TCRLA_Public/150415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, April 15, 2015, Vol. 16, No. 073


                            Headlines



A N T I GU A  &  R E P U B L I C

ABI BANK: Sir Dwight Appeals to Local Banks to Bail Out Bank


B E R M U D A

ALAMO RE: Fitch Expects to Rate Class A Notes 'B+sf'


A R G E N T I N A

CARSA S.A.: Moody's Withdraws 'Caa1' Corporate Family Rating


B R A Z I L

CAIXA ECONOMICA: S&P Affirms 'BB+' Rating of Sub. 2024 Notes
CYRELA COMMERCIAL: Fitch Lowers IDR to 'BB', Outlook Now Neg.


C A Y M A N  I S L A N D S

CHEMICAL EQUITY: Shareholders' Final Meeting Set for April 20
CHEMICAL HOLDINGS: Shareholders' Final Meeting Set for April 20
CHEMICAL IIP: Shareholders' Final Meeting Set for April 20
CHEMICAL INVESTMENTS: Shareholders' Final Meeting Set for April 20
EQUITY ZSC: Shareholders' Final Meeting Set for April 20

JAPAN IRELAND: Commences Liquidation Proceedings
LEHMAN BROTHERS ASIAN: Creditors' Proofs of Debt Due April 23
LEHMAN BROTHERS REAL: Creditors' Proofs of Debt Due April 23
PANAMA CANAL: Moody's Lifts Sr. Secured Notes' Ratings to Ba1
STRATUS HOLDINGS: Shareholders' Final Meeting Set for April 27

STRATUS INVESTMENTS: Shareholders' Final Meeting Set for April 27
ZS ENTERPRISES: Shareholders' Final Meeting Set for April 20
ZS EQUITY: Shareholders' Final Meeting Set for April 20
ZS HOLDINGS: Shareholders' Final Meeting Set for April 20
ZS INVESTMENTS: Shareholders' Final Meeting Set for April 20


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Prices Climb 0.14% in March


J A M A I C A

JAMAICA: Suffering From "Most Austere Budget in the World"


M E X I C O

AXTEL S.A.B.: Moody's Lifts CFR to B3, Outlook Stable
DESARROLLADORA HOMEX: Renews Relationship With Infonavit
DESARROLLADORA HOMEX: Gets 90-Day Extension for Concurso Mercantil


V E N E Z U E L A

* VENEZUELA: Reiterates Commitment to PetroCaribe


                            - - - - -


================================
A N T I GU A  &  R E P U B L I C
================================


ABI BANK: Sir Dwight Appeals to Local Banks to Bail Out Bank
------------------------------------------------------------
The Daily Observer reports that governor of the Eastern Caribbean
Central Bank is calling on other local banks to do their part to
help the Antigua and Barbuda Investment Bank (ABI).

Sir K Dwight Venner told Daily Observer that national banks need
to take the same approach to ABI as they did with the former Bank
of Antigua, which is now the Eastern Caribbean Amalgamated Bank
(ECAB).

The ECCB and several local banks stepped in following the arrest
and subsequent incarceration of investor and ponzi-scheme operator
Robert Allen Stanford, according to The Daily Observer.

The report relates that Sir Dwight said the move was successful
primarily because several stakeholders came to the table.

"I think that (saving ABI) involves the other national banks in
Antigua because they were involved in the Bank of Antigua
arrangement.  Now ECAB has participation by banks in Antigua and
outside, and the government of Antigua," the report quoted Sir
Dwight as saying.

"They participated in the rescue of the Bank of Antigua. The facts
are there. They're all shareholders in ECAB," Sir Dwight said, the
report notes.

The ECCB governor also noted that for regional banks and financial
institutions, including the ECCB, to survive, there must be an
attitude of cooperation, the report adds.

                             About ABI

Antigua and Barbuda Investment Bank, the flagship of the ABI
Financial Group, has been in operation for just over 21 years,
having opened on March 1, 1990, when it acquired the collapsed
Fidelity Trust Bank.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 15, 2011, Caribarena Antigua News reports that the Antigua
and Barbuda Minister of Finance, Economy, and Government
Administration Harold Lovell has revealed further details on the
bailout of the Antigua and Barbuda Investment Bank (ABIB) after
its near-collapse in July.

The government provided ABIB a $40 million bailout to prevent
panic that could have resulted in the bank's collapse, according
to Caribarena Antigua News.  Mr. Lovell revealed that the money
used for the bailout initiative came from loans the government
acquired from the local banking sector.  Mr. Lovell also clarified
that the money pumped into ABI Bank by the government was not
actually to pay off its own loan with the bank, contrary to
suggestions.

In early 2011, Eastern Caribbean Central Bank took over ABIB but
the money for the takeover came from the government, not the ECCB,
Caribarena Antigua News added.


=============
B E R M U D A
=============


ALAMO RE: Fitch Expects to Rate Class A Notes 'B+sf'
----------------------------------------------------
Fitch Ratings expects to rate the Series 2015-1 Principal At-Risk
Variable Rate Notes issued by Alamo Re Ltd., a registered special
purpose insurer in Bermuda, as follows:

   -- Class A Notes expected to mature Jun. 7, 2018 'B+sf';
   -- Class B Notes expected to mature Jun. 7, 2019 'BB-sf';

The Rating Outlook for each class within the Series 2015-1 Notes
is Stable. Neither the principal amounts nor the risk interest
spreads have been determined.

Fitch has also placed on Rating Watch Positive, the 'Bsf' rating
for the Alamo Re Ltd. Series 2014-1 Class A Principal At-Risk
Variable Rate Notes expected to mature Jun. 7, 2017, in connection
with the Reset Report dated April 3, 2015 which has outlined the
election to lower the annual attachment probability of the Series
2014-1 Notes, effective as of the first Reset Date, June 1, 2015.

TRANSACTION SUMMARY

The Series 2015-1 Class A and B Notes provide multi-year
protection for the Subject Business written by the Texas Windstorm
Insurance Association (TWIA) on an annual aggregate basis using an
indemnity trigger. The notes are exposed to insured property
losses due to 'named storms' within the covered area, which solely
covers the 14 first-tier, coastal counties of Texas (and a small
portion of Harris County). The Subject Business represents a total
insured value of $86.9 billion (as of Dec. 15, 2014) and consists
of residential coverage (86.3%), commercial coverage (13.6%) with
very minimal mobile home coverage (0.1%). Galveston and Brazoria
counties represent approximately half of the total insured value
with 30.2% and 19.6%, respectively.

Series 2015-1 Class A noteholders are subject to principal loss
(and reduced interest) if annual aggregate ultimate net losses
exceed the initial attachment level of $2.6 billion and a total
loss of principal occurs if the annual aggregate ultimate net
losses reach the reach the initial exhaustion level of $3.2
billion in the first 12-month risk period. The Series 2015-1 Class
B Notes have an initial attachment level of $4.0 billion and an
exhaustion level of $4.8 billion. A named storm must generate at
least $50 million in ultimate net losses to be included in the
aggregate totals. Based on the profile of the subject business and
the attachment level, the third party modeling firm AIR Worldwide
(AIR) calculates the modeled annual attachment probability on the
Series 2015-1 Class A Notes to be 2.74%, which implies a 'B+sf'
rating per Fitch's criteria. The Series 2015-1 Class B Notes have
an initial probability of attachment of 1.61%, which implies a
'BB-sf' rating.

Fitch currently rates the Alamo Re Ltd. 2014-1 Class A Notes at
'Bsf' and has received notification from AIR, which serves as the
Reset Agent, that the modeled attachment probability of the
transaction will be lowered to 2.09% from its initial annual
attachment probability of 3.80%. The reset will move the
attachment level of the 2014-1 Class A Notes up to $3.2 billion
from the initial attachment level of $1.9 billion and will
increase its insurance percentage to 50% of its respective layer,
up from approximately 30%. As of the Reset Date, June 1, 2015, the
Series 2014-1 Class A Notes are expected to be layered in between
the Series 2015-1 Class A and Class B Notes. AIR has also
recalculated the risk interest spread for the 2014-1 Class A
Notes, which is expected to decrease to 5.24% from the initial
spread of 6.35%.

TWIA will retain at least 5% of the aggregate ultimate net loss on
a first-dollar basis, covering the first $600 million. Above this
retention, the company has the ability to issue up to $2.5 billion
of public securities funded by premium surcharges to policyholders
and assessments on TWIA member companies. Above the modeled
attachment level for the Series 2015-1 Class A Notes of $2.6
billion, claim losses are shared between noteholders and
traditional reinsurers up to $3.2 billion on a pro-rata basis
depending on the ultimate deal size.

After the Series 2015-1 Class A Notes are exhausted, the Alamo Re
Ltd. Series 2014-1 Class A Notes are expected to have an
attachment level of $3.2 billion and share 50% of aggregate
ultimate net losses with traditional reinsurers up to $4.0
billion.

The Series 2015-1 Class B Notes then have an attachment level of
$4.0 billion and share aggregate ultimate net loss between its
noteholders and traditional reinsurers up to $4.8 billion on a
pro-rata basis depending on the ultimate deal size.

On a historical basis, there have been 37 hurricanes that have
made landfall in Texas since 1900. Recent hurricanes, Dolly and
Ike (two events in 2008) and Rita (2005) would not have caused a
principal loss to either the Series 2015-1 Class A or Class B
Notes. Modeled results for four hurricanes prior to 1933 would
have totally exhausted the 2015-1 Class A Notes. The Series 2015-1
Class B Notes would only have been exhausted by the nameless storm
that occurred in 1900, while the nameless storm of 1915 would have
caused a 63.6% principal loss.

There are three annual risk periods for the Series 2015-1 Class A
Notes and four for the Series 2015-1 Class B over the term of the
notes. The Series 2015-1 Notes will reset on June 1, 2016 and June
1, 2017 (as well as June 1, 2018 for 2015-1 Class B) using AIR's
escrowed software models and TWIA's updated subject business data.
At each reset date, TWIA may exercise an option to decrease (or
increase) the respective attachment levels on each of the classes
within an exceedance probability range of 4.40% to 1.00%. The
implied rating under Fitch's criteria at a 4.40% exceedance
probability is 'Bsf', and the implied rating at 1.00% is 'BB-sf'.
If such an option is exercised by TWIA at either reset date, the
applicable risk interest spreads will be recalculated to reflect
the increased (or decreased) level of risk assumed by the
noteholders. If TWIA does not elect to reset the attachment level,
the reset agent will adjust the respective attachment level to
maintain the initial exceedance probabilities using the updated
subject business profile.

The applicable Class of Series 2015-1 notes may be extended for
thirty-six 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 TWIA and Alamo Re
Ltd.. However, the Series 2015-1 Notes are not exposed to any
further catastrophe events during this extension (only further
claim development of existing events). The notes may be redeemed
before the expected maturity date in response to specific early
redemption events. The repayment of the Notes to the noteholders
occurs subsequent to any qualified payments to TWIA for covered
events. Noteholders have no recourse to TWIA (or to its
transformer reinsurer, Hannover Ruck SE).

Alamo Re Ltd. ultimately 'follows the fortunes' of TWIA in regards
to underwriting of new business and claim management practices
over the respective three and four year risk periods for the 2015-
1 Class A and Class B Notes. TWIA was established by the Texas
Legislature in 1971 as a residual insurer of last resort. Although
applicants must have been denied coverage by at least one
commercial insurer, all properties insured by TWIA 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 $1,773,000 (higher limits are
available for commercial structures).

KEY RATING DRIVERS

The rating is based on the evaluation of the natural catastrophe
risk, the business profile of TWIA, 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 ratings 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 initial modeled annual attachment probabilities for the Series
2015-1 Class A and Class B Notes were initially estimated at 2.74%
and 1.61%, respectively, based on 10,000 simulations of a one-year
risk period as calculated by AIR using their methodology and
proprietary models (Version 16.0 of the AIR Hurricane Model for
the United States as implemented in Touchstone 2.0.2 and CATRADER
16.0). Results from other possible modelers or from TWIA were not
provided. Sensitivity analysis provided by AIR indicated the
implied ratings would be no worse than 'B+sf' for Series 2015-1
Class A and 'BB-sf' for Series 2015-1 Class B.

The risk modeling included certain stresses for economic demand
surge, storm surge and an initial loss adjustment expense factor
of 1.10. 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 AIR model does not model the probability of
losses resulting from tropical storms that at no point are
classified as a hurricane, hurricanes that degrade to tropical
storm force and subsequently make landfall in the U.S. as a
tropical storm, as well as storms that never make landfall in the
U.S. that fail to cause winds of greater than or equal to 74 mph
over any point in the U.S. Thus, the model 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 TWIA and
the AIR modeled net losses.

Fitch did not rate TWIA in connection with the note issuance but
believes certain other safeguards are in place for noteholders:
TWIA is subject to review, oversight and approval by the Texas
Department of Insurance (though it receives no federal, state or
local funds for support); there is an independent claim reviewer
and loss reserve specialist (Deloitte Ltd.) for Alamo Re Ltd.
Series 2015-1 Notes; and the data quality of the subject business
provided to AIR appears adequate.

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

Proceeds from the issuance of each Class within the Series 2015-1
Notes 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 of the applicable Class of Series 2015-1 Notes as the
other component of the interest payment. 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 Foreign Account Tax Compliance Act (FATCA) is deemed to
apply in late 2016

RATING SENSITIVITIES

This rating is sensitive to the occurrence of a qualifying
event(s), TWIA's election to reset the applicable Class within the
Series 2015-1 Notes' attachment levels, changes in the data
quality or purpose of TWIA, the counterparty rating of Hannover
Ruck SE and the rating on the assets held in the respective
collateral account.

If qualifying covered events occur that causes annual aggregate
losses to exceed either the Series 2015-1 Class A or Class B
attachment levels, Fitch will downgrade the applicable Class of
Notes reflecting an effective default and issue a Recovery Rating.

In the case of a reset election by TWIA, the rating of the Series
2015-1 Class A and Class B Notes, movement from the respective
initial attachment probabilities closer to an attachment
probability of 4.00% could lead to downgrades of the applicable
Class(es) to as low as 'Bsf'. Conversely, if TWIA elected to move
the Series 2015-1 Class B attachment probability closer to 1.00%,
the rating on the Notes would be unaffected, while a reset of the
Series 2015-1 Class A attachment probability to as low as 1.00%
could result in an upgrade to as high as 'BB-sf'.

To a lesser extent, the Series 2015-1 Notes may be downgraded if
the money market funds should 'break the buck', Hannover Ruck SE
fails to make timely retrocession premium payments or TWIA
materially changes its mission or operations.

The AIR escrow models 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. 2 (dated March 30,
2015), a Rating Agency Presentation (dated April 1, 2015) and AIR
Expert Risk Analysis and Results (dated April 1, 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.


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


CARSA S.A.: Moody's Withdraws 'Caa1' Corporate Family Rating
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
withdrawn Carsa S.A.'s ("Carsa") Caa1 and Baa2.ar ratings for its
own business reasons.

The following ratings were withdrawn:

  -- Corporate family ratings: Caa1/Baa2.ar

  -- Senior unsecured notes ratings: Caa1/Baa2.ar

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

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".

Headquartered in Chaco, Argentina, Carsa S.A. is a leading
regional appliance retailer operating more than 110 stores in 12
provinces. With total revenues over USD450 million as of the last
twelve months (LTM) ended in November 2014, the company was
founded in 1977 and operating under the Musimundo brand name in
Argentina.


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


CAIXA ECONOMICA: S&P Affirms 'BB+' Rating of Sub. 2024 Notes
----------------------------------------------------------
Fitch Ratings has taken various rating actions on the Brazilian
financial institutions:

   -- Banco da Amazonia S.A. (BdA)
   -- Banco do Brasil S.A. (BdB)
   -- Banco Votorantim S.A.(BV)
   -- BV Leasing Arrendamento Mercantil S.A. (BV Leasing)
   -- Banco do Nordeste do Brasil S.A. (BNB)
   -- Banco Nacional de Desenvolvimento Economico e Social (BNDES)
   -- Caixa Economica Federal (Caixa)
   -- Banco do Estado do Rio Grande do Sul S.A. (Banrisul)
   -- Banco Societe Generale Brasil S.A. (BSGBr)
   -- Banco Cacique S.A. (Cacique)
   -- Banco Pecunia S.A. (Pecunia)
   -- Banco Santander (Brasil) S.A. (Santander Brasil)
   -- Santander Leasing S.A. Arrendamento Mercantil (Santander
      Leasing)
   -- Banco Safra S.A. (Safra)
   -- Safra Leasing S.A. Arrendamento Mercantil (Safra Leasing)
   -- Banco Bradesco S.A. (Bradesco)
   -- Bradesco Seguros S.A. (Bradesco Seguros)
   -- Itau Unibanco Holding S.A. (IUH)
   -- Itau Unibanco S.A. (Itau Unibanco)
   -- Banco Itau BBA S.A. (IBBA)

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATINGS
(SRs), SUPPORT RATING FLOORS (SRFs), DEBT RATINGS, VIABILITY
RATINGS (VRs)

The rating actions follow Fitch's recent revision of the Outlook
for Brazil's sovereign ratings to Negative from Stable.  These
actions also mirror factors considered in Fitch's negative Outlook
for the Brazilian banking industry.

Issuers reviewed can be categorized in three groups:

  1) Issuers whose Issuer Default Ratings (IDRs) are driven by
sovereign support (BNDES, Caixa, BdB, BNB, BdA) where the federal
government is the shareholder and the source of expected support;

  2) Issuers whose IDRs are driven by their Viability Ratings
(VRs) and that are rated above or equal to the sovereign rating
(Bradesco, IUH and Safra);

  3) Issuers whose IDRs are driven by institutional support and
issuers whose parents are rated above or equal to the sovereign
rating (BSGBr, Cacique, Pecunia, BV, Santander Brasil, Itau
Unibanco, IBBA, Santander Leasing, Safra Leasing and Bradesco
Seguros).

Fitch also revised Banrisul's Outlook on its long-term IDRs and
National Rating to Stable from Positive.  In this case, the
revision reflects Fitch's opinion that the more challenging
operating environment will limit the positive trend on the
performance of the bank during 2015 with possible asset quality
pressures and lower expected profitability.  Fitch affirmed
Banrisul's VR at 'bb+'.

For the first group of issuers, their IDRs are equalized with the
sovereign rating based on their strategic importance to the
government as economic policy tool (BdA, BNDES, BNB) and/or their
systemic importance (BdB, Caixa and BNDES).  As such, Fitch
aligned these ratings with the sovereign ratings, and revised
their Outlooks to Negative from Stable, mirroring the same
revision of the sovereign's Outlook.  Fitch recognizes the close
relationship between these banks and the sovereign, and their
ratings capture a high probability of support from the federal
government in case of need, as reflected in the affirmation of
their SRs at '2' and SRFs at 'BBB'.

The second group includes domestic issuers with very strong credit
profiles but that are closely linked with the operating
environment.  Bank ratings are normally constrained by the
operating environment according to Fitch's rating criteria.  As
such, Fitch revised the Outlook for Safra's long-term IDRs to
Negative from Stable.  Fitch affirmed Safra's SR at '4' and its
SRF at 'B+', given Fitch's view of the bank's role in the system.


Fitch has downgraded the VRs of Bradesco and the Itau group to
'bbb+' from 'a-', resulting in a downgrade of their long-term
Local Currency IDRs to 'BBB+' from 'A-'.  Fitch affirmed the long-
term Foreign Currency IDRs at 'BBB+', and revised the Outlooks on
the long-term IDRs to Negative from Stable, mirroring the Outlook
of the sovereign rating.  Fitch also downgraded the short-term
Local Currency ratings to 'F2' from 'F1' given their
correspondence with their long-term Local Currency IDRs.

Fitch continues to believe that both Bradesco and Itau group's
credit profiles meet the criteria to be rated above the sovereign
rating, given their diverse and stable funding, strong
profitability in Brazil and compared to other banks around the
world, diverse business mix, strong and well-matched funding, good
asset quality trends backed by strong loan loss reserves and
sufficient capital.  In addition, Fitch recognizes their solid
franchises, efficient management and strategy and conservative
risk appetite along economic cycles.

However, Fitch factors in that Bradesco and Itau group's almost
exclusive standing as banks rated two notches above the Local
Currency sovereign rating within Fitch rated portfolio is no
longer justified.  Bradesco's and Itau group's financial profiles
have and should continue to be affected by the continued
development of the Brazilian financial market, resulting in a
structural change in their profitability and capitalization trends
compared to previous averages that have and will continue to bring
their overall risk profile closer to other banks currently rated
one notch above their respective sovereign ratings and also
similar to other 'bbb+' rated banks around the world.

Fitch sees a higher influence of the operating environment on
these banks' overall credit profile with asset quality pressured
by the deterioration of the economic environment and
capitalization more in line with banks rated 'bbb+',
notwithstanding recent improvements stemming from the recent
contained loan growth, good internal capital generation and the
limited expected impact of full-on BIS III rules, expected to be
concluded in 2019.

Fitch also downgrade the ratings of subordinated notes issued by
both banks, which are notched down twice from their respective
VRs, following the VR downgrades.  Foreign Currency senior
unsecured debt ratings were affirmed.  The SRs and SRFs of these
banks were affirmed and continue to reflect their size and
systemic relevance in the Brazilian banking system.

The IDRs of the banks in the third group are driven by the
expected support from their respective shareholders.  The revision
of Brazil's sovereign Outlook does not affect the ability or the
propensity of these banks' respective shareholders to provide
support.  However, their long-term Foreign Currency IDRs are
already at the country ceiling, and the long-term Local Currency
IDRs of BSGBr, Cacique and Pecunia are two notches above of the
Local Currency IDR of the sovereign.  These are the highest levels
Fitch would normally rate a bank above of the sovereign due to
external support.  Therefore, Fitch revised the Outlooks on their
long-term Foreign Currency IDRs to Negative from Stable.  The
Outlooks on their long-term Local Currency IDRs were already
Negative, mirroring the Outlook on their parent Societe Generale's
(SG, long-term IDR 'A'/Outlook Negative) ratings.  Fitch affirmed
the ratings of all three banks.

Still in the third group, in the case of Santander Brasil, the
Outlook on its Foreign Currency IDR is revised to Negative from
Stable, since it is at the country ceiling.  The Outlook on its
Local Currency IDR, in turn, remains Stable because of the
expected support from its parent and by the fact that such rating
is not constrained by the local currency sovereign rating.  Fitch
affirmed Santander Brasil's National Ratings and its SR, which
remains at '2'.

In this group of institutional support driven ratings, there are
also Itau Unibanco and IBBA, which have 'common' VRs.  Hence their
IDRs are the same as those of IUH, since their credit profiles
cannot be meaningfully disentangled as explained in Fitch's
criteria.

As a result of the downgrade of Bradesco's long term Local
Currency IDR to 'BBB+' with a Negative Outlook, Fitch also
downgraded Bradesco Seguros' Insurer Financial Strength (IFS)
rating by one notch to 'BBB+' with a Negative Outlook.  Fitch
considers Bradesco Seguros a core subsidiary of Bradesco, and
therefore its ratings are equalized to those of its parent.
Santander Leasing and Safra Leasing are subsidiaries of Santander
Brasil and Safra, respectively, and Fitch affirmed their National
Ratings.  BV's IDRs are based on institutional support from BdB
and driven by Fitch's view that it is a strategically important
subsidiary of BdB.  As such, Fitch revised the Outlook on BV's IDR
to Negative following the Outlook of the IDR of BB.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, SUPPORT RATINGS,
SRFs, DEBT RATINGS, VIABILITY RATINGS

The revision of the Outlook of the Long-term IDRs of the banks
covered in this commentary reflects the potential for them to be
downgraded in case Brazil's sovereign ratings are downgraded and
the Country Ceiling is lowered.  Given the current negative
Outlook on most of the ratings, there are limited chances for
possible upgrades for the entities subject of this review.

BdA, BdB, BNB, BNDES and Caixa's IDRs will move in tandem with
Brazil's sovereign ratings.  They would be affected by further
changes in the sovereign ratings or Outlooks and/or in the
government's willingness to provide support.  Fitch does not
expect a change in the government's willingness to provide support
over the rating horizon.  BV's IDRs would be directly affected by
any change in BdB's IDRs or Outlooks and/or a change in Fitch's
evaluation of its strategic importance to BdB.

IUH, Bradesco and Safra's IDRs are driven by their VRs and would
be further affected by changes in the sovereign ratings or in
their Outlooks.

IUH's VR could be negatively affected if its loss absorption
capacity is diminished as evidenced by a sustained decrease in
Fitch Core Capital (FCC) ratio below 7% and a decrease in loan
loss reserve ratios from current levels which may hinder the
bank's loss absorption capacity.  Also, sustained periods of ROAA
below 1.25% and 90-day NPL ratios above 6% may trigger a downgrade
in its ratings.  As the ratings of Itau Unibanco and IBBA are
currently equalized to those of its parent, any change to the
rating of IUH is likely to affect the rating of these
subsidiaries.  The ratings of the subordinated debt are subject to
any change in the VR rating of IUH.  The national scale ratings of
the banks are sensitive to the same factors as the VR.

Bradesco's VR could be negatively affected if its loss absorption
capacity is diminished as evidenced by a sustained decrease in its
FCC below 7% and loan loss reserve ratios which may hinder the
bank's loss absorption capacity.  Also, sustained periods of ROAA
below 1.25% and 90-day NPL ratios above 6% may trigger a downgrade
of its ratings.  Any changes in Bradesco's long-term local
currency IDR and/or Outlook would affect Bradesco Seguros' IFS
rating and/or Outlook.

An unlikely deterioration of Safra's FCC ratio to below 9% or an
operating return on assets ratio of below 1% for a sustained
period of time, may also trigger a negative rating review.

BBSGBr, Cacique and Pecunia's Foreign Currency IDRs are at
Brazil's Country Ceiling and their Local Currency IDRs are
currently two notches above the sovereign ratings.  Therefore, any
further changes in the Country Ceiling or sovereign ratings would
directly affect these three banks' ratings.  Given that their
parent SG's current long-term IDR is currently three notches above
Brazil's long-term IDR and two notches above the Country Ceiling,
only a multiple notch downgrade of SG's IDR would affect the long-
term Foreign Currency IDRs of its Brazilian subsidiaries, while a
one-notch downgrade of SG's IDR would lead to a downgrade of their
long-term Local Currency IDRs.  Changes in the ratings of
Santander Brasil's parent (Banco Santander, S.A., rated long-term
Foreign Currency IDR 'A-', Outlook Stable) or willingness to
provide support could trigger a rating review.  Fitch considers
that there is limited downside potential for Santander Brasil,
even in the event of a deterioration of the parent's capacity to
provide support, since the Brazilian sovereign would likely
maintain a high probability of support under that scenario, due to
its systemic importance.

For issuers presented in the groups 1) and 3), a significant
weakening of the ability and/or propensity of parent banks to
provide support (not expected by Fitch at present) could also
result in downgrades of the subsidiaries' ratings.

Fitch has taken these rating actions:

BdA:
   -- Long-term Foreign and Local Currency IDRs affirmed at 'BBB',
      Outlook revised to Negative from Stable;
   -- Short-term Foreign and Local Currency IDRs affirmed at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Support Rating Floor affirmed at 'BBB'.

BdB:
   -- Long-term foreign currency and local currency IDRs affirmed
      at 'BBB', Outlook revised to Negative from Stable;
   -- Short-term foreign currency and local currency IDRs affirmed
      at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Support Rating Floor affirmed at 'BBB';
   -- Senior unsecured notes due 2018 and 2019 ratings affirmed at
      'BBB';
   -- Viability Rating unaffected at 'bb+'.

BV:
   -- Long-term foreign currency and local currency IDRs affirmed
      at 'BBB-', Outlook revised to Negative from Stable;
   -- Short-term foreign currency and local currency IDRs affirmed
      at 'F3';
   -- National long-term Rating affirmed at 'AA+(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Viability Rating unaffected at 'bb-';
   -- Senior unsecured notes due May 2016, rating affirmed at
      'BBB-'.

BV Leasing:

   -- 1st and 2nd debentures issuances ratings affirmed at
      'AA(bra)'.

BNB:

   -- Long-term foreign currency and local currency IDRs affirmed
      at 'BBB', Outlook revised to Negative from Stable;
   -- Short-term foreign currency and local currency IDRs affirmed
      at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Support Rating Floor affirmed at 'BBB'.

BNDES:

   -- Long-term foreign currency and local currency IDRs affirmed
      at 'BBB', Outlook revised to Negative from Stable;
   -- Short-term foreign currency and local currency IDRs affirmed
      at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Support Rating Floor affirmed at 'BBB';
   -- Senior unsecured notes due 2016, 2019 and 2023 affirmed at
      'BBB'.

Caixa:
   -- Long-term foreign currency and local currency IDRs affirmed
      at 'BBB', Outlook revised to Negative from Stable;
   -- Short-term foreign currency and local currency IDRs affirmed
      at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Support Rating Floor affirmed at 'BBB';
   -- Senior unsecured notes due 2017, 2018, 2019 and 2022
      affirmed at 'BBB';
   -- Subordinated notes due 2024 affirmed at 'BB+'.

Safra:
   -- Long-term foreign currency and local currency IDRs affirmed
      at 'BBB', Outlook revised to Negative from Stable;
   -- Short-term foreign currency and local currency IDRs affirmed
      at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '4';
   -- Support Rating Floor affirmed at 'B+';
   -- Market linked securities due 2016 and 2017, affirmed at
      'BBBemr';
   -- Senior unsecured notes due 2017 and 2019, affirmed at 'BBB';
   -- Viability Rating affirmed at 'bbb'.

Safra Leasing:
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Subordinated unsecured notes due 2017, 2035, 2036 and 2037
      affirmed at 'AA+(bra)'.

Bradesco:
   -- Long-term foreign currency IDR affirmed at 'BBB+, Outlook
      revised to Negative from Stable;
   -- Long-term local currency IDR downgraded to 'BBB+' from 'A-',
      Outlook revised to Negative from Stable;
   -- Short-term local currency IDR downgraded to 'F2' from 'F1';
   -- Short-term foreign currency IDR affirmed at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Support Rating Floor affirmed at 'BBB-';
   -- Subordinated Notes due 2019, 2021 and 2022 downgraded to
      'BBB-' from 'BBB';
   -- Viability Rating downgraded to 'bbb+' from 'a-'.

Bradesco Seguros:

   -- International IFS downgraded to 'BBB+' from 'A-'; Outlook
      revised to Negative from Stable;
   -- National IFS affirmed at 'AAA(bra)'; Outlook Stable.
      IUH/Itau Unibanco/IBBA:
   -- Long-term foreign currency IDRs affirmed at 'BBB+, Outlook
      revised to Negative from Stable;
   -- Long-term local currency IDRs downgraded to 'BBB+' from
      'A-', Outlook revised to Negative from Stable;
   -- Short-term local currency IDRs downgraded to 'F2' from 'F1';
   -- Short-term foreign currency IDRs affirmed at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Support Rating Floor affirmed at 'BBB-';
   -- IUH's market linked notes due 2015 affirmed at 'BBB+emr;
   -- IUH's Subordinated notes due 2020, 2021, 2022 and 2023
      downgraded to 'BBB-' from 'BBB';
   -- Viability Rating downgraded to 'bbb+' from 'a-'.

Santander Brasil:

   -- Long-term foreign currency IDR affirmed at 'BBB+', Outlook
      revised to Negative from Stable;
   -- Long-term local currency IDR affirmed at 'BBB+', Outlook
      Stable;
   -- Short-term foreign currency and local currency IDRs affirmed
      at 'F2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '2';
   -- Senior Unsecured Notes due 2015, 2016 and 2017 affirmed at
      'BBB+';
   -- Viability Rating unaffected at 'bbb'.

Santander Leasing:
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Subordinated Debentures due 2015, 2016 and 2017 affirmed at
      'AA+(bra).

Banrisul:
   -- Long-term foreign currency and Long-term local currency IDRs
      affirmed at 'BB+, Outlook revised to Stable from Positive;
   -- Short-term foreign currency and local currency IDRs affirmed
      at 'B';
   -- National long-term rating affirmed at 'AA-(bra)', Outlook
      revised to Stable from Positive;
   -- National Short-term Rating affirmed at 'F1+(bra)';
   -- Support Rating affirmed at '4';
   -- Support Rating Floor affirmed at 'B';
   -- Viability Rating affirmed at 'bb+';
   -- First Issuance of Senior Unsecured Letras Financeiras
      affirmed at 'AA-(bra)';
   -- Tier II Subordinated notes due Feb 2022 affirmed at 'BB-'.

BSGBr:
   -- Long-term foreign currency IDR affirmed at 'BBB+', Outlook
      revised to Negative from Stable;
   -- Long-term local currency IDR affirmed at 'A-', Outlook
      Negative;
   -- Short-term foreign currency IDR affirmed at 'F2';
   -- Short-term local currency Short-term IDR affirmed at 'F1';
   -- Support Rating affirmed at '2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)'.

Cacique:
   -- Long-term foreign currency IDR affirmed at 'BBB+', Outlook
      revised to Negative from Stable;
   -- Long-term local currency IDR affirmed at 'A-', Outlook
      Negative;
   -- Short-term foreign currency IDR affirmed at 'F2';
   -- Short-term local currency IDR affirmed at 'F1';
   -- Support Rating affirmed at '2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)'.

Pecunia:
   -- Long-term foreign currency IDR affirmed at 'BBB+', Outlook
      revised to Negative from Stable;
   -- Long-term local currency IDR affirmed at 'A-', Outlook
      Negative;
   -- Short-term foreign currency IDR affirmed at 'F2';
   -- Short-term local currency IDR affirmed at 'F1';
   -- Support Rating affirmed at '2';
   -- National long-term Rating affirmed at 'AAA(bra)', Outlook
      Stable;
   -- National Short-term Rating affirmed at 'F1+(bra)'.


CYRELA COMMERCIAL: Fitch Lowers IDR to 'BB', Outlook Now Neg.
-------------------------------------------------------------
Fitch Ratings has downgraded Cyrela Commercial Properties S.A.
Empreendimentos e Participacoes' (CCP) ratings as:

   -- Long-term Foreign Currency Issuer Default Rating (IDR) to
      'BB' from 'BB+';
   -- Long-term Local Currency IDR to 'BB' from 'BB+';
   -- Long-term National Scale rating to 'AA-(bra)' from
      'AA(bra)';
   -- Second debenture issuance, in the amount of BRL204.4
      million, due in 2017, to 'AA-(bra)' from 'AA(bra)';
   -- Third debenture issuance, in the amount of BRL150 million,
      due in 2018, to 'AA-(bra)' from 'AA(bra)';
   -- Fifth debenture issuance, in the amount of BRL200 million,
      due in 2019, to 'AA-(bra)' from 'AA(bra)'.

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

The rating downgrades reflect the continued weakening of CCP's
leverage ratios, pressured by the company's aggressive investment
strategy in the last three years.  Net leverage ratio
significantly increased to 7.8x in 2014 from 4.7x in 2013 and 3.1x
in 2012, well above Fitch's expectation of peak leverage around
6.0x in periods of high investments.  CCP invested about BRL2.4
billion between 2012 and 2014 and plans to invest about BRL700
million in 2015 and 2016, which should prevent the company to
deleveraging in the short term.  CCP's cash flow generation should
also be affected by weaker market environment, with higher vacancy
rates and lower lease spreads, once demand for commercial
properties is directly related to Brazil's macroeconomic
conditions.

The Negative Outlook reflects CCP's important challenges to reduce
net leverage to levels below 7.0x by the end of 2016, in a less
favorable macroeconomic conditions.  Fitch expects higher vacancy
rates and lower lease spreads in rental contracts in the next
couple of years.  These factors should pressure even more the
company's cash flow generation, offsetting the benefits from
revenues of projects delivered and from investments' reduction
from 2015 on.  Higher operational cash burn, due to the
expectation of higher financial expenses, will also affect the
company's cash flow.  CCP has a relevant challenge to improve its
credit metrics to more healthy levels and in line with its current
rating category, to prevent new rating downgrade.  Fitch views
that measures to reduce CCP's indebtedness and leverage would be
positive, through a significant asset sale and/or capital
increase, and could contribute to avoid new negative rating
actions.

KEY RATING DRIVERS

Reduction of High Leverage is a Challenge

CCP's leverage significantly increased as a result of relevant
investments since 2012 and is not expected to reduce in the short
term.  The company's net debt increased to BRL1.9 billion in
December 2014 from BRL592 million at the end of 2012, to finance
its high capex plan.  As of Dec. 31, 2014, total debt/adjusted
EBITDA ratio (including dividends received) was 10.2x and net
debt/adjusted EBITDA was 7.8x, above Fitch's expectations.  For
2015, Fitch projects net leverage around 10x and considers still
high vacancy rates and lease spreads below inflation.  Absent
relevant asset sales or capital increase, leverage should not
reduce to more conservative levels in the next three years and
could pressure the ratings.

When compared with the economic value of the CCP's commercial
properties, leverage also increased.  The ratio loan-to-value,
measured by net debt/estimated market value of assets, was of 43%
at end 2014 (35% in 2013).

Cash Flow to be Pressured by Challenging Macroeconomic Environment
and Investments

CCP benefits from a predictable cash flow from lease agreements.
In 2014, the company generated BRL244 million of EBITDA and
included BRL36 million from dividends received.  Fitch projects
EBITDA to remain relatively flat in 2015, if vacancy rates
increase to 20% for office and warehouse segments and leasing
spreads are below inflation rate.  CCP should deliver a gross
leasable area (GLA) of about 130 thousand sqm in 2015 and 2016,
which should contribute to the company's cash flow generation
capacity.

The large capex plan is expected to continue to pressure CCP's
free cash flow (FCF), which is likely to remain negative in 2015
and 2016, excluding occasional property sales.  In 2014, the
company's cash flow from operations (CFFO) totaled BRL261 million
and FCF was negative BRL681 million, as a result of investments of
BRL906 million during the year.  In 2014, FFO interest coverage
reduced to 2.4x from an average of 4.3x between 2011 and 2013,
while adjusted EBITDA/interest expense ratio was 1.4x.

Adequate Liquidity and Debt Profile

CCP's liquidity is satisfactory for debt maturities due in the
short term and is an important rating consideration.  As of
Dec. 31, 2014, cash and marketable securities totaled BRL573
million and total debt, BRL2.5 billion.  The company has BRL250
million of debt maturing in the short term and BRL307 million in
2016, of which BRL98 million and BRL165 million, respectively,
consisted of corporate debt.  CCP has about BRL554 million of
debentures exposed to the financial covenant net corporate
debt/EBITDA of 3.5x and BRL150 million to the 4.0x covenant.  In
2014, the company reported 1.59x ratio and Fitch projects to
remain close to 3.0x, at least in the next couple of years.  CCP's
cash position benefited from the BRL350 million CCB issued at the
end of 2014.  The company's liquidity is strengthened by a standby
credit facility of BRL150 million that is not utilized.  Fitch
expects CCP to continue to manage its liquidity conservatively.

CCP's financial flexibility from its unencumbered assets reduced.
As of Dec. 31, 2014, available unencumbered assets had an
estimated market value of BRL534 million, which may be available
for sale or serve as collateral for a secured financing, if
needed.  The estimated value of unencumbered assets covered about
0.6x of corporate debt of BR939 million.

Cyclicality of Commercial Properties Business

CCP's high portfolio quality supports its positive operational
track record, with low tenant turnover and delinquency rates.
However, the company's higher vacancy rate is a concern.  As of
Dec. 31, 2014, physical and financial vacancy rates were 11.3% and
14.4%, respectively.  Fitch does not expect vacancy rates to
reduce in 2015 and should remain pressured by the more challenging
environment.  Higher stock in the market also contributed to lower
leasing spread, negative 1% in 2014.

CCP's lease contract expiration timeline continues well
distributed, with 3% of the contracts (by revenues) maturing in
2015 and 17% in 2016.  However, rent renewals programmed for 2015
and 2016, of 37% of the contracts (by revenues) each year, are
high and could pressure leasing prices.  The company has
maintained low delinquency rates, even under diverse macroeconomic
conditions.

CCP has a concentration of tenants and the 10 largest represented
56% of its revenues in 2014.  This risk is partially mitigated by
the high quality of tenants and property portfolio.  CCP is one of
the largest companies of investment, lease and commercialization
of commercial properties in Brazil.  At end 2014, the company
owned 29 commercial properties in operation, with an estimated
market value of BRL3.5 billion and GLA of 384 thousand sqm.  CCP
currently develops 16 projects, which should add 427 thousand sqm
of GLA.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Sale of one office building for BRL15 million in 2015;
   -- No acquisition of new properties;
   -- New GLA of about 130 thousand sqm in 2015 and 2016,
      including shopping centers and warehouses;
   -- Vacancy rates between 10% and 20%;
   -- Increase in average rent below inflation rates.

RATING SENSITIVITIES

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

   -- Net corporate debt/EBITDA ratio above 3.0x in the long term;
   -- Expectation that net leverage, measured as net debt/EBITDA,
      will not reduce to levels below 7.0x in 2016, with a
      reduction trend in the following years;
   -- EBITDA to gross interest expense coverage ratio below 1.2x.
   -- Liquidity falling to levels that considerably weaken short-
      term debt coverage;
   -- Vacancy rates consistently above 10% and higher delinquency
      rates, which could result in a reduction in operational cash
      generation.

Positive rating actions are not expected in the medium term.


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


CHEMICAL EQUITY: Shareholders' Final Meeting Set for April 20
-------------------------------------------------------------
The shareholders of Chemical Equity Limited will hold their final
meeting on April 20, 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:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL HOLDINGS: Shareholders' Final Meeting Set for April 20
---------------------------------------------------------------
The shareholders of Chemical Holdings Limited will hold their
final meeting on April 20, 2015, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL IIP: Shareholders' Final Meeting Set for April 20
----------------------------------------------------------
The shareholders of Chemical IIP Limited will hold their final
meeting on April 20, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CHEMICAL INVESTMENTS: Shareholders' Final Meeting Set for April 20
------------------------------------------------------------------
The shareholders of Chemical Investments Limited will hold their
final meeting on April 20, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


EQUITY ZSC: Shareholders' Final Meeting Set for April 20
--------------------------------------------------------
The shareholders of Equity ZSC Limited will hold their final
meeting on April 20, 2015, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


JAPAN IRELAND: Commences Liquidation Proceedings
------------------------------------------------
On March 23, 2015, the members of Japan Ireland Capital Partners,
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:

          Kiyomi Bernet-Yaegashi
          St Johannes-Strasse 10
          6300 Zug
          Switzerland


LEHMAN BROTHERS ASIAN: Creditors' Proofs of Debt Due April 23
-------------------------------------------------------------
The creditors of Lehman Brothers Asian Investments Limited are
required to file their proofs of debt by April 23, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2015.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


LEHMAN BROTHERS REAL: Creditors' Proofs of Debt Due April 23
------------------------------------------------------------
The creditors of Lehman Brothers Real Estate Japan Limited are
required to file their proofs of debt by April 23, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2015.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700


PANAMA CANAL: Moody's Lifts Sr. Secured Notes' Ratings to Ba1
-------------------------------------------------------------
Moody's Investors Service upgraded the rating assigned to the
Senior Secured Notes issued by the Panama Canal Railway Company to
Ba1 from Ba2. The outlook was revised to stable from positive. The
rating action affects approximately $81 million of outstanding
debt. The Senior Secured Notes were issued in 2007 for $100
million under Rule 144A/Reg. S with a final maturity in 2026.

The rating action reflects the full and sustainable recovery in
container volumes handled by PCRC since the notable downturn in
2009, lower debt levels that have led to improved financial
metrics and adequate levels of liquidity reserves.

Since 2010, and despite inherent sector volatility, container
volumes have consistently remained above 350,000, well above the
lowest observed volume of 214,000 in 2009 associated with the
global economic downturn. In 2014, container volume reached
390,000. Going forward, PCRC expects volumes to continue close to
the 400,000 range. These expectations reflect the recently renewed
three-year contract with Maersk (A.P. Moller-Maersk A/S; Baa1
stable), accounting for approximately 60% of container volume that
assumes 5% container volume growth per year. If the projected
growth is not met, the contract allows for tariff increases as
compensation.

Debt Service Coverage Ratios have improved steadily from below
1.0x in 2009 to 4.4x in 2014, as measured by Moody's. For 2015
onwards, Moody's expect this ratio to continue above 4.0x. PCRC
has lowered its total debt levels, which consist primarily of the
outstanding $81.4 million Senior Secured Notes. As a result, Debt
to Total Capitalization ratio fell to 71.4% in 2013 from 89.1% in
2009. The rating also reflects PCRC's liquidity, which primarily
consists of a six-month debt service reserve backed by a $4.8
million letter of credit, below the standard for project
financing, and a $6 million liquidity reserve also backed by a
non-recourse letter of credit

The outlook is stable reflecting our expectations of steady but
modest growth in container volumes, revenues and debt service
coverage ratios for the next few years.

The PCRC's credit strengths are partially offset by the ultimate
impact of the Panama Canal expansion on the shipping and ports
industry and on PCRS's performance and competitive position, as
well as any changes that may arise from the new Panamanian
Government.

What Could Change the Rating -- Up/Down:

The rating could face upward pressure if the company continues to
execute longer term, firm volume contracts that ensure the
sustainability of debt service coverage at or above 4.0x (by
Moody's calculation) and if debt service and liquidity reserves
are fully funded and maintained.

A sustained drop in freight volumes from a regional or market
slowdown or from increased competition resulting from the Panama
Canal expansion could exert downward pressure on the rating. If
liquidity reserves fall below their current levels, PCRC's debt
service coverage ratio (by Moody's calculation) drops below 2.5
times on a sustained basis as a result of operational problems or
a sharp increase in leverage, could also exert downward pressures.

Panama Canal Railway Company was incorporated on October 25, 1996
in the Cayman Islands in order to undertake a concession granted
by the Government of Panama (Baa2 stable) to construct, maintain
and operate a freight and passenger rail service for an initial
period of 25 years with a renewal of another 25 years at the
option of the company. The 47-mile long railway parallels the
Panama Canal and is the shortest land bridge connecting the
Pacific and Atlantic oceans. The company is owned 50% by Kansas
City Southern, a publicly traded company, and 50% by Mi-Jack, a
private company that operates over 70 railroad intermodal
terminals in North America.


STRATUS HOLDINGS: Shareholders' Final Meeting Set for April 27
--------------------------------------------------------------
The shareholders of Stratus Holdings Limited will hold their final
meeting on April 27, 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:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


STRATUS INVESTMENTS: Shareholders' Final Meeting Set for April 27
-----------------------------------------------------------------
The shareholders of Stratus Investments Limited will hold their
final meeting on April 27, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS ENTERPRISES: Shareholders' Final Meeting Set for April 20
------------------------------------------------------------
The shareholders of ZS Enterprises Limited will hold their final
meeting on April 20, 2015, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS EQUITY: Shareholders' Final Meeting Set for April 20
-------------------------------------------------------
The shareholders of ZS Equity Limited will hold their final
meeting on April 20, 2015, at 11:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS HOLDINGS: Shareholders' Final Meeting Set for April 20
---------------------------------------------------------
The shareholders of ZS Holdings Limited will hold their final
meeting on April 20, 2015, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ZS INVESTMENTS: Shareholders' Final Meeting Set for April 20
------------------------------------------------------------
The shareholders of ZS Investments Limited will hold their final
meeting on April 20, 2015, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


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


* DOMINICAN REPUBLIC: Prices Climb 0.14% in March
-------------------------------------------------
Dominican Today reports that the Dominican Republic prices climbed
0.14% in March compared with February, placing accumulated
inflation in the first quarter at 0.16%, nearly one percentage
point lower than the 1.10% posted in the same period a year ago.

The Central Bank said inflation from March 2014 to March 2015
continues its downward trend at 0.64%, "significantly lower than
the annualized rate of 2.99% registered in March last year, with a
decline observed since the October 2009 level," the report notes.

It said the climb in inflation resulted mostly from higher prices
on transport and housing, the report relates.


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


JAMAICA: Suffering From "Most Austere Budget in the World"
----------------------------------------------------------
Caribbean360.com reports that ahead of President Obama's trip to
Jamaica this week, a new paper from the Center for Economic and
Policy Research (CEPR) finds that Jamaica is running the most
austere budget in the world, with a primary surplus of 7.5
percent, due to its IMF agreement, and that the government's
interest payments on the debt and austerity have brought public
investment to a low.

The paper, "Partners in Austerity: Jamaica, the United States and
the International Monetary Fund" by Jake Johnston, notes that
Jamaica has a debt-to-GDP ratio of nearly 140 percent and its
public interest burden is one of the very highest in the world, at
over 8 percent of GDP last year. Coupled with the IMF-backed
austerity, high interest payments have all but displaced needed
capital spending, reducing government capital expenditure to a low
of 1.6 percent of GDP in FY 2014/15, according to
Caribbean360.com.

The paper notes that after three consecutive quarters of economic
growth, GDP fell by 1.4 percent in the third quarter of 2014, and
the Jamaican economy is smaller today than it was in 2008.  With
anemic growth and continued austerity, social indicators have
drastically worsened, with the poverty rate doubling since 2007,
the report relays.  Unemployment, at 14.2 percent, remains higher
today than during the height of the global recession, the report
adds.

"When President Obama travels to Jamaica, he will be going as
someone partly responsible for the high unemployment and poverty
that the country is suffering through," Jake Johnston said in the
report, notes Caribbean360.com.  "This paper shows that through
its leadership role in the IMF, the U.S. is imposing unnecessary
pain on Jamaica through harsh austerity and a debt trap," Mr.
Johnston added.

The report discloses that Jamaica has suffered declining average
living standards over the past 20 years, with GDP per capital
actually falling by 0.3 percent annually over the past two
decades.

Jamaica's 7.5 percent primary budget surplus dwarfs even the
budget surpluses being demanded of crisis-hit countries such as
Greece, which was expected to run a primary surplus of 3.0 percent
of GDP this year and 4.5 percent for years thereafter -- and even
this is widely considered politically unsustainable, the report
relays.

The paper finds that Jamaica's high debt-to-GDP ratio comes even
after two debt restructurings, both as preconditions to receiving
IMF support, says Caribbean360.com.  After multilateral loans were
cut off in 2012 following the breakdown of Jamaica's previous IMF
agreement, net flows from the multilateral banks turned negative
for two consecutive years, notes the report.  Even after the
signing of the new IMF agreement, Jamaica paid $138 million more
to the IMF than it received last year, and Jamaica still owes the
World Bank and Inter-American Development Bank over $650 million
through 2018, the report discloses.

This paper concludes that multilateral debt relief for Jamaica
would likely free up more resources than new loans, the report
relays.  Finally, the paper finds that without hundreds of
millions in financial support from Venezuela and investment from
China, the impact of IMF-led austerity would likely be far worse,
making the ongoing program politically untenable.

"Alternatives to IMF-imposed austerity are key if Jamaica is going
to emerge from its debt trap and begin economic recovery," the
report quoted Mr. Johnston as saying.  "Perhaps most important
would be debt cancellation."

                        *     *     *

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


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


AXTEL S.A.B.: Moody's Lifts CFR to B3, Outlook Stable
-----------------------------------------------------
Moody's Investors Service upgraded Axtel, S.A.B. de C.V.'s
corporate family rating to B3 from Caa3 and its senior unsecured
notes maturing in 2017 and 2019 to Caa1 from Ca. The outlook on
the ratings is stable.

The upgrades reflect Axtel's improved liquidity position and the
expectation for sustainable operating performance over the next
couple of years, despite intense competition and ongoing negative
free cash flow.

On March 18, 2015 Axtel settled disputes totaling USD220 million
with America Movil S.A.B. de C.V. (A2, stable) and IUSACELL
(unrated) over interconnection and mobile termination rates dating
back to 2005. The resolution has alleviated liquidity concerns for
Axtel since the unresolved litigations represented a potential
threat to the company's financial sustainability. Following the
agreement, there are around USD20 million still in negotiations,
but which represents just 8.5% of the original disputed amount. In
addition, the settlement established agreements for
interconnection services and the payment by America Movil of about
USD60 million (MXN950 million) to Axtel. This comes as an
additional enhancement for the company's cash balance of USD183
million as of December 2014, mainly reflecting last year's
reopening of its existing 2020 notes. Axtel has USD50 million in
debt coming due until 2017, while other major maturities include
around USD160 million in 2019 and beyond.

Axtel's B3 corporate family rating reflects small scale and
ongoing pressure resulting from the need to invest heavily in
order to grow revenues in an increasingly competitive environment.
The ratings reflect pressured operating results in recent years as
well as persistent negative free cash flow. Somewhat mitigating
the challenges faced, revenue growth has shown positive trends
compared to historical performance and important network
investments in recent years have improved the quality of the
operator's robust network. Axtel's improved liquidity position is
also an important support to the ratings.

Moody's will closely monitor the extent to which the proceeds
received with the resolution of legal disputes will be driven
toward deleveraging as well as how each business segment performs
and how resilient operations remain within Mexico's evolving
competitive environment. Axtel faces specific challenges in 2015,
including the elimination of long distance fees and high capex
needs, mainly in USD, to continue improving infrastructure.

The stable outlook assumes that the company will maintain
sufficient cash on hand to sustain an adequate liquidity position
and meet upcoming maturities through 2017 without encountering
potential liquidity concerns. The outlook also incorporates
ongoing negative free cash flow and elevated leverage.

Positive ratings pressure could result if the company's business
model strengthens and if Axtel generates ongoing positive free
cash flow, maintains solid EBITDA margins around 35% and lowers
leverage to below 3.75 times, as adjusted by Moody's, on a
sustained basis.

Any deterioration in the company's liquidity profile would put
negative pressure on its ratings. If leverage rises consistently
above 4.5 times, as adjusted by Moody's, or if adjusted EBITDA
margins fall below 30%, the company's ratings could also be
downgraded.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

The Methodology suggested rating outcome for Axtel is based on the
company's last twelve months results as of September 2014. All
financial metrics incorporate our standard adjustments.
Application of this Methodology indicates a global rating of B2
for Axtel. The company is rated one notch lower to B3 given
factors including a challenging operating environment, ongoing
negative free cash flow and small scale in a highly competitive
market.

Based in Monterrey, Nuevo Leon, Mexico, Axtel is an integrated
fixed-line telecommunications company providing bundled products
including voice, data, video and Internet services to business and
residential users within Mexico. During the last twelve months
ended December 31, 2014, the company's revenues and adjusted
EBITDA reached USD 797 million and USD 294 million, respectively.


DESARROLLADORA HOMEX: Renews Relationship With Infonavit
--------------------------------------------------------
Amy Guthrie at The Wall Street Journal reports that debt-saddled
Mexican homebuilder Desarrolladora Homex S.A.B. de C.V. said that
it is back in the good graces of Mexican mortgage institution
Infonavit, which extends the majority of home loans in the
country.

Desarrolladora Homex said it has reached an agreement with
Infonavit so that the builder can once again sell homes to
Infonavit borrowers, according to The Wall Street.

The report notes that Desarrolladora Homex's relationship with
government-run Infonavit has been strained since mid-2013 when the
lender began withholding disbursements to the builder in adherence
to court orders, while creditors fought to collect payments on
Desarrolladora Homex debt.

Infonavit also sought to have Desarrolladora Homex return
subsidies the company had received in advance of the completion of
certain projects, the report relates.

"This is an important milestone for the company because the
relationship with Infonavit is essential for the reactivation of
the company's projects, and this agreement sets a strong
foundation for a successful relationship with the institute going
forward," Desarrolladora Homex Chief Executive Gerardo de Nicolas
said in the company's statement, notes the report.

Desarrolladora Homex, which filed for bankruptcy protection in
2014, said Infonavit provides mortgage loans for 60% of the
builder's customers, the report relays.

Employers contribute funds to Infonavit on behalf of workers, who
can then tap the savings for a down payment on a home, the report
discloses.  Mortgage payments are deducted directly from workers'
salaries, reducing credit risk for Infonavit and banks that work
with the lender, notes the report.

The report recalls that in 2012, the last year for which Homex
issued an annual report, the company sold close to 43,000 housing
units to generate just under $1.5 billion in housing revenue, the
report relays.  The company's restructuring plan, reached with
creditors in December, contemplates the construction and sale of
10,000 homes in the 12 months following the closing of the
bankruptcy process, and more than 29,000 homes a year by 2020.

Desarrolladora Homex received a 90-day extension from a judge to
continue reconciling the bankruptcy process with creditors, notes
WSJ.

The federal government's emphasis in recent years on urban
housing, in an attempt to contain sprawl, helped push the
country's three biggest home builders, including Desarrolladora
Homex, into financial troubles in 2013, the report recalls.
Consumers had also tired of the far-flung houses that builders
like Desarrolladora Homex specialized in, while complaining that
some communities lacked basic services such as running water.
Buyers abandoned their properties in droves.

Desarrolladora Homex said that it has promised Infonavit that it
will develop and maintain infrastructure for services such as
water, sewage and electricity inside its housing communities, the
report adds.

                 About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and middle-
income housing in Mexico.  It is one of the most geographically
diverse homebuilders in the country.  Homex is the largest
homebuilder in Mexico, based on revenues, number of homes sold and
net income.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2014, Anthony Harrup at Daily Bankruptcy Review said that
Desarrolladora Homex SAB filed for bankruptcy protection in Mexico
after having hammered out an agreement with creditors.  In a
statement to the Mexican Stock Exchange, the troubled builder said
it hopes the bankruptcy protection will allow the company to
restructure and remain viable, according to Daily Bankruptcy
Review.

The TCRLA reported on April 18, 2013, that Fitch Ratings
downgraded Desarrolladora Homex, S.A.B. de C.V.'s ratings as:

-- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-';
-- Local currency IDR to 'B' from 'BB-';
-- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-';
-- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-';
-- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'.

The ratings remain on Rating Watch Negative.


DESARROLLADORA HOMEX: Gets 90-Day Extension for Concurso Mercantil
------------------------------------------------------------------
Desarrolladora Homex S.A.B de C.V., obtained a 90-day extension
for the conciliation stage under its ongoing Concurso Mercantil
process.

The extension was granted by the Concurso Mercantil Judge after
receiving approval from more than 90% of the Company's creditors.
During the extension period, the Company will continue
negotiations with its creditors in order to reach a final
"Concurso" agreement for the benefit of all stakeholders.

The Company is currently negotiating with an ad hoc group of
creditors and other parties, and intends to seek approval from its
creditors of a proposed "Concurso" agreement in the very near
future.

In addition, the Company continues to discuss project reactivation
with new and existing financing sources and expects to reactivate
certain projects before the termination of its Concurso Mercantil
process.

The Company values the support of its creditors throughout this
process and recognizes that their cooperation is essential for
achieving a successful restructuring.

                     About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and middle-
income housing in Mexico.  It is one of the most geographically
diverse homebuilders in the country.  Homex is the largest
homebuilder in Mexico, based on revenues, number of homes sold and
net income.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2014, Anthony Harrup at Daily Bankruptcy Review said that
Desarrolladora Homex SAB filed for bankruptcy protection in Mexico
after having hammered out an agreement with creditors.  In a
statement to the Mexican Stock Exchange, the troubled builder said
it hopes the bankruptcy protection will allow the company to
restructure and remain viable, according to Daily Bankruptcy
Review.

The TCRLA reported on April 18, 2013, that Fitch Ratings
downgraded Desarrolladora Homex, S.A.B. de C.V.'s ratings as:

-- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-';
-- Local currency IDR to 'B' from 'BB-';
-- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-';
-- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-';
-- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'.

The ratings remain on Rating Watch Negative.


=================
V E N E Z U E L A
=================


* VENEZUELA: Reiterates Commitment to PetroCaribe
-------------------------------------------------
Caribbean360.com reports that Venezuela has again restated its
commitment to PetroCaribe, the Caracas' oil initiative with
several Latin American and Caribbean countries that sees them
purchasing fuel on terms of preferential payment, with some of the
funds going to social development program in participating
nations.

President of PetroCaribe and the ALBA Bank, Bernado Alvarez,
restated the commitment to the initiative at the inauguration of a
US$31.6 million 34,000-barrel fuel storage facility in Lowmans
Bay, built with PetroCaribe funds, according to Caribbean360.com.

The report notes that the fuel depot will increase from 10 to 40
days the national storage of fuel for all purposes.

Alternately, the fuel can meet the country's electricity
generation needs for three months, triple the previous capacity,
the report relates.

According to Caribbean360.com, Mr. Alvarez said that amidst "all
this campaign against" PetroCaribe, Venezuela, and its president,
Nicolas Maduro, the depot "is the proof that PetroCaribe is here
to stay, and, as President Maduro said recently, to expand and we
wish PetroCaribe the best future".

There have been concerns about whether PetroCaribe will continue
amidst growing economic strain in Venezuela that some observers
have blamed on poor fiscal policy, while other have claimed an
attempt to undermine the President Maduro administration, the
report notes.

The report relays that Mr. Alvarez noted PetroCaribe's objectives:
energy security, social and economic development, and regional
integration.

"As you see, we have done a lot and we have a huge task ahead,"
Mr. Alvarez said of the initiative, which will be a decade old in
June, the report relays.

". . . . and if you see what we have done and you see the
challenges ahead, there is a bright future for us. It is the right
moment to enhance, to support PetroCaribe.  And for that, I think
we have to thank first, the vision of President Chavez, second the
vision of PM Ralph [Gonsalves], and of course, the persistence,
the hard work, the patience of all of us that have been involved
in the project," Mr. Alvarez added, the report says.

Prime Minister of St. Vincent and the Grenadines Ralph Gonsalves
and Vice President of Venezuela Jorge Arreaza also attended the
event.

"PM we are here, vice President, we are here, we are happy to be
inaugurating this plant, this is a much more strong PetroCaribe
for St. Vincent and the Grenadines, for the Hemisphere, for the
Eastern Caribbean countries, and for regional integration," the
report quoted Mr. Alvarez as saying.

Mr. Alvarez lauded the name of the fuel depot -- The Hugo Chavez
Fuel Storage and Distribution Plant, as the best name for the
facility.

"We are here because of his (Chavez's) vision and his persistence.
And, in a way, PM, we are starting over, because the whole idea of
the PetroCaribe agreement at the beginning was to give countries
energy security.  And part of the energy security was to have its
own capabilities in storage.  And this is what we are achieving
today," Mr. Alvarez said, the report notes.

"So, in a way, PM, we can say we are starting over," Mr. Alvarez
added.

PetroCaribe was started under the presidency of Chavez, who died
in March 2013.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *