TCRLA_Public/150416.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

            Thursday, April 16, 2015, Vol. 16, No. 074


                            Headlines



A R G E N T I N A

ARGENTINA: Buenos Aires Benefits From Judge's Ruling
YPF SA: Petersen Sues Firm Over Losses Related to Nationalization


B R A Z I L

BANCO DO BRAZIL: Merges Retail Banking Unit With Human Resources
CENTRAIS ELETRICAS: S&P Ups Rating to BB-; Withdraws at Request
ENERGISA S.A.: Fitch Raises IDR to 'BB'; Outlook Stable
JBS SA: Has Cash for Takeover but Focused on Growth, CEO Says
MARANHAO: Fitch Affirms BB+ IDR; Revises Outlook to Negative

PETROLEO BRASILEIRO: Signs MOU on Gas Exploration in Bolivia
PETROLEO BRASILEIRO: Audited 2014 Results to Be Reviewed on Apr 22
SBM BALEIA: Moody's Withdraws 'Ba3' Rating on Sr. Secured Notes
U.S.J.-ACUCAR: Fitch Lowers IDR to 'B' & Puts on Watch Neg.


C A Y M A N  I S L A N D S

CALEDONIAN BANK: Creditors' First Meeting Set for April 16
CALEDONIAN BANK: Seeks Potential Buyers for Assets
FEBBRINA INVESTMENT: Creditors' Proofs of Debt Due May 13
GLOBAL COMMERCIAL: Creditors' Proofs of Debt Due April 23
IMMOTION INTERNATIONAL: Creditors' Proofs of Debt Due May 4

MARIO KASSAR: Creditors' Proofs of Debt Due May 4
NEWCAP INSURANCE: Commences Liquidation Proceedings
REVIVAL FINANCE: Creditors' Proofs of Debt Due April 23
SANTO DOMINGO: Creditors' Proofs of Debt Due May 13
SSARIS MULTI-MANAGER: Creditors' Proofs of Debt Due May 4

STAMFORD LIFE: Creditors' Proofs of Debt Due May 13
TOWER FINANCE: Commences Liquidation Proceedings
WHISTLER INTERNATIONAL: Creditors' Proofs of Debt Due May 4


C H I L E

* CHILE: To Ease Electricity Shortages by Tapping Renewables


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Bondholders Offer Forbearance Extension


                            - - - - -


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


ARGENTINA: Buenos Aires Benefits From Judge's Ruling
----------------------------------------------------
Camila Russo at Bloomberg News reports that as a U.S. judge makes
life harder for Argentina, the country's biggest province is
proving to be the biggest beneficiary.

U.S. District Court Judge Thomas Griesa's March 12 decision to
extend a ruling that prohibits the nation from paying its bonds is
prompting investors to buy those issued by Buenos Aires, according
to Bloomberg News.  At 9.96 percent, its $1.05 billion of notes
due 2015 now yield just 0.89 percentage points more than
government debt, Bloomberg News relates.  Before the ruling, the
premium was 3.4 percentage points.

Bloomberg News discloses that the shift reflects bond investors'
latest move to protect themselves against an ever-expanding ban on
Argentina's ability to honor debt obligations until it settles
with disgruntled creditors from a default in 2001.  After blocking
Argentina from making payments on foreign-currency exchange bonds
in July, Judge Griesa is now preventing the country from paying
dollar-denominated notes issued locally as part of debt
restructurings, Bloomberg News relates.

"Buenos Aires is the best choice for a credit in Argentina," said
Gabriele Bruera, an emerging-market money manager at Compass Asset
Management, which owns the province's bonds, Bloomberg News says.
Buenos Aires province bonds are a good investment because they're
shielded from Argentina's legal issues, while being "close enough
to the sovereign" in risk since it's the biggest province in the
country, accounting for half of gross domestic product, Mr. Bruera
added.

                           Singer Dispute

The report relates that Argentina's peso was little changed April
14 at 8.8582 per dollar as of 12:16 p.m. in New York.

Bonds from Buenos Aires due have gained 3.2 cents this year to
100.79 cents on the dollar, while similar-maturity government
bonds fell 0.28 cent to 99.38 cents on the dollar, Bloomberg News
notes.  The province's debt due 2021 is also outperforming
government bonds of the closest maturity, notes the report.

Yields on Argentina's dollar notes due 2015 have jumped 0.8
percentage point in the past month to 8.9 percent, Bloomberg News
says.  The nation had been able to make payments on all its local-
law securities while being in default on its overseas debt,
Bloomberg News notes.

That changed after Judge Griesa's March 12 ruling, which stems
from a decade-long legal tussle between Argentina and creditors
who rejected the nation's restructuring after the 2001 default,
Bloomberg News discloses.  The holdouts, led by billionaire hedge
fund-manager Paul Singer, have won the right to full repayment in
court, says the report.

                          Better Finances

Bond investors are now concerned Judge Griesa may try to expand
the reach of his ruling even further to local dollar debt that
Argentina has issued independently from its debt swaps, said
Siobhan Morden, the head of Latin America fixed-income strategy at
Jefferies LLC, Bloomberg News relates.  Those securities account
for 21 percent of the nation's local dollar debt, notes the
report.

"The local sovereign bonds are re-pricing for legal risks and
higher repayment risk," Ms. Morden said in an April 10 report, in
which she recommends owning Buenos Aires province bonds, as well
as local-law bonds due 2017 and 2024, Bloomberg News discloses.

In addition to being free of any legal restrictions on its ability
to repay debt, Buenos Aires also boasts better finances than the
federal government, notes Bloomberg News.  While the province
recorded a budget surplus for the second straight year in 2014,
Argentina itself posted its biggest deficit on record.

Buenos Aires also retains access to overseas debt markets, while
Argentina hasn't borrowed internationally since 2001.
The province has "better financial conditions," Compass' Mr.
Bruera said, Bloomberg News 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'.


YPF SA: Petersen Sues Firm Over Losses Related to Nationalization
-----------------------------------------------------------------
Y. Peter Kang at Law360 reports that Petersen Energia Inversora
SAU and Petersen Energia SAU, two Spain-based companies currently
in bankruptcy proceedings, lobbed a suit at Argentina and state-
owned YPF SA in New York federal court on April 8 in connection
with losses they suffered due to their 25% stake in YPF when it
was nationalized in 2012.

According to Law360, Petersen Energia Inversora SAU and Petersen
Energia SAU said the South American country violated YPF
shareholder agreements when it nationalized the company and filed
the suit as a successor action to a 2012 proposed class action
that ended in a US$5 billion settlement Argentina reached with
Spanish oil giant Repsol SA in February 2014.

The Petersen entities said they bought shares of YPF, which was
originally a state-run monopoly that was taken private via an
initial public offering in 1993, based on assurances from
Argentina that should the country wish to take back control of
the company it would make a tender offer to shareholders, Law360
relates.   That never happened, Petersen says in the complaint,
accusing the Argentine government of undertaking a campaign to
depress YPF's stock by leaking news of an impending
nationalization, Law360 relays.

Petersen alleges a number of claims, including breach of contract
and breach of implied duty of good faith, and seeks unspecified
compensatory damages, Law360 notes.

The April 8 suit also names YPF as a defendant, Law360 discloses.
YPF, or Yacimientos Petroliferos Fiscales, was a state-run
monopoly until the early 1990s, when Argentina began privatizing
the company, Law360 states.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2015, Fitch Ratings rates YPF S.A.'s (YPF) reopening of
the company's 2018 and 2024 notes by up to USD750 million 'CCC'.
The company's rated notes with maturity dates of December 2018 and
April 2024 notes total, before the reopening, USD587 million and
USD1 billion respectively.  The 2024 notes have a 10-year maturity
with amortizations in years eight (30%), nine (30%) and 10 (40%).
The 2018 notes have a bullet maturity.


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


BANCO DO BRAZIL: Merges Retail Banking Unit With Human Resources
----------------------------------------------------------------
Aluisio Alves and Guillermo Parra-Bernal at Reuters report that
Banco do Brasil SA merged a division overseeing human resources
into its retail banking unit in a move to raise efficiency as
Latin America's largest economy faces a challenging outlook.

Brazil's largest bank by assets also nominated Paulo Roberto Ricci
as senior vice president overseeing the merged retail banking and
people management division, according to a regulatory filing,
according to Reuters.  Mr. Ricci will replace Alexandre Abreu, who
was previously head of retail banking and was named chief
executive officer earlier this year at the state-controlled bank,
the report notes.

A new vice presidency slot was created to oversee the
infrastructure, services and operations division, which will be
headed by former government minister Cesar Borges, the filing
said, the report adds.

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2014, Standard & Poor's Ratings Services has raised its rating
on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative
subordinated bonds to 'BB-' from 'B+'.  In addition, S&P affirmed
its 'BB' rating on the bank's $500 million 10-year subordinated
deferrable notes.  In addition, S&P removed its "Under Credit
Observation" identifier from the ratings on these instruments.


CENTRAIS ELETRICAS: S&P Ups Rating to BB-; Withdraws at Request
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the
Brazilian-based electric power distribution company Centrais
Eletricas do Para S.A. (Celpa) to 'BB-' from 'CCC+' and removed it
from CreditWatch with positive implications.  The upgrade reflects
S&P's view that Celpa is a "core" entity for its parent company,
Equatorial Energia S.A. (not rated).  Celpa only generates a
moderate portion of the group's cash flow because it's still in a
revamp phase.  However, S&P believes that Celpa has the potential
to be the main cash contributor for the group.  S&P believes it's
highly unlikely that Equatorial will sell Celpa because the parent
has already injected more than BRL700 million in cash into the
company while it was under judicial reorganization and Equatorial
guarantees about 50% of Celpa's debt.

Subsequently, S&P withdrew the rating at issuer's request.

The outlook was stable at the time of withdrawal.


ENERGISA S.A.: Fitch Raises IDR to 'BB'; Outlook Stable
-------------------------------------------------------
Fitch Ratings has upgraded Energisa S.A.'s (Energisa) Long-term
foreign and local Currency Issuer Default Ratings (IDRs) to 'BB'
from 'BB-' and its Long-term national scale rating to 'A+(bra)'
from 'A(bra)'.

At the same time, Fitch has upgraded Energisa's subsidiaries'
Long-term foreign and local Currency IDRs to 'BB+' from 'BB' and
their Long-term national scale ratings to 'AA-(bra)' from
'A+(bra)'.  The Rating Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects Energisa's ability to revert the negative
impact of the acquisition of Grupo Rede on its consolidated credit
profile.  Fitch considers the sale of its operational and under
construction generation assets to Brookfield Renewables for BRL2.8
billion as positive since it reduces pressure on the group's
liquidity and leverage ratios on a more restricted credit
scenario.  The expected capital increase of BRL 500 million to
occur in the first half of 2015 also benefits the group credit
metrics.

The rating action incorporates Fitch's expectation that Energisa
will succeed in continuing improving the still below average
operational performance of the subsidiaries acquired from Grupo
Rede, located in areas of high energy consumption historical
growth.  Despite the relatively recent integration, positive
results have already been noticed and reflected on the
consolidated operational cash generation.

The ratings incorporate a moderate regulatory risk for the power
sector and a hydrological risk currently above average.  The asset
diversification of Energisa through 13 power distribution
companies is positive as dilutes operational risks.  The one-notch
difference between Energisa's ratings and those of its
subsidiaries is based on the relevance and structural
subordination of the holding company's debt compared to that of
the operating companies.  The holding company debt represented
approximately 39% of net consolidated debt as of Dec. 31, 2014.

Stronger than Expected Credit Profile

Fitch expects Energisa's consolidated net leverage to range
between 2.5 times (x) and 3.0x in the coming years.  In 2014, the
consolidated leverage, measured by the Total Adjusted Debt/EBITDA
ratio was 4.8x and 3.7x on a net basis.  The proceeds from the
assets sale (BRL1.4 billion), the debt that went out with the
generation assets sold (BRL900 million) and the expected capital
increase of BRL500 million are representative when compared to the
consolidated total adjusted debt of BRL7.4 billion at the end of
2014.  Credit metrics should also benefit from a more robust
operational cash generation coming from recent acquired
subsidiaries.

Energisa has sold its operational and under construction
generation assets to Brookfield Renewables Energy Partners for BRL
2.8 billion.  On April 9, 2015, net proceeds of BRL1.4 billion
have been used to partially prepay - BRL 886 million - of the
holding's 6th Debenture Issuance.  Fitch expects the holding
company debt of BRL2.7 billion at the end of 2014 to materially
reduce to BRL1.3 billion after the mentioned events.

Successful Integration of Grupo Rede Operations

Fitch expects Energisa to benefit from synergy gains among all its
distribution companies.  The group has been improving the results
on the acquired companies, but their performances are still below
the levels established by the regulator.  Positively, the new
subsidiaries are located in areas of high energy consumption
historical growth, with a compounded average growth rate of 6.6%
p.y in the energy distributed in their concession areas in the
last five years (2009-2014), compared with 4.3% p.y. in Brazil in
the same period.  Improvements on quality and losses indicators
were already achieved.

Liquidity to Improve

Energisa's liquidity position should continue to improve on a
consolidated basis after the expected capital injection of BRL500
million.  In addition a convertible to shares BRL350 million
debenture issuance should add to debt maturity profile.  The group
has been working to lengthen its financial obligations and reduce
its cost of funding.  At the end of 2014, the short-term debt
coverage was moderate, with cash of BRL1.6 billion covering short-
term debt of BRL2.1 billion by 0.7x.  At the same date, holding
company short-term debt was BRL1.1 billion, compared with cash of
BRL56 million.

Negative FCF to Remain

The improvement of the operations at the distributors formerly
belonging to Grupo Rede, associated to the original subsidiaries'
maintenance capex programs, require a significant amount of
investments that will keep on pressuring the consolidated free
cash flow (FCF).  Part of this pressure could be offset by some
additional EBITDA coming from the acquired companies.  Fitch
expects capex requirements of approximately BRL 4.7 billion for
the next three years to have adequate sources of funding.

Fitch expects Energisa's consolidated operational cash flow
generation to benefit from an above average increase in energy
consumption in the concession areas of the acquired distributors,
and from the gradual improvement of its operational indicators.
The group has consistently reduced its energy losses, both on a
consolidated basis and individually.  Currently, Energisa's
distributors (except some of those acquired from Grupo Rede)
report losses below the maximum percentages established by the
regulatory agency and contemplated in the energy tariffs, which
positively impact its operating cash flow.

In 2014, consolidated net revenues, EBITDA and cash flow from
operations (CFFO) reached BRL7.4 billion, BRL1.6 billion and
BRL420 million, respectively, compared to BRL2.4 billion, BRL621
million and BRL505 million reported in 2013, with basis on the new
International Financial Reporting Standards (IFRS), excluding
revenue and infrastructure cost.  In 2014, CFFO was not sufficient
to cover capex of BRL942 million and dividends of BRL216 million,
leading to a negative FCF of BRL739 million.

KEY ASSUMPTIONS

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

   -- Average annual market growth rate of 4%;
   -- EBITDA margin of around 20%;
   -- Capital increase of BRL 500 million in 2015;
   -- Capex of BRL4.7 billion from 2015 to 2018.

RATING SENSITIVITIES

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

   -- Relevant acquisitions and/or additional new investments
      beyond those envisioned and mostly funded by debt by debt
      that could increase net leverage to levels consistently
      above 4.0x;
   -- Cash-to-short term debt below 0.7x.

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

   -- More conservative leverage and credit protection measures,
      with consolidated net leverage levels consistently below
      2.5x;
   -- positive FCF; (Cash-to-short-term debt ratio above 1.2x.)

Fitch upgraded these ratings:

Energisa
   -- Foreign currency IDR to 'BB' from 'BB-';
   -- Local Currency IDR to 'BB' from 'BB-;
   -- Long-term national scale rating to 'A+(bra)' from 'A(bra)'.

Energisa Paraiba - Distribuidora de Energia S/A (Energisa Paraiba)
   -- Foreign currency IDR to 'BB+' from 'BB';
   -- Local Currency IDR to 'BB+' from 'BB';
   -- Long-term national scale rating to 'AA-(bra)' from
      'A+(bra)'.

Energisa Sergipe - Distribuidora de Energia S/A (Energisa Sergipe)
   -- Foreign currency IDR to 'BB+' from 'BB';
   -- Local currency IDR to 'BB+' from 'BB';
   -- Long-term national scale rating to 'AA-(bra)' from
      'A+(bra)'.

Energisa Minas Gerais - Distribuidora de Energia S/A (Energisa
Minas Gerais)
   -- Foreign currency IDR to 'BB+' from 'BB';
   -- Local currency IDR to 'BB+' from 'BB';
   -- Long-term national scale rating to 'AA-(bra)' from
      'A+(bra)'.


JBS SA: Has Cash for Takeover but Focused on Growth, CEO Says
-------------------------------------------------------------
Caroline Stauffer and Reese Ewing at Reuters reports that JBS SA
will have sufficient cash flow in 2015 to bankroll potential
acquisitions, but for the time being plans to focus on
consolidating gains from recent takeovers, Chief Executive Wesley
Batista said.

The company in late March completed the $1.125 billion buyout of
Australian meats company Grupo Primo Smallgoods started in 2014,
which will give it a base to boost sales in the Asia/Pacific
region, according to Reuters.

The report notes that Mr. Batista said the company had no plans
"to establish operations" in Asia at this time but would focus on
organic growth in South America, North America and Australia.

The report relates that Mr. Batista also ruled out issuing new
shares in the U.S. and Brazilian markets for the near future.

Although pessimism about the Brazilian economy's growth has
intensified in the past months, Mr. Batista said it had not been
reflected in the company's domestic sales, the report relates.

A recovery in the company's exports of Brazilian beef, however, is
not likely in 2015, the executive said, the report discloses.

"The greatest pressure over margins have come from the drop in
exports, especially to Russia and Venezuela, due to the drop in
oil prices and the devaluation of their currencies," the report
quoted Mr. Batista as saying.

Mr. Batista added, though, that local beef demand and prices are
expected to remain firm in the near term due to tight live cattle
supplies, the report notes.

JBS, founded in the interior center-west farm belt of Brazil, has
become one of the largest beef exporter over the past decade. The
company has also expanded into poultry and pork production with
the help of acquisitions in the United States and Australia and
financing from Brazil's BNDES national development bank.

As reported in the Troubled Company Reporter-Latin America on
April 14, 2015, Moody's Investors Service upgraded JBS S.A.'s
Corporate Family Rating and the ratings of the notes issued by
Bertin S.A. and JBS Finance II and guaranteed by JBS to Ba2. At
the same time, Moody's upgraded JBS USA, LLC's senior unsecured
ratings to Ba2 and senior secured ratings to Ba1.  The outlook for
the ratings is stable.


MARANHAO: Fitch Affirms BB+ IDR; Revises Outlook to Negative
------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook to Negative from
Stable for these issuers:

   -- State of Sao Paulo (Sao Paulo)
   -- State of Rio de Janeiro (ERio)
   -- State of Santa Catarina (Santa Catarina)
   -- State of Maranhao (Maranhao)
   -- City of Rio de Janeiro (CRio)

KEY RATING DRIVERS - IDRS

The rating actions follow the recent revision of the Outlook of
Brazil's sovereign ratings to Negative from Stable.

Considering the features of the Brazilian institutional framework,
Fitch does not believe any subnational entity to be rated higher
than the sovereign.  This is the case for Sao Paulo and CRio,
whose ratings are currently equalized with the sovereign at 'BBB'.

In Fitch's opinion, ERio's ratings are under pressure given its
above average reliance on oil related activities thus leveraging
on the implicit debt support Fitch believes the state should
receive from the Brazilian Federal Government in case of need.

For Santa Catarina, the Negative Outlook reflects the weakening of
the implicit debt support the state should receive from the
Federal Government in case of need.  The Federal Government
remains the state's main creditor, corresponding to 68.5% of the
state's total debt in 2014.  For the case of Maranhao, there is
above average reliance on federal transfers, corresponding to more
than 50% of the state's operating revenues in 2014.

RATING SENSITIVITIES - IDRS and NATIONAL RATINGS

The Outlook revision for these subnationals reflects the potential
for them to be downgraded should Brazil's sovereign ratings be
downgraded.

Sao Paulo, ERio, Santa Catarina, Maranhao and CRio's IDRs should
move in tandem with Brazil's sovereign ratings.  They would be
affected by further changes in the sovereign's ratings or Outlooks
and/or in the government's willingness to provide support.
Nevertheless, Fitch does not expect a change in the government's
willingness to provide support for subnational debt in case of
need.

Fitch has taken these rating actions:

State of Sao Paulo
   -- 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 unchanged at 'AA+(bra)', Outlook
      Stable;
   -- National Short-term Rating unchanged at 'F1+(bra)'.

State of Rio de Janeiro
   -- 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 'F3';
   -- National Long-term Rating unchanged at 'AA-(bra)', Outlook
      Stable;
   -- National Short-term Rating unchanged at 'F1+(bra)'.

State of Santa Catarina
   -- 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 'F3';
   -- National Long-term Rating unchanged at 'AA-(bra)', Outlook
      Stable;
   -- National Short-term Rating unchanged at 'F1+(bra)'.

State of Maranhao
   -- Long-term Foreign and Local Currency IDRs affirmed at 'BB+',
      Outlook revised to Negative from Stable;
   -- Short-term Foreign and Local Currency IDRs affirmed at 'B';
   -- National Long-term Rating unchanged at 'AA-(bra)', Outlook
      Stable;
   -- National Short-term Rating unchanged at 'F1+(bra)'.

City of Rio de Janeiro
   -- 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 unchanged at 'AA+(bra)', Outlook
      Stable;
   -- National Short-term Rating unchanged at 'F1+(bra)'.


PETROLEO BRASILEIRO: Signs MOU on Gas Exploration in Bolivia
------------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. signed a memorandum
of understanding with Bolivian state energy firm YPFB, a step
toward future natural gas exploration in three areas of the
southern region of Tarija.

Petrobras's representative in Bolivia, Erick Portela, and YPFB
chief Guillermo Acha signed the contract in a ceremony in the city
of Tarija, according to EFE News.

The report notes that the MOU is a prelude to an eventual contract
for the San Telmo, Sunchal, and Astillero blocks, whose natural
gas potential is estimated at 4.9 trillion cubic feet, Mr. Acha
said.

The contract paves the way for investment of up to $2.06 billion
in the areas of exploration, transportation and plant construction
at the three blocks, Mr. Acha added, the report notes.

"These new areas will allow us to increase our reserves and
consolidate Tarija province as Bolivia's energy hub," the YPFB
chief said, referring to the area of the country that holds as
much as 85 percent of the nation's natural gas reserves, the
report discloses.

In addition to an estimated 4.9 trillion cubic feet of gas,
exploratory drilling is expected to confirm the presence of more
than 100 million barrels of liquids in those three blocks, YPFB
said in a statement obtained by the news agency.

The report relates that YPFB and Bolivia's Hydrocarbons Ministry
also signed a separate MOU with Russian state-controlled energy
giant Gazprom aimed at "updating the general framework for
developing Bolivia's gas sector through 2030."

The latest study of Bolivia's proven natural gas reserves showed
they amounted to 10.45 trillion cubic feet, notes the report.

Bolivia has drawn up plans for intense exploration aimed at
boosting natural gas reserves, which YPFB said will last until
2023, the report discloses.  Some analysts critical of President
Evo Morales' leftist government, however, say the country's gas
reserves will run out in 2017, the report relays.

The Andean nation's natural gas exports to Brazil and Argentina
are its main source of hard currency, the report adds.

                  About Petroleo Brasileiro

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 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.


PETROLEO BRASILEIRO: Audited 2014 Results to Be Reviewed on Apr 22
------------------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. plans to meet on
April 22 to analyze audited third-quarter and fourth-quarter 2014
results, the company said in a statement.

The company plans to release the results, which were reviewed by
independent auditors, once the board has approved them, according
to EFE News.  Petrobras has postponed releasing those results due
to a massive corruption scandal centered on the state-controlled
company, the report relates.

Petrobras released its third-quarter 2014 financial results in
late January after twice postponing plans to publish them, but the
accounts were not certified by PriceWaterhouseCoopers, the
company's auditor since 2012, says EFE News.  The third-quarter
results released on Jan. 28 excluded graft-related writedowns from
Petrobras' balance sheet.

In those results, Petrobras appraised dozens of projects with
companies cited in the widespread corruption case and calculated
an asset overvaluation of BRL88.6 billion (some $28.4 billion) in
connection with 31 contracts signed between 2004 and 2012, the
report relates.

That figure, however, includes asset appreciation related to
exchange-rate fluctuations and other factors not related to the
bribery scheme, report EFE.

Petrobras, which accounts for 12 percent of Brazilian GDP, is
under investigation following disclosure of widespread corruption
said to have cost the company billions of dollars since the mid-
1990s.

Police have already detained five former high-ranking Petrobras
executives as well as around a dozen executives of major
construction and engineering firms that had contracts with the oil
giant.

Outside companies involved in the scheme would inflate their
invoices, splitting the extra money with corrupt Petrobras
officials while setting aside some of the loot to pay off
politicians who provided cover for the graft, investigators say,
the report relays.

Some of the detainees have entered into plea deals to obtain a
reduction in future prison sentences and have implicated around 50
politicians who allegedly facilitated the illegal activity, the
report notes.

Last month, Brazil's Supreme Court gave prosecutors the green
light to investigate dozens of politicians over the graft case,
including the heads of Brazil's Senate and lower house, Renan
Calheiros and Eduardo Cunha, respectively, the report relays.

The treasurer of the ruling Workers Party, or PT, Joao Vaccari,
also has been arrested and charged with corruption, criminal
conspiracy and money laundering, notes the report.

                 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.


SBM BALEIA: Moody's Withdraws 'Ba3' Rating on Sr. Secured Notes
---------------------------------------------------------------
Moody's Investors Service has withdrawn the rating of the senior
secured global notes of SBM Baleia Azul, SII/S.a.r.l ("SBM Baleia
Azul") due in September 2027.

The rating has been withdrawn because Moody's will no longer
receive adequate/sufficient information to maintain the rating.

Issuer: SBM Baleia Azul, SII/S.a.r.l

Outlook Actions:

  -- Outlook, changed to rating withdrawn from rating under
     review for downgrade

Withdrawal:

  -- Senior Secured Global Notes, withdrawn, previously Ba3

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the


U.S.J.-ACUCAR: Fitch Lowers IDR to 'B' & Puts on Watch Neg.
-----------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) of U.S.J.-Acucar e Alcool S.A. (USJ) to 'B'
from 'B+' and the National Scale Rating to 'BBB(bra)' from 'A-
(bra)'.  Fitch has also downgraded to 'B/RR4' from 'B+/RR4' the
rating for the company's USD275 million senior unsecured notes due
2019.  USJ's ratings are currently on Rating Watch Negative.

KEY RATING DRIVERS

The downgrades are based upon USJ's weakening financial profile in
the volatile sugar and ethanol business, due to negative free cash
flow generation (FCF) and an increase in the concentration of
short-term debt.  Systemic risk remains high for 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, which has made it
increasingly difficult for companies to obtain long-term
financing.

The Watch Negative reflects Fitch's continued concerns about USJ's
high refinancing risks.  While it has extended some debt
maturities during 2015, USJ's short-term debt has increased as
availability of medium and long-term unsecured loans has become
scarce for most Brazilian S&E companies.

Prices for sugar and ethanol are expected to remain under pressure
despite improvements on the ethanol industry dynamics in 2015
compared to 2014.  The generation of more robust operational cash
flow in the new season ending March 31, 2016 will depend largely
on the maintenance of favorable weather conditions as seen in
early 2015.

Positively, USJ has unencumbered land properties worth BRL1.1
billion and operating assets such as sugar cane and inventory that
could be used for collateral to improve its financial position.
Higher Refinancing Risk

USJ's liquidity is under pressure as short-term debt is increasing
at a higher pace than the cash position.  As of Dec. 31, 2014,
USJ's cash position of BRL143 million compared unfavorably with
short-term debt of BRL228 million to yield a 0.63x coverage ratio.
This compares unfavorably with March 31 2014 when the company had
cash and short-term debt positions of BRL232 million and BRL128
million, respectively.

The company has used part of its cash to make a BRL60 million
capital injection into SJC Bioenergia S.A (SJC), the Joint-Venture
with Cargill, and acquire some land and cane fields from a
financially-distressed sugar cane supplier in 2014.  USJ's higher
refinancing risks are also underpinned by negative free cash flows
(FCF).  The company's cash flows have been pressured by
investments in a new boiler that are expected to enable the
company to sell energy during the 2015/16 season.

Negative Free Cash Flow

In the last 12 months ended Dec. 31 2014, the company posted cash
flow from operations (CFFO) of BRL156 million, which was not
enough to cover capital expenditures of BRL254 million, leaving
FCF at a negative BRL107 million.  FCF was further pressured by
BRL10 million dividends.

Capex should be reduced to BRL105 for the fiscal year 2016.
Nevertheless, Fitch expects USJ's FCF to remain negative in the
next two crop years.  The expected recovery of international sugar
prices is taking longer than forecasted to occur and the positive
short-term impact on the domestic ethanol industry caused by a
series of government measures both at the federal and state levels
is expected to be limited.

High Leverage and FX Risk:

USJ's leverage remains high.  The company's total adjusted debt as
per Fitch's internal criteria amounted to BRL1.4 billion as of
Dec. 31 2014, which is an increase from BRL1.2 billion in March 31
2014.  In the last 12 months ended Dec. 31, 2014, the company's
consolidated net adjusted debt/EBITDAR ratio was 5.0x.  A material
improvement in leverage is not forecast for the fiscal year ended
March 2016.

The company is exposed to foreign exchange risk as USD-denominated
debt accounts for 70% of its on balance debt, though sugar
revenues are linked to the USD.  FX risk is spread over the long
term as most of USJ's USD-denominated debt consists of the USD275
million senior unsecured notes due 2019.  Part of USJ's hard
currency debt was protected by hedging instruments as of Dec 31
2014.  The company's total adjusted debt consists of the following
obligations: USD275 million unsecured senior notes due 2019 (49%);
working capital lines (14%); land lease agreements as per Fitch's
internal criteria and guarantees issued in favor of BNDES under
loan agreements with SJC (19%); exports pre-payments and other
trade finance facilities (4%); subsidized loans FINAME and FINEM
(4.4%) and others with the balance.

Investments at SJC

USJ made a BRL60 million capital injection into SJC in July 2014.
The JV used the proceeds (BRL120 million equally shared between
USJ and Cargill) to fund its working capital requirements.  Fitch
is not expecting the JV to pay dividends in the current season.

During March 2015, Cargill and USJ announced plans to make corn
out of ethanol in SJC's Sao Francisco mill located in the State of
Goias.  The plan is to start producing ethanol from corn in late
2015 with production concentrated in the period going from
December to March, inter-harvest period for sugar cane, and during
rainy days of the sugar cane season.  The investment also
contemplates energy cogeneration and production of DDGS (Dried
Distillers Grains with Solubles).

Differentiated Business Position

USJ's business profile is built on a product mix that leads to
product differentiation compared to peers.  USJ's sugar output is
focused on crystal sugar, whose sales are carried out under medium
and long term contracts with financially strong food and beverage
companies.  This helps USJ to mitigate demand risks.  The Sao Joao
mill is strategically located near the food and beverage
companies, the Santos port terminal (247 km) and Paulinia (70 km),
a distribution hub for most of the fuel produced in the State of
Sao Paulo.  Ethanol sales are concentrated on anhydrous and
industrial ethanol, the price of which carries a premium over that
of hydrous ethanol.

KEY ASSUMPTIONS

   -- Crushed volumes of 3.2 million tons in 2015/2016 and gradual
      increases of 5% thereafter;
   -- Mix relatively unchanged at 66% sugar and 34% ethanol for
      the projected period;
   -- Average sugar prices at USD14 cents/pound in 2015/2016,
      USD16 cents/pound in 2016/2017 and USD17 cents/pound
      onwards;
   -- Domestic ethanol prices keeping the historical correlation
      with international sugar prices;
   -- No dividends coming from SJC in 2015/2016;
   -- No land sales have been forecasted.

RATING SENSITIVITIES

USJ's inability to substantially improve its cash to short-term
coverage ratio in the coming months could lead to a negative
rating action.  An upgrade is unlikely in the short term.  In the
medium to long term, a sustainable increase in international sugar
and domestic ethanol prices leading to improvements in USJ's
liquidity and allowing deleveraging, could trigger a positive
rating action.


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


CALEDONIAN BANK: Creditors' First Meeting Set for April 16
----------------------------------------------------------
The creditors of Caledonian Bank Limited will hold their first
meeting on April 16, 2015, at 10:00 a.m., in the main conference
room of the Marriot Hotel, 389 West Bay Road, in George Town,
Grand Cayman.

The company's liquidators are:

          Keiran Hutchison
          Claire Loebell
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 949 8444
          e-mail: keiran.hutchison@ky.ey.com


CALEDONIAN BANK: Seeks Potential Buyers for Assets
--------------------------------------------------
Caledonian Bank Limited and Caledonian Bank Securities' official
liquidators (Keiran Hutchison and Claire Loebell of Ernst & Young
Ltd.) are currently undertaking the sale of certain assets of the
companies and are seeking potential buyers to take part in the
process.

Potential buyers and their proposed management team must be able
to satisfy the relevant regulatory requirements as prescribed by
the Cayman Islands Monetary Authority.

The Liquidators can be reached at:

          Keiran Hutchison
          Claire Loebell
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 949 8444
          e-mail: keiran.hutchison@ky.ey.com


FEBBRINA INVESTMENT: Creditors' Proofs of Debt Due May 13
---------------------------------------------------------
The creditors of Febbrina Investment Ltd. are required to file
their proofs of debt by May 13, 2015, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


GLOBAL COMMERCIAL: Creditors' Proofs of Debt Due April 23
---------------------------------------------------------
The creditors of Global Commercial Real Estate (Cayman) Inc 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 12, 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


IMMOTION INTERNATIONAL: Creditors' Proofs of Debt Due May 4
-----------------------------------------------------------
The creditors of Immotion International Inc. are required to file
their proofs of debt by May 4, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 11, 2015.

The company's liquidator is:

          Fidele Joye
          Rue du General-Dufour 15
          1204 Geneva
          Switzerland
          Telephone: 022 321 28 22
          Facsimile: 022 321 20 95


MARIO KASSAR: Creditors' Proofs of Debt Due May 4
-------------------------------------------------
The creditors of Mario Kassar Infiniti Media Fund Ltd are required
to file their proofs of debt by May 4, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 10, 2015.

The company's liquidator is:

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


NEWCAP INSURANCE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Dec. 3, 2014, the members of
Newcap Insurance Company Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

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


REVIVAL FINANCE: Creditors' Proofs of Debt Due April 23
-------------------------------------------------------
The creditors of Revival Finance 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 16, 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


SANTO DOMINGO: Creditors' Proofs of Debt Due May 13
---------------------------------------------------
The creditors of Santo Domingo Device Company are required to file
their proofs of debt by May 13, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 10, 2015.

The company's liquidator is:

          SCL Limited
          Smeets Law (Cayman)
          Reference: JAPF
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728
          Suite 2206, Cassia Court, 72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands


SSARIS MULTI-MANAGER: Creditors' Proofs of Debt Due May 4
---------------------------------------------------------
The creditors of Ssaris Multi-Manager Fund Ltd. are required to
file their proofs of debt by May 4, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 24, 2015.

The company's liquidator is:

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


STAMFORD LIFE: Creditors' Proofs of Debt Due May 13
---------------------------------------------------
The creditors of Stamford Life Settlement Fund III Inc. are
required to file their proofs of debt by May 13, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 25, 2015.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


TOWER FINANCE: Commences Liquidation Proceedings
------------------------------------------------
On March 24, 2015, the shareholders of Tower Finance Company
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:

          Stephen Nelson
          Telephone: (345) 949 4544
          Facsimile: (345) 949.8460
          Collas Crill & Card
          P.O. Box 709 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


WHISTLER INTERNATIONAL: Creditors' Proofs of Debt Due May 4
-----------------------------------------------------------
The creditors of Whistler International Liquidating SPV, Ltd. are
required to file their proofs of debt by May 4, 2015, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


=========
C H I L E
=========


* CHILE: To Ease Electricity Shortages by Tapping Renewables
------------------------------------------------------------
Christopher Martin at Bloomberg News reports that Chile will ease
power shortages in the center of the country by building a 3,000-
kilometer (1,865-mile) transmission line to link the grid with
renewable plants in the north by 2017.

Energy Minister Maximo Pacheco said he will sign a decree
approving interconnections that include the $1 billion
transmission line, according to Bloomberg News.

That will help unleash production from 44 power plants that were
under construction at the end of March including solar and wind
farms, almost double the number being built a year ago, Bloomberg
News notes.  A lack of development caused power prices to rise 30
percent over the past five years, the report adds.

"We will always want more but this is a good start," Minister
Pacheco said in an interview at the Bloomberg New Energy Finance
conference in New York.  "By late 2025, we will have 20 percent
renewables, of that I am very confident," Minister Pacheco added.

That would make Chile the largest producer of "non-conventional'
renewable energy in Latin America, a definition that excludes
large hydroelectric dams, Bloomberg News relates.

The country will connect 741 megawatts of solar power to the grid
this year and continue to boost installations in 2016 before
stabilizing in 2017, said Lilian Alves, an analyst based in Sao
Paulo for Bloomberg New Energy Finance.


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


PUERTO RICO ELECTRIC: Bondholders Offer Forbearance Extension
-------------------------------------------------------------
In continuing their efforts to work collaboratively with Puerto
Rico Electric Power Authority (PREPA), PREPA bondholders have
offered to extend their forbearance agreement with PREPA for
another 30 days.  The offer includes a mutual commitment to
continue working together with PREPA on the refinement of a
capital investment and rate plan for PREPA, a timeline for PREPA's
professionals agreeing to a work production plan, and third party
review of the work plan and information exchanges between the
parties with an opportunity for public review.

On April 1, the PREPA bondholder group released a detailed
revitalization plan for PREPA that provides for nearly $2 billion
in new capital to be invested in PREPA for new infrastructure
investment, that allows PREPA to generate electricity at lower and
more stable rates, create hundreds of new jobs, and stabilize
electricity rates below the 2014 average, while continuing to
service contractual debt obligations.

                         *     *     *

The Troubled Company Reporter on Feb. 4, 2015, reported that
Standard & Poor's Ratings Services maintained its 'CCC' rating on
the Puerto Rico Electric Power Authority's (PREPA) power revenue
bonds on CreditWatch with negative implications.  S&P originally
placed the rating on CreditWatch on June 18, 2014.

On Dec. 15, 2014, the TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2.  PREPA's rating outlook is
negative.


                            ***********


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 * * *