions in the
media advocating broad debt restructuring, another indication of
potential deterioration in the Commonwealth's willingness to meet
its debt commitments.

Earlier this month, a bill was filed in the legislature that seeks
to amend the Commonwealth's constitution to reduce debt
protections and allow debt restructuring. Earlier this week, a
different proposal was introduced that would amend the
Commonwealth's Internal Revenue Code to impose a large tax on the
interest generated by bonds issued by Puerto Rico's public
corporations and other government entities. Around this same
period the legislature approved measures to enhance the
marketability of the delayed PRIFA transaction, as well as
initiatives to augment fiscal 2015 revenues in support of fiscal
balance, sending mixed signals of intent to the market. However,
the introduction of two specific proposals in opposition to
general government bondholder interests in a short time frame is a
key factor in the downgrade to 'B'.

The Commonwealth has a complex debt structure including GO, sales
tax, guaranteed, and public corporation debt. The often-cited
figure for Puerto Rico's public debt of $71 billion includes not
only debt supported by Commonwealth tax revenues but also debt of
the electric and water and sewer utilities and other revenue-
supported debt that is not the obligation of the central
government. GO and GO-guaranteed bonds equal about 25% of total
public sector debt as reported by the Commonwealth and sales tax-
backed COFINA debt another 20%.

Puerto Rico's bonded debt levels and unfunded pension liabilities
are very high relative to U.S. states, though less so when viewed
in an international context. A large amount of outstanding debt
has been issued for deficit financing purposes. Pension funding
will remain exceptionally low even with the significant pension
reform effort undertaken by the current administration, and the
teachers system is projected to deplete its assets in 2020 in the
absence of further reform.

The Commonwealth's general fund revenues are 2.4% ($122 million)
below forecast through February, with expenditures reportedly in
line with forecast. Thirty-six percent of annual general fund
revenues are projected to come in from April through June when the
ability to take offsetting action is limited, and last year April
revenue performance was well below estimates. As a result, the
cushion provided by GDB is particularly important.

Extensive tax reform proposed by the governor in February has
proven controversial and political risk is significant. Consistent
with expectations, the governor's proposal would focus taxation on
consumption by imposing a value-added tax designed to generate
substantial additional revenues, including by reducing tax
evasion, and support economic growth. At the same time, the
governor would reduce income tax rates, eliminate the gross
receipts tax, and include reimbursements for lower income levels.
The proposal is currently being considered by the legislature, and
based on recent comments by legislative leadership it appears that
any enacted tax reform will differ from the governor's proposal.

Fitch has noted the risk of the heavy budget reliance on a
relatively small number of companies in the current revenue system
and the high degree of tax evasion, but the reform involves
numerous risks in both passage, with the possibility of
politically motivated exemptions watering down its effectiveness,
and implementation, with a poor Commonwealth track record in
making such changes and estimating their results.

Puerto Rico's economy has been in recession since 2006, and
performance remains weak. Fitch believes that the ultimate success
of efforts to put the Commonwealth's finances on a sustainable
path will be dictated by the performance of the economy, while at
the same time efforts to reform public finances could support
economic development.

Puerto Rico's status as a Commonwealth of the U.S. and strong
linkages to the U.S. economy are credit strengths. Federal
transfer payments represented 25% of 2013 personal income, mostly
in the form of entitlements such as social security and Medicare.
This serves as a stabilizing force but is also illustrative of the
comparative weakness of the overall economy.

COMPLETE LIST OF AFFECTED CREDITS

With the action, Fitch has downgraded and placed on Rating Watch
Negative all of the following ratings:

   -- $13 billion Commonwealth of Puerto Rico GO bonds, downgraded
      to 'B' from 'BB-'

   -- $6.7 billion Puerto Rico Sales Tax Financing Corporation
     (COFINA) senior lien sales tax revenue bonds and $8.5 billion
     COFINA first subordinate lien sales tax revenue bonds,
     downgraded to 'B' from 'BB-'

COFINA bonds have a security interest in and are payable from the
Commonwealth's sales and use tax. COFINA is an independent
governmental instrumentality of the Commonwealth and affiliate of
the GDB established by specific legislation. The COFINA bonds are
rated at the level of the Commonwealth's general credit. Although
COFINA bonds were specifically excluded in the Public Corporation
Debt Enforcement and Recovery Act, the passage of the Act
substantially increased Fitch's assessment of the risk that the
Commonwealth may take steps to the detriment of COFINA bondholders
if the Commonwealth considered that a fiscal emergency and its
need to provide essential services required legislative action
limiting revenues available to COFINA. Fitch does not place COFINA
debt below the Commonwealth's GO as the agency believes that if
circumstances warranted a shift in COFINA revenues to fund the
general government, the GO bonds would be equally likely to
default. There is no rating distinction between the senior and
subordinate COFINA liens, as the legal security of each would
warrant a higher rating in the absence of Commonwealth risk
factors.

   -- $2.9 billion Employees Retirement System of the Commonwealth
      of Puerto Rico (ERS) pension funding bonds, downgraded to
      'B' from 'BB-'

The ERS bonds are a limited, non-recourse obligation of the
pension system, payable from and secured by a pledge of
statutorily required employer contributions to the system. The
rating on the ERS bonds is the same as that assigned to the
Commonwealth's GO bonds, as the Commonwealth is the largest
employer contributor and contributions have a strong legal
priority. Given that GO bondholders have a legal claim on
Commonwealth revenues senior to contributions due to the pension
systems, the rating on the ERS bonds can be no higher than the
Commonwealth GO rating.

   -- $1.4 billion Puerto Rico Public Building Authority (PBA)
      government facilities revenue bonds guaranteed by the
      Commonwealth and rated by Fitch and $658 million PRASA
      Commonwealth guaranty revenue bonds, downgraded to 'B' from
      'BB-'

Bonds of the PBA and PRASA that are guaranteed by the Commonwealth
are backed by the Commonwealth's commitment to draw from any funds
available in the treasury. The good faith and credit of the
Commonwealth is pledged to any such deficiency payments, resulting
in a rating that is the same as the Commonwealth's GO bonds.

   -- $3.4 billion PRASA senior lien revenue bonds, downgraded to
      'B' from 'B+', Rating Watch Negative maintained

PRASA's revenue bonds likely will be influenced by movement of the
Commonwealth general obligation rating for the foreseeable future
given the Commonwealth's historical actions and ability to expose
PRASA to potential fiscal and operational challenges.


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


* BOND PRICING: For the Week From March 16 to March 20, 2015
------------------------------------------------------------

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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