TCRLA_Public/150624.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, June 24, 2015, Vol. 16, No. 123


                            Headlines



B A R B A D O S

BARBADOS: Businesses Criticized for Sitting on EPA Opportunities


B E R M U D A

PACNET LIMITED: Moody's Withdraws Ba3 CFR and Stable Outlook


B O L I V I A

BANCO GANADERO: Moody's Assigns B2 Rating on BOB35MM Sub. Debt


B R A Z I L

CONSTRUTORA ANDRADE: Moody's Puts Ba2 CFR on Review for Downgrade
BRAZIL: Analysts Expect Economy to Contract 1.45%
ELETROPAULO METROPOLITANA: Fitch Affirms 'BB' IDR
HYPERMARCAS S.A.: S&P Affirms 'BB' CCR; Outlook Stable
JBS S.A.: Fitch Ratings Views Takeover Bid to be Neutral

JBS S.A.: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Positive
MARFRIG GLOBAL: S&P Affirms 'B+' CCR; Outlook Remains Stable
USINA CAETE: S&P Lowers CCR to 'B-' & Removes from Watch Neg.


C A Y M A N  I S L A N D S

AMALFI HOLDINGS: Creditors' Proofs of Debt Due July 9
CAL DIVE: Shareholder to Hear Wind-Up Report on June 26
HITS AFRICA: Appoints Claire Loebell as Additional Liquidator
IGUANA LIMITED: Shareholder to Hear Wind-Up Report on July 3
M TRUST ASSURANCE: Shareholder to Hear Wind-Up Report on July 17

MARINER MASTER: Shareholder to Hear Wind-Up Report on July 1
MARINER VOYAGER: Shareholder to Hear Wind-Up Report on July 1
SFJ PHARMA: Shareholder to Hear Wind-Up Report on June 30
SYDNEY COMPANY: Creditors' Proofs of Debt Due June 29
TRIPARTITE HOLDINGS: Members' Final Meeting Set for July 17


C U B A

CUBA: Economy Will Grow 4% in 1st Half of 2015


J A M A I C A

ALPART: Minister Receives Russian Assurances on Firm's Restoration


M E X I C O

UNIFIN FINANCIERA: Posts MXN357.9 Million Net Income in 1Q
UNIFIN FINANCIERA: S&P Raises ICR to 'BB'; Outlook Stable


X X X X X X X X X

CARIBBEAN: Partnerships Needed for Economic Recovery


                            - - - - -


===============
B A R B A D O S
===============


BARBADOS: Businesses Criticized for Sitting on EPA Opportunities
----------------------------------------------------------------
Caribbean360.com reports that Barbados' industry minister said
he's embarrassed by how little local businesses are utilizing the
Economic Partnership Agreement (EPA) which Caribbean countries
signed with the European Union (EU) seven years ago.

According to Caribbean360.com, Donville Inniss lamented that
despite the technical and financial support provided by the EU and
others, the establishment of an EPA Implementation Unit, seminars,
and the provision of free advice and facilitation, "we are still
talking and not doing."

"We sit here and complain about much and, often times, do too
little ourselves," Mr. Inniss said as he addressed a Barbados
Private Sector Trade Team workshop, the report notes.

"I am quite embarrassed when I see the little uptake that this
island has in many international funding, technical support and
market opportunities.  I simply ask 'Is it that we are afraid? Are
we lazy? Are we too comfortable? Are we expecting Government to
negotiate trade agreements and then run businesses too? Or is it
that these things are just too onerous to achieve?" the report
quoted Mr. Inniss as saying.

The report notes that Mr. Inniss said Barbadians needed to shake
off their intellectual shackles, get out of their comfort zones
and behave as though they want to become entrepreneurs who want to
get into, and stay in the EU market.

"No one owes us a favor.  The days of favors to small islands that
are former colonies are near an end.  Those who want to wait on
reparations can do that.  I suggest that meanwhile we get up and
earn our way in life," the minister advised, the report adds.


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B E R M U D A
=============


PACNET LIMITED: Moody's Withdraws Ba3 CFR and Stable Outlook
------------------------------------------------------------
Moody's Investors Service has withdrawn Pacnet Limited's Ba3
corporate family rating with a stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Pacnet, incorporated in Bermuda in 2006, wholly owns and operates
the EAC-C2C network, Asia's largest privately-owned submarine
cable infrastructure of 36,800km, as well as the EAC Pacific
network, which spans 9,620km from Japan to the US.  The cables
land at 21 cable landing stations across Asia and the US.  Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- and medium-
sized enterprises in Asia Pacific with a need for multinational
IP-based solutions and connectivity.


=============
B O L I V I A
=============


BANCO GANADERO: Moody's Assigns B2 Rating on BOB35MM Sub. Debt
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned Banco Ganadero S.A.'s BOB35 million subordinated debt
issuance, a global scale local currency subordinated debt rating
of B2 and a national scale local currency subordinated debt rating
of Aa3.bo.

The following ratings were assigned to Banco Ganadero's BOB35
million "Bonos Subordinados Banco Ganadero IV" subordinated debt
issuance:

Global Local Currency Subordinated Debt Rating: B2

Bolivia National Scale Local Currency Subordinated Debt Rating:
Aa3.bo

RATINGS RATIONALE

Moody's explained that the B2 local currency subordinated debt
rating derives from Ganadero's b1 baseline credit assessment and
reflects the subordination of the notes.

Ganadero's ratings reflect its well-established corporate and
commercial-oriented franchise based in Santa Cruz de la Sierra and
its growing housing finance operation.  This business mix has
provided income diversification, good asset quality, and access to
core deposit funding.  The ratings, however, are constrained by
Banco Ganadero's geographical concentrations, which expose its
asset quality and earnings to potential swings in the regional
economy and a core capitalization ratio that is lower than the
banking system average.

Government regulations, including mandated lending requirements
and interest rate caps, will reduce lenders' earnings power and
lead to asset quality problems.  In the coming years, government
lending mandates will increasingly drive credit allocation, as
regulations require lenders to direct 60% of total loan books to
productive industries and social housing within four years.  The
regulations also include below-market lending rate caps that will
inhibit banks' ability to price risk and will lower profitability,
reducing internal capital generation.  However, Ganadero is better
positioned than the banking system average to comply with those
requirements, given the banks' expertise in lending to productive
industries.

Ganadero's focus in the corporate and SME segments yields relevant
non-interest income from foreign exchange trading and money
transfers.  Ganadero's funding relies on institutional and
corporate deposits, which have shown to be stable and have
supported the banks' business development.  With a tangible common
equity on risk weighted assets at 8.77% as of March 2015,
Ganadero's capital stands lower that the banking system's average.
However, Moody's considers that current level of capitalization
provides adequate loss absorption capacity in stressed scenarios.

Banco Ganadero S.A. is located in Santa Cruz de la Sierra,
Bolivia, and had BOB8.1 billion in assets, BOB6.6 billion in
deposits and BOB444 million in equity as of March 2015.


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


CONSTRUTORA ANDRADE: Moody's Puts Ba2 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed under review for downgrade the
Ba2 corporate family rating assigned to Construtora Andrade
Gutierrez S.A. (CAG) and the Ba2 rating of CAG guaranteed notes
issued by Andrade Gutierrez International S.A. (AGInt).

Rating placed under review:

Issuer: Construtora Andrade Gutierrez S.A. (CAG), Brazil
   -- Corporate Family Rating: Ba2 (global scale)

Issuer: Andrade Gutierrez International S.A. (AGInt), Luxemburg

   -- USD500 million senior unsecured notes due 2018: Ba2 foreign
      currency rating

RATINGS RATIONALE

This review for downgrade was prompted by Moody's perception of
increased credit risk for CAG following the search warrants issued
for the company and the preventive and temporary arrests of some
of its executives, as part of the "Car-Wash" investigations on
corruption allegations.  Although investigations are still ongoing
and sentencing or penalties have not been reached, these events
could negatively affect the execution of the company's growth
strategies in the near term and further strain the already
challenging industry fundamentals for engineering and construction
in Brazil.

The Brazilian Federal police arrested Mr. Otavio Marques Azevedo,
the head of Andrade Gutierrez S.A.(unrated) along with other
former and current executives of CAG.  In March 2015, the
Brazilian Office of the Comptroller General initiated
administrative proceedings against the company to investigate its
contract arrangements with Petrobras (Ba2, stable), along with
eight other construction companies that had executives formally
indicted for corruption practices in 2014.  Brazil's anti-trust
regulator is also investigating certain cartel allegations
involving the country's engineering and construction companies.

On March 18, 2015, a presidential decree provided the final
approval required to enact Brazil's new Anti-Corruption Law (Law
12,846/2013 and Decree 8,420/2015), which provides for the civil
and administrative liability of companies and imposes harsher
penalties for involvement in corruption practices, such as fines
up to 20% of annual gross revenues, prohibition to receive
subsidized financing from public entities and even the dissolution
of the company.  On top of potential monetary penalties, companies
under investigation also risk reputational damage and weakening
investor sentiment, reducing their access to funding from public
and private capital markets, developing banks and multilateral
financing agencies.

Although it is hard to predict the timing and the legal outcome of
those investigations, the review process will focus on company'
prospective ability to support their businesses and continue to
operate in such environment.  The review will also take into
consideration that CAG currently has operations in more than 20
countries and sufficient liquidity to cover all of its upcoming
debt maturities and off-balance guarantees, which partially
mitigates potential negative implications on the business in the
short-term.

To the extent that matters may be clarified and resolved under the
normal course of justice, with limited or manageable implications
to the company's domestic and international businesses and to its
liquidity profile, the ratings could be confirmed at its current
levels.

Conversely, the ratings for CAG could be downgraded if Moody's
perceives a higher risk arising from the developments of those
investigations, such as lower liquidity to meet its debt service
requirements or significant backlog reduction that would
prospectively result in a higher leverage and weaker business
profile.

Construtora Andrade Gutierrez (CAG) is the second largest
engineering and heavy construction company in Brazil, with net
revenues of BRL7.5 billion (USD3.2 billion) as of Dec. 31, 2014.
The company's backlog of BRL30.0 billion (USD11.3 billion) as of
Dec. 31, 2014 is comprised of 76 diversified projects including
hydro power plants, basic infrastructure projects, industrial and
civil construction, and oil and gas projects, of which 39% are
located in Brazil, 40% in other Latin American countries and 21%
in Africa, Europe and Asia.  As of Dec. 31, 2014, the company's
outstanding cash position was BRL2.45 billion (USD913.5 million)
for a total gross debt of BRL2.36 billion (USD880 million) that
includes its off balance debt guarantees.


BRAZIL: Analysts Expect Economy to Contract 1.45%
-------------------------------------------------
EFE News reports that analysts have once again revised their
estimates downward and now expect Brazil's economy to contract by
1.45 percent this year, the Central Bank said.

The gross domestic product (GDP) estimate comes from the Boletin
Focus, a weekly Central Bank survey of analysts from about 100
private financial institutions on the state of the national
economy, according to EFE News.

Analysts surveyed for the Boletin Focus expected Latin America's
largest economy to contract by 1.35 percent, the report relates.

The latest forecast from private financial analysts points to a
worse contraction than the government is projecting for 2015, the
report says.

EFE discloses that the government has revised its GDP estimate for
this year to a contraction of 1.20 percent.

Analysts expect Brazil to finish 2015 with an inflation rate of
8.97 percent, up from the 8.79 percent estimate released, the
report relays.

The government, for its part, still expects inflation to end the
year within its target range of 4.5 percent, with a 2 percent band
that would put the top end estimate at 6.5 percent, the report
notes.

The Central Bank said that economic activity contracted 0.84
percent in April, compared to the prior month, and declined 2.23
percent in the first four months of the year, the report notes.

The figures come from the Central Bank's Index of Economic
Activity, or IBC-Br, which is used as a preview of the gross
domestic product (GDP) number, which is released quarterly, but
this indicator is not as broad and tends to overestimate economic
growth on the upside, the report discloses.

The IBC-Br indicated that Brazil's GDP contracted 1.38 percent
year-on-year in April, the report adds.


ELETROPAULO METROPOLITANA: Fitch Affirms 'BB' IDR
-------------------------------------------------
Fitch Ratings has affirmed Eletropaulo Metropolitana Eletricidade
de Sao Paulo S.A.'s (Eletropaulo) foreign and local currency
Issuer Default Ratings (IDRs) at 'BB' and long-term National Scale
Rating at 'A+(bra)'. The Rating Outlook is Stable. A complete list
of rating actions is included at the end of this press release.

KEY RATING DRIVERS

Eletropaulo's ratings reflect its moderate leverage, which is
somewhat mitigated by a robust liquidity position and lengthened
debt maturity profile. The analysis considered the lower liquidity
risks for Brazilian power distribution companies after the
introduction of the tariff flag mechanism and the extraordinary
tariff revision (RTE) in the first quarter of 2015 to compensate
higher costs associated with the power purchase and a sectorial
charge (CDE - Conta de Desenvolvimento Energetico).

Fitch expects Eletropaulo's free cash flow (FCF) to be positive
only in 2016, as cash flow from operations (CFFO) should continue
to be limited in 2015 by the return to its customers of the
remaining BRL206 million from the BRL1.1 billion excess funds
collected from July 2011 to June 2012. The company's fourth tariff
review to be implemented on July 4, 2015, should also slightly
pressure its EBITDA as the 1.6% readjustment to be applied to
Eletropaulo's manageable costs is below inflation. Current high
energy tariffs to customers, along with expected negative GDP
growth for Brazil in 2015, may also be negative for Eletropaulo as
tends to decrease energy consumption and increase delinquency and
energy losses.

The company benefits from its business risk profile, in view of
its exclusive rights to distribute electricity within its
concession area in the Metropolitan Region of Greater Sao Paulo.
The ratings incorporate a moderate regulatory risk for the
Brazilian power sector and a hydrological risk currently above
average.

Moderate Leverage

Fitch expects Eletropaulo's leverage at moderate levels in the
range of 3.0x - 4.0x in the next three years. For the last 12
months (LTM) ended on March 31, 2015, the company reported total
debt-to-EBITDA ratio of 5.5x, while the net debt-to-EBITDA ratio
was 4.2x in comparison with 9.2x and 7.3x, respectively, in 2014.
Fitch's calculations incorporates BRL1.3 billion on the debt
related to pension funds obligations, which also take part on the
company's financial covenants, excluding pension fund expenses
from EBITDA.

Positive FCF in 2016

Eletropaulo's cash flow generation will remain impacted by non-
recurring items. The company is expected to return around BRL206
million to its customers in 2015 as the remaining portion of the
BRL1.1 billion of excess funds collected from July 2011 to June
2012 due to one year delay of the negative third tariff review
cycle implementation. In addition, the regulatory agency decided
that the company should compensate BRL626 million to end users due
to a miscalculation of the initial asset remuneration base
adjusted in the third tariff review cycle. This amount was
expected to be reimbursed in up to four installments beginning on
July 2014, but a court decision has upheld the reimbursement. As
of March 31, 2015, the balance to be reimbursed was BRL496
million. If the court decides against the company, Fitch believes
the company's cash generation will be impacted at BRL170 million-
BRL200 million per year until 2018.

FCF should be positive in 2016 based on a more robust CFFO and
considering annual capital expenditures around BRL500 million-
BRL550 million and limited dividends distribution. In the LTM
ended on March 31, 2015, CFFO of BRL478 million was not sufficient
to cover capital expenditures of BRL552 million and dividends paid
of BRL69 million, leading to a negative FCF of BRL143 million.

CAPEX to be funded by BNDES

Positively, Eletropaulo's capex needs should be partially funded
by Banco Nacional de Desenvolvimento Economico e Social (BNDES).
Fitch believes this will change the funding sources mix, which has
been concentrated on capital markets and bank loans for the last
years, and reduce average cost of debt. As of March 31, 2015, a
contract of BRL172 million has already been signed with BNDES and
a disbursement of BRL140 million is expected for 2015 with the
balance of BRL32 million for 2016.

Expected Lower Energy Consumption

Eletropaulo's net revenue and EBITDA are expected to benefit from
tariff increases, as the 32% from the RTE on March 2015 and the
potential 15%-16% from the tariff review to be applied on July
2015. This should compensate the decline on energy consumption
expected for this year, due to high energy costs and challenging
macroeconomic scenario. In the first quarter of 2015, energy
consumption on Eletropaulo's concession area declined 3.4%
compared with the same period of the previous year. In 2014,
energy consumption growth was only 0.4%. In the LTM ended March
31, 2015, net revenues were BRL11.5 billion, not considering
construction revenues, while EBITDA adjusted for pension funds
expenses reached BRL1.1 billion.

RATING SENSITIVITIES

Future developments that may individually or collectively lead to
a negative rating action includes:

  -- Net leverage consistently above 4.0x;
  -- Cash and equivalents/short-term debt ratio below 1.0x.

Future developments that may individually or collectively lead to
a positive rating action includes:

  -- Net leverage consistently below 2.5x;
  -- Cash and equivalents/short-term debt ratio above 2.5x.

LIQUIDITY AND DEBT STRUCTURE

Eletropaulo presents a strong liquidity position and a lengthened
debt maturity profile, with proven access to capital markets and
bank financings. As of March 31, 2015, the company's cash and
marketable securities position of BRL1.1 billion covered 1.4x its
short-term debt of BRL771 million and 84% of the debt maturing
until 2016. Cash plus funds from operations (FFO)-to-short-term
debt ratio and cash plus CFFO-to-short-term debt ratio of 3.4x and
2.1x, respectively, are also adequate. Total debt of BRL4.7
billion was mainly comprised of pension fund obligation (BRL1.3
billion) and debentures (BRL2.8 billion).

FULL LIST OF RATING ACTIONS

Fitch has affirmed Eletropaulo's ratings as follows:

  -- Foreign and local currency IDRs at 'BB';
  -- Long-term National Scale Rating at 'A+(bra)' ;
  -- 9th debenture issue, in the amount of BRL250 million, due
     2018, at 'A+(bra)';
  -- 11th debenture issue, in the amount of BRL200 million, due
     2018, at 'A+(bra)' ; and
  -- 15th debenture issue, in the amount of BRL750 million, due
      2018, at 'A+(bra)'.

The Rating Outlook for the corporate ratings is Stable.


HYPERMARCAS S.A.: S&P Affirms 'BB' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA-' Brazilian national scale corporate credit and issue-
level ratings on Hypermarcas S.A.  S&P also revised the recovery
rating band to '3H' from '3L'.  The outlook on the corporate
ratings remains stable.

The affirmation reflects S&P's view that despite currently weak
consumption in Brazil, somewhat high interest payments, and the
company's high short-term debt, S&P believes that Hypermarcas
should rapidly reduce its debt starting in 2016 through its solid
cash position and cash flow generation.  The company's large
market share in the Brazilian pharmaceutical and consumer market
should result in a gradual increase in free operating cash flow
(FOCF) in the next few years.

The company's diversified product portfolio in both its personal
care and pharmaceutical divisions and its leading position in
several brands support S&P's "fair" business risk profile
assessment.  In addition, the expected stronger growth in the
company's pharma segment and its efforts to reduce operating costs
and obtaining synergies through fewer industrial plants should
gradually increase its consolidated margins.  On the other hand,
its concentration in Brazil and scale compare unfavorably with
global large multinational companies in both industries.  These
companies aim to increase their operations in emerging economies.
This will raise competition, which might result in more
promotional activities and higher spending in branding and
innovation, pressuring Hypermarcas' margins amid Brazil's weak
economy and higher taxation on some of the company's products.
Therefore, S&P estimates margins to slide to 19% in 2015 and 2016
from about 21% in the past two fiscal quarters.

Following its consolidation of all its acquisitions from the past,
Hypermarcas' debt shouldn't rise in 2015.  In the meantime, the
company should rapidly reduce its debt starting in 2016 as it
repays more expensive and shorter-term debt through its stronger
cash flow generation and part of its cash.  Although the company's
debt to EBITDA is close to our "intermediate" category for the
financial risk profile, S&P still keeps its assessment of a
"significant" financial risk profile to track an improvement of
its operating cash flow (OCF) to debtratio.


JBS S.A.: Fitch Ratings Views Takeover Bid to be Neutral
--------------------------------------------------------
Fitch Ratings views the takeover bid by JBS S.A. of 100% shares in
Moy Park Holdings Europe Ltd (Moy Park) to be positive for Marfrig
Global Foods S.A. (Marfrig) and neutral for JBS S.A. (JBS)'s
credit profiles.

If completed under current terms, JBS SA will acquire Moy Park in
a transaction valued at USD1.5 billion (cash payment of USD1.19
billion), adjusted by the working capital variation, as well as by
the net debt of the Moy Park business at the conclusion of the
transaction. This transaction values Moy Park at about 8.6x
EBITDA.

The transaction will enhance JBS' strategy to grow its portfolio
of prepared and convenient products and to establish a larger
footprint in the poultry market in Europe.

For Marfrig this transaction accelerates its deleveraging process
as it relies on selling Moy Park instead initiating an IPO as was
initially suggested by management this year. Free cash flow
generation will improve due to the reduction of interest expenses.
This transaction will simplify the company's organization and
enable Marfrig to focus in its 'Focus to Win' strategy. Marfrig
will remain a global company after the transaction. 59% of its
consolidated net revenue will come from international operations.
Fitch notes that there were little synergies between Moy Park and
Marfrig's other businesses.

At the proposed acquisition price, JBS's leverage would increase
just moderately to about 0.2x - 0.3x (from 2.3x as of 1Q15). Fitch
expects JBS's net leverage to remain below 3x in FYE16. Pro-forma
net leverage for Marfrig will be about 3.7x - 3.5x as of FYE15
instead of Fitch's initial projection of about 4x. Marfrig's
management indicated that it does not intend to implement any
further disposals and will use proceeds of the disposal to reduce
debt. The transaction is subject to regulatory approvals,
including the European Union antitrust authorities. It is
anticipated that the proposed transaction would close within a few
months, most likely in the fourth quarter of 2015.


JBS S.A.: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB+' global scale corporate credit and issue-level ratings on JBS
S.A. and its subsidiary, JBS USA.  S&P also affirmed its 'brAA+'
national scale rating on JBS.  The outlook for all corporate
ratings remains positive.

The ratings affirmation follows the announcement of the
acquisition of U.K.-based poultry producer Moy Park Holdings
Europe (B+/Stable/--).  S&P don't expect this acquisition to
materially affect its forecasts for JBS and therefore on its
financial risk profile assessment.  The cash outflow of $1.1
billion (about R$3.4 billion) and debt assumption of about $400
million (R$1.2 billion) increases our pro forma leverage to 3.2x
by the end of 2015 from the current 2.8x.  However, it will drop
below 3x and JBS's funds from operations (FFO) to debt will be
about 30% in 2016, which are in line with S&P's expectations for
the company's financial risk profile assessment.

Once the antitrust authorities approve the deal, S&P believes JBS
will continue to benefit from stronger business diversification
through its larger presence in Europe and from the resilient cash
flows from Moy Park's branded portfolio of products.  However, S&P
expects the acquisition to deliver slim operating synergies with
JBS's current operations.  Moreover, financial policy guidance
versus realized budgeting will be key factors because S&P believes
JBS would continue to pursue acquisitions, and an upgrade is
subject to the maintenance of low leverage.

Aside from this acquisition, which should account for about 5% of
JBS's total revenues, there are no major changes from S&P's recent
forecast:

   -- Top-line revenues growth of about 36% in 2015 and close to
      7% in 2016;

   -- EBITDA margin of about 8% on a consolidated basis;

   -- Pro forma debt to EBITDA of 3.2x in 2015 and below 3x
      afterwards;

   -- FFO to debt still close to 23% in 2015 but approaching 30%
      in 2016; and

   -- Free operating cash flow (FOCF) close to R$2 billion in
      2015.

The company continues to be vulnerable to volatile currencies and
requires a longer track record of lower leverage metrics for
another upgrade.  S&P will monitor the company's financial
policies in terms of acquisitions, dividend payouts, and share
buybacks.  S&P analyzes JBS as delinked from its ultimate
shareholders, which can veto dividend payments or other
significant change in the company's capital and ownership
structures.  A different structure could lead S&P to cap JBS
ratings to up to three notches above those on J&F.

S&P continues to assess JBS's liquidity as "adequate."  Although
assuming the cash outflow for the acquisition payment tightens
somewhat the sources-to-uses ratio to 1.22x, S&P believes JBS has
all qualitative factors for its liquidity to be assessed as
adequate," given its proven track on accessing local and
international debt, and sizable covenant headroom.

Principal liquidity sources:

   -- Cash and short-term investments of R$14.1 billion as of
      March 31, 2015

   -- FFO of more than R$8 billion in the next 12 months and
      R$9 billion in 2016

   -- Availability of more than R$4.4 billion under its revolving
      credit facilities

   -- Cash proceeds from the May 2015 bond issuance of $900
      Million

Principal liquidity uses:

   -- Short-term debt of R$13.5 billion as of March 31, 2015

   -- Annual working capital outflow of almost R$3 billion for the
      next 12 months

   -- Capex of R$3 billion in the next 12 months and increasing in
      line with Brazil's inflation pace afterwards

   -- Dividends of 25% of the company's net income

   -- Cash acquisition of Moy Park for $1.1 billion

JBS's non-recurrent cash outflows for the year, including
Pilgrim's Pride Corp.'s special dividend payment of R$1.1 billion
and Primo's acquisition for R$3.9 billion have already occurred,
so S&P excludes them in these assumptions.  JBS has more than a
40% cushion in its financial covenant, which requires it to
maintain net debt to EBITDA of less than 4.75x.

The positive outlook continues to reflect S&P's expectation that
the company will maintain low leverage metrics despite Moy Park's
acquisition.

S&P still sees at least a one-in-three likelihood of an upgrade in
the next 12-18 months if JBS maintains its debt to EBITDA of less
than 3x, FFO to debt above 30%, positive free cash generation, and
an "adequate" liquidity to cushion its sizable short-term debt.
An upgrade would require strong profit margins even if grain and
cattle prices rise, which would prove JBS's business resiliency
over time.  However, for an upgrade, S&P expects the company's
metrics to be stronger than an average 'BBB-' rated company given
JBS's historically aggressive acquisition-based strategy, even
after the company disclosed that it would focus in 2015 on
integrating its acquired operations.

A downgrade is possible if the company's debt to EBITDA rises to
about 4x and FFO to debt approaches 12%, or if liquidity weakens
due to aggressive acquisitions, high shareholders' remuneration
actions, or inefficient working capital management.  Higher grain
and cattle prices and consistent cash burn in working capital
management could result in an FOCF shortfall.  Such a scenario
would require additional debt, which would lead to an FOCF to debt
of less than 10%.


MARFRIG GLOBAL: S&P Affirms 'B+' CCR; Outlook Remains Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B+' global scale corporate credit and issue-level ratings on
Marfrig Global Foods S.A.  S&P also affirmed its 'brBBB' national
scale rating on the company.  The outlook for all corporate
ratings remains stable.

The affirmation follows Marfrig's recent announcement of its sale
of Moy Park Holdings Europe (B+/Stable/--) for about $1.5 billion
to JBS S.A. (BB+/Positive/--).  Marfrig would use the proceeds to
reduce its debt.  However, the company's adjusted credit metrics
would continue to align with a "highly leveraged" financial risk
profile assessment until 2016, and the company would only be able
to gradually further reduce debt with internal cash generation.

S&P believes Marfrig will lose business diversification and a
fairly stable cash flow contribution from Moy Park operations,
which generate about a quarter of the company's revenues and a
little less of its total EBITDA.  Nevertheless, S&P still views
Marfrig's business risk profile as "fair" because the company
still benefits from scale and diversification in its beef
processing and expanding operations in Asia through Keystone.
Upon antitrust approval, Marfrig expects to sell Moy Park for $1.5
billion (about R$4.6 billion): $1.2 billion in cash and about $300
million in debt transference.  S&P expects Marfrig to use the cash
payment of $1.2 billion to pay down debt.

These are the major changes from S&P's October 2014 forecast:

   -- The sale of Moy Park division will decrease revenues and
      EBITDA generation, but will also reduce Marfrig's debt.

   -- Exchange rate of R$3.1/$1.00 compared with R$2.5/$1.00 in
      S&P's previous assessment, increasing dollar-denominated
      debt and the exports' average prices.

Considering these changes to S&P's previous forecast, it now
arrives at these assumptions:

   -- Top-line revenues decrease of about 15% in 2015, but
      increasing by 8% in 2016;

   -- EBITDA margin between 8% and 9% in 2015 and 2016;

   -- Debt to EBITDA of 6.4x in 2015 and decreasing to 5.3x in
      2016, considering the entire amount of the convertible
      debenture, and S&P's standard adjustments as debt;

   -- Funds from operations (FFO) to debt of 7% in 2015 and 10% in
      2016; and

   -- Almost no free operating cash flow (FOCF) in 2015 but of
      more than R$200 million in 2016.

The rating continues to reflect S&P's view that the company's
liquidity and capital structure compares well with 'B' rated
companies.

S&P continues to assess Marfrig's liquidity as "adequate."  The
company's sources over uses of cash for 2015 will reach almost
1.5x thanks to the expected cash inflow of about $1.2 billion from
the sale of Moy Park.  Moreover, the company benefits from
Keystone's available $230 million revolving credit facility and
comfortable headroom for its 4.5x net debt to EBITDA covenant.

Principal liquidity sources:

   -- Cash and short-term investments of R$2.7 billion as of
      March 31, 2015

   -- FFO of about R$700 million in the next 12 months from
      March 2015

   -- Availability of $230 million under Keystone's revolving
      credit facility $1.2 billion in cash proceeds from the sale
      of Moy Park

Principal liquidity uses:

   -- Short-term debt of R$2.1 billion as of March 31, 2015, and
      debt payment of about R$3.4 billion from the proceeds of the
      asset sale

   -- Annual working capital outflow of almost R$100 million for
      the next 12 months

   -- Seasonal working capital requirements of R$200 million

   -- Capex of R$650 million in the next 12 months and increasing
      in line with Brazil's inflation pace afterwards

   -- Dividends of 25% of the company's net income

The stable outlook reflects that despite S&P's positive view of
the asset sale, it still views Marfrig's metrics as "highly
leveraged."  S&P also expects to see further debt reduction with
internal cash flow generation, even amid a scenario of high cattle
prices and the industry's working capital intensity.

S&P could lower the ratings if the company doesn't generate FOCF
due to a weak working capital management or higher capex levels,
preventing it from further reducing its debt with internal cash
flow generation.  If high cattle prices result in working capital
consumption and weaken the company's liquidity, a downgrade is
possible.

A positive rating action is feasible in the next 12-18 months if
higher beef prices result in stronger-than-expected FOCF that
enables the company to pay down its debt more quickly and
consistently achieving a debt-to-EBITDA ratio less than 5.0x and
FFO to debt above 12%.


USINA CAETE: S&P Lowers CCR to 'B-' & Removes from Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit and issue-level ratings on Usina Caete S.A. - NE
to 'B-' from 'B+'.  At the same time, S&P lowered its Brazil
national scale corporate credit and issue-level ratings to 'brB-'
from 'brBBB-'.  S&P has removed all ratings from CreditWatch with
negative implications.  The outlook is negative.

The downgrade reflects the deterioration of Caete's liquidity
position and higher refinancing risks due to its sizable short-
term debt concentration amid persistently low sugar prices and the
banks' tightening credit flow to the sugarcane sector.

The entire sector is suffering from low sugar and ethanol prices,
weaker productivity due to the drought, and high inflation.  As a
result, Caete couldn't generate positive free cash flows in the
past year, which resulted in a sizable short-term debt
concentration, while the higher funding costs limited the
company's ability to improve its operating cash flows and capital
structure.

Due to the drought in 2014, the productivity level of the
company's Pauliceia mill in the state of Sao Paulo was
significantly lower than the region's average.  This has resulted
in a low capacity use, but a stronger-than-expected performance at
Caete's operations in the country's northeast partly offset that
weakness.  Nevertheless, sugar prices remain low and the company
needs to invest heavily to renew plantations, which S&P expects to
continue impairing its ability to generate operating cash flows.

Although Caete's credit metrics are strong for the current
ratings, difficulties refinancing its short-term debt have become
an overriding factor for the credit quality and ratings.  The
company's short-term maturities doubled from 2013 to 2014, while
our supplementary ratio of the company's FOCF to debt is likely to
be negative in 2015.  This, combined with the expected high
volatility of cash flows, leads S&P to maintain its view of the
company's financial risk profile as "aggressive."  According to
S&P's projections, Caete has to refinance about R$150 million in
debt in 2015 amid higher interest rates and risk aversion for the
industry.  In light of these factors, the company is vulnerable to
the banks' willingness to rollover maturities as they come due.


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

AMALFI HOLDINGS: Creditors' Proofs of Debt Due July 9
-----------------------------------------------------
The creditors of Amalfi Holdings Limited are required to file
their proofs of debt by July 9, 2015, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


CAL DIVE: Shareholder to Hear Wind-Up Report on June 26
-------------------------------------------------------
The sole shareholder of Cal Dive Offshore Services, Ltd. will hear
on June 26, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Quinn J. Hebert
          Telephone: (713) 361-2600
          Facsimile: (713) 586-7338
          2500 CityWest Blvd.
          Suite 2200, Houston
          Texas 77042
          USA


HITS AFRICA: Appoints Claire Loebell as Additional Liquidator
-------------------------------------------------------------
Claire Loebell of Ernst & Young Ltd. was appointed on June 8,
2015, as additional liquidator of Hits Africa Ltd. to act jointly
and severally with Mr Keiran Hutchison.

The Liquidators can be reached at:

          Claire Loebell
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          Box 510 Grand Cayman KY1-1106
          Cayman Islands; and

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O Box 510 Grand Cayman KY1-1106
          Cayman Islands


IGUANA LIMITED: Shareholder to Hear Wind-Up Report on July 3
------------------------------------------------------------
The sole shareholder of Iguana Limited will hear on July 3, 2015,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Christopher Tushingham
          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P.O. Box 10147 Grand Cayman KY1-1002
          Cayman Islands


M TRUST ASSURANCE: Shareholder to Hear Wind-Up Report on July 17
----------------------------------------------------------------
The sole shareholder of M Trust Assurance Company, Ltd. will hear
on July 17, 2015, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Cristina Steele
          Kieran Mehigan
          Marsh Management Services Cayman Ltd.
          23 Lime Tree Bay Avenue, Governors Square
          Building 4, 2nd Floor
          P.O. Box 1051 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 914.5752


MARINER MASTER: Shareholder to Hear Wind-Up Report on July 1
------------------------------------------------------------
The sole shareholder of Mariner Voyager Master Fund, Ltd. will
hear on July 1, 2015, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

Creditors are required to file their proofs of debt by June 30,
2015, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 27, 2015.

The company's liquidator is:

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


MARINER VOYAGER: Shareholder to Hear Wind-Up Report on July 1
-------------------------------------------------------------
The sole shareholder of Mariner Voyager International, Ltd. will
hear on July 1, 2015, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

Creditors are required to file their proofs of debt by June 30,
2015, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 27, 2015.

The company's liquidator is:

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


SFJ PHARMA: Shareholder to Hear Wind-Up Report on June 30
---------------------------------------------------------
The sole shareholder of SFJ Pharma Ltd. will hear on June 30,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SYDNEY COMPANY: Creditors' Proofs of Debt Due June 29
-----------------------------------------------------
The creditors of The Sydney Company are required to file their
proofs of debt by June 29, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 25, 2015.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-1205
          Cayman Islands


TRIPARTITE HOLDINGS: Members' Final Meeting Set for July 17
-----------------------------------------------------------
The members of Tripartite Holdings Ltd will hold their final
meeting on July 17, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


=======
C U B A
=======


CUBA: Economy Will Grow 4% in 1st Half of 2015
----------------------------------------------
EFE News reports that Cuba's gross domestic product (GDP) will
grow around 4 percent in the first half of this year, state media
reported, citing government estimates.

"The economy has a good rate of growth.  We have the conditions to
finish the year in good shape, but we have to keep working hard,"
Economy and Planning Minister Marino Murillo told the Council of
Ministers during a meeting, according to EFE News.

The report notes that the government has set a 4 percent GDP
growth target for this year after the island's economy grew just
1.3 percent in 2014, or nearly a percentage point below the
initial estimate.

The balance of trade has had a "positive" performance in the first
half of this year, but there are "tensions in the external
finances," Mr. Murillo said, the report relays.

All sectors of the economy grew in the January-June period,
especially sugar, manufacturing, construction and trade, while the
transportation, warehouse and communications sectors
underperformed, the report says.

The report notes that supplies of some agricultural products, such
as cheese, chicken, cold cuts, ground beef and sausages, were
unstable due to production problems, forcing the government to
spend $40 million to purchase these products.

Most of the investment planned for the year will take place in the
second half, but a shortfall of 7.7 percent is expected, the
report relays.

President Raul Castro's government expects the budget deficit for
the year to be the equivalent of 4.2 percent of GDP, well below
the forecast of 6.2 percent of GDP, the report discloses.

The report notes that Mr. Castro has launched an overhaul of
Cuba's economy, implementing a limited opening for private
business ventures and boosting efforts to attract foreign
investment.

The forecast for 4 percent economic growth comes as Cuba and the
United States work to restore diplomatic relations after a rupture
of more than five decades, the report adds.


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


ALPART: Minister Receives Russian Assurances on Firm's Restoration
------------------------------------------------------------------
RJR News reports that Jamaica Mining Minister Phillip Paulwell,
who returned to Jamaica from his trip to Russia, has declared that
all is well with the arrangements that have been made for full
restoration of operations at the Alumina Partners of Jamaica
(Alpart) bauxite/alumina plant at Nain in St. Elizabeth.

After being closed for six years, work resumed at the plant
earlier this year, but only in respect of mining of the ore for
shipment to Russia, in the first instance, according to RJR News.
The phased resumption plan should see the resumption of alumina
refining towards the end of 2016, the report relates.

The report notes that Mr. Paulwell went to Russia to seek certain
assurances from UC Rusal, the company that now owns Alpart and
Windalco.

"We have now been fully assured by the Chairman of UC Rusal, the
CEO, and other senior members of that group, that they are on
track," Mr. Paulwell told RJR News.

That assurance, he said, includes the start of bauxite shipment
"by the end of July of this year . . . and then for next year, the
full resumption of the refining of alumina by that company," Mr.
Paulwell added.

The full Bauxite Levy of US$7.50 per ton would be paid on the
bauxite exports, he said, the report relays.

It is projected that the full resumption of operations at Alpart
will create 12 hundred jobs, the report adds.

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tons of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by Rusal
and 35% owned by Norsk Hydro.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 6, 2012, RJR News said that the main union representing
workers in the mining sector has welcomed news that an
announcement will be made soon on the reopening of the Alumina
Partners of Jamaica bauxite and alumina plant in St. Elizabeth.

TCRLA reported in May 19, 2009, that RadioJamaica said Alpart's
mining and refinery operations officially came to a halt on May
15.  Alpart said it will send home 900 permanent employees in the
process amid a 60% decline in alumina product prices since July
2008.  Mr. Fabrini, as cited by RadioJamaica, said the temporary
shutdown will allow the plant to prepare for future developments.

Although the company took steps to maintain the operations even
at reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
RadioJamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.


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


UNIFIN FINANCIERA: Posts MXN357.9 Million Net Income in 1Q
---------------------------------------------------------
UNIFIN Financiera, S.A.P.I. de C.V. SOFOM, E.N.R. released in
April its financial results for the first quarter of 2015 and its
Unaudited Condensed Consolidated Financial Statements for the
three month periods ended March 31, 2015.

Net income increased 335.6% during 1Q15 to MXN357.9 million,
compared to MXN82.2 million in 1Q14.

Total income reached MXN1,499.8 million during 1Q15, a 50.0%
increase year-over-year from MXN999.6 million in 1Q14.

Financial margin increased 63.2% during 1Q15, reaching MXN383.6
million, from MXN235.0 in 1Q14.

Operating income reached MXN495.0 million during 1Q15, up 271.0%
from MXN133.4 million in 1Q14.

Total loan portfolio reached MXN12,811.0 million during 1Q15,
29.3% higher than the MXN9,909.6 million reported in 1Q14.

A full text copy of the company's financial report is available
free at:

                       http://is.gd/58soKk


UNIFIN FINANCIERA: S&P Raises ICR to 'BB'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its global scale issuer
credit and issue-level ratings on Unifin Financiera, S.A.P.I. de
C.V. SOFOM, E.N.R. to 'BB' from 'BB-' and long-term national scale
issuer credit rating to 'mxA' from 'mxA-'.  S&P also affirmed its
'mxA-2' short-term national scale issuer credit rating.  The
outlook is stable.

The upgrade reflects S&P's upward revision of Unifin's
capitalization to "adequate" from "moderate" after the company's
IPO.  The ratings reflect the company's "adequate" business
position, funding, and liquidity and its "moderate" risk position.
The company's stand-alone credit profile (SACP) is 'bb'.


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


CARIBBEAN: Partnerships Needed for Economic Recovery
----------------------------------------------------
Trinidad Express reports that the region has been told that the
time is ripe for further development of Public Private
Partnerships (PPPs) especially as the economies in the region are
coming out of a recession.

Speaking at the successful opening of the CIBC First Caribbean
International Bank's (CIBC FCIB) infrastructure conference held at
the Hyatt Ziva Rose Hotel in Montego Bay, Jamaica, CIBC FCIB Chief
Executive Officer Rik Parkhill said such partnerships are
necessary, especially in the area of infrastructure, according to
Trinidad Express.

The report notes that Mr. Parkhill said, however, that many
regional Governments which still have relatively fragile economies
and stretched budgets cannot undertake major capital works
projects alone.

"Tourism infrastructure in many territories such as hotel plants,
airports and cruise terminals are in desperate need of renewal and
rebuilding," the report quoted Mr. Parkhill as saying.

"Deteriorated road networks need to be repaired and replaced. The
economic potential of renewable energy remains largely untapped
and are ripe for unlocking and provide ready opportunities for
some of these partnerships to take place," Mr. Parkhill said, the
report relates.

Mr. Parkhill said IMF projections of positive economic growth for
all Caribbean markets this year and going beyond 2016 are a clear
indication that the shadow of a recession which spread over the
region is finally decreasing, the report notes.

"We believe that with most of the economies of this region heading
out of recession and some showing signs of growth, this is the
opportune time for Public-Private Partnerships to take deeper root
in the financial landscape of the region," Mr. Parkhill said, the
report relays.

This year's CIBC FCIB conference is being held under the theme
Unlocking Economic Potential, the report discloses.

CIBC First Caribbean operates in 17 countries and is the largest
regionally listed bank in the English and Dutch-speaking
Caribbean, the report notes.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *