TCRLA_Public/150519.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

            Tuesday, May 19, 2015, Vol. 16, No. 097


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Affirms 'CCC+' Local Currency Rating


B R A Z I L

TONON BIOENERGIA: Fitch Lowers Issuer Default Rating to 'C'


C A Y M A N  I S L A N D S

ARKADY COMPANY: Creditors' Proofs of Debt Due June 10
BAROSSA VALLEY: Creditors' Proofs of Debt Due June 10
BASELL CAYMAN: Creditors' Proofs of Debt Due June 1
CALEDONIAN BANK: Commences Liquidation Proceedings
COLUMBUS PARK: Creditors' Proofs of Debt Due June 12

CONCORDE INVESTMENT: Creditors' Proofs of Debt Due June 12
ELMWOOD HOLDINGS: Creditors' Proofs of Debt Due June 10
EQUIPMENT ASSURANCE: Commences Liquidation Proceedings
PISCES FINANCE 2006-C2: S&P Affirms BB+ Rating; Removes Neg. Watch
STAMFORD INSURANCE: Commences Liquidation Proceedings

T1 GLOBAL: Creditors' Proofs of Debt Due June 11


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Farmers Hurl Hot Peppers to Protest US Ban


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Affirms 'BB' Issuer Default Rating
BANCO DE DESARROLLO: Fitch Affirms 'BB' IDR; Outlook Stable
BANCO DE LOS TRABAJADORES: Fitch Affirms 'BB-' IDR; Outlook Stable
BANCO G&T: Fitch Affirms 'BB' IDR; Outlook Remains Stable
BANCO INDUSTRIAL: Fitch Affirms 'BB' IDR; Outlook Stable


J A M A I C A

JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on USD125MM Notes
* JAMAICA: Business Leaders Bracing for Higher Operating Expenses


M E X I C O

MEXICANA AIRLINES: Former Owner Seeking Asylum in U.S.
OFFSHORE DRILLING: S&P Lowers CCR to 'BB-'; Outlook Negative


P E R U

SOUTHERN COPPER: Discloses 60-day "Pause" in Controversial Project


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Repays All Previous Loans
TRINIDAD CEMENT: Names Jose Seijo as New Chief Executive Officer


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BANCO HIPOTECARIO: S&P Affirms 'CCC+' Local Currency Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' local and
'CCC-' foreign currency ratings on Banco Hipotecario S.A.  The
outlook remains negative.

The sovereign local currency ratings limit the local currency
rating on Banco Hipotecario reflect.  S&P rarely rates financial
institutions above ratings on the countries where they operate
because S&P considers it unlikely that these institutions would
remain unaffected by developments in their domestic economy.  The
'CCC-' transfer & convertibility (T&C) assessment on Argentina
(foreign currency: SD; local currency: CCC+/Negative/C) limits the
foreign currency ratings on the bank.  This assessment reflects
S&P's view of the likelihood of a sovereign restricting access to
foreign exchange that a nonsovereign needs to satisfy debt service
obligations.

Still, S&P considers that Banco Hipotecario has an "adequate"
business position, capital and earnings, and risk position,
"below-average" funding, and "adequate" liquidity.  The bank's
stand-alone credit profile (SACP) remains at 'b+'.


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


TONON BIOENERGIA: Fitch Lowers Issuer Default Rating to 'C'
-----------------------------------------------------------
Fitch Ratings has downgraded Tonon Bioenergia S.A's (Tonon)
foreign and local currency Issuer Default Ratings (IDRs) to 'C'
from 'CCC'.  Fitch has also downgraded to 'C/RR4' from 'CCC/RR4'
the ratings on the company's USD300 million senior unsecured notes
due 2020 and the USD230 million senior secured notes due 2024
issued by Tonon's fully-owned subsidiary Tonon Luxembourg S.A.

The downgrade follows the missed payment by Tonon Luxembourg S.A
of the coupon relating to the USD230 million senior secured notes
due 2024 in the amount of USD12 million, thus entering a 30-day
cure period.  The coupon was due May 14 and the issuance is
guaranteed by Tonon.  The next coupon payment, in the amount of
USD14 million, is due on July 24 and relates to the USD300 million
senior unsecured notes due 2020.

The company has not reported any improvement of its capital
structure in the past month.  Tonon's short-term liquidity
position is deteriorating fast and refinancing risks are rising
due to escalating concentration of short-term debt and its
inability to generate positive free cash flow (FCF).  Tonon has
been finding it difficult to roll over its maturing obligations
with new long-term loans as bank lending activity in the sector
has been focused on short-term borrowings.  The company does not
own land properties against which to borrow new medium- or long-
term loans, which makes the company dependent on the availability
of short-term credit lines.

As of Dec. 31 2014, Tonon's cash position of BRL159 million
compared unfavorably with short-term debt of BRL257 million to
yield a 0.62x coverage ratio.  In the last 12 months ended Dec. 31
2014, the company posted FCF of negative BRL147 million.  Fitch
expects Tonon's FCF to remain negative in the next two years.

KEY ASSUMPTIONS

   -- Increased systemic risk and scarce availability of medium
      and long-term finance;
   -- Average sugar prices at USD14 cents/pound in 2015/2016,
      USD16 cents/pound in 2016/2017 and flat at USD17 cents/pound
      from 2017/2018 on;
   -- Domestic ethanol prices keeping the historical correlation
      with international sugar prices.

RATING SENSITIVITIES

The company's ratings could be downgraded if the company defaults
on its scheduled amortization/interest payments and/or formally
files for bankruptcy protection.

An upgrade is unlikely at this time given the company's
difficulties meeting its payment obligations.  A large equity
injection or the takeover of the company by a peer would be viewed
positively.


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


ARKADY COMPANY: Creditors' Proofs of Debt Due June 10
-----------------------------------------------------
The creditors of Arkady Company Limited are required to file their
proofs of debt by June 10, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 24, 2015.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


BAROSSA VALLEY: Creditors' Proofs of Debt Due June 10
-----------------------------------------------------
The creditors of Barossa Valley Investments Limited are required
to file their proofs of debt by June 10, 2015, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2015.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


BASELL CAYMAN: Creditors' Proofs of Debt Due June 1
---------------------------------------------------
The creditors of Basell Cayman Corporation are required to file
their proofs of debt by June 1, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 24, 2015.

The company's liquidator is:

          Scott E. Beech
          1221 McKinney
          Suite 700, Houston
          Texas
          Telephone: (713) 309-3151
          Facsimile: (713) 309-4631


CALEDONIAN BANK: Commences Liquidation Proceedings
--------------------------------------------------
On April 14, 2015, the High Court of Ireland entered an order to
liquidate the business of Caledonian Bank Limited.

The company's liquidators are:

          Claire Loebell
          Keiran Hutchison
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


COLUMBUS PARK: Creditors' Proofs of Debt Due June 12
----------------------------------------------------
The creditors of Columbus Park CDO Ltd. are required to file their
proofs of debt by June 12, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 20, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


CONCORDE INVESTMENT: Creditors' Proofs of Debt Due June 12
----------------------------------------------------------
The creditors of Concorde Investment Corporation are required to
file their proofs of debt by June 12, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 22, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


ELMWOOD HOLDINGS: Creditors' Proofs of Debt Due June 10
-------------------------------------------------------
The creditors of Elmwood Holdings Limited are required to file
their proofs of debt by June 10, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 24, 2015.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


EQUIPMENT ASSURANCE: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary meeting held on April 21, 2015, the
shareholders of Equipment Assurance Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Stuart Jessop
          Windward 3, 5th Floor
          Regatta Office Park
          West Bay Road, Grand Cayman KY1-1105
          Cayman Islands


PISCES FINANCE 2006-C2: S&P Affirms BB+ Rating; Removes Neg. Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its 'BB+' credit rating on Pisces Finance
Ltd.'s series 2006-02.

The rating action follows S&P's May 7, 2015 affirmation and
removal from CreditWatch negative of its 'BB+' long-term issuer
credit rating (ICR) on CAP S.A. CAP acts as the underlying obligor
in series 2006-02.

"We placed our rating on Pisces Finance's series 2006-02 on
CreditWatch negative on April 24, 2015 (see "Various Rating
Actions Taken On Five European Synthetic CDO And Repack Tranches
Following Actions On Dependent Entities").

"Under our repack criteria, our rating on Pisces Finance's series
2006-02 is linked to our long-term ICR on CAP (see "Global
Methodology For Rating Repackaged Securities," published on Oct.
16, 2012). Therefore, following our recent rating action on CAP,
we have affirmed and removed from CreditWatch negative our 'BB+'
rating on Pisces Finance's series 2006-02."

Pisces Finance's series 2006-02 is a repack transaction that
closed in October 2006.


STAMFORD INSURANCE: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on April 7, 2015, the
shareholders of Stamford Insurance Company, Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Stuart Jessop
          Windward 3, 5th Floor
          Regatta Office Park
          West Bay Road, Grand Cayman KY1-1105
          Cayman Islands
          Telephone: 949-1599


T1 GLOBAL: Creditors' Proofs of Debt Due June 11
------------------------------------------------
The creditors of T1 Global Fund Ltd are required to file their
proofs of debt by June 11, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 21, 2015.

The company's liquidators are:

          Mr. Matteo Zannier
          Mr. Thomas Zara
          Reset Group SA
          Via Vanoni 4a
          6900 Lugano
          Switzerland
          Telephone: +41 91 921 01 15
          e-mail: matteo.zannier@reset-group.com;
          Thomas.zara@reset-group.com


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


DOMINICAN REPUBLIC: Farmers Hurl Hot Peppers to Protest US Ban
--------------------------------------------------------------
http://www.dominicantoday.com/dr/economy/2015/5/15/55103/Dominican
-farmers-hurl-hot-peppers-on-street-to-protest-US-ban
(rousel/revise)

Dominican Today reports that farmers from Villa Trina in northern
Espaillat province dumped hundreds pounds of their hot pepper crop
onto the streets to demand the lifting of the US ban that prevents
them from exporting and a lack of a local market.

The protest staged in front of the Farmers Plaza, where president
Danilo Medina is slated to head activities to mark Farmer's Day,
according to Dominican Today.

The report notes that the protesters said the US ban on Dominican
farm products, in effect since the fruit fly was detected, has
pushed to the brink of bankruptcy.

The around 300 farmers gathered in the town's main street demanded
fulfillment of the Dominican government's promises have made
during the electoral campaign and in president Medina's surprise
visits as well, the report relays.


=================
G U A T E M A L A
=================


BANCO AGROMERCANTIL: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Banco Agromercantil de Guatemala's
(BAM) Long-term Issuer Default Rating (IDR) at 'BB'; Short-term
IDR at 'B' and Viability Rating (VR) at 'bb'; all following
Fitch's peer review of Guatemala's largest banks.  Fitch also
affirmed BAM's and Mercom Bank Limited's (Mercom) national
ratings.  The Rating Outlook is Stable.

KEY RATING DRIVERS - BAM's IDRs & VR

The bank's intrinsic credit profile, as indicated by its Viability
Rating (VR), drives the IDR and national ratings.  BAM's operating
environment and sound loss-absorption buffers highly influence its
ratings.  The bank's stable liquidity and funding, narrower
franchise relative to larger domestic banks, aggressive credit
growth, material borrower concentration and pressured earnings
also weigh on the ratings.

Like all major local banks, BAM has a significant exposure (2.0x
Fitch core capital [FCC]) to the Guatemalan sovereign (local-
currency and foreign-currency IDRs of 'BB') through the holding of
large securities portfolios.  Fitch does not expect this to change
due to limited investment options in the country.

BAM's capital buffers, together with strong loan-loss reserves,
are a strength that enables it to compete with local banks of a
significantly larger size.  Capitalization remains above industry
averages, but it has declined as lending volumes increased.  Fitch
expects that the bank will be able to maintain a sound equity
position (FCC above 13% of risk-weighted assets) over the medium
term.  The bank's management expects a moderation in loan growth
to levels more commensurate with internal capital generation
rates.  In the agency's opinion, maintaining a sound loss-
absorption cushion is necessary for the bank to offset
concentration risks and sustain business growth.

BAM's funding profile consists of a diversified and stable base of
short-term household deposits.  To reduce liquidity gaps, the bank
has increased the use of wholesale funds to extend the maturity of
its liabilities.  The bank successfully accessed international
debt markets through the issuance of a senior unsecured loan
participation note.  Additionally, the bank had 19 credit lines
approved from correspondent banks.  Fitch views BAM's liquidity
buffers, which consist of cash due from banks and Guatemalan
sovereign securities, as adequate.  The expansion of borrowed
funds drove an increase in the bank's loan to deposit ratio, but
this should decrease to acceptable levels as credit growth slows
down.

Tighter underwriting criteria and a stricter collection process
will continue driving BAM's sound loan quality.  The agency
anticipates some credit quality deterioration as the loan
portfolio seasons, but this will be easily manageable for the
bank.  BAM employs provisioning policies that are more
conservative than those required by local regulations.  This has
significantly increased coverage of impaired loans.

BAM's corporate orientation explains the material obligor
concentration, which is the largest source of credit risk.  Fitch
does not expect a material decline in concentration levels due to
the relatively limited corporate market in Guatemala, dominated by
conglomerates and family-owned groups.  The top 20 loans accounted
for 23% of gross loans and 1.71x FCC; all of these exposures were
performing well and of very high credit quality.

Margin compression, due to increased funding costs and heightened
competition in BAM's target segments, led to lower profitability
indicators in 2014.  Fitch expects that improving operating
efficiency may provide a modest upside potential to improve core
earnings in the short term, but convergence with peers is no
longer the agency's base case.

Although ratings do not factor in explicit support, Fitch views
Bancolombia's ('BBB'/Outlook Positive) 40% shareholding stake
positively.  Bancolombia, together with domestic shareholders, has
supported BAM's capitalization and is now in the process of
integrating key risk management functions.  Fitch believes
Bancolombia has the financial capacity to support BAM if required;
however, potential mechanisms of support require approval from
BAM's current majority shareholders.

KEY RATING DRIVERS - MERCOM's NATIONAL RATINGS

In Fitch's opinion, the institutional support from BAM underpins
Mercom's ratings.  Mercom is totally integrated with BAM and
operates in complementary market segments enhancing its business
model.  As a result its national scale ratings are equalized with
BAM's credit profile.

RATINGS SENSITIVITIES - BAM's IDR, VR AND NATIONAL RATINGS

The Stable Outlook reflects Fitch's expectation of no substantial
changes in BAM's risk profile in the foreseeable future.

Downward pressure to the ratings would occur if the bank increases
its risk appetite to pursue more aggressive loan growth, which
leads to a significant deterioration of asset quality and/or
capitalization (FCC ratio below 11.5%).

BAM's IDRs and VR are at the same level as Guatemala's sovereign
rating.  Given the operating environment's high influence on BAM's
VR, negative changes in the sovereign's ratings may result in a
similar action on BAM's VR and IDRs.

Potential for positive rating action in the VR is limited given
the bank's moderate franchise which can limit pricing power and
access to funding in periods of market stress relative to larger
domestic banks.  However, the IDRs could be upgraded if
Bancolombia becomes the majority shareholder.

Conversely, a material breach in the shareholding agreement with
Bancolombia that weakens capital could result in a downgrade of
BAM's ratings.

KEY RATING DRIVERS - AGROMERCANTIL SENIOR TRUST (AST)

Agromercantil Senior Trust's (AST) rating is in line with BAM's VR
reflecting that the senior unsecured obligations rank equally to
the bank's unsecured and unsubordinated obligations.

AST'S RATINGS SENSITIVITIES

Changes in the notes' rating would move in tandem with BAM's VR.

KEY RATING DRIVERS & RATING SENSITIVITIES - SUPPORT RATING AND
SUPPORT RATING FLOOR

The Support Rating of '5' and Support Rating Floor of 'No Floor'
reflect Fitch's view that while support from the authorities is
possible, it cannot be relied upon given BAM's limited systemic
importance.

The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity or ability of the
Guatemalan government to provide timely support to the bank.

Fitch has affirmed these ratings:

Banco Agromercantil de Guatemala, S.A.

   -- Long-term foreign currency IDR at 'BB'; Outlook Stable;
   -- Short-term foreign currency IDR at 'B';
   -- Long-term local currency IDR at 'BB'; Outlook Stable;
   -- Short-term local currency IDR at 'B';
   -- Viability rating at 'bb';
   -- Support at '5';
   -- Support Rating Floor at 'NF';
   -- National scale long-term rating at 'A+(gtm)'; Outlook
      Stable;
   -- National scale short-term rating at 'F1(gtm)'.

Agromercantil Senior Trust

   -- Long-term foreign currency loan participation notes at 'BB'.

Mercom

   -- National scale long-term rating at 'A+(gtm)'; Outlook
      Stable;
   -- National scale short-term rating at 'F1(gtm)'.


BANCO DE DESARROLLO: Fitch Affirms 'BB' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Banco de Desarrollo Rural's (Banrural)
Issuer Default Rating (IDR) at 'BB', short-term IDR at 'B', and
Viability Rating (VR) at 'bb', following a peer review of
Guatemala's largest banks.  The National Ratings of Banrural and
its subsidiary Financiera Rural, S.A. (Finrural) were also
affirmed.  The Rating Outlook is Stable.

KEY RATING DRIVERS - VR, IDRs, AND NATIONAL RATINGS - BANRURAL

Banrural's VR drives its IDR and National Ratings.  The operating
environment has a great deal of influence on its performance.
Banrural's VR also considers the bank's solid credit quality
metrics, high profitability and good capitalization.

Banrural's VR is closely linked to the sovereign, as it maintains
a moderate exposure to public sector deposits (22% of total
deposits), and significant concentration in government bonds (54%
of total investments).  The Guatemalan Government also holds a
17.2% stake in Banrural.

Banrural maintains good credit quality.  The consistency of its
delinquency levels reflects the bank's adequate underwriting
practices; effective collection process and employee incentive
programs to support low delinquency levels.

Banrural's profitability levels, above similarly rated peers,
reflect the high net interest margin characteristic of its
microfinance orientation.  Banrural's moderate efficiency and
relatively limited income diversification are partially
compensated for by sustainably low credit costs.

Banrural's profitability and moderate dividend payments contribute
to its good capital levels.  The bank's Fitch Core Capital-to
risk-weighted assets stood at 15.7%, comparing positively with
peers'.  Banrural's growth is dynamic and often exceeds market
growth; however, it is in line with the bank's internal capital
generation.

Banrural has a strong local franchise.  It is the second largest
bank in Guatemala, with a market share of 20% of assets and the
widest geographic coverage.  The bank's strong market position in
rural areas and its unique ability to address the needs of this
population grant it access to diversified and low-cost deposits.
Banrural consolidates Aseguradora Rural, an insurance company and
Financiera Rural.

RATING SENSITIVITIES - IDRS, VR AND NATIONAL RATINGS

The Stable Outlook reflects Fitch's expectation of no material
changes in the bank's overall financial profile over the rating
horizon.  Banrural's IDRs and VR are at the same level as
Guatemala's sovereign rating.  Given the operating environment's
high influence on Banrural's VR as well as concentrations with the
government, changes in the sovereign's ratings may result in a
similar action on Banrural's ratings.  Banrural's national ratings
reflect the bank's relative strength in the local market.

Ratings would be downgraded in the unlikely scenario of a sharp
decline in capitalization (below 10%), and a period of sustained
low earnings (operating ROAA close to 1%).  These changes may
result in a VR downgrade which would also imply a downgrade in its
IDR.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

Banrural's support rating (SR) of '3' reflects Fitch's opinion
that there is a moderate probability of support from the state,
given Banrural's systemic importance in the banking system.  This
probability is limited by Guatemala's sovereign rating of
'BB'/Outlook Stable.  The bank's Support Rating Floor (SRF) is one
notch below the sovereign rating at 'BB-'.  The bank's SRF
reflects the moderate financial flexibility of the government to
provide support to systemically important banks in the country and
the significant presence of foreign currency funding.

RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR

Banrural's support SR and SRF are sensitive to changes in the
sovereign rating.

KEY RATING DRIVERS - NATIONAL RATINGS FINRURAL

Finrural's ratings are driven by the support it would receive from
Banrural, if required.  In the agency's view, Finrural is highly
integrated into Banrural's network of operations and organization.
This is also reflected in the standardization of the brand, common
service network, strategic alignment and operations in segments
complementary to the bank market.

RATING SENSITIVITIES - NATIONAL RATINGS - FINRURAL

Changes in Finrural's ratings are contingent on changes in
Banrural's capacity and/or propensity to provide support.

Fitch affirms these ratings:

Banco de Desarrollo Rural:

   -- Long-term Issuer Default Rating (IDR) at 'BB'; Outlook
      Stable;
   -- Short-term IDR at 'B';
   -- Local currency long-term IDR at 'BB'; Outlook Stable;
   -- Local currency short-term IDR at 'B';
   -- Viability Rating at 'bb';
   -- Support Rating at '3';
   -- Support Rating Floor at 'BB-';
   -- National long-term rating at 'AA+(gtm)'; Outlook Stable;
   -- National short-term rating at 'F1+(gtm)'.

Financiera Rural, S.A.

   -- National long-term rating at 'AA+(gtm)'; Outlook Stable;
   -- National short-term rating at 'F1+(gtm)'.


BANCO DE LOS TRABAJADORES: Fitch Affirms 'BB-' IDR; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab)
long-term Issuer Default Rating (IDR) at 'BB-' following Fitch's
peer review of Guatemala's largest banks.  The Rating Outlook is
Stable.

BANTRAB'S KEY RATING DRIVERS - IDRs, VR, SUPPORT, SUPPORT RATING
FLOOR, AND NATIONAL RATINGS

Bantrab's long-term IDR and national ratings are driven by its
intrinsic creditworthiness, as reflected in its Viability Rating
(VR).  Bantrab's VR is highly influenced by its moderate
capitalization.  The rating also factors in the bank's moderate
franchise, sound and recurring profitability, driven by ample
margins and good asset quality, as well as its concentration in
the public sector and rapid loan growth.

Bantrab's Support Rating and Support Rating Floor of '5' and 'NF',
respectively, indicate that, although possible, external support
cannot be relied upon, given the current low state ownership and
limited systemic importance.

Bantrab's capital position has been stable over the last year
following a five-year negative trend.  Although rapid asset growth
has continued, capital-generation capability has strengthened
significantly.  Fitch's base scenario is that the bank will
strengthen Fitch Core Capital metrics over the medium term as
credit growth moderates.  In the agency's opinion, maintaining an
adequate loss-absorption cushion is necessary given high loan
growth and concentration risks.

Bantrab's profitability metrics are good and above the Guatemalan
banking system average.  Continuous improvements in efficiency,
combined with higher recoveries of previously written-off loans,
have benefitted the bank's financial performance.  Net interest
income (NII) continued to represent the most important source of
operating revenue and its structure is unlikely to change given
the bank's business model, which is focused primarily on lending
rates.

The bank's loan book has a high exposure to low- and middle-income
employees, mainly from the public sector (YE2014: 97.7% of loan
book); however, collection processes are effective as they rely on
payroll deduction.  Credit risk in the investment portfolio is
mainly associated with the government (Guatemala: 'BB'/Stable
Outlook by Fitch).

The bank's loan book quality is good and has improved consistently
over the last six years.  Non-performing loans (NPLs; 90+ days
overdue) to total loans declined from its peak of 8.4% at YE2009
to 1.2% at YE2014.  Delinquency levels benefit from the bank's
reliance on payroll deduction for collection of 92% of total loans
and on sound performance of the Guatemalan economy.

BANTRAB SENIOR TRUST'S LOAN PARTICIPATION NOTES' KEY RATING
DRIVERS

Bantrab Senior Tust's (BST) seven-year USD loan participation
notes rating is in line with Bantrab's VR reflecting that the
senior unsecured obligations rank equally with the bank's
unsecured and unsubordinated obligations.

BANTRAB CAPITAL NOTES TRUST'S LOAN PARTICIPATION NOTES' KEY RATING
DRIVERS

Bantrab Capital Notes Trust's (BCNT) upcoming 10-year USD
subordinated loan participation notes are rated one notch below
Bantrab's VR.  The notching for loss severity reflects the notes'
subordinated status, and the fact that they effectively rank
junior to all Bantrab's present and future senior indebtedness,
pari passu with all other unsecured subordinated debt, and senior
to Bantrab's capital.

BANTRAB'S RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS

The Stable Outlook reflects Fitch's expectation of no substantial
changes in Bantrab's risk profile in the foreseeable future.
However, the bank's ratings are sensitive to a change in Fitch's
assumptions around asset quality, profitability and capital
position.  A significant and unexpected reduction of the bank's
capital ratios (Fitch Core Capital less than 11%), a period of
sustained low earnings (ROAA < less than 1%) or an important
deterioration in its asset quality would trigger a negative rating
action.

Bantrab's upside potential is considered limited by its relatively
narrow business model that results in concentrations on its
revenue sources.  However, Bantrab's rating could be upgraded
should it successfully grow with greater revenue diversification
and further consolidation of its franchise, while sustaining an
adequate capital position.

BANTRAB SENIOR TRUST'S AND BANTRAB CAPITAL NOTES TRUST'S LOAN
PARTICIPATION NOTES' RATINGS SENSITIVITIES

Changes in the notes' rating are contingent on rating actions for
Bantrab.

Fitch has affirmed these ratings:

Banco de los Trabajadores

   -- Long-term foreign currency IDR at 'BB-'; Outlook Stable;
   -- Short-term foreign currency IDR at 'B';
   -- Long-term local currency IDR at 'BB-'; Outlook Stable;
   -- Short-term local currency IDR at 'B';
   -- Viability rating at 'bb-';
   -- Support at '5';
   -- Support Rating Floor at 'NF';
   -- Long-term national rating at 'A(gtm)', Outlook Stable;
   -- Short-term national rating at 'F1(gtm)'.

Financiera de los Trabajdores

   -- Long-term national rating at 'A(gtm)', Outlook Stable;
   -- Short-term national rating at 'F1(gtm)'.

Bantrab Senior Trust

   -- Long-term foreign currency loan participation notes at
      'BB-'.

Bantrab Capital Notes Trust

   -- Long-term foreign currency loan participation notes at
      'B+(EXP)'.


BANCO G&T: Fitch Affirms 'BB' IDR; Outlook Remains Stable
---------------------------------------------------------
Fitch Ratings has affirmed Banco G&T Continental's (G&TC) long-
term Issuer Default Rating (IDR) at 'BB' and Viability Rating (VR)
at 'bb' following Fitch's peer review of Guatemala's largest
banks.  The Rating Outlook on the long-term IDR remains Stable.

G&TC'S KEY RATING DRIVERS - IDRs, VR, NATIONAL RATINGS AND SUPPORT

G&TC's IDRs and VR are highly influenced by its sound loan
portfolio quality, and high exposure to sovereign risk.  The
bank's ratings also factor in its good domestic franchise, low
risk appetite, modest profitability, moderate capitalization
ratios and stable deposit base.

The Support Rating of '3' reflects Fitch's opinion that the bank
maintains a moderate probability of support from the state, given
its systemic importance in the banking system.  The current
Support Rating Floor ('BB-'), one notch below the sovereign
rating, is explained by the moderate financial flexibility of the
government to provide support to systemically important banks in
the country and the significant presence of foreign currency
funding.

G&TC's national ratings were also affirmed with a Stable Outlook
as the bank's relative strength in the local market remains
unchanged.

G&TC's loan portfolio quality is moderately better than most of
its competitors, given the bank's target customer segments.
Although the portfolio is well-diversified by economic sector, it
has a relatively high debtor concentration and moderate exposure
to dollar-denominated loans.  The bank has high exposure to the
Guatemalan sovereign ('BB'/Outlook Stable).  As of December 2014,
sovereign securities and central bank reserves accounted for 37.1%
of G&TC's total assets or 4.7x of its Fitch Core Capital.

G&TC has a lower risk appetite relative to peers, given its
corporate customer base and conservative underwriting standards
and risk controls.  Its corporate segment, high proportion of
securities holdings and dollar-denominated loans, as well as its
high funding costs result in lower profitability than that of its
main competitors.  Fitch expects that the bank's profitability and
internal capital generation will remain low in the short term,
although it may improve at a slow pace.

One of G&TC's strengths is its broad and stable base of depositors
as well as the high proportion of liquid assets in relation to
deposits (61.1% as of December 2014).  In addition, the bank has a
relatively well-balanced mix of deposits.  Deposit stability,
together with an adequate level of liquid assets, supports G&TC's
liquidity profile.

G&TC's RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS

G&TC IDRs, VR and National Ratings' upside potential is considered
limited given the bank's high exposure to the sovereign.  G&TC's
ratings could be pressured downward if the bank reduces its
profitability metrics and reaches a Fitch Core Capital level below
10%.

Fitch has affirmed these ratings:

G&TC:

   -- Long-term foreign currency IDR at 'BB'; Outlook Stable;
   -- Short-term foreign currency IDR at 'B';
   -- Long-term local-currency IDR at 'BB'; Outlook Stable;
   -- Short-term local-currency IDR at 'B';
   -- Viability Rating at 'bb';
   -- Support at '3';
   -- Support Rating Floor at 'BB-';
   -- National scale long-term rating at 'AA-(gtm)'; Outlook
      Stable;
   -- National scale short-term rating at 'F1+(gtm)'.


BANCO INDUSTRIAL: Fitch Affirms 'BB' IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Banco Industrial's (Industrial) long-
term Issuer Default Rating (IDR) at 'BB', short term IDR at 'B'
and Viability Rating (VR) at 'bb', following a peer review of
Guatemala's largest banks.  The Rating Outlook is Stable.  Fitch
has also upgraded the bank's long-term national rating.  Similar
rating actions were taken on the national ratings of Industrial's
subsidiaries.

INDUSTRIAL'S KEY RATING DRIVERS - IDRs, VR, National Ratings,
Support and Support Rating Floor

Industrial's VR drives its IDR.  The operating environment has a
great deal of influence on Industrial's performance.

Deterioration of the operating environment may result in pressures
on the bank's financial profile.  Industrial's company profile,
reflected in its strong franchise and stable business model, also
highly influences the ratings.  These factors, together with its
sound asset quality and good profitability, balance the bank's
moderate capitalization and high loan concentrations.

The support rating of '3' reflects Fitch's opinion that the bank
maintains a moderate probability of support from the state, given
its systemic importance.  The support rating floor of 'BB-', one
notch below the sovereign rating, is explained by the moderate
financial flexibility of the government to provide support to
systemically important banks in the country and the significant
presence of foreign currency funding.

Industrial's long-term national rating was upgraded as the
consistency of the bank's financial profile which enhances the
bank's creditworthiness relative to its domestic peers.

Industrial maintains a dominant market position (28% of market
share in terms of assets) with strong pricing power in the
corporate sector.  This also helps Industrial's capacity to
sustain an ample and diversified deposit base and to complement it
with funding from local and international markets.  BI has a
comfortable liquidity cushion.  Industrial's asset quality is
sound, benefitted by its conservative underwriting standards and
effective collection process.  Industrial's non-performing loans
(NPLs; +90 days) have remained below 0.8% since 2009 while
reserves adequately covered its NPLs in the same years.  However,
Industrial faces challenges managing its high concentration of
largest borrowers, although they represent well-diversified local
conglomerates.

The bank's good operating profitability improved slightly to 1.7%
of average assets in 2014 boosted by slight enhancements in its
net interest margin (NIM), good efficiency and low loan impairment
charges.  Further improvements in profitability will be limited by
its corporate orientation and high dollarization.  In Fitch's
opinion, the bank's return on assets will be around 1.4% in 2015.

Industrial's capitalization is moderate (Fitch Core Capital [FCC]
around 10%).  The bank's internal capital generation is
complemented by fresh capital injections when required.  A
potential fresh capital injection to Industrial, expected for 2015
would strengthen the bank's capital position.

CONTECNICA, FINANCIERA INDUSTRIAL AND WESTRUST BANK'S KEY RATING
DRIVERS - National Ratings

Contecnica, Financiera Industrial and Westrust Bank's national
ratings were upgraded following similar action on Industrial's
national long-term rating.  The national ratings of these
subsidiaries are equalized with those of Industrial.  These
entities are important subsidiaries for Industrial given the high
degree of integration with the group and operate in complementary
market segments enhancing BI's business model.

INDUSTRIAL'S SUBORDINATED TIER 1 CAPITAL NOTES, SUBORDINATED AND
SENIOR TRUSTS KEY RATING DRIVERS

Industrial's subordinated Tier I capital notes (IST-I) debt is
four notches below the bank's long-term IDR given its deep
subordination status and discretionary coupon omission.

Industrial Subordinated Trust's Notes (ISbT) are one notch below
Industrial's long-term IDR reflecting the subordinated status,
ranking junior to all Industrial's present and future senior
indebtedness, pari passu with all other unsecured subordinated
debt and senior to Industrial's capital and tier I hybrid
securities.

Industrial Senior Trust's Notes' (ISnT) ratings are in line with
Industrial's long-term IDR, reflecting that the senior unsecured
obligations rank equally to Industrial's unsecured and
unsubordinated obligations.

INDUSTRIAL'S RATING SENSITIVITIES - IDR, VR, National Ratings and
Support

Industrial's VR and IDR upside potential is limited as the
operating environment highly influences the bank's ratings.  On
the other hand, a sustained reduction of Industrial's FCC below
10% and/or its return on average assets (ROAA) consistently below
1% may trigger a negative review of the bank's VR and IDR.

In Fitch's view, the Stable Outlook on Industrial's national
ratings reflects that the bank's relative strength in the local
market should remain unchanged for the foreseeable future.

CONTECNICA, FINANCIERA INDUSTRIAL AND WESTRUST BANK'S KEY RATING
DRIVERS AND SENSITIVITIES - National Ratings

Changes in Contecnica, Financiera Industrial and Westrust Bank's
ratings are contingent on changes in Industrial's capacity and
propensity to provide support.

INDUSTRIAL'S SUBORDINATED TIER 1 CAPITAL NOTES, SUBORDINATED AND
SENIOR TRUSTS RATING SENSITIVITIES

Industrial's subordinated Tier I capital notes debt, ISnT and
ISbT's ratings downgrade potential will be derived from changes in
the same direction in Industrial's IDR.

Fitch has affirmed these ratings:

Industrial:

   -- Long-term foreign currency IDR at 'BB'; Outlook Stable;
   -- Short-term foreign currency IDR at 'B';
   -- Long-term local-currency IDR at 'BB'; Outlook Stable;
   -- Short-term local-currency IDR at 'B';
   -- Viability Rating at 'bb';
   -- Support at '3';
   -- Subordinated Tier I Capital Notes debt at 'B-';
   -- Support Rating Floor at 'BB-';
   -- National scale long-term rating upgraded to 'AA(gtm)' from
      'AA-(gtm)'; Outlook Stable;
   -- National scale short-term rating at 'F1+(gtm)'.

Industrial Subordinated Trust:

   -- Industrial Subordinated Trust Tier II Debt at 'BB-'.

Industrial Senior Trust:

   -- Long-term Senior Unsecured Debt at 'BB'.

Contecnica:

   -- National scale long-term rating upgraded to 'AA(gtm)' from
      'AA-(gtm)'; Outlook Stable;
   -- National scale short-term rating at 'F1+(gtm)'.

Financiera Industrial:

   -- National scale long-term rating upgraded to 'AA(gtm)' from
      'AA-(gtm)'; Outlook Stable;
   -- National scale short-term rating affirmed at 'F1+(gtm)'.

Westrust Bank:

   -- National scale long-term rating published at 'AA(gtm)';
      Outlook Stable;
   -- National scale short-term rating published at 'F1+(gtm)'


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


JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on USD125MM Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings assigned to the series
2013-1 notes issued by Jamaica Diversified Payment Rights Company
as:

   -- USD125 million series 2013-1 notes at 'BB', Outlook Stable.

The issuance is backed by existing and future USD-denominated
diversified payment rights (DPRs) originated by National
Commercial Bank Jamaica Ltd. (NCBJ).  DPRs are defined as
electronic or other messages utilized by financial institutions to
instruct NCBJ to make a payment to a beneficiary.  Fitch's rating
addresses timely payment of interest and principal on a quarterly
basis.

On April 27, 2015, pursuant to the series 2013-1 Indenture
Supplement, the noteholders holding more than 50% of the series
2013-1 balance (controlling party) opted to defer the repayment of
principal by 12 months, extending the first expected quarterly
amortization payment to September 2016 and the expected final
payment date to March 2020.  The series controlling party has the
option to defer the principal payments by 12 months once more over
the life of the transaction.

KEY RATING DRIVERS

Optional Repayment Deferral Exercised: In its initial rating
analysis, Fitch considered the potential deferral of principal
payments by 12 months up to three times over the life of the
transaction.  In the agency's view, the controlling party's opting
to extend the first expected quarterly amortization payment to
September 2016 and the expected final payment date to March 2020
does not impact the credit quality of the transaction.

Originator Credit Quality: Fitch rates NCBJ's local currency (LC)
Issuer Default Rating (IDR) 'B-'/Positive Outlook, and rates the
bank's Viability rating (VR) 'b-'.  NCBJ's recent financial
performance has been resilient under sovereign stress; however,
Jamaica's small and weak economy limits the bank's overall
financial profile relative to higher rated emerging market peers.
Fitch also assigns a going concern assessment (GCA) score of 'GC1'
to NCBJ, reflecting the bank's position as a systemically
important top-tier bank in Jamaica.  The bank has demonstrated its
ability to continue performing in high-stress environments.

Volatility of DPR Flows: Total DPR flows grew approximately 6.8%
in 2014.  Still, a large portion of DPRs continues to be
government-related and/or capital flows, which Fitch considers
more volatile than export-related payments and family remittances.

Moderate Debt Service Coverage: The quarterly debt service
coverage (DSCR), which considers quarterly flows through DDBs
(excluding 65% of flows from certain entities) and maximum
quarterly debt service for the life of the transaction, averaged
36.6x during the last four quarters.

Level of Future Flow Debt: Future flow debt, which includes the
outstanding balance of the DPR program plus the new issuance out
of the international merchant voucher program, represents 9.95% of
total consolidated liabilities and 100% of long-term funding.
This level of future flow debt acts as a limiting factor to the
transaction rating.

Low Sovereign Risk: The contemplated structure mitigates certain
sovereign risks by keeping cash flows offshore until investors are
paid, allowing the transaction to be rated over the sovereign
country ceiling.

RATING SENSITIVITIES

The rating is sensitive to changes in the credit quality of NCBJ
and the ability of the DPR business to continue operating, as
reflected in the GCA score.  Although the future flow rating is
sensitive to changes in the bank's LC IDR, a one-notch movement in
the bank's IDR may not lead to a similar rating action on the
notes.  In addition, severe reductions in coverage levels could
result in rating downgrades.


* JAMAICA: Business Leaders Bracing for Higher Operating Expenses
-----------------------------------------------------------------
RJR News reports that a Bank of Jamaica survey shows that the
country's business leaders are bracing for higher operating
expenses over the next twelve month

The Survey of Businesses' Inflation Expectations for February
shows the respondents indicated they expect the largest increase
in production expenses to come from higher cost for stock
replacement, according to RJR News.

The report notes that the cost of utilities was expected to be the
second largest contributor to higher production costs, followed by
raw materials.

Wages and salaries continued to be the input cost least expected
to increase over the next 12 months, the report relays.

The Survey captures the perceptions of chief executive officers,
managing directors and financial controllers about the future
movement of prices, current and future business conditions as well
as the expected rate of increase in wages, the report notes.

                        Business Conditions

The survey also shows a moderation in the perception of present
and future business conditions, among respondents, relative to the
previous survey, the report says.

The index of present business conditions moderated to 162.6,
relative to the previous survey outturn of 164.9, which was the
highest level since December 2011, the report relays.

Similarly, the index of future business conditions moderated to
152.2, relative to 157.0 in the previous survey, the report
discloses.

Notwithstanding, the perceptions of present and future business
conditions continue to display upward trends, which have been
evident since April 2013, the report adds.

                          *     *     *

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



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


MEXICANA AIRLINES: Former Owner Seeking Asylum in U.S.
------------------------------------------------------
Fox News Latino reports that the fugitive businessman who
controlled Mexicana airlines before it went bankrupt and was
recently charged with illegal use of the airline's funds has asked
for asylum in the United States, a federal official said.

Assistant Attorney General Mariana Benitez said that Gaston
Azcarraga is in the United States and has applied for asylum
following the expiration of his visa, according to Fox News
Latino.

The report relates that U.S. officials notified Mexico that Mr.
Azcarraga is in their country a few days ago, Benitez said. She
added that Mexico requested that he be extradited but U.S.
authorities must first rule on his asylum request.

Mexicana declared bankruptcy in April, almost four years after it
stopped flying because of financial problems, the report says.

The federal government promoted a restructuring process but of the
investors that showed interest none demonstrated they had the
money or a business plan to rescue the carrier, the report
discloses.

Before it stopped flying in 2010 because of financial problems,
the privately operated Mexicana was among the world's oldest
continually operating airlines, the report notes.  It began flying
in 1921, after Australia's Qantas and Colombia's Avianca, the
report relates.

The company had about 8,500 employees when it stopped flying to
its more than 65 domestic and international routes that included
the United States, Canada, South America and Europe, the report
discloses.

                    About Mexicana Airlines

Compania Mexicana de Aviacion or Mexicana Airlines --
http://www.mexicana.com/--Mexico's largest airline, is a
privately held airline and a subsidiary of Nuevo Grupo
Aeronautico.  Founded in 1921, Mexicana is the oldest commercial
carrier in North America.  Charles Lindbergh piloted the first
trip for Mexicana between Brownsville, Texas, and Mexico City.

Grupo Mexicana de Aviacion is the parent of Compania Mexicana.
Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click)
and Mexicana Inter S.A. de C.V. (Mexicana Link).

The Mexicana group of airlines includes MexicanaClick (Click),
formerly Click Mexicana, and MexicanaLink (Link).  Click is
Mexicana's regional operator while Link operated as a feeder
airline for both Mexicana and Click.

Compania Mexicana de Aviacion or Mexicana Airlines filed for
bankruptcy in the U.S. and Mexico on Aug. 2, 2010.  In the U.S.,
the company filed in the U.S. Bankruptcy Court in Manhattan for
Chapter 15 bankruptcy protection (case no. 10-14182), and in
Mexico, it filed for the equivalent of Chapter 11.

Maru E. Johansen, foreign representative of Compania Mexicana,
estimated in the Chapter 15 petition that the company has assets
of US$500 million to US$1 billion and debts of more than US$1
billion.  William C. Heuer, Esq., at Duane Morris LLP, serves as
counsel to Ms. Johansen.

Mexicana de Aviacion stated that despite its bankruptcy filing,
it expects to continue to operate normally, and that such filings
did not affect the operations of Click Mexicana and Mexicana
Link, which are independent companies from Mexicana de Aviacion.


OFFSHORE DRILLING: S&P Lowers CCR to 'BB-'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Offshore Drilling Holding S.A. (ODH) to 'BB-' from 'BB'.
S&P also lowered its issue-level rating on the company's $950
million senior secured notes due 2020 to 'BB-' from 'BB'.  In
addition, S&P kept its '3' recovery rating on the notes,
indicating its expectation that noteholders will receive
meaningful recovery (50%-70%; high-end of the range) in a payment
default scenario, unchanged.  The outlook is negative.

The downgrade reflects S&P's expectations of ODH's weaker
financial performance, given that its new day rates are below
S&P's previous expectation.  The new day rates of $365,000 for two
of the company's two oil rigs -- Centenario and Bicentenario --
during the next 12 months will result in weaker interest coverage
ratios and a slower cash build-up for the notes' bullet payment.
In S&P's view, the company's cash flow won't be sufficient to
build up the $950 million principal payment in 2020.  The new
rating on the notes incorporates refinancing risk.  As S&P
expected, charter agreements with Petroleos Mexicanos (Pemex;
BBB+/Stable/--), ODH's only client, are now of a shorter term.
Although this can result in a potential revision of day rates if
oil prices rebound, it also leads to lesser cash flow
predictability and higher recontracting risk.

Under S&P's updated base-case assumptions, it expects ODH's annual
revenue and EBITDA to fall to $296 million and $222 million,
respectively, in 2016, when the full effect of lower tariffs will
be reflected.  S&P now expects the company to accumulate cash flow
by 2020 that will account for 65%-70% of the $950 million bullet
payment.  S&P assumes ODH would refinance the remainder.  Due to
the lower day rates, S&P's expectations for ODH's key ratios are
now weaker than its previous base case.  These ratios are no
longer in line with S&P's original 'BB' rating and could worsen if
the $365,000 day rates persist for more than one year or if ODH
fails to renew its contracts until its debt matures in 2020.


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


SOUTHERN COPPER: Discloses 60-day "Pause" in Controversial Project
------------------------------------------------------------------
EFE News reports that Southern Copper Corp. disclosed a 60-day
"pause" in its protest-racked Tia Maria mining project after
Peruvian President Ollanta Humala called on the company to do more
to win over popular support.

Southern Copper Chief Executive Officer Oscar Gonzalez Rocha said
the pause would allow all parties involved to "present their
concerns and fears, identify solutions . . .  and define the
responsibilities that all must assume in a reasonable timeframe,"
according to EFE News.

The report notes that the announcement came shortly after Mr.
Humala ruled out unilaterally suspending the project, noting that
such a move could prompt a lawsuit and saying that any decision
must be taken by the company.

Residents of Islay, a province in the southern Peruvian region of
Arequipa, have held 55 days of protests against Tia Maria, saying
it will contaminate crops and the Tambo River and put pressure on
water supplies, the report relates.  The company has tried to
allay those concerns by pledging to operate the mine using
desalinated seawater, the report discloses.

Southern Copper, a unit of Mexican mining giant Grupo Mexico,
plans to invest some $1.4 billion in the construction of Tia
Maria, which is projected to produce 120,000 metric tons of copper
cathodes annually from the start of operations, the report notes.

Peruvian authorities arrested one of the leaders of the protests
against Tia Maria, Pepe Julio Gutierrez, who is accused of
soliciting a bribe in exchange for ending the protests, which have
left three dead and more than 200 injured, the report relates.

Mr. Humala's administration also has said it may initiate legal
action against Southern if it finds evidence that it covered up
the alleged crime, the report adds.


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


TRINIDAD CEMENT: Repays All Previous Loans
------------------------------------------
Kim Boodram at Daily Express reports that Claxton Bay producer
Trinidad Cement Ltd has repaid all its previous lenders.

The announcement was made at a press conference led by TCL
chairman Wilfred Espinet and supported by director Nigel Edwards
and new chief executive Jose Luis Seijo at the Hilton Trinidad, St
Ann's, according to Daily Express.

The report notes that Mr. Espinet said shareholders were updated
at a February meeting on some of the board's plans to reorganize
the capital structure of TCL and were, at that time, advised that
the board had agreed to a set of restructuring terms with lenders,
with two significant preconditions-the removal of the 20 per cent
restriction on shareholding and the injection of new equity of at
least US$50 million.  The board also negotiated discounts between
five and 20 per cent of the outstanding loans if lenders were
repaid within a maximum period of 90 days, with a facility to
maximize the discount if the repayment took place within 45 days,
the report relates.

The report discloses that the preconditions to the restructuring
have since been achieved and the company was able to finalize the
restructure loans with its 2014 lenders on March 30, 2015.

"That, therefore allowed 45 days, until May 14, 2015 to prepay
total debts of US$292 million in order to fully benefit from the
prepayment discounts to lenders," Mr. Espinet said, the report
relays.

"TCL has been able to secure the funds to repay those lenders from
short term loans in the amount of US$245 million, together with
cash from its recent Rights Issue and cash generated from
operations," the report quoted Mr. Espinet as saying.

The company has also secured a nine-month loan facility from
international banks Citibank and Credit Suisse, at an initial rate
of LIBOR plus 6.25 per cent (a current effective interest rate of
6.53 per cent), subject to a quarterly increase of one per cent if
it is still in issue, the report says.

In the coming weeks, TCL, along with Credit Suisse and Citibank
intend to approach local and international markets to secure
longer-term financing that will bring the company to the final
stage of the reorganization of the capital structure, the report
relays.

Some of the expected immediate benefits from the refinancing are a
debt reduction from prepayment of previous lenders of US$31
million, a reduction in financing costs in the form of quarterly
interest savings of up to US$1.7 million, and a stronger balance
sheet, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2015, Leah Sorias at Trinidad Express said that Trinidad
Cement Limited (TCL) has recorded major losses for financial year
2014.  TCL's profit before tax position fell by TT$136 million
compared with 2013, chief executive officer of the cash-strapped
company, Alejandro Ramirez, said at a press conference at the
Queen's Park Oval, Woodbrook.  Mr. Ramirez noted that in 2013,
pre-tax profit stood at TT$39 million while in 2014, TCL recorded
a loss of TT$97 million.

Dr. Rollin Bertrand, Chief Executive Officer of Trinidad Cement
Limited, the parent company for Jamaica's Caribbean Cement
Limited, was sacked, the TCRLA, citing RJR News, reported on
Oct. 6, 2014.

The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at an August 19
special meeting.  Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer at that time.

On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings
Services lowered its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'D' from 'B'.  The downgrade reflects TCL's
missed debt service payments due Sept. 30, 2014.

On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.


TRINIDAD CEMENT: Names Jose Seijo as New Chief Executive Officer
----------------------------------------------------------------
Trinidad Express reports that Trinidad Cement Ltd Group has named
Jose Luis Seijo as its new chief executive officer.

Mr. Seijo has worked with Mexican cement conglomerate CEMEX,
according to Trinidad Express.  Mr. Seijo's appointment at TCL is
effective May 4.

With TCL financial restructuring near completion, Mr. Seijo's
focus will be on value creation for the company and its
stakeholders, TCL said in a statement obtained by the news agency.

The report relays that Mr. Seijo recently said, "The TCL Group has
huge potential. My immediate job is to tap into all our resources-
essentially to mobilise the skills of our workforce against a
backdrop of improved operational efficiencies and prudent
investments to ensure a sustainable future."

He holds a BSc in Mechanical Engineering with a Master's in
Finance from the University of Bath, UK.

Former TCL Chief Executive Officer Dr. Rollin Bertrand was
dismissed by the Wilfred Espinet-led TCL board last September.


                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 25, 2015, Leah Sorias at Trinidad Express said that Trinidad
Cement Limited (TCL) has recorded major losses for financial year
2014.  TCL's profit before tax position fell by TT$136 million
compared with 2013, chief executive officer of the cash-strapped
company, Alejandro Ramirez, said at a press conference at the
Queen's Park Oval, Woodbrook.  Mr. Ramirez noted that in 2013,
pre-tax profit stood at TT$39 million while in 2014, TCL recorded
a loss of TT$97 million.

Dr. Rollin Bertrand, Chief Executive Officer of Trinidad Cement
Limited, the parent company for Jamaica's Caribbean Cement
Limited, was sacked, the TCRLA, citing RJR News, reported on
Oct. 6, 2014.

The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and
four other directors, tendered their resignations minutes before a
group of shareholders met to have them removed at an August 19
special meeting.  Although he resigned as director at that
meeting, Dr. Bertrand retained his position as Chief Executive
Officer at that time.

On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings
Services lowered its corporate credit rating on Trinidad Cement
Limited Group (TCL) to 'D' from 'B'.  The downgrade reflects TCL's
missed debt service payments due Sept. 30, 2014.

On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded
Trinidad Cement Limited Group's (TCL) foreign and local Currency
Issuer Default Ratings (IDRs) to 'D' from 'B-'.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
FABRICA TECID-RT         FTRX1 BZ    66603695.4     -76419246.3
METROGAS SA-A          153255Z AR     331403741     -24462400.6
METROGAS SA-C          153263Z AR     331403741     -24462400.6
LA POLAR SA           NUEVAPOL CI     571550458     -31565432.3
TECTOY-PF-RTS5/6        TOYB11 BZ    27114628.6     -8215580.95
TEKA-ADR                 TEKAY US     313948165      -395261073
GOL-PREF                 GOLL4 BZ    3769323901      -125802483
GOL-ADR                    GOL US    3769323901      -125802483
GOL                      GOLL3 BZ    3769323901      -125802483
METROGAS-B               MGSBF US     331403741     -24462400.6
BOMBRIL                  BMBBF US     323685704       -31241748
KARSTEN                  CTKCF US     174656858     -10482924.6
KARSTEN-PREF             CTKPF US     174656858     -10482924.6
MANGELS INDL-PRF         MGIRF US     176399866     -61689625.2
TEKA                     TKTQF US     313948165      -395261073
TEKA-PREF                TKTPF US     313948165      -395261073
SNIAFA SA-B              SDAGF US    11229696.2     -2670544.86
TEC TOY SA-PREF          TOYDF US    27114628.6     -8215580.95
PUYEHUE RIGHT         PUYEHUOS CI      17878064     -7344408.97
BATTISTELLA-RIGH         BTTL1 BZ     120474772     -21271905.1
BATTISTELLA-RI P         BTTL2 BZ     120474772     -21271905.1
BATTISTELLA-RECE         BTTL9 BZ     120474772     -21271905.1
BATTISTELLA-RECP        BTTL10 BZ     120474772     -21271905.1
AGRENCO LTD-BDR         AGEN33 BZ     285996574      -543142756
GOL-ADR                    GOQ GR    3769323901      -125802483
PET MANG-RIGHTS       3678565Q BZ     140957879      -410925540
PET MANG-RIGHTS       3678569Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229292Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229296Q BZ     140957879      -410925540
MMX MINERACAO            TRES3 BZ    1223308090      -312940530
INEPAR-RT ORD         3697782Q BZ    1191789041      -214360998
INEPAR-RT PREF        3697786Q BZ    1191789041      -214360998
INEPAR-RCT ORD        3697790Q BZ    1191789041      -214360998
INEPAR-RCT PREF       3697794Q BZ    1191789041      -214360998
RB CAPITAL              RBCS3B BZ    13996658.5     -815.062365
MMX MINERACA-GDR         MMXMY US    1223308090      -312940530
BOMBRIL HOLDING          FPXE3 BZ    19416013.9      -489914853
BOMBRIL                  FPXE4 BZ    19416013.9      -489914853
SANESALTO                SNST3 BZ    21339668.9     -6954061.77
BOMBRIL-RGTS PRE         BOBR2 BZ     323685704       -31241748
BOMBRIL-RIGHTS           BOBR1 BZ     323685704       -31241748
MMX MINERACA-GDR      0567931D CN    1223308090      -312940530
MMX MINERACA-GDR          3M11 GR    1223308090      -312940530
LAEP-BDR                MILK33 BZ     222902269      -255311026
AGRENCO LTD               AGRE LX     285996574      -543142756
LAEP INVESTMENTS          LEAP LX     222902269      -255311026
INVERS ELEC BUEN         IEBAA AR     239575758     -28902145.8
INVERS ELEC BUEN         IEBAB AR     239575758     -28902145.8
OSX BRASIL SA            OSXB3 BZ    2592199410      -291661108
MMX MINERACAO            MMXCF US    1223308090      -312940530
CELGPAR                  GPAR3 BZ     233784351     -1156798479
RECRUSUL - RT         4529781Q BZ    25757600.8     -21626049.7
RECRUSUL - RT         4529785Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529789Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529793Q BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL11 BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL12 BZ    25757600.8     -21626049.7
BALADARE                 BLDR3 BZ     159449535     -52990723.7
TEXTEIS RENAU-RT         TXRX1 BZ    48951015.5     -73535330.8
TEXTEIS RENAU-RT         TXRX2 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT         TXRX9 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT        TXRX10 BZ    48951015.5     -73535330.8
CIA PETROLIF-PRF         MRLM4 BZ     377592596      -3014215.1
CIA PETROLIFERA          MRLM3 BZ     377592596      -3014215.1
NEWTEL PARTICIPA         NEWT3 BZ    10517157.2     -10542831.7
NOVA AMERICA SA          NOVA3 BZ    21287488.9      -183535526
NOVA AMERICA-PRF         NOVA4 BZ    21287488.9      -183535526
EBX BRASIL SA            CTMN3 BZ    2592199410      -291661108
GOL-ADR                   GOLN MM    3769323901      -125802483
OSX BRASIL SA            EBXB3 BZ    2592199410      -291661108
LA POLAR-RT           LAPOLARO CI     571550458     -31565432.3
ELECTRICIDAD ARG      3447811Z AR     948261051      -148983927
TEC TOY-RT            7335610Q BZ    27114628.6     -8215580.95
TEC TOY-RT            7335614Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335626Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335630Q BZ    27114628.6     -8215580.95
MMX MINERACAO-RT      4111484Q BZ    1223308090      -312940530
MMX MINERACA-RCT      4111488Q BZ    1223308090      -312940530
GOL-RT                0113333D BZ    3769323901      -125802483
GOL-RT                0113334D BZ    3769323901      -125802483
GOL-RCT               0113335D BZ    3769323901      -125802483
GOL-RCT               0113338D BZ    3769323901      -125802483
PET MANG-RT           4115360Q BZ     140957879      -410925540
PET MANG-RT           4115364Q BZ     140957879      -410925540
INEPAR-RT ORD            INEP1 BZ    1191789041      -214360998
INEPAR-RT PREF           INEP2 BZ    1191789041      -214360998
INEPAR-RCT ORD           INEP9 BZ    1191789041      -214360998
INEPAR-RCT PREF         INEP10 BZ    1191789041      -214360998
MINUPAR-RT            9314542Q BZ    76619687.5     -91780261.5
MINUPAR-RCT           9314634Q BZ    76619687.5     -91780261.5
MMX MINERACAO-RT      0626050D BZ    1223308090      -312940530
MMX MINERACA-RCT      0626051D BZ    1223308090      -312940530
PET MANG-RT           0229249Q BZ     140957879      -410925540
PET MANG-RT           0229268Q BZ     140957879      -410925540
RECRUSUL - RT         0163579D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0163580D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163582D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163583D BZ    25757600.8     -21626049.7
PORTX OPERA-GDR          PXTPY US     976769385     -9407990.18
PORTX OPERACOES          PRTX3 BZ     976769385     -9407990.18
OSX BRASIL S-GDR         OSXRY US    2592199410      -291661108
TEC TOY-RT            1254570D BZ    27114628.6     -8215580.95
TEC TOY-RT            1254571D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254572D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254573D BZ    27114628.6     -8215580.95
MMX MINERACAO           MMXM11 BZ    1223308090      -312940530
MINUPAR-RT            0599562D BZ    76619687.5     -91780261.5
MINUPAR-RCT           0599564D BZ    76619687.5     -91780261.5
PET MANG-RT              RPMG2 BZ     140957879      -410925540
PET MANG-RT           0848424D BZ     140957879      -410925540
PET MANG-RECEIPT         RPMG9 BZ     140957879      -410925540
PET MANG-RECEIPT        RPMG10 BZ     140957879      -410925540
GOL-RT                   GOLL1 BZ    3769323901      -125802483
GOL-RT                1003237D BZ    3769323901      -125802483
GOL-RCT                  GOLL9 BZ    3769323901      -125802483
GOL-RCT               1003238D BZ    3769323901      -125802483
LAEP INVESTMEN-B      0122427D LX     222902269      -255311026
LAEP INVES-BDR B      0163599D BZ     222902269      -255311026
RECRUSUL - RT         0614673D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0614674D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614675D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614676D BZ    25757600.8     -21626049.7
TEKA-RTS                 TEKA1 BZ     313948165      -395261073
TEKA-RTS                 TEKA2 BZ     313948165      -395261073
TEKA-RCT                 TEKA9 BZ     313948165      -395261073
TEKA-RCT                TEKA10 BZ     313948165      -395261073
MINUPAR-RTS              MNPR1 BZ    76619687.5     -91780261.5
MINUPAR-RCT              MNPR9 BZ    76619687.5     -91780261.5
LA POLAR-RT           LAPOLAOS CI     571550458     -31565432.3
RECRUSUL SA-RTS          RCSL1 BZ    25757600.8     -21626049.7
RECRUSUL SA-RTS          RCSL2 BZ    25757600.8     -21626049.7
RECRUSUL SA-RCT          RCSL9 BZ    25757600.8     -21626049.7
RECRUSUL - RCT          RCSL10 BZ    25757600.8     -21626049.7
OSX BRASIL - RTS      0701756D BZ    2592199410      -291661108
OSX BRASIL - RTS      0701757D BZ    2592199410      -291661108
LA POLAR SA            LAPOLAR CI     571550458     -31565432.3
MMX MINERACA-RTS         MMXM1 BZ    1223308090      -312940530
MMX MINERACA-RCT         MMXM9 BZ    1223308090      -312940530
OSX BRASIL - RTS      0812903D BZ    2592199410      -291661108
OSX BRASIL - RTS      0812904D BZ    2592199410      -291661108
OSX BRASIL SA            OSXRF US    2592199410      -291661108
OSX BRASIL - RTS         OSXB1 BZ    2592199410      -291661108
OSX BRASIL - RTS         OSXB9 BZ    2592199410      -291661108
NEWTEL PARTI-RTS      1051621D BZ    10517157.2     -10542831.7
PET MANG-RTS          1227980D BZ     140957879      -410925540
AGRENCO LTD-BDR         AGEN11 BZ     285996574      -543142756
LAEP-BDR                MILK11 BZ     222902269      -255311026
MMX MINERACA-GDR         MMXMD US    1223308090      -312940530
MMX MINERACAO            MMXXF US    1223308090      -312940530
GOL PREF - RTS           GOLL2 BZ    3769323901      -125802483
GOL PREF - RCT          GOLL10 BZ    3769323901      -125802483
BOMBRIL - RTS           BOBR11 BZ     323685704       -31241748
KARSTEN SA - RTS         CTKA1 BZ     174656858     -10482924.6
KARSTEN SA - RTS         CTKA2 BZ     174656858     -10482924.6
KARSTEN SA - RCT         CTKA9 BZ     174656858     -10482924.6
KARSTEN SA - RCT        CTKA10 BZ     174656858     -10482924.6
NEWTEL PARTI-RCT        NEWT9B BZ    10517157.2     -10542831.7
NEWTEL PARTI-RTS        NEWT1B BZ    10517157.2     -10542831.7
CELGPAR-RTS             GPAR11 BZ     233784351     -1156798479
LA POLAR-RTS BON      LAPOLAOB CI     571550458     -31565432.3
PET MANGUINH-RTS         RPMG1 BZ     140957879      -410925540
METROGAS-B                METR AR     331403741     -24462400.6
METROGAS-B BLOCK         METRB AR     331403741     -24462400.6
METROGAS-B               METRC AR     331403741     -24462400.6
METROGAS-B               METRD AR     331403741     -24462400.6
METROGAS SA               MGAI US     331403741     -24462400.6
METROGAS-B                MGSB GR     331403741     -24462400.6
METROGAS-ADR               MGS US     331403741     -24462400.6
METROGAS-ADR              MGSA GR     331403741     -24462400.6
ARTHUR LANGE             ARLA3 BZ    11642254.9     -17154460.3
ARTHUR LANGE SA         ALICON BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF         ARLA4 BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF        ALICPN BZ    11642254.9     -17154460.3
ARTHUR LANG-RT C         ARLA1 BZ    11642254.9     -17154460.3
ARTHUR LANG-RT P         ARLA2 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC C         ARLA9 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC P        ARLA10 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD C        ARLA11 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ    11642254.9     -17154460.3
BOMBRIL                  BOBR3 BZ     323685704       -31241748
BOMBRIL CIRIO SA        BOBRON BZ     323685704       -31241748
BOMBRIL-PREF             BOBR4 BZ     323685704       -31241748
BOMBRIL CIRIO-PF        BOBRPN BZ     323685704       -31241748
BOMBRIL SA-ADR           BMBPY US     323685704       -31241748
BOMBRIL SA-ADR           BMBBY US     323685704       -31241748
BUETTNER                 BUET3 BZ    82872146.2     -36299304.3
BUETTNER SA             BUETON BZ    82872146.2     -36299304.3
BUETTNER-PREF            BUET4 BZ    82872146.2     -36299304.3
BUETTNER SA-PRF         BUETPN BZ    82872146.2     -36299304.3
BUETTNER SA-RTS          BUET1 BZ    82872146.2     -36299304.3
BUETTNER SA-RT P         BUET2 BZ    82872146.2     -36299304.3
CAF BRASILIA             CAFE3 BZ     160933830      -149277092
CAFE BRASILIA SA        CSBRON BZ     160933830      -149277092
CAF BRASILIA-PRF         CAFE4 BZ     160933830      -149277092
CAFE BRASILIA-PR        CSBRPN BZ     160933830      -149277092
IGUACU CAFE              IGUA3 BZ     190073766       -74308212
IGUACU CAFE             IGCSON BZ     190073766       -74308212
IGUACU CAFE              IGUCF US     190073766       -74308212
IGUACU CAFE-PR A         IGUA5 BZ     190073766       -74308212
IGUACU CAFE-PR A        IGCSAN BZ     190073766       -74308212
IGUACU CAFE-PR A         IGUAF US     190073766       -74308212
IGUACU CAFE-PR B         IGUA6 BZ     190073766       -74308212
IGUACU CAFE-PR B        IGCSBN BZ     190073766       -74308212
SCHLOSSER                SCLO3 BZ    46981417.3     -55419754.7
SCHLOSSER SA             SCHON BZ    46981417.3     -55419754.7
SCHLOSSER-PREF           SCLO4 BZ    46981417.3     -55419754.7
SCHLOSSER SA-PRF         SCHPN BZ    46981417.3     -55419754.7
KARSTEN SA               CTKA3 BZ     174656858     -10482924.6
KARSTEN                  CTKON BZ     174656858     -10482924.6
KARSTEN-PREF             CTKA4 BZ     174656858     -10482924.6
KARSTEN-PREF             CTKPN BZ     174656858     -10482924.6
COBRASMA                 CBMA3 BZ    68585867.9     -2324358597
COBRASMA SA             COBRON BZ    68585867.9     -2324358597
COBRASMA-PREF            CBMA4 BZ    68585867.9     -2324358597
COBRASMA SA-PREF        COBRPN BZ    68585867.9     -2324358597
D H B                    DHBI3 BZ    94806424.1      -188014922
DHB IND E COM            DHBON BZ    94806424.1      -188014922
D H B-PREF               DHBI4 BZ    94806424.1      -188014922
DHB IND E COM-PR         DHBPN BZ    94806424.1      -188014922
DOCA INVESTIMENT         DOCA3 BZ     187044412      -204249587
DOCAS SA                DOCAON BZ     187044412      -204249587
DOCA INVEST-PREF         DOCA4 BZ     187044412      -204249587
DOCAS SA-PREF           DOCAPN BZ     187044412      -204249587
DOCAS SA-RTS PRF         DOCA2 BZ     187044412      -204249587
FABRICA RENAUX           FTRX3 BZ    66603695.4     -76419246.3
FABRICA RENAUX          FRNXON BZ    66603695.4     -76419246.3
FABRICA RENAUX-P         FTRX4 BZ    66603695.4     -76419246.3
FABRICA RENAUX-P        FRNXPN BZ    66603695.4     -76419246.3
HAGA                     HAGA3 BZ    17930008.8       -31863962
FERRAGENS HAGA          HAGAON BZ    17930008.8       -31863962
FER HAGA-PREF            HAGA4 BZ    17930008.8       -31863962
FERRAGENS HAGA-P        HAGAPN BZ    17930008.8       -31863962
CIMOB PARTIC SA          GAFP3 BZ    44047412.2     -45669964.1
CIMOB PARTIC SA          GAFON BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFP4 BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFPN BZ    44047412.2     -45669964.1
IGB ELETRONICA           IGBR3 BZ     307112239     -59872446.9
GRADIENTE ELETR          IGBON BZ     307112239     -59872446.9
GRADIENTE-PREF A         IGBR5 BZ     307112239     -59872446.9
GRADIENTE EL-PRA         IGBAN BZ     307112239     -59872446.9
GRADIENTE-PREF B         IGBR6 BZ     307112239     -59872446.9
GRADIENTE EL-PRB         IGBBN BZ     307112239     -59872446.9
GRADIENTE-PREF C         IGBR7 BZ     307112239     -59872446.9
GRADIENTE EL-PRC         IGBCN BZ     307112239     -59872446.9
HOTEIS OTHON SA          HOOT3 BZ     207664352     -21612890.7
HOTEIS OTHON SA         HOTHON BZ     207664352     -21612890.7
HOTEIS OTHON-PRF         HOOT4 BZ     207664352     -21612890.7
HOTEIS OTHON-PRF        HOTHPN BZ     207664352     -21612890.7
RENAUXVIEW SA            TXRX3 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXON BZ    48951015.5     -73535330.8
RENAUXVIEW SA-PF         TXRX4 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXPN BZ    48951015.5     -73535330.8
INEPAR                   INEP3 BZ    1191789041      -214360998
INEPAR SA               INPRON BZ    1191789041      -214360998
INEPAR-PREF              INEP4 BZ    1191789041      -214360998
INEPAR SA-PREF          INPRPN BZ    1191789041      -214360998
INEPAR-COM DVD          INEP11 BZ    1191789041      -214360998
INEPAR BONUS B          INEP12 BZ    1191789041      -214360998
INEPAR-PRF DVD          INEP13 BZ    1191789041      -214360998
PARMALAT                 LCSA3 BZ     388720096      -213641152
PARMALAT BRASIL         LCSAON BZ     388720096      -213641152
PADMA INDUSTRIA          LCSA4 BZ     388720096      -213641152
PARMALAT BRAS-PF        LCSAPN BZ     388720096      -213641152
PARMALAT BR-RT C         LCSA5 BZ     388720096      -213641152
PARMALAT BR-RT P         LCSA6 BZ     388720096      -213641152
MANGELS INDL             MGEL3 BZ     176399866     -61689625.2
MANGELS INDL SA         MISAON BZ     176399866     -61689625.2
MANGELS INDL-PRF         MGEL4 BZ     176399866     -61689625.2
MANGELS INDL-PRF        MISAPN BZ     176399866     -61689625.2
ESTRELA SA               ESTR3 BZ     101429217      -112373470
ESTRELA SA              ESTRON BZ     101429217      -112373470
ESTRELA SA-PREF          ESTR4 BZ     101429217      -112373470
ESTRELA SA-PREF         ESTRPN BZ     101429217      -112373470
MET DUQUE                DUQE3 BZ    75039127.4     -2847420.37
MET DUQUE                MDUON BZ    75039127.4     -2847420.37
MET DUQUE-PREF           DUQE4 BZ    75039127.4     -2847420.37
MET DUQUE-PREF           MDUPN BZ    75039127.4     -2847420.37
WETZEL SA                MWET3 BZ      85449973     -19170318.6
WETZEL SA               MWELON BZ      85449973     -19170318.6
WETZEL SA-PREF           MWET4 BZ      85449973     -19170318.6
WETZEL SA-PREF          MWELPN BZ      85449973     -19170318.6
MINUPAR                  MNPR3 BZ    76619687.5     -91780261.5
MINUPAR SA              MNPRON BZ    76619687.5     -91780261.5
MINUPAR-PREF             MNPR4 BZ    76619687.5     -91780261.5
MINUPAR SA-PREF         MNPRPN BZ    76619687.5     -91780261.5
NOVA AMERICA SA         NOVA3B BZ    21287488.9      -183535526
NOVA AMERICA SA         NOVAON BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVA4B BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVAPN BZ    21287488.9      -183535526
NOVA AMERICA-PRF        1NOVPN BZ    21287488.9      -183535526
NOVA AMERICA SA         1NOVON BZ    21287488.9      -183535526
RECRUSUL                 RCSL3 BZ    25757600.8     -21626049.7
RECRUSUL SA             RESLON BZ    25757600.8     -21626049.7
RECRUSUL-PREF            RCSL4 BZ    25757600.8     -21626049.7
RECRUSUL SA-PREF        RESLPN BZ    25757600.8     -21626049.7
PETRO MANGUINHOS         RPMG3 BZ     140957879      -410925540
PETRO MANGUINHOS        MANGON BZ     140957879      -410925540
PET MANGUINH-PRF         RPMG4 BZ     140957879      -410925540
PETRO MANGUIN-PF        MANGPN BZ     140957879      -410925540
RIMET                    REEM3 BZ     103098359      -185417651
RIMET                   REEMON BZ     103098359      -185417651
RIMET-PREF               REEM4 BZ     103098359      -185417651
RIMET-PREF              REEMPN BZ     103098359      -185417651
SANSUY                   SNSY3 BZ     164647493      -171565662
SANSUY SA               SNSYON BZ     164647493      -171565662
SANSUY-PREF A            SNSY5 BZ     164647493      -171565662
SANSUY SA-PREF A        SNSYAN BZ     164647493      -171565662
SANSUY-PREF B            SNSY6 BZ     164647493      -171565662
SANSUY SA-PREF B        SNSYBN BZ     164647493      -171565662
SNIAFA SA                 SNIA AR    11229696.2     -2670544.86
SNIAFA SA-B              SNIA5 AR    11229696.2     -2670544.86
PILMAIQUEN             PILMAIQ CI     169175281     -28425493.1
BOTUCATU TEXTIL          STRP3 BZ    27663605.3     -7174512.12
STAROUP SA              STARON BZ    27663605.3     -7174512.12
BOTUCATU-PREF            STRP4 BZ    27663605.3     -7174512.12
STAROUP SA-PREF         STARPN BZ    27663605.3     -7174512.12
TECTOY                   TOYB3 BZ    27114628.6     -8215580.95
TECTOY SA               TOYBON BZ    27114628.6     -8215580.95
TECTOY-PREF              TOYB4 BZ    27114628.6     -8215580.95
TECTOY SA-PREF          TOYBPN BZ    27114628.6     -8215580.95
TEC TOY SA-PREF          TOYB5 BZ    27114628.6     -8215580.95
TEC TOY SA-PF B          TOYB6 BZ    27114628.6     -8215580.95
TECTOY                  TOYB13 BZ    27114628.6     -8215580.95
TECTOY-RCPT PF B        TOYB12 BZ    27114628.6     -8215580.95
TEKA                     TEKA3 BZ     313948165      -395261073
TEKA                    TEKAON BZ     313948165      -395261073
TEKA-PREF                TEKA4 BZ     313948165      -395261073
TEKA-PREF               TEKAPN BZ     313948165      -395261073
TEKA-ADR                 TKTPY US     313948165      -395261073
TEKA-ADR                 TKTQY US     313948165      -395261073
F GUIMARAES              FGUI3 BZ    11016542.2      -151840378
FERREIRA GUIMARA        FGUION BZ    11016542.2      -151840378
F GUIMARAES-PREF         FGUI4 BZ    11016542.2      -151840378
FERREIRA GUIM-PR        FGUIPN BZ    11016542.2      -151840378
VARIG SA                 VAGV3 BZ     966298048     -4695211008
VARIG SA                VARGON BZ     966298048     -4695211008
VARIG SA-PREF            VAGV4 BZ     966298048     -4695211008
VARIG SA-PREF           VARGPN BZ     966298048     -4695211008
WIEST                    WISA3 BZ    34107195.1      -126993682
WIEST SA                WISAON BZ    34107195.1      -126993682
WIEST-PREF               WISA4 BZ    34107195.1      -126993682
WIEST SA-PREF           WISAPN BZ    34107195.1      -126993682
ELEC ARG SA-PREF         EASA6 AR     948261051      -148983927
ELEC ARGENT-ADR           EASA LX     948261051      -148983927
ELEC DE ARGE-ADR         1262Q US     948261051      -148983927
LOJAS ARAPUA             LOAR3 BZ    37959788.7     -3613691912
LOJAS ARAPUA            LOARON BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF         LOAR4 BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        LOARPN BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        52353Z US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         3429T US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         LJPSF US    37959788.7     -3613691912
BATTISTELLA              BTTL3 BZ     120474772     -21271905.1
BATTISTELLA-PREF         BTTL4 BZ     120474772     -21271905.1
HOPI HARI SA             PQTM3 BZ     129077627     -2031408.69
HOPI HARI-PREF           PQTM4 BZ     129077627     -2031408.69
PARQUE TEM-DV CM          PQT5 BZ     129077627     -2031408.69
PARQUE TEM-DV PF          PQT6 BZ     129077627     -2031408.69
PARQUE TEM-RT CM         PQTM1 BZ     129077627     -2031408.69
PARQUE TEM-RT PF         PQTM2 BZ     129077627     -2031408.69
PARQUE TEM-RCT C         PQTM9 BZ     129077627     -2031408.69
PARQUE TEM-RCT P        PQTM10 BZ     129077627     -2031408.69
INVERS ELEC BUEN          IEBA AR     239575758     -28902145.8
NEWTEL PARTICIPA        NEWT3B BZ    10517157.2     -10542831.7
NEWTEL PARTICIPA        1NEWON BZ    10517157.2     -10542831.7
MMX MINERACAO            MMXM3 BZ    1223308090      -312940530
TRESSEM PART SA         1TSSON BZ    1223308090      -312940530
CIA PETROLIFERA         MRLM3B BZ     377592596      -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ     377592596      -3014215.1
CIA PETROLIFERA         1CPMON BZ     377592596      -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ     377592596      -3014215.1
PUYEHUE                  PUYEH CI      17878064     -7344408.97
IMPSAT FIBER NET         IMPTQ US     535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET         XIMPT SM     535007008       -17164978
IMPSAT FIBER-CED          IMPT AR     535007008       -17164978
IMPSAT FIBER-C/E         IMPTC AR     535007008       -17164978
IMPSAT FIBER-$US         IMPTD AR     535007008       -17164978
IMPSAT FIBER-BLK         IMPTB AR     535007008       -17164978
VARIG PART EM TR         VPTA3 BZ    49432119.3      -399290357
VARIG PART EM-PR         VPTA4 BZ    49432119.3      -399290357
VARIG PART EM SE         VPSC3 BZ      83017828      -495721697
VARIG PART EM-PR         VPSC4 BZ      83017828      -495721697


                            ***********


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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