TCRLA_Public/150521.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 21, 2015, Vol. 16, No. 099


                            Headlines



A R G E N T I N A

BUENOS AIRES II: Moody's Rates Local Market Bonds at Caa1


B R A Z I L

BANCO DO BRASIL: Profit Rises 24% on Higher Revenue From Lending
BANCO VOTORANTIM: SP Affirms 'BB+/B' Rating; Outlook Stable
BRAZIL: To Cut Spending by Up to $26.5 Billion, Minister Says
HYPERMARCAS SA: Considers Sale, Spin-off of Diaper Unit
JBS S.A.: Meatpacker Soars After China Lifts Beef Embargo

JBS S.A.: S&P Raises CCR to 'BB+' on Strong Cash Flow Generation
LUNA GOLD: Enters Into Second Forbearance Agreement Amendment
TONON BIOENERGIA: S&P Lowers Rating to 'CC' & Puts on Watch Neg.


C A Y M A N  I S L A N D S

ACT INVESTMENT: Creditors' Proofs of Debt Due June 2
FALCON OPHOLDCO: Creditors' Proofs of Debt Due June 10
H&F SENSOR 1: Commences Liquidation Proceedings
H&F SENSOR 2: Commences Liquidation Proceedings
INVESTAR SEMICONDUCTOR: Creditors' Proofs of Debt Due June 1

LATIMER CAYMAN: Creditors' Proofs of Debt Due June 2
PRATT LIMITED: Commences Liquidation Proceedings
R-ONE MASTER: Creditors' Proofs of Debt Due June 12
VOREDA WOODLANDS: Creditors' Proofs of Debt Due June 1


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Tops Region With Q1 Growth of 6.5%


M E X I C O

MEXICO: IDB & CTF Close First Phase of $125MM Financing


U R U G U A Y

NAVIOS LOGISTICS: S&P Revises Outlook to Neg. & Affirms 'B+' CCR


                            - - - - -


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

BUENOS AIRES II: Moody's Rates Local Market Bonds at Caa1
---------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
Caa1 (global scale local currency) and Baa3.ar (Argentina National
Scale) ratings to the Province of Buenos Aires's Series II Local
Market Bonds for up to ARS907.055.000 (in total) to be issued in
two classes. The ratings are in line with the province's long term
local currency issuer ratings, which carry negative outlook.

The 2015 Local Market Bonds Program has been authorized by the
provincial Decree 46/2015 and by Law 14.652 of the Province of
Buenos Aires (2015 Budget Law). The notes to be issued under the
program constitute direct, general, unconditional, secured and
unsubordinated obligations of the province and the maximum amount
to be issued under the program represents less than 1% of total
revenues budgeted for this fiscal year.

The new Series II will be payable in Argentine pesos and sold in
the local capital market. This second Series which consists of two
classes which will have quarterly interest payments. Class I will
mature in 18 months and show bullet amortization in November of
2016, whereas Class II will mature in 24 months --May of 2017- and
will amortize in four equal installments in the last four quarters
of the bond's term.

The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the series under this program deviate from the original
ones submitted and reviewed by the rating agency, Moody's will
assess the impact that these differences may have on the ratings
and act accordingly.

Given the negative outlook on the issuer ratings, Moody's does not
expect upward pressures in the Province of Buenos Aires's ratings
in the near to medium term. However, a change in Argentina's
sovereign outlook back to stable could lead to a change in the
outlook back to stable of the Province of Buenos Aires.
Conversely, a sharp deterioration of the Province of Buenos
Aires's financial results, coupled with higher debt levels could
add downward pressure to the assigned ratings. The province of
Buenos Aires could also be downgraded if the negative outlook on
the sovereign rating materializes into a rating downgrade.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

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


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


BANCO DO BRASIL: Profit Rises 24% on Higher Revenue From Lending
----------------------------------------------------------------
Francisco Marcelino at Bloomberg News reports that Banco do Brasil
SA said first-quarter profit rose 24 percent, matching analysts'
estimates, as revenue from lending and its insurance business
increased.

Adjusted net income, which excludes one-time items, climbed to
BRL3.03 billion ($995 million) from BRL2.44 billion a year
earlier, the Brasilia-based lender said in a regulatory filing,
according to Bloomberg News.

That was in line with the 3.02 billion-real estimate of eight
analysts surveyed by Bloomberg.

Banco do Brasil, led by Chief Executive Officer Alexandre Abreu,
boosted lending revenue as the central bank raised interest rates
to control inflation, Bloomberg News notes.  The Selic benchmark
rate rose 2 percentage points to 12.75 percent at the end of first
quarter from the same period of last year, Bloomberg News relates.

Banco do Brasil's net interest income, or revenue from interest
earned on assets compared with payments to depositors, climbed 18
percent to BRL14 billion in the first quarter from a year earlier,
Bloomberg News says.

The bank also benefited from gains at its BB Seguridade
Participacoes SA insurance unit, Bloomberg News discloses.  That
business, in which the bank has a stake of about 66 percent, said
that profit surged on life and home insurance sales, Bloomberg
News notes.  Net income rose to BRL5.82 billion from BRL2.68
billion.

Results got a boost from a one-time gain of BRL3.21 billion
related to the credit-card joint venture Banco do Brasil agreed to
form with Cielo SA in November, notes the report.

Banco do Brasil rose 14 percent this year through May 13, compared
with 13 percent for the Ibovespa benchmark index, reports
Bloomberg News.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2014, Standard & Poor's Ratings Services has raised its rating
on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative
subordinated bonds to 'BB-' from 'B+'.  In addition, S&P affirmed
its 'BB' rating on the bank's $500 million 10-year subordinated
deferrable notes.  In addition, S&P removed its "Under Credit
Observation" identifier from the ratings on these instruments.


BANCO VOTORANTIM: SP Affirms 'BB+/B' Rating; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'brAA+/brA-1' Brazilian national scale ratings on Banco
Votorantim S.A. (BV).  The outlook remains stable.  BV's stand-
alone credit profile (SACP) remains at 'bb'.

Based on S&P's group rating methodology for banks, it views BV as
a "moderately strategic" subsidiary to Votorantim group.  The
global scale issuer credit rating on BV is one notch higher than
its SACP, reflecting S&P's expectation of support from its
controlling shareholder.  Grupo Votorantim (Votorantim
Participacoes S.A.; BBB/Stable/--) owns 50.01% of BV and Banco do
Brasil (BdB; foreign currency: BBB-/Stable/A-3; local currency:
BBB-/Stable/--) owns the remainder.

S&P views BV's business profile as "adequate," which reflects its
position as the country's eighth-largest bank in terms of loans
with a 1.7% market share and 10th-largest in terms of assets with
a 1.3% share and a large player in the used vehicle financing
segment.  It also incorporates BV's improved business stability
due to its focus on segments in which the bank has competitive
advantages and expertise, and in origination standards after
losses in 2010-2013, especially in the financing of new vehicles.

S&P's "moderate" assessment of BV's capital and earnings reflects
its expectation that the projected risk-adjusted capital ratio
will remain at moderate levels (5.2%-5.7%) in the next two years
even if stagnant economy causes credit losses to rise.

Despite significant improvements in underwriting standards and
processes, and the calibration in risk appetite that reduced
credit losses, S&P still considers the bank's risk position as
"moderate" until its asset quality metrics align with those of its
domestic peers.  In S&P's view, weaker economy could delay
improvement in asset quality.

S&P views BV's funding as "average" and its liquidity "adequate,"
mainly based on BdB's ongoing support.  The bank's funding mostly
comes from wholesale deposits, which S&P views as less stable than
retail deposits.  However, S&P views BdB's 50% stake as beneficial
for BV because it has a R$7 billion contingency credit facility
with BdB.


BRAZIL: To Cut Spending by Up to $26.5 Billion, Minister Says
-------------------------------------------------------------
EFE News reports that Brazil plans to cut spending by between
BRL70 billion and BRL80 billion ($23.18 billion and $26.5 billion)
as part of budget adjustment measures, Finance Minister Joaquim
Levy said.

The exact amount hinges on congressional approval of the fiscal
adjustment measures proposed by the government to balance the
budget and achieve the primary surplus goal of 1.2 percent of the
gross domestic product (GDP), Mr. Levy said, according to EFE
News.

"We don't know what the outcome is going to be in Congress. That
is why we are looking at different options," Mr. Levy said after
meeting with Vice President Michel Temer, the report relates.

An official announcement on the final size of the cuts is expected
later this week, when the Senate votes on some adjustment
measures, including one limiting access to unemployment benefits,
approved by the lower house of Congress, the report says.

The Brazilian government wants to cut public spending after
finishing 2014 with a primary budget deficit of BRL32.53 billion
($10.77 billion), marking the first red ink in 13 years, the
report discloses.

Officials have defended the spending cuts on numerous occasions,
saying they were necessary to jump-start economic growth, the
report notes.

Brazil's GDP grew by just 0.10 percent in 2014 and official
projections call for 1 percent growth this year, the report adds.


HYPERMARCAS SA: Considers Sale, Spin-off of Diaper Unit
-------------------------------------------------------
Reuters reports that Hypermarcas SA is considering the sale or
spin-off of a unit that manufactures diapers, in an effort to
sharpen the company's focus on healthcare and pharmaceuticals.

The Sao Paulo-based company hired financial advisors from an
undetermined number of investment banks to find alternatives for
the diaper unit, which could include a spin-off, partnerships or
even involve an asset sale, according to a securities filing on
May 7.  The diaper unit has revenue of BRL858 million ($283
million) last year, the filing added, Reuters says.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 23, 2014, Fitch Ratings has affirmed these ratings of
Hypermarcas S.A.'s (Hypermarcas):

   -- Long-term foreign currency Issuer Default Rating (IDR) at
      'BB+';
   -- Long-term local currency IDR at 'BB+';
   -- Senior unsecured notes due in 2021 at 'BB+';
   -- Long-term national scale rating at 'AA(bra)';
   -- Third debentures issuance at 'AA(bra)';

The Rating Outlook for the corporate ratings is revised to
Positive from Stable.


JBS S.A.: Meatpacker Soars After China Lifts Beef Embargo
---------------------------------------------------------
Gerson Freitas Jr. at Bloomberg News report that JBS SA surged
after China officially removed an embargo on beef imports from
Brazil, the world's biggest beef exporter.  Marfrig Global Foods
SA and Minerva SA also posted strong gains, according to Bloomberg
News.

JBS jumped 4.3 percent to BRL16.9 on May 20, at the close in Sao
Paulo, the second-most of companies on Brazil's benchmark Ibovespa
index, Bloomberg News relays.  Marfrig rose 3.2 percent while
Minerva, which isn't on the Ibovespa, increased 6.4 percent,
Bloomberg News discloses.

Premier Li Keqiang disclosed that China will resume beef imports
from Brazil that had been suspended since December 2012 after a
cow tested positive for mad-cow disease, Brazil's government said
in an e-mailed statement, Bloomberg News says.

China's government will probably allow beef exports from 26 Brazil
plants by June, which could represent about $520 million in sales,
Bloomberg News relays.

JBS has immediate clearance for exports from five plants, followed
by Marfrig, with two plants, and Minerva, with one, beef exporter
group Abiec's Antonio Camardelli told Bloomberg by phone.

China beef imports totaled 16,480 tons in 2012, accounting for
less than 2 percent of total exports from Brazil, Bloomberg News
relays.  Hong Kong emerged as Brazil's second-largest beef buyer
last year, representing about 20 percent of shipments, Bloomberg
News adds.


JBS S.A.: S&P Raises CCR to 'BB+' on Strong Cash Flow Generation
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale
corporate credit and issue-level ratings on JBS S.A. and its
subsidiary, JBS USA, to 'BB+' from 'BB'.  At the same time, S&P
raised its national scale rating to 'brAA+' from 'brAA'.  The
outlook for all corporate ratings remains positive.

The upgrades reflect JBS' stronger EBITDA margins and cash flow
generation, which resulted in significant debt reduction in the
past few quarters despite acquisitions of Primo Smallgoods, Tyson
Foods Inc.'s Mexican poultry business (still pending), and Grupo
Big Frango, all of which totaled about R$5 billion.  The credit
metrics would have been even stronger if JBS didn't pay the
special dividend of R$1.1 billion in first quarter 2015, which the
company funded with cash reserves at its subsidiary, Pilgrim's
Pride Corp. (PPC).

JBS's margins rose at all of its subsidiaries thanks to low grain
prices, the recovery of the cattle availability in the U.S., the
higher competitiveness due to the Brazilian Real's devaluation,
the synergies from previous acquisitions, and overall higher
demand for protein, mainly from Asia.  Only JBS Mercosul posted
somewhat lower margins as a result of lower cattle availability in
the region.  Nevertheless, the company's strong geographic and
portfolio diversification and economies of scale as the largest
global protein processor should mitigate earnings volatility.
These factors underpin JBS's "satisfactory" business risk profile.


LUNA GOLD: Enters Into Second Forbearance Agreement Amendment
-------------------------------------------------------------
Luna Gold Corp. on May 15 disclosed that it has entered into a
second amendment to the forbearance agreement dated March 5, 2015,
as amended May 1, 2015 with Societe Generale, Mizuho Bank, Ltd.
and the other parties to the Company's February 15, 2013 credit
agreement, as amended, as discussed in the company's news releases
dated March 5, 2015 and May 1, 2015.

Under the terms of the Second Amended Forbearance Agreement, the
Finance Parties will refrain from exercising any rights or
remedies that they may have under the Credit Agreement or
otherwise in respect of the Company's covenant breach and any
subsequent default by the Company until July 1, 2015, unless a
breach of the Second Amended Forbearance Agreement occurs or a
further breach of the Credit Agreement occurs, or if the
previously announced investment by Pacific Road Capital II Pty
Limited and its affiliates is terminated.  If Luna remains in
default under its covenants under the Credit Agreement and the
Second Amended Forbearance Agreement is not further extended, the
Finance Parties would be entitled to exercise any of their rights
under the Credit Agreement.  There can be no assurances that the
Company will remedy the default or further extend the forbearance.
If all outstanding obligations under the Credit Agreement are not
paid in full by the end of the Forbearance Period, Luna must pay
an extension fee of $50,000.

                      About Luna Gold Corp.

Luna is a gold production and exploration company engaged in the
operation, discovery, and development of gold projects in Brazil.


TONON BIOENERGIA: S&P Lowers Rating to 'CC' & Puts on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services downgraded Tonon Bioenergia
S.A. (Tonon) to 'CC' from 'CCC+'.  At the same time, S&P lowered
its senior secured debt rating to 'CC' from 'CCC+' and its
unsecured debt rating to 'C' from 'CCC'.  S&P also placed all
ratings on CreditWatch with negative implications.

The downgrade reflects that Tonon has missed its interest payment
on its 2024 senior secured debt due May 14, 2015.  The notes'
indenture establishes a 30-day grace period for the payment.  S&P
believes the company may initiate a restructuring process.
However, prospects for full payment under contractual obligations
before the remedy period ends remain uncertain.

The negative CreditWatch listing reflects the possibility that the
company could fail to meet the coupon payment on its $230 million
senior secured debt before the 30-day grace period comes due.  If
this occurs, S&P would downgrade the company to 'D'.  If the
company pays its secured debt interest payment before the grace
period ends, S&P could raise the credit rating to 'CCC',
reflecting continuing threats to credit quality.


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


ACT INVESTMENT: Creditors' Proofs of Debt Due June 2
----------------------------------------------------
The creditors of ACT Investment Ltd. are required to file their
proofs of debt by June 2, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 20, 2015.

The company's liquidator is:

          Delio Jose De Leon Mela
          Salduba Building
          Top Floor, East 53rd Street
          Urbanizacion
          Panama City
          Telephone: (507) 269-2641
          Facsimile: (507) 263-8079


FALCON OPHOLDCO: Creditors' Proofs of Debt Due June 10
------------------------------------------------------
The creditors of Falcon Opholdco 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 liquidation proceedings on April 24, 2015.

The company's liquidator is:

         Stuart Sybersma
         c/o Marcin Czarnocki
         Deloitte & Touche
         Citrus Grove Building, 4th Floor
         Goring Avenue George Town KY1-1109
         Cayman Islands
         Telephone: +1 (345) 814 2228
         Facsimile: +1 (345) 949 8258


H&F SENSOR 1: Commences Liquidation Proceedings
-----------------------------------------------
On April 28, 2015, the sole shareholder of H&F Sensor Cayman 1
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:

          Arrie Park
          H&F Corporate Investors VI (Cayman), Ltd.
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


H&F SENSOR 2: Commences Liquidation Proceedings
-----------------------------------------------
On April 28, 2015, the sole shareholder of H&F Sensor Cayman 2
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:

          Arrie Park
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman, KY1-9005
          Cayman Islands


INVESTAR SEMICONDUCTOR: Creditors' Proofs of Debt Due June 1
------------------------------------------------------------
The creditors of Investar Semiconductor Development Fund, Inc.
(II) LDC are required to file their proofs of debt by June 1,
2015, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2015.

The company's liquidators are:

          Susan Craig
          Lorna Carroll
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LATIMER CAYMAN: Creditors' Proofs of Debt Due June 2
----------------------------------------------------
The creditors of Latimer Cayman I Limited are required to file
their proofs of debt by June 2, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 28, 2015.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


PRATT LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On March 3, 2015, the shareholders of Pratt 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:

          Delta FS Limited
          c/o Andrew Edgington
          Telephone: (345) 743 6630
          Harbour Place, 5th Floor
          103 South Church Street
          P.O. Box 11820 Grand Cayman KY1-1009
          Cayman Islands


R-ONE MASTER: Creditors' Proofs of Debt Due June 12
---------------------------------------------------
The creditors of R-One Master Holdings 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 28, 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


VOREDA WOODLANDS: Creditors' Proofs of Debt Due June 1
------------------------------------------------------
The creditors of Voreda Woodlands Holdco Limited are required to
file their proofs of debt by June 1, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 28, 2015.

The company's liquidator is:

          Ian Robert
          Kingston Smith & Partners LLP
          Devonshire House
          60 Goswell Road
          London EC1M 7AD
          United Kingdom


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


* DOMINICAN REPUBLIC: Tops Region With Q1 Growth of 6.5%
--------------------------------------------------------
Dominican Today reports that Dominican Republic's economy grew
6.5% in the first quarter this year, Central Banker Hector Valdez
said on the bank's website.

"The revitalization of economic activity and accumulated demand
predicts a GDP growth of around 6.5%," Mr. Valdez said, citing
expansion for the period in sectors such as construction (14.9%)
and retail (10.6%), according to Dominican Today.

Mr. Valdez said the 6.5% growth in the first quarter made the
Dominican Republic the region's economic leader, beating Panama
(5.1%), Guatemala (4.4%), Honduras (3.4%), Nicaragua (2.8%) ,
Chile (2.4%), Mexico (2.3%), Costa Rica (2.1%), Peru (1.7%),
Ecuador (1.0%), among others, the report notes.

The Central banker added that first quarter inflation was 0.16%,
the report adds.


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


MEXICO: IDB & CTF Close First Phase of $125MM Financing
-------------------------------------------------------
The Inter-American Development Bank (IDB) and the Clean Technology
Fund (CTF) have closed the first phase of a $125 million financing
for energy efficiency projects developed by Mexican energy service
companies (ESCOs) through the issuance of green bonds in the local
capital markets.

Estimates by Mexico's National Program for Sustainable Energy Use
(PRONASE), predict potential savings in final energy consumption
resulting from the implementation of energy efficiency mechanisms
ranging from 34,800 to 40,500 GWh by the year 2025.  Despite the
important role played by ESCOs in the energy efficiency market in
Mexico, the funding sources they have been able to tap for such
projects are usually limited, expensive, and have very short
terms, which at times makes financing unfeasible.

In the first phase of this unique transaction, the IDB financing
is structured as a warehouse line for up to $50 million in order
to accumulate a portfolio of standardized energy efficiency
receivables from two ESCOs--ECON Soluciones Energeticas
Integrales, S.A.P.I de C.V. (ECON) and Veolus Energia y Gesti¢n
Tecnica S.A. de C.V. (VEOLUS). Those investments will then be
securitized in a second phase though the issuance of green bonds
in the local debt capital markets. The transaction is also
mobilizing $19 million in resources from the Clean Technology Fund
(CTF), in the form of guarantees for the portfolio of projects.

"This innovative transaction underscores how the IDB can achieve a
triple bottom line contributing not only to closing the long-term
financing gap for ESCOs in developing energy efficiency projects
in Mexico, but also promoting the efficient use of energy and
reducing GHG emissions, and lastly, preparing the development of a
new asset class in the debt capital markets, in Mexico, the region
and the rest of the world," said Gema Sacrist n, Chief of the
IDB's Financial Markets Division.

This financing scheme provides long-term resources supporting the
ESCOs' commitment to develop small-scale (less than 5 MW) energy
efficiency projects, allowing them to promote the highest
standards and responsible energy consumption in the energy sector.

Samuel Reyes, CEO of ECON, said, "We are proud to partner with the
IDB in this first-of-its-kind program and look forward to similar
transactions in the future that will allow us to achieve our
financial and environmental mission."

Francisco Torres, CEO of VEOLUS, said, "We are pleased with this
transaction as it supports our business strategy to promote energy
efficiency projects."


=============
U R U G U A Y
=============


NAVIOS LOGISTICS: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Navios
South American Logistics (Navios Logistics) to negative from
stable.  At the same time, S&P affirmed its 'B+' corporate credit
and issue-level ratings on the company.

The outlook revision reflects the company's higher leverage
metrics due to lower-than-expected EBITDA generation amid
weakening volumes and an aggressive investment program.  The
negative outlook on Navios also mirrors the outlook on its parent
company because S&P believes the group's credit quality ultimately
limits the one on the subsidiary.

S&P continues to consider Navios Logistics as a "strategically
important" subsidiary of Navios Maritime Holdings Inc. (Navios
Holdings; B+/Negative/--).  The subsidiary plays a key role in the
group's strategy to diversify revenues and take advantages of
existing growth opportunities in South America due to the still
undeveloped shipping industry.

The ratings on Navios Logistics continue to reflect its efficient
operations despite its small scale, thanks to long-term contracts
that somewhat protects the company against the volatility in
volumes and prices inherent to the logistics industry in the
Hidrovia River system.  The company's efforts to expand its scale
and diversification of services have pushed up debt in recent
years.  Leverage metrics should remain weak until Navios Logistics
completes the expansion of its port terminal in Uruguay.


                            ***********


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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