TCRLA_Public/150410.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, April 10, 2015, Vol. 16, No. 070


                            Headlines



A R G E N T I N A

ARGENTINA: Sues Citibank as Default Row Turns Ugly
FIDEICOMISO FINANCIERO: Moody's Assigns Caa1 Global Scale Rating


B E R M U D A

CRANBERRY RE: Fitch Expects to Rate Class A Notes 'Bsf'


B R A Z I L

CAMARGO CORREA: Fitch Keeps 'BB' Issuer Default Rating
PETROLEO BRASILEIRO: May Issue Earnings in April JP Morgan, Says
SCHAHIN II 2012-1: Fitch Lowers Rating on Sr. Sec. Notes to 'B-'
TONON BIOENERGIA: Fitch Lowers IDR to 'B-' & Puts on Watch Neg.


C A Y M A N  I S L A N D S

AIR 2 US: Fitch Raises Rating on Series A EENs to 'BB+/RR1'
BROUGHTON CORPORATION: Members' Final Meeting Set for April 28
CONTINENTAL ASSET: Members' Final Meeting Set for April 21
CORE-MALAYSIA: Members' Final Meeting Set for April 27
CPIM STRUCTURED: Members' Final Meeting Set for April 22

FARENHEIT ADVISORS: Shareholder to Hear Wind-Up Report on April 20
JIMILI INVESTMENTS: Members' Final Meeting Set for April 30
MIDSHIPS OPPORTUNITY: Member to Hear Wind-Up Report on April 21
MIDSHIPS OPPORTUNITY: Member to Hear Wind-Up Report on April 21
RIVERSIDE GLOBAL: Shareholders' Final Meeting Set for April 23

SAYBOLT MALAYSIA: Members' Final Meeting Set for April 27
STRUCTURED CREDIT: Members' Final Meeting Set for April 23
THALASSA LIMITED: Members Receive Wind-Up Report
VIETNAM RESOURCE: Members' Final Meeting Set for May 4
WESSEX ASIA: Members' Final Meeting Set for April 22


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Heads Push to Fix Country's Energy Woes
DOMINICAN REP: Decries 'Secret Talks' to Waylay Workers' Benefits
DOMINICAN REPUBLIC: Agree with Private Sector on Wage Hike


M E X I C O

CONTROLADORA COMERCIAL: Moody's Withdraws Ba1 Corp Family Rating
MCEWEN MINING: Gold Worth $8.5 Million Stolen From Mining Firm
MUNICIPALITY OF MEXICALI: Fitch Affirms B3/Ba2.mx Issuer Rating


U R U G U A Y

ACI AIRPORT: Fitch Expects to Rate $200MM Sr. Secured Notes 'BB+'


                            - - - - -


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


ARGENTINA: Sues Citibank as Default Row Turns Ugly
--------------------------------------------------
The Telegraph reports that Argentina is suing Citibank for
striking a deal with a group of US creditors fighting the
government over unpaid debt, its economy minister said, marking a
fresh low in deteriorating relations between the South American
nation and the bank.

Citibank Argentina, a subsidiary of Citigroup, found itself at the
center of a lengthy court battle after the government demanded it
process interest payments on exchanged debt, in defiance of US
court orders, according to The Telegraph.

The report notes that the bank last month agreed with the
litigating investors not to appeal the court's injunction blocking
Argentina's payments if it was allowed to process two one-off
transfers in March and June to help it quit its local bond custody
business.

Alex Kicillof, Argentina's economy minister, said the agreement
"violated and interfered with regulations governing our public
debt," the report relates.

The report notes that the relations between the leftist government
and Citibank Argentina, the country's 12th largest by deposits,
have unraveled in the past two weeks.

On March 27, Argentina's securities regulator suspended the bank
from capital market operations and declared a local financial
house would take over its role as custodian of some bonds, the
report relays.

Four days later, the central bank stripped Citibank Argentina's
chief executive of his authority and then sent regulators into the
bank's headquarters to monitor its operations, notes the report.

Argentina denigrates the hedge funds that spurned bond swaps after
the country's record default on $100 billion in 2002 as "vultures"
bent on crippling an economy in the pursuit of mega profits, the
report notes.

Mr. Kicillof lampooned Citibank Argentina for signing "a deal with
the devil" and said the government had asked the Argentine courts
to nullify the pact, the report adds.

                             *     *     *

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'.


FIDEICOMISO FINANCIERO: Moody's Assigns Caa1 Global Scale Rating
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, S.A. has
assigned a rating of Baa2.ar (national scale rating) and Caa1
(global scale, local currency) to the class A and class B debt
securities (VRDA and VRDB); and a rating of Ca.ar (national scale
rating) and Ca (global scale, local currency) to the participation
certificates (CP) of Fideicomiso Financiero EISA 2014, a financial
trust established in Argentina. The debt securities will be issued
by Nacion Fideicomisos S.A., acting solely as issuer and trustee.

As of April 8, the securities for this transaction have not yet
been placed in the market. The transaction is pending approval
from the Comision Nacional de Valores, if any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

ISSUER: Fideicomiso Financiero EISA 2014

-- VRDA: Baa2.ar (national scale) and Caa1 (global scale, foreign
currency) ratings assigned

-- VRDB: Baa2.ar (national scale) and Caa1 (global scale, local
currency) ratings assigned

-- CP: Ca.ar (national scale) and Ca (global scale, local
currency) ratings assigned

RATINGS RATIONALE

The transaction is backed by a refinanced debt agreement between
Electroingenier¬°a S.A (EISA, as seller, rated Caa1/Baa3.ar) and
Empresa Provincial de Energ¬°a de Cordoba (EPEC, as obligor, rated
Caa1/Ba1.ar), related to performed operation and maintenance works
by EISA of the EPEC's Central Pilar plant. To complement that
agreement, EPEC assigned the rights to receivables to be generated
between February 2015 and December 2017 of three electricity
distribution cooperatives that are clients of EPEC. In addition,
EISA will provide a guarantee for all amounts outstanding under
the VDRA and VDRB.

The ratings are based mainly on the following factors: (i) EPEC's
obligation to pay under the refinanced debt agreement; (ii) the
irrevocable and unconditional guaranty provided by EISA that
covers timely payment of principal and interest on the VRDA and
VRDB, and trust expenses and taxes and (ii) the assignment of
certain underlying future flow receivables relating to the
delivery of energy by EPEC to three cooperatives;

Moody's ratings are primarily based on a joint default analysis of
EPEC meeting its obligation under the renegotiation contract and
the guaranty provided by EISA, which covers interest and principal
payments on the rated securities. As a result, the national scale
rating on the debt securities (Baa2.ar) is one notch higher than
EISA's national scale rating (Baa3.ar).

The Central Bicentenario -- Central Termica Ciclo Combinado Pilar
(Central Pilar) is a combined cycle thermoelectric power plant
located in the Province of Cordoba, Argentina. The power plant is
owned by the Provincial Energy Company of the Province of Cordoba
(EPEC).

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

Any future change in the rating of the obligor or guarantor may
lead to a change in the rating assigned to this transaction. The
rating addresses the payment of interest and principal on or
before the legal final maturity date of the securities.



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B E R M U D A
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CRANBERRY RE: Fitch Expects to Rate Class A Notes 'Bsf'
-------------------------------------------------------
Fitch Ratings expects to rate the Principal At-Risk Variable Rate
Notes issued by Cranberry Re Ltd, a registered special purpose
insurer in Bermuda as:

   -- Series 2015-1 Class A Principal At-Risk Variable Rate Notes
      with amount to be determined by sponsor; expected maturity
      July 6, 2018; expected rating 'Bsf'; Outlook Stable

TRANSACTION SUMMARY

The notes are exposed to insured property losses caused by 'named
storms', 'severe thunderstorms' and 'winter storms' on an annual
aggregate basis using an indemnity trigger, from Subject Business
written by the Massachusetts Property Insurance Underwriting
Association (MPIUA, also known as the MA FAIR Plan).  The subject
business covers solely the state of Massachusetts representing a
total insured value of $97.5 billion or a 12% market share (based
on 2013 premium).  The subject business consists of homeowners
(91%) and dwelling coverage (9%) with very minimal commercial
coverage (<1%).

Significant coastal counties; such as Barnstable (Cape Cod area)
and Suffolk (Boston area), have the largest exposure at 29.5% and
14.6%, respectively.  Other notable coastal counties, Dukes
(Martha's Vineyard area) and Nantucket, have 4.8% and 3.2% of the
total insured value, respectively.

A covered event within the risk period, July 1, 2015 through
June 30, 2018, must cause at least $10 million of ultimate net
loss to MPIUA to qualify.  Notable recent events would be
considered a covered event but not significant to cause a
principal loss to the Series 2015-1 Notes.  Of the multiple winter
storms in 2014 and the first quarter of 2015, the only covered
event has an estimated $14.4 million of incurred claims.

Recent 'named storms' Superstorm Sandy (October 2012) had total
losses of $10.1 million and Hurricane Irene (August 2011) would
not have qualified.  The most damaging event caused by wind and
thunderstorms occurred in May 2011 and had $16.8 million of total
paid losses.

Initially, noteholders are subject to principal loss (and reduced
interest) if the annual aggregate ultimate net losses exceed the
attachment point of $300 million and a total loss of principal
occurs if the severity reaches $1.4 billion in the first twelve-
month risk period.  Based on the profile of the subject business
and the attachment point, the third party modeling firm AIR
Worldwide (AIR) calculates the modeled annual attachment
probability to be 3.081%, which implies a 'Bsf' rating per Fitch's
criteria.  It should be noted that the threshold between a 'B' and
'B+' rating is 3.02% (in other words, Fitch may have rated the
note 'B+' if the attachment probability was slightly lower).  The
modeled expected loss is 1.377%.

There will be three annual risk periods over the term of the
notes, with the 'reset' occurring on July 1, 2016 and July 1, 2017
using AIR's escrowed software models and MPIUA's updated subject
business data and loss adjustment expense factor.  At each reset
date, MPIUA may exercise an option to decrease (or increase) the
attachment levels within a rather wide exceedance probability
range of 4.00% to 1.50%.  The implied rating under Fitch's
criteria at a 4.00% exceedance probability is 'Bsf,' and the
implied rating at 1.50% is 'BB-sf'.  If such an option is
exercised by MPIUA at either reset date, the risk interest spread
will be recalculated to reflect the increased (or decreased) level
of risk assumed by the noteholders.  If MPIUA does not elect to
reset the attachment levels, the reset agent will adjust the
attachment level and exhaustion level to maintain the initial
3.081% exceedance probability using the updated subject business
profile.

The notes may be extended for 36 additional months if certain
qualifying events occur, or at the discretion of Hannover Ruck SE,
a reinsurance company that acts as a transformer and sits between
MPIUA and Cranberry Re.  However, the notes are not exposed to any
further catastrophe events during this extension (only further
claim development of existing events).  The notes may be redeemed
at any time due to regulatory or tax law changes or partially by
MPIUA during the extension period or under certain early
redemption events.  The repayment of the notes to the noteholders
occurs subsequent to any qualified payments to MPIUA for covered
events.  Noteholders have no recourse to MPIUA (or to its
transformer, Hannover Ruck SE).

KEY RATING DRIVERS

The rating is based on the evaluation of the natural catastrophe
risk, the business profile of MPIUA, the counterparty risk of the
transformer reinsurer (Hannover Ruck SE) and the credit risk of
the collateral assets.  The natural catastrophe risk represents
the weakest link and currently drives the rating of the Series
2015-1 Notes.

The rating analysis in support of the evaluation of the natural
catastrophe risk is highly model-driven.  As with any model of
complex physical systems, particularly those with low frequencies
of occurrence and potentially high severity outcomes, the actual
losses from catastrophic events may differ from the results of
simulation analyses.  Fitch is neutral to any of the major
catastrophe modeling firms that is selected by the issuer to
provide the modeling analysis, and thus Fitch did not include any
explicit margins or qualitative haircuts to the probability of
loss metric provided by the modeling firm.

The probability of loss was initially estimated at 3.081% based on
100,000 simulations of a one-year risk period ates, version 7.0 of
the AIR Severe Thunderstorm model for the United as calculated by
AIR using their methodology and proprietary models (Version 16.0
of the AIR Hurricane model for the United St States, version 1.7
of the AIR Winter Storm model for the United States, each as
implemented in Touchstone version 2.0.2).  Results from other
possible modelers or from MPIUA were not provided.  Sensitivity
analysis provided by AIR indicated the implied rating would be no
worse than 'Bsf'.

The model estimates 'named storms' contribute 96.3% of the annual
expected loss, with winter storms and severe thunderstorms being
2.2% and 1.5%, respectively.  In addition, of the simulated years
that produced aggregate ultimate net losses exceeding the
attachment level, 49.8% are attributed to a single event in the
year, while years with two events would represent another 32.9%.
Within the record of actual historical events, only four
hurricanes (if replicated and applied to the current subject
business) would lead to a partial principal loss - notably,
Hurricanes Donna (1960) and Bob (1991) would have produced a 27.4%
and 20.0% principal loss.

The risk modeling included certain stresses for economic demand
surge, storm surge and a loss adjustment expense factor of 1.065.
The modeled results did not include the possibility that the
average annual loss may increase by up to 1.10 in any annual risk
period.  The model simulates only hurricane activity making
landfall, thus it understates claim losses to named storms not
recognized as hurricanes or hurricanes that become degraded.
Noteholders are exposed to this basis risk or the difference
between actual net losses incurred by MPIUA and the AIR modeled
net losses.

Cranberry Re Ltd. ultimately 'follows the fortunes' of MPIUA in
regards to underwriting of new business over the next three years
and claim management practices.  MPIUA was established by the
Massachusetts Legislature in 1968 as a residual insurer of last
resort solely for the Commonwealth of Massachusetts and employs
approximately 150 people.  It is a for-profit organization
organized by an association of over 500 member insurers.  Business
can be placed by licensed agents, brokers or directly by
consumers.  All properties insured by MPIUA must be certified as
built to specified building codes, must have flood insurance
coverage in specified flood areas and have maximum limits per
residential dwelling of $1,000,000 (higher limits are available
for commercial structures).

Fitch does not rate MPIUA but believes certain safeguards are in
place for noteholders.  MPIUA is subject to review, oversight and
approval by the Massachusetts Department of Insurance (though it
receives no federal, state or local funds for support); there is
an independent claim reviewer and loss reserve specialist (Towers
Watson Ltd., Bermuda) for Cranberry Re Ltd.; and the data quality
of the Subject Business provided to AIR appears good.  For this
particular peril and transaction, MPIUA will retain at least 5% of
the aggregate ultimate net loss on a first-dollar basis, covering
the first $100 million.  Above this retention, claim losses are
paid by traditional reinsurers until reaching the attachment
point, where losses are shared between noteholders and reinsurers
on a pro-rata basis depending on the ultimate deal size.

Hannover Ruck SE (IDR: 'AA-'; Rating Outlook Stable by Fitch) acts
as the transformer for MPIUA and Cranberry Re Ltd.  Noteholders
are exposed to the counterparty risk that Hannover Ruck SE does
not pass along retrocession premiums to Cranberry Re Ltd.  These
premiums are a key component in the coupon payment to noteholders.

Proceeds from this issuance will be held in a collateral account
and used to purchase high-credit-quality money market funds
meeting defined eligibility criteria, otherwise funds will be held
in cash.  Investment yields generated from these permitted
investments are passed directly to noteholders as the other
component.  Noteholders are exposed to possible market value risk
if the net asset value of a money market fund falls below $1.00.
Finally, certain actions may be required if the collateral account
is invested in money market funds and FATCA is deemed to apply in
late 2016.

RATING SENSITIVITIES

This rating is sensitive to the occurrence of a qualifying
event(s), MPIUA's election to reset the note's attachment level,
changes in the data quality or purpose of MPIUA, the counterparty
rating of Hannover Ruck SE and the rating on the assets held in
the collateral account.

If qualifying covered events occur that cause annual aggregate
losses to exceed the attachment level, Fitch will downgrade the
notes reflecting an effective default and issue a Recovery Rating.

In the case of a reset election by MPIUA, the rating would not be
sensitive to a movement from the initial 3.081% exceedance
probability to a probability as high as 4.00%, since both
probabilities imply a 'Bsf' rating.  However, if MPIUA elected to
move closer to an exceedance probability approaching 1.50%, the
notes at that time could be upgraded to as high as 'BB-sf'.

To a lesser extent, the notes may be downgraded if the money
market funds should 'break the buck', Hannover Ruck SE fails to
make timely retrocession premium payments or MPIUA materially
changes its mission or operations.

The escrow model may not reflect future methodology enhancements
by AIR which may have an adverse or beneficial effect on the
implied rating of the notes were such future methodology
considered.

Fitch's expected rating is based on a review of a draft
Confidential Offering Circular Supplement No. 1 (dated March 24,
2015), a Rating Agency Presentation (dated March 24, 2015) and AIR
Expert Risk Analysis and Results (dated March 25, 2015).  The
final rating is contingent upon receipt of signed legal documents
pertinent to this transaction that do not materially change what
has currently been reviewed.  Any changes could lead Fitch to an
alternative rating or inability to rate the note.


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B R A Z I L
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CAMARGO CORREA: Fitch Keeps 'BB' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has maintained the ratings for the following issuers
on Rating Watch Negative: Camargo Correa S.A. (CCSA), Construtora
Andrade Gutierrez S.A. (CAG), Construtora Norberto Odebrecht S.A.
(CNO) and Construtora Queiroz Galvao S.A. (CQG).  The ratings
associated with their financial vehicles' issuances also remain on
Rating Watch Negative.

KEY RATING DRIVERS

Key concerns regarding the aforementioned companies have not
registered major developments since the last rating action on
January 2015.  They include: the ongoing nature of the Lava Jato
investigation, which could lead to additional negative findings;
decreasing and more expensive financing options for most companies
in the sector; yet-to-be determined punitive measures; challenging
conditions for receiving payments for completed projects and
recognizing claims related to contract amendments; and the
potential restructuring, suspension, or delays under existing
contracts with Petroleo Brasileiro S.A. (Petrobras).

At the same time, there have been no evidences that CNO, CAG, CCSA
and CQG's credit metrics have been materially affected by the
scandal, although changes on this scenario may occur in the short
term.  Banks have become more diligent in dealing with Brazilian
contractors, cost of capital increased, and the market environment
is unfavorable to the government to implement the infrastructure
agenda as most of the tier 1 and 2 engineering and construction
(E&C) companies in Brazil are under investigation.

CNO, CAG, CCSA and CQG have been implementing a robust cash
balance policy, which is positive during the current challenging
operating scenario.  This should partially cushion a potential
negative impact on these companies' financial profile in the next
quarters.  The operations abroad are also likely to mitigate the
expected slowdown within operation in Brazil.

KEY ASSUMPTIONS

   -- Local scenario for E&C remains challenging;
   -- Credit will continue scarce, especially for the E&C sector;
   -- Public infrastructure agenda remains on hold.

RATING SENSITIVITIES

Future developments that may collectively or individually lead to
negative rating actions include:
   -- Application of material fines;
   -- Expectation of reduction on backlog that could lead to
      material decrease on cash flow from operations during a
      considerable period;
   -- Deterioration of liquidity position to below 1.0x the short-
      term debt.

Fitch has maintained these issuers and issuances on Rating Watch
Negative:

Camargo Correa S.A.:
   -- Foreign currency Issuer Default Rating (IDR) 'BB';
   -- Local currency IDR 'BB';
   -- National long-term rating 'AA-(bra)';
   -- National short-term rating 'F1(bra)'.

CCSA Finance Limited:
   -- Foreign currency IDR withdrawn;
   -- Local currency IDR withdrawn;
   -- USD250 million senior unsecured bonds due 2016 'BB'.

Construtora Andrade Gutierrez S.A.
   -- Foreign currency IDR 'BBB-';
   -- Local currency IDR 'BBB-';
   -- National scale rating 'AA(bra)'.

Andrade Gutierrez International S.A.
   -- USD500 million senior unsecured bonds due 2018 'BBB-'.

Construtora Queiroz Galvao S.A.
   -- National scale rating 'A(bra)'.

Construtora Norberto Odebrecht S.A.:
   -- Foreign currency IDR 'BBB';
   -- Local currency IDR 'BBB';
   -- National scale rating 'AAA(bra)'.

Odebrecht Finance Ltd.:
   -- Foreign currency IDR withdrawn;
   -- BRL500 million senior unsecured notes due 2018 'BBB';
   -- USD500 million senior unsecured notes due 2020 'BBB';
   -- USD600 million senior unsecured noted due 2022 'BBB';
   -- USD800 million senior unsecured notes due 2023 'BBB';
   -- USD550 million senior unsecured notes due 2025 'BBB';
   -- USD500 million senior unsecured notes due 2029 'BBB';
   -- USD850 million senior unsecured notes due 2042 'BBB';
   -- USD750 million perpetual bonds 'BBB'.

Fitch has withdrawn Odebrecht Finance Ltd.'s foreign currency IDR
and CCSA Finance Limited's foreign and local currency IDRs as the
agency no longer provides corporate ratings for financial
vehicles, only for their respective issuances and guarantors.


PETROLEO BRASILEIRO: May Issue Earnings in April JP Morgan, Says
----------------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that Petroleo Brasileiro
SA, struggling with fallout from a corruption scandal and a
decline in oil prices, could release audited financial information
this month despite facing "a perfect storm," analysts at JPMorgan
Securities said.

In a client note, JPMorgan analysts led by Marcos Severine said
the state-run company known as Petrobras could report third- and
fourth-quarter earnings this month and book a one-off average
asset impairment of BRL29.4 billion ($9.37 billion) due to a graft
scheme that may have inflated the value of some assets, according
to Reuters.

Rio de Janeiro-based Petrobras, which is Latin America's most
indebted listed oil company, delayed the release of its results in
the wake of accusations that it systematically overpaid for assets
and work by contractors, the report relates.  The excess funds may
have been funneled to political parties including President Dilma
Rousseff's ruling Workers' Party, prosecutors said, the report
notes.

According to the JP Morgan note, Petrobras' "perfect storm" began
last year with the launch of the corruption probe known as
"Operation Car Wash" and intensified with the plunge in oil
prices, Moody's Investors Service's decision to cut the company's
debt rating to below investment grade, and a tumbling Brazilian
currency, the report says.

Petrobras has the ability to preserve cash and reduce debt,
although questions remain as to whether the federal government --
which controls almost half of the company's capital -- will adopt
the necessary measures to curb capital spending, JP Morgan said,
the report says.

"The journey back to health will take time and is likely to
require a good bit of 'blood, sweat and tears' to put the company
back on track," the note said, the report discloses.  "At this
point, we do not know how the parent may alter Petrobras' course."

The report underscores the short-term headwinds facing Petrobras,
once the crown jewel of Brazil's economy but in recent years a
symbol of the country's financial problems, partly because of the
Rousseff administration's meddling in the company's affairs, the
reports Reuters.

The report relays that at this moment, Mr. Severine and his team
believe Petrobras "is a binary call, with more short-term downside
than upside risks, given the lack of visibility of the relevant
themes."  Although, at current prices, shares of the company might
seem attractive, many potential drivers depend on government
decisions, the note said, the report discloses.

The report adds that Mr. Severine took over coverage of Petrobras
with a "neutral" recommendation.  Mr. Severine set price targets
of 11 reais for the preferred shares of Petrobras and $7 for
Petrobras' American common depositary receipt.

                  About Petroleo Brasileiro

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

                       *     *     *


As reported in the Troubled Company Reporter-Latin America on
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


SCHAHIN II 2012-1: Fitch Lowers Rating on Sr. Sec. Notes to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Schahin II
Finance Company (SPV) Limited and Lancer Finance Company Ltd.:

Schahin II Finance Company (SPV) Limited (Schahin II)
   -- Series 2012-1 senior secured notes due 2023 to 'B-' from
      'BB-' ($650 million outstanding).

Lancer Finance Company Ltd. (Lancer Finance)
   -- Series 2010-1 senior secured notes due 2016 to 'B' from
      'BB+' ($80 million outstanding).

The ratings remain on Rating Watch Negative.

The Schahin II notes are backed by flows related to a long-term
charter and services agreement signed with Petroleo Brasileiro
S.A. (Petrobras) for the use of the dynamically positioned ultra-
deepwater (UDW) drillship called 'Sertao'.  Schahin Petroleo e Gas
S.A. (Schahin P&G), the oil and gas arm of Brazilian-based Schahin
group (Schahin), is the operator of the vessel and primary sponsor
of the transaction.  The Lancer Finance notes are backed by flows
related to a long-term charter and services agreement signed with
Petrobras for the use of the dynamically positioned drillship S.C.
Lancer (Lancer).  Schahin Engenharia S.A. is the operator of the
drilling rig.

The rating actions reflect: (i) the continued deteriorating credit
quality of Schahin; and (ii) the transactions' heightened exposure
to current depressed market conditions.  Many of the risks faced
by Lancer Finance are somewhat mitigated by the transaction's
additional liquidity and low leverage levels.  The Negative Watch
primarily reflects the uncertainty surrounding the temporary
suspension of the operations of five vessels within Schahin's
fleet and the financial situation of the sponsor group.

KEY RATING DRIVERS

Deteriorating Financial Condition of Schahin: Liquidity
constraints, which may affect the company's ability to operate the
vessels, potentially impacting overall maintenance, general
safety, and uptime performance, have led Schahin to temporarily
suspend operations on five drill ships contracted with Petrobras.
The company communicated to Petrobras its intention to temporarily
suspend the operation of the vessels on April 2, 2015, and
Petrobras has stated it is evaluating the appropriate contractual
measures.  Payment on the Schahin II and Lancer notes mainly
relies on the cashflow generation under the charter and services
agreement for the operation of Sertao and Lancer, respectively.
Therefore, a temporary interruption on the operation of the
underlying assets would add additional pressure on the
transactions as they would have to rely on the available liquidity
inside the structures to meet timely debt service.  Furthermore,
extended periods of downtime could lead to an early termination of
the contracts.

Increased Exposure to Current Depressed Market Conditions: The
deteriorating credit quality of Schahin heightens the
transactions' exposure to the potential risk of early termination
under the charter and services agreements.  These transactions are
directly and indirectly exposed to sponsor risk as the underlying
contracts have termination clauses that include operator
bankruptcy and performance weaknesses.  If any of these agreements
terminate for any reason, the related transactions could be
exposed to current depressed market conditions.  However, Fitch
believes exposure to current market conditions under a contract
termination is mitigated to different degrees in each transaction
given the different loan-to-value (LTV) levels.

High Liquidity and Low Leverage Support Lancer Finance: The
transaction benefits from low leverage as the structured financing
has continuously de-levered since closing in 2010.  Currently,
Fitch conservatively estimates current LTVs to be in the range of
20%-30%, depending on various assumptions.  Additionally, the
transaction benefits from debt service reserve accounts and opex
reserves sufficient to cover timely interest payments for
approximately two years in case Lancer is not operating.

RATING SENSITIVITIES

The ratings are sensitive to further deterioration of Schahin's
credit quality as sponsor of the transactions, and Petrobras'
decision regarding the temporary suspension of the operations of
the rigs.  Additionally, the transactions are sensitive to the
conclusions of the Lava-Jato investigations and their impact on
Schahin and the Brazilian oil and gas industry, changes in the
credit quality of Petrobras as offtaker and its willingness to
honor existing agreements, and the operating performance of the
rigs.


TONON BIOENERGIA: Fitch Lowers IDR to 'B-' & Puts on Watch Neg.
---------------------------------------------------------------
Fitch Ratings has downgraded Tonon Bioenergia S.A's (Tonon)
foreign and local currency Issuer Default Ratings (IDRs) to 'B-'
from 'B'.  Fitch has also downgraded to 'B-/RR4' from 'B/RR4' the
ratings on the company's USD300 million unsecured notes due 2020
and the USD230 million secured notes due 2024 issued by Tonon's
fully-owned subsidiary Tonon Luxembourg S.A.  The ratings are
currently on Watch Negative.

KEY RATING DRIVERS

The downgrade is based on Tonon's weaker financial profile in the
volatile sugar and ethanol business, underpinned by higher short-
term debt concentration, generation of negative free cash flows
(FCF) and increased leverage ratios.  Systemic risk has increased
in the Brazilian sugar and ethanol (S&E) sector following the
default by Aralco S.A. Industria e Comercio and Virgolino de
Oliveira S.A. Acucar e Alcool's (GVO) struggle to restructure its
debt, making it increasingly difficult for companies to obtain
working capital financing and post comfortable cash to short-term
debt coverage ratios.

The Watch Negative reflects Fitch's concerns about Tonon's
escalating debt refinancing risks.  The company has been rolling
over its maturing debt with short-term debt as availability of
medium and long-term unsecured loans has become scarcer for most
Brazilian S&E companies.  Tonon does not own land properties to
collateralize new financings, which makes access to longer tenor
debt more challenging.  Tonon still faces a stressed scenario for
sugar and ethanol prices, which adds challenges to the company to
strengthen its operational cash flow generation, even with the
improvements on the ethanol industry in 2015 compared to 2014 and
the benefits of the weaker BRL for the competitiveness of the
Brazilian sugar abroad.  The increase in crushed volumes and
generation of more robust operational cash flow in the new season
ending March 2016 will depend largely on the maintenance of
favorable weather conditions as seen in early 2015.

Higher Refinancing Risk

Tonon's liquidity is under pressure as short-term debt is
increasing at a higher pace than the cash position.  The company
has been finding it difficult to roll over its maturing
obligations with new long-term loans as bank lending activity in
the sector has been focused on short-term borrowings.  The company
does not own land properties against which to borrow new medium or
long-term loans, which reduces its refinancing prospects and makes
the company dependent on the availability of short-term credit
lines.  As of Dec. 31 2014, Tonon's cash position of BRL159
million compared unfavorably with short-term debt of BRL257
million to yield a 0.62x coverage ratio.  In the previous quarter
the company had reported cash and short-term debt positions of
BRL148 million and BRL154 million, respectively, yielding a 0.96x
coverage ratio.

Tonon's higher refinancing risks are also underpinned by the
generation of negative free cash flow (FCF).  The company's cash
flows have been pressured by a large expansion capital expenditure
program that raised crushing capacity to 9.4 million from 8.2
million tons of sugar cane.  Investments were concentrated
primarily on the expansion of the Vista Alegre Unit in the state
of Mato Grosso do Sul, whose crushing capacity went to 3.7 million
tons from 2.5 million tons.  In the last 12 months ended Dec. 31
2014, the company posted cash flow from operations (CFFO) at
BRL304 million, which compared unfavorably to capital expenditures
at BRL452 million to leave FCF at a negative BRL147 million.
Fitch expects Tonon's FCF to remain negative in the next two
years, even with a reduction on capital expenditures to BRL260
million for fiscal year 2016, after the end of the capacity
expansion.  While strongly attenuated by the recent depreciation
of the BRL, the rebound of international sugar prices is taking
much longer than expected to materialize and it is holding back a
more prominent recovery of S&E companies' operating cash flows.  A
series of government measures both at the federal and state levels
have improved the prospects for the ethanol industry, but the
positive short-term impact is expected to be limited.

Increased Leverage and FX Risk:

Tonon presents a weak financial profile underpinned by its levered
capital structure in a volatile sector.  The company's total
adjusted debt as per Fitch's internal criteria amounted to BRL2.3
billion as of Dec. 31 2014, unfavorably comparing to BRL1.8
billion in March 31 2014.  The increase was due to the issuance by
Tonon Luxembourg of USD230 million senior secured notes in May
2014, and the BRL depreciation, which added BRL276 million to
Tonon's total debt figure in the 9 months ended Dec. 31, 2014.  In
the last 12 months ended Dec. 31, 2014, the company's consolidated
net adjusted debt/EBITDAR ratio was 4.9x compared with 4.0x in
March 2014 and 3.0x in March 2013.  Fitch expects Tonon's net
adjusted debt to EBITDAR to reach over 6.0x in March 2015 and stay
above 5.0x in March 2016.

The company is highly exposed to foreign exchange risk as USD-
denominated debt accounted for 75% of its total adjusted debt
while exports accounted for 53% of revenues in the last 12 months
ended Dec. 31, 2014.  The company's USD-denominated debt is not
protected by hedging instruments.  At the same date, Tonon's total
adjusted debt outstanding comprised the USD300 million Unsecured
Senior Notes due 2020 (33%); USD230 million Senior Secured Notes
due 2024 (25%); land lease agreements as per Fitch's internal
criteria (24%), exports pre-payments and other trade finance
facilities (11%); working capital lines (6%) and others with the
balance.

Average Business Position

Tonon is a medium-sized sugar and ethanol company in a fragmented
commodity sector in which scale is relevant and volatility is
high.   The company has recently concluded investments that raised
crushing capacity by 1.2 million tons to 9.4 million tons of sugar
cane per year, distributed in three industrial units located in
the states of Sao Paulo and Mato Grosso do Sul.  Tonon's sugar
output is mostly exported, while around 80% of its ethanol
production is sold to the domestic market.  Own sugar cane
accounts for around 75% of its total origination needs and the
company does not own cogeneration assets.

KEY ASSUMPTIONS

   -- Crushed volumes of 8 million tons in 2015/2016 and gradual
      increases of 2% thereafter;
   -- Mix relatively unchanged at 56% sugar and 44% ethanol for
      the projected period;
   -- Average sugar prices at USD14 cents/pound in 2015/2016,
      USD16 cents/pound in 2016/2017 and flat at USD17 cents/pound
      from 2017/2018 on;

   -- Domestic ethanol prices keeping the historical correlation
      with international sugar prices.

RATING SENSITIVITIES
Tonon's inability to improve its liquidity risk in the coming
months could lead to a negative rating action.  A positive rating
action is unlikely in the short to medium term.


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


AIR 2 US: Fitch Raises Rating on Series A EENs to 'BB+/RR1'
-----------------------------------------------------------
Fitch Ratings has upgraded the ratings for the enhanced equipment
notes (EENs) issued by AIR 2 US as:

   -- Series A EENs to 'BB+/RR1' from 'BB';
   -- Series B EENs to 'B/RR5' from 'B-'.

AIR 2 US is a special purpose Cayman Islands company created to
issue EENs; utilize the proceeds to purchase Permitted
Investments; and enter into a risk transfer agreement.  AIR 2 US
entered into the risk transfer agreement (the Payment Recovery
Agreement), with a subsidiary of Airbus.  The primary provision of
the Payment Recovery Agreement states that if United Airlines,
Inc. (rated 'B+'; Positive Outlook by Fitch) fails to pay
scheduled rentals under existing subleases of aircraft with
subsidiaries of Airbus, AIR 2 US will pay these rental
deficiencies to a subsidiary of Airbus.  These deficiency payments
will come from the cash flows created by the Permitted
Investments.  As such, the greatest risk of the transaction is the
bankruptcy risk of the lessee airline.

KEY RATING DRIVERS

AIR 2 US is not covered effectively by Fitch's EETC ratings
criteria as a result of the fact that aircraft cannot be sold and
liquidated in the event of lease rejection of Airbus A320 aircraft
sub-leased by United.  In addition, the underlying subleases are
not cross-defaulted or cross-collateralized.  Applying a framework
similar to that employed in analysis of corporate obligations,
Fitch expects recoveries for series A note holders to be very
strong in a lease rejection scenario.  Discounted lease cash
flows, applying heavy stresses to current A320 lease rates, cover
series A principal and a full liquidity facility draw.  The
'BB+/RR1' rating, three notches above United's 'B+' Issuer Default
Rating (IDR), reflects the high level of projected recovery.

Expected recoveries for series B note holders would be weak, in
the 'RR5' range, reflecting a high probability of lease payment
shortfalls in a post-rejection scenario.  The one notch
differential between the 'B/RR5' rating of the series B notes and
United's 'B+' corporate IDR captures this weak recovery potential.

RATING SENSITIVITIES

The ratings are primarily driven by Fitch's recovery expectations
and by the IDR of the underlying airline.  However, consistent
with Fitch's recovery criteria, Fitch is unlikely to upgrade the A
tranche above 'BB+' if United's IDR were upgraded to 'BB-'.  The B
tranche ratings could be upgraded if Fitch were to upgrade the
ratings on United.  The Ratings Outlook for United is Positive.
Conversely, ratings for both tranches could be downgraded if the
airline IDR was downgraded (not anticipated at this time) or if
Fitch's expectations for future lease rates were to decline
materially.  Fitch previously assigned rating outlooks to these
ratings.  The outlooks have been removed since Fitch typically do
not assign outlooks to specific issue ratings.

Fitch has upgraded these ratings:

AIR 2 US
   -- Series A enhanced equipment notes to 'BB+/RR1' from 'BB';
   -- Series B enhanced equipment notes to 'B/RR5' from 'B-'.


BROUGHTON CORPORATION: Members' Final Meeting Set for April 28
--------------------------------------------------------------
The members of Broughton Corporation will hold their final meeting
on April 28, 2015, at 10:00 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Philip Mosely
          Harbour Centre, Ground Floor
          42, North Church Street
          George Town, Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


CONTINENTAL ASSET: Members' Final Meeting Set for April 21
----------------------------------------------------------
The members of Continental Asset Management will hold their final
meeting on April 21, 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:

          Charalambos Michaelides
          5 Themistokli Dervi Street,Elenion Building
          P.C. 1066 Nicosia
          Cyprus
          Telephone: +357 22 555800
          Facsimile: +357 22 555801
          e-mail: pambos.michaelides@abacus.com.cy


CORE-MALAYSIA: Members' Final Meeting Set for April 27
------------------------------------------------------
The members of Core-Malaysia Holdings Ltd. will hold their final
meeting on April 27, 2015, to receive the liquidators' report on
the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Susan Craig
          Lorna Carroll
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


CPIM STRUCTURED: Members' Final Meeting Set for April 22
--------------------------------------------------------
The members of CPIM Structured Credit Fund 500 Inc. will hold
their final meeting on April 22, 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:

          Mark Longbottom
          c/o Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9900
          Facsimile: (345) 943 9900


FARENHEIT ADVISORS: Shareholder to Hear Wind-Up Report on April 20
------------------------------------------------------------------
The shareholder of Farenheit Advisors Ltd. will hear on April 20,
2015, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


JIMILI INVESTMENTS: Members' Final Meeting Set for April 30
-----------------------------------------------------------
The members of Jimili Investments Ltd. will hold their final
meeting on April 30, 2015, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


MIDSHIPS OPPORTUNITY: Member to Hear Wind-Up Report on April 21
---------------------------------------------------------------
The member of Midships Opportunity Fund Ltd. will hear on
April 21, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hilltop Park Associates LLC
          c/o Justin Savage
          Ogier, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


MIDSHIPS OPPORTUNITY: Member to Hear Wind-Up Report on April 21
---------------------------------------------------------------
The member of Midships Opportunity Master Fund Ltd. will hear on
April 21, 2015, at 11:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Hilltop Park Associates LLC
          c/o Justin Savage
          Ogier, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


RIVERSIDE GLOBAL: Shareholders' Final Meeting Set for April 23
--------------------------------------------------------------
The shareholders of Riverside Global Value Fund Offshore Investors
will hold their final meeting on April 23, 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:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SAYBOLT MALAYSIA: Members' Final Meeting Set for April 27
---------------------------------------------------------
The members of Saybolt Malaysia Holdings Ltd. will hold their
final meeting on April 27, 2015, to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Susan Craig
          Lorna Carroll
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


STRUCTURED CREDIT: Members' Final Meeting Set for April 23
----------------------------------------------------------
The members of Structured Credit (General Partner) 500 Inc. will
hold their final meeting on April 23, 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:

          Mark Longbottom
          c/o Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9900
          Facsimile: (345) 943 9900


THALASSA LIMITED: Members Receive Wind-Up Report
------------------------------------------------
The members of Thalassa Limited received on March 30, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


VIETNAM RESOURCE: Members' Final Meeting Set for May 4
------------------------------------------------------
The members of Vietnam Resource Investments S.A.R.L. will hold
their final meeting on May 4, 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:

          Beat Schurch
          Maples and Calder, Attorneys-at-law
          c/o Aisling Dwyer
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


WESSEX ASIA: Members' Final Meeting Set for April 22
----------------------------------------------------
The members of Wessex Asia Pacific Fund Limited will hold their
final meeting on April 22, 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:

          Mark Longbottom
          c/o Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9900
          Facsimile: (345) 943 9900


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


DOMINICAN REPUBLIC: Heads Push to Fix Country's Energy Woes
-----------------------------------------------------------
Dominican Today reports that as part of the National Electricity
Sector Reform Pact, Dominican Republic's Economic and Social
Council (ECOSOC) hosted the "Electricity Sector Day," with the
participation of experts from the World Bank, the Inter-American
Development Bank and the Latin American Energy Organization
(OLADE).

Economic and Social Council (ECOSOC) President Monsignor Agripino
Nunez headed the event's inaugural, and stressed the importance of
having a reliable, competitive and sustainable electricity system
for all, according to Dominican Today.

The report relates that present in the meeting were World Bank
local representative McDonald Benjamin and OLADE Studies and
Projects director Jorge Asturias, who lectured on "How an
efficient electricity sector functions."

"Through an interesting and fruitful work dynamic, organized into
six groups of no more than 20 people each, attendees could
interact with invited experts, who were revealing their knowledge
and experiences on the following themes: Institutional Framework
and Regulatory, Generation, Transmission, Distribution, Tariff and
Financial Aspects and Users and Consumers," the World Bank said in
an emailed statement obtained by Dominican Today.

"Therefore the objective of the actors called for the Electric
Pact was fulfilled, to have access to a better knowledge and
understanding of the matters to be discussed at the next Working
Groups under the Third Phase of the General Methodology of the
Coalition of National Agreement on Reform of the Electricity
Sector," the statement said, the report notes.

The report discloses that ECOSOC Executive Director Iraima
Capriles read the conference's conclusions and outlined the next
steps for discuss proposals paving the way to the Electricity
Pact.

For his part, Ruben Jimenez, chief executive officer of the State-
owned Electric Utility (CDEEE), delivered the speech to close the
conference held at the Hotel Embajador, the report relays.


DOMINICAN REP: Decries 'Secret Talks' to Waylay Workers' Benefits
-----------------------------------------------------------------
Dominican Today reports that Labor leader Rafael Pepe-Abreu again
warned of a nationwide shutdown on the stalled talks over a salary
increase, and affirmed that the government and management meet
secretly to negotiate the removal of workers' benefits.

Mr. Abreu said statements by Administrative minister Jose Ramon
Peralta on the three-way talks, come after private meetings
between employers and officials to discuss a wage increase,
according to Dominican Today.

The report relates that the head of the labor unions grouped in
the CNUS said in the meetings employers have stated their
willingness to agree to "a generous salary increase," if labor
agrees to amend the Labor Code.  "There've been meetings here
trying to determine that.  Our message is that we will never, our
federation of unions, sign an agreement to change one thing for
another, ever."

The report discloses that Mr. Abreu noted however that labor
awaits management's concrete proposal of a percentage during the
next Wage Committee meeting on April 22, but warned that they'll
start a campaign of action otherwise. "We call on the population
for a general strike, our confederation is also available if
needed."

The report adds that Mr. Abreu said a study conducted by the
unions found that household staples cost round RD$23,000 per
month, "that's why an increase of the minimum wage is necessary."


DOMINICAN REPUBLIC: Agree with Private Sector on Wage Hike
----------------------------------------------------------
Dominican Today reports that Presidency Administrative Minister
Jose Ramon Peralta said the government and private sector have
agreed on the talks to secure a "satisfactory" wage increase,
expected to materialize in the coming weeks.

Minister Peralta said that with regard to the public sector, there
may be a salary adjustment, according to Dominican Today.

Minister Peralta said the wage increase for the private sector
will be a higher percentage than the inflation during the last two
years, "which guarantees an invigorated economy," the report
relates.

"It seems we're talking about an important figure that will help
boost the Dominican economy further.  We have an economy that's
growing at more than 6%, we see the dynamism in general, so a wage
increase in these circumstances would be one more boost to the
economy and the sales of all companies," the report quoted
Minister Peralta as saying.


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


CONTROLADORA COMERCIAL: Moody's Withdraws Ba1 Corp Family Rating
----------------------------------------------------------------
Moody's de Mexico (Moody's) withdrew the Ba1 corporate family
rating and Aa3.mx national scale rating on Controladora Comercial
Mexicana S.A.B. de C.V. (Comerci) due to business reasons. There
were no ratings assigned to specific debt instruments.

Please refer to Moody's Withdrawal Policy on www.moodys.com for
details about Moody's rating withdrawal policies.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.
Please refer to the Moody's de Mexico Policy for Withdrawal of
Credit Ratings, available on its website, www.moodys.com.mx.

Moody's last rating action on Controladora Comercial Mexicana was
on February 9, 2015 when the agency placed the ratings on review
for upgrade.

Controladora Comercial Mexicana S.A. de C.V. operates 199 stores,
roughly 80% of them in the Mexico City metropolitan area and the
country's central region. Comerci maintains seven different store
formats, including hypermarkets (Mega, Bodega, and Comercial
Mexicana stores) and supermarkets (Sumesa, City Market, Fresko and
Alprecio stores). Comerci is majority owned and controlled by the
Gonz lez family with approximately 43% of its shares traded on the
Mexican stock exchange. The company reported revenues of MXN47.7
billion for the twelve months ended September 30, 2014.


MCEWEN MINING: Gold Worth $8.5 Million Stolen From Mining Firm
--------------------------------------------------------------
EFE News reports that Canada's McEwen Mining said that some 7,000
ounces of gold worth $8.5 million were stolen in an armed robbery
at its El Gallo 1 mine in the northwestern Mexican state of
Sinaloa.

No one was hurt in the robbery and the mine in the city of
Mocorito was not damaged, the company said in a statement obtained
by EFE News.

Mining and processing operations are continuing at El Gallo 1,
McEwen Mining said, the report notes.

"Mexican authorities are vigorously investigating" the theft of
900 kilos of gold concentrate, which contains about 7,000 ounces
of the precious metal, McEwen Mining said, the report relates.

"The company maintains insurance against these types of incidents
and is working closely with its insurance carrier to determine the
extent of available coverage," McEwen Mining said, the report
notes.  "However, the company's policy will not be sufficient to
cover the entire expected loss," McEwen Mining added.

El Gallo 1, inaugurated in January 2013 by Sinaloa Gov. Mario
Lopez, produced 38,212 ounces of gold and 25,912 ounces of silver
last year, the report relays.

McEwen Mining plans to boost production by 31 percent to 50,000
ounces of gold this year, the report adds.


MUNICIPALITY OF MEXICALI: Fitch Affirms B3/Ba2.mx Issuer Rating
---------------------------------------------------------------
Moody's de Mexico (Moody's) revised the rating outlook for
Municipality of Mexicali to stable from negative and affirmed
issuer ratings at B3/Ba2.mx.

RATINGS RATIONALE

RATIONALE FOR THE RATING AFFIRMATION

The affirmation of Mexicali's rating reflects negative operating
and consolidated results, offset by a broad economic base. By the
end of 2015, Moody's expects that Mexicali's debt levels will be
higher than B3-rated peers. Mexicali's own-source revenues are in
line with B3 Mexican municipalities. Moody's expects that the
current administration's policies to improve budget management and
enhance the municipality's own-source revenues will result in
improvements in the municipality's operating and cash balances.

RATIONALE FOR THE STABLE OUTLOOK

The outlook change to stable for the Municipality of Mexicali is
prompted by the improvement in the municipality's operating and
liquidity metrics.

Public policy measures resulting in a cut of personnel
expenditures by 15% has led to a stabilization of operating
expenditures, which remained constant in nominal terms between
2013 and 2014.This in turn led to a significant reduction of the
operating deficit to -6.6% of operating revenues in 2014 from -
21.7% in 2013. Combined with cuts in capital expenditures, the
improved operating performance in 2014 resulted in a much lower
cash financing deficit (-8.9% of total revenue) than in the
previous three years (-17.6% on average between 2011 and 2013). As
a result, Mexicali's gross and cash balances in 2014 are in line
with peers in the B category.

Liquidity levels have improved and net working capital to total
expenditures was equivalent to -14.7% in 2014, up from -23.9% in
2013. While Mexicali increased its reliance on short-term
financing to MXN 275 million at the end of 2014 from MXN 100
million at the end of 2013, Moody's believes that the risks
associated to the increased short-term debt are incorporated in
the B3 ratings.

In 2015, the municipality's debt levels are expected to increase
to 75.7% of operating revenues as a result of an expected credit
to pay arrears with the pension system of the state of Baja
California (Baa3/Aa3.mx, stable) that were previously registered
as short-term liabilities. We expect this increase will change
debt composition to a long term profile easing liquidity and cash
management pressures, as well as creating more certainty around
pension payments.

WHAT COULD CHANGE THE RATING UP/DOWN

Sustained improvements in the municipality's gross operating and
cash balances, as well as in liquidity, could exert upward
pressure on Mexicali's issuer ratings. Conversely, lower than
expected reductions in the gross operating deficit and in cash
balances that would lead to an increase in debt levels or a
deterioration in liquidity, would exert downward pressure on
Mexicali's issuer ratings.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013. Please see the Credit
Policy page on www.moodys.com.mx for a copy of these methodology.

The period of time covered in the financial information used to
determine Municipality of Mexicali 's rating is between 01/01/2010
and 12/31/2014 (source: Municipality of Mexicali).

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


=============
U R U G U A Y
=============


ACI AIRPORT: Fitch Expects to Rate $200MM Sr. Secured Notes 'BB+'
-----------------------------------------------------------------
Fitch Ratings expects to rate ACI Airport SudAmerica, S.A.'s $200
million senior secured notes 'BB+(exp)' with a Stable Rating
Outlook, subject to receipt of final documentation.

The expected rating reflects the strategic but modest size traffic
base, strong O&D share of passenger traffic, limited reliance on
revenue growth, and moderate leverage and capacity needs.  Fitch
also views the recent renewal of the concession by the government
to be a credit supportive factor.  The issuance is senior at the
holding company level, but subordinated to approximately USD60
million of debt at the operating company level.

KEY RATING DRIVERS

Important Small-Scale International Gateway [Revenue Risk -
Volume: Midrange]: Located in Uruguay's capital city, the airport
is the main international gateway of Uruguay with approx. 85% of
the country's flights.  The airport is almost exclusively an O&D
airport with only 2% of passengers transferring to other
destinations.  Traffic growth since 2004 has been strong averaging
6.2% despite the bankruptcy of the country's flagship carrier,
Pluna, and the resulting loss of capacity and status as a regional
hub.

No significant investments needed [Infrastructure Development &
Renewal: Stronger]: The airport's current capacity of 4.5 million
pax/year is well below management's forecast of 3.1 million pax at
concession end.  Under the amended concession agreement which
extended the term of the concession through 2033, the new taxi way
construction (USD10 million) was extended until the end of the
concession, with no other significant mandatory investments needed
in the remaining term.

Inflation and Exchange Adjusted Tariffs [Revenue Risk - Price:
Midrange]: Revenues are 95% denominated in USD with Aeronautical
revenues being adjusted by a global index that considers foreign
exchange and inflation rates.  Tariffs do not decrease under the
adjustment scheme; however, increases have occasionally been
subject to political risk.  No increase in tariffs is assumed over
the life of the concession.

Limited Exposure to Termination Events: Breach of contract
termination events are standard and manageable by the
concessionaire; however, a unilateral termination for public
interest by the government in the short-term (prior to 2018) would
leave the transaction exposed to a loss of less than 10% given the
debt level and subordinate nature of the issuance.  Fitch
considers the risk unlikely given (i) the recent extension of the
concession and general public good-will for the project; (ii) the
increased fee paid by the concessionaire to the government; (iii)
the airports operating status with no material infrastructure
construction needs; and (iv) the stability of Uruguay as an
investment grade country.

Subordinated Fixed Rate Amortizing Issuance [Debt Structure:
Midrange]: The issuance is conservatively structured with 100%
fixed rate and fully amortizes over the life of the debt, although
the amortization schedule is back loaded.  All cash flows
available to pay debt service for the rated debt are subordinate
to the notes issued at the opco level and subject to dividend
distribution tests through maturity of the opco notes in 2021.
Lock out of dividends is considered highly unlikely as a trigger
breach prior to 2021 would require severe stresses with traffic
declines in excess of 40%.  Should a lock-out occur, the issuance
also benefits from deferrable debt service for up to 12 months.

Moderate Financial Metrics: Debt service coverage ratios (DSCR)
average 1.82x and 1.72x for the base and rating cases,
respectively.  Despite strong average coverage ratios for the
issuance, coverages in the early years of the transaction life are
weaker.  Minimum DSCR for the base and rating cases are 1.16x and
1.23x with the minimums occurring in the near term while the
senior debt is outstanding.  Leverage is considered adequate at
5.6 times Net Debt to EBITDA.  No dependence on traffic growth to
support debt requirements is needed as break even traffic annual
growth rate is negative 1.3%.

PEER GROUP

The airport's nearest peers include Lima Airport Partners S.R.L.
(LAP; rated 'BBB+'/Stable Outlook), which serves as an
international gateway airport with significant O&D and relatively
low leverage.  Unlike this peer, Carrasco International Airport
has a significantly lower enplanement base and weaker near-term
financial coverage ratios which limit the expected rating in the
short term.  Should performance come in line with management
expectations, higher coverage levels should warrant a risk level
more similar to LAP.

RATING SENSITIVITIES

   -- Negative: Repeated failure of the government to approve
      increases in regulated tariffs, exposing the issuance to
      foreign exchange and/or inflation rate fluctuations that
      materially affect the cash flow available to service debt.
   -- Positive or Negative: Traffic levels materially divergent
      from base and rating case projections in the mid- to long-
      term.
   -- Positive: Steady improvement in debt coverage levels over
      time may allow for a positive rating consideration.

TRANSACTION SUMMARY

Carrasco International Airport, located approximately 12 miles
from downtown Montevideo, is the primary international gateway of
Uruguay.  The 20-year concession agreement awarded in November
2003 was recently extended for an additional 10-year term and
matures in November 2033.  The airport's new terminal was
inaugurated in 2009 with a capacity of 4.5 million passengers per
year, comparing favorably with the current 1.7 million passengers
as well as the sponsor's projected 2033 volume of 3.1 million.
The operator of the airport is a wholly owned subsidiary of the
Corporacion America Group, one of the world's largest operators
with 52 operations in Latin America and Europe.

The airport has suffered a number of setbacks in recent years
including the failure of the country's flagship carrier, Pluna
Lineas Aereas Uruguayas S.A., resulting in the loss of the
airport's hub status, and the poor economic performance of the
country's neighbors, Argentina and Brazil, which weighed
particularly heavily on the tourism industry.  Despite these
headwinds, the airport has managed to post strong growth averaging
over 6% annually since 2004, with an increasing O&D profile, and
finds itself in a strong position moving forward.

The Fitch Base Case assumes total passenger activity growth as per
the traffic consultant's (ICF) low case (3.3% traffic CAGR through
2033) while cargo volume forecasts considered the ICF base case.
Fitch did not consider increases under the Global Index
Adjustment; however, this assumption was moderated by the stable
currency and inflation assumptions within the cash flow model
provided.  Fitch considered 1.5% real growth in Duty Free revenues
per passenger and a 24% concession fee beginning in 2024.  Fitch's
operating expense assumption considered the management's
assumption plus an additional 5%.  Under this scenario the minimum
DSCR is 1.16x in 2018, with an average financial coverage ratio of
1.82x.

The Fitch Rating Case assumes total passenger activity growth as
per the ICF low case with moderation of the front-ended growth
over the first 6-years, the management assumption in years 2021-
2026, and the ICF low case from 2027-2033 (2.7% traffic CAGR
through 2033) while cargo volume forecasts considered the ICF low
case.  No increases under the Global Index Adjustment were
considered.  Fitch considered 0% real growth in Duty Free revenues
per passenger and no increase in the concession fee beginning in
2024.  Fitch's operating expense assumption considered the
management's assumption plus an additional 7.5% as well as a 10%
stress on all local currency costs to account for a possible
short-term revaluation in foreign exchange rates.  Under this
scenario the minimum DSCR is 1.23x in 2018, with an average
financial coverage ratio of 1.72x.

Holding company (holdco) structures that are dependent on
dividends from operating companies (opcos) bring an added layer of
complexity to the analysis of debt issued at the holdco level.  As
such, a holistic approach to the analysis of the subordinate debt
is necessary.  First, cash flows to the holdco can be locked out
under certain circumstances, so scenario stresses must be applied
at the opco level and tested against the opco triggers.  For this
transaction, neither of the senior DSCR (1.7x) or leverage (3.0x)
tests was breached in any Fitch scenario including break even O&M
and traffic cases.

Additionally, Fitch's analysis of the financial ratios of the
issuance includes both the subordinate and senior issuances even
though the senior debt is outside of the transaction structure.
The necessity for this approach is obvious for leverage
calculations but equally important when considering debt service
coverage ratios.  Fitch primarily utilizes ratios with the total
debt service including senior debt issued at the opco, although
the holdco-only coverages are also analyzed to ensure that they at
least meet the expected level for the respective rating category.
This analysis is consistent with Fitch's approach for subordinate
issuances within the same trust.

SECURITY

The security package supporting the notes is typical for project
financings and include a pledge of 100% of the shares of the
operating company, PDS; a pledge of 100% of the shares of the
holding company, Cerealsur; the transaction distribution, issuer
and debt service accounts; all of the issuer's property, all
present and future payments, proceeds and claims of any kind with
respect to the foregoing.


                            ***********


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.

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

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