TCRLA_Public/150514.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, May 14, 2015, Vol. 16, No. 094


                            Headlines



A R G E N T I N A

CENTRAL PUERTO: S&P Assigns 'CCC-' Foreign Currency LT CCR


C A Y M A N  I S L A N D S

CRITERION CAPITAL: Creditors' Proofs of Debt Due May 25
EAST ASIA: Creditors' Proofs of Debt Due May 24
GAVEA EQUITY: Creditors' Proofs of Debt Due May 25
NSC INFLATION: Creditors' Proofs of Debt Due May 24
NSC MASTER: Creditors' Proofs of Debt Due May 24

RED MAPLE: Creditors' Proofs of Debt Due May 24
SILVERBIRCH SPC: Creditors' Proofs of Debt Due May 24
TIGER GLOBAL IX: Creditors' Proofs of Debt Due May 15
TIGER GLOBAL X: Creditors' Proofs of Debt Due May 15
VALERIE LEASING: Creditors' Proofs of Debt Due May 24

VINACASA CLO: Creditors' Proofs of Debt Due May 19
WCM FF: Creditors' Proofs of Debt Due May 25


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: 'Deserves' Fresh Funding,' IDB Says


E L  S A L V A D O R

BANCO AGRICOLA: Moody's Rates Foreign Currency Deposit at Ba2


J A M A I C A

HARDWARE & LUMBER: Sales Plunge During Riverton Fire in March
JAMAICA: US$40 Million to be Made Available, IMF Says


M E X I C O

GRUPO ELEKTRA: Moody's Says Ba3 CFR Unaffected by Brazil Exit
GRUPO SENDA: S&P Puts B Global Scale LT CCR on CreditWatch Neg
OHL MEXICO: Goes Into Damage Control After Recordings' Release
PRESTACIONES FINMART: Review on Parent Unlikely to Impact B+ IDR


P E R U

PERU: To Tap Cash Pile From Boom Years to Spur GDP Recovery


                            - - - - -


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


CENTRAL PUERTO: S&P Assigns 'CCC-' Foreign Currency LT CCR
----------------------------------------------------------
In October 2014, the Argentina-based electric power generator,
Central Puerto S.A. (CPSA) announced its merger with
Hidroelectrica Piedra del Aguila S.A. (HPDA), Centrales Termicas
Mendoza S.A., and La Plata Cogeneracion S.A. CPSA took over HPDA's
$74.1 million outstanding bond.

Standard & Poor's Ratings Services assigned its 'CCC-' foreign
currency and 'CCC+' local currency long-term corporate credit
ratings on CPSA. The outlook is negative. S&P also affirmed its
'CCC-' issue-level rating on HPDA's former senior unsecured debt
and withdrew its 'CCC-' corporate credit rating on the company.

S&P said, "The 'CCC-' foreign currency rating on CPSA reflects our
belief that the company won't be able to continue honoring its
foreign currency obligations under potential restrictions to
access foreign currency and/or restrictions on the ability to
transfer abroad. The company doesn't have mitigating factors,
such as revenues from exports, offshore accounts, or incentives in
our view to continue honoring the debt judged by the degree of
integration in the global market. As a result, this rating is the
same as the Transfer and Convertibility (T&C) assessment on
Argentina.

"Although we don't cap our local currency rating on CPSA at the
T&C assessment, we crafted a base-case scenario that incorporates
our views of the short- and intermediate-term prospects of the
economic conditions in Argentina following the sovereign's
selective default that includes the incremental stress associated
with potential T&C restrictions within the next eight months when
we consider whether the this rating can exceed the T&C ssessment.
Specifically we consider: the impact of T&C controls on factors
other than debt service, such as the ability to import needed raw
materials and capital equipment and the impact of T&C controls on
debt acceleration clauses on foreign currency debt and cross-
default clauses on local currency debt. This would mean that for
the local currency rating to exceed the T&C assessment, a company
should have the ability to repay all the foreign currency debt (in
local currency equivalent), local currency debt accelerated due to
cross-default with foreign currency debt, and other regular debt
maturities.

"We assumed in CPSA's base-case scenario that the bondholders
accelerate the dollar-denominated debt payment after a T&C event
occurs. CPSA also has some debt in Argentine pesos with Compania
Administradora del Mercado Mayorista Electrico S.A. (CAMMESA, a
nonprofit firm owned by generators, transporters, distributors,
large-scale consumers, and the Secretary of Energy, that
programs and dispatches the generation plans to cover demand and
coordinate payment transactions) but does not have cross defaults
with the dollar-denominated debt. Therefore, under a debt
acceleration scenario, the amortization schedule of debt owed to
CAMMESA will remain unchanged. Under that scenario and applying
haircuts to the securities in line with our methodology for
ratings above the sovereign, we expect the company's cash and
short-term investments to be about ARP770 million. This amount and
the expected free operating cash flows should be sufficient local
currency resources to honor 100% of CPSA's dollar-denominated debt
in 2015. As a result, the 'CCC+' local currency rating on CPSA is
above the foreign currency rating, which our T&C assessment caps.

In October 2014, CPSA announced its merger with HPDA, Centrales
Termicas Mendoza S.A. (CTM), and La Plata Cogeneracion S.A. (LPC).
The companies agreed to transfer 100% of their assets and
liabilities to CPSA. As of the first months of 2015, all
regulatory agencies, including Comision Nacional de Valores, anti-
trust authorities, bondholders, and Secretary of Energy approved
the transaction.


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


CRITERION CAPITAL: Creditors' Proofs of Debt Due May 25
-------------------------------------------------------
The creditors of Criterion Capital Partners BP, Ltd. are required
to file their proofs of debt by May 25, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 21, 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


EAST ASIA: Creditors' Proofs of Debt Due May 24
-----------------------------------------------
The creditors of East Asia Sugar Investments Limited are required
to file their proofs of debt by May 24, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 21, 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


GAVEA EQUITY: Creditors' Proofs of Debt Due May 25
--------------------------------------------------
The creditors of Gavea Equity Master Fund SPC are required to file
their proofs of debt by May 25, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 16, 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


NSC INFLATION: Creditors' Proofs of Debt Due May 24
---------------------------------------------------
The creditors of NSC Inflation Fund, Ltd. are required to file
their proofs of debt by May 24, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 23, 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


NSC MASTER: Creditors' Proofs of Debt Due May 24
------------------------------------------------
The creditors of NSC Master Fund, Ltd. are required to file their
proofs of debt by May 24, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 23, 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


RED MAPLE: Creditors' Proofs of Debt Due May 24
-----------------------------------------------
The creditors of Red Maple Limited are required to file their
proofs of debt by May 24, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 21, 2015.

The company's liquidator is:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


SILVERBIRCH SPC: Creditors' Proofs of Debt Due May 24
-----------------------------------------------------
The creditors of Silverbirch SPC are required to file their proofs
of debt by May 24, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 17, 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


TIGER GLOBAL IX: Creditors' Proofs of Debt Due May 15
-----------------------------------------------------
The creditors of Tiger Global PIP V China Holdings IX, Ltd. are
required to file their proofs of debt by May 15, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 21, 2015.

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 X: Creditors' Proofs of Debt Due May 15
----------------------------------------------------
The creditors of Tiger Global PIP V China Holdings X, Ltd. are
required to file their proofs of debt by May 15, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 21, 2015.

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


VALERIE LEASING: Creditors' Proofs of Debt Due May 24
-----------------------------------------------------
The creditors of Valerie Leasing Limited are required to file
their proofs of debt by May 24, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 21, 2015.

The company's liquidator is:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


VINACASA CLO: Creditors' Proofs of Debt Due May 19
--------------------------------------------------
The creditors of Vinacasa CLO, Ltd. are required to file their
proofs of debt by May 19, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 13, 2015.

The company's liquidator is:

          Maples Liquidation Services (Cayman) Limited
          c/o PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102
          Cayman Islands


WCM FF: Creditors' Proofs of Debt Due May 25
--------------------------------------------
The creditors of WCM FF Dama Limited are required to file their
proofs of debt by May 25, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 22, 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


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


* DOMINICAN REPUBLIC: 'Deserves' Fresh Funding,' IDB Says
---------------------------------------------------------
Dominican Today reports that Inter-American Development Bank (IDB)
President Luis Alberto Moreno said the entity is increasingly
working with the country in areas of support "which it deserves"
for its economy.

"More and more we increase the amount of resources at the service
of the government, without regard to fiscal and economic
challenges, we believe that the country deserves the bank's
support and are committed to it," the IDB president said during
one of the activities of Dominican Week in the United States
(SemDomUSA), according to Dominican Today.

In that regard IDB representative in Dominican Republic Flora
Montealegre said around US$1.5 billion financing was provided for
the 2013-2016 period, the report notes.  "We've already executed
80% to production and to strengthen human capital with projects in
health and education areas.  We have also been providing support
to reform taxation, where great efforts must continue," the report
quoted Ms. Montealegre as saying.

"We focus our efforts especially in productivity and this involves
working in education, significant innovation and
entrepreneurship," Ms. Montealegre said, noting that there're
structural reforms still pending such as labor, energy and
transport, the report notes.

                            Experts

A panel of IDB experts also discussed Dominican Republic's
challenges and opportunities to take advantage of the new program,
which seeks to be more effective in supporting the private sector
in its work in developing countries, the report relates.

According to a statement from the American Chamber of Commerce
(Amcham-DR), the members of the SemDomUSA delegation joined the
debate during the third and final part of the event, the report
notes.

                               Conep

In the closing speech National Business Council (Conep) President
Rafael Blanco lauded the presentation by the IDB experts, and said
he expects the private sector to take advantage regarding the new
funds available, the report relays.


====================
E L  S A L V A D O R
====================


BANCO AGRICOLA: Moody's Rates Foreign Currency Deposit at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned foreign currency deposit
ratings of Ba2 / Not Prime, as well as a ba3 baseline credit
assessment (BCA) to Banco Agricola. Banco Agricola is El
Salvador's largest bank and is controlled by Bancolombia (BCA of
baa3). The outlook on all ratings is stable.

The following ratings were assigned to Banco Agricola:

  -- Long term foreign currency deposit rating: Ba2, stable
     outlook

  -- Short term foreign currency deposit rating: Not Prime

The ba3 BCA incorporates Banco Agricola's very strong
profitability, strong capitalization and asset quality, as well as
moderate, though well managed funding and liquidity risks, along
with El Salvador's weak operating environment.

The bank's robust profitability is evidenced by a return on
average assets of about 2% historically that reflects well managed
credit costs and efficient operations, notwithstanding some
deterioration in efficiency over the past three years. Efficiency
will continue to be pressured in light of the new tax on financial
transactions imposed in September 2014, coupled with higher costs
related to network expansion and operational improvements.
Further, net interest margins will additionally be affected by
weak loan growth and, to a lesser extent, higher funding costs.
Nevertheless, noted Moody's analyst Georges Hatcherian, "we expect
the bank to remain highly profitable."

The bank also exhibits robust capitalization, with a ratio of
tangible common equity to risk weighted assets of nearly 15% as of
December 2014. Despite hefty dividend payments, Banco Agricola's
capital base will face little pressure given subdued asset growth.

The bank's good asset quality is reflected by a low and declining
non-performing loan (NPL) ratio that equaled just 1.5% at year-end
2014, coupled with thick loan loss reserve coverage at more than
two times NPLs. Nevertheless, El Salvador's continued meager
economic growth and rising household indebtedness point to
potential deterioration in asset quality going forward. The credit
quality of the bank's sizeable retail loan portfolio, which is
more sensitive to downturns in economic growth, a rise in
unemployment or declines in remittances, is especially likely to
be subject to pressure.

The ratings also consider Banco Agricola's good access to retail
customer deposit funding, as the largest bank in El Salvador.
However, the significant increase in bank borrowings since 2011 as
a result of the weak growth in deposits expose the bank to
refinancing and repricing risks in light of an eventual
normalization of monetary policy in the United States. While the
bank holds substantial liquid assets, this is necessary given the
absence of a lender of last resort in fully dollarized El
Salvador.

Banco Agricola's ratings also reflect El Salvador's "Weak" Macro
Profile, which considers the country's limited wealth levels and
fragile growth prospects, owing to low investment and sluggish
productivity. The country also exhibits a weak rule of law and
significant security-related problems. Susceptibility to event
risk is moderate, mostly reflecting external vulnerability
factors. Risk to external events involves heavy reliance upon
exports to, and remittances and foreign direct investment from,
the United States, which leave El Salvador highly exposed to a
downturn in the US economy.

In addition, credit penetration is in line with that of Latin
America at about 40% of GDP, although loan growth has been subdued
in comparison to El Salvador's regional peers' given the
lackluster economy. Further, the system's reliance in market
funding has increased due to meager deposit expansion, a
consequence of low economic growth and more recently, the new tax
on financial transactions. Given the aforementioned absence of a
lender of last resort, this exposes the banking system to funding
risks during periods of global risk aversion.

The Ba2 foreign currency deposit rating incorporates one notch of
uplift from the ba3 BCA given the high probability that
Bancolombia would provide support to Banco Agricola, in light of
the importance of Banco Agricola to Bancolombia's Central American
expansion strategy. Because El Salvador is a legally dollarized
economy without a lender of last resort, the Ba2 deposit rating
does not benefit from government support.

Upward pressures on Banco Agricola's ratings are relatively
limited, as the BCA is constrained by El Salvador's Ba3 sovereign
rating. Downward pressures on the ratings could materialize if the
slow economy results in a higher than expected increase in NPLs
and provisions that impairs earnings and capital levels. A
downgrade to El Salvador's sovereign rating would likely trigger a
lowering of the bank's ratings as well.

The principal methodology used in these ratings was Banks
published in March 2015.

Banco Agricola is domiciled in San Salvador, El Salvador, and is
the largest bank in the country with market shares of 27% in loans
and deposits. As of March 2015, Banco Agricola reported
consolidated assets of USD3.9 billion, deposits of USD2.7 billion,
and shareholders' equity of USD496 million.


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


HARDWARE & LUMBER: Sales Plunge During Riverton Fire in March
-------------------------------------------------------------
RJR News reports that Hardware and Lumber is reporting that the
massive fire at the Riverton dump in March had a negative impact
on its operations.

The company, in its just released January to March financial
results, says during the quarter, sales were undermined by the
inability of some suppliers to meet order requirements, according
to RJR News.

It said the Riverton fire resulted in delays in clearing shipments
from the ports as well as the closure of Spanish Town Road stores
and warehouses, the report notes.

Hardware and Lumber's net profit for the three months was J$34.5
million; that's 14.5 per cent less than the J$40 million reported
for the corresponding period last year, the report discloses.

Total revenue was J$1.7 billion, or 4.5% less than the comparative
period in 2014, the report adds.


JAMAICA: US$40 Million to be Made Available, IMF Says
-----------------------------------------------------
An International Monetary Fund (IMF) mission visited Jamaica
during May 4-12, 2015, to conduct discussions on the eighth review
of Jamaica's IMF-supported program under the Extended Fund
Facility (EFF).

At the conclusion of the mission IMF Mission Chief Mr. Jan Kees
Martijn and incoming Mission Chief Ms. Uma Ramakrishnan issued the
following statement in Kingston:

"The mission reached preliminary agreement with the authorities on
a package of policies that aims at completing the eighth review
under the EFF.  Consideration by the IMF's Executive Board is
tentatively scheduled for June 2015.  Upon approval, SDR 28.32
million (about US$40 million) would be made available to Jamaica.

"Over the past two years, Jamaica has adopted ambitious policy
changes that have laid the foundation for a gradual recovery of
economic growth and employment.  Although painful in the short
run, these policies are now starting to bear fruit.

"The economic outlook is improving. Growth is expected at about 2
percent in 2015-16, supported by both domestic and global trends.
Inflation fell to 4 percent in March 2015, the lowest in many
years, reflecting lower fuel and electricity costs and moderating
food prices.  International reserves continue to increase, while
debt has been put firmly on a downward trajectory.

"Business and consumer confidence are both growing rapidly.
Strengthening confidence in Jamaica's economic policies is
evidenced by the narrowing sovereign bond spread relative to the
emerging market average.

"Program implementation remains strong. All quantitative
performance targets through end-March were met, with the exception
of the target for the primary surplus of the central government,
which was narrowly missed as revenue came in lower than projected
in 2014/15.  Nonetheless, the primary surplus is still estimated
at 7.5 percent of GDP-the central fiscal anchor of the program.
Expenditures were broadly aligned with the reduced resource
envelope, and the overall balance of the public sector was
stronger than targeted under the program.

"The budget for 2015/16 that was adopted by Parliament in March
aims for maintaining the primary surplus at 7.5 percent of GDP for
a third consecutive year.  The budget offers room for additional
spending, in particular on medication and medical supplies.
Safeguards to achieve the primary surplus target include a revenue
package which is expected to yield J$10 billion or 0.6 percent of
GDP and ongoing reforms of the revenue administration.

"The economic policies in the updated economic program aim to
support economic growth and job creation while maintaining prudent
fiscal policies.  Important actions to improve the business
climate include efforts to reduce the cost of electricity on a
sustainable basis, streamline the approval process for
construction permits, and make it easier to start a business.
Sustaining the fiscal position over the medium term will require
further steps to broaden the tax base and improve public sector
efficiency.

"Financial sector stability is being strengthened through progress
in implementing the Banking Services Act, enhancing contingency
planning and resolution frameworks, ongoing reforms in the
securities dealers sector, and revamping depositor and investor
protection.

"The mission met with the Minister of Finance and Planning, Dr.
the Hon. Peter Phillips, Bank of Jamaica Governor Brian Wynter,
Financial Secretary Devon Rowe, senior government officials, as
well as representatives of the private sector and civil society.
The mission would like to thank the authorities and technical
staff for their cooperation and hospitality."

                         *     *     *

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'.


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


GRUPO ELEKTRA: Moody's Says Ba3 CFR Unaffected by Brazil Exit
-------------------------------------------------------------
Grupo Elektra S.A.B. de C.V.'s announced exit from Brazil is
credit neutral given that its Brazilian operations are less than
3% of total store-count and add a minimum contribution to
consolidated revenues and EBITDA. Moody's does not anticipate any
change to the Ba3 corporate family rating or stable outlook of
Elektra as a result of the closures, as credit metrics will still
be supported by its larger operations in Mexico, Peru, and Central
America.

Grupo Elektra, S.A.B. de C.V., based in Mexico City, is a holding
company of several retail and financial services companies with
operations in the U.S., Mexico, Guatemala, El Salvador, Peru,
Honduras, and Panama. Mexico represents the bulk of its operations
with more than 70% of revenues. The company is controlled by the
Salinas Pliego family and has a 28% floating stake trading in the
Mexican stock exchange and in Spain's Latibex. As of March 31,
2015 Grupo Elektra's consolidated revenues were MXN76 billion
(around USD5.5 billion) with a 22% EBITDA margin as adjusted by
Moody's.


GRUPO SENDA: S&P Puts B Global Scale LT CCR on CreditWatch Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' global scale
long-term corporate credit rating on Grupo Senda Autotransporte
S.A. de C.V. (Senda) on CreditWatch with negative implications. At
the same time, S&P placed its 'mxBBB-' national scale corporate
credit rating and its 'mxA-3' short-term national scale corporate
credit and debt ratings on CreditWatch with negative implications.

S&P said, "The CreditWatch placement reflects our concern
regarding Senda's ability to refinance its existing syndicated
loan due 2019 given its high quarterly amortization payments of
about MXN120 million, which is consuming a large amount of the
company's cash flow generation.

"Senda's liquidity has also suffered from the company's weaker
EBITDA and cash flow generation in 2014. This is due to partial
pass-through of the VAT hike to tickets in the passengers segment,
higher diesel prices, and higher working capital requirements
stemming from higher accounts receivables related to
government entities.

"We could lower the rating if the company is unable to refinance
its syndicated loan, which would continue to limit its financial
flexibility or if the company were to raise new debt to fund its
cash flow needs, undermining its financial risk profile. We could
also lower the ratings if Senda can't obtain covenant waivers
under its syndicated loan in case it breaches them, which
could potentially trigger an accelerated debt payment."


OHL MEXICO: Goes Into Damage Control After Recordings' Release
--------------------------------------------------------------
EFE News reports that OHL Mexico has shifted into damage control
mode following the resignation of an executive implicated in a
scandal over illegal recordings that has led to a sharp drop in
the price of the firm's shares on the Mexico City Stock Exchange.

"In response to the illegal recordings aired by the media, the OHL
Mexico board of directors held a special meeting May 12" to
discuss the situation, the company, a unit of Spain's OHL, said in
a statement, according to EFE News.  "In addition to denouncing
what happened and issuing instructions to determine the origin of
the recordings and who was responsible for them, it (the board)
agreed to accept the voluntary resignation of Pablo Wallentin as a
company executive."

The report relays that OHL Mexico said Mr. Wallentin resigned "to
not get in the way of the investigation and/or do further damage
to the image of the corporation," whose shares were halted on the
Mexico City Stock Exchange for a few hours May 6 after plunging
more than 10 percent in the trading session.

The board plans to adopt the audit committee's recommendations "to
bolster corporate transparency and provide more security and
confidence to investors and the general public," the company said,
the report notes.

A newspaper column published last week accused the company of
sharply raising a highway toll without justification, the report
discloses.  The journalist cited telephone recordings in his
column as proof of wrongdoing by OHL Mexico, the report notes.

Columnist Mauricio Flores, who has leveled accusations against OHL
Mexico on several other occasions, made the latest allegations in
an opinion piece published May 6 in Mexican daily La Razon that
drew on the recorded phone conversations -- uploaded to YouTube --
involving purported company executives, the report relays.

OHL Mexico has raised the toll it charges motorists to use an
elevated viaduct that runs from the Cuatro Caminos intersection to
the Mexico City-Queretaro highway junction by 30 percent this
year, according to Flores, who said the hike was seven times the
inflation rate, the report says.

Mr. Flores said the toll hike was irregular because the company
has been effectively charging for the construction of a second
phase of the highway project even though it has not completed it
yet, the report adds.

OHL Mexico is a construction and highway management company.


PRESTACIONES FINMART: Review on Parent Unlikely to Impact B+ IDR
----------------------------------------------------------------
According to Fitch Ratings, on April 30, 2015, EZCORP Inc.
(NASDAQ: EZPW, not rated by Fitch), Prestaciones Finmart, S.A.P.I.
de C.V., SOFOM, E.N.R.'s (Finmart) ultimate parent, announced a
delay in its earnings release for the second quarter of fiscal
year 2015 (ended March 31, 2015).  The delay is due to a current
review of some specific errors in a portion of Finmart's credit
portfolio that may affect registered loan loss reserves and
interest income in EZCORP's consolidated financial statements
under U.S. GAAP. Finmart's top management affirms the latter is an
internal reclassification between Finmart and its parent that
should not impact the reported statements under Mexican GAAP.
Fitch's baseline scenario is that Finmart's long- and short-term
Issuer Default Ratings of 'B+' and 'B' respectively, as well as
its long- and short-term national scale ratings of 'BBB+(mex)' and
'F2(mex)', should not be affected as a result of this internal
review. However, Fitch will closely monitor the developments of
the ongoing evaluation to assess any potential unexpected
implications on Finmart's credit profile.

Mexican GAAP allows for more discretion on the recognition of
impaired loans for unregulated non-bank financial institutions
such as Finmart. Therefore, as part of its periodic review
process, Fitch adjusts Finmart's reported impairment and
capitalization metrics for the under-reserved portion of
nonperforming loans, with the aim of making its financial
statements as comparable as possible to the standard regulatory
requirements in Mexico.

Additionally, Fitch has historically stated that ratings in this
sector, including Finmart's, are affected by the high operational,
political and event risks inherent in the public employers payroll
deducted loans business. Fitch expects that these entities
transition towards the use of more prudential accounting practices
in the medium term, as regulators increase their oversight over
these increasingly important players in the consumer finance
segment.

Finmart, established in 2003, grants personal loans secured by
payroll withholdings to unionized public sector employees in
Mexico. In 2012, EZCORP, a consumer finance company based in
Austin, TX, acquired 60% of Finmart, and increased its
participation to 76% during 2014.


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


PERU: To Tap Cash Pile From Boom Years to Spur GDP Recovery
-----------------------------------------------------------
John Quigley at Bloomberg News reports that Peru will draw on $29
billion of savings to bolster public investment rather than issue
new debt in the international market as borrowing costs rise, the
nation's Finance Minister Alonso Segura said.

The government has savings equivalent to 16 percent of gross
domestic product accumulated during a decade of rising metal
prices, Mr. Segura said in an interview at Bloomberg's offices in
New York.  Local and state authorities should use their savings to
finance public works as the drop in metal prices curbs their
revenue, he said.

"You don't want to go all out and issue new debt when you have
money sleeping in the bank," Segura said. "We want to avoid having
to go to market" before President Ollanta Humala's term ends in
July 2016, Bloomberg News notes.

Bloomberg News says that Peru is increasing infrastructure
investment as part of the largest fiscal stimulus in 15 years to
offset declines in copper and gold revenue.  The economy probably
expanded 1.5 percent in the first quarter, the Finance Ministry
said, after a 1 percent rise in the fourth quarter that was the
weakest in five years, Bloomberg News relays.

The South American nation issued $1 billion of its 2050 dollar-
denominated notes during sales in October and March to finance
spending this year and next, Bloomberg News notes.

Apart from drawing down its savings, the government plans to
finance outlays using loans from multilateral lenders and proceeds
from its weekly bond sales in the local market, Mr. Segura said,
Bloomberg News relays.  The government's cash pile is part of the
$62 billion of foreign currency reserves held by the central bank,
Bloomberg News notes.

                          Budget, Growth

The government plans to post a budget deficit equal to 2 percent
of GDP this year after cutting personal and corporate tax and
increasing public investment targets, Bloomberg News discloses.
Last year's 0.2 percent deficit followed three years of budget
surpluses, notes the report.

Peru's economy will likely grow between 3.5 percent and 4.5
percent in 2015, fueled by higher copper output, the finance
ministry said, Bloomberg News relays.

GDP growth likely will be in the lower half of that range though
still close to 4 percent, Mr. Segura said, Bloomberg News notes.
The economy probably has passed an inflexion point with March and
April showing stronger growth, Mr. Segura said, Bloomberg News
discloses.

Bloomberg News notes that Mr. Segura announced on April 29 a set
of measures to inject a further PEN5 billion ($1.6 billion) into
the economy this year, including the reduction of prices of fuel,
some food imports and allowing one-off worker bonuses.

                     Rates, Currency

According to Bloomberg News, the central bank has lowered interest
rates three times at its last 10 meetings to stimulate domestic
demand. Segura said lower rates have helped revive the economy and
any further cuts would be welcome.

"Whatever room they may have to use it, at least in our point of
view, would be useful," Bloomberg News quoted Mr. Segura as
saying.  "That's a decision of the central bank."

Peru's sol has depreciated 17 percent in the past two years, the
least among Latin America's most traded currencies, Bloomberg News
relays.  The sol is trading at a level close to its fundamental
value and will likely continue sliding against the dollar as the
U.S. economy strengthens, Mr. Segura said, notes the report.

The sol's depreciation has been "orderly" and the central bank "is
just avoiding this overshooting," Mr. Segura said, Bloomberg News
discloses.  "My take is that it will continue sliding against the
dollar and strengthening against other currencies."



                            ***********


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

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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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