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

            Thursday, July 2, 2015, Vol. 16, No. 129


                            Headlines



B A H A M A S

BAHA MAR: Files for Ch. 11 to Complete Construction


B E R M U D A

CENTRAL EUROPEAN: S&P Lowers CCR to 'B' & Puts on CreditWatch Neg.


B R A Z I L

CAMARGO CORREA: Fitch Affirms 'BB' Issuer Default Ratings
GLOBOAVES SAO PAULO: Fitch Affirms Then Withdraws 'B-' IDRs


C A Y M A N  I S L A N D S

CHERSONESE HOLDINGS: Placed Under Voluntary Wind-Up
COUNTRYWIDE HOLDINGS: Commences Liquidation Proceedings
FARYNER'S HOUSE: Members Receive Wind-Up Report
GREAT HAPPINESS: Creditors' Proofs of Debt Due July 22
KAMUNTING MASTER: Commences Liquidation Proceedings

KAMUNTING STREET: Commences Liquidation Proceedings
PAC-LINK FUND: Creditors' Proofs of Debt Due July 21
REVIVAL FINANCE: Members Receive Wind-Up Report
SYDNEY COMPANY: Members' Final Meeting Set for July 6
TAUBE MASTER: Creditors' Proofs of Debt Due July 22

TAUBE OFFSHORE: Creditors' Proofs of Debt Due July 22


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Haiti Customs Bars Tons of Products
DOMINICAN REPUBLIC: Builders Hail Eased Credit Restrictions


J A M A I C A

DIGICEL LIMITED: Voice Telephony Still Dominates Earnings
JAMAICA: Continues to Falter on Primary Surplus Target
JAMAICA: Trade Deficit Narrows


P U E R T O    R I C O

AEROSTAR AIRPORT: Moody's Rates $50MM Sr. Notes Issuance 'Ba2'
GOVERNMENT DEVELOPMENT: S&P Lowers ICR to 'CCC-'; Outlook Negative
PUERTO RICO: S&P Lowers GO Rating to 'CCC-'; Outlook Negative
PUERTO RICO: White House Pushes Congress on Finances
UNIVERSITY OF PUERTO RICO: S&P Lowers LT Rating & SPUR to 'CCC-'


                            - - - - -


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B A H A M A S
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BAHA MAR: Files for Ch. 11 to Complete Construction
---------------------------------------------------
Sarkis Izmirlian, Chairman and Chief Executive Officer of Baha Mar
Ltd., the developer of the Baha Mar resort, on June 29 disclosed
that, in order to complete construction and open Baha Mar as soon
as practicable, Baha Mar Ltd., and entities associated with it,
are voluntarily undertaking the process of Chapter 11 under the
U.S. Bankruptcy Code.

The Board of Directors has determined that due to the financial
consequences of the repeated delays by the general contractor, and
the resulting loss of revenue, the Chapter 11 process is the best
path to provide the time to put in place a viable capital
structure and working relationships to complete construction and
successfully open Baha Mar.  The voluntary Chapter 11 filing has
been made in the U.S. Bankruptcy Court for the District of
Delaware.  Baha Mar Ltd. will be filing an application in the
Supreme Court of The Commonwealth of the Bahamas seeking approval
of the U.S. court orders.

To help assure that it move down this path efficiently, Baha Mar's
developer, Sarkis Izmirlian, has agreed to arrange the funding for
the Debtor-in-Possession (DIP) financing facility.  This financing
will, among other things, enable Baha Mar to operate and meet its
financial obligations in the interim during the Chapter 11
process. Specifically, the total DIP facility is up to $80 million
of which up to $30 million will be utilized by Baha Mar over the
next 30 days.

Mr. Izmirlian stated, "I am committed to doing all I realistically
can to move Baha Mar forward to be completed and opened
successfully.  I am confident that, once opened, Baha Mar will be
a world-class destination resort that will attract guests from
around the world and serve as a key economic sparkplug to The
Bahamas.

The Chapter 11 process provides the appropriate venue to create a
viable financial structure that places Baha Mar's interests
foremost."

Mr. Izmirlian continued, "The general contractor repeatedly has
missed construction deadlines.  This has caused both sizeable
delay costs and forced the resort to postpone its opening.  Unable
to open, the resort has been left without a sufficient source of
revenue to continue our existing business.

"In fact, after the general contractor made a guarantee to us in
November 2014, and then again in January 2015, that Baha Mar would
be able to open in its entirety on March 27, 2015, we undertook
all preparations necessary for this promised opening date,
including significant hiring and training of nearly two thousand
employees and purchasing of goods and services.  Indeed, even when
we subsequently found out that the March 27 deadline was not
feasible because the general contractor had still not completed
construction, rather than simply downsizing, we maintained our
employment levels in anticipation of a revised opening date,
utilizing our financial resources to pay employees to continue
their work at the project and participate in volunteer activities
around the island for the benefit of the country.

"At the same time, we sought the help of Baha Mar's major lender
to bring to fruition the completion of construction and the
successful opening of Baha Mar, including informing both the
lender and the general contractor of our willingness to invest
more of our own funds to help cover the delay costs.
Unfortunately, our efforts, as well as those of the Bahamian
government, have not accomplished that objective. Construction on
the project remains incomplete and, consequently, we have not been
in a position to set a revised opening date.  Thus, the Chapter 11
process is the best path for Baha Mar to now undertake.

"Baha Mar believes that a negotiated solution is possible among
the existing parties to the resort project that would lead to its
completion and successful opening.  To position ourselves to
achieve that goal, and to allow time to explore a consensual
solution, Baha Mar will continue for a period to operate and fund
payroll.  We will do our very best to continue to engage the
resort's lender to reach a consensual resolution that assures our
ability to complete construction and open successfully.  However,
if we cannot reach a consensual resolution in the next few weeks,
we will have to make some extremely difficult decisions that would
include workforce reductions."

"The people of The Bahamas should no longer have to endure the
adverse effects of the general contractor not fulfilling
assurances regarding the completion of Baha Mar's construction,
forcing in turn embarrassing delays of Baha Mar's opening.  Nor
should members of the travel industry and guests continue to face
understandable frustration and disappointment caused by the
failure to complete construction.  All of this now stops with and
can be remedied through the Chapter 11 process," said
Mr. Izmirlian.

"I want to thank the government of The Bahamas and the Prime
Minister in particular for their efforts on behalf of Baha Mar and
deeply appreciate their support.  They, like us, want Baha Mar to
succeed and for this resort to be as magnificent as planned.  The
process on which we now are embarking is a path, not a
destination, for us to achieve our priority of completing
construction and opening Baha Mar as a leading premier
international resort in The Bahamas."

By filing the Chapter 11 cases, Baha Mar has subjected itself to
the supervision of the United States Bankruptcy Court and has
obtained the numerous protections available to the company under
the U.S. Bankruptcy Code.  These include, among other things,
protection from creditor actions and claims against the company,
and all of its assets or property, wherever located, through the
injunctive relief provided by the Automatic Stay.

Customary First Day Motions are being filed with the court,
seeking approval for, among other things, debtor-in-possession
financing to fund continued payment of salaries and benefits, and
payment to ordinary course suppliers and vendors of any post-
petition claims.

The entities concurrently filing for Chapter 11 under the U.S.
Bankruptcy Code in the District of Delaware with respect to Baha
Mar are: Northshore Mainland Services Inc. (9087); Baha Mar
Enterprises Ltd.; Baha Mar Entertainment Ltd.; Baha Mar Land
Holdings Ltd.; Baha Mar Leasing Company Ltd.; Baha Mar Ltd.; Baha
Mar Operating Company Ltd.; Baha Mar Properties Ltd.; Baha Mar
Sales Company Ltd.; Baha Mar Support Services Ltd.; BML Properties
Ltd.; BMP Golf Ltd.; BMP Three Ltd.; Cable Beach Resorts Ltd.; and
Riviera Golf Ventures Ltd.

The Melia Nassau Beach resort will continue to operate normally
during the Chapter 11.

Milbank, Tweed, Hadley & McCoy, LLP and Kobre & Kim, LLP are
acting as legal advisors, and Moelis & Company is acting as
financial advisor to the filing entities.

                          About Baha Mar

Baha Mar -- http://www.bahamar.com-- is set on 3,000 feet of
white sandy beach just 10 minutes from Nassau's fully renovated
and expanded international airport.  It will feature elite hotels
with gaming, entertainment, private residences, shopping and
natural attractions that reflect an authentic Bahamian experience.
Amenities will include a Jack Nicklaus Signature golf course;
200,000 square feet of flexible convention facilities, including a
2,000-seat entertainment venue; art galleries featuring Bahamian
art; more than 40 restaurants, bars and clubs; global luxury
designer and local artisan boutiques; and 20 acres of exquisitely
landscaped beach and pool experiences, including a beachfront
sanctuary with native Bahamian flora and fauna.


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B E R M U D A
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CENTRAL EUROPEAN: S&P Lowers CCR to 'B' & Puts on CreditWatch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Bermuda-registered TV broadcaster Central
European Media Enterprises Ltd. (CME) to 'B' from 'B+'.  At the
same time, S&P placed the rating on CreditWatch with negative
implications.

In S&P's understanding, CME and its key shareholder, the U.S.-
based entertainment conglomerate Time Warner, have not announced a
material advancement in their plans for refinancing CME's $261
million convertible notes, which are due on Nov. 15, 2015.  In a
refinancing commitment letter that Time Warner provided as part of
the refinancing transaction completed in November 2014, Time
Warner committed to either guarantee an external bank facility,
similar to the existing term loan that it guarantees on CME's
behalf, or offer CME direct financing.  However, S&P considers
that the commitment letter does not represent an irrevocable and
unconditional commitment to providing the financing on time, and
contains a material adverse change clause that could prevent a
timely repayment of the upcoming maturity, in S&P's view.

S&P has lowered its assessment of CME's stand-alone credit profile
(SACP) to 'ccc' from 'ccc+' because according to S&P's criteria,
its potential inability to repay the $261 million notes on time
could cause a default within six months.  That said, S&P do not
consider the default inevitable because Time Warner has committed
to refinancing this debt, albeit in a form S&P do not consider
irrevocable and unconditional.

S&P continues to consider CME to be "strategically important" to
Time Warner, under S&P's group methodology analysis.  This is
because Time Warner guarantees, owns, or has committed to
refinance substantially all of CME's debt.  In addition, S&P views
Time Warner's investment in CME as an important part of its
international growth strategy, a view underpinned by the positive
trend in CME's operating performance over the past few quarters.

The rating is three notches higher than the SACP, based on S&P's
group rating methodology and its assessment of CME as a
"strategically important" subsidiary for Time Warner.

S&P expects to resolve the CreditWatch placement by or around
Oct. 1, when S&P expects CME and Time Warner to announce CME's
intentions with regards to the refinancing.  S&P could lower the
ratings if it believed that there was no reliable refinancing plan
established at that time.  S&P could remove the ratings from
CreditWatch if the company provided evidence of clear progress in
implementing the refinancing plan for the timely repayment of the
convertible notes.  Any upside after the refinancing of the
convertible notes would depend not only on continuous positive
operating performance but also on a debt maturity profile aligned
with S&P's criteria.


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B R A Z I L
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CAMARGO CORREA: Fitch Affirms 'BB' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has downgraded the ratings of the following
Brazilian engineering and construction (E&C) companies: Odebrecht
Engenharia e Construcao S.A. (OEC), Construtora Andrade Gutierrez
S.A. (CAG), and Construtora Queiroz Galvao S.A. (CQG). Fitch has
also downgraded the bonds issued by Odebrecht Finance Limited
(OFL) and Andrade Gutierrez International S.A. (AGI).

The agency has removed the ratings of CAG, AGI's issuance, and CQG
from Rating Watch Negative and assigned a Negative Outlook for
their corporate ratings. These changes reflect Fitch's perception
that any cash flow implications from the Lava-Jato scandal are not
likely to materialize in the next six months. The Negative Outlook
is a result of the ongoing nature of the Lava-Jato investigation
and the deterioration of the domestic macroeconomic scenario.

In conjunction with these rating actions, Fitch has affirmed the
ratings of Camargo Correa S.A. and CCSA Finance Limited issuances
and removed the Rating Watch Negative and assigned an Outlook
Negative. A full list of ratings actions follows at the end of
this press release.

KEY RATING DRIVERS

The downgrade of OEC's foreign and local currency Issuer Default
Ratings (IDR) to 'BBB-' from 'BBB' and its national scale rating
to 'AA+(bra)' from 'AAA(bra)' was a results of the deterioration
of the business environment for the company due to the
incarceration of Mr. Marcelo Odebrecht, CEO of Odebrecht S.A.
parent company of OEC, as a result of the latest phase of the
Lava-Jato investigation. Fitch remains concerned with the
reputational damage it may cause in the medium term to OEC in
signing new contracts and obtaining funds.

The downgrade of CAG foreign and local currency IDR to 'BB+' from
'BBB-' and the national scale to 'AA-(bra)' from 'AA(bra)' was
also a results of the most recent phase of the Lava-Jato
investigation that resulted in the arrest of Mr. Otavio Azevedo,
the CEO of CAG's ultimate parent company, Andrade Gutierrez S.A.
Similar to OEC, Fitch is concerned with the reputational damage it
may cause for the group and the construction unit as they seek to
sign new contracts and obtaining funds.

In the case of CQG, the downgrade of its national scale rating to
'A-(bra)' from 'A(bra)' was a consequence of its the weak balance
sheet and the deterioration of the business environment in Brazil.
Although there are no executives from the Queiroz Galvao group
currently incarcerated, the construction company and the group
have been forced to prioritize projects in an effort to preserve
cash. Due to the fallout from the scandal, CQG has now had to
provide BRL863 million in guarantees to the debt of sister
company, Queiroz Galvao Desenvolvimento de Negocios S.A. (QGDN).

The affirmation of Camargo's IDRs at 'BB', its national long term
rating at 'AA-(bra)' ratings and its national short-term rating at
'F1(bra)' are due to its broad portfolio of business units. These
assets provide the company with a stable dividend stream that
mitigate cash flow volatility at the holding company level. The
backbone of Camargo's ratings remains its cement company,
InterCement ('BB', Outlook Negative), which accounts for about 42%
of its EBITDA during 2014. The company's energy concession
Companhia Paulista de Forca e Luz S.A. (CPFL; 'AA(bra)', Outlook
Stable) and its toll road concession CCR S.A. (CCR;: 'AA+(bra)',
Outlook Stable) also provide a significant and steady stream of
dividends to the holding company. During 2014, Camargo's
engineering and construction division accounted for less than 15%
of its consolidated EBITDA.

The Rating Watch Negative removal from Camargo reflects Fitch's
perception that any cash flow implications from the Lava Jato
scandal are not likely to materialize in the next six months. The
Negative Outlook is a result of the challenging conditions its
cement business will face during the next 12-24 months due to the
recession in Brazil.

RATING SENSITIVITIES

Ratings could be further downgraded if companies' liquidity
deteriorates and the Lava-Jato investigation evolves to
prosecutions, fines, and suspensions. Upgrades are unlikely in the
short term.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following companies:

Odebrecht Engenharia e Construcao S.A. (OEC)

-- Foreign and local currency IDRs to 'BBB-' from 'BBB';
-- National scale rating to 'AA+(bra)' from 'AAA(bra)'.

Odebrecht Finance Limited (OFL)
-- BRL500 million senior unsecured notes due 2018 to 'BBB-' from
   'BBB';
-- USD500 million senior unsecured notes due 2020 to 'BBB-' from
    'BBB';
-- USD600 million senior unsecured noted due 2022 to 'BBB-' from
    'BBB';
-- USD800 million senior unsecured notes due 2023 to 'BBB-' from
    'BBB';
-- USD550 million senior unsecured notes due 2025 to 'BBB-' from
    'BBB';
-- USD500 million senior unsecured notes due 2029 to 'BBB-' from
    'BBB';
-- USD850 million senior unsecured notes due 2042 to 'BBB-' from
    'BBB';
-- USD750 million perpetual bonds to 'BBB-' from 'BBB'.

Construtora Andrade Gutierrez S.A. (CAG)
-- Foreign and local currency IDRs to 'BB+' from 'BBB-';
-- National scale rating to 'AA-(bra)' from 'AA(bra)'.

Andrade Gutierrez International S.A. (AGI)
-- US$500 million senior unsecured bonds due 2018 to 'BB+' from
    'BBB-'.

Construtora Queiroz Galvao S.A.(CQG)

-- National scale rating to 'A-(bra)'from 'A(bra)'.

Fitch affirmed the following ratings:

Camargo Correa S.A.:
-- Foreign and local currency IDRs at 'BB';
-- National long-term rating at 'AA-(bra)';
-- National short-term rating at 'F1(bra)'.

CCSA Finance Limited:
-- US$250 million senior unsecured bonds due 2016 at 'BB'.

All corporate ratings were assigned a Negative Rating Outlook.


GLOBOAVES SAO PAULO: Fitch Affirms Then Withdraws 'B-' IDRs
-----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings for Globoaves
Sao Paulo Agroavicola Ltda (Globoaves). The Rating Outlook for the
corporate ratings was Stable at the time of the withdrawal.

Fitch has chosen to withdraw Globoaves' ratings for commercial
reasons.

RATING SENSITIVITIES

Fitch will no longer provide rating or analytical coverage of this
issuer.

FULL LIST OF RATING ACTIONS

Fitch has affirmed and withdrawn the following ratings:

Globoaves Sao Paulo Agroavicola Ltda.

-- Local Currency and Foreign Currency Issuer Default Ratings
    'B-';
-- National Long-Term Local Currency rating 'BB+(bra)'.


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


CHERSONESE HOLDINGS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On June 3, 2015, the sole member of Chersonese Holdings, Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


COUNTRYWIDE HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------------
On May 22, 2015, the sole shareholder of Countrywide Holdings,
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Gareth Williams
          Countrywide PLC
          County House, 100 New London Road
          Chelmsford, CM2 0RG
          United Kingdom
          Telephone: +44 1245 294 005


FARYNER'S HOUSE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Faryner's House Investments Limited received on
June 30, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GREAT HAPPINESS: Creditors' Proofs of Debt Due July 22
------------------------------------------------------
The creditors of Great Happiness Company Limited are required to
file their proofs of debt by July 22, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 8, 2015.

The company's liquidator is:

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


KAMUNTING MASTER: Commences Liquidation Proceedings
---------------------------------------------------
On May 5, 2015, the sole shareholder of Kamunting Street Special
Opportunity Master Fund, Ltd. resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          Kamunting Street Capital Management, L.P.
          c/o George Marinopoulos
          325 Greenwich Avenue, 3rd Floor
          Greenwich Connecticut 06830
          United States of America
          Telephone: +1 (203) 541 4250


KAMUNTING STREET: Commences Liquidation Proceedings
---------------------------------------------------
On May 5, 2015, the sole shareholder of Kamunting Street Special
Opportunity Offshore Fund, Ltd. resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

          Kamunting Street Capital Management, L.P.
          c/o George Marinopoulos
          325 Greenwich Avenue, 3rd Floor
          Greenwich Connecticut 06830
          United States of America
          Telephone: +1 (203) 541 4250


PAC-LINK FUND: Creditors' Proofs of Debt Due July 21
----------------------------------------------------
The creditors of Pac-Link Fund are required to file their proofs
of debt by July 21, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 28, 2015.

The company's liquidator is:

          Hsiao, Ming-Huei
          5th Floor, No.3, Sec.3, Zhongxing Rd.
          Xindian Dist., New Taipei City 231
          Taiwan (R.O.C.)


REVIVAL FINANCE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Revival Finance Limited received on June 30, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Krys Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor,
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


SYDNEY COMPANY: Members' Final Meeting Set for July 6
-----------------------------------------------------
The members of The Sydney Company will hold their final meeting on
July 6, 2015, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


TAUBE MASTER: Creditors' Proofs of Debt Due July 22
---------------------------------------------------
The creditors of Taube Offshore Master Fund are required to file
their proofs of debt by July 22, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 26, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


TAUBE OFFSHORE: Creditors' Proofs of Debt Due July 22
-----------------------------------------------------
The creditors of Taube Offshore Fund are required to file their
proofs of debt by July 22, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 26, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Haiti Customs Bars Tons of Products
-------------------------------------------------------
Dominican Today reports that Haiti Customs officials barred dozens
of tons of farm products from entering their country, bought by
Haitian merchants in the bi-national market held Mondays and
Fridays and only allowed their merchants to cross into Dominican
Republic to sell their goods.

Around a dozen Haitian merchants had stocked up on various
products including vegetables and canned foods only to have them
seized at the border by Haitian authorities, to the dismay of many
Haitian who said they didn't know why their country banned the
products, according to Dominican Today.

The report notes that among the products allowed to pass into
Haiti figure flour, coconuts and detergent.

"This decision by our government is affecting us greatly, because
we don't want to risk buying goods, because they are taken away
when we cross the bridge over the Masacre river," said a Haitian
merchant quoted by hoy.com.do, the report relays.

Some Haitians say they've managed to move their products after
"paying a toll" to their countrymen, while others who try to cross
the river also risk having their purchases confiscated, the report
adds.


DOMINICAN REPUBLIC: Builders Hail Eased Credit Restrictions
-----------------------------------------------------------
Dominican Today reports that Dominican Republic Builders and
Housing Developers Association (Acoprovi) President Hector Breton
called "totally positive" the Monetary Board's regulation to
evaluate assets and limit credit concentration to make it easier
for affordable housing builders to get bank loans.

Mr. Breton stressed the importance of financial intermediaries to
provide credit accepting trust fund guarantees as collateral to
mitigate bank risk, according to Dominican Today.

The report relates that Mr. Breton said the Central Bank's measure
will help the housing sector, especially current projects with
problems of property deeds in the Land Court Jurisdiction.

Mr. Breton said it's a way for banks to disburse long-term loans
to buyers leveraged with a trust guarantee, notes the report.

Mr. Breton said if the Internal Taxes Agency updates the value of
affordable housing, families which buy homes ranging from RD$2.5
million to RD$2.6 million can benefit from the government's return
of the ITBIS Tax, the report says.

Mr. Breton reiterated that the Monetary Board's measure will
provide more access to financing for low-cost housing, the report
discloses.  "The central bank measures are entirely positive and
we applaud them and it's a further demonstration that the
government is wagering on housing while acknowledging the housing
sector's importance," Mr. Breton added.


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


DIGICEL LIMITED: Voice Telephony Still Dominates Earnings
---------------------------------------------------------
RJR News report that despite Digicel Limited's push to transition
to becoming a more diversified telecoms firm, the company still
earns most of its money from voice telephony.

Digicel, in details to the U.S. Securities and Exchange Commission
(SEC), issued figures which show 60 per cent of its earnings is
from its mobile voice platform, according to RJR News.

The report notes that revenue from voice telephony in the
company's last financial year was almost US$1.7 billion, from a
total of US$2.8 billion.

Data on its mobile network was the second biggest earner for
Digicel last year, at US$762 million, which is equivalent to 27
per cent of its earnings, the report relates.

The other 13 per cent of its revenue is earned from business
solutions, cable TV and broadband, as well as handset sales, the
report adds.

Incorporated in Hamilton, Bermuda, with headquarters in Kingston,
Jamaica, W.I., Digicel Limited is the largest provider of
wireless telecommunication services in the Caribbean. Revenue for
the twelve months ended September 30, 2014 totaled $2.8 billion.

As reported in the Troubled Company Reporter-Latin America on Feb.
27, 2015, Moody's Investors Service assigned a B1 rating to
Digicel Limited's proposed offering of $925 million Senior
Unsecured Notes due 2023.  The use of proceeds will be used to
redeem 100% of the existing Digicel Limited 8.25% Senior Unsecured
Notes due 2017, including redemption premiums, accrued interest
and fees, and the remaining net proceeds will be used to add cash
to the balance sheet to be used for general corporate purposes.


JAMAICA: Continues to Falter on Primary Surplus Target
-----------------------------------------------------
RJR News reports that Jamaica's primary surplus target continues
to fall behind schedule, even with the government collecting more
taxes than expected and spending less money than planned.

The primary surplus, which is money set aside to help pay down the
national debt, was J$2.8 billion during April and May, well below
the target of $4.4 billion, according to RJR News.

The report notes that during the months April and May, the
government saw its revenue position improve with an increase in
the amount of taxes collected.

The tax intake was J$2.8 billion dollars higher than budgeted.
During the same period, expenditure was $3.8 billion lower than
planned, the report relates.

                          *     *     *

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'.


JAMAICA: Trade Deficit Narrows
------------------------------
RJR News reports that Jamaica's trade deficit narrowed over the
first three months of this year.

Imports fell by more than 12 per cent, due mainly to declines in
the oil bill and the amount spent on food coming from overseas,
according to RJR News.

At the end of March, the trade deficit was US$912 million, the
report notes.

In the first three months of the year, lower cost oil pushed down
the value of fuel imports by 41 per cent to US$310 million,
compared to more than $530 million during the similar period last
year, the report relates.

Overall, imports were valued at US$1.2 billion during the period
under review, the report discloses.

Exports also fell by 12 per cent to US$336 million, the report
adds.

                          *     *     *

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'.


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


AEROSTAR AIRPORT: Moody's Rates $50MM Sr. Notes Issuance 'Ba2'
--------------------------------------------------------------
Moody's Investors Service assigns a Ba2 rating to the issuance of
US$50 million 6.75% senior secured notes by Aerostar Airport
Holdings, LLC (Aerostar or AAH) that mature in 2035. The outlook
is negative.

RATINGS RATIONALE

Aerostar is the project company selected by the Commonwealth of
Puerto Rico (Caa2/negative) to operate Luis Munoz Marin Airport
(LMM), the largest commercial airport in Puerto Rico, under a 40
year lease agreement that commenced in 2013. AAH is jointly owned
by Highstar Capital IV L.P. and Aeropuerto de Cancun S.A. de C.V.
AAH has issued the Notes to refinance the outstanding $50 million
Capex Facility that it entered into at the time of the issuance of
its USD $350 million senior secured notes with a maturity of 2035
(2013 Notes, Ba2 negative), the 2013 Notes were issued to
partially finance the acquisition of its long term lease of LMM.
The Capex Facility was undertaken at that time to provide funding
for early stage airport capital improvement projects and it was to
mature in March 2016. The Notes have the same terms, maturity, and
rank pari-passu with the 2013 Notes.

AAH is maintaining adequate enplanement growth and very solid
revenue growth despite the Puerto Rican economy's severe economic
situation given it is more dependent on tourism, especially
related to travelers from the United States, rather than on the
domestic economy. LMM recorded flat enplanement growth in 2013,
growth of 3% during 2014 and year to date growth of 1.2% as of
March 2015.

Total revenues in 2014 (audited) increased by 28% driven by solid
growth of aeronautical revenues of 17% and of non-aeronautical
revenues of 57%. The significant improvement in non-aeronautical
revenues is the result of the concession's focus on maximizing
commercial and other non-aeronautical revenues, a business
strategy that was not the focus of the airport's previous
management.

Ultimately, the greater diversification of airport revenues
strengthens LMM's resilience against the stressed local economy.
Also, a 15 year Airline Use Agreement with signatory airlines
provides a stable floor of aeronautical revenues at $62 million
per year, roughly 60% of total revenues in 2014, regardless of
passenger or enplanement volumes. Funds From Operations to Debt
calculated on a Moody's basis is 6.4% and the Cash Interest
Coverage Ratio is 2.4 times indicating AAH can adequately meet its
borrowing costs.

The rating outlook is negative, mirroring the negative outlook on
the Caa2 rating of the Commonwealth of Puerto Rico, and consistent
with our view that the airport's creditworthiness cannot be
completely de-linked from the current stresses facing the
government, economy and population of the Commonwealth of Puerto
Rico. If Aerostar's passenger traffic and financial performance
deteriorates in the near term or if we deem that there is a higher
likelihood that the government could take any action that might
impact the project's revenue generation, profitability, or ability
to operate, the rating could face downward pressures.


GOVERNMENT DEVELOPMENT: S&P Lowers ICR to 'CCC-'; Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on the Government Development Bank for Puerto Rico
(GDB) to 'CCC-' from 'CCC'.  In addition, S&P affirmed its 'C'
short-term issuer credit rating on GDB.  The long-term rating
outlook is negative.

"The downgrade to 'CCC-' reflects our view that GDB--like the
Commonwealth of Puerto Rico--is likely to default or conduct a
distressed exchange of its debt within the next six months, absent
favorable changes in the issuers' circumstances, which we don't
anticipate," said Standard & Poor's credit analyst Brendan Browne.
S&P lowered its general obligation rating on the commonwealth and
its debt to 'CCC-'.

"We believe GDB continues to suffer from deteriorating business,
financial, and economic conditions in Puerto Rico," added Mr.
Browne.  "The weak fiscal situation and liquidity positions of the
commonwealth and certain public corporations--the Governor of
Puerto Rico recently said its public debt is 'unpayable' and needs
to be restructured--hamper the commonwealth's ability to access
debt markets, thereby denting GDB's ability to meet its debt
maturities over the next fiscal year."

GDB faces nearly $900 million of notes maturating in fiscal 2016,
and it had net liquidity of $778 million as of May 31, 2015.
Currently available funding options are very limited, and S&P
believes that any contingency measures, which could include GDB
recapturing deposits of public corporations or potentially
restructuring its debt, may be insufficient to address the bank's
longer-term liquidity needs.

GDB's financial standing also hinges on the commonwealth's plan to
use the proceeds of a debt offering to pay down a roughly $2
billion loan that GDB has outstanding to the Puerto Rico Highways
& Transportation Authority (HTA).  This loan is substantial, in
S&P's view, relative to GDB's equity capital of $2.3 billion.  S&P
would view this transaction relatively positively, if completed.

S&P's liquidity assessment of GDB remains "very weak," as its bank
criteria describes the term, which reflects S&P's view that GDB is
unable to manage its short-term liquidity needs without relying on
external financing.  S&P also views GDBs risk position as "very
weak," reflecting the potential for elevated credit stress from
GDB's heavy loan portfolio concentration to the commonwealth and
its agencies and instrumentalities--many of which continue to have
losses from operations.  S&P's rating also reflects its
application of its criteria for assigning a 'CCC' rating and
considers S&P's view that the company could default over the next
six months.

S&P considers GDB a government-related entity based on S&P's view
that the link between GDB and the commonwealth is very strong and
that GDB plays a very important role for the government.  GDB
provides funding to the commonwealth and other Puerto Rican public
corporations and is a fiscal agent to the commonwealth and its
instrumentalities.

The rating outlook is negative and reflects S&P's view that the
risk of default, as defined under its criteria, over the next six
months has increased significantly.  If GDB is unable to raise
sufficient funding to meet debt maturities or other needs of the
commonwealth over the next six months, or if it enters into a debt
exchange, which S&P would consider distressed, then it could again
lower its ratings on GDB.  S&P could also lower its ratings on GDB
if it downgrades the commonwealth's general obligation debt
further.


PUERTO RICO: S&P Lowers GO Rating to 'CCC-'; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its general
obligation (GO) rating on the Commonwealth of Puerto Rico to
'CCC-' from 'CCC+'.  At the same time, Standard & Poor's has
removed the GO rating from CreditWatch, where it was placed with
negative implications on April 24, 2015, and assigned a negative
outlook.

In addition, Standard & Poor's has lowered its ratings to 'CCC-'
from 'CCC+' on:

   -- Puerto Rico Sales Tax Financing Corp.'s (COFINA) first-lien
      and second-lien sales tax bonds;

   -- Puerto Rico Municipal Finance Agency's, the Puerto Rico
      Employees Retirement System's, and the commonwealth's
      general fund-supported appropriation and moral obligation
      bonds;

   -- Puerto Rico Infrastructure Financing Authority's (rum tax)
      and the Puerto Rico Convention Center District Authority's
      (hotel tax) debt; and

   -- Puerto Rico Highway and Transportation Authority's (HTA)
      rated debt.

The downgrades are based on S&P's view that a default, distressed
exchange, or redemption of the commonwealth's debt appears to be
inevitable within the next six months absent unanticipated
significantly favorable changes in the issuers' circumstances.
S&P believes that the administration's embrace of a report
released June 29, that it commissioned, which recommends
consideration of a restructuring of the commonwealth's debts among
other options, taken together with Puerto Rico's ongoing fiscal
struggles -- a diminished liquidity position, constraints on
external market access for needed cash flow financing, and delay
in enacting a budget for the new fiscal year that begins July 1 --
indicates that the potential for a restructuring of some or all of
the commonwealth's debt is a significant possibility over the next
six months.

S&P has placed all debt at the same 'CCC-' level, reflecting its
view that all debt obligations are potentially at risk for
possible restructuring due to the severity of Puerto Rico's
current fiscal situation.  The negative outlook reflects that
there is at least a one in three chance we could lower the rating
upon a formal announcement by Puerto Rico that it intends to
undertake an exchange offer or similar restructuring that S&P
classifies as distressed, or that it has an intention to miss a
debt service payment.

S&P understands the commonwealth intends to pay short-term notes
due June 30 and general fund-supported obligations on July 1.
However, S&P believes the commonwealth's very weak liquidity and
difficulty in obtaining external market access for cash flow
financing raises the likelihood of a debt restructuring within the
next six months. In our view, Puerto Rico must obtain adequate
external cash flow financing within that time frame even if
pending bills that would allow the use of liquidity in state
insurance and retirement funds were enacted into law and approved
by their funds' respective boards.  Adding pressure to Puerto
Rico's liquidity and external market access is its most recent
projection of a general fund operating deficit in fiscal 2015 and
a larger than forecasted gap for 2016 with no clarity on when a
budget will be finalized.

The new report "Puerto Rico--A Way Forward" by consultants Anne
Krueger, Ranjit Teja, and Andrew Wolfe, released by the Puerto
Rico Government Development Bank, identifies a "fast
deteriorating" cash flow position and very large out-year central
government budget gaps that approach the size of current full year
general fund revenues.  The report projects a fiscal 2016 budget
gap of $3.7 billion, absent corrective action, which would rise to
$6.0 billion by 2018 and higher in subsequent years.  S&P views
these projected out-year gaps as unmanageable in relation to
fiscal 2015 estimated general fund revenue of only $9.6 billion.
The report lists debt restructuring as an important government
option.

OUTLOOK

Should Puerto Rico announce an intention to miss debt payments or
undertake an exchange offer or similar restructuring that S&P
classifies as distressed, or if it concludes it has inadequate
resources to meet an impending debt obligation, S&P could lower
its rating within the year.  Should Puerto Rico restore adequate
liquidity without a debt exchange, which it views as not likely,
S&P could raise the outlook or rating.


PUERTO RICO: White House Pushes Congress on Finances
----------------------------------------------------
Byron Tau at The Wall Street Journal reports that the White House
suggested Congress consider allowing Puerto Rico's public
corporations to seek bankruptcy protection, vowing that the
federal government wouldn't bail out the troubled U.S.
commonwealth.

White House press secretary Josh Earnest said the federal
government was willing to help solve the island's escalating debt
crisis but that the Puerto Rico government shouldn't expect a
bailout, according to The Wall Street Journal.

"There's no one in the administration or in D.C. that's
contemplating a federal bailout of Puerto Rico.  But we do remain
committed to working with Puerto Rico and their leaders as they
address the serious challenges, serious financial challenges, that
are currently plaguing the Commonwealth of Puerto Rico," the
report quoted Mr. Earnest as saying.

Puerto Rico owes about $72 billion in debt -- amounting to nearly
70% of its entire economic output, the report notes.  A dwindling
tax base and high unemployment have driven the island's government
to near insolvency.  Alejandro Garcia Padilla, the governor of
Puerto Rico, said that the commonwealth's bills were unpayable,
the report relates.

The island is a self-governing U.S. commonwealth; its residents
are U.S. citizens but its government isn't bound by many of the
restrictions placed on state budgets and debt financing, the
report says.

States cannot file for bankruptcy protection, but municipal
entities such as Detroit have used chapter 9 of the U.S.
bankruptcy code, the law guiding municipal bankruptcies, to
restructure debt, the report discloses.

Puerto Rico doesn't qualify for the purposes of chapter 9, leaving
its heavily indebted municipal authorities, such as its electric
utility, unable to restructure debt under that law, the report
notes.

A proposal in Congress would give Puerto Rico the same ability to
use chapter 9 currently available to cities and public
corporations, but it hasn't moved anywhere, the report notes.
Hedge-fund creditors have fought the measure along with some
conservative Republicans, the report relays.

The White House urged Congress to consider that proposal, the
report notes.

"What we've encouraged Congress to do is to is to take a look at
this, mindful of the challenges that Puerto Rico is facing right
now," Mr. Earnest said about the chapter 9 option, the report
relays.  "Puerto Rico currently has no access to a tested
restructuring regime for any of its public debt.  This includes
its municipal and public-corporation debt which, in the 50 states,
would ordinarily be subject to the chapter 9 bankruptcy process."


UNIVERSITY OF PUERTO RICO: S&P Lowers LT Rating & SPUR to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
and underlying rating (SPUR) to 'CCC-' from 'CCC+' on the
University of Puerto Rico's (UPR) existing university system
revenue bonds.  S&P also lowered the stand-alone credit profile
(SACP) on the university to 'ccc-' from 'ccc+'.  At the same time,
Standard & Poor's has removed the rating from CreditWatch, where
it was placed with negative implications on April 27, 2015, and
assigned a negative outlook.  Some of these bonds were issued by
the Puerto Rico Industrial, Tourist, Educational, Medical, &
Environmental Control Facilities Financing Authority.

The downgrade reflects the lowering of the general obligation
rating of the Commonwealth of Puerto Rico to CCC-/Negative on
June 29, 2015.  "The rating on the university has moved in tandem
with the commonwealth rating given the university's significant
dependence on the commonwealth [about 68% of 2014 revenues]," said
Standard & Poor's credit analyst Bianca Gaytan-Burrell.  "Although
appropriations are not pledged to the bonds, they make up the
largest portion of revenues available for operations.  Any delay
or reduction in appropriations could have a serious effect on its
operations," added Ms. Gaytan-Burrell.

The university system's revenue bonds are obligations of the
University of Puerto Rico, secured primarily by a first lien on
tuition and fees and certain other specifically pledged revenues.
S&P views this as an unlimited student fee equivalent pledge.

For more information, see the article published Feb. 4, 2015 on
RatingsDirect.  The negative outlook mirrors that on the general
obligation bonds of Puerto Rico in that S&P could lower the rating
on the university if the rating on Puerto Rico falls or if the
university has a delay or reduction in a state appropriation
payment that pressures the operating liquidity.  Given the
negative outlook on Puerto Rico, S&P do not believe there positive
rating action is possible during the outlook period on the
university.


                            ***********


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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