TCRLA_Public/150601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, June 1, 2015, Vol. 16, No. 106


                            Headlines



A N T I G U A  &   B A R B U D A

* ANTIGUA & BARBUDA: To Finalize $40MM Housing Loan With Mexico


B R A Z I L

BANCO MERCANTIL: S&P Cuts LT Global Scale Rating to 'B-'
PETROLEO BRASILEIRO: No Plans to Sell Stake in Gas Station Network


C A Y M A N  I S L A N D S

AEM SELECT: Creditors' Proofs of Debt Due June 16
CALEDONIAN GLOBAL: Commences Liquidation Proceedings
CHEYNE ABI: Creditors' Proofs of Debt Due June 5
GGI SRI: Creditors' Proofs of Debt Due June 16
ML KNIGHT 2003: Creditors' Proofs of Debt Due June 16

ML KNIGHT HOLDING: Creditors' Proofs of Debt Due June 16
ML KNIGHT INVESTOR: Creditors' Proofs of Debt Due June 16
TIGER GLOBAL XIII: Creditors' Proofs of Debt Due June 5
TIGER GLOBAL XIV: Creditors' Proofs of Debt Due June 5


C O S T A   R I C A

* COSTA RICA: Dominican Republic Eyes Sweeping Agreements


D O M I N I C A N   R E P U B L I C

MESTENIO LTD: S&P Raises Rating on US$488.35MM Notes to 'BB-'
* DOMINICAN REPUBLIC: Coal-Fired Plants Nonnegotiable, Chief Says


J A M A I C A

JAMAICA: Government to Cut Local Borrowing


M E X I C O

BANCO MONEX: S&P Affirms 'BB+/B' Global Rating; Outlook Stable


P E R U

FERREYCORP S.A.A.: S&P Affirms 'BB+' CCR; Outlook Remains Stable


T R I N I D A D  &  T O B A G O

PETROTRIN: Conducts Emergency Response Drill at Refinery


X X X X X X X X X

* BOND PRICING: For the Week From May 25 to May 29, 2015


                            - - - - -



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


* ANTIGUA & BARBUDA: To Finalize $40MM Housing Loan With Mexico
---------------------------------------------------------------
Amar Spencer at the Daily Observer reports that as government goes
through the necessary channels to access promised funding for its
flagship housing project, a team will be journeying to Mexico in
the near future to conclude negotiations on a promised US$40
million loan to facilitate the venture.

"We are going to send a delegation off to Mexico shortly,"
Government's Chief of Staff Lionel "Max" Hurst said on the edition
of OBSERVER AM, according to the Daily Observer.

"This is one of the prerequisites," Mr. Hurst said.  "We knew it
would come in the latter part of the year and so we planned around
that," Mr. Hurst added.

This development comes months after Prime Minister Gaston Browne
announced that the Mexican government agreed, in principle, to
provide a US$40 million loan and a US$5 million grant for the
project, the report relates

The loan, which will have a 10-year moratorium with an interest
rate of 3 per cent per annum, will run for 40 years, Hurst
explained, the report notes.  Thus, Mr. Hurst continued, once the
funds are disbursed later this year, the repayments will begin in
2025, the report says.

Meantime, in providing an update on the progression of the
construction of the homes to date, Hurst revealed that work has
begun on the twentieth of the planned 62 homes located in the
Dredge Bay area, the report discloses.  However, Mr. Hurst did not
specify whether the other 19 homes have been completed, the report
says.

The chief of staff also highlighted that the estimated cost of
homes in the area was determined during the Cabinet meeting, the
report relays.  The cost for a two-bedroom house is estimated to
be EC$170,000, while EC$181,000 is the price tag attached to a
three-bedroom home, and a four-bedroom dwelling is set at
EC$210,000, the report adds.


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


BANCO MERCANTIL: S&P Cuts LT Global Scale Rating to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
and short-term global-scale ratings on Banco Mercantil do Brasil
S.A. (BMB) to 'B-' and 'C', respectively, from 'B' and 'B'.  At
the same time, Standard & Poor's lowered its national-scale rating
on the bank to 'brB+' from 'brBB-'.  The outlook is stable.

"The rating action follows the continued weakening of BMB's asset-
quality metrics to levels that are worse than the peer average,"
said Standard & Poor's credit analyst Guilherme Machado.  This is
largely because of the bank's exposure to loans to small and
medium-size enterprises (SMEs), which tend to be more affected by
challenging economic conditions than larger organizations.
Standard & Poor's bases the ratings on BMB's "moderate" (as its
criteria define the term) business position, "weak" capital and
earnings, "weak" risk position, "below-average" funding, and
"adequate" liquidity.

Brazil's economic risk reflects its low GDP per capita levels and
only modest growth prospects that limit household debt capacity
and the country's ability to withstand economic downturns.
Brazil's economic growth prospects weakened in 2014 while its
fiscal debt burden remains high.  S&P believes likely economic
contraction will take its toll on banks, which in S&P's view will
move into a correction phase in the next 12 to 18 months.  Such a
scenario would prompt a reversal in the recent improvement in
asset quality and profitability.  Therefore, S&P assess its
economic risk trend as negative.  While large and most midsize
banks are well-prepared to weather weak economic prospects, S&P
believes some medium and smaller banks will face significant
credit losses.

The stable outlook reflects S&P's view that the bank has sound
liquidity and the capacity to meet its financial commitments on
its obligations even in the event of adverse business, financial,
or economic conditions.  Furthermore, S&P anticipates that the
bank's shareholders will continue to support it with capital
injections, if needed, to keep its Basel III ratio above 12%.

S&P could lower the rating if BMB's liquidity weakens or if its
capital ratios fall below local regulatory minimums.

An upgrade would most likely follow significant and consistent
improvement in the bank's asset quality or its RAC ratio
increasing to more than 5%.


PETROLEO BRASILEIRO: No Plans to Sell Stake in Gas Station Network
------------------------------------------------------------------
EFE News reports that Brazilian state-controlled oil company
Petroleo Brasileiro S.A. said that the $13.7 billion divestment
program it unveiled two months ago does not include plans to sell
a stake in its service station network.

"There's no divestment decision related to the asset Petrobras
Distribuidora (aka BR)" Petrobras said in a statement in response
to press reports indicating it planned to sell that unit to ease
financial problems stemming from a massive corruption scandal,
according to EFE News.

Petrobras plans to sell a stake of between 10 percent and 30
percent in BR through a share sale on the Sao Paulo Stock Exchange
to raise the cash needed to fund its operations, Rio de Janeiro
daily O Globo reported, the report relates.

BR is Brazil's largest distributor and marketer of petroleum
derivatives and biofuels, with a 30 percent market share, and has
a network of nearly 7,900 service stations nationwide.

Petrobras' divestment program, which it says it will carry out
between 2015 and 2016, has fueled a great deal of speculation,
although this is the first time the company has expressly denied
one of those reports, the report discloses.

The company has also reportedly been contemplating a partial sale
of its concessions in the pre-salt region, a massive deep-water
oil frontier that could eventually turn Brazil into a major crude
exporter, the report notes.

The divestment program is part of Petrobras' strategy to raise
capital after being virtually shut out of the bond market in
recent months due to the corruption scandal, the report says.

Prosecutors are investigating allegations that leading Brazilian
construction companies formed a cartel to overcharge the oil
giant, splitting the extra money with corrupt Petrobras officials
while setting aside some of the loot to pay off politicians who
provided cover for the graft, the report discloses.

In April, the state-controlled company wrote off $2 billion in
bribery-related costs, the report says.

The credibility blow stemming from the scandal has severely
hindered Petrobras' access to debt financing, forcing the company
to scale back its investment plans in the coming years and causing
its share price to plunge, although its market value has recovered
somewhat in recent weeks, the report adds.

                  About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


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


AEM SELECT: Creditors' Proofs of Debt Due June 16
-------------------------------------------------
The creditors of AEM Select Fund, Ltd. are required to file their
proofs of debt by June 16, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 7, 2015.

The company's liquidator is:

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


CALEDONIAN GLOBAL: Commences Liquidation Proceedings
----------------------------------------------------
On April 2, 2015, the sole shareholder of Caledonian Global
Financial Services Inc. resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

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


CHEYNE ABI: Creditors' Proofs of Debt Due June 5
------------------------------------------------
The creditors of Cheyne Abi Fund Inc. are required to file their
proofs of debt by June 5, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 17, 2015.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814-9255
          Facsimile: (345) 949-4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


GGI SRI: Creditors' Proofs of Debt Due June 16
----------------------------------------------
The creditors of GGI SRI, Ltd. are required to file their proofs
of debt by June 16, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 8, 2015.

The company's liquidator is:

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


ML KNIGHT 2003: Creditors' Proofs of Debt Due June 16
-----------------------------------------------------
The creditors of ML Knight 2003 Investor Corp. are required to
file their proofs of debt by June 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2015.

The company's liquidator is:

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


ML KNIGHT HOLDING: Creditors' Proofs of Debt Due June 16
--------------------------------------------------------
The creditors of ML Knight 2003 Holding Corp. are required to file
their proofs of debt by June 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2015.

The company's liquidator is:

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


ML KNIGHT INVESTOR: Creditors' Proofs of Debt Due June 16
---------------------------------------------------------
The creditors of ML Knight 2003 Investor Corp. are required to
file their proofs of debt by June 16, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 11, 2015.

The company's liquidator is:

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


TIGER GLOBAL XIII: Creditors' Proofs of Debt Due June 5
-------------------------------------------------------
The creditors of Tiger Global PIP V China Holdings XIII, Ltd. are
required to file their proofs of debt by June 5, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2015.

The company's liquidator is:

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


TIGER GLOBAL XIV: Creditors' Proofs of Debt Due June 5
------------------------------------------------------
The creditors of Tiger Global Pip V China Holdings XIV, Ltd. are
required to file their proofs of debt by June 5, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2015.

The company's liquidator is:

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


===================
C O S T A   R I C A
===================


* COSTA RICA: Dominican Republic Eyes Sweeping Agreements
---------------------------------------------------------
Dominican Today reports EFE said that Costa Rica Foreign Minister
Manuel Gonzalez Sanz arrived in the Dominican Republic capital to
take part in a bilateral meeting when he'll sign several
agreements and meet with president Danilo Medina and Dominican
Foreign minister Andres Navarro.

Minister Gonzalez attends the Costa Rica-Dominican Republic
Bilateral Meeting to discuss trade, investment and others topics
and sign agreements in education, technical, financial, economic,
scientific and cultural cooperation, according to Dominican Today.

The agreement on education seeks to create regular contacts and
cooperation to develop education through the Dominican Foreign
Ministry's Higher Education in Diplomatic and Consular Training
Institute, with its Costa Rica counterpart, the report discloses.

The second agreement between San Jose's and Santo Domingo's
Economy ministries aims to promote programs and projects in areas
of joint interest, based on priorities in their national
development strategies and policies, the report says.

In a statement, the Dominican Foreign Ministry said the agreement
will promote joint technology development projects linking think
tanks with industrial entities, involving even regional and
multilateral organizations, the report relates.


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


MESTENIO LTD: S&P Raises Rating on US$488.35MM Notes to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Mestenio
Ltd.'s US$488.35 million Dominican Republic pass-through notes
series 1 to 'BB-' from 'B+'.

Mestenio Ltd.'s series 1 is a repackaged transaction backed by 10
promissory notes with a five-year maturity totaling $488.35
million issued by the Dominican Republic's Ministry of Finance.
The promissory notes are direct, unconditional, unsubordinated,
and unsecured obligations of the Dominican Republic, and are
backed by the full faith and credit of its federal government.

The transaction's structure is intended as a "pass through" of the
credit risk of the promissory notes, in which investors will
receive all principal and interest payments derived from the
underlying securities on a monthly basis.  Moreover, it includes a
reserve account that covers six months of the 10% withholding tax
that may be applied in connection with interest payments the
Dominican Republic makes under the underlying securities.  Based
on an expenses-paying agency agreement between the issuer and
Merrill Lynch International ('A/Stable/A-1'), the latter will
cover all of the trust's expenses.  In addition, the issuer has
entered into a separate reserve account funding agreement with
Merrill Lynch, Pierce, Fenner & Smith ('A/Stable/A-1'), which will
cover any potential withholding tax on the underlying assets up to
10%.

As a result, S&P considers the key risk for the series 1 notes to
be the Dominican Republic's sovereign credit risk and, based on
S&P's global criteria for rating repackaged securities, it weak-
linked its rating on the notes to the lowest rating on the above-
mentioned participants, i.e., to S&P's 'BB-' sovereign credit
rating on the Dominican Republic.

The rating action follows the May 20, 2015, upgrade of S&P's long-
term sovereign credit rating on the Dominican Republic to 'BB-'
from 'B+'.

The upgrade reflects S&P's assessment of the country's improved
monetary policy.

In 2012, the central bank became operationally independent and
moved to an inflation-targeting regime, improving its policy track
record.  Inflation has averaged 3.1% since then, near the central
bank's target.  The central bank has allowed the Dominican
Republic peso to float more freely, although like many central
banks, it intervenes in the market to smooth volatility.  That
said, ongoing quasi-deficits of the central bank and the low level
of private-sector domestic credit (25% of GDP in 2014) dull the
monetary transmission mechanism.

An improved fiscal stance is another reason for S&P's upgrade.
The Dominican Republic's fiscal deficit has declined during the
past several years, the increase in debt has slowed, and debt
management continues to strengthen.  The general government
deficit fell to 4.5% of GDP in 2014 from 8% in 2012, which had
reflected a run-up in preelection spending. President Danilo
Medina's administration has been able to reduce the deficit while
increasing social expenditures following a tax rate hike in 2013
and higher mining royalties (owing in part to renegotiating its
contract with Barrick Gold), as well as cuts in capital
expenditures. Increased social spending has focused on its "4% of
GDP for education program."

The stable outlook is based on S&P's assumption that over the next
year, the government will contain any preelection fiscal slippage
and the debate about the immediate presidential reelection will
not disrupt the economy.

S&P will continue to surveil the rating on this asset-backed
transaction and revise the rating as necessary to reflect any
changes in the transaction's underlying credit quality.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard and Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Mestenio Ltd.
US$488.35 million Dominican Republic pass-through notes
                                              Ratings
Class          Identifier         To                 From
Series 1       XS1142330304       BB-                B+


* DOMINICAN REPUBLIC: Coal-Fired Plants Nonnegotiable, Chief Says
-----------------------------------------------------------------
Dominican Today reports that the two 752 MW coal-fired plants
being built at Punta Catalina, Bani (south) aim to meet the demand
and offer customers cheap energy as the government's non-
negotiable commitment, the CEO of Dominican Republic's State-owned
electric utility (CDEEE) affirmed.

Ruben Jimenez Bichara also refuted the National Business Council's
(Conep) demand that the private sector manage the plants, calling
it a project to solve the country's electrical problem that
society as a whole must support, for which its cost-benefit cannot
be put at risk, according to the report.

"There'll always be proposals but what must be clear is our
commitment to the purpose for a power project which is cheap and
can meet demand levels has been considered, that the electricity
subsidy of (US$) 500 million can be dismantled and that cannot be
negotiated," the official said, the report relays.

"The production of cheap energy from coal plants is a non-
negotiable commitment for the Government, whose cost and benefit
to be produced from that moment, cannot be compromised. That
cannot be negotiated at any time and that's a commitment we have
with the government and with my team," the official said in
meeting with journalists and opinion leaders at El Lago
restaurant, on Anacaona Av, the report discloses.


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


JAMAICA: Government to Cut Local Borrowing
------------------------------------------
RJR News reports that for the first time in many years the
government of Jamaica will be paying out money borrowed in
previous years and not re-borrowing it.

Finance Minister Dr. Peter Phillips made the disclosure on May 27,
saying this action will bring about lower interest rates in the
economy, according to RJR News.

"When we make the pay-outs -- and there is J$62 billion due to be
paid out early next year -- the government is not going to be
going into the market to borrow it back," Dr. Phillips declared,
the report notes.

Dr. Phillips said this restraint on the part of the government
will "constitute a further pressure to lower interest rates," the
report relays.

The report notes that Dr. Phillips said this will cause banks "to
learn to get into banking again, rather than simply waiting on the
government to borrow their funds."

In that regard, he said they will "have to make estimates of risks
and learn to estimate risks again," the report adds.


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


BANCO MONEX: S&P Affirms 'BB+/B' Global Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'mxA+/mxA-1' national scale ratings on Banco Monex S.A.
S&P also affirmed its 'mxA+/mxA-1' ratings on Monex Casa de Bolsa,
S.A.  The outlook on both scales remains stable.

S&P's overall view of Banco Monex's business position continues to
be "moderate," reflecting its business concentration in FX trading
and the small market share of its loan portfolio in the Mexican
banking system.  S&P's assessment of Banco Monex's capital and
earnings remains "strong," based on S&P's forecasted RAC ratio of
10.4% on average in the next two years.  The MXN200 million
capital contribution in the last quarter of 2014 helped compensate
for the higher-than-expected loan growth for that year and
maintained the RAC at strong levels.  S&P expects internal capital
generation in the next two years to compensate for double-digit
loan portfolio growth, even with current dividend payments.  Due
to Banco Monex's single-name concentrations and lack of a longer
track-record of asset-quality behavior of recent loan
originations, S&P assess its risk position as "moderate."  In
S&P's opinion, Banco Monex's funding is "below average,"
reflecting a narrower funding structure compared with the banking
industry's, a concentrated deposit base, and low stable funding
ratio.  Liquidity remains "adequate," in S&P's opinion.


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


FERREYCORP S.A.A.: S&P Affirms 'BB+' CCR; Outlook Remains Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit and issue-level ratings on Ferreycorp S.A.A.  The outlook
on the corporate credit rating remains stable.

"Our "fair" business risk profile reflects the company's solid and
established relationship with Caterpillar Inc. (A/Stable/A-1) as
Peru's sole distributor of the manufacturer's machinery and
equipment, its leading market position in the domestic capital
goods market, extensive product portfolio with strong brand
recognition, and its diversified end markets and client base.  It
also reflects the company's long track record and expertise in
delivering premium quality after-sale services, which are critical
to Caterpillar's global business model.  Ferreycorp's
profitability has been relatively steady over the years, and we
expect EBITDA margin to remain at about 11% over the next few
years.  The company's business risk profile also incorporates its
exposure to the construction sector and cyclical and resource-
based industries, such as energy and mining.  Moreover,
Ferreycorp's geographic diversification remains limited when
compared to global players in the industry because it generates
about 89% of its sales in Peru.  Although S&P expects a gradual
geographic diversification and further consolidation in Latin
America, S&P believes that Ferreycorp's revenue base will continue
to be highly concentrated in its domestic market.


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


PETROTRIN: Conducts Emergency Response Drill at Refinery
--------------------------------------------------------
Sue-Ann Waypow at Trinidad Express reports that state-owned
company Petroleum Company of Trinidad and Tobago (Petrotrin)
conducted an emergency response drill at its Pointe a Pierre
refinery.

The drill was part of an initiative meant to protect employees,
residents, businesses and visitors, the company stated in a press
release, according to Trinidad Express.

The report notes that the drill was coordinated by Petrotrin
together with the Trinidad and Tobago Police and Fire Services and
the San Fernando City Corporation. Some 1,300 people participated.

The report discloses that Petrotrin said the main objectives of
the drill were to "test and evaluate the Fire Emergency Response
Plan for the Pointe-a-Pierre Refinery, to establish and
familiarize refinery employees and other stakeholders with the
evacuation procedure including location of muster points and
evacuation routes and to establish and test the roles of the
Incident Management Team including Petrotrin personnel, government
agencies and fire wardens."

The report relays that a Petrotrin official said: "The scenario
was a simulation earthquake that would have ruptured one of the
lines at the refinery.  There were two people who would have been
seriously injured and had to be airlifted to the San Fernando
General Hospital for medical treatment."

And the emergency response drill was a success, the official said,
the report adds.

                       About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.  The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


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


* BOND PRICING: For the Week From May 25 to May 29, 2015
--------------------------------------------------------

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



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

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


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



                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *