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

            Wednesday, June 3, 2015, Vol. 16, No. 108



RAGHSA S.A: S&P Affirms Then Withdraws 'CCC-' Currency Rating


COMPASS RE: Fitch Rates $300MM Series 2015-1 Notes 'B+sf'
MAIDEN HOLDINGS: A.M. Best Affirms 'bb' Preferred Stock Rating


CEAGRO AGRICOLA: Fitch Cuts Issuer Default Ratings to 'RD'
CENTRAIS ELETRICAS: 1Q Fin'l. Results No Impact on Fitch Ratings

C A Y M A N  I S L A N D S

BABSON CLO: Creditors' Proofs of Debt Due June 26
CARA CARA: Placed Under Voluntary Wind-Up
DEKANIA CDO I: Creditors' Proofs of Debt Due June 26
DELPHINUS CDO 2007-1: Creditors' Proofs of Debt Due June 26
GS PEP II: Creditors' Proofs of Debt Due June 26

GS PEP III: Creditors' Proofs of Debt Due June 26
GS PEP OFFSHORE: Creditors' Proofs of Debt Due June 26
HAV3 (10) LIMITED: Creditors' Proofs of Debt Due June 26
MEGURO ENTERPRISES: Creditors' Proofs of Debt Due June 26
VINTAGE '06 SERIES: Creditors' Proofs of Debt Due June 25


COLOMBIA: Enjoyed Strong Growth Over Past Several Years, IMF Says

D O M I N I C A N   R E P U B L I C

CENTRAL BANK: Trims Benchmark Rate From 5.25% to 5.0%
SIERRA BAUXITA: Dominican Republic Halts Bauxite Mine


CENTRAL AMERICA BOTTLING: S&P Affirms BB CCR; Outlook Still Stable


JAMAICA: Trade Deficit Continues to Improve
NORANDA BAUXITE: In Bauxite Levy Stand-off With Jamaica


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


SAN MIGUEL: Moody's Alters Outlook to Negative, Affirms Ba2 CFR

T R I N I D A D  &  T O B A G O

COLONIAL LIFE: Halt Payments to Former Directors Says Permell

                            - - - - -


RAGHSA S.A: S&P Affirms Then Withdraws 'CCC-' Currency Rating
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency ratings on RAGHSA S.A.  S&P subsequently withdrew
all the ratings at RAGHSA's request.

At the time of the withdrawal, the 'CCC-' foreign and local
currency rating on RAGHSA and the negative outlook incorporated
S&P's views of the impact that a stress scenario associated with
the potential implementation of transfer and convertibility
controls in Argentina could lead to rapid deterioration in
RAGHSA's financial position.


COMPASS RE: Fitch Rates $300MM Series 2015-1 Notes 'B+sf'
Fitch Ratings has assigned a 'B+sf' rating to the following
Principal At-Risk Variable Rate Notes issued by Compass Re II
Ltd., an exempted special purpose insurer in Bermuda:

  -- $300,000,000 Series 2015-1 Class 1 Principal At-Risk Variable
     Rate Notes expected maturity Dec. 8, 2015.

The Rating Outlook is Stable.

These are zero-coupon notes and will be offered at an Offering
Price of 95% to the Original Principal Amount.

The notes provide reinsurance protection to various insurance
company subsidiaries and affiliates of American International
Group, Inc. (AIG; rated 'A-'; Outlook Positive by Fitch). The
notes are exposed to Windstorms intersecting with Boundaries along
the U.S. coastline ranging from approximately Brownsville, TX to
Nantucket, MA, as reported by the National Hurricane Center (or
successor organization). The trigger is a per occurrence event
based on a parametric index. With a parametric index, noteholders
are exposed to basis risk that the Event Payment Amount may not be
related to the actual claim experience of AIG.

The Windstorm Parameters of latitude and longitude at landfall and
radius determine the Parameters X and Y used in calculating the
Event Index Value. The Event Index Value is a mathematical formula
that multiplies the Parameter X by the Maximum Sustained Wind
Speed to the Parameter Y exponent. If the wind speed and radius
are not available at landfall, then the largest of the reading
just before and after making landfall will be used. If the
Windstorm intersects multiple Boundaries, the respective Event
Index Values will be summed to determine the Event Percentage (or
the amount to be paid to the Ceding Insurer). There is a
complicated linear interpolation formula, which is easily
traceable in a spreadsheet format.

Noteholders are exposed to principal loss if the Event Index Value
exceeds 100.0 and face total principal loss if the Event Index
Value reaches 150.0. Assuming maximum sustained wind speeds of 100
mph and a 100 mile radius, the Notes would be triggered if a wind
storm crosses certain parts of New Jersey coastline, but no other
areas along the U.S. coastline. Increasing the wind speed to 130
mph while maintaining the 100 mile radius, the Notes could be
vulnerable if landfall occurred to certain parts of the Texas,
Florida, Virginia and New York coastline. A category 4 hurricane
is defined with wind speeds in excess of 130 mph.

Fitch reviewed data for certain notable events as identified by
the National Hurricane Center data (HURDAT2). This dataset lists
hurricane events from 1851 to 2014, though information regarding
radius size is nearly non-existent prior to 2004. For historical
context, Super storm Sandy had an Event Index Value of 25.275,
Hurricane Rita was 21.642 and Hurricane Frances (which had two
landfalls) was 3.034. Hurricane Camille (1969) had a calculated
Event Index Value of 61.135 based on an assumption that the radius
was 90 miles. There have been 21 recorded Category 4 and 5 land
falling hurricanes since 1851.

The risk period is the six month period from June 4, 2015 to Nov.
30, 2015. The notes may be extended to June 8, 2016 if certain
qualifying events occur, or at the discretion of AIG. However, the
notes are not exposed to any further catastrophe events during
this extension. The notes may be redeemed at any time due to
regulatory or tax law changes or partially by AIG during the
extension period or under certain Early Redemption Events. The
repayment of the notes to the noteholders occurs subsequent to any
qualified payments to AIG for covered events. Noteholders have no
recourse to AIG.

                          Key Rating Drivers

The rating is based on the evaluation of the natural catastrophe
risk, the counterparty risk of AIG and the credit risk of the
collateral assets. The natural catastrophe risk represents the
weakest link and currently drives the rating of the Series 2015-1
Class 1 Notes.

The rating analysis in support of the evaluation of the natural
catastrophe risk is highly model-driven. As with any model of
complex physical systems, particularly those with low frequencies
of occurrence and potentially high severity outcomes, the actual
losses from catastrophic events may differ from the results of
simulation analyses. Fitch is neutral to any of the major
catastrophe modeling firms that is selected by the issuer to
provide the modeling analysis, and thus Fitch did not include any
explicit margins or qualitative haircuts to the probability of
loss metric provided by the modeling firm.

AIR Worldwide Corporation (AIR), one of the leading natural
catastrophe modelers for the industry, simulated 10,000 wind storm
events incorporating the Event Index Value (AIR also acts as the
calculation agent if an actual wind storm occurs). Loss estimates
were calculated using version 16.0 of the AIR U.S. Hurricane Model
as implemented in Touchstone 2.0.2. The model produced an
attachment probability of 2.41% which corresponds to an implied
rating of 'B+' according to our calibration table as found in
Fitch's Insurance Linked Securities Methodology. A stress test
using the Warm Sea Surface Temperature Conditioned Catalog had an
attachment probability of 2.67% which would not alter the implied
rating. The expected loss is 1.77% and 1.94%, respectively for the
two catalogs.

AIR is expected to release an updated version of Touchstone
(Touchstone 3.0) in the summer of 2015. There was no indication if
this model change would have a positive or adverse effect on the
attachment probability. Results from other possible modelers or
from AIG were not provided.

The ceding insurer subsidiaries of AIG (IDR: 'A-'; Rating Outlook
Positive) are responsible for making a Premium Payment within ten
business days following the Issuance Date such that the sum of
that payment plus the proceeds received on the Notes offered
equals the Original Principal Amount. These subsidiaries are also
responsible for Additional Premiums that are used to pay certain
expenses of the Issuer. AIG has been designated as a systemically
important financial institution and identified as a global
systemically important insurer. Thus, note holders are exposed to
the counterparty risk of the AIG ceding insurers for this payment
or potential regulatory restrictions imposed on AIG or its ceding

Proceeds from this issuance will be held in a reinsurance trust
account and used to purchase high-credit-quality money market
funds meeting defined eligibility criteria, otherwise funds will
be held in cash. Investment yields generated from these permitted
investments are passed directly to noteholders and may increase
the Repayment Amount above the Notes Offered to note holders.
Noteholders are exposed to possible market value risk if the net
asset value of a money market fund falls below $1.00. Finally,
certain actions may be required if the reinsurance trust account
is invested in money market funds and FATCA is deemed to apply in
late 2016.

                      Rating Sensitivities

This rating is sensitive to the occurrence of a qualifying
event(s), the counterparty rating of AIG and the rating on the
assets held in the reinsurance trust account.

If qualifying covered events occurs that cause the Event Index
Value to exceed the Attachment Level, Fitch will downgrade the
notes reflecting an effective default and issue a Recovery Rating.

To a lesser extent, the notes may be downgraded if the money
market funds should "break the buck" or the AIG ceding insurers
fail to make timely premium payments.

                      Due Diligence Usage

No third party due diligence was provided or reviewed in relation
to this rating action.

MAIDEN HOLDINGS: A.M. Best Affirms 'bb' Preferred Stock Rating
A.M. Best Co. has affirmed the financial strength rating (FSR) of
A- (Excellent) and the issuer credit ratings (ICR) of "a-" of the
property/casualty subsidiaries of Maiden Holdings, Ltd. (Maiden
Holdings) (Hamilton, Bermuda) [NASDAQ: MHLD], also known as Maiden
Group (Maiden).  Concurrently, A.M. Best has affirmed the ICR of
"bbb-" of Maiden Holdings and the debt rating of "bb" on its
preferred stock.  A.M. Best has also affirmed the ICR and senior
debt ratings of "bbb-" of Maiden Holdings North America, Ltd.
(Maiden NA) (Delaware), a direct, wholly owned subsidiary of
Maiden Holdings.  Maiden NA's senior notes are fully and
unconditionally guaranteed by Maiden Holdings.  The outlook for
all ratings is positive.

Additionally, A.M. Best has affirmed the FSR of A- (Excellent) and
the ICR of "a-" of Maiden Specialty Insurance Company (MSIC)
(Raleigh, NC).  The outlook for this rating is stable.

The ratings reflects Maiden's consistently profitable underwriting
and operating performance within its niche market segments,
serving small- to medium-size insurance companies underwriting
traditional lines of business.  This helps distinguish Maiden from
other reinsurers that have a greater proportion of their book of
business in higher volatility segments such as catastrophe-exposed
property reinsurance.  Maiden's non-catastrophe property/casualty
book is a well-diversified, low-volatility portfolio that
generates more predictable and profitable performance, and has
generated very consistent underwriting and operating returns.  In
addition, Maiden's ratings also reflect its solid risk-adjusted
capitalization, due in part to capital contributions from Maiden
Holdings and the operational benefits that Maiden derives as a
quota share partner with AmTrust Financial Services, Inc.'s (AFSI)
Bermuda reinsurance subsidiary, AmTrust International Insurance,
Ltd. (AII).

Partially offsetting these positive rating factors is the
continuing execution risk faced by Maiden in achieving its
business plans due in part to the continuing competitive
environment in its core reinsurance markets, as well as its client
concentration, as AFSI accounts for approximately 65% of the
group's 2014 total gross premiums.

Maiden Holdings' adjusted debt-to-total capital, excluding
accumulated other comprehensive income (AOCI) of 25.6%, and
adjusted debt-to-total tangible capital (excluding AOCI) of 27.1%
at March 31, 2015 were within A.M. Best's guidelines for the
company's ratings.

The ratings of MSIC reflect its run-off status following the 100%
quota share reinsurance arrangement of Maiden's excess and surplus
unit, including the transfer of MSIC staff and underwriting
platform to Brit Insurance.

Key rating factors that may lead to positive rating actions
include the organization producing operating results that exceed
its peers for an extended period, along with the strengthening of
its risk-adjusted capitalization.  Factors that may lead to
negative rating actions include a trend of increasingly
deteriorating underwriting and operating performance to a level
below the group's peers, or an erosion of surplus that causes a
significant decline in risk-adjusted capitalization.

The FSR of A- (Excellent) and the ICRs of "a-" have been affirmed
with a positive outlook for the following property/casualty
subsidiaries of Maiden Holdings, Ltd.:

    Maiden Reinsurance Ltd.

    Maiden Reinsurance North America, Inc.

The following debt ratings have been affirmed with a positive

Maiden Holdings, Ltd.

   -- "bb" on $150 million 8.25% preferred stock

   -- "bb" on $165 million 7.25% mandatory convertible preferred
stock, due 2016

Maiden Holdings North America, Ltd. (guaranteed by Maiden
Holdings, Ltd.)

   -- "bbb-" on $100 million 8.0% senior unsecured notes, due 2042

   -- "bbb-" on $107 million 8.25% senior unsecured notes, due

   -- "bbb-" on $152 million 7.75% senior unsecured notes, due

The following indicative ratings under the shelf registration have
been affirmed with a positive outlook:

Maiden Holdings North America, Ltd. (guaranteed by Maiden
Holdings, Ltd.)

   -- "bbb-" on senior unsecured debt

   -- "bb+" on senior subordinated debt

   -- "bb" on junior subordinated debt

   -- "bb" on preferred stock


CEAGRO AGRICOLA: Fitch Cuts Issuer Default Ratings to 'RD'
Fitch Ratings has downgraded Ceagro Agricola Ltda's (Ceagro)
foreign and local currency Issuer Default Ratings (IDRs) to 'RD'
from 'C' and the national scale rating to 'RD (bra)' from 'C
(bra)'. Fitch has also affirmed Ceagro's senior notes at 'C/RR4'.

Key Rating Drivers

The downgrades follow the expiration of the 15-day grace period
after the non-payment of the company's interest payments for its
May 2016 senior notes. Payment of the bond was due on May 16, 2015
with the 15 day grace period expiring on May 31, 2015.

The company is currently negotiating with banks for a 60 days
standstill agreement, and KPMG has been hired to provide lenders
with an assessment of its liquidity and cash flow forecasting, and
provide its views on a potential recovery plan.

Rating Sensitivities

The company's ratings could be revised to 'D' from 'RD' pursuant
to Fitch's rating definition. An upgrade is unlikely at this time.

Full List Of Rating Actions

Fitch has taken the following rating actions on Ceagro Agricola

  -- Foreign and local currency IDRs downgraded to 'RD' from 'C';

  -- National scale rating downgraded to 'RD (bra)' from 'C

  -- USD100 million senior notes due 2016 affirmed at 'C/RR4'.

CENTRAIS ELETRICAS: 1Q Fin'l. Results No Impact on Fitch Ratings
Centrais Eletricas Brasileiras S.A.'s (Eletrobras; 'BB'/ Outlook
Stable) first quarter qualified financial statements release will
not result in downgrade, according to Fitch Ratings. KPMG's
decision to qualify the statements reflects the uncertainty
regarding the results from an investigation on alleged bribes
involving the former CEO of Eletronuclear -- an Eletrobras'

Fitch believes the potential magnitude of the results, if any,
from the corruption investigation will not impact the company's
cash or cash flow generation in the short term. Eletrobras is
currently in the process of engaging a specialized independent
firm to conduct an external investigation into the bribes

Eletrobras has also failed to file its Form 20-F as required by
United States Securities and Exchange Commission (SEC). The
prescribed filing date was April 30, 2015, as well as the extended
date of May 15, 2015. The delay was not only due to the
investigation of alleged bribes, but also due to the fact that the
statutory auditor of its SPC Energia Sustentavel do Brasil
Participacoes S.A. (Jirau) did not find itself independent as
determined by the SEC. Another audit firm to audit the financial
statements of Jirau for purposes of applying equity method
accounting to Eletrobras' consolidated financial statements had to
be appointed.

The delay in filling the 2014 20-F does not impact Eletrobras
covenants. The company took the necessary measures to release
quarter audited financial statements in BRGAAP, and complied with
SEC's policy by publicly and temporarily disclosing the filling
delinquency and its cause.

Two years ago Fitch downgraded Eletrobras' IDRs to high yield
levels ('BB'). Fitch's decision has reflected the highly negative
impact on Eletrobras' credit quality due to its decision to accept
the early renewal of all of its generation and transmission
electric concessions scheduled to expire between 2015 and 2017.
Eletrobras continues to face a lot of challenge in achieving a
sustainable capital structure absent government support, and also
to significantly downsize its balance sheet through debt
repayment, improvements on operational cash flow generation, and
divestments on its distribution segment.

Eletrobras' ratings continue to reflect some linkage with the
Federal Republic of Brazil's sovereign rating ('BBB', Outlook
Negative). The company is important to the country due to its
relevant market share in electricity generation, transmission and
distribution, with strong presence in the auctions promoted by the
government to reinforce the electric sector in the country. On a
standalone basis, Eletrobras's IDRs would be lower due to its
still weak consolidated operational cash generation, high capital
expenditures program and deteriorated credit metrics.

C A Y M A N  I S L A N D S

BABSON CLO: Creditors' Proofs of Debt Due June 26
The creditors of Babson CLO Ltd. 2004-II are required to file
their proofs of debt by June 26, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 6, 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

CARA CARA: Placed Under Voluntary Wind-Up
On May 1, 2015, the sole shareholder of Cara Cara Limited resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
May 25, 2015, will be included in the company's dividend

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128

DEKANIA CDO I: Creditors' Proofs of Debt Due June 26
The creditors of Dekania CDO I, Ltd. are required to file their
proofs of debt by June 26, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 30, 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

DELPHINUS CDO 2007-1: Creditors' Proofs of Debt Due June 26
The creditors of Delphinus CDO 2007-1, Ltd. are required to file
their proofs of debt by June 26, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 6, 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

GS PEP II: Creditors' Proofs of Debt Due June 26
The creditors of GS PEP II Offshore Advisors, Inc. are required to
file their proofs of debt by June 26, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 4, 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

GS PEP III: Creditors' Proofs of Debt Due June 26
The creditors of GS PEP III Offshore Advisors, Inc. are required
to file their proofs of debt by June 26, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 4, 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

GS PEP OFFSHORE: Creditors' Proofs of Debt Due June 26
The creditors of GS PEP Offshore Advisors (NBK), Inc. are required
to file their proofs of debt by June 26, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 4, 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

HAV3 (10) LIMITED: Creditors' Proofs of Debt Due June 26
The creditors of HAV3 (10) Limited are required to file their
proofs of debt by June 26, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 4, 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

MEGURO ENTERPRISES: Creditors' Proofs of Debt Due June 26
The creditors of Meguro Enterprises Ltd. are required to file
their proofs of debt by June 26, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 7, 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

VINTAGE '06 SERIES: Creditors' Proofs of Debt Due June 25
The creditors of Vintage '06 Series - Japan Value Added II Ltd.
are required to file their proofs of debt by June 25, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 6, 2015.

The company's liquidator is:

          Jane Fleming
          c/o Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          PO Box 30464 Grand Cayman KY1-1202
          Cayman Islands


COLOMBIA: Enjoyed Strong Growth Over Past Several Years, IMF Says
On May 18, 2015, the Executive Board of the International Monetary
Fund (IMF) concluded the Article IV consultation with Colombia.
Colombia has enjoyed strong growth over the past several years,
among the highest in Latin America.  Credible fiscal and inflation
targeting frameworks have supported sound macroeconomic policy
management, which underpinned robust economic performance during
the last decade.  Social indicators have improved steadily over
this period.  Public debt remained low, Colombia's foreign
exchange reserve position strengthened, and the Flexible Credit
Line arrangement provided a buffer against elevated external tail
risks. The authorities continued to improve the fiscal policy
framework and strengthen the social safety net.

Real GDP grew by 4.6 percent in 2014. Unemployment declined to an
average of about 9 percent during the year.  In the second half of
2014, global oil prices fell sharply by about 40 percent and the
peso depreciated, especially in the fourth quarter.  As inflation
began rising to the mid-point of the target band, and given the
slightly positive output gap, the central bank raised the policy
rate by 125 basis points to 4.5 percent between May and August.

The central government fiscal balance remained broadly unchanged
from 2013, meeting the structural balance target, although the
headline fiscal deficit increased slightly.  The consolidated
public sector deficit rose to 1.6 percent of GDP, pushing public
debt to about 39 percent of GDP.

The current account deficit widened to 5.2 percent in 2014, but
capital inflows were buoyant.  Strong inflows of foreign direct
investment and portfolio flows more than offset the current
account deficit, and gross international reserves rose to 47
billion at year end.  This level appears adequate for
precautionary purposes but may be insufficient for tail risks.
The current account deficit is projected to widen in 2015 due to
the oil price decline, but would gradually narrow over the medium
term with the slight recovery in oil prices and growth in
Colombia's trading partners, especially the U.S. Moreover, the
sharp peso depreciation should help contain imports and spur non-
traditional exports.

The banking system and corporate sector have remained in good
financial health.  Financial soundness indicators have been strong
and financial system exposure to the oil sector is very low.
Growth in credit to the private sector was buoyant, at 14.7
percent in 2014 (nominal year-over-year) and house price growth
has slowed.  Corporate profitability was strong, and liquidity
remained adequate.  Corporate and household debt has increased in
2014, but remains modest by international standards and leverage
is within historical norms.

Growth is expected to slow to 3.4 percent in 2015 given a subdued
outlook for investment, especially oil-related, and private
consumption.  Inflation rose to 4.6 percent in March, due to a
weather-related agricultural output supply shock and some pass-
through from exchange rate depreciation, but is expected to
diminish to 3.6 percent year-over-year by end-December with
inflation expectations remaining anchored within the target band
of 2-Ltd4 percent.  In response to lower corporate profits and a
partial postponement of dividends from the state oil company, the
central government announced an expenditure reduction of 0.7
percent of GDP in 2015, which will also act as a drag on growth.

However, the impact of oil shock on the budget and economic growth
will be mitigated by the sharp depreciation of the peso (20
percent vis-a-vis the U.S. dollar since mid-2014), and the
operation of the fiscal rule, which allows a smoother adjustment
to the permanent decline in wealth.

Growth is expected to gradually rise toward its potential (around
4.25 percent) over the medium term, supported by the government's
Public-Private Partnership-based infrastructure program and a
gradual recovery in oil prices and external demand.  However,
risks threaten on the downside, including higher interest rates
and financial volatility, a protracted period of slower growth in
advanced and emerging economies, economic or political stress in
neighboring countries, and a delayed implementation of the
infrastructure program.

                   Executive Board Assessment

Executive Directors welcomed Colombia's continued robust economic
performance and financial stability, underpinned by prudent
management and strong policy frameworks including a fiscal rule,
an inflation targeting regime, and a flexible exchange rate.

Substantial progress has also been made in reducing unemployment
and poverty in recent years. Directors noted, however, that
Colombia is facing headwinds from the sharp fall in the price of
oil, a key export. Given elevated external risks, Directors
stressed the need for stepped-up efforts to further enhance the
resilience of the economy. They supported an eventual exit from
the Flexible Credit Line arrangement with the Fund once external
risks have receded.

Directors commended the authorities for their commitment to the
structural fiscal rule.  They highlighted the importance of
mobilizing non-oil revenues to meet the authorities' medium term
fiscal targets while protecting social and infrastructure
spending.  This requires a comprehensive tax reform, with the
objectives of simplifying the tax structure, increasing
progressivity, broadening the tax base, and improving tax
administration.  Directors looked forward to the recommendations
of the recently established expert commission on these matters.
Directors supported the broadly neutral stance of monetary policy,
but encouraged the authorities to stand ready to take appropriate
action if growth falters.  They noted that the current level of
official international reserves provides adequate insurance in
normal times, and that the exchange rate has adjusted flexibly in
line with fundamentals.  Directors considered that the widening
current account deficit, largely financed through foreign direct
investment, is likely to narrow over time on the back of the
exchange rate depreciation and ongoing fiscal consolidation.
Directors noted that the financial system is sound, profitable,
and well-provisioned, with low exposure to the oil sector.  They
commended the authorities for the progress in addressing cross-
border risks and strengthening the regulatory and supervisory
frameworks. Continued efforts are nonetheless crucial to boost the
resilience of financial institutions, and to strengthen
supervision of complex financial conglomerates.  Directors also
underscored the importance of further improving risk-based
supervision, enhancing regional cooperation primarily in Central
America, deepening the capital market, and promoting financial

Directors welcomed the authorities' inclusive growth agenda.  They
agreed that key priorities are to reduce informality in the
economy, improve competitiveness and infrastructure, and foster
social mobility, especially through better education and health
care.  Directors recognized the benefits of the authorities'
fourth generation road investment program-implemented with
appropriate funding and safeguards-in reducing infrastructure gaps
and helping diversify sources of growth.  More broadly, they
supported initiatives to promote private participation in the
economy, including through divestiture of a public utility

D O M I N I C A N   R E P U B L I C

CENTRAL BANK: Trims Benchmark Rate From 5.25% to 5.0%
Dominican Today reports that the Central Bank disclosed a decrease
of its monetary policy benchmark rate for a third consecutive
month, in this occasion a decline of 25 basis points, from 5.25%
to 5.00% per annum starting June 1.

It said the decision places this year's cumulative rate reduction
at 125 basis points, according to Dominican Today.

According to the short term liquidity management formula, the
overnight rate is reduced from 3.75% to 3.50% per annum and the
rate of expansion facilities (repos) decreased from 6.75% to 6.50%
per annum, the report discloses.


"The decision to cut the benchmark rate was adopted after
analyzing the national macroeconomic picture, especially the
balance of risks around inflation projections and the evolution of
the relevant international environment and its impact on market
expectations and the Dominican economy," the Central Bank said on
its website, the report notes.

"It's expected that the policy decision will impact positively on
economic growth without jeopardizing the inflation target in the
policy horizon," the report adds.

SIERRA BAUXITA: Dominican Republic Halts Bauxite Mine
Dominican Today report that Energy and Mines (MEM) Minister
Antonio Isa Conde said the mining company Sierra Bauxita Mr. Conde
Dominicana was formally notified on May 28 not to extract or
export minerals based on the contract signed with the State in

Mr. Conde warned that Sierra Bauxita or any other company which
represents it "must refrain from contracting boats to haul bauxite
out of Cabo Rojo port" as of June 30, according to Dominican

In a statement, the official said mining operations based on that
contract, extensions or renewals won't be valid after the date
specified, for which any shipment of bauxite is unauthorized, the
report relays.

He said Energy and Mines notified Sierra Bauxita vice president
Harry Dawson, with copy to its contractor Dovemco, the report

The report discloses that the announcement comes just hours after
Sierra Bauxita Dominicana announced the reopening of its
operations with promises to carry out a social plan for the
community, which MEM said it "reacted with surprise."

"It's really strange that three days after receiving the contract
termination notice by the Mining Dept., Sierra Bauxita Dominican
publishes a statement in the media announcing a supposed social
plan, profit-sharing and the continuation of its operations, " Isa
said, the report adds.

                  Integral Development Plan

The official said bauxite extraction at Pedernales was halted as a
government prerequisite to enact the integral development plan for
sustainable tourism in the region, which he affirms will bring
greater benefits to communities in the medium and long term
preserving the environment with improved living conditions, the
report relays.

The report notes that Isa Conde said the Presidency will provide
the details and scope of the project in due time.  "The government
has pledged alternatives to the community that depends on the
mining industry, to make the transition to an integral development
plan which will be much more beneficial," the report quoted Mr.
Conde as saying.

Mr. Conde said the MEM in fact has already provided resources to
take the first steps in that direction, "starting with
Pedernales," the report adds.


CENTRAL AMERICA BOTTLING: S&P Affirms BB CCR; Outlook Still Stable
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit and issue-level ratings on The Central America Bottling
Corporation (CBC).  The outlook on the corporate credit rating
remains stable.

S&P's "fair" business risk profile reflects CBC's long experience
in the beverage market, its diversified product portfolio, solid
market position, large distribution network with more than 510,000
points of sale, strong brand recognition, and its strategic
alliances with AmBev - Companhia de Bebidas das Americas and with
PepsiCo Inc. which provides CBC the perpetual exclusive right to
distribute and sell its products in Central America.  The
constraining factors are, in S&P's view, difficult market
conditions and intense competition in most of the countries where
CBC operates, its exposure to raw material price volatility and to
foreign currency fluctuation, but the hedge arrangements and its
long-term contracts with suppliers mitigate this risk.  In
addition, S&P believes that CBC's operations remain highly
concentrated in countries that S&P views as having a "high" or
"very high" country risk, such as Guatemala, Ecuador, Jamaica,
Honduras, and other countries in Central America.

S&P's "significant" financial risk profile reflects the company's
credit metrics which remained fairly in line with S&P's
expectations in 2014 and with its rating on it.  CBC posted solid
results in 2014 despite Jamaican dollar's devaluation and higher
taxes on sugar beverages in Mexico.  S&P expects CBC's credit
metrics to improve over the next few years but still align with
S&P's "significant" financial risk profile assessment.  In S&P's
view, the company will achieve this through lower production and
operating expenses and the likely reduced capex, as CBC completed
its expansion program last year.  Therefore, S&P believes that CBC
will generate positive FOCF, which will allow the company to
gradually deleverage its capital structure.


JAMAICA: Trade Deficit Continues to Improve
RJR News reports that Jamaica's trade deficit continues to show
improvement on lower prices for oil and the sliding dollar.

Data released by the Statistical Institute of Jamaica (Statin)
show the trade deficit -- that is the gap between imports and
exports -- declined by seven per cent in the first two months of
the year, according to RJR News.

The report notes that the trade deficit over January and February
was US$603 million, down from $650 million a year ago.

That came as both imports and exports fell, but the impact of the
decline in exports was much bigger, the report relates.

The report discloses that what caused imports to fall was a
significant decline in both the value and the quantity of oil
brought into the country.  Food imports and crude materials also
recorded lower imports.

On the flip side, declines in the volume of manufactured goods
sold abroad was chiefly responsible for the fall in exports, the
report adds.

NORANDA BAUXITE: In Bauxite Levy Stand-off With Jamaica
Dashan Hendricks at RJR News reports that the Jamaican Government
has filed an injunction to prevent Noranda Bauxite Company from
exporting any more of the mineral until a dispute with the company
has been resolved.

The injunction was filed in the Supreme Court on May 29, seeking
to stop Noranda from exporting bauxite until a dispute over the
payment of the levy is settled, according to RJR News.

The Government is insisting on Noranda paying the Bauxite Levy for
every ton of the mineral that is exported, while Noranda contends
that it is entitled to withhold these payments, notes the report.

Payments of the levy, which were suspended in 2010 but should have
re-started in February this year, are yet to come into the coffers
of the government, the report notes.  The latest government
accounts released show $147 million in levy that was budgeted for
April was not paid, the report relays.


The dispute with Noranda started in January.  RJR News obtained a
copy of the document, filed in the Supreme Court, which showed a
string of correspondence between the Government and Noranda,
dating from February 11 to March 27, after which the dispute was
sent to arbitration, the report discloses.

The report notes that the injunction suggests that Noranda has
been stalling on the arbitration proceedings, while it continues
to export bauxite from Jamaica.  But the Government wants the
exports to stop, because it fears that after the material is
exported, recovering the outstanding revenue will prove too
difficult, even with the authority of a court order, the report

The Government is reportedly basing that opinion on the fact that
Noranda has been facing financial difficulties, which have
worsened in the last year, the report relays.  Financial
statements obtained on the company, and which formed part of the
affidavit filed in the injunction, show Noranda and its parent
company, Noranda Holdings, have been experiencing deteriorating
performances and a weakened financial position since 2010, the
report adds.

                       Weakened Position

The company is barely able to cover its current liabilities; it
has accumulated losses of almost US$ 29 in the last three years,
with $20 million occurring last year alone, according to the

Noranda has not been covering its basic operating expenses during
this period, with those expenses exceeding income by US$8 million
last year, the report says.

The company's single largest shareholder -- US based hedge fund,
Apollo Global Management -- last month dumped 33 per cent of its
Noranda Holdings stocks, sending the company's share price down by
more than 25 per cent, says RJR News.

Up to April this year, Noranda had exported just under two million
tons of bauxite. With the levy at $7.56 per ton, had Noranda been
paying, the Government of Jamaica would have already collected
more than US$15 million from the company, the report discloses.


NEMAK S.A: S&P Affirms 'BB+' CCR; Outlook Remains Stable
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
corporate credit and issue-level ratings on Nemak S.A. de C.V.
(Nemak, formerly Tenedora Nemak S.A. de C.V.).  S&P also affirmed
its 'mxAA-' national scale corporate credit rating.  The recovery
rating on Nemak's $500 million (about MXN7.5 billion) senior
unsecured notes remains unchanged at '3', indicating S&P's
expectation of a meaningful (50% to 70%; upper half of the range)
recovery in the event of payment default.  The outlook on the
corporate credit rating remains stable.

Nemak's business risk profile reflects the company's strong and
fairly stable operating margins stemming from its efficient
operations, worldwide leading position in the aluminum components
casting sector for the auto industry, geographically diversified
operations, close and long-term relationship with key customers,
and technologically advanced processes.  On the other hand, Nemak
derives about 60% of its revenues from the North American market,
more than 50% from the three major U.S.-based automakers--Ford
Motor Co., General Motors Co. (GM), and Chrysler Group LLC--about
85% from manufacturing cylinder heads and engine blocks.  The
factors combined with the cyclical nature of the auto industry
constrain the company's business risk profile.

Nemak's production volumes have risen thanks to the ongoing
recovery in the North American market and a modest recovery in the
European market; the closing of new contracts with original
equipment manufacturers (OEMs) in 2014; and market trends that
demand a higher usage of aluminum to comply with regulation of
lighter vehicles and more efficient fuel consumption rates.
Nevertheless, S&P believes that Nemak's product mix and customer
base will remain concentrated in cylinder heads and engine blocks
and with Ford, GM, and Chrysler, respectively.

S&P's assessment of Nemak's "significant" financial risk profile
reflects the company's continued increase in revenues from new
agreements, stronger key financial ratios, and "adequate"
liquidity.  On the other hand, it incorporates the company's
growth strategy through debt-financed acquisitions and significant
capital expenditures.  For the 12 months ended March 31, 2015,
Nemak's consolidated debt to EBITDA was 2.1x, FFO to debt was
38.4%, and free operating cash flow (FOCF) to debt was 13.6%,
compared with 2.0x, 40.7%, and 19.2%, respectively, during the
same period in 2014.  These are aligned to the rating category
despite higher debt.

S&P's base case assumes:

   -- U.S., Mexico, and eurozone GDP growth of 3%, 3%, and 1.5%
      for 2015, respectively;

   -- The U.S. light-vehicle market recovers to pre-crisis levels,
      continued growth in China, and modest recovery in Europe;

   -- Revenue growth of about 8% in 2015 in Mexican pesos mainly
      thanks to cylinder heads segment, plant operations in
      Russia, and the effect of peso depreciation.  Revenue
      increase of about 7% in 2016 in Mexican pesos due to
      continued growth in the cylinder heads and monoblocks
      markets, start of operations of the new plant in Mexico for
      monoblocks, cylinders and transmissions, the ramp-up of the
      plant in Russia, and the effect of peso depreciation;

   -- EBITDA growth of about 7.5% in 2015 and 7.0% in 2016, both
      in Mexican pesos, stemming from operating efficiencies,
      which translate into EBITDA margins of about 15% in 2015 and

   -- Annual capital expenditures of about MXN6.5 billion (about
      $435 million) in 2015 and 2016, mostly for platform

   -- No acquisitions;

   -- Dividends of about MXN1.2 billion (about $80 million) in
      2015 and 2016; and

   -- Issuance of long-term debt for about MXN7.5 billion (about
      $500 million) in 2015 to refinance maturities.

Based on these assumptions, S&P arrives at these credit measures
in 2015 and 2016:

   -- Debt to EBITDA of about 2.0x in 2015 and 1.8x in 2016;
   -- FFO to debt of about 38% in 2015 and 42% in 2016; and
  -- FOCF to debt of about 5% in 2015 and 9% in 2016.

S&P's global scale long-term corporate credit rating on Nemak
incorporates one-notch uplift from its 'bb' stand-alone credit
profile (SACP) to reflect S&P's view that Nemak is a "moderately
strategic" subsidiary for Alfa S.A.B. de C.V. (BBB/Stable/--),
which owns 93.24% of the company.

S&P assess Nemak's liquidity as "adequate," based on S&P's view
that the company's sources of liquidity will exceed its uses by at
least 1.2x for 2015 and 2016 even if our forecasted EBITDA
declines by 15%.  Nemak has a comfortable debt maturity profile,
and S&P expects its cash flow generation to be sufficient to cover
its working capital needs, capital expenditures, and dividend
payments.  S&P's liquidity analysis also incorporates its view
that the company has the capacity to withstand high-impact, low-
probability events without refinancing.  S&P also considers that
Nemak has good relationship with banks, good standing in the debt
market, and more prudent risk management since Alfa implemented
new policies and procedures.

Principal liquidity sources:

   -- Cash and short-term investments of about MXN995.6 million
      (about $66 million) as of March 31, 2015;

   -- Projected FFO of about MXN7.8 billion (about $520 million)
      for the next 12 months as of March 31, 2015; and

   -- Committed credit lines availability of about MXN3 billion
      (about $200 million) maturing between 2018 and 2020.

Principal liquidity uses for the following 12 months as of
March 31, 2015:

   -- Debt maturities of about MXN5.4 billion (about $360
   -- Working capital outflows of about MXN270 million (about
      $18 million) for the next 12 months; and
   -- Capital expenditures of about MXN3.3 billion (about
      $220 million) for the next 12 months.

The stable outlook reflects S&P's expectation that the company
will maintain its key credit metrics in line with its
"significant" financial risk profile in the next two years,
including debt to EBITDA of about 2.0x and FFO to debt at about
40% due to the positive recovery prospects for the sector.  S&P
also believes that Nemak will maintain an EBITDA margin of at
least 15% for the next two years due to its efficient cost
structure, leading position in the market, long-term relationship
with OEMs, and already signed platform contracts.

S&P could downgrade Nemak if its operating performance
deteriorates due to adverse conditions in the global automotive
industry, hurting its cash flow generation and liquidity and
resulting in weaker-than-expected ratios.  S&P could also lower
the ratings on Nemak if it pursues more debt-financed acquisitions
than S&P incorporated in its analysis, which could drive its debt
to EBITDA higher than 3.0x and FFO to debt below 30% on a
sustained basis.

S&P could upgrade the ratings on Nemak if it continues to
strengthen its key financial ratios--especially if its debt to
EBITDA remains below 1.5x and FFO to debt of more than 45%--it
improves its geographic, client, and product concentration with,
for instance, less than 50% of its revenues coming from its top
three customers, and it maintains its worldwide leading position
in the aluminum components casting sector of the auto industry.


SAN MIGUEL: Moody's Alters Outlook to Negative, Affirms Ba2 CFR
Moody's Investors Service changed San Miguel Industrias PET S.A.'s
outlook to negative. At the same time, Moody's has affirmed SMI's
Ba2 global scale corporate family rating and the Ba2 rating at its
US$200 million Senior Unsecured Notes due 2020.

The negative outlook primarily reflects SMI's weaker than
originally anticipated credit metrics, specially its adjusted
leverage ratio of 5.2x as of December 2014. Following the issuance
of its US$200 million notes in October 2013, we expected the
company to deleverage towards a 4.0x adjusted DEBT/EBITDA within a
year horizon. Mainly as a result of delays in the international
business development in Colombia and Ecuador we now project that
it could take SMI more than an additional year to approach such

Moreover, although SMI will not face material debt maturities in
the short term, the company has a tight liquidity position as of
December 2014 and, even foreseeing liquidity improvements during
2015, there's practically no cushion in case of an external shock.

The Ba2 rating continues to reflect SMI's strong position as a
leading regional player in the production of diversified PET
preforms and bottles for food & beverage and consumer markets, as
well as its increasing geographical diversification. Over the past
years, the company has demonstrated its ability to pass through
costs to customers avoiding material impacts on operating margins.
The ratings consider SMI's advantageous position from its
intensive use of modern technology and the existence of long term
contract agreements with its main clients Also incorporated in the
ratings is its ownership by large conglomerate Intercorp Peru Ltd.
(Ba2 stable), which also owns one of the largest bank in Peru,
Interbank (Baa2 stable).

Moody's believes that SMI's business model based on long term
commercial agreements with main bottlers and in-house operations
increases switching costs and secures a sizeable channel of sales.
Nevertheless, the Ba2 rating is still mainly constrained by the
company's reduced size and scale as compared to global industry
peers and its production reliance on a limited number of raw
materials, especially resin, which potentially exposes it to
downside risks in a shortage scenario.

Moody's cautions that a rating downgrade could be triggered if the
company fails to reduce leverage as projected or if its credit
metrics deteriorate materially whether due to operating
difficulties or further potential deterioration in its market
leading position. Specifically, a downgrade could result if
adjusted leverage remains above 4 times and EBIT/Interest expense
ratio below 3 times for an extended period.

Although unlikely in the intermediate term, the ratings could
experience upward pressure if the company were to increase its
size and scale while sustaining its operating margins, its market
position and improving its financial profile.

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009.

Headquartered in Lima, Peru, San Miguel Industrias PET S.A
('SMI'), is a Peruvian manufacturer and distributor of
Polyethylene Terephthalate (PET plastic) preforms and bottles
utilized in food & beverage and consumer markets. With operations
in Peru, Ecuador, Panama, El Salvador and Colombia , the company
possess one the new recycling PET resin plants in LatAm. As of
last fiscal year ended December 31, 2014, SMI reports total
revenues of USD 199 million.

T R I N I D A D  &  T O B A G O

COLONIAL LIFE: Halt Payments to Former Directors Says Permell
Leah Sorias at Trinidad Express reports that the Colonial Life
Insurance Company Ltd. (CLICO) Policyholder's Group has expressed
outrage at the move by CLICO to pay the policies of ten former
directors and their companies.

The group's president, Peter Permell, called on the Central Bank
and Minister of Finance to immediately stop the payments,
according to Trinidad Express.

The report notes that CLICO has allocated $48.5 to be paid to the

The money will be paid without interest from 2009, the report

The only director who will not be paid will be CL Financial (CLF)
corporate secretary Gita Sakal because the Central Bank has
instructed CLICO to withhold payment because of an ongoing civil
matter, the report discloses.

"If what is being reported by the Sunday Express is accurate, the
CLICO Policyholders Group (CPG) is not only flabbergasted, we are
appalled as this has to be the height of insanity," the report
quoted Mr. Permell as saying.  "For it begs the question: how in
good Heaven's name could anyone, in their right mind, particularly
the Central Bank Governor and the Minister of Finance, allow ten
individuals, comprising former CLICO directors and senior
management along [with] their private companies, to be paid any
money, let alone $48.5 million ahead of the 15,000 bona fide
'assenting' third-party policyholders who were promised but are
yet to be made whole?"

The report discloses that Mr. Permell stated: "Our feedback is
that many policyholders are beginning to feel betrayed since these
CLICO directors are persons who would have contributed in one way
or the other by their mismanagement, negligence, inaction or being
complicit in the collapse of CLICO in 2009; and in some instances
against whom legal action has been initiated, never appeared
before the CLICO commission of enquiry and to whom Salmon letters
outlining the case against them would have already been sent."

Mr. Permell said assenting policyholders are the 15,000 patriots
who cooperated with the Government and the Central Bank by
accepting the Government's offer of zero-coupon bonds and CLICO
Investment Fund units in 2012 and, in so doing, helped save the
financial sector from contagion and systemic risk, the report

"The CPG is therefore calling on the Central Bank Governor and the
Minister of Finance to place an immediate halt to all payments to
related parties, and to move post haste to ensure that the balance
due from CLICO to all 'assenting' policyholders is paid prior to
the upcoming general elections," the report quoted Mr. Permell as

The Express understands the directors to be paid include those who
opted to pay a TT$2,000 fine instead of testifying before Sir
Anthony Colman's commission of enquiry into CLICO, the report

                               About CLICO

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.  CL Financial Limited is a privately held
conglomerate in Trinidad and Tobago.  Founded as an insurance
company by Cyril Duprey, Colonial Life Insurance Company was
expanded into a diversified company by his nephew, Lawrence
Duprey.  CL Financial is now one of the largest local
conglomerates in the region, encompassing over 65 companies in 32
countries worldwide with total assets standing at roughly US$100

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on July
7, 2014, Trinidad Express said that the Central Bank has placed
the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.

In a separate TCRLA report on June 26, 2014, said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO.  The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

On Aug. 6, 2013, the TCR-LA, citing, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.


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


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

                   * * * End of Transmission * * *