TCRLA_Public/150629.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, June 29, 2015, Vol. 16, No. 126


                            Headlines



B R A Z I L

BANCO PSA: Moody's Cuts LT Global Currency Deposit Ratings to Ba2
BRAZIL: Court Accepts Charges Against Execs in Corruption Case
RADIO E TELEVISAO: Fitch Affirms 'BB-' IDR; Outlook Stable
VALID SA: Moody's Puts Ba2 Global Scale Rating to BRL62.5MM Deb.


C A Y M A N  I S L A N D S

COMBINE RE: Shareholder to Hear Wind-Up Report on July 10
LEVEN LIMITED: Shareholder to Hear Wind-Up Report on July 10
MILLENNIUM GLOBAL: Members' Final Meeting Set for June 30
MILLENNIUM TMT BVI: Members' Final Meeting Set for June 30
MILLENNIUM TMT FRIENDI: Members' Final Meeting Set for June 30

MILLENNIUM TMT GP: Members' Final Meeting Set for June 30
MILLENNIUM TMT HOLDING: Members' Final Meeting Set for June 30
MILLENNIUM TMT L.P.: Members' Final Meeting Set for June 30
MONTREUX PARTNERS: Shareholder to Hear Wind-Up Report on July 10
ROCK SHORE: Shareholder to Hear Wind-Up Report Today


D O M I N I C A N   R E P U B L I C

BANCO DE RESERVAS: Fitch Affirms 'B+' Int'l. Default Ratings
DOMINICAN REPUBLIC: Big Business Hails Growth, but Demands Clarity


J A M A I C A

UC RUSAL: Predicting Significant Jump in Aluminum Price
* JAMAICA: Urged to do Security Audit of Services & Websites


M E X I C O

UNIFIN FINANCIERA: Fitch Raises IDR to 'BB'; Outlook Stable


P U E R T O    R I C O

MINI MASTER: Sells 3 Vehicles for $13,000
MINI MASTER: Unsecured Creditors to Get 5% Under Exit Plan


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Crime Worries Chamber Head


U R U G U A Y

ANCAP: Needs Restructuring, Minister Says


X X X X X X X X X

* BOND PRICING: For the Week From June 22 to June 26, 2015


                            - - - - -


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B R A Z I L
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BANCO PSA: Moody's Cuts LT Global Currency Deposit Ratings to Ba2
-----------------------------------------------------------------
Moody's Investors Service downgraded Banco PSA Finance Brasil
S.A.'s (Banco PSA) long-term global local and foreign currency
deposit ratings to Ba2, from Ba1, and the long-term Brazilian
national scale deposit rating to Aa3.br, from Aa2.br. At the same
time, Moody's downgraded Banco PSA's Adjusted Baseline Credit
Assessement (BCA) to ba2, from ba1. The rating action follows
Moody's downgrade of its French parent Banque PSA Finance's
baseline credit assessment, announced on 23 June 2015. At the same
time, Moody's left unchanged all other ratings assigned to Banco
PSA. The outlook on all ratings is stable.

For further details, please refer to the press release dated 23
June 2015 "Moody's concludes review on 5 French banks' ratings;
affirms 7 other banks' ratings".

The following ratings of Banco PSA Finance Brasil were downgraded:

Long-term global local-currency deposit rating: to Ba2, from Ba1,
with stable outlook;

Long-term foreign-currency deposit rating: to Ba2, from Ba1, with
stable outlook;

Long-term Brazilian national scale deposit rating: to Aa3.br, from
Aa2.br;

The following ratings of Banco PSA Finance Brasil remained
unchanged:

Short-term global local-currency deposit rating: Not Prime;

Short-term foreign-currency deposit rating: Not Prime;

Short-term Brazilian national scale deposit rating: BR-1.

RATINGS RATIONALE

The downgrade of Banco PSA's supported ratings to Ba2, from Ba1,
is driven by the downgrade of the baseline credit assessment of
its parent Banque PSA Finance (France) to ba2, from ba1. The
Brazilian subsidiary's Ba2 long-term deposit rating now
incorporates one notch of uplift from its standalone ba3 credit
assessment reflecting Moody's view of a high probability of
parental support in the event of stress, based on the shared
strategic focus of the subsidiary and its parent.

Banco PSA's standalone BCA of ba3 reflects the bank's profile as a
captive financing arm of automakers Peugeot and Citroen. In 2014,
the bank made use of subsidized interest rates and sales
promotions, which allowed it to report an increase of 13.3% in
revenues from lending operations, despite the decline in vehicle
production and new car sales in the Brazilian market. The ba3 BCA
also incorporates the bank's well capitalized position, which
provides cushion against non-performing loans (NPLs), and the low
risk profile of its loan book. Although Banco PSA's past due loan
ratio went up to 2.58% last year, from 1.34% in 2013, it remains
below the system's average for auto loan delinquencies. The
increase in NPLs reflected not only the weakening trend in the
economy, but also a reduction of 13% in loan volume. Conversely,
the standalone BCA is still constrained by the low diversification
of earnings in the bank, and its wholesale funding structure,
which is highly concentrated on institutional depositors, which
tend to be more volatile and to pressure funding costs up.

Moody's also downgraded Banco PSA's Counterparty Risk Assessment
(CR Assessment) to Ba1(cr) and Not Prime(cr), from Baa3(cr) and
Prime 3(cr), long- and short-term, respectively. The CR assessment
is one-notch above the bank's Adjusted BCA of ba2, and, therefore,
above the deposit rating of the bank, reflecting Moody's view that
its probability of default is lower at the operating obligations
than of deposits. The CR Assessment at Banco PSA does not benefit
from government support, as the government support is not
incorporated in the bank's deposit ratings.

WHAT COULD CHANGE THE RATINGS

Upward pressure on ratings could result from consistency in
financial metrics over the long term, particularly profitability
and asset quality. Ratings could also be pressured upward from
successful efforts to reduce funding and depositor concentration
as well as funding related costs. Conversely, negative pressure on
ratings could arise from asset quality weakening, which has the
potential to rapidly absorb the capital base. Ratings could also
receive negative pressure from a consistent weakening of
profitability, should the car industry's performance remain poor
over several quarters. Moreover, further deterioration of the
parent's creditworthiness could also put negative pressure on
supported ratings.

Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL2.9 billion ($1.09 billion) and
total equity of BRL454 million ($171 million) as of 31 December
2014.


BRAZIL: Court Accepts Charges Against Execs in Corruption Case
--------------------------------------------------------------
EFE News reports that a Brazilian court has accepted prosecutors'
charges against six executives, including a former director of
French rail transportation giant Alstom, who are accused of
forming a cartel to divvy up and fix prices for urban train and
metro contracts in the southeastern state of Sao Paulo, judiciary
sources confirmed.

The Sao Paulo court accepted the charges against Cesar Ponce de
Leon, the erstwhile Alstom executive; David Lopes, Mauricio
Memoria and Wilson Dare, of the company Temoinsa do Brasil Ltda.;
Telmo Giolito Porto of Tejofran; and Adagir Abreu of the firm MPE,
according to EFE News.

The report notes that the executives are accused of crimes against
Brazil's economic order and public administration for allegedly
forming a cartel to divvy up contracts for the renovation of 98
metro trains between 2008 and 2009.

Judge Cynthia Maria da Silva said the evidence gathered by federal
prosecutors against the executives "shows their participation in
the criminal acts under investigation," the report relates.

The judge, however, refused to accept prosecutors' preventive
detention request for Ponce de Leon, ruling that the fact that he
is out of the country does not imperil the investigation, the
report discloses.

Alstom, for its part, said in a statement that it respects
Brazilian law and the rules of the bidding processes in which it
participates, the report says.

The corruption scheme came to light in May 2013 after German
multinational conglomerate Siemens agreed to cooperate with an
investigation launched by Brazil's Administrative Council for
Economic Defense, or Cade, the report adds.


RADIO E TELEVISAO: Fitch Affirms 'BB-' IDR; Outlook Stable
----------------------------------------------------------
Fitch has affirmed Radio e Televisao Bandeirantes Ltda.'s (RTB)
long-term foreign currency and local currency Issuer Default
Ratings (IDR) at 'BB-'.  Fitch has also affirmed the company's
National long-term Rating at 'A(bra)'.  The Rating Outlook is
Stable.

RTB is a part of Grupo Bandeirantes de Comunicacao (BAND), a
diversified media group in Brazil, and is one of the group's major
free-to-air (FTA) TV and radio broadcasters.  The ratings are
based on the combined credit profile of BAND given the centralized
group cash management, and a strong operational linkage among the
group companies under the common executives and the control by the
major shareholder.

The ratings reflect BAND's diversified media business with a
nationwide presence in Brazil, stable operational outlook, its
recent successful implementation of growth and cost saving
initiatives, all of which have led to its material profitability
improvement during 2014 and moderately low leverage for the rating
category.

Negatively, ratings are tempered by BAND's weak market position in
its main TV business and a small operational scale compared to
regional peers, an intense competitive landscape, weak free cash
flow (FCF) generation and liquidity, as well as high interest
costs.  The company's corporate governance is also considered
below the average for the rating category.

KEY RATING DRIVERS

Diversified Media Portfolio:

BAND is one of the largest and most diversified media groups with
a national presence in Brazil.  The group's main business is free-
to-air (FTA) television and radio broadcasting which combined
represented above 80% of the group revenues in 2014.  BAND also
produces free newspapers, pay-TV programming, media solution in
public transportation in its 'out-of-home (OOH)' segment, as well
as internet portal website.

BAND boasts strong operational integration across its various
media platforms backed by the sharing of production infrastructure
and talents, as well as the distribution of contents under the
common management.  This helps the group maintain the quality of
contents across the segments with an efficient cost structure.

Strong Growth in 2014:

BAND's EBITDA improved significantly during 2014 reaching BRL319
million from BRL155 million a year ago, with the EBITDA margin
improving to 22% from 13% during the same period.  This is due to
the company's successful cost saving measures, mainly including
integration of contents production across its various media
platforms and streamlining of labor cost structure, as well as
solid growth in its entertainment contents.  Given the improved
cost structure and favorable operational outlook, Fitch expects
the company's stable performance to continue in the short to
medium term.

Positive Operational Environment:

Advertisement industry in Brazil is one of the largest globally
and continues to grow strongly, far outpacing the growth of the
domestic economy.  The industry is estimated to have reached
BRL33.5 billion in 2014, which compares to BRL22 billion in 2009.
TV accounts for the largest portion, about 75% including pay-TV,
of total advertising revenues, reflecting TV viewing as one of the
major leisure activities in the country.  Slowing Brazil economy
could be potentially negative over the medium term; however, any
signs of material subdued growth of the advertising industry has
yet to be seen.

In addition, BAND's revenue diversification into other segments,
mainly the OOH segment, is positive.  The OOH segment revenues
grew by 93% in 2014 and the strong trend is likely to continue
over the medium term given still low penetrations of this service
in Brazil.  Fitch forecasts this segment's revenue proportion will
rise to over 15% by 2016 from only about 6% in 2013.

Weak TV Market Position:

BAND is the fourth largest TV operator in a highly competitive
industry in Brazil where the market is dominated by Globo with an
about 40% market share.  The company accounted for a TV audience
market share of about 6% in 2013, which was a modest improvement
from 4% in 2007.  Fitch expects the competitive landscape will
remain intense which could limit any significant market share
improvement of the company.  BAND's main contents are news,
sports, and entertainment in which it has a strong in-house
contents production.  For its radio operation, the company is the
largest broadcaster with over 20% market share in Sao Paulo.

Moderately Low Leverage:

BAND's consolidated leverage ratio is moderately low for the
rating category, backed by significant EBITDA improvement during
2014.  The company's net leverage was 2.4x at end-2014, which
compares favorably to 4.1x at end-2013. FCF generation is likely
to remain weak in the short term due to high interest costs and
capex, as well as working capital needs.  Positively, Fitch
expects this to reverse over the medium term as the company's
capex gradually declines close to BRL70 million from BRL117
million in 2014 as investments into the fast-growing OOH segment
falls.  Fitch forecasts the company's net leverage to stay stable
at around 2.5x in 2015 and 2016.

Weak Liquidity:

BAND's liquidity profile is weak as almost 65% of its total debt
at end-2014, about BRL515 million, had maturities within 2015
while the company's cash balance was just BRL79 billion.  Although
this is a key credit concern, Fitch expects the company to be able
to refinance its short-term debt obligation.  The company held
BRL220 million of credit facility during the same period, which
helps manage its liquidity condition.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for RTB include:

   -- Mid single digits revenue growth over the medium term;
   -- EBITDA margin to remain stable at around 20% in 2015 and
      2016;
   -- FCF generation to reverse to positive from 2016 due to a
      tempered capex budget of around BRL70 billion;
   -- Net leverage to remain solid at around 2.5x over the medium
      term;
   -- Successful refinancing of the short-term debt obligations
      leading to extended debt maturities profile.

RATING SENSITIVITIES

Negative rating action can be considered if BAND's consolidated
net leverage substantially increases due to continued negative FCF
generation amid high competitive pressures.  Also, the ratings
reflect Fitch's expectation that the company would successfully
refinance and extend its short-term debt maturities.  Failure to
improve the liquidity profile can lead to a negative rating
action.

Conversely, Positive rating action can be considered in case of
BAND's continued strong growth in cash flow generation and market
shares.  Positive FCF generation enabling the company's net
leverage falling to below 2.0x with a sound liquidity profile on a
sustained basis could be positive for the ratings.


LIQUIDITY AND DEBT STRUCTURE

BAND's liquidity profile is weak as the company held about BRL515
million of short-term debts against its cash balance of BRL79
billion at the end of 2014.  The company held BRL220 million of
credit facility during the same period.

The company's debt is mostly comprised of bank loans, accounting
for about 80% of the total debt at end-2014.  About 65% of its
total debt were secured loans with collaterals on the company's
trade receivables, real estate properties, bank deposits, etc.


VALID SA: Moody's Puts Ba2 Global Scale Rating to BRL62.5MM Deb.
----------------------------------------------------------------
Moody's America Latina assigned Ba2 and Aa3.br ratings on the
global and on the Brazilian National Scale Rating ("NSR"),
respectively, to the BRL 62.5 million 3-year senior unsecured
debentures to be issued by Valid S.A ("Valid").  At the same time
Valid's Corporate Family Rating ("CFR") and its existing senior
unsecured ratings remains unchanged at Ba2/Aa3.br. The outlook for
all ratings is stable.

The issuance is part of Valid's liability management with the
objective of restoring the company's cash position after the first
principal amortization (out of four annual payments) of its BRL
250 million debentures with final maturity on April 30th, 2018.
The proposed debentures will extend the company's debt maturity
profile, and will not affect its leverage metrics.

The rating of the proposed debentures assumes that the issuance
will be successfully completed as planned and that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Rating assigned:

Issuer: Valid S.A.

BRL 62.5 million senior unsecured debentures due 2018: Ba2 (global
scale); Aa3.br (national scale).

The company's existing ratings are unchanged:

Issuer: Valid S.A.

Corporate Family Rating: Ba2 (global scale); Aa3.br (national
scale)

BRL 250 million senior unsecured debentures with final maturity on
04/30/2018: Ba2 (global scale); Aa3.br (national scale)

The outlook for all ratings is stable

RATINGS RATIONALE

Valid's Ba2/Aa3.br rating reflects the company's market position
as one of Brazil's major suppliers of plastic cards for payment
transactions and ID systems, SIM cards, and printing services. The
rating is also supported by the company's long-term client
relationships with financial institutions, state governments, and
telecommunications companies; and the growth of value-added
products in its product portfolio.

On the other hand, the rating is constrained by Valid's relatively
small size in comparison to global peers; the execution risks
associated with its recent entry in the US market; its reliance on
a small group of large clients in banking and telecom; and the
relatively low barriers to the entry in the plastic and SIM cards
sector - although the ID system sector has high entry barriers.
Risks associated with the development of new technologies and the
company's acquisitiveness are additional constraining factors, but
Valid continues its efforts to develop new technologies and has a
history of successfully integrating its acquisitions.

The company has recently announced the acquisition of Los Angeles-
based Market Software Company ("MSC"), a provider of database
marketing solutions. We see the acquisition as positive as it can
increase Valid's market position in gift and pre-paid card
businesses in the US through cross-selling, because Valid USA's
and MSC's client bases are complementary. The acquisition is in
line with the company's strategy to increase its geographic
diversification while increasing leverage only modestly. According
to our estimates, pro-forma for the acquisition Valid's total
adjusted debt to EBITDA for the LTM ended March 2015 would
increase to 2.4 times from 2.1 times.

Valid has historically practiced prudent financial management,
maintaining low leverage and good liquidity. Moody's expects
leverage measured by adjusted net debt to EBITDA to hover at
around 1.5 time despite the company's appetite for acquisitions
and the potential for gradual increases in the dividend pay-out
ratio, if no appealing acquisition opportunities occur.

The stable outlook reflects our expectation that Valid will
maintain its market position and stable margins. We also expect
the company to continue to prudently manage CAPEX and dividends,
to exercise discipline with regard to acquisitions, and to
maintain its healthy liquidity.

The rating would experience upwards pressure if the company were
to expand its scale and further diversify its geographic and
client base while maintaining Free Cash Flow to Total Adjusted
Debt above 16% (11.9% for LTM ended March 2015), EBITDA less CAPEX
to Interest Expenses above 4.0x (5.3x for LTM ended March 2015),
and healthy liquidity.

The rating would experience downwards pressure if the company's
market position were to deteriorate, causing revenue growth to
stagnate and its debt metrics to weaken, with negative Free Cash
Flow to Total Adjusted Debt (11.9% for LTM ended March 2015) for a
prolonged period and EBITDA less CAPEX to Interest Expense
declining to below 2.5x (5.3x for LTM ended March 2015). Any
sizable debt-financed acquisitions would also affect the rating
negatively.

Valid is a leading local supplier of solutions for means of
payment, ID systems and SIM cards for telecom services in Brazil.
Its main clients are financial institutions, state governments,
and telephony operators. For the last twelve months ended in March
31st, 2015, Valid had net revenues of around BRL 1.4 billion and
EBITDA of BRL 278 million.


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


COMBINE RE: Shareholder to Hear Wind-Up Report on July 10
---------------------------------------------------------
The sole shareholder of Combine Re Ltd. will hear on July 10,
2015, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Shaun Geils
          Kevin Poole
          Telephone: 914-2259/ 914-2265/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 Grand Cayman
          Cayman Islands


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

The company's liquidators are:

          Cathlin Rossiter
          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          c/o Edel Andersen
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


MILLENNIUM GLOBAL: Members' Final Meeting Set for June 30
---------------------------------------------------------
The members of Millennium Global Energy Fund Middle East
Investments Ltd. will hold their final meeting on June 30, 2015,
at 10:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


MILLENNIUM TMT BVI: Members' Final Meeting Set for June 30
----------------------------------------------------------
The members of Millennium TMT Fund BVI Investments Ltd. will hold
their final meeting on June 30, 2015, at 11:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


MILLENNIUM TMT FRIENDI: Members' Final Meeting Set for June 30
--------------------------------------------------------------
The members of Millennium TMT Friendi Mobile Investment Ltd. will
hold their final meeting on June 30, 2015, at 11:10 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


MILLENNIUM TMT GP: Members' Final Meeting Set for June 30
---------------------------------------------------------
The members of Millennium TMT Fund GP will hold their final
meeting on June 30, 2015, at 11:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


MILLENNIUM TMT HOLDING: Members' Final Meeting Set for June 30
--------------------------------------------------------------
The members of Millennium TMT Fund Investments Holding Company
Ltd. will hold their final meeting on June 30, 2015, at
11:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


MILLENNIUM TMT L.P.: Members' Final Meeting Set for June 30
-----------------------------------------------------------
The members of Millennium TMT Fund L.P. will hold their final
meeting on June 30, 2015, at 11:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947 4700
          Facsimile: +1 (345) 946 6728


MONTREUX PARTNERS: Shareholder to Hear Wind-Up Report on July 10
----------------------------------------------------------------
The sole shareholder of Montreux Partners SPC will hear on
July 10, 2015, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Cathlin Rossiter
          Neil Montgomery
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          c/o Edel Andersen
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


ROCK SHORE: Shareholder to Hear Wind-Up Report Today
----------------------------------------------------
The sole shareholder of Rock Shore Casualty Limited will hear
today, June 29, 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:

          Kevin Poole
          c/o Kane (Cayman) Limited
          171 Elgin Avenue
          Willow House, 3rd Floor, Cricket Square
          P.O. Box 10233 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (345) 914 2255
          Facsimile: +1 (345) 949 6021


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


BANCO DE RESERVAS: Fitch Affirms 'B+' Int'l. Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Banco de Reservas de la Republica
Dominicana, Banco de Servicios Multiples' (Banreservas) long-term
International Default Ratings (IDRs) at 'B+'.  The Ratings Outlook
is Stable.

Despite an improving financial performance, Fitch affirmed
Banereservas' Viability Rating (VR) at 'b' as some of the bank's
financial metrics still compare unfavourably to higher rated
domestic (large commercial banks) and international (Latin
American commercial banks with a VR of 'b+' and above) peers.  The
Stable Outlooks on Banreservas' long-term IDRs and National rating
are in line with those of the sovereign.

KEY RATING RIVERS

IDRS AND NATIONAL RATINGS

Banreservas' IDRs and National ratings reflect Fitch's
expectations of the support the bank would receive from its sole
shareholder, the Dominican government (IDR rated 'B+'/Stable
Outlook), if needed.

VR

The bank's VR reflects its weak, albeit improving capitalization,
and still high asset concentrations.  Banreservas' VR also
considers positive trends in profitability and a stabilization of
private sector loan quality.

With the modification of the bank's organic law in December 2014,
the government increased Banreservas' paid-in capital by DOP2
billion before year-end.  Banreservas also reinvested DOP2.8
billion of 2014 earnings (about 40% of net income) in early 2015,
and still has the authorization to increase paid-in capital by an
additional DOP1.7 billion, which would lift paid-in capital to a
total of DOP10 billion by 2016.  Despite this improvement, with
sustained asset growth of around 15% (five-year average),
Banreservas' tangible equity/tangible assets ratio will continue
to lag that of its domestic and international peers (emerging
market commercial banks with highly speculative-grade ratings).

The bank's main asset concentration, including loans and
securities, is with a highly speculative-grade sovereign (4.3x
equity at 1Q15).  However, this exposure has been consistently
declining since 2013.  In addition, moderate private sector loan
concentrations could lead to volatility in loan quality metrics,
especially as the proportion of restructured loans remained high
relative to local peers at 2.4% as of March 31, 2015.  Private
sector loan quality ratios have stabilized at a level similar to
its peers over the past year due to charge-offs, restructurings
and robust private sector loan growth.

The bank's ROAA will come under some pressure in 2015 as credit
costs remain high and Banreservas continues to invest in
technology and expand its distribution channels.  Over the medium
term, bank management expects to maintain Banreservas' ROAA
between 1.3% and 1.5% as the bank expands to the consumer and
small and medium-sized enterprise (SME) segments, focuses on the
cross selling of its retail platform and improves efficiency.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's systemic importance, its role as the government's main
paying agent and provider of domestic loans results in an
equalization of its Support Rating Floor with the sovereign's LT
IDR of 'B+'.  Additionally, Fitch believes the government's
willingness to support Banreservas should it be required is
substantial given its 100% stake in the bank.  However, the
Dominican Republic's speculative-grade rating limits the
sovereign's capacity of support, resulting in a Support rating of
'4'.

SUBORDINATED DEBT

Banreservas' outstanding subordinated debt included an
international issuance of USD300 million due 2023 and a domestic
issuance of DOP10 billion due 2024.  The bank's subordinated note
ratings are one notch below its supported IDR and national long-
term rating, reflecting one notch for loss severity, but no
notches for incremental non-performance risk relative to the
bank's IDR.  In Fitch's view, given the gone concern
characteristics of the security, the anchor rating is the IDR,
even though there is no explicit government guarantee on the
security.  According to Fitch's methodology, the subordinated
notes do not receive equity credit.

RATING SENSITIVITIES

IDRS AND NATIONAL RATINGS

The bank's IDRs and National ratings are sensitive to a change in
Fitch's assumptions around support.  Changes in the IDRs are also
contingent on sovereign rating actions.

VR

The bank's VRs are sensitive to a change in Fitch's assumptions
regarding Banreservas' financial performance.

A stabilization of private sector loan quality indicators, a
stronger capital base, as well as a more established track record
of meeting strategic objectives could lead to an upgrade of the
bank's VR.

An unexpected deterioration in asset quality or profitability, or
sustained high disbursements of income to the government that
pressures Banreservas' equity/assets ratio below 5.5%, could
trigger a downgrade of its viability rating.

SUPPORT RATING AND SUPPORT RATING FLOOR

The SR and SRF are potentially sensitive to any change in
assumptions around the propensity or ability of the Dominican
government to provide timely support to the bank.  This might
arise in the event of a sovereign rating action.  Currently, the
Outlook on the Dominican Republic's long-term local- and foreign-
currency IDRs is Stable.

SUBORDINATED DEBT

Banrservas' subordinated debt ratings are broadly sensitive to the
same considerations that might affect the banks VR and National
long-term rating.

Fitch has affirmed Banreservas' ratings as:

   -- Foreign and local currency IDRs at 'B+'; Outlook Stable;
   -- Short-term foreign and local currency IDRs at 'B';
   -- Viability Rating at 'b';
   -- Support Rating at '4';
   -- Support Floor at 'B+';
   -- Long-term subordinated notes at 'B'
   -- National long-term rating at 'AA+(dom)'; Outlook Stable;
   -- National short-term rating at 'F1+(dom)';
   -- National subordinated debt rating at 'AA(dom)'.


DOMINICAN REPUBLIC: Big Business Hails Growth, but Demands Clarity
------------------------------------------------------------------
Dominican Today reports that National Business Council (Conep)
President Rafael Blanco hailed Dominican Republic's vigorous
growth over the last 50 years and demanded Congress pass the bills
for Political Parties and Groups and on Fiscal Responsibility, to
attain clear rules which ensure democratic and transparent
institutions.

When delivering the keynote speech at the American Chamber of
Commerce's (AMCHAMDR) monthly luncheon the Conep president said
the law on political groups would lead to appropriate
accountability on their use of matching funds from the state, but
also full transparency on private sector contributions, according
to Dominican Today.

"There can be no real democracy without transparency in funding
for parties and campaigns because neither the origin of the money
to finance candidates nor the commitments elected officials have
aren't known," the report quoted the Mr. Blanco as saying.

Dominican Republic's fragmentation

"In the Conep we're opposed to any measure whose purpose is to
continue indiscriminately creating new provinces; the trend should
be to reduce them to a manageable number that will facilitate
better management of state policies and local development," Mr.
Blanco said, the report relates.


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


UC RUSAL: Predicting Significant Jump in Aluminum Price
-------------------------------------------------------
RJR News reports that UC Rusal, the Russian aluminum producer,
which has a major stake in Jamaica's bauxite/alumina sector, is
predicting that the price of aluminum on the London Metals
Exchange will rise to US$1,950 per ton by year-end, due to
improved demand.

The current aluminum price is around US$1,690 per ton, notes the
report.

Oleg Deripaska, Rusal's president, said he does not expect prices
to fall further, according to RJR News.  Mr. Deripaska has also
said that his company will try not to close any additional plants
this year.

UC Rusal recently reiterated its commitment to the resumption of
alumina refining at Alpart in Nain, St. Elizabeth, the report
notes.

Mining operations were restarted at the plant earlier this year,
the report adds.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, RJR News said 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 said.

In March 2014, UC Rusal reported a massive increase in net losses
for 2013.  This was due mainly to a large impairment cost and one-
off restructuring charges combined with lower production and a
fall in aluminum prices.  The company reported a net loss of
US$3.2 billion.  It suffered a US$528 million loss in 2012.


* JAMAICA: Urged to do Security Audit of Services & Websites
------------------------------------------------------------
RJR News reports that in the wake of June 23's cyber attacks on a
number of Government of Jamaica websites, Dr. Andrew Wheatley,
Opposition Spokesman on ICT, has made another call for the
Government to conduct security audits of  all government online
services and websites.

Additionally, Dr. Wheatley is recommending that government
websites be directed to use the Hypertext Transfer Protocol Secure
(HTTPS) security protocol, according to RJR News.  Dr. Wheatley is
suggesting that this be implemented as soon as possible, the
report relates.

In a statement, Dr. Wheatley said cyber attacks on six government
websites is another indication that protective measures must be
put in place to enhance security.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2015, 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'.


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

UNIFIN FINANCIERA: Fitch Raises IDR to 'BB'; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded the foreign- and local-currency long-
term Issuer Default Ratings (IDRs) of Unifin Financiera, S.A.B. de
C.V. Sofom E.N.R. (Unifin) to 'BB' from 'BB-'.  Fitch has also
affirmed the short-term IDR at 'B'.  Its long- and short-term
National Scale ratings were also upgraded, to 'A(mex)' from 'A-
(mex)' and to and 'F1(mex)' from 'F2(mex)' respectively.  The
Rating Outlook on the long-term ratings is Stable.

KEY RATING DRIVERS

IDRs, NATIONAL SCALE AND SENIOR DEBT RATINGS
Unifin's upgrade is driven mainly by the enhancement of its
capital structure and the positive effects on the overall company
profile of the Initial Public Offering (IPO) that occurred in May
2015.  Recently raised capital has strengthened capital metrics
while also improving concentrations relative to equity.  Ratings
also consider Unifin's sound leasing franchise and its strong
ability to consistently generate earnings.  Fitch also
incorporates the entity's adequate business know-how and legal
resources for collection purposes which have allowed it to manage
aggressive growth in the past without a general deterioration of
the total portfolio.  Ratings continue to be constrained by the
company's improving but still concentrated funding structure.

Unifin's recent IPO, which raised new equity of about MXN1.93
billion, relieved previously stressed capital ratios.  As of March
2015, capital-to-assets stood at 9.8%.  Post-IPO capitalization
reached almost 18.7%.  Fitch believes that the company's capital
strength will slowly decrease as a result of its ongoing
aggressive growth strategy, although this pressure should partly
be mitigated with internal capital generation.  After the recent
capitalization, Unifin projects to maintain capital indicators in
the two-digit range.

Unifin's performance has been robust throughout the market cycles
and consistent with the risk profile of its clients (SMEs).  The
entity's results have been driven by its reasonable interest
margin and well-managed funding costs, while total portfolio
growth has progressively made its operational cost base more
efficient.  However, profits are somewhat overestimated by the
entity's low loan reserve coverage.  In the past four years,
operating ROA and ROE averaged 5.4% and 52.0%, respectively.  At
first quarter 2015 (1Q15), they stood at 12.0% and 120.6%.
Outstanding 1Q results were boosted by two non-recurring events
and Fitch has adjusted indicators from this extraordinary income.
Adjusted figures as of March 2015 stood at 4.7% and 47.2%
respectively.

Unifin adjusted non-performing loan (NPL) ratios have shown some
volatility in the past, mainly due to the high concentrations by
debtor.  However, the significant growth in the past years has not
resulted in a general deterioration of the asset quality, given
Unifin's adherence to its credit policy and its adequate
collection practices.  The latter has resulted in almost no
written-off loans for the company.  The asset quality has also
benefited from the company's ownership of the leased assets and
the solid legal schemes to repossess them (personal liabilities of
the client's top management through the depositary legal figure),
which Fitch believes partially offsets concentration risks.

Although Unifin has diversified its funding sources in the past
years, it stills holds important concentrations in market debt
issuances.  The company has financed an important proportion of
its growth through securitizations, private (14% of its total
interest-bearing liabilities) and public (28%).  In 2014, the
entity accessed unsecured international market debt accounting for
39% of its interest-bearing liabilities.  Additionally, it has
reasonable access to credit facilities from national and
international development banks, and to commercial banks, which
jointly represent MXN4,500 million (almost 50% unused).  Fitch
considers Unfin's business model will continue privileging
securitization as the main funding source.

As a result of the global debt issuance the entity increased the
average maturity of its financial liabilities.  As of March 2015,
almost 81% of the interest-bearing liabilities mature between
three and five years.  Fitch believes this partially mitigates
refinancing risk arising from the entity's high reliance on market
securitizations, its aggressive asset growth plans, and the bullet
nature of most of its market-driven funding.  The latter is also
partially offset by the flexibility provided by the current
portfolio securitizations.

RATING SENSITIVITIES

IDRs, NATIONAL SCALE AND SENIOR DEBT RATINGS
Ratings could be downgraded in the event of a consistent weakening
of the capital-to-assets ratio adjusted by the unreserved portion
of the impaired portfolio (as calculated by Fitch) to below 11.5%,
which could arise from accelerated growth and/or weaker
profitability.  Downside potential could also arise from a
material deterioration of asset quality metrics or risk
concentrations (top 20 concentrations above 2.0x equity).

A scenario for an upgrade has a low probability of occurring in
the foreseeable future, given the risks and challenges from
Unifin's aggressive projected growth strategy.  However, ratings
could be upgraded if tangible equity ratios are sustained over
10%, the funding profile is substantially enhanced (i.e.
diversification, length and staggering of debt maturities), while
the entity maintains its top 20 concentrations below 1x equity.

The rating actions are:

   -- Long-term foreign and local currency IDRs upgraded to 'BB'
      from 'BB-';
   -- Short-term foreign and local currency IDRs affirmed at 'B';
   -- National Scale long-term rating upgraded to 'A(mex)' from
      'A-(mex)';
   -- National Scale short-term rating upgraded to 'F1(mex)' from
      'F2(mex)';
   -- Long-term senior unsecured notes upgraded to 'BB' from
      'BB-';

The Rating Outlook is Stable.


======================
P U E R T O    R I C O
======================


MINI MASTER: Sells 3 Vehicles for $13,000
-----------------------------------------
Mini Master Concrete Services, Inc., sought and obtained from
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico permission to sell the following vehicles
for a total price of $13,000.

The vehicles to be sold are:

   -- a 1993 Caterpillar 980C Loader to Ricardo Rodriguez for
$8,000;

   -- a 2006 Chevrolet Silverado Pick-up to Pedro Rodriguez for
$2,000; and

   -- a 2006 Ford F250 Super Duty Super Cab Pick-up to Jeffrey E.
Albretcht for $3,000.

Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C.
Law Offices, in San Juan, Puerto Rico, told the Court that the
vehicles are not needed for the Debtor's operations and that
maintaining them is causing the Debtor's estate to incur
unnecessary and burdensome expenses, like security, insurance and
property taxes.  Mr. Cuprill-Hernandez further told the Court that
the vehicles must be sold as expeditiously as possible to maximize
their value and avoid their further deterioration.

The Debtor is represented by:

          Charles A. Cuprill-Hernandez, Esq.
          CHARLES A. CUPRILL, P.S.C. LAW OFFICES
          356 Fortaleza Street, Second Floor
          San Juan, PR 00901
          Telephone: (787)977-0515
          Facsimile: (787)977-0518
          Email: ccuprill@cuprill.com

                       About Mini Master

Mini Master Concrete aka Mini Master aka Empresas Master filed
Chapter 11 petition (Bankr. D.P.R. Case No. 13-10302) on Dec.
11, 2013, in Old San Juan, Puerto Rico. Charles A. Cuprill, PSC
Law Office, also serves as counsel to Mini Master Concrete.
The petition was signed by Carmen Betancourt, president.

Affiliate Master Aggregates Toa Baja Corporation also filed
Chapter 11 petition (Bankr. D.P.R. Case No. 13-10305) in Old
San Juan, Puerto Rico on Dec. 11, 2013. The Debtor disclosed
$15,279,612 in total assets, and $14,700,365 in total
liabilities. The Debtor selected Charles Alfred Cuprill, Esq.,
at Charles Cuprill, PSC Law Office, as its counsel.


MINI MASTER: Unsecured Creditors to Get 5% Under Exit Plan
------------------------------------------------------------
Mini Master Concrete filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a proposed reorganization plan that
proposes to return 100 cents on the dollar to secured creditors
and a 5% recovery for unsecured creditors.

During the course of its Chapter 11 proceedings, the Debtor moved
its administrative offices to Toa Baja, Puerto Rico, which
resulted in a reduction of more than 30% of its administrative
personnel.

Also, as a result of a comprehensive cost reduction program,
implemented by Debtor's management, most of the administrative
expenses were reduced, with a savings of more than $400,000 per
year.  Moreover, the Debtor is in the process of re-opening its
former Toa Baja site, by July 2015, which is expected to produce
and sell at least 24,000 yards of concrete during its first year
of operations.

During the reorganization period, Debtor also sold certain
machinery and equipment as approved by the Court, generating
payments to the Economic Development Bank and GE Capital Corp. of
Puerto Rico, respectively for $146,800 and $16,000.

A hearing on approval of the disclosure statement explaining the
Plan is slated for July 29, 2015, at 9:00 a.m.  Objections are due
14 days prior to hearing.

The Plan proposes to treat claims and interests a follows:

                                                 Projected
    Claim/Interest         Amount   Impairment   Recovery
    --------------         ------   ----------   --------
    Class 1 - Secured
    Claim of Economic
    Devt. Bank of P.R.   $4,061,649   Impaired      100%

    Class 2 - Secured
    Claims of GE Capital
    Corp. of P.R.        $1,733,989   Impaired      100%

    Class 3 - Secured
    Claim of ESSROC San
    Juan, Inc.             $279,919   Impaired      100%

    Class 4- Holders of
    Gen. Unsecured
    Claims               $3,492,658   Impaired        5%

    Class 5 - Interests       N/A     Unimpaired     N/A

EDB's claim will be partially paid on or before the Effective
Date, by the transfer of two properties.  The balance of EDB's
secured claim, for $3,246,649, will be paid over a 360 months
period, through equal monthly installments of $14,130, including
principal and interest at 3.25% per annum, until the full payment
thereof.

As to Class 4, holders of allowed general unsecured claims,
excluding the claim of The Estate of Victor S. Maldonado Davila
and the claim of Ms. Bess M. Taylor Mitchell, who will not receive
any dividends, in excess of $40,000 will be paid in full
satisfaction of their claims, 5% in cash, through 60 equal
consecutive monthly installments of $2,580 commencing on the
Effective Date and continuing on the 30th day of the subsequent 59
months.  Holders of allowed general unsecured claims of $40,000 or
less, will be paid in full satisfaction of their claims 5%
thereof, on the Effective Date.

A copy of the Disclosure Statement dated June 4, 2015, is
available for free at:

         http://bankrupt.com/misc/Mini_Master_DS.pdf

The Debtor is represented by:

Charles A. Cuprill-Hernandez
CHARLES A. CUPRILL P.S.C. LAW OFFICES
356 Fortaleza Street
Second Floor
San Juan, PR  00901
Tel: 787-977-0515
Fax: 787-977-0518
E-mail: ccuprill@cuprill.com


                         About Mini Master

Mini Master Concrete aka Mini Master aka Empresas Master filed
Chapter 11 petition (Bankr. D.P.R. Case No. 13-10302) on Dec.
11, 2013, in Old San Juan, Puerto Rico. Charles A. Cuprill, PSC
Law Office, also serves as counsel to Mini Master Concrete.
The petition was signed by Carmen Betancourt, president.

Affiliate Master Aggregates Toa Baja Corporation also filed
Chapter 11 petition (Bankr. D.P.R. Case No. 13-10305) in Old
San Juan, Puerto Rico on Dec. 11, 2013. The Debtor disclosed
$15,279,612 in total assets, and $14,700,365 in total
liabilities. The Debtor selected Charles Alfred Cuprill, Esq.,
at Charles Cuprill, PSC Law Office, as its counsel.


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


* TRINIDAD & TOBAGO: Crime Worries Chamber Head
-----------------------------------------------
Nalinee Seelal at Trinidad and Tobago Newsday reports that the
Chaguanas Chamber of Industry and Commerce expressed alarm and
concern at the upsurge in crime in the Central area and the impact
the situation is having on the citizenry.

According to a release, the Chamber noted that it has information
from the police that there is a dramatic rise in killings and
shootings across some Central communities due to a gang war taking
place between two factions, the report notes.

The release also noted that members of the Central communities
affected by this are known to be living in fear and afraid to come
out of their homes, according to Trinidad and Tobago Newsday.

"This is a troubling development for an area that has been largely
peaceful for a very long time.  We must stop this criminal
expansion now so that our citizens can return to living peacefully
and happily in their homes", the release added, the report relays.

The Chamber's President Richie Sookhai in his release called on
the top levels of the Police Service to utilize the full capacity
of the law in dealing with this situation and prevent this
thuggery from spiraling out of control as it has in other parts of
the country, the report discloses.

"This is not the Central we all know and love.  The growth and
development taking place in Central might be proving to be a draw
for those seeking turf to continue their nefarious activities and
we need to take a united stand against this emerging threat right
here and now," the report quoted Mr. Sookhai as saying.

"In the last several years the Chamber has been working closely
with the Police and the Chaguanas Borough Corporation to ensure
that our town and our burgesses enjoy a safe and protected
environment", the release said, the report notes.

The report relays that Mr. Sookhai noted that the Chamber
continues to stand ready and willing to support the work of the
Central Division Police in preventing and ending the growth of
criminal activity in the Central region.  Mr. Sookhai advised that
all persons who are aware of crimes taking place in their area and
of criminal elements living amongst them to report those to the
local police division or call Crime Stoppers at 800-TIPS, the
report adds.


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


ANCAP: Needs Restructuring, Minister Says
-----------------------------------------
EFE News reports that state petroleum company Ancap must be
"rethought and restructured," and its relationship with the
overall market needs to be reviewed, Uruguayan Industry, Energy
and Mining Minister Carolina Cosse said.

Ancap, a maker of petroleum products, Portland cement and
alcoholic beverages and one of Uruguay's leading companies, ended
2014 with a net loss of $323 million, according to EFE News.

In 2013, the company, which has a local monopoly on oil and gas
refining and distribution, posted a net loss of $170 million, the
report notes.

Mr. Cosse and Ancap's board will appear before the Uruguayan lower
house's industry committee on July 1 to explain the company's
financial woes, the report relates.

Ancap is a "very important company with great prospects" that must
"work as a team" with her portfolio and the Economy and Finance
Ministry to solve its problems, Mr. Cosse told reporters, adding
that "there is no magic" solution, the report relates.

Ancap's board has blamed the company's widening net loss on
factors such as fluctuations in the value of the Uruguayan peso
relative to the dollar and investment spending during the 2010 to
2014 period, the report adds.



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


* BOND PRICING: For the Week From June 22 to June 26, 2015
----------------------------------------------------------

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



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

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


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

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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