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

            Monday, July 6, 2015, Vol. 16, No. 131


                            Headlines



A R G E N T I N A

GAINVEST RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating


B R A Z I L

BRAZIL: Cooperation With Dominican Republic a Priority
CENTRAIS ELETRICAS: Moody's Cuts USD1,750MM Bond Rating to 'Ba2'
CONCESSAO METROVIARIA: Moody's Hikes Issuer Ratings to 'Ba2'
JBS S.A.: S&P Revises Outlook to Stable & Affirms 'BB+' CCR


C A Y M A N  I S L A N D S

ARHAMMAR CAYMAN: Creditors' Proofs of Debt Due July 22
CALEDONIAN GLOBAL: Court Enters Wind-Up Order
CALEDONIAN GROUP: Court Enters Wind-Up Order
E.WORLD: Members' Final Meeting Set for July 24
FIVE STAR: Creditors' Proofs of Debt Due July 22

HIGHCLERE HOLDINGS: Creditors' Proofs of Debt Due July 14
HIGHCLERE LIMITED: Creditors' Proofs of Debt Due July 14
HSBC NOMINEES: Commences Liquidation Proceedings
HYPERION CAPITAL: Creditors' Proofs of Debt Due July 22
JPT SCARLETT: Creditors' Proofs of Debt Due July 22


C H I L E

AES GENER: S&P Affirms 'BB' Rating on Jr. Subordinated Bonds
AES GENER: Moody's Affirms 'Ba2' Junior Subordinated Rating
AES GENER: Fitch Assigns 'BB' Rating on Jr. Subordinated Bond


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Food Imports Jump 17% in March to US$220.5MM
* DOMINICAN REPUBLIC: Border Investment Initiative Gathers Steam


J A M A I C A

JAMAICA: Trade Deficit With USA Worsens


P A N A M A

PANAMA: May Accept Oil or Gas From Venezuela to Resolve Debt


P U E R T O    R I C O

PUERTO RICO AQUEDUCT: S&P Cuts Bond Rating to 'CCC-'; Outlook Neg.
PUERTO RICO ELECTRIC: S&P Lowers Underlying Rating to 'CC'
PUERTO RICO: Issues Tax Anticipation Notes


V E N E Z U E L A

VENEZUELA: Fitch Affirms 'CCC' Issuer Default Rating


X X X X X X X X X

* BOND PRICING: For the Week From June 29 to July 3, 2015


                            - - - - -


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A R G E N T I N A
=================


GAINVEST RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Gainvest Renta Mixta (the Fund), a
balanced fund domiciled in Argentina that was transformed into a
short-term bond fund. The Fund will be managed by Gainvest
S.A.SGFCI. (Gainvest).

The ratings assigned are as follows:

-- Global scale bond fund rating: B-bf

-- National scale bond fund rating: Aa-bf.ar

RATINGS RATIONALE

The Fund ratings are based on Gainvest Renta Mixta's historical
portfolio composition and that is expected to continue to exhibit
an average credit quality at B-bf/Aa-bf.ar. The Fund, formerly a
balanced-fund, has excelusively invested in bonds for over a year
and in line with the assigned rating. As of May 2015, the Fund's
largest positions are in Lebacs, ABS and local corporate bonds.
These account for 87.3% of total assets. The average portfolio
duration is not expected to exceed 12 months.

"Based on the history of the fund over the past year, the Fund's
credit quality profile is comparable to those of similarly rated
peers", said Moody's lead analyst Carlos de Nevares.

The Fund's objective is to have a return higher than time
deposits, while maintaining low volatility. It will invest mainly
in Central Bank's Notes and Bills, Corporate Bonds and ABS.
Deutsche Bank is the Fund custodian.

Gainvest is a medium-sized asset manager in the Argentinean mutual
fund Industry with a 2.87% market share. As of May 2015, Gainvest,
managed assets of approximately AR$4,770 million.


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B R A Z I L
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BRAZIL: Cooperation With Dominican Republic a Priority
------------------------------------------------------
Dominican Today reports that the government of Brazil said
cooperation with Dominican Republic is a priority, with funds for
technical support to more than 10 projects concluded or underway
in education, planning, health, meteorology, safety and
environment and equipment for industrial textile workshop started
on June 24 in the village of Consuelo, San Pedro (east).

Brazil Cooperation Agency (ABC) director Fernando Marroni made the
announcement to the Dominican delegation at the close the Economy
Ministry's 2nd Technical Cooperation Workshop held in the capital,
according to Dominican Today.

The report relates that Mr. Marroni noted that for diversity, the
number of institutions involved in the projects and the results
"are an indicator of Brazil gives priority to cooperation with
Dominican Republic".

Mr. Marroni said Brasilia's bilateral aid program for the
Dominican Republic is a "textbook example" of South-South
cooperation, of what countries can achieve in developing
cooperation "which differs from conditionality North-South, from
developed countries," the report relays.

In a statement by the Economy Ministry, Marroni said besides a
model of cooperation, the bilateral assistance program has the
political will, articulation and close coordination between the
institutions of the two countries and noted the conclusion of four
projects from 2013 to 2015, the report notes.

Economy Deputy Minister Inocencio Garcia, Dominican ambassador in
Brazi Alejandro Zarzuela, Brazil ambassador Marcus Jose Vinicius
de Souza and ABC Latin America and Caribbean manager Maria Augusta
Montalvo also attended the meeting, the report adds.


CENTRAIS ELETRICAS: Moody's Cuts USD1,750MM Bond Rating to 'Ba2'
----------------------------------------------------------------
Moody's Investor Services downgraded to Ba2 from Ba1 the rating on
Centrais Eletricas Brasileiras SA (Eletrobras)' USD 1,750 million
global bond that expires on October 21, 2021. At the same time,
Moody's assigned a Ba2 corporate family rating to Eletrobras,
withdrew its Ba1 issuer rating and lowered the company's baseline
credit assessment (BCA) to b2 from b1. The outlook on all ratings
has been changed to negative. This concludes the review for
possible downgrade that commenced on May 21, 2015.

RATINGS RATIONALE

The primary drivers of the downgrade are the financial pressures
and execution risk associated with Eletrobras' ambitious capital
expenditure program, weak internal cash generation and an expected
deterioration in the company's liquidity position. More
specifically, Moody's projections indicate that Eletrobras will
continue to post weak credit metrics over the next eighteen
months. Financial performance as measured by funds from operations
(FFO) will remain tepid and not enable the company to meaningfully
decrease its high leverage, absent a major reduction in its
current capital expenditure program or some sort of capital
injection.

Starting in 2016, Eletrobras will no longer be able to count on
the extraordinary cash flow sources, i.e., indemnification
payments, as it has done over the past two years, which is likely
to put additional pressure on the company's liquidity and
leverage.

The negative outlook reflects the uncertainties arising from
potential energy rationing due to the current hydrological crisis
should it continue well into 2016, which would lead to a further
deterioration in the company's credit metrics; the failure of the
company to file its 20F with the United States Securities Exchange
Commission (SEC) which prompted a qualified opinion from its
auditor KMPG with its 1st quarter financial results; the outcome
of the investigation on potential bribery payments to the former
CEO of the Eletronuclear subsidiary; delays and further potential
cost overruns in connection with the company's new nuclear plant
construction; and the company's need to raise additional funding
on a timely and adequate basis to fund the balance of its
aggressive capital expenditure program.

In accordance with Moody's methodology for Government Related
Issuers, or GRIs, the Ba2 issuer rating of Eletrobras reflects the
combination of the following inputs:

-- Baseline credit assessment (BCA) b2

-- High-level dependence (70%)

-- High level of government support (71%-90%)

-- The Baa2 rating of the Government of Brazil, which has a
    negative outlook.

What could change the rating up

In light of this rating action, an upgrade of the company's
ratings is highly unlikely in the short-to-medium term.

What could change the rating down

Moody's would consider downgrading the ratings should the
company's credit metrics deteriorate more than Moody's expects so
that cash from operations before changes in working capital (CFO
Pre WC) over debt ratio becomes lower than 5% and that interest
coverage stays below 1.6x on a sustainable basis.

There would be additional pressure for a downgrade should Moody's
perceive a pronounced deterioration of Eletrobras' liquidity
position, which could arise from the company's not filing the 20 F
form at SEC within the granted 180-day period or having
difficulties in securing timely long-term debt to meet its capital
expenditure program notably for the construction of the 1.4GW
nuclear power plant Angra III.

The downgrade of Brazil's sovereign rating or a negative change in
our expectations regarding the government's support for the
company could also trigger a downgrade rating action.

Eletrobras' electricity generation has installed capacity of 44
GW, which is equivalent to 33% of Brazil's total generation
installed capacity, including the 7 GW capacity of Itaipu.
Eletrobras' transmission lines above 230KV comprise 60,502 Km or
around 48% of the country's total high voltage transmission lines.
The distribution segment, largely consisting of small distribution
companies in the North and Northeast portion of the country, sold
17.1 GWh or around 3% of the electricity consumed in Brazil in
2014.

Eletrobras is also a financing vehicle with a consolidated
portfolio of around BRL 15.9 billion in loans granted to a diverse
range of Brazilian electricity companies, including USD 5.0
billion in loans to Itaipu. Eletrobras is also the Federal
Government's vehicle for managing the CDE (Energy Development
Account), a specific fund of the Brazilian electricity industry,
and certain social programs such as the "Light For All" aimed at
extending electricity to the most remote regions of the country.


CONCESSAO METROVIARIA: Moody's Hikes Issuer Ratings to 'Ba2'
------------------------------------------------------------
Moody's America Latina upgraded the issuer ratings of Concessao
Metroviaria do Rio de Janeiro S.A. (METRORIO) to Ba2 from Ba3 on
the global scale, and to Aa2.br from A3.br on the Brazilian
National Scale Rating ("NSR"). At the same time, Moody's changed
the outlook to positive from stable.

The rating action is also driven by the change in methodology used
for METRORIO, from the Privately Managed Toll Roads Methodology to
the Global Passenger Railway Companies Methodology. The use of the
railway methodology resulted in no impact on METRORIO's rating or
outlook.

RATINGS RATIONALE

The rating action reflects the overall improvement of METRORIO's
credit metrics as a result of a continuous improvement in the
company's financial and operating performance, as the main
expansion program was finalized in 2013 and 2014. The rating
action is further supported by the relatively stable and
predictable operating cash flows supported by the long-term
Concession contract executed with AGETRANSP-RJ, the transportation
regulatory authority of the State of Rio de Janeiro as well as by
a more balanced capital structure and a robust liquidity profile
coupled with the strong commitment from its controlling
shareholder, INVEPAR (Ba3/A2.br; stable). However, the ratings
continue to be somewhat constrained by (i) the potential political
interference related to fare adjustments granted by the State of
Rio de Janeiro and/or (ii) the potential modifications to the
current expansion plans of the mass transportation system in the
City of Rio de Janeiro (Baa2 negative) which could directly impact
METRORIO's operating and financial performance.

RATING OUTLOOK

The positive outlook reflects our expectation that: (i) METRORIO's
completed expansion program will offer more transportation
capacity with enhanced quality; (ii) the company's credit metrics
will continue to improve as the key milestones of the CAPEX
program have been successfully achieved; (iii) the company's
ultimate shareholders will continue to provide financial support,
if needed; (iv) the Company will continue to be able to access
long-term financing from public banks such as BNDES and CEF at
adequate terms; and (v) there will be no material political
interference that could affect the economic equilibrium of
METRORIO's concession contract.

WHAT COULD CHANGE THE RATING - UP

The rating could be upgraded if traffic volume increases above our
forecast and if we see the continuation of stronger credit metrics
and liquidity coupled with a gradual deleveraging. Also, we would
upgrade the rating if the RCF / Net Debt stays above 12%, and
interest coverage exceeds 3.0x on a sustainable basis.

WHAT COULD CHANGE THE RATING - DOWN

A rating downgrade could occur in case the financial support and
commitment from the Company's ultimate shareholders is perceived
to have diminished, the Company's liquidity position deteriorates,
or if there is political interference that could impact the
ability to adjust tariffs. Quantitatively, a rating downgrade
could occur if RCF/ Net Debt stays below 7%, and Interest Coverage
remains below 2.0x for an extended period.

Concessao Metroviaria do Rio de Janeiro S.A. -- MetroRio
("MetroRio" or the "Company") is an urban railway passenger
transportation company, which has the concession rights to operate
Lines 1 and 2 of the subway system in the City of Rio de Janeiro
with an extension of 42 km and 36 stations (the "Concession"). The
Concession was granted by the State Government of Rio de Janeiro
in 1998 for a 20-year period. In December 2007, MetroRio agreed to
undertake an expansion and modernization program with capital
expenditures (CAPEX) of BRL 1.2 billion that resulted in the
extension of the Concession for an additional period of 20 years,
until January 2038. At the end of the Concession period, the
assets will revert to the State Government of Rio de Janeiro. In
March/2015 LTM, according to Moody's standard adjustments,
MetroRio reported net operating revenues of BRL731 million, EBITDA
of BRL339 million, and net distributable income (after unusual and
non-recurring items) of BRL89 million, as compared to net
operating revenues of BRL702 million, EBITDA of BRL305 million,
and net income of BRL61 million in FY2014.

MetroRio is fully owned by Investimentos e Participacoes em
Infraestrutura S.A. - INVEPAR, is controlled by the three largest
Brazilian pension funds (PREVI, FUNCEF and PETROS) and the
engineering and construction group OAS, which includes its
subsidiaries OAS Infraestrutura S.A. (not rated), Construtora OAS
S.A. (not rated) and OAS S.A. (not rated). In addition to
Concessao Metroviaria do Rio de Janeiro - MetroRio, the subway
concessionaire in the city of Rio de Janeiro, INVEPAR's current
portfolio of concessions consists of several toll roads, such as:
Linha Amarela S.A. - LAMSA (Ba2/Aa3.br; positive), Concessionaria
Auto Raposo Tavares S.A. (CART, Ba2 negative) , Concessionaria
Litoral Norte S.A. (CLN), Concessionaria Rio - Teresopolis S.A.
(CRT), in which INVEPAR holds a 24.9% stake, Concessionaria Rota
do Atlantico (CRA) and Concessionaria Bahia Norte (CBN, B1
stable), a joint-venture with Odebrecht Transport Participacoes
S.A.. In February 2012, INVEPAR won the auction for the concession
of the International Airport of Guarulhos (GRU Airport), the
busiest airport in Latin America, which is located in the
metropolitan area of the City of Sao Paulo. In March 2012, INVEPAR
acquired 100% ownership of V.P.R. Brasil Participacoes S.A., which
through a special purpose entity (Linea Amarilla S.A.C. or LAMSAC)
controls the 40-year concession of, a 25-km urban toll road in the
city of Lima, Peru. In addition, the Consortium led by INVEPAR
(33.34% stake), Odebrecht Transport Participacoes S.A. (33.33%)
and CCR SA (33.33%), was declared the winner of the bidding for
the Transolimpica Expressway, now called ViaRio, which is part of
a set of investments in preparation to the 2016 Olympic Games. In
addition, in 2012 INVEPAR created Metrobarra S.A. (MetroBarra), a
company that will provide rolling stock material and systems to
the line 4 of Rio de Janeiro's subway network. MetroBarra also
signed a put option agreement, which contains certain precedent
conditions. In that year, Invepar also created PEX S.A. - a
company that provides automatic toll collection services for some
of its toll roads, such as LAMSA, CBN, CLN, CRT, and CRA as well
as for other third-party concessionaries such as Via Lagos and the
Rio-NiterĀ¢i bridge.

In 2013, INVEPAR added two new concessions to its growing
portfolio: (i) VLT Carioca (VLT -- not rated): In May 2013 the VLT
Carioca consortium, in which INVEPAR has a 24.8% stake, was
awarded a 25-year concession to develop a light rail transit
system that will connect the Rio de Janeiro port area with the
financial district and the Santos Dumont airport in downtown Rio
de Janeiro; (ii) Via 040 (not rated): in December 2013, INVEPAR
won the bid for the 30-year concession to expand, operate and
maintain BR-040/DF/GO/MG, a 936.8 km highway that connects the
capital city Brasilia to Juiz de Fora, in the State of Minas
Gerais (Baa3, negative)


JBS S.A.: S&P Revises Outlook to Stable & Affirms 'BB+' CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on JBS S.A.
and its subsidiary, JBS USA, to stable from positive.  In
addition, S&P affirmed its 'BB+' global scale corporate credit and
issue-level ratings on both companies.  S&P also affirmed its
'brAA+' national scale rating on JBS.

The outlook revision follows S&P's expectation that JBS may
subordinate financial discipline to growth in the future and that
could exacerbate cash flow and ratio volatility.  Also a clearer
financial policy would be required for an upgrade to investment
grade.  JBS has just announced two opportunistic acquisitions:
Europe -- based Moy Park and the U.S. pork division from Cargill,
for a total of approximately $3 billion.  The latter totals about
$1.45 billion and will require antitrust approval.

Although the company has a proven track record of improving
margins and cash flow generation of acquired businesses, S&P
believes its financial discipline would continue to be
subordinated to M&A opportunities, which in essence impairs cash
flow predictability.  This has led S&P to revise its management
and governance score to "fair" from "satisfactory."

S&P now forecasts JBS to report revenues of more than R$160
billion on a pro forma basis in 2015, with consolidated margins
close to 8%, which are similar to S&P's previous estimates.


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


ARHAMMAR CAYMAN: Creditors' Proofs of Debt Due July 22
------------------------------------------------------
The creditors of Arhammar Cayman 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 liquidation proceedings on May 29, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Giji Alex
          Telephone: +1 (345) 914-4350/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


CALEDONIAN GLOBAL: Court Enters Wind-Up Order
---------------------------------------------
On June 5, 2015, the Court of Cayman Islands entered an order to
wind up the operations of Caledonian Global Financial Services
Inc.

The company's liquidators are:

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


CALEDONIAN GROUP: Court Enters Wind-Up Order
--------------------------------------------
On June 5, 2015, the Court of Cayman Islands entered an order to
wind up the operations of Caledonian Group Services Limited.

The company's liquidators are:

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


E.WORLD: Members' Final Meeting Set for July 24
-----------------------------------------------
The members of E.World (Holdings) Ltd. will hold their final
meeting on July 24, 2015, at 2:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ng Kwok Cheung Bernard
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          Portcullis TrustNet (Cayman) Ltd
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


FIVE STAR: Creditors' Proofs of Debt Due July 22
------------------------------------------------
The creditors of Five Star Investment 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 22, 2015.

The company's liquidators are:

          Lyndsey Mcgillivray
          Blake Applegate
          Citron 2004 Limited
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          23-25 Broad Street
          St Helier, Jersey
          Telephone: 01534 282345


HIGHCLERE HOLDINGS: Creditors' Proofs of Debt Due July 14
---------------------------------------------------------
The creditors of Highclere Holdings Limited are required to file
their proofs of debt by July 14, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 8, 2015.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


HIGHCLERE LIMITED: Creditors' Proofs of Debt Due July 14
--------------------------------------------------------
The creditors of Highclere Limited are required to file their
proofs of debt by July 14, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 28, 2015.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


HSBC NOMINEES: Commences Liquidation Proceedings
------------------------------------------------
On June 8, 2015, the shareholder of HSBC Nominees (Cayman) Limited
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:

          Jonathan Cooper
          c/o HSBC Cayman Services Limited
          68 West Bay Road
          P.O. Box 1109 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 914 6365


HYPERION CAPITAL: Creditors' Proofs of Debt Due July 22
-------------------------------------------------------
The creditors of Hyperion Capital Ltd 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 June 4, 2015.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108


JPT SCARLETT: Creditors' Proofs of Debt Due July 22
---------------------------------------------------
The creditors of JPT Scarlett Holdings Inc. 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 June 5, 2015.

The company's liquidator is:

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


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C H I L E
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AES GENER: S&P Affirms 'BB' Rating on Jr. Subordinated Bonds
------------------------------------------------------------
Standards & Poor's Ratings Services assigned its 'BBB-' rating to
AES Gener S.A.'s proposed 10-year bullet 144A million senior
unsecured bond for up to $450 million.  In addition, S&P affirmed
its 'BBB-' corporate credit and senior unsecured ratings on the
company.  S&P also affirmed its 'BB' rating on its junior
subordinated bonds due 2073.  The outlook remains stable.

The rating action follows the company's announcement that it will
issue 10-year senior unsecured bullet bonds for up to $450
million.  AES Gener will use the proceeds to refinance existing
debt at the subsidiaries and holding level: Nueva Ventanas' $308
million of project finance debt due 2022, up to $120 million to
tender AES Gener's existing local bonds for $102 million due 2019,
and $40 million to unwind existing interest rate swaps associated
with debt.  On an aggregate basis, AES Gener's debt will remain
unchanged.  S&P expects the transaction to extend the current
maturity schedule beyond 2019, lower the debt costs, and remove
certain restrictive covenants, mainly at the subsidiary level.

AES Gener's "satisfactory" business risk profile continues to
reflect the company's strong market position in Chile as a large,
efficient, and reliable power generator with large long-term power
purchase agreements with solid offtakers; its business
diversification due to its presence in Colombia and Argentina, and
its good operating performance.

"We assess AES Gener's financial risk profile as "intermediate"
mainly based on its relatively strong and stable cash flow
generation.  We expect the company to use this revenue stream to
finance capital contributions, about $225 million in capital
expenditures in 2015 excluding its non-recourse power projects in
Chile and the 100% dividend payouts.  AES Gener has sharply
increased its consolidated debt in the past five years due to the
financing of new non-recourse power projects including Angamos,
Cochrane, and Alto Maipo in Chile.  However, a significant portion
of this debt is non-recourse to AES Gener.  For analytical
purposes we de-consolidated debt from these three projects and
their EBITDA because we believe under a stress situation AES Gener
won't necessarily support them," S&P said.


AES GENER: Moody's Affirms 'Ba2' Junior Subordinated Rating
-----------------------------------------------------------
Moody's Investors Service assigned a Baa3 rating to AES Gener
S.A.'s (Gener) proposed US$450 million 10-year senior unsecured
yankee bonds. Concurrently, Moody's also affirmed Gener's Baa3
senior unsecured rating and Ba2 junior subordinated rating. The
outlook on all ratings is stable.

Gener will largely use the net proceeds raised in connection with
the debt issuance to repay group's existing indebtedness; That is
the $307.5 million balance outstanding under its subsidiary
Electrica Ventanas' credit facility that is scheduled to expire in
2022 as well as to purchase the $102.2 million outstanding under
Gener's 8% Series Q due in 2019.

RATINGS RATIONALE

Today's rating action acknowledges Gener's recent several
liability management initiatives to enhance the group's access to
its subsidiaries cash flows and reduce interest expenses. To that
end management is using proceeds raised in connection with Gener's
debt issuances to repay some of the debt outstanding at its
subsidiaries. These include the current repayment of Electrica
Ventana's credit facility as well as the repayment of AES Chivor's
US$170 million Reg 144(A) Notes completed at the end of last year.

On a consolidated basis these initiatives slightly increase the
group's indebtedness; however, Moody's acknowledges that these
initiatives reduce the structural subordination that applies to
Gener's parent level debt to the subsidiaries' outstanding
indebtedness, a credit positive. Moody's assessment considers that
Gener currently holds via subsidiaries about 1,360MW out of its
1,990MW most economically efficient generation capacity operating
in the Sistema Integrado Central (SIC) and Grande (SING). At year-
end 2014, these subsidiaries had incurred about $1.1 billion
indebtedness compared to $1.1 billion also outstanding at Gener.
The full repayment of Electrica Ventanas' US$307.5 million
indebtedness will reduce the operating subsidiaries' indebtedness
to around $882 million compared to almost $1.6 billion at Gener.
Moreover, Gener has also increased the group's financial
flexibility by refinancing some of its subsidiaries' bank project
facilities with less onerous corporate notes in terms of cash up-
streams. In addition, defining a new repayment schedule also
allows Gener to have greater access to cash flows during the
current period of substantial capital expenditures.

Gener is incurring about US$2.2 billion of project bank debt to
finance the construction of its 532MW coal-fired Cochrane (SING)
and 531MW hydro-electric Alto Maipo (SIC) facilities. This
incremental debt and aggressive dividend policy has resulted in
key financial metrics that are weak for the Baa3 rating category.
Moody's includes the project financed debt in our key financial
metric calculations despite their non-recourse nature. In Moody's
opinion, potential reputational concerns and the strategic
importance of these facilities would deter Gener from walking away
from these projects in a distressed scenario. These projects are
not expected to start contributing to Gener's cash flows before
year-end 2016 and 2018, respectively. Therefore, Moody's
anticipates that through this construction cycle Gener's credit
metrics will continue to be weaker than its rating category for
Baa-rated power producers outlined in Moody's Unregulated Power
Generation Companies ratings methodology. Specifically, Moody's
anticipates that the CFO pre-W/C to debt will remain below 20%
through 2017.

Gener's stable outlook reflects its significant market position in
Chile, its modest geographic diversification and adequate
liquidity profile. The rating also factors Gener's economically
efficient fleet and overall balanced commercial policy that
enhances its cash flow visibility. That said, despite its highly
contracted position its cash flows are subject to the volatile
power generation sector and some uncertainty related to the impact
of the SIC-SING interconnection expected by year-end 2017. It
further acknowledges Gener's liability management initiatives to
reduce interest expenses and enhance its access to subsidiaries'
cash flows. It also acknowledges Gener's efforts, with the use of
partnerships, to reduce the financial burden associated with
financing its two green-field power projects and the acquisition
of Guacolda.

An upgrade of Gener's ratings over the intermediate-term appears
less likely given Moody's expectation that the key credit metrics
will remain weak for the rating category through its construction
cycle and amidst its material incremental indebtedness and
aggressive dividend policy.

Challenges associated with its material capex program could
trigger negative pressure on Gener's rating and/or outlook. A
downgrade is also likely if Gener's credit metrics deteriorate
over the next few years even more than what we currently
anticipate either as a consequence of a failure to maintain a
balanced commercial policy, unexpected consequences from the SIC-
SING interconnection, and/or the incurrence of additional debt to
finance new power generation projects (for example Los Robles)
amid a continued aggressive dividend policy. Specifically, failure
to generate CFO pre-W/C to debt in the high teens range and CFO
pre-W/C interest coverage above 4x, beyond the completion of the
Alto Maipo and Cochrane facilities could trigger a downgrade.

Headquartered in Santiago, Chile, AES Gener (Gener) ranks as one
of the top three largest generation companies in Chile in terms of
installed capacity (roughly 20% market share) and output. It is
the country's largest thermal power generation company with
operations in the SIC and SING The group also operates in Colombia
via AES Chivor S.A. (1,000MW hydro-electric plant) while the 643MW
combined cycle gas plant at Termoandes currently sells all its
output in the Argentinean SADI.


AES GENER: Fitch Assigns 'BB' Rating on Jr. Subordinated Bond
-------------------------------------------------------------
Fitch Ratings expects to assign a rating of 'BBB-' to AES Gener
S.A.'s proposed senior unsecured debt issuance of up to
USD450 million with a 10-year bullet maturity.  Proceeds from the
144A/RegS bond issuance will be used to refinance existing debt
and will not result in additional significant indebtedness.  Funds
from the issuance will go towards refinancing USD308 million of
existing Nueva Ventanas project finance debt with a maturity of
2022, unwinding related interest rate swaps, and tendering for
existing local USD denominated bonds maturing in 2019 and
totalling USD102.2 million.  The notes will be rated the same as
all of AES Gener's senior unsecured obligations, and will rank at
least pari passu in priority of payment with all other AES Gener
senior unsecured debt.

KEY RATING DRIVERS

AES Gener's ratings are supported by the company's solid liquidity
given significant capex needs in the short to medium term.  The
ratings also reflect the company's balanced contractual position
and a diverse portfolio of generation assets.  The ratings also
recognize that the company's major plants operate under
constructive regulatory environments in Chile and Colombia.
Credit risks include possible environmental and/or political
issues, which could result in cost overruns or additional
modifications in new and/or existing projects.  The credit risks
also include the regulatory uncertainties in Argentina related to
Termoandes S.A., though these are mitigated given Argentina
represented 5% of consolidated EBITDA during 2014.  In addition,
the company could face pressure from its controlling shareholder,
AES Corp. ('BB-'/Outlook Negative), to increase dividends above
those forecast by Fitch.

Strong End to 2014: In 2014, AES Gener reported consolidated
adjusted EBITDA of USD667 million, which was 7% higher than 2013
results.  After a weak first half of the year which saw lower
availability of AES Gener's efficient coal plants due to a
scheduled maintenance at the Ventanas coal complex, results picked
up in the second half of the year as all the plants in the Ventana
Complex were back in service.  Furthermore, results were helped by
a re-set of contracted prices in Chile at the end of the second
quarter of 2014.  Overall, 2014 EBITDA generation came in slightly
above Fitch's forecasts and is poised to grow again in 2015.

In Midst of Expansion: The company has embarked on an aggressive
expansion phase which brings with it significant execution risk
(i.e., construction delays, accidents, cost-overruns, etc.).  In
addition, the expansion plan has resulted in additional pressure
on the company's cash flow generation and credit metrics.
Positively, the company has extensive history of finishing major
projects on time and on budget.  AES Gener's first phase of
expansion took place between 2007-2013 in which the company
successfully expanded its generation capacity by 48% to reach
5,081 MW of installed capacity at a total investment cost of USD3
billion.

The company is in the midst of what it has termed a second phase
of expansion, which involves five major projects under
construction that will increase installed capacity by 25%, with
the total investment cost for the this expansion phase expected to
cost USD4 billion.  The Guacolda V Project will cost USD450
million (152 MW coal-fired with estimated operation date in 2H15)
while Tunjita in Colombia (20 MW run of the river) will cost USD68
million (estimated operation date 1H16).  AES Gener's non-
conventional renewable energy project, the Solar Andes Project (21
MW) whose investment will total USD45 million, is expected to be
operational in 2H15.

The largest projects to be executed are Cochrane (USD1.35 billion)
and Alto Maipo (USD2.05 billion).  AES Gener initiated
construction in March of 2013 of its 532 MW Cochrane coal project
in the SING (Sistema Interconectado del Norte Grande), with an
estimated investment of approximately USD1.35 billion.  In the
Cochrane project, AES Gener has incorporated Mitsubishi
Corporation as a shareholder with a 60%:40% equity stake,
respectively.  For Alto Maipo, a 531 MW run-of-the-river project,
AES Gener incorporated Antofagasta Minerals S.A., a Chilean mining
company, as a 40% shareholder.  Non-recourse financing has been
closed for both projects and the company used funds from junior
subordinated notes (USD300 million) issued in 2013 and a USD150
million capital increase to fund the equity investments in both
projects.

Negative FCF: Primarily due to cash outflows to fund the Cochrane
and Alto Maipo projects, Fitch expects the company to generate
negative free cash flow (FCF) in the 2015-2018 period, with peak
capex forecast for 2014-2016 and a return to positive FCF
generation in 2019.  Fitch estimates that Cochrane will become a
positive cash flow contributor in 2017 while Alto Maipo should do
so in 2019.  The company's financial strategy revolves around
maintaining a balance between continuity of funding and financial
flexibility through internally generated cash flows, bank loans,
bonds, short-term investments, committed credit lines and
uncommitted credit lines.

Pressured Credit Metrics: Given AES Gener is in the midst of an
aggressive expansion plan, Fitch expects a weakening of the
company's credit quality measures in the short to medium term.
For the latest 12 months (LTM) ended March 31, 2015, the company's
consolidated debt-to-EBITDA and EBITDA coverage metrics were 4.4x
and 4.8x , respectively.  These ratios are weaker versus leverage
levels of 4.3x and 3.6x in 2013 and 2012 respectively, though
coverage ratios of 4.8x improved versus 4.0x and 4.5x also in 2013
and 2012.

Excluding the non-recourse debt of the Alto Maipo and Cochrane
power plants, AES Gener's debt-to-EBITDA for the LTM March 2015
period was 3.4x.  Fitch expects the company's consolidated
leverage levels to remain in the 4.5x-5x range during 2015, which
is on the weak side for the rating category.  Leverage levels
should slowly decline to the 4x level starting in 2016 as Cochrane
comes on-line and begins generating meaningful cash flows in 2016-
2017.

High Dividend Payment: AES Gener has a track record of high
dividend payments, and Fitch expects for the company to continue
to payout 100% of net income going forward.  Cash flow could be
further pressured in the upcoming expansion phase should this
dividend policy be increased to a payout rate above 100% of net
income during peak capex periods.

RATING SENSITIVITIES
A change in AES Gener's commercial policy that results in an
imbalanced long-term contractual position would be viewed
negatively by Fitch.  In addition, a material and sustained
deterioration of credit metrics reflected in total consolidated
debt-to-EBITDA ratios above 4.5x-5x and total non-recourse debt-
to-EBITDA ratios above 3x-3.5x on a sustained basis could result
in a negative rating action.

Fitch believes that a positive rating action is limited at this
time due to the expected capacity expansion over the next few
years.

LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: Fitch believes AES Gener has adequate
liquidity to support its financial needs during the peak capex
period in 2014-2015, with the recent refinancing of its Angamos
project finance debt a positive improvement to its short-term cash
needs.  The company's liquidity is supported by reported cash on
hand of USD285 million as of March 31, 2015, which compares
favorably with short-term maturities totalling USD199 million for
all the 2015-2017 period.  The company's liquidity is further
buoyed by access to undrawn committed credit lines totalling
USD236 million.  Positively, the company's debt outstanding does
not have major maturities coming due during the 2015-2019 period,
which cushions the company for the aggressive build-out taking
place.

KEY ASSUMPTIONS
   -- Peak capex for latest expansion program in 2014-2016;
   -- Cochrane becomes a positive contributor in 2016, with Alto
      Maipo following suit in 2019;
   -- 100% of net income dividend payout rate;
   -- Peak leverage in the 4.5x-5.0x level during 2014-2015, with
      leverage declining to the 4x level starting in 2016.

Fitch currently rates AES Gener S.A. as:

   -- Foreign and local currency Issuer Default Ratings (IDRs)
      'BBB-';
   -- International senior unsecured bond ratings 'BBB-';
   -- International junior subordinated bond ratings 'BB';
   -- Long-term national scale rating 'A+(cl)' ;
   -- National senior unsecured bond ratings 'A+(cl)';
   -- National Equity Rating 'Primera Clase Nivel 2(cl)'.

The Rating Outlook is Stable.


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


DOMINICAN REPUBLIC: Food Imports Jump 17% in March to US$220.5MM
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic imported
US$220.5 million FOB in foods in March, a 17%  jump compared with
February, with 230,400 tons mostly from 82 countries.

Industry and Commerce Deputy Minister Anina M. Del Castillo said
50.04% (RD$110.4 million) of all imports were corn, wheat, soybean
oil, biscuits and other solid soybean derivatives, such as animal
feed, and beef and pork from the US, according to Dominican Today.

Ms. Del Castillo said at US$8.8 million (3.99%), Colombia is the
second market, with crude palm oil, non-alcoholic beverages,
sweets, biscuits and canned fish, the report relates.

The report notes that Mexico is third with US$8.4 million or
3.84%, on imports of milk formula, biscuits, sweets and cereals;
Netherlands ranks fourth with US$6.73 million (3.05%) on milk
formula, cheese, powdered milk, processed foods and processed
potatoes; Norway stood at US$6.16 million (2.79%) with salted
codfish and salmon, Del Castillo said in the Internal Commerce
monthly report.


* DOMINICAN REPUBLIC: Border Investment Initiative Gathers Steam
----------------------------------------------------------------
Dominican Today reports that the Quisqueya Binational Economc
Council (CEBQ) presented the project it develops to
representatives of Santiago's free zones, where its directors
explained the Dominican-Haitian investment initiative whose launch
is imminent.

Dominican Republic representatives Juan B. Vicini and Fernando
Chaplain and organization secretary Rafael Paz presented the
projects in progress expect to have an economic impact on the
border region and invited the entrepreneurs to get involved,
according to Dominican Today.

The report notes that Mr. Vicini said the development initiative
is focused on four key points of interconnection between Dominican
Republic and Haiti, aimed at transforming them into a hub for
economic growth and creating jobs on both sides of the border.

"Through sustainable and inclusive investments in a superstructure
with logistics and production components, the new urban
communities will solve the high concentrations of the major urban
centers of each country, achieving social, economic and
environmental balance, thus formalizing the flow of trade and
spurring job creation," the business leader said, the report
relates.

The report notes that for Mr. Paz, "the four areas of development
are Manufacturing and Logistics, to generate and store hydro and
wind power, Agriculture and Livestock, and finally Tourism. For
all these, studies have been conducted of the potential and
feasibility to ensure tangible results in three to five years."

The report discloses that Mr. Vicini said the project has a high
financing, sophisticated structure, financially as well as legally
to ensure their materialization.  "Everything is aimed at building
a benchmark development model and replicable elsewhere.  An
experience which accrues and can be decisive because it deals with
realities that could change or improve perceptions of the
countries involved: Dominican Republic and Haiti," Mr. Vicini
added.


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


JAMAICA: Trade Deficit With USA Worsens
---------------------------------------
RJR News reports that despite an overall decline in Jamaica's
trade deficit for the January to March period, the country's trade
balance with the United States continues to worsen.

Data released by the Statistical Institute of Jamaica (Statin)
show Jamaica's trade deficit with the US widened by 2% to US$348
million, according to RJR News.

That came in the context of a 12% decline in the overall trade
deficit, 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'.


===========
P A N A M A
===========


PANAMA: May Accept Oil or Gas From Venezuela to Resolve Debt
------------------------------------------------------------
EFE News reports that Panama could accept oil or natural gas from
Venezuela as payment for the more than $1 billion in dollar debt
owed to Panamanian companies, Vice President and Foreign Minister
Isabel De Saint Malo de Alvarado said.

In a meeting with members of the Association of Foreign Press
Correspondents in Panama, Ms. De Saint Malo said that what
Venezuela owes should not even be termed "debt, but rather a lack
of availability of foreign exchange" to honor its commitments to
Panamanian companies for more than two years, according to EFE
News.

"All options are on the table," the vice president said, adding
that Venezuela has repeatedly showed "signs of a firm commitment
to resolving the situation," the report relates.

Ms. De Saint Malo did not indicate the amount owed by Venezuelan
importers and said the business leaders of the Colon Free Trade
Zone and Venezuelan officials "are weeding through the information
that's available to establish the amounts and the companies."

"The deeper issue we've been working on is how to make that hard
currency available," she said, the report discloses.

The debt owed by Venezuelan importers to Panamanian companies,
including Copa Airlines, pharmaceutical firms and companies of the
Colon Free Trade Zone exceeds $1 billion, the Panamanian Trade and
Industry Ministry said in October, the report notes.

Under strict currency controls in place in Venezuela for more than
a decade, the leftist government is to distribute dollars to
importers at one of three official exchange rates and also allow
foreign airlines that sell tickets to Venezuelans in pesos to
convert them into dollars, the report relates.

The report says that Petroleum-rich Venezuela, which relies on
crude sales for the vast majority of its hard-currency reserves,
has been hard hit financially by the recent sharp drop in global
oil prices.

Panama is prepared to "seek different, more creative options that
could make it easier for the Venezuelan government to make that
hard currency available," Ms. De Saint Malo told the foreign
correspondents, the report adds.


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


PUERTO RICO AQUEDUCT: S&P Cuts Bond Rating to 'CCC-'; Outlook Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its rating two
notches to 'CCC-' from 'CCC+', on Puerto Rico Aqueduct & Sewer
Authority's (PRASA) senior-lien revenue bonds and removed it from
CreditWatch with negative implications.  The outlook is negative.

PRASA has approximately $3.5 billion in senior-lien revenue bonds.
The bonds are secured, as per the terms of the 2008 master
agreement of trust and as amended in 2012, by a first lien on the
gross revenues of PRASA's retail waterworks and sanitary sewer
system.

"The rating action is based on our downgrade to 'CCC-' of the
Commonwealth of Puerto Rico's general obligation debt on June 30,"
said Standard & Poor's credit analyst Theodore Chapman.  That
action was based on S&P's view that a default, distressed
exchange, or redemption of the commonwealth's debt appears
inevitable within the next six months absent unanticipated
significantly favorable changes in the issuer's circumstances.

The negative outlook reflects S&P's view that there is at least a
one-in-three chance it could again lower the rating on PRASA's
debt if Puerto Rico announces that it intends to undertake an
exchange offer or similar restructuring -- one which does not
explicitly exclude PRASA -- that S&P classifies as distressed, or
that it has an intention to miss a debt service payment.  If S&P
concludes the commonwealth has inadequate resources to meet an
impending debt obligation, or PRASA's liquidity becomes threatened
by way of interagency loans or changes in the law that supersede
the master agreement of trust and erode protections from clawback
or intercept, S&P could lower its rating within the year.  Should
Puerto Rico restore adequate liquidity without a debt exchange,
which S&P views as unlikely, or explicitly and irrevocably exclude
PRASA from a potential restructuring or distressed debt exchange,
S&P could revise the outlook to stable or even raise the rating.


PUERTO RICO ELECTRIC: S&P Lowers Underlying Rating to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term and
underlying ratings (SPURs) on Puerto Rico Electric Power
Authority, (PREPA) P.R.'s electric revenue bonds to 'CC' from
'CCC-'.  The rating remains on CreditWatch with negative
implications.

PREPA has announced that it has made a $415 million payment to
bondholders, due July 1, 2015.  While S&P believes that this full
and timely payment has enabled PREPA to forestall an imminent
default, it notes that the authority also announced that it had
reached agreement with creditors to execute a "Restructuring
Support Agreement (RSA)" by Sept. 1, 2015.

Per S&P's criteria, it assigns a 'CC' rating if "an entity that
has announced its intention to undertake an exchange offer or
similar restructuring that S&P classifies as distressed, but has
not yet completed the transaction".

It is S&P's understanding that PREPA was able to make its $415
million payment by utilizing $153 million of cash in its general
funds which supplemented remaining debt service reserve monies
that are on deposit with its trustee, U.S. National Bank, N.A.
Further, S&P understands that as part of the agreement, insurers
of some of PREPA's outstanding debt have agreed to purchase $128
million of new short-term bridge loan bonds, with repayment due
Dec. 15, 2015.  S&P believes that PREPA will use the proceeds of
the loan to provide working capital.  PREPA also announced that
its creditors had agreed to extend the forbearance agreements that
have been in place since 2014, through Sept. 15, 2015.

CREDITWATCH
S&P expects to resolve the CreditWatch placement in the next three
months after it has evaluated the RSA, due Sept. 1.  Should the
RSA result in a distressed exchange where, in S&P's view,
bondholders receive less value than the promise of the original
securities (e.g., other than full and timely payment under the
original securities), the bonds will, in S&P's judgment be in
default.  S&P continues to believe that there is at least a 50
percent likelihood of this occurring.


PUERTO RICO: Issues Tax Anticipation Notes
------------------------------------------
Latin America Herald Tribune reports that Puerto Rico Gov.
Alejandro Garcia Padilla signed into law on July 3 a bill
authorizing select public agencies to purchase up to $400 million
in tax and revenue anticipation notes, known as TRANs.

The measure is necessary given "the absence of the usual sources
of liquidity," the government said in a statement, alluding to
Puerto Rico's inability to borrow as it seeks to reschedule its
$72 billion public debt, according to Latin America Herald
Tribune.

At the same time, the statement emphasized that the administration
issues TRANs at the start of every fiscal year -- July 1 in Puerto
Rico -- to ensure cash flow to the treasury, as the bulk of the
government's revenue does not come in until people file their
taxes in April, the report notes.

The law enacted also suspends automatic monthly deposits to a fund
earmarked for debt service, the report relates.

"The suspension of these deposits does not imply default against
the bondholders on the corresponding payment dates," the
government said, notes the report.

Garcia Padilla said that Puerto Rico's debt is "unpayable" under
the current terms and announced plans to ask bondholders to agree
to a payment moratorium, the report discloses.

The Puerto Rican government needs time to build up a fiscal
cushion as the island's economy struggles to emerge from nearly a
decade of recession, the governor said, adds the report.


=================
V E N E Z U E L A
=================


VENEZUELA: Fitch Affirms 'CCC' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed Venezuela's Long-term foreign and local
currency IDRs at 'CCC'.  Fitch has also affirmed the sovereign's
Short-term foreign currency IDR at 'C' and the country ceiling at
'CCC'.

KEY RATING DRIVERS

Venezuela's ratings reflect the sovereign's weakened external
buffers, high commodity dependence, rising macroeconomic
distortions, reduced transparency in official data, and continued
policy and political uncertainty.  The sovereign's strong
repayment record and a relatively low debt amortization profile
mitigate imminent risks to debt service.

In spite of monetization of FX assets, international reserves have
declined by USD5.7 billion since the beginning of the year to
USD16.4 billion, their lowest level since 2003.  The external
liquidity ratio, at 67%, remains substantially below peers.
Moreover, operational liquidity of international reserves is
constrained, as 72% are held in gold and most of these are held at
Venezuela's central bank.

Oil accounts for about 95% of total exports and represents the
main source of FX for the economy.  Oil export revenues could fall
to USD46 billion in 2015 (each USD1/b decline shaves USD785
million) from estimated USD73 billion in 2014.  Import contraction
continues for a third year in a row in 2015 as the main adjustment
tool.  When adjusted for oil exports related to diplomacy
(Petrocaribe) and China debt repayments, Fitch expects external
financing needs (current account balance plus external
amortizations) to equal USD14.9 billion in 2015.

Venezuela's sources of FX financing are limited, the sovereign
last issued a global bond in 2011, and significant multilateral
funding is not expected in 2015 - 2016.  Bilateral loans from the
roll-over of existing oil financing facilities with China,
improved oil prices in H215 and sovereign FX liquidity in off-
budget funds could slow the decline in international reserves.
Nevertheless, Venezuela is likely to remain highly vulnerable to
oil price volatility and greater-than-anticipated public sector FX
demand.

Macroeconomic instability has been exacerbated by the oil price
shock and a policy response characterized by the postponement of
exchange rate adjustments, increased controls and rationing of FX
for the economy.  Inflation, averaging 57.3% in 2014, reportedly
continues to increase and approach three-digits.  The spread
between the official and parallel exchange rates continues to
widen at a rapid pace, further fuelling inflation and currency
pressures.

The economy could contract by 6.1% in 2015 (following a 3.9%
contraction in 2014) weighed down by the rationing of FX for
inputs and capital goods, which amplify the terms of trade shock.
In spite of the expected slow oil price recovery, the government
is likely to continue limiting FX allocations to the private
sector, hampering the possibility of growth recovering in 2016-17.

The transparency and timely reporting of official data has
deteriorated.  In addition to limited public information on the
management and execution of government parallel funds, as well as
bilateral financing agreements, the publication of inflation, GDP
and balance of payments data has suffered significant delays since
the third quarter of 2013 with no figures available for end 2014
and 2015 YTD.

Authorities' payment record and public pronouncements signal
continued strong willingness to service debt.  In March 2015,
Venezuela paid a USD1.3 billion Euro bond amortization.  Sovereign
FX debt amortizations are manageable with USD1.5 billion in 2016
and no external market payments in 2017.  Moreover, the sovereign
has additional sources of FX liquidity in parallel funds.
Nevertheless, possible ICSID arbitration awards could increase FX
financing needs for the sovereign.  PDVSA faces a more demanding
debt repayment schedule.  Total public debt amortizations average
USD7.5 billion in 2015 - 2017 or 45% of current international
reserves.

Legislative elections are scheduled to take place in early
December 2015.  As opposition parties could increase its
legislative representation, political polarisation, marked
divisions within the government in terms of economic policy and
the ongoing economic crisis create risks for already delayed
policy adjustments post-election and social stability.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's view that upside and downside
risks to the rating are broadly balanced.  The main risk factors
that, individually or collectively, could trigger a rating action
are:

Negative:

   -- Signs of weakening willingness to service debt;
   -- Concern about Venezuela's ability to service debt due to
      increased external and fiscal financing constraints,
      potentially stemming from economic or political shocks.

Positive:

   -- Policy adjustments that lead to reduced external and
      macroeconomic vulnerabilities;
   -- A recovery in oil prices that eases financing constraints
      for the economy;
   -- Strengthening of Venezuela's external and fiscal buffers and
      increased data transparency.

KEY ASSUMPTIONS
   -- Fitch expects Brent oil prices to average USD65 in 2015,
      USD75 in 2016 and USD80 in 2017.
   -- Fitch assumes that China will continue to provide financing
      to Venezuela through the renewal of maturing oil facilities.


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


* BOND PRICING: For the Week From June 29 to July 3, 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.


                   * * * End of Transmission * * *