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

            Friday, June 5, 2015, Vol. 16, No. 110



BANCO PATAGONIA: Moody's Rates ARS500MM Note Issuance at 'B1'
BUENOS AIRES: S&P Assigns 'CCC-' Rating to $500MM Sr. Unsec. Notes


BRAZIL: Industry Output Falls Less Than Economists Forecast
MARANHAO STATE: Fitch Affirms 'BB+' IDR; Outlook Remains Negative
PETROBRAS GLOBAL: Moody's Rates Proposed Global Notes at Ba2

C A Y M A N  I S L A N D S

AGRICOLA SENIOR: Fitch Expects to Rate US$ Upcoming Notes 'BB+'
CAKEWALK V: Creditors' Proofs of Debt Due June 15
CALEDONIAN BANK: Creditors' Proofs of Debt Due June 19
CMBI AWR: Commences Liquidation Proceedings
GUGGENHEIM ADVISORS V: Creditors' Proofs of Debt Due June 25

GUGGENHEIM PARTNERS: Creditors' Proofs of Debt Due June 25
GUGGENHEIM PARTNERS II: Creditors' Proofs of Debt Due June 25
LONGACRE SPV I: Creditors' Proofs of Debt Due June 25
PRESBIA HOLDINGS: Creditors' Proofs of Debt Due June 15
SPECIAL VALUE: Creditors' Proofs of Debt Due June 26

YANGTZE SOLAR: Commences Liquidation Proceedings


LATAM AIRLINES: Fitch Rates USD500MM Proposed Notes 'BB-(Exp)'
LATAM AIRLINES: S&P Assigns 'BB-' Rating on Proposed $500MM Bonds


JAMAICA: Lenders Reluctant to Cut Interest Rates
JAMAICA: S&P Raises Sovereign Rating to 'B'; Outlook Stable
NORANDA BAUXITE: Jamaica Files Injunction to Prevent Export


ALESTRA S. DE R.L.: S&P Affirms 'BB' CCR; Outlook Remains Stable
OHL MEXICO: Suit Filed Against Awarding of Highway Concession
* MEXICO: Analysts Revise 2015 Growth Forecast Downward to 2.66%


SOUTHERN COPPER: "Pause" in Peru Project Could be Extended

                            - - - - -


BANCO PATAGONIA: Moody's Rates ARS500MM Note Issuance at 'B1'
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B1 global local currency senior debt rating to Banco Patagonia's
third expected issuance for up to ARS 500 million under its USD
250 million medium-term note program. At the same time, Moody's
assigned a national scale local currency debt rating of to
the expected issuance, which will be due in 18 months.

The negative outlook on the banks' ratings follows the negative
outlook on Argentina's sovereign ratings.

The following ratings were assigned to Banco Patagonia S.A.'s
third debt issuance:

Expected Issuance of up to ARS 500 million:

  -- B1 Global Local Currency Debt Rating, negative outlook

  -- Argentinean National Scale Local Currency Debt
     Rating, negative outlook

Patagonia's B1 global local currency debt rating derive from the
bank's caa1 baseline credit assessment and Moody's assessment of a
high probability of parental support to be provided by its
shareholder, Banco do Brasil, rated Baa2 with a negative outlook.

Patagonia's ratings reflect the bank's solid financial
fundamentals, illustrated by its adequate capitalization level and
also prudent risk management practices. Banco Patagonia is an
important market participant in payroll account services, which
provide growth opportunities in the retail sector, attractive
cross selling prospects and a stable funding source. The bank has
good capital levels as a result of earnings retention and solid
liquidity indicators that provide an adequate cushion in stress
scenarios. However, the ratings also consider the challenging
operating environment in Argentina, including the high rate of
inflation, and incorporate the risks related to increasing
government intervention through mechanisms unfavorable to the
earnings generation, funding dynamics and financial flexibility of
financial institutions. While income ratios appear strong, after
adjusting for inflation, profitability is much more modest.

Banco Patagonia S.A. is headquartered in Buenos Aires, Argentina,
and it had assets of ARS 42.3 billion and equity of ARS 6.9
billion as of March 2015.

BUENOS AIRES: S&P Assigns 'CCC-' Rating to $500MM Sr. Unsec. Notes
Standard & Poor's Ratings Services said it assigned its 'CCC-'
issue-level rating to the province of Buenos Aires' (PBA;
CCC-/Neg./--) $500 million dollar-denominated senior unsecured
notes due 2021.  The PBA will use the proceeds to fund health
care, education, infrastructure, and other projects currently
under way or that it plans to carry out during 2015.  The PBA will
also use the proceeds to improve its debt maturity profile.  The
province is facing the maturity of its $1.05 billion 11.75%
international bond due Oct. 5, 2015.  Together with the new
issuance, the province announced a global debt exchange offer for
this bond, which S&P will be shortly assessing according to its

The foreign currency rating on the PBA reflects S&P's 'CCC-'
transfer and convertibility (T&C) risk assessment for the country
(foreign currency: SD/SD; local currency: CCC+/Negative/C).  S&P
do so to reflect the likelihood that the sovereign could restrict
the domestic entities' access to foreign currency for their debt
obligations.  Argentina's external liquidity continues to be
pressured, particularly due to the sovereign's default since
July 30, 2014.  In S&P's view, it has fully incorporated these
risks in its 'CCC-' foreign currency rating on the province.

Including the $500 million issuance, S&P expects PBA's total debt
to be more than ARP111 billion or about 43% of the province's
estimated 2015 operating revenues, compared with ARP90.3 billion
at the end of 2014.  Given the PBA's moderate debt level, S&P
don't believe this issuance will hurt the province's financial

A deteriorating macroeconomic environment--weak economic growth,
high inflation, a dual exchange rate, and uncertainty over medium-
terms prospects, which further exacerbate Argentina's volatile and
underfunded intergovernmental institutional framework--limits the
PBA's creditworthiness.  The province posted an operating surplus
of ARP3.3 billion, or 1.7% of operating revenues, in 2014, higher
than 0.2% in 2013.  This stems from ARP4.5 billion in
extraordinary nontax revenue following the 2013 debt restructuring
agreement with the federal government.  The PBA's deficit after
capex was 0.4% of total revenues.  S&P expects some volatility in
its fiscal results in 2015 and 2016 due to inflation of 35%-40%.
S&P also expects the province to tighten its revenue collection
while continuing to restrain the growth of its operating expenses
amid high inflation.

As of the end of 2014, the province's debt totaled
ARP90.3 billion, almost 58% of which was denominated in foreign
currency.  This factor underscores the PBA's exposure to currency
risk because adverse exchange rate movements could increase debt
amid the Argentine peso's consistent slide.  As of Dec. 31, 2014,
PBA owed 37.5% of its total debt to the federal government, 53.4%
to domestic and international bondholders, 7.8% to multilateral
credit organizations, and the remaining 1.3% to bilateral credit


Buenos Aires
  Issuer credit rating               CCC-/Negative/--

Rating Assigned

Buenos Aires
  $500M sr. unsec. notes due 2021    CCC-


BRAZIL: Industry Output Falls Less Than Economists Forecast
David Biller at Bloomberg News reports that Brazil's industrial
output in April fell less than economists predicted, as the
government seeks to roll back tax breaks to fortify fiscal
accounts in Latin America's biggest economy.

Output in April fell 1.2 percent from the previous month, after a
revised 0.7 percent decline in March, the national statistics
agency said in Rio de Janeiro, according to Bloomberg News.  That
was better than the median estimate for a 1.4 percent drop from 40
economists surveyed by Bloomberg.  Industrial output fell 7.6
percent from the year before, Bloomberg News relates.

According to Bloomberg News, Brazilian industry faces the highest
interest rates in more than six years as the central bank labors
to slow inflation, and may soon confront another constraint as the
government aims to raise payroll taxes on some sectors as part of
its effort to shore up fiscal accounts.  A weaker real could
provide a boost, as it lowers the price of Brazil's exports on
global markets, notes the report.

"It came in a little better than expected, but it is still showing
an ugly picture of the sector," Luciano Rostagno, chief strategist
at Banco Mizuho do Brasil, said from Sao Paulo, Bloomberg News
relates.  "It's a bad sign for the second quarter."

Swap rates maturing in January 2017 rose one basis point, or 0.01
percentage point, to 13.43 percent at 9:43 a.m. on June 2,
Bloomberg News relates.  The real strengthened 0.4 percent to
3.1548 per U.S. dollar and has weakened by 15.7 percent this year,
Bloomberg News discloses.

Output of capital goods in April, a barometer of investment, fell
5.1 percent, the statistics institute said, notes Bloomberg News.
Production of durable consumer goods declined 1.8 percent.  Of the
24 industries studied by the institute, output dropped in 19,
including a seventh-straight decline in production of cars,
trailers and auto bodies.

Smaller Decline

"Strikes earlier this year in the vehicle sector should no longer
be pulling down production, which suggests that the real problem
is simply that underlying demand is extremely weak," Neil
Shearing, chief emerging-markets economist at Capital Economics,
said in a note obtained by Bloomberg News.  "This is partly due to
problems in Argentina, which is a key export market for Brazilian
vehicle producers, but also reflects a recession in domestic
consumer spending," Bloomberg News relates.

Brazil reported a first-quarter contraction of 0.2 percent on May
29, a smaller decline than predicted by all but four of 42
economists surveyed by Bloomberg.  The headline figure included a
0.3 percent drop in industry versus 1.3 percent and 1.5 percent
tumbles in investment and family consumption, respectively,
Bloomberg News discloses.

The lower house is scheduled to start voting on legislation this
month to reverse payroll-tax exemptions, Bloomberg News relates.

That would boost government revenue by an estimated 12.8 billion
reais ($4.1 billion) in 2016, Finance Minister Joaquim Levy said
in February, Bloomberg News relates.  The government also intends
to launch a program for infrastructure concessions, says the

Brazil's central bank has raised the benchmark Selic rate by 2.25
percentage points in its last five meetings to 13.25 percent, and
analysts surveyed by Bloomberg forecast another half-point
increase on June 3.

MARANHAO STATE: Fitch Affirms 'BB+' IDR; Outlook Remains Negative
Fitch Ratings has affirmed the Brazilian state of Maranhao's
national long-term rating at 'AA-(bra)' with a Stable Outlook.
The agency has also affirmed the long-term Issuer Default Rating
at 'BB+'.  The Outlook remains Negative.  The Outlook reflects the
Negative Outlook assigned to Brazil on April 09, 2015.

The Maranhao's ratings affirmation is based on its modest economic
base and low economic diversification.  These are counterbalanced
by a high volume of federal transfers which have represented more
than 50% of the state's operating revenues over the last five
years.  Maranhao's GDP corresponds to less than 2% of Brazil's
GDP, despite growing relatively faster than the country as a

Maranhao's operating margin was affected positively by a higher
amount of federal transfers in 2014, reaching 12.5%, moderately
higher than other Brazilian subnationals.  Fitch believes
operating margins should be above 10% in 2015, despite some
reduction expected in federal transfers and more challenging
economic conditions.

Urbanization and sanitation rates compare very poorly with other
states in Brazil, demanding high and continued investments.
Education and law enforcement indicators have been below Brazil's
since June 2014, with marginal improvements pressuring personnel
expenditures.  Fitch expects some enhancements in the medium term
when investment plans are fully executed.

The state is experiencing not only lower than average capex levels
that reached an equivalent of 10.1% of total expenditures over the
last five years, but also a slow execution pace.  The investments
financed by Banco Nacional de Desenvolvimento Economico e Social
(BNDES) total BRL3.8 billion (USD1.7 billion) and only 6% have
already concluded to date.  The main projects are related to city
road integration.

Maranhao holds a moderate debt burden.  Direct debt was 2.6 years
of the current balance in 2014, following an external credit
operation with a private foreign bank to refinance a major portion
of the federal debt.  As a result, USD-denominated debt was 48% of
total debt and fully guaranteed by the federal government.  The
state has decided not to prepay the foreign debt, despite the
Brazilian real weakening.

Maranhao's pension plans are managed by Fundo Estadual de Pensao e
Aposentadoria (FEPA).  The consolidated actuarial deficit totaled
a sizeable but manageable BRL22.8 billion in 2014, corresponding
to 1.7 years of the state's operating revenues.  The state
contributes with 15% of the consolidated payroll, which is higher
than other states in Brazil.  In 2014, pension-related
expenditures corresponded to 14% of operating expenditures in an
increasing trend.


Sovereign: any rating action affecting the Federative Republic of
Brazil may exert a direct impact on Maranhao.  Moreover, a
downgrade would be warranted if operating margins consistently
fell below 10%.

Located in the northeast region of Brazil, Maranhao posted an
estimated Gross Domestic Product of BRL62.1 billion, ranking as
the 16th largest state in Brazil with a privileged geographic
position for exports.


The ratings and Outlooks are sensitive to these assumptions:

   -- Fitch assumes a strong level of sovereign support for
      Maranhao as expressed by the level of federal transfers and
      the guarantee on its external debt portion.  Fitch's base
      case does not assume a severe reduction in federal transfers
      nor the guaranteed withdrawal of the external debt portion.

   -- Global assumptions are consistent with Fitch's published
      'Global Economic Outlook', including the subdued outlook for
      commodity prices.

Fitch has affirmed these ratings:

   -- Foreign Currency Long Term IDR at 'BB+'; Negative Outlook
   -- Foreign Currency Short Term IDR at 'B';
   -- Local Currency Long Term IDR at 'BB+'; Negative Outlook
   -- Local Currency Short Term IDR at 'B';
   -- National Long-term at 'AA-(bra)'; Stable Outlook
   -- National Short-term rating at 'F1+(bra)'.

PETROBRAS GLOBAL: Moody's Rates Proposed Global Notes at Ba2
Moody's Investors Service assigned a Ba2 rating to Petrobras
Global Finance B.V.'s proposed global notes, which will be
unconditionally guaranteed by Petroleo Brasileiro S.A.
(Petrobras). The Ba2 rating on the proposed notes is based on the
rating of Petrobras (Ba2 stable). The proposed notes are senior
unsecured and pari passu with Petrobras Global Finance B.V. and
Petrobras' other senior foreign currency debt. Proceeds from the
proposed notes issuance will be used for general corporate
purposes, including debt refinancing and capital investitures. The
outlook on the rating is stable.

Petrobras' Ba2 Global Scale Rating (GSR) and b2 Baseline Credit
Assessment (BCA, a measure of the issuer's intrinsic risk
regardless of its controlling entity) reflect high financial
leverage, operating challenges and weak corporate governance. The
ratings also reflect the company's large-scale reserve base and
dominance in the Brazilian oil industry, sizeable pre-salt
discoveries, technological offshore expertise and growing

Near term financial performance will worsen before it could start
gradually improving in the next couple of years, as oil prices
start a solid upward trend. Petrobras' high financial debt, which
reached close to USD125 billion (as reported) in March 2015,
compares to the company's expectation of generating USD25 billion
in operating cash and spending USD29 billion in capex in 2015.
Petrobras plans to borrow USD13 billion during 2015, to end the
year with USD20 billion in cash. Moody's-adjusted debt/EBITDA
ratio was high at about 5.1x for the last twelve months ended in
March 2015 and should reach over 6x in late 2015.

Although Petrobras' corporate governance has improved as a result
of efforts derived from ongoing corruption investigations, which
started in March 2014, the company's ratings reflect the need to
substantially improve internal controls as well as the challenges
related to current legal battles, which create management
distractions that may hinder efforts to improve operations.

Petrobras' ratings are supported by its large-scale proved reserve
base (12.7 bnbbl of oil equivalent, 86% crude) and dominance in
the Brazilian oil industry: the company supplies about 90% of the
oil products consumed locally and has over 37% retail market
share. In addition, the ratings reflect the company's sizeable
pre-salt discoveries and growing production as well as its proven
technological offshore expertise.

Petrobras' ratings incorporate the effect of Moody's joint-default
analysis. Moody's assumptions are of high support from the
government of Brazil (Baa2 negative) and moderate dependence
between Petrobras and the government. The government support
provides three notches of uplift to Petrobras' BCA.

Petrobras' ratings have a stable outlook, reflecting Moody's
expectation that the company's operating and financial conditions
will not materially change in the short to medium term. Moody's
expects financial performance to decline in 2015 before beginning
an improving trend as oil prices slowly recover and management
initiatives to improve operations and sell assets begin to have a
more significant positive result.

Future positive rating actions are likely to depend upon the
company's ability to demonstrate improved operating performance
that will support a stronger financial profile. Negative rating
actions could result from significant deterioration in operating
performance, major new negative developments from the corruption
investigations, or the reappearance of significant liquidity

Petrobras' ratings could be sensitive to changes in the government
of Brazil's rating as well as to Moody's assessment of the
strength of support from the government. Moody's high support
assumption reflects, among other things, the government's stated
willingness to stand behind Petrobras should that be needed.

For additional information about the company's ratings please
refer to the latest Credit Opinion in

The principal methodology used in this rating was Global
Integrated Oil & Gas Industry published in April 2014. Other
methodologies used include the Government-Related Issuers
published in October 2014.

Petrobras, based in Rio de Janeiro, is an integrated energy
company, with total assets of about USD259 billion as of March 31,
2015. Petrobras dominates Brazil's oil and natural gas production,
as well as downstream refining and marketing. The company also
holds a significant stake in petrochemicals and a burgeoning
position in sugar-based ethanol production and distribution. The
Brazilian government directly and indirectly owns about 46% of
Petrobras' outstanding capital stock and 60.5% of its voting

C A Y M A N  I S L A N D S

AGRICOLA SENIOR: Fitch Expects to Rate US$ Upcoming Notes 'BB+'
Fitch Ratings expects to assign Agricola Senior Trust's upcoming
five-year USD loan participation notes a long-term foreign
currency rating of 'BB+'.  The final rating is contingent upon the
receipt of final documents conforming to information already


The expected rating of the notes is at the same level of Banco
Agricola's (Agricola) long-term Issuer Default Rating (IDR) of
'BB+', reflecting the fact that the notes will be AST's senior
obligations and will be secured by the trust's sole asset, a 100%
participation in and to a senior unsecured loan (the loan) from
Bank of America N.A. to Agricola.  Banco Agricola will guarantee
the payment obligations of AST.

As part of the transaction, AST will acquire a 100% participation
in the loan, and AST will in turn pledge its rights under the loan
to the indenture trustee (The Bank of New York Mellon) as
collateral for the notes.  The notes will mirror the conditions of
the loan.  Accordingly, the notes will rank pari passu to
Agricola's senior unsecured and unsubordinated obligations.

Principal under the notes will mature in five years, and interest
payments will be made semi-annually while capital will be paid at
the maturity of the loan/notes.  The notes will carry a fixed
interest rate to be set at the time of the issuance.  Agricola
will use the net proceeds of the loan to repay some outstanding
short-term borrowings and to fund the expansion of its loan

Agricola's IDR is driven by its Viability Rating (VR).  In
addition to the challenging operating environment, Agricola's
robust capitalization and ample and diversified deposit base
highly influence its ratings.  The ratings also consider
Agricola's strong franchise, sound and stable profitability and
good asset quality.  The bank's performance has shown a proven
resilience to downturns in economic cycles.

Agricola's IDR is currently constrained by the Country Ceiling
and, together with its VR, remains two notches above El Salvador's
Sovereign Rating.  Fitch believes there is a close link between
banks and sovereigns credit risk (and therefore ratings), and it
is exceptional for banks to be rated above their domestic

On the other hand, even in the absence of a strong stand alone
performance and provided that the Country Ceiling remains
unchanged, Agricola's IDRs would remain at the same level given
the support it would likely receive from its parent, Bancolombia
(rated 'BBB'/Positive Outlook by Fitch), should it be required.

The ratings assigned to the notes should move in line with
Agricola's ratings.

The Negative Outlook for Agricola's IDR reflects that an eventual
downgrade of El Salvador's sovereign rating ('BB-'/Negative
Outlook) could result in a lower Country Ceiling.  This would, in
turn, lead to a downgrade of Agricola's IDRs.

If the sovereign ratings are eventually affirmed at 'BB-' and the
Rating Outlook is revised to Stable from Negative, it is highly
likely that Agricola's IDR would also be affirmed with a Stable

Agricola remains as the largest and one of the most diversified
banks in El Salvador.  As of December 2014, Agricola's market
share in terms of assets and deposits was close to 28%, which
signals a strong franchise in the market.  The bank is operating
in a small economy, although with a large pricing power in its
main operating segments.  Agricola's core business strategy
remains oriented toward traditional commercial banking, while its
loans mix is stable and well balanced.  The bank is owned by
Bancolombia (International rating of 'BBB'/Positive Outlook).

Fitch currently rates Agricola as:

   -- Long-term IDR at 'BB+'; Outlook Negative;
   -- Viability Rating at 'bb+';
   -- Short-term IDR at 'B';
   -- Support at '3';
   -- Long-term national rating at 'AAA(slv)'; Outlook Stable;
   -- Short-term national rating at 'F1+(slv)';
   -- Senior unsecured debt long-term rating at 'AAA(slv)';
   -- Senior secured debt long-term rating at 'AAA(slv)'.

CAKEWALK V: Creditors' Proofs of Debt Due June 15
The creditors of Cakewalk V Ltd are required to file their proofs
of debt by June 15, 2015, to be included in the company's dividend

The company commenced wind-up proceedings on April 29, 2015.

The company's liquidator is:

          Robert J. Reich
          1400 Wewatta, Suite 900
          Denver, CO 80202
          Telephone: +1 (305) 595 7738
          Facsimile: +1 (305) 595 7787

CALEDONIAN BANK: Creditors' Proofs of Debt Due June 19
The creditors of Caledonian Bank Limited are required to file
their proofs of debt by June 19, 2015, to be included in the
company's dividend distribution.

The company's liquidator is:

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

CMBI AWR: Commences Liquidation Proceedings
On May 14, 2015, the shareholder of CMBI AWR Lloyd China Mekong
Fund resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Tsui Fung Jack
          c/o CMB International Asset Management
          Bank of America Tower, 7th Floor
          12 Harcourt Road
          Hong Kong

GUGGENHEIM ADVISORS V: Creditors' Proofs of Debt Due June 25
The creditors of Guggenheim Advisors Select Fund V (Cayman) 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 13, 2015.

The company's liquidator is:

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

GUGGENHEIM PARTNERS: Creditors' Proofs of Debt Due June 25
The creditors of Guggenheim Partners Prism Fund (Cayman) 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 13, 2015.

The company's liquidator is:

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

GUGGENHEIM PARTNERS II: Creditors' Proofs of Debt Due June 25
The creditors of Guggenheim Partners Prism Fund II (Cayman) 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 13, 2015.

The company's liquidator is:

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

LONGACRE SPV I: Creditors' Proofs of Debt Due June 25
The creditors of Longacre SPV I, 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 liquidation proceedings on May 1, 2015.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          Reference: NDL
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

PRESBIA HOLDINGS: Creditors' Proofs of Debt Due June 15
The creditors of Presbia Holdings are required to file their
proofs of debt by June 15, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 13, 2015.

The company's liquidators are:

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

SPECIAL VALUE: Creditors' Proofs of Debt Due June 26
The creditors of Special Value Absolute Return Fund (Cayman) 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 13, 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: +1 (345) 943 3100

YANGTZE SOLAR: Commences Liquidation Proceedings
On May 12, 2015, the shareholders of Yangtze Solar Power
Investment Ltd resolved to voluntarily liquidate the company's

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

The company's liquidators are:

          Mr. Wang Feng
          Mr. Ye Dejun
          c/o Olivia Mason
          Travers Thorp Alberga
          1205A The Centrium 60 Wyndham Street
          Hong Kong
          Telephone: +852 2801 6066
          FL 19, Building B, Focus Plaza
          19 Financial Street
          Xicheng District
          Beijing, China
          Room 103, Building 20, No, 1955 Luoxiu Road
          People's Republic of China


LATAM AIRLINES: Fitch Rates USD500MM Proposed Notes 'BB-(Exp)'
Fitch Ratings has assigned a 'BB-(Exp)' expected rating to LATAM
Airlines Group S.A.'s proposed unsecured notes.  The target amount
for the proposed transaction is USD500 million.  The total amount
and tenor for the proposed issuance will depend on market
conditions.  Proceeds from the proposed issuance are expected to
be used to refinance debt and for general corporate purposes.  A
portion of the proceeds from the proposed transaction will be used
to refinance the existing USD300 million senior guaranteed notes
due 2020 of TAM Capital 2 Inc.

Fitch currently rates LATAM's Long-term Issuer Default Rating
(IDR) at 'BB-', with a Stable Outlook.

LATAM's ratings reflect its diversified business model, strong
regional market position, high gross adjusted leverage, and
adequate liquidity.  The ratings of LATAM and TAM S.A. (TAM) and
their subsidiaries take into account the credit linkage between
the two companies, which stems from their legal, operational, and
strategic ties.

The Stable Outlook reflects expectations that the company will
stabilize its operations and execute its business plan during
2015-2016, reaching an EBIT margin around 8%, adjusted gross
leverage trending to 5x, and liquidity remaining in the upper
level of the 10% to 15% range (liquidity is measured as cash and
unused committed credit lines divided by the latest 12 months
(LTM) revenue ratio).  Brazil's macroeconomic scenario should
continue to challenge the company's operational performance.


Solid Business Position:
Fitch views LATAM's strong business position as sustainable in the
medium term based on its business diversification, as well as its
solid business position both within Latin America and in the
international routes between Latin America and both North America
and Europe.  The company maintains a leading market position in
the domestic markets of Brazil, Chile and Peru with participation
of approximately 38%, 78%, and 63%, respectively.  LATAM's market
share of the Colombian domestic market is around 19%.  The
company's market share in terms of available seat kilometers (ASK)
in intra-regional traffic is estimated at around 44%, while its
participation in the traffic of the Latin American region with
USA/Canada and Europe are estimated at levels of 23% and 11%.
LATAM's business is diversified between international passengers,
the Brazil domestic market, Spanish-speaking domestic markets and
the cargo segment.  These divisions represent 39%, 30%, 14% and
14%, respectively, of the company's total revenues at the end of
December 2014.

Consolidated Capacity to Increase:
By segment, LATAM's capacity management in 2014 was -2% in the
international segment, -1% in Brazil's domestic segment, +4% in
the Spanish-speaking domestic segment, and -6% in the cargo
segment.  LATAM plans capacity increases in 2015 of between 4% and
6% in the international segment, 0% in Brazil's domestic segment,
between 4% and 6% in the Spanish-speaking domestic segment, while
in the cargo segment should be a contraction in the range of 0% to
-2%.  Overall, the company's consolidated capacity is expected to
grow to between 2%-4% in 2015.

EBIT Margin Improving:
Fitch expects Latam will improve its operational performance and
FCF generation resulting in lower gross adjusted leverage during
the period 2015-2016.  While pricing is expected to be weak and
demand soft, which should result in declining passenger yields
during 2015, lower total and fuel cost is expected to offset the
decline in revenues per unit; total fuel cost per unit is expected
to decline significantly during 2015.  Overall, RASK - CASK spread
per unit is expected to improve, resulting in the company's EBIT
margin trending to levels around 8% during 2015-2016, versus 4.1%
reached during 2014.  The company saw a significant EBIT margin
expansion during first quarter 2015 (1Q15), reaching 8.1% against
3.5% in 1Q14.  This improvement was driven mainly by a 16%
reduction in operating costs.

Brazilian Market Exposure Adds Volatility:
Fitch expects the company's exposure to the Brazilian market will
continue to challenge its operational performance, as the
Brazilian airline industry is facing a business environment
characterized by single-digit growth in demand, low business
travel activity, a weak yield atmosphere, and the benefits of
lower international fuel prices being partially offset by
devaluation of the Brazilian real against the U.S. dollar.  The
company is expected to counterbalance the negative impact of these
factors by focusing on capacity management and cost control.

Deleveraging Expected:
LATAM's adjusted gross leverage metric is high; the ratings
consider a gradual business deleveraging - driven by better
margins - taking place during the next several quarters.  The
company's adjusted gross leverage is expected to trend toward
around 5x during the 2015-2016 period.  LATAM's gross adjusted
leverage, measured as total adjusted debt over EBITDAR, was 5.8x
during LTM March 31, 2015 (6.1x in 2014).  The company achieved
revenues, EBITDAR, and an EBITDAR margin of USD12 billion, USD2.1
billion, and 17.8%, respectively, during LTM March 31, 2015, while
its EBIT margin was 5.3% during this period.  In addition, the
company's total adjusted debt was approximately USD12.4 billion at
the end of March 2015.  This debt includes USD8.7 billion in on-
balance-sheet debt and USD3.7 billion in off-balance-sheet
obligations related to operating leases with combined rental
payments of around USD522 million for LTM March 31, 2015.

Adequate Liquidity:
Fitch views the company's liquidity position as adequate for the
rating category.  At the end of March 2015, the company had cash
of USD1.2 billion, along with USD210 million in unused committed
credit lines.  This level of liquidity, measured as total cash and
marketable securities plus unused committed credit lines over LTM
revenues, represents 12.1% of the company's revenues for LTM March
31, 2015.  This ratio is expected to be around 15% in the
foreseeable future.  In addition, LATAM faces debt amortizations
of USD1.3 billion and USD1.3 billion during 2015 and 2016,
respectively, which will be primarily addressed through
refinancing.  The company's FCF is expected to be neutral to
slightly negative during 2015-16 reflecting balanced levels of
cash flow from operations and capital expenditures.  LATAM
maintains a capex plan - including fleet and non-fleet capex -
that calls for capex levels of USD1.4 billion and USD1.6 billion
during 2015 and 2016, respectively.

Strong Parent / Sub-Credit Linkage:
LATAM indirectly maintains substantially all of the economic
rights and 20% of the voting rights in TAM, which is an affiliate
company of LATAM.  The ratings of LATAM and TAM also incorporate
the strong credit linkage between both entities with significant
legal, operational and strategic ties.  This is reflected in the
existence of cross-guarantees and cross-default clauses related to
the aircraft financing for both entities, no restriction in terms
of dividends and/or intercompany loan between both entities, with
substantially all dividend flow generated by TAM expected to be
oriented to LATAM through its non-voting shares in TAM.  In
addition, the financing of the combined fleet plan capital
expenditure is primarily implemented through LATAM with the new
aircraft being subleased to TAM.


Fitch's key assumptions within the rating case for the issuer
   -- 2015 EBIT margin around 8%.
   -- Gross leverage trending to levels around 5x during the 2015-
      2016 period, and consistently in the 4.5x to 5x range
   -- Neutral FCF in 2015.
   -- FFO fixed charge coverage consistently above 2.25x.
   -- Cash and marketable securities over LTM revenues
      consistently in the upper level of the 10% to 15% range.


Considerations that could lead to a negative rating action (Rating
or Outlook):

Future developments that may, individually or collectively, lead
to a negative rating action include:
   -- Sustained negative FCF;
   -- Weakening liquidity consistently at levels below
      incorporated expectations;
   -- Gross adjusted leverage consistently above 5x;
   -- EBIT margin consistently below 7%;
   -- FFO fixed charge coverage consistently below 2x.

Considerations that could lead to a positive rating action (Rating
or Outlook):

Conversely, Fitch may take a positive rating action if a
combination of these factors takes place:
   -- Adjusted gross leverage sustained at 4x;
   -- Neutral to positive FCF generation;
   -- FFO fixed charge coverage consistently around 3x;
   -- EBIT margin moving to 10%.

Fitch currently rates LATAM and TAM S.A. as:

LATAM Airlines Group S.A.:
   -- Long-term Issuer Default Rating (IDR) 'BB-';
   -- National Equity Rating at 'Primera Clase Nivel 2 (cl)'.

   -- Long-term IDR 'BB-';
   -- Local currency IDR 'BB-';
   -- National long-term rating 'A(bra)'.

Tam Linhas Aereas S.A.
   -- Long-term IDR 'BB-;
   -- Local currency IDR 'BB-';
   -- National long-term rating 'A(bra)'.

Tam Capital Inc.
   -- USD300 million senior unsecured note due 2017 at 'BB-'.

Tam Capital Inc. 2
   -- USD300 million senior unsecured note due to 2020 at 'BB-'.

Tam Capital Inc. 3
   -- USD500 million senior unsecured note due 2021 at 'BB-';

The Rating Outlook is Stable.

LATAM AIRLINES: S&P Assigns 'BB-' Rating on Proposed $500MM Bonds
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
rating to Latam Airlines Group S.A.'s (BB/Stable/--) proposed
$500 million five-year senior unsecured bonds.  The rating on the
bonds is one notch lower than the corporate credit rating, given
significant priority debt in Latam's capital structure, which
mainly consists of aircraft leasing.  The senior debt accounts for
about 42% of the company's total assets, which according to S&P's
criteria, results in one-notch deduction from the corporate credit

S&P don't expect the company's net leverage metrics to rise
because Latam will use the bulk of the proceeds to repurchase the
outstanding 2020 bonds.  The company will use the remainder to
strengthen its cash reserves and for general corporate purposes.
S&P expects the issuance will help improve Latam's capital
structure by extending debt maturity profile and lowering interest


Latam Airlines Group S.A.
  Corporate credit rating                  BB/Stable/--

Rating Assigned

Latam Airlines Group S.A.
  $500m senior unsecured bonds             BB-


JAMAICA: Lenders Reluctant to Cut Interest Rates
RJR News reports that despite the Bank of Jamaica's recent cut in
benchmark interest rates, lenders have indicated they are not
ready to follow suit.

That indication is reflected in the Bank of Jamaica's latest
survey of credit conditions, according to RJR News.

The survey shows lenders expect interest rates to increase in the
current June quarter for both personal and business loans; that
despite policy rate signals from the central bank that it want's
lending rates to come down as inflationary conditions wane, the
report notes.

Borrowers had already faced higher loan rates in the March
quarter, with average rates for local currency loans at 20.02 per
cent, the report relates.

The Bank of Jamaica said the higher rates in the March quarter
were due to strong demand for credit, the report adds.

As reported in the Troubled Company Reporter-Latin America on
June 2, 2015, Moody's Investors Service upgrades Jamaica's
government bond rating and government-related entities to Caa2
from Caa3, changes the country ceilings, and maintains a positive

Moody's decision to upgrade Jamaica's rating was driven by the
following factors:

   1. Fiscal consolidation and strong commitment to structural

   2. Improving balance of payments position and reduced external

The positive outlook reflects Moody's expectation that Jamaica
will sustain the reform momentum under the IMF-supported program,
solidify fiscal adjustment to put government debt metrics firmly
on a downward trajectory

JAMAICA: S&P Raises Sovereign Rating to 'B'; Outlook Stable
Standard & Poor's Ratings Services raised its long-term foreign
and local currency sovereign credit ratings on Jamaica to 'B' from
'B-'.  In addition, S&P affirmed the 'B' short-term ratings on
Jamaica.  The outlook on the long-term ratings is stable.  S&P
also raised the transfer and convertibility assessment to 'B+'
from 'B'.


S&P raised the long-term rating on Jamaica to reflect the
country's ability to meet its fiscal targets over the past two
years, which has led to strengthened fiscal credibility and
stabilized its debt trajectory.  Provisional estimates show a
primary budget surplus of 7.5% of GDP in the 2014/2015 fiscal
year, following a similar result a year earlier.  Although the
central government ran a small estimated overall fiscal deficit of
0.5% of GDP, the result was better than the budgeted deficit.
Jamaica's high primary surpluses could lead to a gradual decline
in its general government debt to less than 120% of GDP by 2018
from an estimated 128% this year.  (Standard & Poor's deducts debt
held by the public-sector National Insurance Fund.)

Jamaica's growing track record in meeting its fiscal targets also
ensures continued inflows of official and other funding,
strengthening the country's external outlook.  Net foreign
exchange reserves have continued to increase, reaching
$2.4 billion as of April 2015.

In addition, S&P believes economic growth will reach 2% in 2015,
after disappointing real GDP growth of about 0.4% in 2014, partly
due to a drought.  Growth is likely to come from stronger tourism
activity on the back of higher economic growth in the U.S.,
recovery in the agricultural sector and water supply due to
improved weather, and higher mining and manufacturing output.

S&P expects Jamaica's current account deficit (CAD) to decline to
5.7% of GDP in 2015 from 8.4% of GDP in the previous year, thanks
to sustained growth in service exports such as tourism, stronger
remittances, and lower oil prices.  Total stopover arrivals
increased by almost 5% from January to April 2015 compared with
the same period in 2014.  However, the CAD remains high,
reinforcing S&P's belief that the country's external accounts will
remain a weakness over the rating horizon.  Lower oil prices
should have a positive effect on the country's external accounts
and contain electricity and transportation costs.  That, together
with still-weak domestic demand, should keep inflation between
4.5%-5% over the next two years, compared with an average of
almost 9% over the past five years.  Lower inflation would help
sustain a recent gain in external competitiveness following the
nominal depreciation of the Jamaican dollar.

In addition, the government has undertaken business reforms,
including consolidating forms to start a business, establishing
credit bureaus and a new secured transactions law to facilitate
access to credit, and reducing the costs of external electricity
connections.  These efforts improved Jamaica's standing in the
World Bank's Doing Business report by 27 places in 2015, to a rank
of 58 out of 189 economies.  Investment prospects have begun to
show signs of improvement.  On April 7, 2015, the government
granted a 30-year concession to a private company, Terminal Link
Consortium, to operate and modernize the Kingston Container
Terminal, which should help boost growth in the medium to long

Despite these positive signals, Jamaica's small, open economy,
with projected GDP per capita of about US$5,000 in 2015, has
averaged -0.4% per capita GDP growth over the past 10 years.
Jamaica remains vulnerable to hurricanes because of its location
in the hurricane belt. Its debt burden remains high, constraining
the rating.

Jamaica's stable democracy and open political system that sustains
political stability and policy predictability continue to support
the rating.  The government, led by Prime Minister Portia Simpson-
Miller of the People's National Party, has a majority in
Parliament and does not need to face elections until late 2016.


The stable outlook reflects S&P's expectation that the government
will continue to advance its reform agenda, which S&P believes
will further bolster economic confidence, and maintain sufficient
external liquidity to meet the country's external financing needs.
S&P expects that this growing confidence will gradually encourage
greater investment, which will translate slowly into faster
economic growth in 2015 and 2016.

S&P may raise the ratings if Jamaica is able to sustain
improvement in its external liquidity position, which, combined
with continued economic growth, may improve the country's ability
to withstand adverse external shocks.  That, along with continued
progress in meeting fiscal targets and reducing the government's
debt burden, could improve Jamaica's financial profile and lead to
an upgrade.

Conversely, S&P may lower the ratings if, contrary to its
expectation, the government exhibits slippage on fiscal or other
reform targets, which could diminish economic confidence and limit
the country's growth prospects.  Similarly, external shocks that
unexpectedly weaken the currency could increase the government's
debt burden, put pressure on interest rates, and boost inflation.
Failure to respond in a timely and forceful manner to such adverse
developments could erode the country's financial profile, leading
to a downgrade.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that Jamaica's fiscal profile had improved.
All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating


Upgraded; Ratings Affirmed
                                        To            From
Sovereign Credit Rating                B/Stable/B    B-/Pos./B
Senior Unsecured                       B             B-
Transfer & Convertibility Assessment   B+            B

NORANDA BAUXITE: Jamaica Files Injunction to Prevent Export
RJR News reports that just days after the Jamaican Government
filed an injunction to prevent Noranda Bauxite from exporting
bauxite until a dispute over taxes on those exports is resolved,
the company is facing new obstacles, this time in its home
country, the United States.

Noranda Aluminium Holdings, the parent company of St Ann, Jamaica
based Noranda Bauxite Limited, in regulatory filings, said its
power supplier, Ameren Missouri, had said it will not extend a
power supply contract for its primary aluminum plant, according to
RJR News.  The power supply contract expires in 2020.

Noranda Bauxite said it received the notice on May 29.

Ameren Missouri ended the relationship with Noranda after the
Missouri state regulator approved reduced prices for power
supplied to the smelter, the report notes.  Ameren Missouri had
fought the reduced rates.  Having lost that fight, it gave Noranda
a five-year notice, as required by the contract.

Noranda had previously threatened to shutter the Missouri smelter,
which accounts for more than 14 per cent of total US aluminum
output, if a favorable deal was not reached on the price of power
it purchases, report RJR News.


ALESTRA S. DE R.L.: S&P Affirms 'BB' CCR; Outlook Remains Stable
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Alestra S. de R.L. de C.V. (Alestra).  The
outlook remains stable.

The ratings on Alestra reflect its "weak" competitive position
given the company's limited geographic diversification and its
small scale in an industry subject to increasing pricing pressures
and declining revenues from traditional long-distance services.
Nevertheless, the company has moved out of the competitive
residential market and began offering value-added and IT services
to multinational companies and large and midsize enterprises
through its flexible and advanced network with several access
technologies.  The ratings also incorporate the company's high and
stable EBITDA margins.

The corporate credit rating incorporates a one-notch uplift from
the company's 'bb-' stand-alone credit profile (SACP) to reflect
S&P's view that Alestra is a "moderately strategic" subsidiary of
Alfa S.A.B. de C.V. (BBB/Stable/--).  Alestra is a successful and
profitable business, it's unlikely to be sold in the short term,
and we believe it's likely to receive support from Alfa if

S&P revised its assessment of Alestra's liquidity to "adequate"
from "strong" because the company faces upcoming maturities.  S&P
believes estimated cash sources will cover estimated uses by more
than 1.2x for the next 12 months.  The company's undrawn committed
credit lines support its liquidity.

OHL MEXICO: Suit Filed Against Awarding of Highway Concession
EFE News reports that OHL Mexico said it has been notified that a
lawsuit has been filed against a concession it was awarded in 2003
for the construction of a highway in the central state of Mexico.

In a filing with the Mexican Stock Exchange, the company said the
suit filed by a private citizen, Joel Reyes Delgadillo, against
the construction and operation of the Circuito Exterior Mexiquense
was "unfounded," according to EFE News.

The report notes that the highway builder and operator, a unit of
Spanish construction and engineering giant OHL, said its internal
and external advisers have found no justification for the
complaint against the Communications and Transportation
Secretariat's decision.

The report discloses that the "amparo" suit was filed with a court
in Mexico state, which surrounds Mexico City.

OHL Mexico has been embroiled in a scandal since May 6, when
secret recordings appeared to show company executives discussing
ways to trick the Mexico state government into allowing higher
tolls for use of another highway in that state, the Viaducto
Bicentenario, the report relays.

Other tape recordings disclosed seemed to show OHL Mexico
executives-then-institutional relations director Pablo Wallentin,
who resigned on May 11 to facilitate the investigation, and the
company's general counsel, Gerardo Fernandez -- discussing plans
to bribe judges, the report relays.

The company has denied wrongdoing and says it is the victim of a
"baseless" smear campaign, the report notes.

The report discloses that OHL Mexico said in a statement that it
decided not to remove Fernandez considering that judges who have
presided over trials involving the company have "firmly denied
having received any type of payment from the company."

It added, however, that the general counsel would be separated
"from all the corresponding legal procedures," the report relays.

In the statement, OHL Mexico also said its board has "absolute
confidence" in the company's management team, which is led by
Chief Executive Officer Sergio Hidalgo Monroy, the report adds

OHL Mexico is a construction and highway management company.

As reported in the Troubled Company Reporter-Latin America on
May 15, 2015, EFE News said that Mexican opposition senators are
calling for a thorough investigation into possible wrongdoing by
the Mexican unit of Spanish construction group OHL and local
government authorities in the setting of highway tolls.

Two senators representing that state -- Laura Angelica Rojas, a
member of the conservative National Action Party, or PAN, and
Alejandro Encinas, of the leftist Party of the Democratic
Revolution, or PRD -- led the call for the probe, according to EFE

* MEXICO: Analysts Revise 2015 Growth Forecast Downward to 2.66%
EFE News reports that financial analysts have revised their 2015
economic growth forecast for Mexico downward from 2.88 percent to
2.66 percent, the Bank of Mexico said, citing the results of a

Analysts also trimmed their 2016 gross domestic product (GDP)
forecast from 3.40 percent to 3.32 percent and revised their 2017
forecasts downward from 3.83 percent to 3.75 percent, according to
EFE News.

Economic analysts expect Mexico to finish this year with an
inflation rate of 2.96 percent, the report relates.

The Bank of Mexico survey covers 35 Mexican and foreign financial
analysis and consulting firms, with responses to the latest survey
received May 25-28, the report discloses.

The Finance and Public Credit Secretariat revised its GDP forecast
for this year downward to a range of 2.2 percent to 3.2 percent on
May 21, the report relays.

The downward revision was made after the national statistics
agency reported that the economy grew 2.5 percent in the first
quarter, compared to the same period in 2014, the report notes.

A few days earlier, the Bank of Mexico revised its 2015 GDP
forecast downward to a range of 2 percent to 3 percent from an
earlier range of 2.5 percent to 3.5 percent, the report adds.


SOUTHERN COPPER: "Pause" in Peru Project Could be Extended
EFE News reports that Southern Copper Chief Executive Officer
Oscar Gonzalez Rocha said the company could extend a 60-day pause
at its stalled $1.4 billion Tia Maria project in the southern
Peruvian province of Islay to allow more time to clear up local
residents' doubts about its environmental impact.

Opposition from local farmers led to a more than 60-day strike and
violent disturbances earlier this year that left four dead and
around 200 injured, prompting the national government to declare a
state of emergency in that province in May, according to EFE News.

"If necessary, we'd do it," Mr. Gonzalez told RPP Noticias when
asked whether the current 60-day pause, which ends in July, is
sufficient for garnering local support for the project and if the
timeframe could be extended.

The chief executive of Southern, a unit of Mexico City-based
mining giant Grupo Mexico, said the company is preparing to launch
a communications plan in Islay province and the areas near Tia
Maria "so people are more aware of the project, so talks can be
held and there can be direct communication to clear up any doubts
they may have," the report relates.

Tia Maria will produce 120,000 tons of copper cathodes annually
using the leaching and solvent extraction method, according to
Southern, which say the mine will use desalinated seawater in the
productive process, the report adds.


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.
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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
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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.

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Information contained herein is obtained from sources believed to
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