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

            Monday, April 6, 2015, Vol. 16, No. 066



ARGENTINA: S&P Keeps 'SD/SD' FC Sovereign Credit Rating
CIMA RENTA: Moody's Confirms Global Scale Rating of 'B-bf'
COMPANIA DE TRANSPORTE: S&P Affirms 'CCC-' Rating; Outlook Neg.
FIDEICOMISO FINANCIERO XII: Moody's Rates 2 Classes of Secs at B1


COLUMBUS INT'L: Digicel Praises Barbados FTC's Decision on Merger


BISA LEASING: Moody's Rates US$40MM Sr. Debt Program at (P)Ba2
SEGUROS ILLIMANI: Moody's Confirms 'Caa2/' IFS Ratings


BRAZIL: Drought Could Last 30 More Years, Meteorologist Says
CAMARGO CORREA: S&P Lowers CCR to 'BB-'; Outlook Negative
ECORODOVIAS INFRAESTRUTURA: Moody's Rates BRL600M Debenture at Ba1
OAS S.A.: Fitch Lowers Issuer Default Rating to 'D'

C A Y M A N  I S L A N D S

AQUARIUS LTD: Creditors' Proofs of Debt Due April 30
ARDON MAROON: Court Enters Wind-Up Order
ASP LAKESIDE: Commences Liquidation Proceedings
BRIGHTIME VENTURES: Creditors' Proofs of Debt Due April 30
CLARITUS F SPC I: Creditors' Proofs of Debt Due April 20

CLARITUS F SPC II: Creditors' Proofs of Debt Due April 20
CLARITUS M SPC I: Creditors' Proofs of Debt Due April 20
E.WORLD (HOLDINGS): Commences Liquidation Proceedings
GUANAY FINANCE: Fitch Cuts $450MM Fixed-Rate Notes Rating to 'BB'
HCSP SPC: Creditors' Proofs of Debt Due April 20

INVEST AD: Commences Liquidation Proceedings
MAGHREB VICTORY: Creditors' Proofs of Debt Due April 28
NICHE AVENUE: Commences Liquidation Proceedings
SKYDIVE COSTA: Placed Under Voluntary Wind-Up
YUKON RE: Placed Under Voluntary Wind-Up


LATAM AIRLINES: Moody's Assigns 'Ba2' CFR, Outlook Stable
LATAM AIRLINES: Fitch Lowers IDR to 'BB-'; Outlook Stable


PACIFIC RUBIALES: S&P Lowers CCR to 'BB'; Outlook Negative


PETCOM: Jamaica Government Plans to Sell Firm

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank Sells US$60 Million


VENEZUELA: Dismisses Miami Herald Report on PetroCaribe


* BOND PRICING: For the Week From March 23 to March 27, 2015

                            - - - - -


ARGENTINA: S&P Keeps 'SD/SD' FC Sovereign Credit Rating
Standard & Poor's Ratings Services kept its unsolicited foreign
currency sovereign credit ratings on the Republic of Argentina
unchanged at 'SD/SD' and affirmed its unsolicited 'CCC+/C' local
currency sovereign credit ratings.  The outlook on the long-term
local currency rating remains negative.  S&P also affirmed its
transfer and convertibility (T&C) assessment on the sovereign at
'CCC-' and its 'raB+' national scale rating with a negative


S&P's selective default ('SD') foreign currency ratings on
Argentina stem from its nonpayment of part of its external debt.
On July 30, 2014, Argentina failed to make a $539 million interest
payment on its discount bonds due in December 2033.  Since then,
Argentina has not been able to service any of its external bonds
under foreign law.

The foreign currency ratings will remain at 'SD' until Argentina
cures the default, either through payment, exchange, or other
settlement.  If and when that happens, S&P will reassess the
sovereign's general credit standing, most likely raising the
foreign currency rating to the 'CCC' or low 'B' categories.

S&P do not expect Argentina to cure the foreign currency default
before the October 2015 presidential election.  The winner of that
election will face a weak economy, fiscal and monetary rigidities,
and diminished external liquidity brought on by current policies
and lack of transparency.  Restoring access to international
markets through curing the default will be an important objective
to stabilize the economy.

Sergio Massa (Frente Renovador), Daniel Scioli (Frente para la
Victoria), and Mauricio Macri (Propuesta Republicana) are the
leading candidates.  S&P expects a close election with none of the
candidates obtaining more than one-third of the votes in the first
round.  The victor in the second round will need to establish a
working relationship with congress quickly to assure success with
an economic adjustment program.

The next government will have to deal with distorted relative
prices (tariffs, exchange rate, and administered prices), a high
fiscal deficit projected at 4.4% of GDP in 2015, rampant observed
inflation, low liquid foreign reserves, a dual exchange rate,
external debt in default, and creditor conflict.  A more
transparent, credible, and predictable economic framework together
with measures aimed at easing capital controls and containing the
fiscal deficit would most likely attract external investments and,
thus, improve medium-term growth prospects.

S&P projects that real GDP will grow 0.5% in 2015, similar to the
2014 growth numbers recently published by statistics institute
INDEC.  S&P expects growth to accelerate in 2016-2017 with the new
government in place and assuming some confidence-enhancing changes
in policy.  Economic uncertainty stemming largely from growing
regulations, restricted access to foreign currency for imports,
and price controls, together with several years of high inflation,
have hurt confidence, depressed investment, and stanched economic

Private economists estimate that the real effective exchange rate
has appreciated about 28% since 2011.  Despite import
restrictions, S&P expects Argentina's 2015 current account to
remain in deficit, around 1% of GDP.  Lower international oil
prices will help moderate imports, but lower soy prices will
result in lower exports, despite an expected record crop.  S&P
estimates that gross external financing needs (including
amortization requirements of debt currently in default) will
remain close to 100% of current account receipts (CARs) and usable
reserves over 2015-2017, while external debt net of public- and
financial-sector external assets will average 63% of CARs in the
same period.

Restrictions on imports, unpaid imports, a peso/yuan swap with the
People's Bank of China, and credits from international banks,
together with local market issuance in dollars, helped stem the
loss of international reserves in 2014.  Reserve levels increased
slightly to $31.4 billion at the end of March 2015 from $30.6
billion as of year-end 2013. Still, liquid reserves would be much
lower when discounting items such as banks' reserve requirements,
unpaid imports, and special drawing rights (foreign exchange
reserve assets ceded by the International Monetary Fund to its
country members).

Principal on the government's US$6.7 billion Boden external bond
and debt service on its US$1.2 billion BONAR bond are due this
year.  Also, Argentina owes US$2.3 billion of interest on its
defaulted par and discount bonds in 2015.  Other subnational
governments, such as the City and Province of Buenos Aires, are
also facing large external debt service requirements in 2015.
Limited external liquidity will be a major constraint, given that
S&P is not expecting the current government to reach an agreement
with holdout creditors, cure the default, and consequently access
external markets.  Still, state-owned energy and oil company YPF
and the City of Buenos Aires were able to issue international
bonds in February for US$500 million each.

The government's reliance on central bank deficit financing in
recent years has limited its ability to conduct monetary policy
and contributed to high observed inflation.  Inflation could reach
about 25%-30% in 2015, which, together with the strengthening of
the dollar and the depreciation of currencies of trading partners
(such as Brazil), could put additional pressure on the peso's real
effective exchange rate in 2015.

Net general government debt is estimated at 39% of GDP at year-end
2014, but S&P projects the ratio to increase to 43% as of year-end
2015 given a wider projected deficit and the effect of expected
peso depreciation on the stock of foreign currency government
debt, which is two-thirds of the total.  General government
interest over general government revenues is estimated to remain
slightly above 5% in 2015-2017.  However, about 60% of this
indebtedness pertains to debt whose creditors are other government
agencies outside the general government consolidation parameter,
significantly reducing its market rollover risk.

S&P's 'CCC+/C' local currency ratings reflect its view of the
constraints inherent on total government finance arising from an
external debt default.  Although all local currency debt is
subject to local law, S&P cannot rule out the risks the external
debt default poses to macro stability.

S&P's 'CCC-' T&C assessment reflects the risk that the government
could further tighten its foreign exchange regime to the extent
that it impairs the ability of the private sector to service its
foreign currency debt.  The government already uses a variety of
exchange controls, and there is a wide disparity between the
official and parallel market exchange rates.  The official
exchange rate is heavily managed by the central bank, while the
parallel exchange rate moves almost freely, reflecting supply and

S&P expects foreign exchange restrictions and controls to continue
through 2015.  To preserve reserve levels, the central bank has
imposed strict controls to access foreign currency.  Importers
have to follow a series of bureaucratic steps to receive
authorization to import, and delays are common.  Debtors with
foreign exchange debt due in the external markets must also apply
for central bank authorization in order to receive the necessary
dollars to meet their debt service.


The negative outlook on the local currency rating reflects
weakening economic conditions characterized by high inflation,
widening fiscal and current account deficits, and ancillary risks
posed by low reserve levels and limited access to funding in a
context of increasing funding needs.  Should the government's
economy and fiscal accounts worsen beyond S&P's expectations, it
could lower the local currency rating.  On the other hand,
policies more conducive to macro stability could lead to the local
currency rating stabilizing and set the conditions for a cure of
the foreign currency default.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating


Ratings Affirmed

Argentina (Republic of)
Sovereign Credit Rating
  Foreign Currency |U                   SD/--/SD
  Local Currency |U                     CCC+/Negative/C
Argentina National Scale |U            raB+/Negative/--
Transfer & Convertibility Assessment
  Local Currency |U                     CCC-

    U   Unsolicited ratings.

CIMA RENTA: Moody's Confirms Global Scale Rating of 'B-bf'
Moody's Latin America Agente de Calificacion de Riesgo confirmed
the bond fund ratings of Cima Renta Fija Argentina Plus and
maintained the review for downgrade of the ratings of Convexity
Renta Fija Argentina. Both funds have been under review for
downgrade since last December due to the deterioration of the
average credit quality of their portfolios. The confirmation of
Cima Renta Fija Argentina Plus bond fund ratings follows the
improvement of the adjusted average credit quality of the fund and
the expectation that it will remain at this level. Over the coming
months, Moody's will monitor and assess the trend in weighted
average credit quality of Convexity Renta Fija Argentina which has
not shown a similar level of consistent improvement and therefore
remains under review.

Moody's confirmed the global scale rating and national scale
rating of the following bond fund:

CIMA Renta Fija Argentina Plus FCI

-- Global scale rating B-bf

-- National scale ratings to

Additionally Moody's maintained on review for downgrade the global
scale rating and national scale rating of the following bond fund:

Convexity Renta Fija Argentina FCI

-- Global scale rating B-bf (RUR DNG)

-- National scale ratings to (RUR DNG)

The rating confirmation at current level of B-bf in global scale
and in National Scale of the Cima Renta Fija Argentina
Plus follows the improvement of the credit quality of the fund in
the last quarter, after being placed under review for possible
downgrade last December. Moody's expects the asset managers to
keep the fund's credit quality in line with the confirmed rating

The continued review for downgrade of the Convexity Renta Fija
Argentina reflects a slower and more subtle improvement of the
portfolio's credit profile in the last two months. Moody's will
continue monitoring this trend in the coming months.

COMPANIA DE TRANSPORTE: S&P Affirms 'CCC-' Rating; Outlook Neg.
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency ratings on Compania de Transporte de Energia
Electrica en Alta Tension TRANSENER S.A. (TRANSENER).  The outlook
remains negative.

S&P's ratings on TRANSENER reflect these factors:

   -- S&P's 'CCC-' T&C assessment for Argentina and the lack of
      the company's strengths in order for it to be rated above
      the T&C in foreign currency.

   -- Under S&P's base-case scenario that includes potential T&C
      controls in the short to intermediate term, TRANSENER won't
      be able to repay all the foreign currency debt in Argentine
      pesos.  Therefore, the T&C assessment also constrains the
      local currency rating on the company.

   -- S&P's "vulnerable" business risk and "highly leveraged"
      financial profile assessments for the company.

FIDEICOMISO FINANCIERO XII: Moody's Rates 2 Classes of Secs at B1
Moody's Latin America Agente de CalificaciOn de Riesgo rates the
new structure of Fideicomiso Financiero ICBC Personales XII, a
transaction that will be issued by TMF Trust (Argentina) S.A. -
acting solely in its capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. Also, the transaction is pending approval from the
"Comision Nacional de Valores". If any assumption or factor
Moody's considers when assigning the ratings changes before
closing, Moody's ratings may also change.

Moody's has withdrawn the ratings of the Certificates tranche
because the liability structure of the transaction has changed
before issuance and as a result the rating of Caa1 (sf) /
(sf) for the Certificates tranche will change. Moody's has
assigned new ratings to these tranches as follows.

  -- ARS 178,795,666 in Class A Floating Rate Debt Securities of
     "Fideicomiso Financiero ICBC Personales XII", currently
     rated (sf) (Argentine National Scale) and B1 (sf)
     (Global Scale, Local Currency)

  -- ARS 35,759,134 in Class B Floating Rate Debt Securities of
     "Fideicomiso Financiero ICBC Personales XII", currently
     rated (sf) (Argentine National Scale) and B1 (sf)
     (Global Scale, Local Currency)

  -- ARS 23,839,422 in Certificates of "Fideicomiso Financiero
     ICBC Personales XII", assigned (sf) (Argentine
     National Scale) and B3 (sf) (Global Scale, Local Currency)

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 9,733
eligible personal loans denominated in Argentine pesos, with a
fixed interest rate, originated by the Industrial and Commercial
Bank of China (Argentina) S.A., in an aggregate amount of ARS

These personal loans are granted Industrial and Commercial Bank of
China (Argentina) S.A. "ICBC (Argentina)" clients. The monthly
loan installment is deducted directly from the borrower's bank

Overall credit enhancement is comprised of 25% of subordination
for the Class A Floating Rate Debt Securities and 10% for the
Class B Floating Rate Debt Securities. In addition the transaction
has various reserve funds and excess spread.

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

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of ICBC
(Argentina)'s portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 9% and a coefficient of variation of 60%. Also, Moody's assumed
a lognormal distribution for prepayments with a mean of 20% and a
coefficient of variation of 60%. These assumptions are derived
from the historical performance to date of ICBC (Argentina)'s
pools. Servicer default was modeled by simulating the default of
the ICBC (Argentina) as the servicer consistent with its current
rating of B1/ In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 0.01% expected loss for the Class A
Floating Rate Debt Securities, 2.18% for the Class B Floating Rate
Debt Securities and 9.45% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If ICBC (Argentina) is removed as servicer TMF
Trust Company (Argentina) S.A. will be appointed as the back-up


COLUMBUS INT'L: Digicel Praises Barbados FTC's Decision on Merger
RJR News reports that Digicel Group Limited has welcomed the
decision of the Barbados Fair Trading Commission (FTC) regarding
the application for merger approval filed by Cable & Wireless
Communications, and Flow's parent, Columbus International Inc.

The Barbados FTC imposed 14 conditions compelling Cable & Wireless
to, among other things, divest significant overlaps in fiber
assets in Barbados to a third party or parties, to be approved by
the Commission, according to Columbus International Inc.

In a statement, Digicel said it regarded the FTC's decision as
being important in terms of helping to prevent the creation of a
Cable & Wireless monopoly in Barbados, in the markets for fixed
voice and broadband internet, the report notes.

Colm Delves, Digicel's Group CEO, praised the FTC for the diligent
and comprehensive manner in which it said it conducted the merger
analysis, the report adds.

                  About Columbus International

Columbus International Inc. is a privately held diversified
telecommunications company based in Bahamas.  The Company provides
digital cable television, broadband Internet and digital landline
telephony in Trinidad, Jamaica, Barbados, Grenada, St. Vincent &
the Grenadines, St. Lucia and Curacao under the brand name Flow
and in Antigua under the brand name Karib Cable.

As reported in the Troubled Company Reporter-Latin America on Nov.
10, 2014, Standard & Poor's Ratings Services placed its 'B'
corporate credit and issue-level ratings on Columbus International
Inc. (Columbus) on CreditWatch with positive implications.


BISA LEASING: Moody's Rates US$40MM Sr. Debt Program at (P)Ba2
Moody's Latin America Agente de Calificacion de Riesgo assigned a
(P)Ba2 global foreign-currency debt rating and a national
scale foreign-currency debt rating to Bisa Leasing's senior debt
program of up to US$40 million (Programa de Emisiones de Bonos
Bisa Leasing IV). Also, Moody's assigned a Ba2 global local-
currency debt rating and a national scale local-currency
debt rating to Bisa Leasing S.A.'s expected issuance of Bs. 60
million under the program. Bisa Leasing's global debt ratings,
both in foreign and local-currency were placed on review for
downgrade on March 17, 2015.

The following ratings were assigned to Bisa Leasing:

US$ 40 million senior debt program:

  -- (P)Ba2 Global Foreign-Currency Debt Rating, on review for

  -- Bolivian National Scale Foreign-Currency Debt Rating,
     stable outlook

  -- Bs. 60 million, First Expected Issuance under the program:

  -- Ba2 Global Local-Currency Debt Rating, on review for

  -- Bolivian National Scale Local-Currency Debt Rating,
     stable outlook

Moody's explained that the local-currency senior debt rating
derives from Bisa Leasing's Ba2 global local currency corporate
family rating. Moody's also noted that seniority was taken into
consideration in the assignment of the debt ratings.

Bisa Leasing's Ba2 corporate family rating derives from its b1
standalone credit assessment and incorporates two notches of
uplift as a result of Moody's assumption of a very high
probability of support from its parent, Banco Bisa (rated Ba2).
Banco Bisa's global local-currency deposit rating, which acts as
an anchor to determine support to be provided to its subsidiary,
was placed on review for downgrade as a consequence of a change in
Moody's bank rating methodology affecting the way Moody's assess
the capacity of a government to provide support to a bank in the
event of stress.

The stand-alone credit profile of b1 reflects Bisa Leasing's
monoline business structure and also the small and developing
leasing market in Bolivia, which is highly competitive, adding
pressure to the entity's profitability margins. It also reflects
risks related to its funding structure, heavily reliant on bonds
issuances and interbank deposits, which are sensitive to interest
rate moves.

Headquartered in La Paz, Bolivia, Bisa Leasing is the leading
leasing company in the country, with assets of Bs. 351 million and
shareholders' equity Bs. 55 million as of March 31, 2015.

SEGUROS ILLIMANI: Moody's Confirms 'Caa2/' IFS Ratings
Moody's Latin America Agente de Calificacion de Riesgo, S.A. has
confirmed Seguros Illimani S.A.'s Caa2 global local-currency
insurance financial strength (IFS) rating and its IFS
rating on Bolivia's national scale. Both ratings now carry a
stable outlook.

Seguros Illimani S.A. is a privately-owned Bolivian property and
casualty (P&C) insurer, focused primarily on mandatory automobile
accident-liability insurance ("SOAT", for its Spanish acronym).

Moody's said that the confirmation of Seguros Illimani's ratings
reflects the ultimately limited financial impact on Seguros
Illimani of the Bolivian insurance regulator's (APS) resolution
(#774/2014), which originally alleged a USD 1.6 million loss
reserve deficiency (amounting to approximately 45% of the
insurer's capital), as compared with a final net loss of only USD
0.5 million on its 2014 audited financial statements, of which USD
0.3 million corresponds to the complete effect of the loss reserve
deficiency write-down, according the company's management. At 2014
year-end, Seguros Illimani complied with regulatory solvency
margins, even after considering the net loss reported during that

APS also restricted the insurer from renewing its contract to
service SOAT business in 2015, which in 2014 accounted for
approximately 77% of its premium volume. Although this development
will cause the company's revenues to plummet in 2015, Moody's
noted that the company's current ratings and outlook appropriately
capture its current credit risk profile and significant challenges
for the near term given the loss of its main business segment.
Moody's had previously lowered the company's ratings to
Caa2/ from Caa1/, on 19 November 2014, in light of
the announcement of the regulatory restrictions and APS' loss
reserve deficiency finding.

According to Diego Nemirovsky, lead analyst at Moody's, "Seguros
Illimani's ratings reflect its very weak profitability and modest
participation in the domestic P&C market, its lack of product
depth and diversification, and questions about its reserve
adequacy, highlighted by APS' recent finding, which raises
concerns about the company's financial controls and corporate
governance practices".

Among factors that could result in a rating downgrade for Seguros
Illimani, Moody's mentioned the following: 1) company's failure to
comply with minimum regulatory solvency margins and/or reserves'
coverage requirements, 2) impairment in the company's reported
capitalization metrics, or 3) disclosure of further reserve
deficiencies. Conversely, Seguros Illimani's ratings could be
upgraded in the event of an improved capitalization and
profitability, along with a strategy to strengthen the insurer's
franchise going forward.

Based in La Paz, Seguros Illimani reported a net loss of BOB 3.3
million, and gross premiums written of BOB 34.3 million for 2014.
At 2014 year-end, total assets were BOB 78.8 million and
shareholders' equity was BOB 20.1 million.


BRAZIL: Drought Could Last 30 More Years, Meteorologist Says
Cleyton Vilarino at EFE News reports that the current drought in
southeastern Brazil has created the greatest water shortage in the
last 85 years and could last for 30 more years, a meteorologist

The meteorologist and partner-director of the consultancy Somar
Meteorology, Paulo Ethichury, told EFE News that the South
American country's current climate follows a cooling cycle in the
Pacific Ocean during recent years, which came after the 1980s,
1990s and 2000s, when it was warmer.

Agribusiness was frightened by the climate at the beginning of
this year, with delays in the soybean crop and lower production
levels forecast for other agricultural products like coffee, the
report notes.

According to Mr. Ethichury, longer periods of drought could be
repeated next year, says the report.

"The current phase is the same we went through in the 1940s, when
there were also smaller volumes of rain.  This is a new cycle, in
which we're returning to the dry phase," according to the
specialist, for whom weather cycles tend to last a period of 30
years, the report relates.

The water crisis in the southeast has alerted the states of Rio de
Janeiro, Minas Gerais, Espirito Santo, and principally, Sao Paulo,
the richest, most densely populated in the country, the report

The Cantareira dam system, which supplies 6.5 million people -- a
third of the Sao Paulo metropolitan area -- has already consumed
twice the so-called "dead volume," an additional reserve for the
reservoirs, the report notes.

According to EFE News, the rains of February and March, despite
having been heavier than the average for those months, were not
sufficient to improve the situation.

Meanwhile, the president of the state-run agricultural research
company Embrapa, Mauricio Antonio Lopes, said that drought has
sparked the introduction of new technologies and the production of
genetically modified organisms, or GMOs, in the country, the
report relays.

"We're incorporating technologies that will make our agriculture
more able to withstand the lack of water," Mr. Lopes told the
daily Folha of Sao Paulo in an interview, the report adds.

CAMARGO CORREA: S&P Lowers CCR to 'BB-'; Outlook Negative
Standard & Poor's Rating Services lowered its global scale
corporate credit and debt ratings on Camargo Correa S.A. (CCSA)
and InterCement do Brasil S.A. (InterCement) to 'BB-' from 'BB'.
At the same time, S&P lowered its national scale ratings on
Camargo's senior unsecured debt and the national scale corporate
credit rating on InterCement to 'brA-' from 'brAA-'.  The outlooks
on both global and national scale ratings remain negative.

The downgrade is based on S&P's expectation of the group's weaker
cash flow generation and more leveraged balance sheet in 2015 and
2016.  This will result from Brazil's weak economy, which will
pressure the company's cement and the engineering and construction
(E&C) units, and from real's devaluation, because about 12% of
CCSA's consolidated debt is dollar denominated while its cash flow
generation is pegged mainly to reals and other emerging-market

S&P's ratings on InterCement mirror the ratings on its parent
company, CCSA, because S&P considers both entities as a single
economic group bearing the same default risk.  Despite
InterCement's 'bb' stand-alone credit profile (SACP), CCSA's
credit profile caps the rating on the subsidiary since S&P do not
see Intercement sufficiently ring-fenced from its group.  CCSA
owns InterCement, which, in turn, controls the group's major
industrial activity, the cement division.  S&P considers
InterCement as a core subsidiary of CCSA.  As the subsidiary's
scale increases, its financial performance and funding prospects
become more independent from those of the group than in the past.
Also, InterCement's outstanding bond currently has some covenants
that could prevail the company to upstream a significant share of
its resources to CCSA.  Although S&P currently don't view a
delinked relationship between the two companies, InterCement's
performance could suffer if it were to mitigate parent's financial
and operating woes.  S&P's analysis is also currently based on the
assumption that InterCement will remain the main cash generator
for CCSA and that the later should continue to exercise control
over InterCement's main financial policies.

S&P's ratings on CCSA incorporate a positive assessment of the
quality of its capital structure, which increased S&P's anchor by
one notch to reflect the quality and liquid investments of the
company's concessions unit.  In S&P's view, CCR S.A.'s and CPFL
Energia S.A. represent significant   equity investments, which the
company can monetize, if needed.  Such action would bolster S&P's
assessment of the company's financial risk profile.  InterCement's
'bb' SACP is based on its "satisfactory" business risk profile and
"aggressive" financial risk profile because the subsidiary's
leverage ratios and liquidity are stronger than those of CCSA.

ECORODOVIAS INFRAESTRUTURA: Moody's Rates BRL600M Debenture at Ba1
Moody's America Latina assigned Ba1 and ratings on the
global scale and on the Brazilian National Scale Rating (NSR),
respectively, to the BRL600 million senior, unsecured debentures
to be issued by Ecorodovias Infraestrutura e Logistica S.A. and
guaranteed by Ecorodovias Concessoes e Servi‡os S.A. (not rated)
in two tranches of 3 and 5 years. The outlook is stable for all

Ecorodovias Infraestrutura's first debenture issuance will have
the following financial covenant at the level of the guarantor
Ecorodovias Concessoes e Servi‡os S.A.: i) Net Debt to EBITDA
equal or less than 3.75x times.

Ecorodovias Concessoes e Servi‡os S.A.'s 5-year BRL800 million
outstanding debentures have the following covenants: i) Net Debt
to EBITDA lower than 3.5x times and Debt Service Coverage Ratio
higher than 2.0x. The indenture also includes additional
restrictions that prevent Ecorodovias Concessoes from providing
guarantees to any other company which is not consolidated by
Ecorodovias Concessoes when the company's consolidated Net Debt to
EBITDA ratio is equal or lower than 3.0x.

Ecorodovias Infraestrutura will use the debenture proceeds to re-
pay BRL275 million promissory notes maturing on April 27, 2015,
and to finance CAPEX and strengthen its cash position.

The Ba1 / rating for the senior unsecured notes to be
issued by Ecorodovias Infraestrutura reflects the financial
strength and diversified toll road portfolio of its fully-owned
subsidiary Ecorodovias Concessoes which controls five toll road
concessions that are strategically located in some of the most
economically robust regions of the country which have demonstrated
a solid track record of tolled traffic with strong as well as
stable and predictable operating cash flows. These five toll road
concessions are the most representative assets of the group in
terms of net revenues (76%), EBITDA (80%) and net income (84%).

The strength of these toll road companies has facilitated the high
volume of dividends paid from Ecorodovias Concessoes to
Ecorodovias Infraestrutura. The rating also considers the
experienced management team which has developed a constructive
relationship with the regulatory authorities for its concessions
and the group's good governance practices.

Although Moody's expects the group's expansion strategy coupled
with its track record of high dividend payments to shareholders
will result in higher leverage, Moody's expect that Ecorodovias
Concessoes' subsidiaries will maintain their capacity to support
the high dividend volumes paid in 2013 and 2014 which should
enable Ecorodovias Infraestrutura to retain its capacity to
service its debt as well as to keep the financial capacity to
participate in new concessions.

The stable outlook reflects our view that the credit metrics of
Ecorodovias Infraestrutura will not significantly deteriorate to a
level that negatively affects the capacity of Ecorodovias
Concessoes in raising resources to finance CAPEX or to refinance
its current debt. The stable outlook also considers the fact that
the guarantor's credit metrics will continue to be adequate for
the rating category primarily as a result of steadily growing
operating revenues and relatively low remaining CAPEX requirements
of the five toll roads controlled by the company that should
provide continued good access to the local capital and bank
markets which will enable it to maintain a healthy liquidity

The rating could be upgraded if Ecorodovias Concessoes were to
steadily improve its liquidity profile and produce credit metrics
in line with or exceeding historical performance so that the FFO-
to-Debt ratio (including guarantees) remains above 25%, Moody's
Debt Service Coverage Ratio stays above 1.8x, and RCF to Capex
rises above 1.0x on a sustainable basis. The rating could be
downgraded if there is a significant and sustained deterioration
in Ecorodovias Infraestruturas' credit metrics such that it
becomes difficult for Ecorodovias Concessoes or its subsidiaries
to refinance their current debt or to raise additional debt to
finance CAPEX or if FFO-to-Debt ratio (including guarantees) falls
below 20%, Moody's Debt Service Coverage Ratio declines to1.5x,
and RCF to CAPEX falls to 0.75x.

Headquartered in Sao Paulo, Brazil, Ecorodovias Infraestrutura is
the holding company of one of Brazil's largest infrastructure
concession groups which operates and maintains approximately 1,769
kilometers of toll roads under six toll road concessions, one port
and some logistic companies. The group also controls other
businesses which are not meaningful in terms of revenues, cash
generation, debt and assets. Ecorodovias Infraestrutura is
controlled by the CR Almeida Group (unrated) with a 64%
participation and the remaining 36% of shares are free float.

In 2014, Ecorodovias Infraestrutura reported consolidated revenues
of BRL2.2 billion excluding construction revenues, EBITDA of
BRL1.6 billion and Net Income of BRL472 million. In the same
period and according Moody's adjustments, Ecorodovias Concessoes e
Servi‡os S.A. the subsidiary which guarantees the debentures to be
issued by Ecorodovias Infraestrutura reported net revenues of BRL
1.7 billion, EBITDA of BRL1.2 billion and Net Income of BRL397

OAS S.A.: Fitch Lowers Issuer Default Rating to 'D'
Fitch Ratings has downgraded the foreign currency (FC) and local
currency (LC) Issuer Default Ratings (IDRs) of OAS S.A. (OAS) and
Construtora OAS S.A. to 'D' from 'RD' and their long-term national
scale ratings to 'D(bra)' from 'RD(bra)'.  In conjunction with the
rating action, Fitch has also downgraded OAS Empreendimentos S.A.
national scale rating to 'D(bra)' from 'RD(bra)'.


The downgrades reflect OAS's filing for bankruptcy protection.  On
top of OAS S.A., the request for bankruptcy protection involves
Construtora OAS S.A., OAS Empreendimentos S.A., SPE Gestao e
Exploracao de Arenas Multiuso S.A., OAS Infraestrutura S.A., OAS
Imoveis S.A., OAS Investments GmbH, OAS Investments Limited e OAS
Finance Limited.

On Jan. 2, 2015, OAS announced the suspension of interest and
amortization payments as the terms proposed by banks to refinance
the group's debt worsened with the allegations of involvement in
the Lava-Jato investigation.  OAS has faced difficulties to sell
assets due to several injunctions presented by creditors.  Fitch
believes the bankruptcy protection will facilitate the sale of
investments, as with the court's authorization, creditors will not
be able to object the decision.


   -- Fitch believes court will accept OAS's filings.


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 filing.

Fitch has downgraded these ratings:

   -- FC IDR to 'D' from 'RD';
   -- LC IDR to 'D' from 'RD';
   -- National scale rating to 'D(bra)' from 'RD(bra)'.

Construtora OAS S.A.:
   -- FC IDR to 'D' from 'RD';
   -- LC IDR to 'D' from 'RD';
   -- National scale rating to 'D(bra)' from 'RD(bra)'.

OAS Investments GmbH:
   -- FC IDR to 'D' from 'RD' and withdrawn.

OAS Empreendimentos S.A.:
   -- National scale rating to 'D(bra)' from 'RD(bra)'.

Fitch also rates these issuances of the OAS group:

   -- BRL300 million debentures 3rd issuance due 2016 at 'D(bra)';
   -- BRL250 million debentures 4th issuance due 2027 at 'D(bra)';
   -- BRL300 million debentures 5th issuance due 2015 at 'D(bra)'.

OAS Investments GmbH:
   -- USD850 million senior unsecured notes due 2019 at 'C/RR4'.

OAS Finance Ltd.
   -- USD500 million perpetual bonds at 'C/RR4';
   -- USD400 million senior unsecured notes due 2021 at 'C/RR4'.

C A Y M A N  I S L A N D S

AQUARIUS LTD: Creditors' Proofs of Debt Due April 30
The creditors of Aquarius Ltd are required to file their proofs of
debt by April 30, 2015, to be included in the company's dividend

The company commenced wind-up proceedings on Feb. 26, 2015.

The company's liquidator is:

          Arcadia Group Ltd
          Telephone: (345) 945 1830
          Facsimile: (345) 945 1835
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands

ARDON MAROON: Court Enters Wind-Up Order
On March 6, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Ardon Maroon Asia Eagle Feeder
Fund, LP.

David Griffin and John Batchelor were appointed as the company's

The company's liquidators are:

          David Griffin
          FTI Consulting (Cayman) Limited
          2D Landmark Square
          64 Earth Close, SMB
          PO Box 30613, Grand Cayman KY1-1203
          Cayman Islands; and

          John Batchelor
          FTI Consulting (Hong Kong) Limited
          The Center, Level 22
          99 Queens's Road Central, Central
          Hong Kong

ASP LAKESIDE: Commences Liquidation Proceedings
On March 3, 2015, the shareholders of ASP Lakeside Cayman Blocker
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:

          ASP Manager Corp.
          c/o Eric Schondorf
          299 Park Avenue
          34th Floor, New York
          New York 10171
          United States of America
          Telephone: +1 (212) 476 8000

BRIGHTIME VENTURES: Creditors' Proofs of Debt Due April 30
The creditors of Brightime Ventures Limited are required to file
their proofs of debt by April 30, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 9, 2015.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands

CLARITUS F SPC I: Creditors' Proofs of Debt Due April 20
The creditors of Claritus F SPC I are required to file their
proofs of debt by April 20, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 10, 2015.

The company's liquidator is:

          CDL Company Ltd.
          Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

CLARITUS F SPC II: Creditors' Proofs of Debt Due April 20
The creditors of Claritus F SPC II are required to file their
proofs of debt by April 20, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 10, 2015.

The company's liquidator is:

          CDL Company Ltd.
          Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

CLARITUS M SPC I: Creditors' Proofs of Debt Due April 20
The creditors of Claritus M SPC I are required to file their
proofs of debt by April 20, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 10, 2015.

The company's liquidator is:

          CDL Company Ltd.
          Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands

E.WORLD (HOLDINGS): Commences Liquidation Proceedings
At an extraordinary meeting held on Jan. 23, 2015, the
shareholders of E.World (Holdings) Ltd. resolved to voluntarily
liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 28, 2015, will be included in the company's dividend

The company's liquidator is:

          Ng Kwok Cheung, Bernard
          Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands

GUANAY FINANCE: Fitch Cuts $450MM Fixed-Rate Notes Rating to 'BB'
Fitch Ratings has downgraded the following rating assigned to the
2013-1 notes issued by Guanay Finance Limited, a special purpose
vehicle incorporated in the Cayman Islands and sponsored by LATAM
Airlines Group S.A. (LATAM):

   -- Series 2013-1 USD450 million senior secured fixed-rate notes
      to 'BB' from 'BB+'.

The Rating Outlook is Stable.

The issuance is backed by U.S. and Canadian dollar-denominated
ticket receivables originated by LATAM. Purchased receivables
result from airline ticket sales and cargo charges by LAN Airlines
S.A. (LAN) under IATA code 045 that are purchased using a
qualified credit, debit or charge card in the U.S. and Canada.
Fitch's rating addresses the timely payment of interest and
principal on a quarterly basis.


The rating action follows Fitch's downgrade to LATAM's Issuer
Default Rating (IDR) and reflects the following:

Credit Quality of the Originator: On April 1, 2015, Fitch
downgraded LATAM's IDR to 'BB-'/Stable Outlook from 'BB'/Negative
Outlook. Fitch also affirmed the GCA score of 'GC3' assigned to
the operations of LATAM excluding TAM. The credit strength of the
transaction is linked to the credit quality of LATAM.

Coverage Ratios Meet Expectations: The quarterly debt service
coverage ratio (DSCR) averaged 4.1x in 2014, slightly above
Fitch's expected quarterly DSCR of 3.78x. Fitch's DSCR considers
maximum and quarterly debt service for the life of the
transaction. Fitch's base case assumed no growth in purchased

Future Flow Debt Relative to Liabilities: The future flow issuance
represents approximately 5.1% of LATAM's consolidated debt and
6.5% of unconsolidated debt (excluding TAM) as of December 2014.
While these percentages are low relative to the balance sheet, the
transaction is large relative to the company's total unsecured
debt, as most of the company's debt relates to leases and secured

Moderate Diversion Risk: While designated obligors have signed
notice and consent agreements (N&Cs), the transaction is exposed
to potential diversion risk. Cash flows could be diverted from the
transaction by changing designated obligors or rerouting sales
through a different IATA code. This risk limits differentiation of
the issuance rating from the originator's IDR.


The rating is sensitive to changes in the credit quality of LATAM.
A downgrade of LATAM's 'BB-' IDR could lead to a downgrade of the
notes. In addition, a contraction in LAN's North American gateway
business that would result in a decline in DSCRs could lead to
rating downgrades.

HCSP SPC: Creditors' Proofs of Debt Due April 20
The creditors of HCSP SPC are required to file their proofs of
debt by April 20, 2015, to be included in the company's dividend

The company commenced wind-up proceedings on March 5, 2015.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands

INVEST AD: Commences Liquidation Proceedings
On March 12, 2015, the sole shareholder of Invest AD Solutions
Holdings I Ltd resolved to voluntarily liquidate the company's

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

MAGHREB VICTORY: Creditors' Proofs of Debt Due April 28
The creditors of Maghreb Victory Ltd. are required to file their
proofs of debt by April 28, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 10, 2015.

The company's liquidator is:

          Paul Travers
          Harbour Centre, Ground Floor
          P.O. Box 1569, 42, North Church Street
          George Town, Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891

NICHE AVENUE: Commences Liquidation Proceedings
On Oct. 23, 2014, the sole shareholder of Niche Avenue Fund, Ltd.
resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Fabian Schonenberg
          Tromino Financial Services Ltd.
          P.O. Box HM 458, Hamilton HM BX

SKYDIVE COSTA: Placed Under Voluntary Wind-Up
On Dec. 2, 2014, the sole shareholder of Skydive Costa Brava
Limited 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:

          Mr. Abdel Hameed Mostafa Ahmed
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          c/o Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands

YUKON RE: Placed Under Voluntary Wind-Up
On Feb. 27, 2015, the sole shareholder of Yukon RE, SPC 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:

          RSM Cayman Ltd.
          c/o Ian Lomas
          Telephone: (345) 743 3016
          Harbour Place, 2nd Floor
          George Town
          P.O. Box 10311 Grand Cayman KY1-1003
          Cayman Islands


LATAM AIRLINES: Moody's Assigns 'Ba2' CFR, Outlook Stable
Moody's Investors Service assigned a Ba2 corporate family rating
(CFR) to LATAM Airlines Group S.A (LATAM Airlines). The outlook on
the rating is stable.

The Ba2 CFR reflects LATAM Airlines' significant market position
in Latin America with a well diversified business portfolio of air
transportation services, superior network connectivity and
strategic alliances, along with an improving operating structure
that allows them to remain competitive going forward. Adequate
liquidity, good financial disclosures and a conservative approach
to risk management are additional credit positives for this

Constraining the ratings is the company's revenue and cash
generation exposure to weak currencies in Latin American not fully
mitigated by the company's hedging strategies, which contrast to a
large component of costs and capital expenditures in US dollars.
LATAM Airlines is also exposed to a slowing macroeconomic
environment throughout Latin America, particularly in Brazil,
which will likely strain demand growth in 2015 and increase
pressure on air carriers to reduce yields and/or reduce capacity
to maintain profitability. Moody's also see some executions risks
related to the ongoing integration of LAN and TAM operations and
evolving regulatory changes.

Despite the current high leverage, LATAM Airlines' overall credit
profile has been improving, reflecting the company's progress on
the business combination of LAN Airlines S.A. of Chile and TAM
S.A. of Brazil. But the improvement of profitability from its
enhanced network and geographic diversity should be more visible
over the next few years, given the company is still in the process
of optimize the LAN and TAM's individual fleet plans and phasing
out of the less efficient models to accommodate with its revised
growth strategy. In terms of cost saving initiatives, LATAM has
recently announced a USD650 million cost reduction plan to be
implemented over 3 years, which could potentially reduce unit
costs by 15%, which should contribute to gradual improvements in
operating margins an leverage reduction.

The company also has an adequate liquidity profile, benefiting
from solid internal cash generation. LATAM Airlines' unrestricted
cash balances to revenue sit around 15%, which is in line with
global peer group average. The company reported unrestricted cash
and short term investments in the amount of USD1.5 billion as of
Dec. 31, 2014, which is enough to cover the entirety its upcoming
debt maturities during 2015. Additional flexibility is provided by
the company's USD210 million in committed credit lines with 100%
availability, though subject to company specific financial
covenant tests and general market material adverse change clauses.

The stable outlook reflects Moody's expectation that LATAM
Airlines will gradually improve its financial profile over the
next 12-to-18 months, as a result of its increased focus on cost
reduction and favorable trends for fuel costs, which will support
healthier operating margins going forward. The geographic and
business diversity provides the company exposure to different
demand dynamics that should help offset near term challenges
related economic slowdowns in Brazil, foreign currency volatility
and increasing competition in the region.

A rating upgrade could be considered if LATAM Airlines is able to
successfully execute its growth strategy and strengthen its
financial profile, such that adjusted debt-to-EBITDA improves to
less than 4.0 times on a sustained basis, along with improvement
to a stronger liquidity profile, as illustrated by a cash-to-
revenue position closer to 25%.

Conversely, negative rating pressure could develop if the
company's liquidity is strained due to a prolonged market downturn
or significant cost pressures, which combined with the company's
significant aircraft acquisition program could lead to weaker free
cash flow generation. Downward pressure on the rating could occur
if LATAM Airlines' adjusted EBITDA margins remain below 20% (17.7%
in 2014) or adjusted leverage remains above 6.0 times (6.2 times
in 2014) for a sustained period.

The principal methodology used in these ratings was Global
Passenger Airlines published in May 2012.

LATAM Airlines Group S.A. (LATAM Airlines) is a Chilean-based
airline holding company formed by the business combination of LAN
Airlines S.A. of Chile and TAM S.A. of Brazil in June 2012, which
remain operating as two separate brands. LATAM Airlines is the
larger airline group in South America with local presence in seven
countries (Brazil, Chile, Peru, Ecuador, Argentina, Colombia and
Paraguay). The company provides intra-regional and international
passenger services and it also has a cargo operation that is
carried out through the use of belly space on passenger flights
and dedicated freighter service. In 2014, LATAM Airlines generated
around USD12 billion in net revenues and carried over 67.8 million
passengers and 1.1 million tons.

LATAM AIRLINES: Fitch Lowers IDR to 'BB-'; Outlook Stable
Fitch Ratings has downgraded LATAM Airlines Group S.A.'s (LATAM)
foreign currency Issuer Default Rating (IDR) to 'BB-' from 'BB'.
In addition, Fitch has downgraded TAM S.A.'s (TAM) foreign and
local currency IDRs to 'BB-' from 'BB' and its national long-term
rating to 'A(bra)' from 'A+(bra)'.

The Rating Outlook is Stable.

The rating downgrade reflects the review of LATAM's operational
performance as well as expectations for the next 24 months, ending
in December 2016, in terms of operational margins, adjusted gross
leverage, free cash flow (FCF) generation, and liquidity.  It also
incorporates the review of LATAM's credit metrics versus its
global peers within the rating category.  LATAM's gross adjusted
leverage and operational margin metrics remain weak for the rating
category, the ratings factor in material improvement in these
areas during the next quarters.

The Stable Outlook reflects expectations that the company will
stabilize its operations and execute its business plan during
2015-2016 period reaching EBIT margin around 8%, adjusted gross
leverage trending to 5x, and liquidity, measured as cash and
unused committed credit lines/latest 12 months (LTM) revenues
ratio, remaining in the upper level of the 10% to 15% range.
Brazil's macroeconomic scenario should continue to challenge the
company's operational performance.

LATAM's ratings reflect its diversified business model, strong
regional market position, high gross adjusted leverage, and
adequate liquidity.  The ratings also incorporate the company's
solid business position in the domestic and international
Brazilian market as well as the volatility in the operational
results - associated within these markets - through the economic
cycle.  The ratings of LATAM and TAM and their subsidiaries take
into account the credit linkage between the two companies, which
stems from their legal, operational, and strategic ties.  These
links are reflected in the existence of cross-guarantee and cross-
default clauses related to the financing of aircraft acquisitions
for both LATAM and TAM.


High Financial Leverage:

LATAM's adjusted gross leverage metric is high and remains weak
for the rating category, the ratings consider a gradual business
deleverage - driven by better margins - taking place during the
next several quarters.  The company's adjusted gross leverage is
expected to trend toward levels around 5x during the 2015-2016
period.  LATAM's gross adjusted leverage, measured as total
adjusted debt over EBITDAR ratio, was 6.1x in LTM Dec. 31, 2014
(6.1x in 2013).  The company achieved revenues, EBITDAR, and an
EBITDAR margin of USD12.5 billion, USD2.0 billion, and 16.4%,
respectively, during LTM Dec. 31, 2014, while its 2014 EBIT margin
was 4.1% versus 4.9% in 2013.  In addition, the company's total
adjusted debt was approximately USD12.4 billion at the end of
December 2014.  This debt includes USD8.7 billion in on-balance-
sheet debt and USD3.7 billion in off-balance-sheet obligations
related to operating leases with combined rental payments of
around USD521 million for LTM Dec. 31, 2014.

EBIT Margin Improvement Key for Business Deleverage:

Factored in the ratings is the view that the company will improve
its operational performance and FCF generation resulting in lower
gross adjusted leverage during the period 2015-2016 period.
Although pricing is expected to remain a crucial issue as macro
weakness, FX trend, and soft corporate demand should result in
passenger yields declining during 2015, lower fuel cost is
expected to offset the decline in revenues per unit.  Including
fuel hedge cost, the company's total fuel cost per unit is
expected to reach a significant decline during 2015.  All factors
included the company RASK - CASK spread per unit is expected to
improve resulting in the company's EBIT margin trending to levels
around 8% during the 2015-2016 period versus 4.1% reached during

By segments, LATAM's capacity management in 2014 resulted in -2%
in the international segment, -1% in Brazil's domestic segment,
+4% in the Spanish Speaking Domestic segment, and -6% in the cargo
segment.  LATAM plans capacity increases in 2015 of between 4% and
6% in the international segment, 0% in Brazil's domestic segment,
between 4% and 5% in the Spanish Speaking Domestic segment, and
from 1% to 3% in the cargo segment.  Overall, the company's
consolidated capacity is expected to increase to approximately
5.3% in 2015 and 8% in 2016, respectively.

FCF Trend Incorporated:

The company's FCF is expected to be neutral to slightly negative
during the 2015-2016 period reflecting balanced levels of cash
flow operations and capital expenditures.  LATAM maintains a fleet
plan that calls for capex levels of USD878 million and USD1
billion during 2015 and 2016, respectively.  Including non-fleet
capex, the company's total net capex in 2015 and 2016 is estimated
at levels of USD1.4 billion and USD 1.6 billion, respectively.

From a strategic and operational point of view, the company's
fleet renewal is viewed as a positive as it will provide a cost
advantage in terms of fuel consumption.  By the end of December
2014, LATAM's consolidated fleet was composed of 327 aircraft
units, distributed among its short haul/regional fleet (238
units), long haul fleet (74 units); and cargo fleet (15 units).
The company's fleet financing strategy is to maintain
approximately 67% of its fleet financing on-balance and the
remaining off-balance through operational leases.

Adequate Liquidity:

Fitch views the company's liquidity position as adequate for the
rating category.  At the end of December 2014, the company had a
cash position of USD1.5 billion, along with USD210 million in
unused committed credit lines.  This level of liquidity, measured
as total cash and marketable securities plus unused committed
credit lines over LTM revenues, represents 14% of the company's
revenues for LTM Dec. 31, 2014.  This ratio is expected to be
around 15% in the foreseeable future.  The company's funds from
operations (FFO) fixed charge coverage ratio was 1.8x during 2014,
and it is expected to improve trending to levels around 2.4x over
the next 24 months ended in December 2016.  In addition, LATAM
faces debt amortizations of USD1.3 billion and USD1.3 billion
during 2015 and 2016, respectively, which will be primarily
addressed through refinancing.

Market Position and Diversification Positively Factored:

Fitch views LATAM's strong business position as sustainable in the
medium term based on its business diversification, as well as its
solid business position both within Latin America and in the
international routes between Latin America and either North
America or Europe.  The ratings incorporate the company's leading
market share in Brazil's domestic and international markets, as
well as the volatility in operating results associated within
these markets through the economic cycle.

The company maintains a leading market position in the domestic
markets of Brazil, Chile and Peru with participations of
approximately 40%, 80%, and 65%, respectively.  The company's
market share in the Colombian domestic market is around 20%.  The
company's market share position in terms of ASK in the intra-
regional traffic is estimated around 55%, while its participations
in the traffic of the Latin American region with USA/Canada and
Europe are estimated at levels 24% and 13%, respectively.  The
company maintains a good business diversification with
International Passengers, Domestic Brazil, Domestic Spanish
Speaking Countries, and Cargo divisions representing 39%, 30%, 14%
and 14%, respectively, of the company's total revenues by the end
of December 2014.

Strong Parent - Sub Credit Linkage:

LATAM maintains indirectly substantially all of the economic
rights and 20% of the voting rights in TAM, which is an affiliate
company of LATAM.  The ratings of LATAM and TAM also incorporate
the strong credit linkage between both entities with significant
legal, operational and strategic ties existing between the two
companies.  This situation is reflected in the existence of cross
guarantees and cross default clauses related to the aircraft
financing for both entities, no restriction in terms of dividends
and/or intercompany loan between both entities with substantially
all dividend flow generated by TAM expected to be oriented to
LATAM through its non-voting shares in TAM.  In addition, the
financing of the combined fleet plan capital expenditure is
primarily implemented through LATAM with the new aircraft being
subleased to TAM.


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

   -- 2015 EBIT margin around 8%.
   -- Gross leverage trending to levels around 5x during the 2015-
      2016 period, and consistently in the 4.5x to 5x range
   -- Neutral FCF in 2015.
   -- FFO fixed charge coverage consistently above 2.25x.
   -- Cash and marketable securities over LTM revenues
      consistently in the upper level of the 10% to 15% range.


Considerations that could lead to a negative rating action (Rating
or Outlook):

Future developments that may, individually or collectively, lead
to a negative rating action include:

   -- Sustained negative FCF;
   -- Weakening liquidity consistently at levels below
      incorporated expectations;
   -- Gross adjusted leverage consistently above 5x;
   -- EBIT margin consistently below 7%;
   -- FFO fixed charge coverage consistently below 2x.

Considerations that could lead to a positive rating action (Rating
or Outlook):

Conversely, Fitch may take a positive rating action if a
combination of these factors takes place:

   -- Adjusted gross leverage sustained at 4x;
   -- Neutral to positive FCF generation;
   -- FFO fixed charge coverage consistently around 3x;
   -- EBIT margin moving to 10%.

Fitch has taken these rating actions:

LATAM Airlines Group S.A.:
   -- Long-term Issuer Default Rating (IDR) downgraded to 'BB-'
      from 'BB';
   -- National Equity Rating affirmed at 'Primera Clase Nivel 2


   -- Long-term IDR downgraded to 'BB-' from 'BB';
   -- Local currency IDR downgraded to 'BB-'from 'BB';
   -- National long-term rating downgraded to 'A(bra)' from

Tam Linhas Aereas S.A.

   -- Long-term IDR downgraded to 'BB-'from 'BB';
   -- Local currency IDR downgraded to 'BB-' from 'BB';
   -- National long-term rating downgraded to 'A(bra)' from

Tam Capital Inc.

   -- USD300 million senior unsecured note due 2017 downgraded to
      'BB-' from 'BB'.

Tam Capital Inc. 2

   -- USD300 million senior unsecured note due to 2020 downgraded
      to 'BB-' from 'BB'.

Tam Capital Inc. 3

   -- USD500 million senior unsecured note due 2021 downgraded to
      'BB-' from 'BB';

The Rating Outlook is revised to Stable from Negative.


PACIFIC RUBIALES: S&P Lowers CCR to 'BB'; Outlook Negative
Standard & Poor's Ratings Services lowered its long-term corporate
credit and issue-level ratings on Pacific Rubiales Energy Corp.
(PRE) to 'BB' from 'BB+'.  At the same time, S&P removed the
ratings from CreditWatch negative, where S&P placed them on
Jan. 16, 2015.  The outlook is negative.

The downgrade reflects the company's weaker financial credit
metrics -- due to lower commodity prices -- which prompted S&P to
revise its assessment on the company's financial risk profile to
"significant" from "intermediate."  Moreover, the negative outlook
reflects the uncertainty over the company's production performance
during the next two years, while the continued drop in oil prices
could undermine PRE's liquidity and credit metrics, absent
potential assets sales.


PETCOM: Jamaica Government Plans to Sell Firm
RJR News reports that the Jamaican Government is proceeding with
plans to sell the State-owned company, Petcom.

Petcom, which is a subsidiary of the Petroleum Corporation of
Jamaica, comprises 24 service stations and 14 LPG filling plants,

Information Minister Senator Sandrea Falconer disclosed that the
divestment is scheduled to be completed by September, according to
RJR News.

The report adds that the Cabinet has approved the establishment of
an enterprise team, "to coordinate, manage and execute the
privatization of Petcom, and provide the requisite administrative
and technical support," she disclosed.

The Enterprise team will be chaired by Professor Edwin Jones.  The
other members are Christopher Cargil, Christopher Lecky, Richard
Dawkins, Narine Small, Catherine Williams, and Coleen Weise.

Petcom recorded more than $10 billion in revenues last year.

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Central Bank Sells US$60 Million
Trinidad Express reports that Trinidad and Tobago Central Bank has
sold US$60 million to the banking system, in what it said was a
measure to balance out the shortfall of foreign exchange for

In a statement, the bank said demand for foreign exchange from the
business community and public totaled US$625 million, while supply
of foreign exchange, mainly from energy sector companies, amounted
to US$595 million, according to Trinidad Express.

"The result is an overall gap of US$30 million," the Central Bank
noted, the report relays.

"In keeping with its program to support the domestic foreign
exchange market, Central Bank sold US$60 million to the banking
system, completely offsetting the gap and providing just over
US$30 million in excess supply to be used in early April 2015,"
the Central Bank added, says Trinidad Express.

The report notes that the bank said conversions by the energy
sector contributed nearly 75 per cent or US$445 million to total
foreign exchange inflows for March.

Demand, it added, was mainly driven by retail and distribution
(US$180 million), credit cards (US$80 million) and manufacturing
(US$65 million), the report relays.

"Trinidad and Tobago's net official reserves currently stand at
US$10.9 billion, representing just over one year's worth of import
cover," the bank added, reports Trinidad Express.


VENEZUELA: Dismisses Miami Herald Report on PetroCaribe
RJR News reports that Venezuela has dismissed an overseas media
report that it has drastically reduced oil shipments to
PetroCaribe member nations, including Jamaica.

The Miami Herald newspaper, quoting a Barclays Bank report, said
Venezuela had cut in half its subsidized shipments of crude oil to
PetroCaribe member nations to 200,000 barrels daily, the report
notes.  However, Venezuela's Foreign Affairs Minister, Delsy
Rodriguez, who visited St Kitts and Nevis, said attempts are being
made to discredit PetroCaribe, the report relays.  Ms. Rodriguez
said PetroCaribe remains strong.

According to the Miami Herald, the cuts deepened after August last
year, when crude oil prices began to drop, the report discloses.

It quoted Barclays Bank as saying that Cuba has received about
55,000 barrels per day since September, nearly half of what it
received in 2012, the report adds.


* BOND PRICING: For the Week From March 23 to March 27, 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
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
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
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
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
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
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
International Inc  8       84.5    5/1/2021     US       USD
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
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
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
Ltd                5.753    0.68                KY       EUR
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
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
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
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
Properties Corp    9.5      47       7/3/2017   PA       USD
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
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
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
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
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
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
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.
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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
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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.

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