TCRLA_Public/150513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, May 13, 2015, Vol. 16, No. 093


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: Another Meeting Scheduled for Bank Workers
LIAT: High Winds Affecting Flights


B R A Z I L

BANCO VOTORANTIM: Moody's Cuts BCA Rating to ba1
BRAZIL: Analysts Expect Economy to Contract 1.2%
CIMENTO TUPI: S&P Lowers Rating to 'CC' & Puts on CreditWatch Neg.
CIMENTO TUPI: Fitch Cuts FC Issuer Default Rating to 'C'
HYPERMARCAS SA: Potential Sale of Diapers Business is Credit Pos.

PETROLEO BRASILEIRO: Said to Attract Mitsui in Gas Pipeline Sale


C A Y M A N  I S L A N D S

2020 GLOBALGROWTH: Shareholders' Final Meeting Set for May 28
ABYDOS FUND: Shareholders' Final Meeting Set for June 3
ABYDOS MASTER: Shareholders' Final Meeting Set for June 3
ACQUITY GROUP: Shareholders' Final Meeting Set for May 28
LANDMARK CDO: Members' Final Meeting Set for May 25

MONSOON INDIA: Shareholders' Final Meeting Set for June 3
OPUS COMMODITIES: Shareholders' Final Meeting Set for May 28
SI INTERNATIONAL: Shareholders' Final Meeting Set for June 3
SOLAR NXP: Shareholders' Final Meeting Set for June 3
TIGER GLOBAL XI: Shareholders' Final Meeting Set for May 29

TIGER GLOBAL XII: Shareholders' Final Meeting Set for May 29


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: April Prices Fall -0.25%, Paced by Foods
* DOMINICAN REP: Raise Wages, Avert Social Unrest, Bishop Warns


H O N D U R A S

HONDURAS: Moody's Alters Gov't. Bond Ratings Outlook to Positive


M E X I C O

GRUPO SENDA: Fitch Affirms 'B' Issuer Default Ratings
MATAMOROS MUNICIPALITY: Moody's Withdraws Ba1 Issuer Rating
SU CASITA: Fitch Affirms 'D(mex)' Nat'l LT Rating on Class B Notes


                            - - - - -


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


ANTIGUA & BARBUDA: Another Meeting Scheduled for Bank Workers
-------------------------------------------------------------
The Daily Observer reports that bank workers are contemplating
action that could totally shut down the financial sector in
Antigua & Barbuda if their concerns regarding the proposed Banking
Bill of 2015 are not addressed.

The general public got a taste of what that would be like last May
11, when hundreds of workers were off the job for several hours,
from 8:00 a.m., to attend a meeting called by their bargaining
agent, the Antigua & Barbuda Workers Union (A&BWU), according to
The Daily Observer.

The report notes that the action seriously affected customers as
five of the eight financial institutions were forced to close,
while each of the other three operated with a skeleton staff.

The union's General Secretary David Massiah said the workers were
asked to return to A&BWU's headquarters on Newgate Street on July
12, at 8:00 a.m., for a second strategy meeting, the report
relays.

One of the union's legal advisors was to be present at the
meeting, the report discloses.

On May 11, employees attended the early morning meeting called by
their bargaining agent to update them on the outcome of talks with
Attorney General Steadroy "Cutie" Benjamin on the matter.

Workers in the banking sector along with their union are agitating
for a change in how their severance is addressed in the proposed
legislation which was debated and passed in the Upper House May
11, the report relays.

Mr. Massiah said during the two-and-a-half-hour meeting, the
workers flatly rejected Benjamin's suggestion that the Bill be
allowed to pass and he (Benjamin) will return to Parliament to
make the amendments within a six-week period, the report notes.

"We are concerned because the very Bill says that for any
amendments to be made once the Bill is passed it would require
approval by the Eastern Caribbean Currency Union (ECCU)," the
report quoted Mr. Massiah as saying.

Mr. Massiah said the workers are still not satisfied and will
continue to agitate, the report relays.

"The workers are still of the view they would like the matter of
severance addressed in having it properly outlined rather than
joining it with other parts of a sentence which could have a
different meaning," the general secretary said, the report notes.

Although the closure lasted for only a few hours it had a ripple
effect of on business and commerce in the country, as many people
were unable to conduct their usual transactions, the report
discloses.

It was shortly after mid-day when the doors of several financial
institutions namely; Royal Bank of Canada, Antigua Commercial
Bank, Eastern Caribbean Amalgamated Bank, CIBCFirstCaribbean
International, Bank of Nova Scotia Woods Mall branch and the
Antigua & Barbuda Development Bank opened for business, the report
adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer.  However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.

Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.


LIAT: High Winds Affecting Flights
----------------------------------
The Daily Observer reports that travelers on regional carrier
LIAT, operating as Leeward Islands Air Transport, should expect
increased flight cancellations in the coming months due to high
winds according to the company.

The destinations most affected will be Dominica and St. Vincent &
the Grenadines, according to The Daily Observer.

The report notes that a release from the company says their
aircrafts are not permitted to take off or land when the
prevailing winds are beyond certain limits.

As such, flights out of E. T. Joshua Airport and night landings
into Douglas-Charles Airport may be cancelled in the interest of
safety, the report relays.

Customers traveling to/from both countries are advised of the
possibility of cancelled flights and delayed baggage, the report
notes.

LIAT will be forced to restrict the number of bags on the aircraft
as the wind conditions in both Dominica and St. Vincent restrict
the take-off weight of the company's aircraft, the report relays.

LIAT said its Reservations and Airport personnel are ready to
assist customers affected by any cancellations and baggage issues,
the report notes.

The high winds are expected to last until mid-June, the report
adds.

                           About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 2, 2014, Caribbean360.com said that chairman of the
shareholder governments of the financially troubled regional
airline, LIAT, operating as Leeward Islands Air Transport, Dr.
Ralph Gonsalves said while he is unaware of the details regarding
any possible retrenchment of employees, the airline needs to deal
with its high cost of operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer


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


BANCO VOTORANTIM: Moody's Cuts BCA Rating to ba1
------------------------------------------------
Moody's Investors Service downgraded by one notch the long-term
local currency deposit ratings of five Brazilian banks, including
Banco Bradesco S.A., Itau Unibanco S.A., Banco Itau BBA S.A., HSBC
Bank Brasil -- Banco Multiplo S.A., and Banco Votorantim S.A. and
upgraded by one notch the long-term local currency deposit rating
of Banco BBM S.A., following the conclusion of the rating agency's
review initiated on 17 March 2015, prompted by the publication of
its new Banks methodology (see "Banks" published on March 16,
2015).

At the same time, Moody's lowered the baseline credit assessments
(BCAs) of six banks, and raised the BCAs of three banks to reflect
the implementation of the new bank methodology. Moody's has also
assigned, where relevant, a counterparty risk (CR) assessment.

In general, the rating changes do not reflect either an
improvement or a deterioration in the affected issuers' credit
fundamentals. Rather, the changes are a consequence of the
implementation of our new bank methodology, which highlighted
these issuers as being either positive or negative outliers at
their previous rating levels. Moody's considers these issuers to
be more appropriately positioned at their current revised rating
levels.

Moody's has withdrawn the outlooks on all junior instrument
ratings covered in this press release. It has withdrawn these
outlooks for its own business reasons. Please refer to Moody's
Investors Service's Policy for Withdrawal of Credit Ratings,
available on its website, www.moodys.com. Outlooks are now only
assigned to long-term senior debt and deposit ratings, indicating
the direction of any rating pressures.

A list of the affected credit ratings is available at
http://is.gd/2WfmX8

The conclusion of the reviews follows Moody's publication of its
updated bank rating methodology. The revised methodology, "Banks",
contains new aspects that Moody's has devised in order to help
accurately predict bank failures and determine how each creditor
class is likely to be treated when a bank fails and enters
resolution. The new aspects capture insights gained from the
crisis and the fundamental shift in the banking industry and its
regulation.

Banco Bradesco And Itau Unibanco's Ratings Lowered; Negative
Outlook Reflects Sovereign Constraint

The downgrades of the global scale senior unsecured debt and
deposit ratings of Banco Bradesco S.A. (Bradesco), Itau Unibanco
S.A. (Itau Unibanco), and Banco Itau BBA S.A. (Itau BBA) to Baa2
from Baa1 followed the reduction of their BCAs to equivalent
levels. Notwithstanding the downgrade of the banks' global scale
ratings, their Brazilian long-term national scale deposit ratings
were affirmed at Aaa.br.

These changes primarily considered the banks' adjusted
capitalization levels, which compare unfavorably with global
peers, notwithstanding reported capital ratios that are
considerably stronger and that provide sizeable cushions relative
to the minimum regulatory requirements in Brazil. Moody's ratio of
Tangible Common Equity to Risk-Weighted Assets is designed to
provide a globally consistent measure of capitalization and
thereby enhance the comparability of banks operating under
different regulatory regimes. Our ratio, which has an important
weight in our new methodology, closely mirrors Basel III
guidelines and is stricter in many respects than the current
Brazilian standard.

While their capital scores are low by this measure, Moody's
acknowledge these banks' consistent capital replenishment ability
through recurring internal revenues generation, which is supported
by their high degree of revenue diversification, their dominant
market positions as the two largest private sector banks in the
country, and strong risk management. The banks also exhibit low
asset risk supported by moderate levels of nonperforming loans and
conservative reserve buffers that should help to shield their
capital positions from any unexpected asset quality deterioration.
The ratings are also supported by the banks' strong liquidity
profiles, characterized by ample liquid resources, large core
deposit bases, and well established market access.

The negative outlooks on these banks' global ratings are in line
with the negative outlook on the government of Brazil's Baa2
sovereign bond rating. Both banks have high direct exposure to the
country's creditworthiness through their sizeable holdings of
government securities. In addition, their lending books are highly
exposed to the Brazilian economy. Notwithstanding Itau Unibanco's
growing presence in the rest of Latin America, and both banks'
important non-credit earnings, that reduce earnings volatility
during challenging risk environments, Bradesco and Itau Unibanco
still have limited geographic earnings diversification. These
linkages constrain the banks' BCAs to the sovereign bond rating.
Thus, a downgrade of the sovereign is likely to result in a
further downgrade of the banks' ratings as well.

The downgrade of Itau Unibanco Holding S.A.'s local currency
issuer and senior unsecured debt ratings to Baa3, from Baa2,
reflects the reduction of its subsidiaries' BCAs to baa2. Itau
Unibanco Holding's ratings are notched down from the BCAs of Itau
Unibanco and Itau BBA to reflect structural subordination. The
holding company's Tier 2 subordinated securities remain at Baa3 to
reflect our view that the higher loss severity of a subordinated
bond is fully captured by a one-notch downward adjustment from the
bank subsidiaries' BCA.

Ratings of HSBC Brazil and Banco Votorantim Lowered as well;
Negative Outlooks Consider Performance Risks:

HSBC Brazil

In lowering the unsupported BCA of HSBC Bank Brasil -- Banco
Multiplo S.A. (HSBC Brazil) to baa3, from baa2, Moody's notes the
bank's poor profitability, low adjusted capitalization levels as
measured by Moody's ratio of Tangible Common Equity to Risk-
Weighted Assets, and large volume of market funding, which is
mainly used to meet the Group's internal liquidity requirements.
After two years of declining profits and market share, the bank
reported net losses in 2014. Driven mostly by increases in
interest expenses on deposits, these losses further weakened HSBC
Brazil's already low capitalization. Notwithstanding these credit
challenges, the bank continues to benefit from a relatively low
nonperforming loan ratio, substantial loan loss reserves, and a
high level of liquid resources.

Moody's also lowered HSBC Brazil's Adjusted BCA by one notch to a2
and downgraded the long-term global local currency deposit ratings
to A2, which incorporates four-notches of uplift based on our
assessment of very high likelihood of support from the bank's UK-
based parent HSBC Holdings plc (Aa3 review for downgrade). The
bank's other ratings, including its Aaa.br national scale deposit
rating, its foreign currency debt and deposit ratings, and its
short-term ratings, were affirmed.

The negative outlook on HSBC Brazil's ratings reflects the bank's
significant challenge to revert losses and expand operations,
particularly in the scenario of negative growth that Moody's
anticipates for Brazil's economy in 2015.

Banco Votorantim

The reduction of Banco Votorantim's (BV) BCA to ba1 from baa3
reflects the bank's weak capitalization, high dependence on market
funds, modest profitability, and relatively high asset risk,
counterbalanced by a high level of liquid resources. BV's adjusted
capital ratio is constrained by its large deferred tax asset
position, which resulted in a tangible common equity to risk-
weighted assets ratio of just 3.8% as of December 2014. However,
Moody's expects the bank to continue to rationalize its balance
sheet growth and retain the majority of its earnings, which will
lead to gradual improvements in its capitalization.

BV's asset risk is characterized by a concentration in vehicles
loans with a high but declining level of nonperforming loans as a
result of the enhanced underwriting standards the bank has been
applying over the last few years. After posting a net loss in 2013
driven by high loan loss provisions, the bank achieved a
meaningful turnaround in its profitability in 2014, though
earnings remain low. While the bank's funding profile is highly
dependent on the wholesale segment and is consequently exposed to
refinancing risk, it asset and liability tenors are well matched
and it receives significant funding from Banco do Brasil, its 50%
shareholder, which purchases BV's consumer loan securitizations.
BV's ample liquid resources are supplemented by a BRL7.0 billion
committed facility provided by BB as well.

As a result of the reduction in BV's BCA, Moody's downgraded the
bank's long-term global scale deposit and senior debt ratings to
Baa3 from Baa2, its short-term ratings to P-3 from P-2, and its
long-term Brazilian national scale deposit rating to Aa1.br from
Aaa.br. The Baa3 rating incorporates one notch of uplift from the
bank's ba1 BCA, which results from Moody's view of the high
likelihood of support from Banco do Brasil S.A. (BCA of baa3).

BV's ba1 BCA incorporates our expectation that profitability will
continue to recover, asset risk will continue to decline, and
capitalization will improve. The negative outlook on BV's ratings
reflects the risk that these expectations may not be fulfilled as
a result of the weak economic environment.

Banco do Brasil's bca Lowered But Ratings Affirmed:

The reduction of Banco do Brasil's (BB) BCA to baa3 from baa2
reflects BB's weak capital position, despite its strong funding
structure and sound asset risk profile, profitability, and
liquidity. While BB's tangible common equity was at just 7.0% of
risk-weighted assets as of December 2014, Moody's expects the bank
to reduce its pace of loan growth in 2015, which will reduce
pressure on its capitalization. BB's funding profile is the bank's
key strength, reflecting its granular deposit funding base and
stable long-term funding from government-related entities. Asset
risk is supported by its historically low non-performing loan
ratio and relatively high loan loss reserve coverage, but limited
to the bank's rapid expansion over the last few years coupled with
its significant exposure to the agricultural sector, although
Moody's notes that this industry is currently experiencing some
favorable momentum. Supported by its earnings diversification,
with significant contributions from service fees and insurance
revenues, Moody's expects the bank's profitability to stabilize
after several years of declines.

Despite the change in BB's BCA, Moody's has affirmed the bank's
long-term global scale debt and deposit ratings of Baa2, and its
long-term Brazilian national scale deposit rating of Aaa.br. These
ratings benefit from our expectation that the government of Brazil
will provide financial support to the bank if necessary. However,
Moody's downgraded the preferred stock non-cumulative rating to
Ba3(hyb) from Ba2(hyb), as this rating is positioned at the bank's
BCA minus three notches and Moody's do not expect the government
to support these specific obligations. The notching captures the
risk of losses for investors from coupon suspension and principal
write-down before the bank reaches the point of non-viability.

BCAs Raised: Banco Ford, Banco de Brasilia, and Banco BBM:

Moody's increased by one notch the standalone BCAs of Banco Ford
S.A., BRB-Banco de Brasilia S.A. and Banco BBM. In addition,
Moody's upgraded the debt and deposit ratings of Banco BBM S.A..
The ratings of Banco Ford and Banco de Brasilia were affirmed. The
outlooks on these issuers are stable. As previously indicated,
these changes do not reflect an improvement in the issuers'
fundamentals. Rather, they are the result of the implementation of
the new methodology, which highlighted them as being positive
outliers at their previous rating levels.

Banco Ford

The increase of Banco Ford's BCA to ba2, from ba3, reflects the
bank's strong profitability and low asset risk, notwithstanding
its monoline business model focused entirely on auto loans. As a
captive finance operation of Ford Motor Credit Company, LLC (FMCC,
Baa3 stable) in Brazil, Banco Ford originates revenues mainly from
working capital loans and inventory financing to Ford dealers. The
bank has reported profitability ratios consistently better than
those of its peers over the last several years, supported by a
lean structure and low operating expenses. Low asset risk reflects
the bank's stable track record of low loan delinquencies resulting
from its close oversight of the financial performance of car
dealers, coupled with large volumes of collateral.

The increase of its BCA did not affect Banco Ford's Ba1 global
local currency and foreign currency deposit ratings or its Aa1.br
Brazilian national scale deposit ratings, which continue to
benefit from a high probability of support from the bank's parent.
Banco de Brasilia

The increase of the BRB-Banco de Brasilia's (BRB) BCA to ba3 from
b1 reflects the bank's strong funding profile, marked by a
granular deposit base and very low reliance on market funds. The
bank also benefits from adequate capitalization, profitability,
and liquidity. However, BRB continues to exhibit high asset risk
resulting from its geographic concentration in the Federal
District region, as well as weak corporate governance, as
reflected in frequent changes in senior management and continued
political interference. The bank's asset risk profile has been
hurt by the high pace of growth in its loan book over the last few
years, with a focus on SME lending, an area in which it has little
experience, which has led to a rising delinquency ratio.

Notwithstanding the change in its BCA, BRB's deposit rating was
affirmed at Ba3. Consequently, the BCA and deposit rating, which
no longer benefit from parental support as the Government of
Brasilia is unrated, are now equivalent. Moody's also affirmed
BRB's long-term Brazilian national scale deposit rating of A2.br.

Banco BBM

The upgrade of Banco BBM's (BBM) deposit and senior debt ratings
to Baa3 from Ba1 results from an equivalent improvement in its
BCA. Moody's also upgraded the bank's long-term Brazilian national
scale deposit rating to Aa1.br from Aa2.br. The changes reflect
the bank's strong capital position and low asset risk, which are
partially offset by a heavily dependence on market funding. BBM's
strong asset risk profile is evidenced by its low historical non-
performing loan ratios and reduced charge offs, supported by
strict underwriting standards. While the bank has material
exposures to both the sugar & alcohol and construction industries,
these risks are mitigated by a high degree of collateralization. A
strict internal cap on credit exposure sustains the bank's very
strong capital ratios. Although BBM relies heavily on market
funding, which exposes it to refinancing risk, it also holds a
large amount of liquid assets and operates with a favorable tenor
gap in its balance sheet.

Assigning of Counterparty Risk Assessments:

As part of the actions, Moody's has assigned a Counterparty Risk
Assessment (CR Assessment) to nine banks. The CR Assessment
reflects an issuer's probability of defaulting on certain bank
operating liabilities and other contractual commitments, but it is
not a rating. The CR Assessment takes into account the issuer's
standalone strength as well as the likelihood of affiliate and
government support in the event of need, reflecting the
anticipated seniority of these obligations in the liabilities
hierarchy. The CR Assessment also incorporates other steps
authorities can take to preserve the key operations of a bank
should it enter a resolution.

The principal methodology used in these ratings was Banks
published in March 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".

Last Rating Actions:

Moody's took its last rating action on Banco Bradesco on March 17,
2015, when the rating agency placed on review for downgrade both
the global local currency deposit and senior unsecured debt
ratings of Baa1. The action followed implementation of the new
bank methodology on 16 March 2015. The global short-term local
currency deposit and the foreign currency deposit were affirmed.
The Brazilian national scale ratings remained unchanged.

Moody's took its last rating action on Itau Unibanco on March 17,
2015, when the rating agency placed both the global local currency
deposit of Baa1 and senior unsecured program rating of (P)Baa1 on
review for downgrade, following the implementation of the new bank
methodology on 16 March 2015. The global short-term local currency
deposit and the foreign currency deposit were affirmed. The
Brazilian national scale ratings remained unchanged.

Moody's took its last of rating action on Banco Itau BBA on March
17, 2015, when Moody's placed on review for downgrade both the
global local currency deposit of Baa1 and senior unsecured program
rating of (P)Baa1, following the implementation of the new bank
methodology on 16 March 2015. The global short-term local currency
deposit and the foreign currency deposit were affirmed. The
Brazilian national scale ratings remained unchanged.

Moody's took its last rating action on Itau Unibanco Holding on
March 17, 2015, when Moody's placed on review for downgrade the
local currency issuer and senior unsecured debt ratings of Baa2,
following the announcement of the review of ratings assigned to
its operating banks Itau Unibanco e Banco Itau BBA. The review of
the ratings was triggered by the implementation of the new bank
methodology on 16 March 2015. Simultaneously, the Baa3 foreign
currency subordinated rating under the Cayman Islands Branch was
placed on review for upgrade. The Brazilian national scale issuer
ratings were also placed on review for downgrade.

Moody's took its last rating action on Banco do Brasil on March
17, 2015, when the rating agency placed on review for downgrade
the baa2 baseline credit assessment, following the implementation
of the new bank methodology on March 16, 2015. At the same time,
the preferred stock non-cumulative rating of Ba2(hyb) issued by
Banco do Brasil through its Cayman Branch was also placed on
review for downgrade. All other supported ratings remained
unchanged, including the global local and foreign currency
deposits as well as debt ratings assigned to both Banco do Brasil
and Banco do Brasil Cayman Branch. The outlook on these ratings
remained negative in line with the outlook of Brazil's government
bond rating.

Moody's took its last rating action on Banco Votorantim on March
17, 2015, when the rating agency placed on review for downgrade
the baa3 baseline credit assessment, as well as the supported
deposit and debt ratings assigned to both Banco Votorantim and
also to Banco Votorantim Nassau Branch. The long-term national
scale deposit rating of Aaa.br was also placed on review for
downgrade.

Moody's took its last rating action on HSBC Bank Brazil on March
17, 2015, when the rating agency placed on review for downgrade
the bank's baa2 baseline credit assessment, as well as its
supported global local currency deposit rating of A1. All other
ratings remained unchanged.

Moody's took its last rating action on Banco BBM on March 17,
2015, when the rating agency placed on review for upgrade the
bank's ba1 baseline credit assessment, as well as the long- and
short-term global local and foreign currency deposit ratings of
Ba1 and Not Prime, respectively. The Brazilian national scale
deposit ratings were also placed on review for possible upgrade.

Moody's took its last rating action on Banco Ford on March 17,
2015, when the rating agency placed on review for upgrade the
bank's ba3 baseline credit assessment. All other ratings remained
unchanged.

Moody's took its last rating action on Banco de Brasilia on March
17, 2015, when the rating agency placed on review for upgrade the
bank's b1 baseline credit assessment. All other ratings remained
unchanged.


BRAZIL: Analysts Expect Economy to Contract 1.2%
------------------------------------------------
EFE News reports that analysts expect Brazil's gross domestic
product (GDP) to contract 1.2 percent this year, the Central Bank
said.

The GDP estimate comes from the Boletin Focus, a weekly Central
Bank survey of analysts from about 100 private financial
institutions on the state of the national economy, according to
EFE News.

The report notes that the new estimate represents a worsening of
the outlook for Brazil's economy, which analysts in the previous
edition of the survey expected to contract by 1.18 percent.

Analysts surveyed for the Boletin Focus expect Brazil to finish
2015 with an inflation rate of 8.29 percent, up from the 8.26
percent estimate released, the report relays.

The inflation rate was 0.71 percent in April and came in at 4.56
percent during the first four months of this year, a figure that
was above the government's target for the entire year, the report
discloses.

The government's official inflation target is 4.5 percent for the
year, with a 2 percent band, the report says.

Officials, however, have already acknowledged that the inflation
number is going to come in higher than the target, the report
notes.

The report discloses that the government's draft budget guidance
submitted to Congress last month was based on an 8.2 percent
inflation projection.

An inflation rate of more than 8 percent would be the highest
since 2003, when prices surged 9.3 percent, the report says.

Brazil finished 2014 with an inflation rate of 6.41 percent, well
above the 5.91 percent rate registered in the prior year but below
the top end of the government's range, the report discloses.

Brazil's economy grew just 0.10 percent last year, compared to
2013, the report adds.


CIMENTO TUPI: S&P Lowers Rating to 'CC' & Puts on CreditWatch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
global scale rating on Cimento Tupi S.A. to 'CC' from 'CCC' and
the national scale rating to 'brCC' from 'brCCC'.  S&P also placed
the ratings on CreditWatch negative.

The downgrade reflects Cimento Tupi's missed $9 million interest
payment on its 2018 notes due May 11, 2015.  The notes establish a
30-day cure period for the payment.  Although S&P believes there
is a low probability that the company will make the payment during
this period, currently there's a residual uncertainty over it.

The negative CreditWatch listing reflects the residual uncertainty
or risk that Cimento Tupi won't make the interest payment within
the cure period.

Once, and if, S&P believes that the interest payment on the 2018
notes won't be made within the grace period, S&P would downgrade
Cimento Tupi to 'D'.


CIMENTO TUPI: Fitch Cuts FC Issuer Default Rating to 'C'
--------------------------------------------------------
Fitch Ratings has downgraded the following ratings of Cimento Tupi
S.A. (Tupi):

   -- Foreign currency Issuer Default Rating (IDR) to 'C' from
      'CCC';
   -- Local currency IDR to 'C' from 'CCC';
   -- Senior unsecured notes due 2018 to 'C/RR4' from 'CCC/RR4';
   -- Long-term National Rating to 'C(bra)' from 'CCC(bra)'.

KEY RATING DRIVERS

The downgrade reflects Tupi's inability to pay its coupon payment
which will enter a 30 day cure period on its outstanding notes.
The company announced it will miss its USD9 million interest
payment on its USD185 million of senior unsecured notes due in
2018.

Tupi hired investment bank Rothschild as its investment advisor as
the company seeks relief from its high level of interest expense
amid a difficult operating environment. Fitch expects Tupi will
have difficulty managing its debt service over the next six-12
months due to its strained cash position, low cash generating
ability, and the weakening operating environment in Brazil that
has increased refinancing risk for all Brazilian corporates.
According to the IBGE's Monthly Industrial Survey, Brazilian
cement production through February 2015 declined 8.9% due to the
difficult operating conditions.

Tupi's poor liquidity position has been persistent during the last
12 months and prospects are poor for improvement during 2015. The
company is reliant on banks willingness to refinance its short-
term maturities due to its low cash reserves. The levels of short-
term debt coverage as measured by cash plus free cash flow
(FCF)/short-term debt was -0.2x for latest 12 months (LTM) Sept.
30, 2014 compared to 0.0x at Dec. 31, 2013.

KEY ASSUMPTIONS

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

  -- Low single digit revenue growth;
  -- EBITDA margin between 20%-22%;
  -- Working capital of need of USD3 million;
  -- Capital expenditures of USD6 million;
  -- Net Leverage to remain above 7.0x in 2015;
  -- Limited improvement in liquidity position.

RATING SENSITIVITIES

Negative Rating Action:
A downgrade would occur if Tupi does not make its bond payment
during the 30 day cure period.

Positive Rating Action:
An upgrade is unlikely at this time given the company's
difficulties meeting its payment obligations.


HYPERMARCAS SA: Potential Sale of Diapers Business is Credit Pos.
-----------------------------------------------------------------
Moody's Investors Service commented that the potential sale of
diapers business is credit positive for Hypermarcas because it
will potentially improve the company's leverage, increase the
company's focus on the pharmaceutical segment, and reduce its
exposure to dollar-linked costs.

Hypermarcas carries LT Corporate Family Ratings (Foreign) at Ba2.


PETROLEO BRASILEIRO: Said to Attract Mitsui in Gas Pipeline Sale
----------------------------------------------------------------
Jonathan Levin, Cristiane Lucchesi, and Yuriy Humber at Bloomberg
News report that Petroleo Brasileiro SA has drawn interest from
Mitsui & Co. in the sale of a package of natural gas pipelines,
according to people with knowledge of the matter.

Petrobras, as the Brazilian state oil company is known, has been
marketing the sale of 49 percent of its stake in the pipelines,
according to the people, who asked not to be identified discussing
a private process, according to Bloomberg News.

Mitsui is seen as a natural buyer of the assets because it's
already a partner with Petrobras on gas pipelines, two of the
people said. Still, talks between the companies are at a
preliminary stage, the people said, Bloomberg News relates.

The oil company has 9,000 kilometers (5,600 miles) of natural gas
pipelines, according to its website.  Mitsui, Japan's second-
biggest trading house, has been active in Latin America's largest
economy, including a deal in December to buy a stake in gas
distribution company Cia. de Gas do Ceara, Bloomberg News notes.

Bloomberg News says that Petrobras plans to divest about US$14
billion in assets by the end of next year to meet core investment
goals and start addressing the oil industry's biggest debt load.

The driller is also embroiled in a bribery scandal that led to the
collapse of its stock and the replacement of then-Chief Executive
Officer Maria das Gracas Foster with banker Aldemir Bendine,
Bloomberg News relays.

A representative for Mitsui said that the firm is generally
interested in local gas distribution assets but hasn't bid on the
Petrobras assets, Bloomberg News 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
==========================


2020 GLOBALGROWTH: Shareholders' Final Meeting Set for May 28
-------------------------------------------------------------
The shareholders of 2020 Globalgrowth Equities Limited will hold
their final meeting on May 28, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ABYDOS FUND: Shareholders' Final Meeting Set for June 3
-------------------------------------------------------
The shareholders of Abydos Fund will hold their final meeting on
June 3, 2015, at 10:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


ABYDOS MASTER: Shareholders' Final Meeting Set for June 3
---------------------------------------------------------
The shareholders of Abydos Master Fund will hold their final
meeting on June 3, 2015, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for May 28
---------------------------------------------------------
The shareholders of Acquity Group Limited will hold their final
meeting on May 28, 2015, at 9:05 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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


LANDMARK CDO: Members' Final Meeting Set for May 25
---------------------------------------------------
The members of Landmark CDO Ltd. will hold their final meeting on
May 25, 2015, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MONSOON INDIA: Shareholders' Final Meeting Set for June 3
---------------------------------------------------------
The shareholders of Monsoon India Select Equity Cayman Fund Ltd.
will hold their final meeting on June 3, 2015, at 10:40 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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


OPUS COMMODITIES: Shareholders' Final Meeting Set for May 28
------------------------------------------------------------
The shareholders of Opus Commodities Select SPC will hold their
final meeting on May 28, 2015, at 1:10 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


SI INTERNATIONAL: Shareholders' Final Meeting Set for June 3
------------------------------------------------------------
The shareholders of SI International (Topco) Inc. will hold their
final meeting on June 3, 2015, at 1:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


SOLAR NXP: Shareholders' Final Meeting Set for June 3
-----------------------------------------------------
The shareholders of Solar NXP Limited will hold their final
meeting on June 3, 2015, at 1:20 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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 XI: Shareholders' Final Meeting Set for May 29
-----------------------------------------------------------
The shareholders of Tiger Global PIP V China Holdings XI, Ltd.
will hold their final meeting on May 29, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TIGER GLOBAL XII: Shareholders' Final Meeting Set for May 29
------------------------------------------------------------
The shareholders of Tiger Global PIP V China Holdings XII, Ltd.
will hold their final meeting on May 29, 2015, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


* DOMINICAN REPUBLIC: April Prices Fall -0.25%, Paced by Foods
--------------------------------------------------------------
Dominican Today reports that Dominican Republic Central Bank said
prices in April fell -0.25% compared with March last year, paced
by foods and non-alcoholic beverages.

It said first quarter inflation stood at -0.09%, according to
Dominican Today.

The report notes that the Central Bank said inflation over the
last 12 months, from April 2014 to April 2015 was -0.04%,
"significantly lower than the inflation of 3.49% recorded at the
end of April last year."

It said lower prices on foods and non-alcoholic beverages in April
paced the negative inflation, the report relates.


* DOMINICAN REP: Raise Wages, Avert Social Unrest, Bishop Warns
---------------------------------------------------------------
Dominican Today reports that the former head of the Catholic
University (PUCMM) called on Dominican Republic's business leaders
to avert social unrest by attending to the demands of a wage
increase by the various labor unions.

Monsignor Agripino Nunez said businesses should be most interested
in avoiding a nationwide strike and warned them that protests are
never peaceful, "so they should be avoided by arriving at an
agreement between the parties," according to Dominican Today.

The report relates that Monsignor Nunez said he expects the
meeting slated for May 20 between the Labor Ministry, employers
and union leaders to reach an agreement leading to industrial
peace.

The senior bishop spoke after receiving a plaque in a golf
tournament at the Las Aromas links in Otra Banda, west of
Santiago, the report discloses.


===============
H O N D U R A S
===============


HONDURAS: Moody's Alters Gov't. Bond Ratings Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service revised the outlook on Honduras'
government bond ratings to positive from stable. Concurrently,
Moody's has affirmed the foreign and local currency government's
issuer ratings and senior unsecured ratings at B3.

Moody's decision to revise the outlook on Honduras' ratings is
based on our expectations for:

(1) Continued progress toward fiscal consolidation targets,
     building on the fiscal deficit narrowing to 4.4% of GDP in
     2014

(2) Continued commitment to fiscal and structural reforms set
     out in the December 2014 IMF agreement

(3) Reduction of government liquidity risks

The affirmation of the B3 ratings reflects Honduras' trajectory of
high fiscal deficits and rising debt ratios, weak economic
strength given the small size of the economy and low income per
capita and very low institutional strength.

The country ceilings remain unchanged. The long-term local
currency bond and deposit ceilings are B2, the long-term foreign
currency deposit ceiling is Caa1, and the long-term foreign
currency bond ceiling is B2.

First Driver -- Continued progress toward fiscal consolidation
targets:

The fiscal deficit narrowed to 4.4% of GDP in 2014 from 7.9% of
GDP in 2013 surpassing even the government's own target of 4.7% of
GDP. Fiscal consolidation was supported by a tax reform that
raised revenues close to 2% of GDP, expenditure cuts and, more
importantly, measures that have introduced discipline in the
budget process. Efforts to curtail expenditures have focused on
maintaining public sector salaries constant in nominal terms,
reducing the number of public sector employees, cutting back
investment spending, and reducing government transfers (i.e.,
subsidies, social assistance programs, transfers to municipalities
and loss-making state-owned enterprises).

To improve the budget process, no revisions are now allowed to the
limits set in the budget -- in 2012 and 2013 limits were revised
more than 20 times. Also, new projects can be approved only if
others are cut or cancelled and legal sanctions can be imposed on
officials who exceed spending limits. A budget committee was
created to review the ministries' spending requests and only those
requests that fall within the budget limits are approved. An
important change in debt management is the government's decision
to stop accumulating arrears with suppliers, known as floating
debt.

Government officials are planning to deliver fiscal deficits lower
than those agreed with the IMF, targeting a deficit of 3.8% of GDP
in 2015 compared to 4.0% in the agreement. The government's target
for 2016 is 3.0% of GDP compared to 3.4% in the agreement.

Second Driver -- Continued commitment to fiscal and structural
reforms as set out in the December 2014 IMF Agreement:

Fiscal consolidation efforts that began early in 2014 have become
more structured after the government signed an IMF agreement on
December 2014. The IMF program has facilitated policy consistency
to government efforts, while quarterly reviews provide continuing
monitoring. In March the IMF issued a statement after the first
review indicating that all quantitative targets for December 2014
were met, in most cases with ample margins. Continued commitment
to meeting or exceeding fiscal and structural benchmarks set out
in the IMF Agreement would support continued positive pressure on
the rating.

The IMF agreement incorporates fiscal consolidation targets that
will require the government to cut current expenditures in 2015-17
as revenue-enhancing measures were already adopted after the 2013
tax reform was implemented last year. Since current expenditures
comprise mostly public sector salaries (8.2% of GDP equivalent to
45% of current spending), Moody's expect reductions in the
government's wage bill will have a material impact on the fiscal
deficit. Moody's expect public investment will continue to
contract and also that government transfers, which represent 7% of
GDP, will be curtailed. Transfers to local governments and other
public entities will be maintained in nominal terms in 2015, while
those going to the national electricity company (ENEE) will be
gradually reduced. Spending in key social assistance programs,
also part of government transfers, will not be reduced but will be
better targeted. Measures affecting ENEE are also part of the IMF
agreement, including increases to electricity tariffs and reducing
the company's wage bill.

Third Driver -- Reduction of government liquidity risks:

Refinancing risks have been reduced as a result of a lower fiscal
deficit in 2014, the lengthening of debt maturities in the
domestic market, and increased access to multilateral financing.
Proactive debt management aimed at containing interest costs by
prioritizing, according to the authorities, the use of
concessional and multilateral debt versus external debt issuances
will support further upward pressure on the rating. Gross
financing needs remain elevated at around 7.5% of GDP.

Rationale for Affirming the B3 Ratings:

The positive outlook reflects Moody's expectation that Honduras
will continue to make steady progress in 2015 in terms of fiscal
consolidation and that the government will continue to comply with
targets set in the IMF program.

While a positive outlook suggests that, if current conditions are
preserved, this may lead to a material reduction in Honduras'
credit risks, the track record is short with only the first IMF
review being completed.

B3 ratings reflect high fiscal deficits, rising debt ratios,
deteriorating debt affordability, increased reliance on short-term
domestic debt and higher gross financing needs due to the
significant increase in debt in the last six years. The B3 ratings
also reflect weak economic strength given the small size of the
economy, low income per capita and high crime rates which hinder
long-term GDP growth, while very low institutional strength is
explained by weak government effectiveness and rule of law, as
well as low control of corruption.

What could change the rating - Up:

There could be upward pressure on Honduras' ratings if: (i) the
government continues to reduce its fiscal deficit this year, (ii)
the government complies with targets set in the IMF program in the
second part of 2015, and (iii) government liquidity risks continue
its downward trajectory by lengthening debt maturities in the
domestic market.

What could change the rating - Down:

The outlook could be revised to stable if (i) fiscal consolidation
is halted or reversed, (ii) there is a reemergence of near-term
refinancing pressures involving domestic debt, or (iii) reduced
access to multilateral funding that leads to limited financing
options.

Country Ceilings:

The country ceilings did not change as a result of this action.
The long-term local currency bond and deposit ceilings remain at
B2. The long-term foreign currency deposit ceiling remains at
Caa1. The long-term foreign currency bond ceiling remains at B2.
All short-term ceilings remain at Not Prime. Country ceilings
reflect a range of undiversifiable risks to which issuers in any
jurisdiction are exposed, including economic, legal and political
risks. These ceilings act as a cap on ratings that can be assigned
to the foreign and local-currency obligations of entities
domiciled in the country.

- GDP per capita (PPP basis, US$): 4,729 (2014 Actual) (also
   known as Per Capita Income)

- Real GDP growth (% change): 3.1% (2014 Actual) (also known as
   GDP Growth)

- Inflation Rate (CPI, % change Dec/Dec): 5.8% (2014 Actual)

- Gen. Gov. Financial Balance/GDP: -4.4% (2014 Actual) (also
   known as Fiscal Balance)

- Current Account Balance/GDP: -7.4% (2014 Actual) (also known
   as External Balance)

- External debt/GDP: 36.9% (2014 Actual)

- Level of economic development: Low level of economic
   resilience

- Default history: No default events (on bonds or loans) have
   been recorded since 1983

On May 7, 2015, a rating committee was called to discuss the
rating of Honduras, Government of. The main points raised during
the discussion were: The issuer's fiscal or financial strength has
materially increased. The issuer's governance and/or management,
have materially increased. The issuer has become less susceptible
to event risks. Other views raised included: The issuer's economic
fundamentals, including its economic strength, have not materially
changed. The issuer's institutional strength/ framework, have not
materially changed.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


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


GRUPO SENDA: Fitch Affirms 'B' Issuer Default Ratings
-----------------------------------------------------
Fitch Ratings has affirmed Grupo Senda Autotransporte, S.A. de
C.V.'s (Grupo Senda) local and foreign currency Issuer Default
Ratings (IDRs) at 'B'.

The Rating Outlook is Stable

Grupo Senda's 'B' ratings reflect the company's leading market
position in the highly competitive and fragmented intercity bus
passenger transportation sector in Mexico, weak liquidity, high
leverage and financing cost, and limited free cash flow (FCF)
generation. Positively considered in the ratings is the importance
of the country's bus transportation system within Mexico because
of income constraints that limit the ability of many people to use
alternative transportation sources, such as automobiles or
airlines. Also reflected in the ratings is Fitch's expectation
that margins will return to historical levels above 21% in 2015.

KEY RATING DRIVERS

Operational Results Expected to Continue to Recover

Grupo Senda's consolidated revenue per kilometer run has been
pressured since the start of 2013 primarily by sluggish economic
conditions in Mexico. The application of a 16% value added tax
(VAT) to passenger ticket prices effective at the beginning of
2014 was also negative as the company absorbed some of this
increase. Senda's personnel transportation segment has performed
well. It accounted for 29% of consolidated revenues during the LTM
ended March 31, 2015. Positive momentum in Mexican manufacturing,
especially in the auto industry, supports the positive operating
trends in this division.

The company's LTM revenues were up 2.2% after being down 0.2% in
the comparable period of 2014. On an LTM basis also as of March
2015, Passenger segment revenues were recovering but still down
0.8%, while Grupo Senda's personnel segment recorded a 10.1%
revenue increase partly due to last year's expansion into the new
markets of Zacatecas and Cd. Juarez as well as organic growth in
key North East Mexico markets.

Rising costs per kilometer are expected to finally ease as high
fuel inflation in Mexico, where the price of diesel fuel and
gasoline are controlled by the Mexican government, moderates.
Diesel price to the public is currently above international prices
and increased 11.6% in 2014, 11.8% in 2013, 10.7% in 2012, and
10.6% in 2011. As a percent of Grupo Senda's revenue, fuel
expenses have increased to 19.7% in 2014 from 16.7% in 2011. For
2015, the government has implemented a much more moderate increase
of 1.9%, which together with a transfer to the passengers of most
of the VAT increase, should support EBITDA margin recoveries to
levels above 21% in 2015.

Weak Liquidity Could Trigger Negative Rating Actions

The company's cash balance and FCF generation remain low relative
to debt obligations. As of March 31, 2015, Grupo Senda's cash
balance was MXN102 million and its total debt including financial
leases was MXN3.287 million, of which MXN733 million was short
term. The company's indebtedness as of March 2015 consisted
primarily of bank debt and financial leases.

As of LTM March 31, 2015, Fitch-calculated EBITDA was MXN797
million, which compares to EBITDA of MXN792 million a year ago.
Free cash flow during the LTM was negative MXN120 million, which
is an improvement from negative MXN277 million a year ago. Most of
the company's capex is related to new buses has and continues to
be funded with financing leases.
Fitch estimates Grupo Senda's cash flow from operations (CFFO)
after interest paid will average about MXN470 million for the next
three years. With no dividend payments, FCF should be moderately
positive at around MXN100 million per year.

Fitch estimates Grupo Senda's 2015 gross leverage will be around
3.8x, which is a modest improvement from 4.1x as of March 31,
2015. The company's management is looking at different refinancing
options to extend its maturity profile and improve liquidity. The
absence of significant lengthening in the company's debt
amortization schedule or improvement in its capital structure
could result in negative rating actions.

Strong Position in a Competitive industry

The bus transportation industry in Mexico is highly fragmented and
competitive with a limited number of national or regional bus
companies operating more than 100 buses and a large number of
local bus companies and informal bus operators. Compared with
smaller or owner-operated passenger bus companies, Grupo Senda's
business model allows the company to operate more efficiently,
better adapt to market conditions, and provide standardized
services. In contrast, most of Mexico's authorized bus
transportation companies are owner-operated which means that bus
drivers typically own one or more of the buses they operate and
control shares of the company in proportion to the number of buses
owned. Fragmentation has in the past resulted in discounted price
competition during times when industry margins are pressured by
economic contraction .

Bus transportation services play a significant role in the overall
passenger transportation sector in Mexico, accounting for
approximately 97% of the 3 billion passenger tickets sold for
intercity travel in 2013. Alternative means of transportation such
as airplane or personal car are not economically viable for the
average traveler, as approximately 90% of the Mexican population
earn less than USD700 per month. With an average bus ticket price
of about USD10, Grupo Senda estimates that only 4.2% of the
company's routes directly compete with low-cost air carriers.

KEY ASSUMPTIONS

   -- Low mid-single-digit revenue growth in the passenger segment
      driven mostly by continued recovery of pre-VAT fares and
      inflation-adjusted ticket price increases;
   -- High single digit-to-low double-digit growth in Grupo
      Senda's Personnel segment as the company continues to grow
      organically in established markets;
   -- Low single-digit diesel fuel price increases in 2016-2017;
   -- No dividend payments;
   -- Continued access to bank lending

RATINGS SENSITIVITIES

A negative rating action could be triggered by:

   -- Absence of debt refinancing that extends the amortization
      schedule of debt maturities and is better aligned with cash
      generation.

   -- Lack of significant improvement in operational results.

   -- A deterioration of the company's credit metrics due to
      sizeable negative FCF or higher total debt levels.

      Expectations by Fitch of total debt/ EBITDA being
      consistently at or beyond 4.5x would likely result in a
      downgrade.

   -- Increasing competition followed by the return to discounted-
      price practices, as a key component of the company's
      business strategy to gain market share, would also likely
      result in negative rating actions.

Fitch would view as positive to credit quality:

   -- FCF generation significantly above Fitch's current
      expectations and a medium-term expectation of net leverage
      at or below 2.5x while maintaining adequate liquidity, and a
      manageable debt maturity profile.


MATAMOROS MUNICIPALITY: Moody's Withdraws Ba1 Issuer Rating
-----------------------------------------------------------
Moody's de Mexico has withdrawn the municipality of Matamoros'
Ba1/A1.mx issuer ratings. Prior to withdrawal, the ratings had a
stable outlook.

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

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine Matamoros' rating is between rating is between Jan. 1,
2009 and Dec. 31, 2013.


SU CASITA: Fitch Affirms 'D(mex)' Nat'l LT Rating on Class B Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Su Casita Trust's two residential
mortgage back securities (RMBS) sponsored by Hipotecaria Su
Casita, S.A. de C.V., SOFOM, E.N.R. (Su Casita):

Class A Floating Rate Notes due 2035

   -- Long-term rating affirmed at 'CCsf' and 'CC(mex)vra'

Class B UDI-Indexed Notes due 2035

   -- National long-term rating affirmed at 'D(mex)'.

KEY RATING DRIVERS

The ratings on the Class A and Class B notes reflect the
transaction's liquidity risk and high exposure to non-performing
loans and Real Estate Owned Assets (REOs). The rating of the Class
B notes considers the tranche's structural subordination to Class
A and its consistent default on accrued interest payments. The
repayment on the Class A notes is becoming increasingly dependent
on an unrated third party guarantee.

As of the April 2015 distribution date, Class A
overcollateralization (excluding +90 days delinquent loans from
the loan pool) stands at -121.7% and -102.0% when excluding +180
days delinquent loans. Both levels negatively compare with those
observed 12 months ago which were -71.8% and -55.6%, respectively.

As of the April 2015 distribution date, +90 days delinquent loans
represent 26.2% of their original loan balance and 65.1% of their
aggregate outstanding balance. Fitch notices late delinquent loans
(+180 days) are gradually increasing and could result in lengthen
recovery processes. REOs sales are also intermittent and the
observed recovery rates shown by the new substitute servicer
reflect an average of approximately 50% (of the respective loan
outstanding balance). In Fitch's view, interest payments on the
notes are increasingly dependent on REO sales.

Fitch will monitor performance and progress of the new substitute
servicer, Adamantine Servicios S.A. de C.V. This is the second
substitute servicer for the loan portfolio and efforts will be
focused on increasing cashflows through restructuring delinquent
loans and potential sales of REOs. While the servicer substitution
process has been reasonably managed and the migration between
servicers is complete, Fitch's believes certain operational risks
could result in additional delays in collections as new servicing
initiatives are implemented and borrowers start adapting to this
servicing platform.

RATING SENSITIVITIES

Class A's ratings exhibit limited upgrade potential. Among other
factors, a downgraded would occur if REO management deteriorates;
if special collection efforts do not result in better recovery
prospects in the foreseeable future; and if the third party
guarantee would stop making payments since Class A's interest and
principal payment have become more dependent on such external
credit protection. As of this date, Recovery Estimates (RE) for
the Class A outstanding balance (without considering the third
party guarantee) are deemed to be approximately 75% (RE75%).


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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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