TCRLA_Public/150501.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Friday, May 1, 2015, Vol. 16, No. 085


                            Headlines



B E R M U D A

FLOATEL INTERNATIONAL: S&P Affirms 'B' CCR; Outlook Stable


B R A Z I L

PETROLEO BRASILEIRO: Scandal Taking Toll on Public-Works Projects


C A Y M A N  I S L A N D S

AZUREWAVE (CAYMAN): Creditors' Proofs of Debt Due May 19
BORAS HOLDINGS: Creditors' Proofs of Debt Due May 27
FALUN HOLDINGS: Creditors' Proofs of Debt Due May 27
MILLENNIUM TMT FRIENDI: Creditors' Proofs of Debt Due May 27
MILLENNIUM TMT FUND: Creditors' Proofs of Debt Due May 27

MILLENNIUM TMT INVESTMENTS: Creditors' Proofs of Debt Due May 27
MILLENNIUM TMT LBIT: Creditors' Proofs of Debt Due May 27
MULTILAW SERVICES: Creditors' Proofs of Debt Due May 18
NARES HOLDINGS: Creditors' Proofs of Debt Due May 27
NEWPOINT GENESIS: Commences Liquidation Proceedings

OLGA HOLDINGS: Creditors' Proofs of Debt Due May 27
SIGNUM VERDE 2007-04: Fitch Affirms BB- Rating on CLP4.95BB Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Central Bank Taps US$222.2MM to Boost Home Loans
DOMINICAN REPUBLIC: Businesses Need a Bankruptcy Law, Chef Says


J A M A I C A

CARIBBEAN CEMENT: In Bullish Mood


M E X I C O

OCEANOGRAFIA SA: Pemex Says Production Unaffected by Firm's Case


P E R U

PERU: Gets US$1-Million IDB Loan for Water and Sanitation


                            - - - - -


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


FLOATEL INTERNATIONAL: S&P Affirms 'B' CCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
long-term corporate credit rating on Bermuda-based accommodation
vessel owner Floatel International Ltd.  The outlook is stable.

At the same time, S&P affirmed the 'B' issue rating on Floatel's
$650 million term loan B.  The recovery rating is unchanged at
'3', indicating S&P's expectation of meaningful recovery
prospects, at the higher end of the 50%-70% range, in the event of
a payment default.

The ratings on Floatel reflect S&P's assessment of the group's
"weak" business risk profile and "highly leveraged" financial risk
profile, under S&P's criteria.

Floatel participates in the highly competitive and cyclical
offshore oilfield services industry, and has limited
diversification due to the low--albeit expanding--number of
accommodation vessels in operation (four with an additional
vessel, "Triumph," on order in the first half of 2016).  It also
pursues a relatively aggressive and largely debt-funded growth
strategy.  Geographic and customer diversification is limited due
to the low number of vessels, but customers are largely blue-chip
exploration and production companies.

Relative strengths include Floatel's young, competitive, high-
quality fleet--all accommodation vessels were delivered from 2010
onward--and strong contract pipeline of about $662 million
(excluding options) as of year-end 2014.  This leads to good
earnings and cash flow visibility.  Low operating costs and an
experienced management team support Floatel's adjusted EBITDA
margins of about 50% in each of the last three years.  In S&P's
view, operational risk is somewhat lower than that of other
offshore operators, as the risk of downtime is relatively limited
once the accommodation vessel is hooked up to the operating
facility.  Conversely, Floatel's accommodation vessels do not add
as much value as other offshore operators (for example, contract
drillers).

Floatel has a highly debt-leveraged capital structure, and
aggressive financial policies as a result of part-private-equity
ownership.  S&P forecasts that material investment in new vessels
will result in negative free operating cash flows (FOCF) and an
increase in debt in 2015 and 2016.  Maintenance capital
expenditure (capex) is low, so Floatel could generate substantial
cash flow once the new vessel is operational, although the company
will likely continue to expand if it sees demand from oil and gas
producers.

S&P's base case assumes:

   -- Ninety percent utilization in contracted periods, but less
      in uncontracted periods to reflect uncertainty.  S&P's
      forecast predominantly reflects agreed day rates and
      mobilization fees.

   -- The Triumph vessel to be fully operational in the second
      half of 2016 (Floatel's newest completed vessel, Endurance,
      started operations earlier this month).

   -- No dividends, in line with its private equity joint owner
      Oaktree's stated intentions.  Any change in this policy
      would represent a downside to S&P's forecasts.

   -- Maintenance capex requirements of less than $4 million-
      $6 million per vessel per year, and capex of about $376
      million in 2015 for the Endurance vessel and $264.2 million
      in 2016 on the Triumph vessel.

Based on these assumptions, S&P arrives at these credit measures:

   -- Standard & Poor's-adjusted debt to EBITDA of above 5x,
      declining toward 4.0x in 2016 and 2017;

   -- Funds from operations (FFO) to debt of about 10%-15%,
      improving as new vessels start contributing; and

   -- Negative FOCF as a result of the major capex program in 2015
      and 2016.

The stable outlook reflects S&P's view that Floatel's cash flow
generation will be supported by its contract pipeline.  The stable
outlook is also supported by S&P's expectation that Floatel will
likely secure financing for its new vessel well before payment
comes due in first half of 2016.  S&P's base-case scenario assumes
that the company's credit metrics will remain in the range for a
"highly leveraged" financial risk profile in the next two years.
EBITDA margins should slightly improve over the next 12 months,
supported by Floatel's strong contract pipeline and the additional
contribution from the new Endurance vessel.

S&P could lower the rating if any unexpected operational issues or
contract cancellation occur on one of Floatel's four operational
vessels, and lead to a materially worse performance than in S&P's
base-case forecasts.  S&P might also consider a downgrade if debt
to EBITDA declines toward 6.0x at the same time as Floatel is
generating negative FOCF.  Finally, S&P could lower the ratings if
it perceives that Floatel may not secure additional liquidity
ahead of its 2016 debt repayments.

In S&P's view, an improvement in Floatel's financial risk profile
would be the most likely cause of an upgrade, as the company could
start to generate FOCF from 2017.  Stronger credit metrics would
depend on Floatel's capex plans under its owners' financial
policy, combined with sustained deleveraging.


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


PETROLEO BRASILEIRO: Scandal Taking Toll on Public-Works Projects
-----------------------------------------------------------------
EFE News reports that Brazil's transportation minister
acknowledged that a massive corruption scandal centered on state-
controlled oil company Petroleo Brasileiro S.A. (Petrobras) and
involving the country's biggest engineering and construction firms
has begun taking a toll on several public-works projects.

In an appearance before the Senate's Infrastructure Committee,
Antonio Carlos Rodrigues cited the case of a highway under
construction in the central Brazilian states of Tocantins and
Goias, according to EFE News.

The report notes that the project is being carried out by
construction firm Galvao Engenharia, which is waiting for the
release of a BRL400-million-reais ($134-million) loan from the
National Bank for Economic and Social Development, or BNDES, Mr.
Rodrigues said.

"It goes without saying that that company is implicated in the
investigations" and therefore its access to public credit has been
suspended," the report quoted the minister as saying.

"You can't put up a smokescreen or hide what's happening.
Everything that's happening has a significant impact on
transportation" because Brazil's large construction firms are
under investigation, the minister said, the report relays.

The scandal involves accusations that some of Brazil's leading
engineering and construction companies -- including Galvao
Engenharia, which filed for bankruptcy last month -- formed a
cartel to overcharge for Petrobras contracts, the report notes.

Those outside companies then allegedly split the extra money with
corrupt Petrobras officials while setting aside some of the loot
to pay off politicians who provided cover for the graft, the
report relates.

Separately, Mr. Rodrigues said his ministry still is unsure of the
size of its 2015 budget, adding that that will depend on spending
cuts carried out as part of an austerity plan aimed at getting
Brazil's economic house in order, 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.


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


AZUREWAVE (CAYMAN): Creditors' Proofs of Debt Due May 19
-------------------------------------------------------
The creditors of Azurewave (Cayman) Holding Inc. are required to
file their proofs of debt by May 19, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 10, 2015.

The company's liquidator is:

          Wu Hung-Yung
          5th Floor-1, No.369
          Sec. 2, Chenggong Rd.
          Neihu Dist. Taipei City 114
          Taiwan (R.O.C.)


BORAS HOLDINGS: Creditors' Proofs of Debt Due May 27
----------------------------------------------------
The creditors of Boras Holdings Limited are required to file their
proofs of debt by May 27, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 2015.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


FALUN HOLDINGS: Creditors' Proofs of Debt Due May 27
----------------------------------------------------
The creditors of Falun Holdings Limited are required to file their
proofs of debt by May 27, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 2015.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


MILLENNIUM TMT FRIENDI: Creditors' Proofs of Debt Due May 27
------------------------------------------------------------
The creditors of Millennium TMT Friendi Mobile Investment Ltd. are
required to file their proofs of debt by May 27, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 6, 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 Evette Burnell
          Telephone (345) 947 4700


MILLENNIUM TMT FUND: Creditors' Proofs of Debt Due May 27
---------------------------------------------------------
The creditors of Millennium TMT Fund GP are required to file their
proofs of debt by May 27, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 29, 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 Evette Burnell
          Telephone (345) 947 4700


MILLENNIUM TMT INVESTMENTS: Creditors' Proofs of Debt Due May 27
----------------------------------------------------------------
The creditors of Millennium TMT Fund Investments Holding Company
Ltd. are required to file their proofs of debt by May 27, 2015, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 6, 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 Evette Burnell
          Telephone (345) 947 4700


MILLENNIUM TMT LBIT: Creditors' Proofs of Debt Due May 27
---------------------------------------------------------
The creditors of Millennium TMT LBIT Holdings Ltd. are required to
file their proofs of debt by May 27, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 6, 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 Evette Burnell
          Telephone (345) 947 4700


MULTILAW SERVICES: Creditors' Proofs of Debt Due May 18
-------------------------------------------------------
The creditors of Multilaw Services Limited are required to file
their proofs of debt by May 18, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 13, 2015.

The company's liquidator is:

          Alistair J. Walters
          Campbells
          Willow House, Floor 4, Cricket Square
          P.O. Box 884 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


NARES HOLDINGS: Creditors' Proofs of Debt Due May 27
----------------------------------------------------
The creditors of Nares Holdings Limited are required to file their
proofs of debt by May 27, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 2015.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


NEWPOINT GENESIS: Commences Liquidation Proceedings
---------------------------------------------------
On Feb. 27, 2015, the sole shareholder of Newpoint Genesis Fund
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:

          Hon Sze Chung
          Somptueux Central, 9th Floor
          52-54 Wellington Street
          Central, Hong Kong


OLGA HOLDINGS: Creditors' Proofs of Debt Due May 27
---------------------------------------------------
The creditors of Olga Holdings Limited are required to file their
proofs of debt by May 27, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 2015.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands



SIGNUM VERDE 2007-04: Fitch Affirms BB- Rating on CLP4.95BB Notes
-----------------------------------------------------------------
Fitch Affirms and Removes Signum Verde Ltd 2007-04, Cayman Islands
from Negative Watch  Ratings   Endorsement Policy
Fitch Ratings-New York-29 April 2015

Fitch Ratings has affirmed this rating of Signum Verde Limited
2007-04, Cayman Islands (Signum 2007-04), removed it from Rating
Watch Negative and assigned a Negative Outlook:

   -- CLP 4,950,000,000 credit-linked notes at 'BB-sf'; Outlook to
      Negative.

KEY RATING DRIVERS

The rating action follows Fitch's revision of the Outlook for the
reference entity, Petroleo Brasileiro S.A. (Petrobras).  Fitch
monitors the performance of the underlying risk-presenting
entities and adjusts the rating accordingly through application of
its current credit-linked note (CLN) criteria, 'Global Rating
Criteria for Single- and Multi-Name Credit-Linked Notes' dated
March 9, 2015.

The rating considers the credit quality of Petrobras' current
Issuer Default Rating (IDR) of

'BBB-', Negative Outlook by Fitch; Goldman Sachs Group, Inc. as
swap counterparty (rated 'A', Stable Outlook ), and Citigroup Inc.
subordinated notes (CUSIP 172967BL4, rated 'A-').  The Rating
Outlook reflects the Outlook on the main risk driver, Petrobras,
which is the lowest-rated risk-presenting entity.

RATING SENSITIVITIES

The rating remains sensitive to rating migration of each risk-
presenting entity.  A downgrade of Petrobras would likely result
in a downgrade to the notes.

Signum Verde Limited 2007-4, Cayman Islands, (the Issuer) is a
single-name CLN transaction designed to provide credit protection
on Petrobras with a reference amount of USD10 million.  This
protection is arranged through a credit default swap (CDS) between
the Issuer and the swap counterparty, Goldman Sachs International
(GSI), guaranteed by Goldman Sachs Group, Inc.


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


DOMINICAN REP: Central Bank Taps US$222.2MM to Boost Home Loans
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Central banker
Hector Valdez Albizu said he'll propose to the S&Ls to form a pool
to channel more funds through financing for construction of
affordable housing via escrow, and announced the release of
US$222.2 million in bank reserve to boost home loans.

The official agreed with the concern expressed during a visit by
the Dominican Housing Builders and Developers Association's
(Acoprovi) new board headed by Hector Breton, according to
Dominican Today.

Acoprovi notes that the funding for the S&Ls in the provinces is
too low to provide mortgage loans, since the deposit volume is too
high and their small size, the report relates.

The report discloses that Mr. Albizu said since April the Central
Bank has authorized the release of up to RD$10.0 billion (US$222.2
million) in bank reserve to provide those loans at low rates.


DOMINICAN REPUBLIC: Businesses Need a Bankruptcy Law, Chef Says
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Economy Minister
Temistocles Montas said Dominican Republic needs a bankruptcy law
and in his view has harmed country's investment climate thus far.

Speaking to open a workshop on the liquidation of companies and
individuals merchants in the National Palace, the official said
the Economy Ministry promotes the legislation already approved in
the Senate and is expected to be sent to the lower Chamber,
according to Dominican Today.

"During 10 years the initiative has been in Congress but a year
ago was put back with a favorable vote by the Senate," Mr. Montas
said, adding that the failure to approve the legislation has
affected the business climate, competitiveness and foreign
investment, the report notes.


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


CARIBBEAN CEMENT: In Bullish Mood
---------------------------------
RJR News reports that Caribbean Cement Company Limited, which has
reported a big increase in profit, is forecasting further
improvements in its financial performance.

The company said lower electricity and fuel prices will reduce its
costs and create more disposable income in the marketplace, notes
the report.

According to Caribbean Cement, with improved macro-economic
conditions, it has seen a small rise in domestic demand, and this
is expected to hold, the report notes.

The company recorded $248 million profit for January to March, up
from $35 million a year ago, the report relays.

Headquartered in Rockfort Kingston, Jamaica, Caribbean Cement
Company Limited manufactures and sells cement.  The company is a
subsidiary of Trinidad Cement Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that company said it racked up a
loss of $89 million in the three months to the end of June,
compared to a $359 million profit in the corresponding period a
year ago.  The report noted that Caribbean Cement said the loss
was due to the shutdown of a clinker line to facilitate
maintenance work.

According to a TCRLA report on Aug. 7, 2013, RJR News said that
Caribbean Cement Company Limited suffered a consolidated loss of
J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News.  The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.



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


OCEANOGRAFIA SA: Pemex Says Production Unaffected by Firm's Case
----------------------------------------------------------------
EFE News reports that output by Mexican state-owned oil giant
Petroleos Mexicanos' exploration and production unit was
unaffected by the alleged fraud committed by oil-services company
Oceanografia SA, Pemex executives told members of a special Senate
committee investigating the matter, the upper house said.

Pemex currently only has two contracts with the Ciudad del Carmen,
Mexico-based oil contractor, whose majority shareholder, Amado
Yanez, was arrested in October 2014 over the alleged $585 million
fraud, the executives said, according to EFE News.

The report notes that Oceanografia's role as an oil-services
provider to Pemex "is minimal" compared to the 39 contracts it had
before the fraud complaint was filed with Mexico's Attorney
General's Office, the head of Pemex's E&P unit, Gustavo Hernandez,
said.

The unit had no involvement in the purported wrongdoing by
Oceanografia, which allegedly received loans from Citigroup's
Mexican unit, Banamex, that were backed by false invoices of work
for Pemex, Mr. Hernandez added.

After the oil-services company's assets were seized by Mexican law
enforcement officials, contracts for projects were transferred to
other service providers, and therefore the alleged crime did not
adversely affect production, Mr. Hernandez said, the report
relates.

For his part, Pemex's legal director, Marco Antonio de la Pena
Sanchez, said that between Feb. 28, 2014, when Citibank announced
that it had uncovered the fraud at Banamex, and April 2015,
Pemex's Internal Control Body assessed penalties totaling 506
million pesos ($33.3 million) on Oceanografia for non-fulfillment
of its contracted service obligations, the report relates.

In addition, Pemex fired several employees for errors and
omissions in their handling of Oceanografia contracts and surety
bonds, the report notes.

Pemex took all available legal action to protect its interests and
assets and therefore the alleged fraud did not result in financial
losses, De la Pe¤a Sanchez told the Senate panel, the report adds.

Oceanografia SA de CV provides offshore services for the oil
industry in the Gulf of Mexico. It offers engineering, diving,
installation, inspection and maintenance of marine structures;
drilling support services; materials logistics; and personal
carriers and inspection, installation, and construction of subsea
pipelines.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 15, 2014, Ben Bain at Bloomberg News reports that
Oceanografia SA's bankruptcy has rejected at least MXN2 billion
(US$150 million) of claims sought by Citigroup Inc., said a person
with knowledge of the matter.

Citigroup Inc. had sought about MXN7.7 billion of claims in the
case, said the person, who asked not to be named because the
findings aren't public, according to Bloomberg News.  The
government-appointed mediator, Jose Antonio de Anda Turati,
excluded some of the New York-based bank's claims because it
didn't provide sufficient documentation to support them, the
person said, Bloomberg News relates.


=======
P E R U
=======


PERU: Gets US$1-Million IDB Loan for Water and Sanitation
---------------------------------------------------------
The Inter-American Development Bank (IDB) and its partners have
launched an innovative pilot project that will bring access to
water and sanitation services to dispersed rural communities in
Peru.  Utilizing US$1 million in both Bank and partner funds
channeled through the IDB-managed AquaFund, this effort is made
possible by the Governments of Switzerland, Spain and Austria and
the PepsiCo Foundation.

With Peru as their target, the partners are responding to one of
the most acute water and sanitation challenges in Latin America
and the Caribbean (LAC).  Providing sustainable safe water access
and sanitation services to families living in sparsely populated
rural communities is a challenge.  Traditional technical solutions
are not cost-efficient while maintenance services needed to keep
systems working are difficult to provide as these communities are
hard to reach.  Peru is home to more than 3.3 million of
inhabitants across 73,500 rural disperse communities, or less than
200 inhabitants per community.  Only 12 percent of the homes in
these areas have access to water through public water systems,
which is not disinfected or treated in 99 percent of the cases.

As such, the collaboration is working closely with the Peruvian
government on an approach that is both comprehensive yet tailored
to the needs of each population.  Specifically, the project seeks
to design and implement solutions that integrate low-cost adapted
infrastructure alongside an intervention model to assure
sustainability through facility management and use.

According to Jean Gabriel Duss, Director of Cooperation, Global
Programmes, Swiss Agency for Development and Cooperation (SDC)
"access to drinking water and sanitation is crucial to leading a
decent life in a society that respects human rights.  Water and
sanitation is everyone's responsibility."

Switzerland's State Secretariat for Economic Affairs (SECO) uses
its expertise to generate a virtuous circle that will ensure a
reliable and affordable basic infrastructure service in the
partner countries, specifically by financing best-practice
projects with high potential for replication and by supporting
thematic or regional financing facilities with development banks
working towards the same goals.  "The longstanding partnership
with the AquaFund", said Martin Peter, Director of Swiss Economic
Cooperation SECO in Peru, "is exemplary andit also helps us in
leveraging the substantial knowledge and experience of the IDB in
our own water and sanitation projects to the benefit of the
Peruvian population."

"Water and Sanitation are thematic priorities of the Austrian
Development Cooperation" added Austrian Ambassador Andreas Rendl.
"We support an approach that provides all parts of a country's
population with adequate and affordable access to clean water and
sanitation.  This project follows this principle and responds to
the particular needs of the Peruvian population."

"Spain's commitment to securing the human right to water and
sanitation is a firm one, materializing both in policy and in
specific initiatives" stated Juan Carlos S nchez Alonso, the
Spanish Ambassador in Peru. "This project focuses on finding
sustainable solutions where they are most needed, such as in
dispersed rural settings, and is in line with other work financed
by Spanish Cooperation's Water and Sanitation Cooperation Fund in
Peru."

"We believe that strong partnerships are a critical and driving
force for positive change in underserved communities" said Luis
Montoya, President, PepsiCo Latin America Beverages.  "The PepsiCo
Foundation, the philanthropic arm of PepsiCo, is proud to be the
first private sector partner of the Inter-American Development
Bank's AquaFund.  Our $5 million contribution expands on the
valuable relationships between IDB and PepsiCo, which has helped
with expertise and funds to spur social development throughout
Latin America and make change possible."

As the executing agency of this project, Milo Stanojevich,
National Director of CARE Peru explained that "Providing water and
sanitation services in dispersed rural communities is essential
for the integral development of the most vulnerable families.
This project is a clear example of the collective commitment of
the State, international cooperation, civil society and the
private sector with those poor and marginalized families; and it
is an opportunity to show the work and experience of CARE in its
fight to eradicate poverty in a strategic and sustainable way."


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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