TCRLA_Public/150511.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

            Monday, May 11, 2015, Vol. 16, No. 091


                            Headlines



B R A Z I L

OAS SA: Creditors Demand Morgan Lewis Client Names
PETROLEO BRASILEIRO: Demands BRL1.28BB From Contractors in Suit
RB CAPITAL: Moody's Affirms 'Ba3' Global Scale Ratings
VIVER INCORPORADORA: Moody's Cuts CFR to Caa3, Outlook Negative


C A Y M A N  I S L A N D S

2020 GLOBALGROWTH: Creditors' Proofs of Debt Due May 26
ABYDOS FUND: Creditors' Proofs of Debt Due June 1
ABYDOS MASTER: Creditors' Proofs of Debt Due June 1
ACQUITY GROUP: Creditors' Proofs of Debt Due May 26
ARHAMMAR SHORT: Creditors' Proofs of Debt Due June 2

EAGLE & DOMINION: Creditors' Proofs of Debt Due May 20
EAGLE & DOMINION (GP): Creditors' Proofs of Debt Due May 20
MONSOON INDIA: Creditors' Proofs of Debt Due June 1
SI INTERNATIONAL: Creditors' Proofs of Debt Due June 1
TIGER GLOBAL V: Creditors' Proofs of Debt Due May 22

TIGER GLOBAL XII: Creditors' Proofs of Debt Due May 22


C H I L E

CAP SA: S&P Affirms 'BB+' Rating & Removes from CreditWatch Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Chief Tells Employers 'Time to Hike Wages'
DOMINICAN REPUBLIC: Dairy Producers Fear 30% Plunge on Drought
DOMINICAN REP: To Get $25MM-IDB Loan for Public Funds Mgmt. System


J A M A I C A

JAMAICA: EPOC Co-Chairman Urges Banks to Cut Loan Interest Rates


P E R U

LOS PORTALES: S&P Affirms Then Withdraws 'B' Corp. Credit Rating


T R I N I D A D  &  T O B A G O

COLONIAL LIFE: Still Owes Government TT$12.83 Billion


X X X X X X X X X

* BOND PRICING: For the Week From May 4 to May 8, 2015


                            - - - - -


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


OAS SA: Creditors Demand Morgan Lewis Client Names
--------------------------------------------------
Law360 reported that hedge fund creditors attempting to deny
Brazilian construction outfit OAS SA's application for U.S.
bankruptcy protection requested that Morgan Lewis & Bockius LLP be
barred from advocating for a separate group of noteholders until
the firm stops hiding the identity of its clients.

According to the report, a joint motion from Aurelius Capital
Management LP and Alden Global Capital LLC attacked the firm's
alleged refusal to disclose the identities and debt holdings of a
competing noteholder group that has thus far supported efforts by
OAS to obtain Chapter 15 relief.

Owed a combined $310 million in dollar-denominated notes, Aurelius
and Alden say that Morgan Lewis cannot seek to influence the
proceedings without naming names, information that U.S. Bankruptcy
Judge Stuart Bernstein needs in order to "weigh and assess" the
firm's arguments, the report related.

                     About OAS S.A.

The OAS Group is among the largest and most experienced
infrastructure companies in Brazil, focusing on heavy engineering
and equity investments in infrastructure projects located in and
outside Brazil and abroad for both public and private clients. The
OAS Group provides services in 22 countries in Latin America, the
Caribbean and Africa.

Based in Sao Paulo, Brazil, OAS S.A. is the holding company at the
apex of the OAS Group. Its share capital is divided between CMP
Participacoes Ltda. (owned by Mr. Cesar de Araujo Mata Pires),
which has a 90% stake, and LP Participacoes e Engenharia Ltda
(owned by Mr. Jose Adelmario Pinheiro Filho, which has a 10%
stake.

Amid an investigation into alleged corruption and money
laundering, and missed interest payments, OAS S.A. and its
affiliates Construtora OAS S.A., OAS Investments GmbH, and OAS
Finance Limited on March 31, 2015, commenced judicial
reorganization proceedings before the First Specialized Bankruptcy
Court of Sao Paulo pursuant to Federal Law No. 11.101 of February
9, 2005 of the laws of the Federative Republic of Brazil.

On April 15, 2015, OAS S.A., et al., filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 15-10937) in Manhattan,
in the United States to seek U.S. recognition of the Brazilian
proceedings. Renato Fermiano Tavares, as foreign representative,
signed the petitions. The cases are assigned to Judge Stuart M.
Bernstein. White & Case, LLP, serves as counsel in the U.S. cases.

OAS S.A. listed at least US$1 billion in assets and liabilities.

                      *     *     *

As reported on Troubled Company Reporter on May 6, 2015, Fitch
Ratings has affirmed and withdrawn the ratings of the OAS Group
units, which includes OAS S.A., Construtora OAS S.A., OAS
Investments GmbH, OAS Finance Ltd., and OAS Empreendimentos S.A.


PETROLEO BRASILEIRO: Demands BRL1.28BB From Contractors in Suit
---------------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. said it has filed
civil lawsuits against contractors accused of taking part in a
scheme to overcharge the company for contracts.

The Rio de Janeiro-based company said in a statement that it has
thus far filed suits against construction groups Engevix and
Mendes Junior and in the coming weeks plans to take legal action
against the firms Camargo Correa, OAS and Galvao Engenharia,
according to EFE News.

The report notes that Petrobras is demanding an estimated BRL1.28
billion (US$429.5 million) in compensation from these companies,
including the repayment of money allegedly stolen, fines and
"moral" damages.

The oil giant has estimated that it overpaid an estimated BRL6.2
billion (some $2.1 billion) for contracts in recent years because
of the graft scheme, the report relays.

Five former Petrobras executives and a score of executives at
leading Brazilian construction firms have been arrested thus far
in the investigation, which began just over a year ago, the report
discloses.

The construction companies involved in the scheme, which
investigators say dates back more than 10 years, 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, 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.


RB CAPITAL: Moody's Affirms 'Ba3' Global Scale Ratings
------------------------------------------------------
Moody's America Latina, Ltda. downgraded the national scale rating
of the 59th series of certificates of RB Capital Securitizadora
S.A. to A3.br from A2.br and affirmed the Ba3 global scale
ratings. This rating action follows the revision of the rating
outlook to negative from stable and the affirmation of the senior
unsecured rating at Ba3 of BR Properties S.A.'s ("BR Properties"),
the guarantor of the underlying tenancy agreements.

The 59th Series of Certificates (CRIs) issued by RB Capital are
backed by current and future tenancy agreements and are
collateralized by the real estate assets by means of a fiduciary
assignment ("alienacao fiduciaria de imoveis") and by a guarantee
issued by the sponsor of the transaction, BR Properties. The real
estate assets collateralizing the CRIs are two commercial
properties (office buildings).

This rating action follows Moody's revision of BR Properties
ratings outlook to negative from stable on May 4, 2015.

Issuer: RB Capital Securitizadora S.A.

  -- 59th Series / 1st Issuance of Certificates: affirmed at Ba3
     (global scale, local currency), and downgraded to A3.br from
     A2.br (national scale);

Moody's views the certificates as being "pass through" securities
of the underlying guaranteed tenancy payments.

The Ba3/A3.br ratings are mainly based on BR Properties' ability
to make payments under the guarantee, which covers for the timely
payment and the fulfillment of all other obligations of the credit
rights stipulated in the conditional tenancy agreements and the
assignment agreements upon legal final or upon early redemption of
the certificates. This is commensurate with BR Properties' senior
unsecured debt rating. Any future changes to the senior unsecured
debt rating of BR Properties will lead to a change in the ratings
assigned to the certificates.

BR Properties , headquartered in Sao Paulo, Brazil, is an owner,
manager, and developer of office, industrial and retail properties
in the main economic regions of Brazil. As of December 31, 2014,
the company had 57 properties totaling 1.18 million m2 of GLA, of
which five are land parcels and three are development projects
under various stages of completion.

BR Properties has ample liquidity, and a manageable debt maturity
schedule. The company has consistently maintained high EBITDA
margins and very low delinquency rates due to the strong credit
quality of its tenants. Offsetting these strengths are the higher
risks associated with the continued sluggishness and near-term
weak growth prospects of the Brazilian economy, weighed down by
the increased economic uncertainty, slowdown in consumption and
persistent high inflation. Because of increases in interest rates,
BR Properties has higher exposure from its floating rate debt,
which places downward pressure on the fixed charge coverage. This
is partially mitigated by the company's reduction of its interest
expense through debt amortization and loan renegotiations at lower
capital costs.

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

Any future changes to the senior unsecured debt rating of BR
Properties will lead to a change in the ratings assigned to the
certificates.

The principal methodology used in this rating was " Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts" published in March
2015.


VIVER INCORPORADORA: Moody's Cuts CFR to Caa3, Outlook Negative
---------------------------------------------------------------
Moody's America Latina downgraded the corporate family rating
assigned to Viver Incorporadora e Construtora S.A. and to its
first issuance of senior secured debentures to Caa3 from Caa1 on
the global scale and to Caa3.br from Caa1.br on the Brazilian
national scale. The outlook for all ratings remains negative.

Viver Incorporadora e Construtora S.A. (Viver)

  -- Corporate Family Rating: to Caa3 from Caa1 (global scale);
     to Caa3.br from Caa1.br (national scale);

  -- BRL300 million 5-year senior secured debentures (First
     Issuance, approximately BRL240 million outstanding): to Caa3
     from Caa1 (global scale); to Caa3.br from Caa1.br (national
     scale);

  -- Outlook: negative

The downgrade of Viver's ratings to Caa3 was prompted by the
company's failure to make a BRL115 million interest and principal
payment due on April 30, 2015 on its BRL300 million senior secured
debentures issued to the Brazilian Severance Indemnity Fund (FGTS)
in 2011 with final maturity date in October 2016. Unless amended
within the 5-business days grace period, this will constitute an
event of default under the bond indenture and might trigger an
acceleration of the company's other debt, thereby exerting further
pressure for additional debt restructurings that would entail
significant losses for the creditors.

Last November, the FGTS has already agreed to an out-of-court debt
restructuring that considered a partial deferral of a BRL60.5
million payment due in January 01, 2015, allowing a difference of
BRL27.5 million to be paid together with the April installment.
This was the second distressed exchange for those participating
debenture holders since December 2013, which reflected the
company's tight liquidity and a payment deferral for default
avoidance.

Over the last three years, Viver has been challenged by high debt
levels and working capital needs to complete projects, driven by
higher costs and challenges in the execution of a business
geographic diversification strategy into the low income housing
segment. In the last twelve months, further negative pressure
derived from a general deterioration in the homebuilding industry
dynamic, as a result of a sharp contraction in consumer
confidence, based on Brazil's macroeconomic and political
uncertainties, including faltering employment and higher inflation
rates. Increasing mortgage rates and reduced funding availability
for home acquisition also contributed to a general increase in
sales cancellations and delays in the process of credit takeout
after project completion. As a result, Viver currently presents
one of the weakest sales speed ratios among rated homebuilders in
Brazil and the largest percentage of finished units in inventory.

During 2014, Viver was able to implement a significant cost
reduction strategy based on a decrease in new launches and asset
sales of about BRL460 million, which contributed to a reduction in
net losses and positive free cash flow generation of BRL36 million
for that year. Debt renegotiations and supplemental loans,
including the issuance of convertible debentures to its
shareholders and intercompany loans from Paladin Prime Residential
Investors, LLC (Paladin) for a total amount of BRL203 million,
provided the required funding for project completion and
contributed to a material decrease of the company's execution
risks. As such, Viver delivered 10 projects in 2014 and 12 of its
17 remaining projects under construction are close to completion
for delivery during the first half of 2015.

In order to meet its third party debt obligations in 2015 in the
amount of BRL652 million, Viver primarily relies on a robust
mortgage availability, particularly for low income buyers, so it
can effectively transfer BRL312 million in receivables from
finished units to lending banks and another BRL300 million of
upcoming receivables from projects in the final stage of
construction during 2015. As an alternative liquidity source, the
company has unsold completed units in inventory with an estimated
market value of BRL270 million and a landbank booked at the cost
of BRL217 million. However, virtually all the company's assets are
encumbered, so any asset sale depends on negotiations with debt
holders which takes time and is difficult to execute.

The Caa3 rating assigned to Viver's senior secured debentures (1st
issuance) is at the same level of the company's corporate family
rating given the sizable amount of secured debt in Viver's
consolidated capital structure. This instrument is secured by
future receivables related to projects under construction and real
estate asset pledges, which were initially set to provide for a
130% coverage of the outstanding debt balance. In the 2013 debt
amendment the company was required to pledge additional guarantees
comprising real estate assets amounting to approximately BRL31
million to reach the minimum coverage level. At the same time, its
ability to withdrawn any excess resources from the cash reserve
account was eliminated. As a result, the current debt structure
now resembles a typical SFH project finance loan, where the cash
requirements for debt service will come directly from the future
flow of receivables pledged as collateral. Nevertheless, the
unfavorable market conditions created uncertainties over the
quality of the collateral package as per potential increase in
sales cancellations and further payment delays; as such, the Caa3
rating reflects a lower prospect of recovery of principal and
interest for the secured creditors, in the range of 60% to 80%.
The negative outlook reflects the challenges ahead of the
management to streamline the company's operations and address its
liquidity situation on a timely fashion to meet the upcoming debt
payments and promote an effective leverage reduction.

Further downward pressure on the ratings would arise from a
deterioration in the company's liquidity position leading to
another default in interest payment or debt amortization and a
larger than expected creditor loss in a restructuring.

A ratings upgrade is unlikely near term but positive pressure
could arise if the company improves its liquidity position,
particularly with lower exposure to short term debt, along with
enhanced visibility for the homebuilding industry fundamentals.

The principal methodology used in this rating was Homebuilding and
Property Development Industry published in April 2015.

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

Headquartered in Sao Paulo, Brazil, Viver is an integrated
homebuilder focused on high-rise construction for the middle and
mid-high income families primarily in the Sao Paulo state. The
company is also involved in real estate developments for
commercial, tourism and the low income residential segments. In
2014, Viver reported net revenues of BRL158 million (USD67
million) and net losses of BRL233 million (USD99 million).



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


2020 GLOBALGROWTH: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of 2020 Globalgrowth Equities Limited are required
to file their proofs of debt by May 26, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 27, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ABYDOS FUND: Creditors' Proofs of Debt Due June 1
-------------------------------------------------
The creditors of Abydos Fund are required to file their proofs of
debt by June 1, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 27, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ABYDOS MASTER: Creditors' Proofs of Debt Due June 1
---------------------------------------------------
The creditors of Abydos Master Fund are required to file their
proofs of debt by June 1, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 27, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ACQUITY GROUP: Creditors' Proofs of Debt Due May 26
---------------------------------------------------
The creditors of Acquity Group Limited are required to file their
proofs of debt by May 26, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 29, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


ARHAMMAR SHORT: Creditors' Proofs of Debt Due June 2
----------------------------------------------------
The creditors of Arhammar Short Alpha Master Fund Limited are
required to file their proofs of debt by June 2, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 21, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Giji Alex
          Telephone: +1 (345) 914-4350/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


EAGLE & DOMINION: Creditors' Proofs of Debt Due May 20
------------------------------------------------------
The creditors of Eagle & Dominion Growth Master Fund Ltd are
required to file their proofs of debt by May 20, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jenna Nicholson
          Telephone: +1 (345) 914-4494/ +1 345-949-4800
          Facsimile: +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


EAGLE & DOMINION (GP): Creditors' Proofs of Debt Due May 20
-----------------------------------------------------------
The creditors of Eagle & Dominion (GP) Ltd are required to file
their proofs of debt by May 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jenna Nicholson
          Telephone: +1 (345) 914-4494/ +1 345-949-4800
          Facsimile: +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


MONSOON INDIA: Creditors' Proofs of Debt Due June 1
---------------------------------------------------
The creditors of Monsoon India Select Equity Cayman Fund Ltd. are
required to file their proofs of debt by June 1, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 24, 2015.

The company's liquidator is:

          Marc Randall
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SI INTERNATIONAL: Creditors' Proofs of Debt Due June 1
------------------------------------------------------
The creditors of SI International (Topco) Inc. are required to
file their proofs of debt by June 1, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 24, 2015.

The company's liquidator is:

          Mervin Solas
          c/o Maples Liquidation Services (Cayman) Limited
          P.O. Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


TIGER GLOBAL V: Creditors' Proofs of Debt Due May 22
----------------------------------------------------
The creditors of Tiger Global Pip V China Holdings XI, Ltd. are
required to file their proofs of debt by May 22, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 28, 2015.

The company's liquidator is:

          Gregory Seidell
          c/o Campbells, Floor 4
          Willow House, Cricket Square
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


TIGER GLOBAL XII: Creditors' Proofs of Debt Due May 22
------------------------------------------------------
The creditors of Tiger Global Pip V China Holdings XII, Ltd. are
required to file their proofs of debt by May 22, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 28, 2015.

The company's liquidator is:

          Gregory Seidell
          c/o Campbells, Floor 4
          Willow House, Cricket Square
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


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


CAP SA: S&P Affirms 'BB+' Rating & Removes from CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' ratings on
CAP S.A.  At the same time, S&P removed the ratings from
CreditWatch negative, where it placed them on April 13, 2015,
following its iron-ore price deck revision.  The outlook is
stable.

The rating actions reflect S&P's expectation that the company's
credit metrics will gradually improve.  This stems from CAP's
high-quality iron ore products that were less sensitive to price
drops, which in turn resulted from a severe supply glut in the
lower-quality iron ore.  In addition, lower coal prices and cost-
cutting initiatives are likely to generate positive EBITDA at the
company's 700,000-ton steel unit.  Other significant sources of
cash flows are CAP's fairly new water desalination plant and its
power transmission lines, both of which should contribute about
$50 million to consolidated EBITDA in 2015.  Those factors,
coupled with capital expenditures (capex) at maintenance levels,
would result in relatively stable credit metrics in the next two
years.

The company's focus on its more profitable operations has reduced
the production at its 1.5 million-ton El Romeral pit and slowed
the Cerro Negro Norte mine's expansion.  The company also has the
flexibility to temporarily suspend operations at El Romeral if
weak market conditions persist.  These actions would reduce
volumes by 12% from S&P's previous forecast over the next few
years.  However, in S&P's view, they will bolster the company's
balance sheet by reducing the mining operating costs and increase
operating cash flow.  These positive factors continue to offset
most of the risks associated with CAP's smaller scale and narrower
asset and product portfolio than those of its peers with higher
ratings.

CAP's financial metrics weakened during 2014 mainly due to the
sharp drop in iron ore prices, to which the company struggled to
adjust.  Furthermore, CAP's recently completed expansion plan
weakened the free operating cash flow to debt ratio, which hasn't
been fully captured in the company's results.  In S&P's base-case
scenario, it expects CAP's cost-cutting initiatives and lower
coal, fuel, and energy prices to improve its profitability,
despite the weak global iron ore and steel prices.  These factors
would bolster the company's credit metrics and keep them in line
with the "intermediate" financial risk profile assessment.


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


DOMINICAN REPUBLIC: Chief Tells Employers 'Time to Hike Wages'
--------------------------------------------------------------
Dominican Today reports that bowing to pressure from sectors which
complain that her lack of leadership has led to a stalemate in the
talks between the unions and employers over a wage increase, Labor
minister Maritza Hernandez denied the standoff and said management
should come to the next meeting with a concrete proposal.

Ms. Hernandez said those types of situations always arise in
dialogues, according to Dominican Today.

Interviewed on NCDN channel 37, the official said she didn't want
to downplay the need for "a real productive dialogue" and noted
the importance for the parties to come prepared to approve a wage
increase for non-sectored workers, the report notes.

Ms. Hernandez reiterated her call to management to go to the next
meeting with a clear proposal to raise wages, the report adds.


DOMINICAN REPUBLIC: Dairy Producers Fear 30% Plunge on Drought
--------------------------------------------------------------
Dominican Today reports Dominican Milk Producers Association
(Aproleche) President Eric Rivero cautioned that if the drought
continues domestic milk production and dairy products could fall
as much as 30%.

"The situation is dramatic in almost the entire country, due to
reduced water flow in high livestock production areas, which is
closely linked to the lack of rain in parts of the Central Cibao,
North Shore, South and deep South, and in the east of the
country," said the also president of the national agro producers
(Confenagro), according to Dominican Today.

The report notes that Mr. Rivero said the livestock situation is
critical in provinces with large areas of pasturelands.

More than 300 farmers in Puerto Plata area have reported major
losses for pig farms and agriculture caused by the lack of rain in
recent months, the report notes.

They said the prolonged drought has completely dried the lagoons
dug for their animals, while the alternate wells have already
begun to show signs of depletion, the report relays.

Reports from other regions also paint a bleak picture for
thousands of farmers and ranchers as the drought shrivels crops
and parches grazing lands, Dominican Today adds.


DOMINICAN REP: To Get $25MM-IDB Loan for Public Funds Mgmt. System
------------------------------------------------------------------
The Dominican Republic will foster improvements in its management
of public funds by strengthening the process of implementing its
public policies with a loan of $25 million approved by the Inter-
American Development Bank (IDB).

The country plans to improve its fiscal framework in the middle
term as a way to optimize the process of planning, monitoring and
evaluating the budget, as well as to modernize the procedures and
support systems for the management of public funds.  The goal of
this project is to generate timely information, with broader
institutional and transactional coverage, that helps to improve
the government's decision-making process.

This project expects to strengthen the government's institutional
capacity to exercise adequate and efficient control and management
of public finances.

In recent years, the Dominican Republic has achieved significant
economic growth and is now one of the largest economies in Central
America and the Caribbean.  To sustain that growth, the government
is seeking a fiscal scheme that will help to increase public
investments, especially in social sectors.

To achieve this goal, the project expects to generate savings in
the payment of the public debt by improving the benefits obtained
from the investments of funds now available in the Single Treasury
Account. Accounts in commercial banks that now hold the funds of
state entities will be eliminated, and those funds will be used to
pay the public debt.

The project also is expected to increase the participation of
micro, small and medium enterprises led by women in public
purchases, which are expected to hit 2.480 by the year 2018.

The IDB loan for $25 million is for a period of 19.8 years, with a
grace period of 5.2 years and an interest rate based on LIBOR. It
has a counterpart contribution of $5 million.


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


JAMAICA: EPOC Co-Chairman Urges Banks to Cut Loan Interest Rates
---------------------------------------------------------------
RJR News reports that Richard Byles, Co-Chairman of the Economic
Program Oversight Committee (EPOC), is urging Jamaica's banks to
cut interest rates on loans.

Mr. Byles, who was speaking at a media briefing held by the
private sector members of EPOC, said the Bank of Jamaica's recent
cut to its benchmark rates must result in lower rates for
borrowers, according to RJR News.

"What the Bank of Jamaica is signaling to the banks is that, in
the face of much lower inflation, interest rates need to come
down," Mr. Byles declared, the report notes.

In that regard, he said it was important for rates to be lowered
for both deposits and loans, the report discloses.

Bank representatives have said that the cut in Bank of Jamaica
benchmark rates does not mean lower loan rates; however, the banks
have started to reduce interest paid on deposits.

The Bank of Jamaica last month cut its benchmark rates by a
quarter of a percentage point, citing lower than expected
inflation for the move, the report notes.

Mr. Byles is projecting that inflation will continue to be low
this fiscal year, citing Bank of Jamaica expectations of "a fairly
moderate rate of inflation for calendar 2015," the report relays

Inflation in Jamaica last fiscal year was four per cent, the
report discloses.  That was the lowest it had been in more than 40
years, the report adds.

                           *     *     *

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


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


LOS PORTALES: S&P Affirms Then Withdraws 'B' Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Los Portales S.A., a Peru-based land
developer.  S&P subsequently withdrew the rating at the company's
request.  The negative outlook at the time of the withdrawal
reflected uncertainty over the long-term refinancing completion,
which would improve the company's capital structure and liquidity.


================================
T R I N I D A D  &  T O B A G O
================================


COLONIAL LIFE: Still Owes Government TT$12.83 Billion
-----------------------------------------------------
Ria Taitt at Trinidad Express reports that collapsed insurance
giant Colonial Life Insurance Company Ltd. (CLICO) still owes
Government TT$12.83 billion, Minister in the Ministry of Finance
and Economy Rudy Indarsingh said.

Mr. Indarsingh was answering a question filed by Chaguanas West MP
Jack Warner in the House of Representatives.

However Mr. Indarsingh, citing secrecy provisions of the Central
Bank Act, refused to answer the question of which CLICO assets had
been sold, at what price and to whom they were sold, according to
Trinidad Express.

"Mr. Speaker, according to the Central Bank of Trinidad and
Tobago, it is barred under strict confidentiality, which falls
under Section 56 of the Central Bank Act Chapter 79:02 as it
touches and concerns the affairs of CLICO, an institution
registered under the Insurance Act Ch. 84:01 (falling under the
secrecy provisions) from revealing such information," Mr.
Indarsingh said, the report notes.   Mr. Indarsingh added that the
Central Bank will "when appropriate, in the due performance of its
objects under the CBA, disclose the information on the sale of the
other assets."

The report relays that Mr. Indarsingh said the one sale that can
be disclosed was the sale of Methanol Holdings Trinidad Ltd (MHTL)
to the minority shareholder Consolidated Energy Ltd (CEL), which
was done on an Order of the International Court of Arbitration for
US $1.75 billion.

MP Warner asked Mr. Indarsingh to read the clause of the Central
Bank Act dealing with secrecy.

The Minister said he did not have the clause but he could get it
at a later date for MP Warner, the report discloses.

Meanwhile, Planning Minister Dr. Bhoe Tewarie said that the
emoluments of the chief executive of the Chaguaramas Development
Authority included a salary of TT$60,000, a housing allowance of
TT$5,000, motor vehicle of between TT$450,000 and TT$550,000
(fully maintained); entertainment allowance of TT$1,500; telephone
TT$500; annual bonus of three months salary; executive health
facility to include executive check-up annually; gratuity of 20
per cent of base salary, the report notes.

In response to a question from MP Warner, Mr. Tewarie said the
base salary of the previous CEO (in 2010) was TT$40,000, the
report relays.

The report notes that Mr. Tewarie also said the CEO had access to
a villa at Macqueripe.

                      About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.  CL Financial Limited is a privately held
conglomerate in Trinidad and Tobago.  Founded as an insurance
company by Cyril Duprey, Colonial Life Insurance Company was
expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100
billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.


=================
X X X X X X X X X
=================


* BOND PRICING: For the Week From May 4 to May 8, 2015
------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA            8.5     66.7    11/2/2017      VE       USD
PDVSA            5.25    42.09   4/12/2017      VE       USD
Venezuela
Int'l Bond       12.75   44.7    8/23/2022      VE       USD
Transocean Inc    6.8    73.8    3/15/2038      KY       USD
PDVSA            12.75   47.52   2/17/2022      VE       USD
Venezuela



Int'l Bond       11.95   41.95    8/5/2031      VE       USD
CSN Islands

XII Corp          7      70.25                  BR       USD
Banco Mercantil
do Brasil SA      9.62    45.5    7/16/2020     BR       USD
Banco do
Brasil SA/Cayman  6.25    68.5                  KY       USD
Transocean Inc    3.8     73.8    10/15/2022    KY       USD
MIE Holdings
Corp              7.5     60.12    4/25/2019    HK       USD
PDVSA             9       39.5    11/17/2021    VE       USD
Anton Oilfield    7.5     68.85   11/6/2018     CN       USD
PDVSA             5.37    31.84    4/12/2027    VE       USD
PDVSA             6       33.15    5/16/2024    VE       USD
PDVSA             6       32.24   11/15/2026    VE       USD
PDVSA             9.75    38.25    5/17/2035    VE       USD
Schahin II
Finance Co
SPV Ltd           5.87    60.5     9/25/2022    KY       USD
Odebrecht Oil
& Gas
Finance Ltd       7       54.5                  KY       USD
Kaisa Group
Holdings Ltd     10.25    57       1/8/2020     CN       USD
Venezuela
Int'l Bond       11.75    41.75   10/21/2026    VE       USD
Offshore Group
Investment Ltd    7.5     57.27   11/1/2019     KY       USD
PDVSA             5.5     31.5     4/12/2037    VE       USD
PDVSA             5.12    60.25   10/28/2016    VE       USD
Kaisa Group
Holdings Ltd      9       51.5     6/6/2019     CN       USD
Cimento Tupi SA   9.75    40       5/11/2018    BR       USD
Kaisa Group
Holdings Ltd      6.87    52.12    4/22/2016    CN       CNY
Honghua
Group Ltd         7.45    53.75    9/25/2019    CN       USD
Venezuela
Int'l Bond        7.75    36.75   10/13/2019    VE       USD
Venezuela
Int'l Bond        9.37    37.9     1/13/2034    VE       USD
Venezuela
Int'l Bond        6       34.75    12/9/2020    VE       USD
Automotores
Gildemeister SA   8.25    40.25     5/24/2021   CL       USD
Tonon
Bioenergia SA     9.25    29.75     1/24/2020   BR       USD
Gol Finance       8.75    68.4                  BR       USD
MIE Holdings
Corp              6.87    68        2/6/2018    HK       USD
Venezuela
Int'l Bond        9       37.1      5/7/2023    VE       USD
Venezuela
Int'l Bond        7       40.95    12/1/2018    VE       USD
Mongolian
Mining Corp       8.87    70        3/29/2017   MN       USD
USJ Acucar
e Alcool SA       9.875   45        11/9/2019   BR       USD
Venezuela
Int'l Bond        9.25    37.4       5/7/2028   VE       USD
Automotores
Gildemeister SA   6.75    34         1/15/2023  CL       USD
Offshore Group
Investment Ltd    7.12    53.95      4/1/2023   KY       USD
CA La
Electricidad
de Caracas        8.5     37         4/10/2018  VE       USD
Kaisa Group
Holdings Ltd      8       66.2      12/20/2015  CN       CNY
Venezuela
Int'l Bond       13.62    68         8/15/2018  VE       USD
Inversiones
Alsacia SA        8       67.03     12/31/2018  CL       USD
Polarcus Ltd      2.87    51.40      4/27/2016  AE       USD
China Precious
Metal Resources
Holdings          7.25     49.83      2/4/2018  HK       HKD
SMU SA            7.75     71.8       2/8/2020  CL       USD
NQ Mobile Inc     4        65        10/15/2018 CN       USD
Glorious
Property
Holdings Ltd      13.25    63.37      3/4/2018  HK       USD
Schahin II
Finance Co
SPV Ltd           5.87     60.715     9/25/2022 KY       USD
BA-CA Finance
Cayman Ltd        1.21     61.625               KY       EUR
Odebrecht
Finance Ltd       8.25     74.35      4/25/2018 KY       BRL
BCP Finance Co    2.10     56.375               KY       EUR
Polarcus Ltd      8        25.5       6/7/2018  AE       USD
Newland
International
Properties Corp   9.5      38.5       7/3/2017  PA       USD
PSOS Finance
Ltd              11.75     73.25      4/23/2018 KY       USD
BA-CA Finance
Cayman 2 Ltd      0.69     60.5                 KY       EUR
Polarcus Ltd      8.73     25         7/8/2019  AE       NOK
Inversora de
Electrica
de Buenos
Aires SA IEBA     6.5      44.5       9/26/2017 AR       USD
Tonon
Bioenergia SA     9.25     30.35      1/24/2020 BR       USD
PDVSA             8.5      66.6      11/2/2017  VE       USD
MIE Holdings
Corp              7.5      69.5       4/25/2019 HK       USD


Banco do Brasil
SA/Cayman         6.25     67.25                KY       USD
General
Exploration
Partners Inc      11.5     73.5      11/13/2018 CA       USD
PDVSA              6       32         5/16/2024 VE       USD
ESFG
International Ltd  5.75     0.326               KY       EUR
USJ Acucar
e Alcool SA        9.87    46        11/9/2019  BR       USD
Odebrecht Oil
& Gas Finance
Ltd                7       54                   KY       USD
PDVSA             12.75    53.25     2/17/2022  VE       USD
Automotores
Gildemeister SA    6.75    34.5      1/15/2023  CL       USD
Mongolian
Mining Corp        8.87    70.25     3/29/2017  MN       USD
Automotores
Gildemeister SA    8.25    36.31     5/24/2021  CL       USD
PDVSA              9       37.12    11/17/2021  VE       USD
Venezuela
Government
Int'l Bond         13.62   61.88     8/15/2018  VE       USD
Anton Oilfield
Services
Group/Hong Kong     7.5    70       11/6/2018   CN       USD
EDNAR              10.5    84.5     10/9/2017   AR       USD
Cimento Tupi SA     9.75   48        5/11/2018  BR       USD
Honghua Group Ltd   7.45   54.75     9/25/2019  CN       USD
Banco Mercantil
do Brasil SA        9.625  42.625    7/16/2020  BR       USD
PDVSA               9.75   38.7      5/17/2035  VE       USD
EDNAR               9.75   74       10/25/2022  AR       USD
Greenfields
Petroleum Corp      9      25.05     5/31/2017  US       CAD
CSN Islands
XII Corp            7      70.47                BR       USD
Gol Finance         8.75   65.875               BR       USD
Argentina Bocon    21.875  73.73      1/4/2016  AR       ARS
Newland
International
Properties Corp      9.5   37.75      7/3/2017  PA       USD
Venezuela
Government
TICC Bond            5.25  55.36     3/21/2019  VE       USD
SMU SA               7.75  72.44     2/8/2020   CL       USD
Provincia
de Tucuman
Argentina            0.40   42.7     9/5/2015   AR       USD
Ruta del Bosque
Sociedad
Concesionaria
SA                   6.3     65.67   3/15/2021  CL       CLP
Cia Cervecerias
Unidas SA            4       53.32  12/1/2024   CL       CLP
Cia Sud
Americana
de Vapores SA        6.4     54.31  10/1/2022   CL       CLP
Provincia
del Chaco            4       68.01  12/4/2026   AR       USD
Talca Chillan
Sociedad
Concesionaria SA     2.75    48.77  12/15/2019  CL       CLP
Venezuela
Government
Int'l Bond           7.65    34.5    4/21/2025  VE       USD
Venezuela
Government
Int'l Bond           7       35      3/31/2038   VE      USD
Decimo Primer
Fideicomiso
de Bonos de
Pres                 4.54    66.5   10/25/2041   PA      USD
Venezuela
Government
Int'l Bond          13.62    66.12   8/15/2018   VE      USD
Venezuela
Government
Int'l Bond           8.25    35.4   10/13/2024   VE      USD
Venezuela
Government
Int'l Bond           9.25    40.25   9/15/2027   VE      USD
Empresa de
los Ferrocarriles
del Estado           6.5     71.4    1/1/2026    CL      CLP


                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
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 * * *