TCRLA_Public/150713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, July 13, 2015, Vol. 16, No. 136


                            Headlines



B A H A M A S

BAHA MAR: Bahamas Government Supports Court Action


B O L I V I A

BANCO DE DESARROLLO: Moody's Assigns Ba3 Global Long-term LCDR
BANCO DAVIVIENDA: S&P Affirms 'B+' ICR; Outlook Stable
BANCO GNB: Fitch Withdraws 'BB+' LT FC Issuer Default Rating


B R A Z I L

BRAZIL: Sees $870 Million in Exploration Spending From Auction
QGOG ATLANTIC: Fitch Cuts Rating on Drilling Rig Transaction to BB


C A Y M A N  I S L A N D S

ANNAPURNA FUND: Members' Final Meeting Set for July 29
AQUARIUS DIVERSIFIED: Members' Final Meeting Set for July 20
CAISSON INDEMNITY: Members' Final Meeting Set for Aug. 6
ESG MASTER: Shareholder to Hear Wind-Up Report on July 16
ESG TREASURY: Shareholder to Hear Wind-Up Report on July 16

HYPERION CAPITAL: Members' Final Meeting Set for Aug. 6
ODEBRECHT DRILLING: Fitch Lowers Rating on Sr. Sec. Notes to 'BB'
OPULEN INVESTMENT: Members' Final Meeting Set for July 14
SAGITTARIUS DIVERSIFIED: Members' Final Meeting Set for July 20
SCOT ONE: Members' Final Meeting Set for July 20

SILVERTON REAL: Members' Final Meeting Set for July 14


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Industries Still Timid Despite Market Growth


E L  S A L V A D O R

EL SALVADOR: Fitch Lowers IDRs to 'B+' & Revises Outlook to Stable


J A M A I C A

JAMAICA: More Talks on Sugar Cess


P A N A M A

PANAMA: To Supervise Non-Fin'l Sectors Most Prone to Laundering


P U E R T O    R I C O

BANCO POPULAR: Fitch Retains 'BB-' IDR After Govt. Announcement


U R U G U A Y

URUGUAY: IDB OKs $55.7MM Loan to Finance Solar Energy Project


V I R G I N  I S L A N D S

BARING PRIVATE: S&P Assigns 'B' CCR; Outlook Stable


X X X X X X X X X

LATIN AMRERICA: IMF Projects Growth of Just 0.5 Percent in 2015
* BOND PRICING: For the Week From July 6 to July 10, 2015


                            - - - - -


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B A H A M A S
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BAHA MAR: Bahamas Government Supports Court Action
---------------------------------------------------
Caribbean360.com reports that Prime Minister Perry Christie said
his administration supports the adjournment petition filed by the
Baha Mar group as he believes the best thing for the country is
for the US$3.5 billion project should be opened successfully and
swiftly.

But Prime Minister Perry said that the government's decision to
support the court action by Baha Mar is as due to "one singular
condition, that all parties reconvene negotiations on an urgent
basis and develop a way forward that would see construction resume
immediately," according to Caribbean360.com.

The report notes that the Supreme Court approved the petition and
adjourned the matter to July 20 with a status hearing on July 14.

Baha Mar group filed for bankruptcy protection in the United
States and Prime Minister Christie said that he was dismayed by
the decision while other parties as well as the government were
engaging in good faith negotiations, the report relates.

"However, in the spirit of working in the best interest of The
Bahamas, I have, and I want all involved to put aside the antics
of the past several days and meet with a clean slate and with cool
heads.  The meetings must result in an intact and formally signed
agreement on an action plan for the completion of the project,
similar to the agreement discussed prior to Baha Mar filing for
Chapter 11.  This in my view is not optional," Prime Minister
Christie said, the report relays.

Prime Minister Christie said it has always been in the best
interest of all involved to negotiate a solution outside of the
courts, which is what the government has been supporting over the
last several weeks, notes the report.

"Despite the happenings of the past eight days, I have accepted
the request by all parties to mediate continued negotiation
sessions.  I have just been informed that China State Construction
as well as China Export-Import Bank have agreed to participate in
mediated negotiations.  I have set a date of this weekend for this
to occur at a location agreeable to all parties," Prime Minister
Chrities said, the report relates.

According to Caribbean360.com, Prime Minister Chrities said he was
exhorting Baha Mar to agree immediately "to the same and I await
the developer's confirmation.  "The government will continue to be
transparent with citizens of The Bahamas on this matter," he
added.

                            About Baha Mar

Baha Mar owns, and is in the final stages of developing, a 3.3
million square foot resort complex located in Cable Beach, Nassau,
The Bahamas.  It's parent, Northshore Mainland Services Inc., and
affiliates sought protection under Chapter 11 of the Bankruptcy
Code on June 29, 2015 (Bankr. D. Del., 15-11402).  The case is
assigned to Judge Kevin J. Carey.

The Debtors' general bankruptcy counsel is Paul S. Aronzon, Esq.,
and Mark Shinderman, Esq., at MILBANK, TWEED, HADLEY & MCCLOY LLP,
in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq., and Steven Z. Szanzer, Esq., at MILBANK, TWEED, HADLEY &
MCCLOY LLP, in New York.  The Debtors' Delaware counsel is Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,
Esq., and Peter J. Keane, Esq., at PACHULSKI STANG ZIEHL & JONES
LLP, in Wilmington, Delaware.  The Debtors' Bahamian counsel is
GLINTON SWEETING O'BRIEN.  The Debtors tapped KOBRE & KIM LLP as
special litigation counsel and GLASER WEIL FINK HOWARD AVCHEN &
SHAPIRO LLP as special construction counsel.

The Debtors' investment banker and financial advisor is Moelis &
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


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


BANCO DE DESARROLLO: Moody's Assigns Ba3 Global Long-term LCDR
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
(Moody's) has assigned to Banco de Desarrollo Productivo S.A.M.
(BDP) global and national scale long-term local currency deposit
ratings of Ba3 and Aa1.bo. Moody's has also assigned global and
national scale long-term foreign currency deposit ratings of B1
and Aa2.bo. In addition, Moody's has assigned short-term local and
foreign currency deposit ratings of Not Prime and BO-1 on the
global and national scale respectively, as well as a counterparty
risk assessment of Ba3(cr)/Not Prime(cr). Lastly, Moody's affirmed
senior unsecured debt ratings at Ba3 and Aa1.bo.

The outlook on all ratings is stable.

The following ratings were assigned to BDP:

Baseline credit assessment: b2

Adjusted baseline credit assessment: b2

Global long-term local currency deposit rating: Ba3

Global short-term local currency deposit rating: Not Prime

National scale long-term local currency deposit rating: Aa1.bo

National scale short-term local currency deposit rating: BO-1

Global long-term foreign currency deposit rating: B1

Global short-term foreign currency deposit rating: Not Prime

National scale long-term foreign currency deposit rating: Aa2.bo

National scale short-term foreign currency deposit rating: BO-1

Global long-term counterparty risk assessment: Ba3(cr)

Global short-term counterparty risk assessment: Not Prime(cr)

The following ratings of BDP were affirmed:

Global long-term local and foreign currency senior unsecured MTN
ratings: (P)Ba3

National scale long-term local and foreign currency senior
unsecured MTN ratings: Aa1.bo

Global long-term local currency senior unsecured rating: Ba3

National scale long-term local currency senior unsecured rating:
Aa1.bo

RATINGS RATIONALE

BDP's ratings reflect Moody's assessment of very high probability
of support from the government of Bolivia, its main shareholder,
which reflects the bank's policy role to support the development
of microfinance institutions and small- and medium-sized
enterprises. This assessment results in a two-notch uplift to the
bank's baseline credit assessment of b2 to the same level as
Bolivia's Ba3 government bond ratings.

According to Moody's analyst Fernando Albano, "BDP's standalone
rating incorporates its high borrower concentration and modest
profitability, as well as its high reliance on market funding,
significant exposure to foreign exchange risk, and low liquidity
ratios." These credit challenges are only partially offset by
strengths including the bank's healthy capitalization and good
asset quality indicators.

The bank's portfolio concentration derives from its narrow focus
on on-lending operations to other banks and cooperatives in the
system, although these borrowers are generally strong credits by
national standards, as reflected in the bank's very low
delinquency ratios. Modest profitability is a direct consequence
of the bank's social mission to promote the development of SMEs by
providing them with access to financing at below-market rates.

Foreign exchange risk is a result of a large currency mismatch on
the bank's balance sheet, derived from its having obtained almost
30% of its funding from foreign-currency loans granted by
multilateral institutions through the government, while the bank
lends in local currency. However, the bank maintains sufficient
reserves to guard against a significant depreciation of the
boliviano. Moreover, BDP has made efforts to diversify its funding
mix away from multilateral institutions by issuing bonds in the
domestic market, and will now be allowed to take deposits as well.
This move, which will is expected to be accompanied by an
expansion of the bank's footprint to give it broader access to
deposits, should help reduce the significant currency mismatch.

While BDP's capitalization is expected to continue to decline as
the bank grows, it should remain adequate to withstand loan losses
in case of stress given regulations that require it to reinvest a
high percentage of its earnings.

Although BDP's liquidity ratios are very low, liquidity risks are
mitigated by positive gaps in the bank's asset and liabilities'
term structure owing to the long duration of its funding. While
BDP's profitability remains moderate, it has nevertheless been
rising since 2013, owing mainly to higher recurrent earnings, such
as net fees and commissions, and a wider net interest margin.

BDP, headquartered in La Paz, Bolivia.


BANCO DAVIVIENDA: S&P Affirms 'B+' ICR; Outlook Stable
------------------------------------------------------
Standard and Poor's Ratings Services said that it has affirmed its
'B+' long term and 'B' short term issuer credit ratings on Banco
Davivienda Salvadoreno S.A., with a stable outlook.

The ratings on Banco Davivienda Salvadoreno reflect S&P's
assessment of its "adequate" business position, "adequate" capital
and earnings, "adequate" risk position, its "average" funding, and
"adequate" liquidity.  The bank's stand-alone credit profile
(SACP) is 'bb'.  Despite S&P's view of Banco Davivienda
Salvadoreno as a "strategically important" subsidiary of its
ultimate parent, Banco Davivienda S.A., the rating on the bank
doesn't incorporate notches of support because it's limited by the
sovereign ratings on El Salvador (B+/Stable/B), as a consequence
of its large exposure to the sovereign in its investment and
credit portfolios.

The stable outlook on Banco Davivienda Salvadoreno reflects S&P's
expectation that its business position will continue to support
the ratings, and that the bank will show good credit quality and
adequate risk-adjusted capitalization levels.  The outlook also
incorporates S&P's expectation the bank will maintain its
"strategically important" subsidiary status to Banco Davivienda,
S.A.  As the sovereign ratings constrain S&P's ratings on Banco
Davivienda Salvadoreno, the issuer credit ratings will move in
tandem with S&P's sovereign ratings.  As a result, if the current
SACP is unchanged, S&P will upgrade the bank if it was to upgrade
the sovereign.  Likewise, a negative rating action on the
sovereign will also prompt a similar action on Banco Davivienda
Salvadoreno.


BANCO GNB: Fitch Withdraws 'BB+' LT FC Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has withdrawn the ratings for Banco GNB Sudameris
S.A.

The Issuer Default Ratings and senior debt ratings have been
withdrawn because Banco GNB Sudameris S.A. has chosen to stop
participating in the rating process.  Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings (or analytical
coverage) for Banco GNB Sudameris S.A.

These ratings are withdrawn:

   -- Long-term foreign currency IDR at 'BB+';
   -- Short-term foreign currency at IDR 'B';
   -- Long-term local currency IDR at 'BB+';
   -- Short-term local currency IDR at 'B';
   -- Viability rating at 'bb+';
   -- Support Rating at '4';
   -- Support Floor at 'B+';
   -- Senior unsecured notes at 'BB+';
   -- Subordinated notes at 'BB';
   -- National scale long-term rating at 'AA+(col)';
   -- National scale short-term rating at 'F1+(col)'.


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B R A Z I L
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BRAZIL: Sees $870 Million in Exploration Spending From Auction
--------------------------------------------------------------
Sabrina Valle at Bloomberg News reports that oil companies are
expected to invest about BRL2.8 billion ($870 million) to complete
minimum exploration work at concessions Brazil plans to auction in
October, according to the country's oil regulator.

Signing bonuses for the offshore and onshore blocks should reach
BRL979 million, Marcelo Castilho, the bidding superintendent at
Brazil's oil regulator, known as ANP, said at a seminar in Rio de
Janeiro, according to Bloomberg News.

Bloomberg News notes that Brazil will offer 266 blocks -- 182
onshore and 84 offshore -- in what will be the country's 13th
round.

Brazil slowed the pace of oil auctions almost a decade ago after
it discovered giant deposits in the so-called pre-salt region in
deep waters, and overhauled the country's oil legislation to
increase the government's control of the resources, Bloomberg News
relates.  Oil production growth in Latin America's largest economy
has fallen short of forecasts, Bloomberg News notes.

The regulator expects large and small producers to compete for
acreage, which ranges from basins on land near natural gas
discoveries to deep-water regions where single exploration wells
can cost more than $100 million, Bloomberg News adds.


QGOG ATLANTIC: Fitch Cuts Rating on Drilling Rig Transaction to BB
------------------------------------------------------------------
Fitch Ratings has downgraded its ratings on the QGOG-sponsored oil
vessel-backed financings to 'BB' from 'BB+'.  Concurrently, Fitch
has removed the rating from Rating Watch Negative and assigned a
Negative Outlook.

The rating action affects approximately $316.5 million of senior
secured notes issued by QGOG Atlantic / Alaskan Rigs Ltd.

The downgrade reflects Fitch's view related to Petrobras'
willingness to honor underlying charter and service agreements in
the event of a performance-related breach, and the continued
pressure on global day-rates and asset values caused by stressed
oil prices and changes in worldwide supply and demand dynamics.

While the Atlantic Star and Alaskan Star have historically
performed well, these mid-water assets are considered less
strategic than the ultra-deep water assets within Petrobras'
overall fleet and therefore may be more vulnerable to contract
termination.  The continued decline in market day-rates for assets
with higher specifications adds pressure to the contracted day-
rates for Atlantic and Alaskan, making these contracts less
attractive to Petrobras and more vulnerable to potential
restructuring.

The ratings are ultimately supported by the credit quality of
Petrobras, the underlying long-term contracts, QGOG's position as
one of Petrobras' top performing service providers and the credit
quality of QGOG Constellation.  The Negative Outlook reflects the
Negative Outlook on the sponsor's rating and the negative demand
fundamentals for the underlying equipment.

KEY RATING DRIVERS

   -- Petrobras' Willingness to Honor Existing Charter and
Services Agreements

While Petrobras has indicated its intention to continue honoring
the terms of existing charter agreements, the company recently
announced a 37% reduction in capex investments over the next five
years.  Although the exploration and production (E&P) contracts
remain strategic capex investments and the bulk of Petrobras'
fleet relates to production, Petrobras will focus on the most
strategic and best operating assets within the chartered fleet.
Although the underlying assets backing the transaction have
relatively strong historical performance, any considerable
downtime in the future could increase the risk of contract
termination.

Additionally, Petrobras may approach operators in an attempt to
restructure certain contracts in order to reduce expenses over the
medium term.  The continued decline in global dayrates for assets
with higher technology and capabilities may increase the risk of
restructuring for these contracts as Petrobras may perceive them
as less attractive.

   -- Market Conditions Heighten Performance Pressure

Global offshore market conditions have pressured utilization, day
rates, and, as a result, asset values of mid-water
semisubmersibles.  Built in 1980 and updated in 2011, the Atlantic
Star and Alaskan Star rigs are second-generation semisubmersibles.
Recently, older mid-water assets in the global offshore
marketplace have been scrapped rather than re-contracted to
operate.  Moreover, in Fitch's view, mid-water semisubmersibles
are not considered as strategic to Petrobras' offshore production
plans as ultra-deepwater (UDW) rigs.  These factors imply a low
likelihood that the Atlantic Star and Alaskan Star would be re-
contracted in today's environment outside of Brazil and underline
the importance of a strong operating performance to avoid any
performance-related contract termination.

   -- Strong Historical Performance with Isolated Periods of
Downtime

During 2013 and 2014, performance of the Atlantic Star and Alaskan
Star was excellent, with both vessels recording average uptime
levels near 99%.  However, during the first quarter of 2015 (1Q15)
operational uptimes for the both averaged 84.7% and 91%,
respectively.  Performance during 1Q15 for Alaskan Star was
affected by the suspension of the rig ordered by the Brazilian
Ministry of Labor and Employment (MTE) and the National Petroleum
Agency (ANP) due to compliance with certain equipment standards
and procedures.  This suspension was extended for a few days of
2Q15, affecting uptime levels for 2Q15 as well.  Performance for
Atlantic Star during 1Q15 was affected by the blowout preventer
(BoP).  The vessel is back to operations.

While Queiroz Galvao Oleo e Gas S.A. (QGOG) is one of the best
operators in Petrobras' fleet, Fitch believes that given the
nature of the assets and the contracted day-rates, these charter
and services agreements are exposed to early termination in the
event of a major performance mishap.  With current market
conditions and market day-rates for newer UDW assets close to the
contracted day-rates for the Alaskan Star and Atlantic Star,
Petrobras may approach the operator in an attempt to restructure
certain contracts to reduce expenses over the medium term.

   -- Credit Quality of QGOG Constellation

On June 8, 2015, Fitch affirmed QGOG Constellation's Issuer
Default Ratings (IDRs) at 'BB-', removed the ratings from Negative
Watch and assigned a Negative Outlook.  The action reflects the
lower than expected short-term impact of the contracting ban with
Petrobras as well as the uncertainty surrounding the timing when
the ban will be lifted.  The rating action also reflects the
better than expected liquidity position.  The transaction is
directly and indirectly exposed to the credit quality of QGOG
Constellation as the charter and service agreements have
termination clauses relating to bankruptcy and performance.

   -- De-leverage Limits Exposure to Stressed Market

Exposure to market day-rates and depressed asset values is
significantly mitigated, since the transaction continues to de-
lever at a relatively fast pace.

RATING SENSITIVITIES
The ratings are sensitive to changes in the credit quality of
Petrobras as offtaker, resolution by the Brazilian General
Comptroller (CGU) of the temporary ban review, changes in the
credit quality of QGOG Constellation, and the operating
performance of the underlying assets.

Additionally, the ratings are sensitive to changes in the
Brazilian oil and gas industry dynamics and overall market
dynamics for midwater assets, and on Fitch's perception of
Petrobras willingness to honor the existing conditions under the
contracts

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action

TRANSACTIONS SUMMARY
The notes are backed by the flows related to the charter
agreements signed with Petroleo Brasileiro (Petrobras) for the use
of the moored semi-submersibles Atlantic Star and Alaskan Star.
Queiroz Galvao Oleo e Gas S.A. (QGOG) is the operator of the
vessels and QGOG Constellation S.A. (QGOG Constellation) is the
primary sponsor of the transaction.

Fitch has downgraded this rating:

   -- Series 2011-1 senior secured notes due 2019 to 'BB' from
      'BB+'; Outlook Negative assigned.


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

ANNAPURNA FUND: Members' Final Meeting Set for July 29
------------------------------------------------------
The members of The Annapurna Fund will hold their final meeting on
July 29, 2015, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ewan Christian
          Telephone: +442073402825
          Facsimile: +448707108448
          29 Queen Anne's Gate
          London SW1H 9BU
          UK


AQUARIUS DIVERSIFIED: Members' Final Meeting Set for July 20
------------------------------------------------------------
The members of Aquarius Diversified Asian Long/Short Equities Ltd.
will hold their final meeting on July 20, 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


CAISSON INDEMNITY: Members' Final Meeting Set for Aug. 6
--------------------------------------------------------
The members of Caisson Indemnity SPC, Ltd. will hold their final
meeting on Aug. 6, 2015, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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
          Cayman Islands


ESG MASTER: Shareholder to Hear Wind-Up Report on July 16
---------------------------------------------------------
The shareholder of ESG Treasury Opportunities Master Portfolio
Ltd. will hear on July 16, 2015, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Emerging Sovereign Group, LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ESG TREASURY: Shareholder to Hear Wind-Up Report on July 16
-----------------------------------------------------------
The shareholder of ESG Treasury Opportunities Offshore Portfolio
Ltd. will hear on July 16, 2015, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Emerging Sovereign Group, LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


HYPERION CAPITAL: Members' Final Meeting Set for Aug. 6
-------------------------------------------------------
The members of Hyperion Capital Fund, L.P. will hold their final
meeting on Aug. 6, 2015, at 4:00 p.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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
          Cayman Islands


ODEBRECHT DRILLING: Fitch Lowers Rating on Sr. Sec. Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings downgrades and removes from Rating Watch Negative
the senior secured notes issued by Odebrecht Drilling Norbe
VIII/IX Ltd. and Odebrecht Offshore Drilling Finance Ltd. (OODFL)
to 'BB' from 'BB+'.  The Rating Outlook is Negative.

The rating actions reflect: (i) the credit quality of the
Odebrecht group, (ii) Fitch's view related to Petroleo Brasileiro
S.A. (Petrobras') willingness to honor underlying charter and
service agreements in the event of a performance-related breach;
(iii) the continued pressure on global day rates and asset values
caused by stressed oil prices and changes in worldwide supply and
demand dynamics; (iv) heightened medium-term re-chartering risk,
and (v) still weak albeit improving performance of certain assets
backing OODFL.

The ratings are ultimately supported by the underlying long-term
contracts with Petrobras, and the growing importance of Odebrecht
Oleo e Gas S.A. (OOG, oil and gas arm of Brazilian-based Odebrecht
Group) as an oil service provider.  Furthermore, the majority of
the vessels backing these transactions are state of the art ultra-
deepwater (UDW) assets.  While day rates within the Odebrecht
fleet remain within the median of similar vessels contracted by
Petrobras, the continued decline in global day rates may increase
the risk of contract restructuring or termination, as reflected by
the Negative Outlook.  The Negative Outlook also reflects
uncertainties related to Petrobras and the ongoing Lava-Jato
investigations.

KEY RATING DRIVERS

Sponsor's Credit Quality

On June 30, 2015 Fitch downgraded the Issuer Default Ratings of
Odebrecht Engenharia e Construcao S.A., one of the most relevant
entities within the Odebrecht Group, from 'BBB' to 'BBB-' and
assigned the ratings a Negative Outlook.

The structured transactions are directly and indirectly exposed to
the credit quality of OOG and the overall Odebrecht group.  The
charter and service agreements have termination clauses that
include bankruptcy of the sponsor and performance-related
deficiencies, such as extended down time.  Furthermore, due to the
operating nature of the asset, sponsor support may be needed in
cases of extended downtime, extraordinary capital expenditures
(capex) needs or increasing operating expenses.

Willingness to Honor Existing Charter & Services Agreements

Petrobras has indicated its intention to continue honoring the
terms of existing charter and services agreements; however, the
company recently announced a 37% reduction in capex investments
over the next five years.  Although the exploration and production
(E&P) contracts remain strategic capex investments and the bulk of
Petrobras' fleet relates to production, Petrobras will likely
favor the most strategic and best operating assets within its
chartered fleet.  Additionally, Petrobras may approach operators
in an attempt to restructure certain contracts to reduce expenses
over the medium term.  While contracted day rates within the
Odebrecht fleet remain below the median of dayrates within similar
vessels contracted by Petrobras, the continued decline in global
day rates may increase the risk of contract restructuring.

Exposure to Depressed Asset Prices

The current ratings are supported by the stability of cashflows
expected to be generated under the existing Petrobras contracts.
While Fitch does not expect these existing contracts to be
terminated, the ongoing Lava-Jato investigations of the Odebrecht
group heightens this risk.

Global day rates continue to decrease and the secondary market
remains illiquid given the oversupply of UDW drilling rigs.
Therefore, if the underlying charter and services agreements are
terminated, the transactions may be exposed to current depressed
market conditions.

Heightened Re-chartering Risk

OODFL is exposed to some element of re-chartering risk as two of
the four assets backing the transaction are scheduled to expire in
2019 (Norbe VI) and 2020 (Tay IV), prior to the scheduled maturity
of the program.  While Fitch does not believe the current ban will
ultimately impact the ability to re-charter in three years, it
remains uncertain what impact this may have on OOG's future
contracting with Petrobras.  Furthermore, the recent decline in
oil prices will negatively impact the day rates under which Norbe
VI and Tay IV will ultimately be able to contract.

Performance Affecting DSCRs

Fitch believes the overall OOG fleet has shown some improvement in
performance, but certain rigs related to OODFL have experienced
isolated periods of extended downtime during 2014 and 2015 (see
'ASSET PERFORMANCE UPDATE' below for more detail).  Not only does
prolonged downtime increase the potential for contract
termination, it causes a decrease in collections and debt service
coverage ratio (DSCR) levels.  The 12-month rolling DSCR for the
previous four quarters (1.29x, 1.07x, 0.99x and 1.02x,
respectively) averaged 1.09x through 2Q'15, below the 1.15x DSCR
trigger for a cash retention event.  As a result no dividends were
released to OOG and the cash was trapped within the structure.

RATING SENSITIVITIES
The ratings are sensitive to changes in the credit quality of
Petrobras as offtaker, implications of the ongoing investigations
on the Odebrecht Group and resolution by the Brazilian General
Comptroller (CGU) of the temporary ban review, changes in the
credit quality of Odebrecht, and the operating performance of the
underlying assets.

Additionally, the ratings are sensitive to changes in the
Brazilian oil and gas industry dynamics and on Fitch's perception
of Petrobras' willingness to honor the existing conditions under
the contracts.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.

TRANSACTION SUMMARY

The Odebrecht Drilling Norbe VIII/IX Ltd notes are backed by the
flows related to the charter and services agreements signed with
Petrobras for the use of the dynamically positioned UDW drillships
Norbe VIII and Norbe IX.  The OODFL notes are backed by the flows
related to the charter and services agreements signed with
Petrobras for the use of the dynamically positioned UDW drillships
ODN I and ODN II and the UDW semi-submersibles Norbe VI and ODN
Tay IV.  OOG is the operator of the drilling rigs and primary
sponsor of the transactions.  OOG is the largest Brazilian
operator of UDW rigs chartered to Petrobras, with seven operating
UDW rigs in its fleet.

ASSET PERFORMANCE UPDATE

During 2015, Norbe VIII and Norbe IX have performed well.  During
the first quarter of 2015 both vessels operated at performance
operating levels of 94.7% and above 99%, respectively.  In both
cases, bonus payment was received during such period, resulting in
economic uptimes of 95.2% and 107%, respectively.

During 1Q'15, some of the assets backing OODFL experienced
performance challenges.  Operational uptime levels were 81.9%,
95.7%, 84.8%, and 91.3% for ODN I, ODN II, Norbe VI and Tay IV,
respectively.  ODN II's relatively low average uptime during 1Q'15
was caused by electrical problems with the BOP. Norbe VI
experienced some down time due to bad weather.  OOG expects to
reclassify the 56 hours of downtime as 'awaiting weather hours'
(as permitted under the contract), which would result in a higher
uptime as the day rate would be paid at 90% the contracted day
rate for such period.

Fitch has downgraded these ratings:

OODFL
   -- Series 2013-1 senior secured notes to 'BB' from 'BB+';
      Outlook Negative;
   -- Series 2014-1 senior secured notes to 'BB' from 'BB+';
      Outlook Negative.

Odebrecht Drilling Norbe VIII/IX Ltd.
   -- Series 2010-1 senior secured notes to 'BB' from 'BB+';
      Outlook Negative.


OPULEN INVESTMENT: Members' Final Meeting Set for July 14
---------------------------------------------------------
The members of Opulen Investment Management Limited will hold
their final meeting on July 14, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


SAGITTARIUS DIVERSIFIED: Members' Final Meeting Set for July 20
---------------------------------------------------------------
The members of Sagittarius Diversified Long/Short Equities Ltd.
will hold their final meeting on July 20, 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


SCOT ONE: Members' Final Meeting Set for July 20
------------------------------------------------
The members of Scot One Investment Company will hold their final
meeting on July 20, 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


SILVERTON REAL: Members' Final Meeting Set for July 14
------------------------------------------------------
The members of Silverton Real Estate Fund will hold their final
meeting on July 14, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


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


DOMINICAN REPUBLIC: Industries Still Timid Despite Market Growth
----------------------------------------------------------------
Dominican Today reports that the issue of bonds and insertion of
industrial companies in the country's securities market have been
very limited despite its growth, Dominican Industries Association
president (AIRD) Campos De Moya affirmed Thursday, July 9, 2015.

Mr. de Moya said only 1.65% of the pension fund is placed in the
hands of productive entities, many of whose experiences with
industries hasn't been entirely positive, for which it's no
coincidence that the country's biggest issuers today are the
Finance Ministry of and the Central Bank, according to Dominican
Today.

Speaking in the AIRD breakfast on the topic "Dominican Securities
Market Dynamics and Prospects" Mr. de Moya said it's extremely
important for the AIRD that the new legal framework remedies
market aspects that restrict and discourage productive entities
from entering that market, the report relates.

Mr. de Moya requested guarantees by law and not through
regulations, special conditions for dealing with SMEs that want to
venture into the securities market and have moderate corporate
governance demands for companies "adhering to the reality of
family businesses we have in the country and which of course
aren't bigger than those established in the Monetary and Financial
Law," the report discloses.

"We're opening our eyes in our country since we've been gradually
developing new financial instruments and mechanisms of access to
financial funding, such as BANDEX, trusts, factoring, guarantee
funds, joint guarantee and we're trying to strengthen the market"
the industrial leader said, the report relates.

Mr. de Moya thanked Securities Superintendent Gabriel Castro and
his team for attending the activity to explain in detail the bill
that established important changes to the securities market's
regulatory framework, the report notes.  "We expect to be the
result of a broad consensus among all stakeholders, especially
those of us who use these instruments as a source of productive
development," the report quoted Mr. de Moya as saying.



====================
E L  S A L V A D O R
====================


EL SALVADOR: Fitch Lowers IDRs to 'B+' & Revises Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has downgraded El Salvador's long-term foreign and
local currency IDRs to 'B+' from 'BB-'.  Fitch has also downgraded
the issue ratings on El Salvador's senior unsecured foreign and
local currency bonds to 'B+' from 'BB-'.  The Rating Outlooks on
the Long-term IDRs have been revised to Stable from Negative.  In
addition, Fitch has downgraded El Salvador's Country Ceiling to
'BB' from 'BB+' and affirmed the short-term foreign currency IDR
at 'B'.

KEY RATING DRIVERS

The downgrade of El Salvador's sovereign ratings is driven by its
rising debt burden and growth underperformance relative to peers.
Political polarization, prolonged periods of congressional
gridlock and weak business confidence continue to hinder progress
on reforms to arrest the deterioration of public finances and
improve the business environment.

Non-financial public sector debt climbed to 58% of GDP in 2014,
rapidly diverging from the 'B' median of 49%.  Fitch forecasts
that the debt burden could reach 65% by 2017, absent policies to
reverse primary fiscal deficits and reduce debt issuance to cover
pension costs.  The government has increasingly relied on long
term external bond placements to redeem short term debt and
finance its deficit.  However, congressional opposition to approve
external debt, higher interest rates in the U.S. and heightened
risk aversion could deteriorate financing conditions in 2015-2017.
The Supreme Court has recently issued a stay order on the issuance
of USD900 million in long term bonds, which would imply greater
reliance on treasury bills to finance the 2015 budget.

There is uncertainty on the timing and effectiveness of the fiscal
consolidation strategy.  Fitch expects the budget deficit to widen
to 4.3% of GDP in 2015-2017 from 3.6% in 2014.  High informality,
weak growth and spending rigidities - chiefly government payroll,
subsidies and pensions - prevent faster fiscal deficit reduction
despite the authorities' demonstrated effort to increase tax
collection and restrain public investment. Legislative factions
have yet to reach a consensus on two long-awaited fiscal
responsibility and pension reform bills.

Five-year average economic growth is expected to converge to its
estimated potential of 2% in 2015, but will remain well below
regional peers and the 4.6% median of the 'B' category.  Fitch
forecasts that economic activity could expand 2.2% on average in
2015 - 2017, supported by the U.S recovery, real wage growth and
the positive effect on trade and consumption of lower oil prices.
Upside risks to growth will hinge on the execution of
infrastructure and energy projects.  Structural constraints,
including high crime, low investment rates, weak human capital and
low competitiveness weigh on private investment and growth
prospects.

El Salvador has become increasingly dependent on external
borrowing to finance current account deficits that reached 4.8% of
GDP in 2014.  Foreign direct investment inflows (1.9% in 2014) are
among the lowest in the 'B' category and outflows (0.8% of GDP in
2014) of Salvadorian businesses expanding abroad have increased
since 2013.  Net external debt rose to 29% of GDP in 2014,
exceeding the 'B' median of 11%, primarily driven by sovereign
borrowing and banking sector credit lines to support lending as
deposit growth has stagnated.

El Salvador's 'B+' ratings are supported by its macroeconomic
stability underpinned by dollarization, adequately capitalized
banking system and solid sovereign repayment record.  The country
has a higher income per capita, social development and governance
indicators than peers.  The authorities have demonstrated capacity
to implement tax reforms to contain fiscal deterioration despite
low growth and difficulties in achieving legislative consensus.  A
captive local investor base, broad multilateral support and
continued access to global bond markets have provided the
sovereign with sufficient financing flexibility.

RATING SENSITIVITIES

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

Positive:

   -- Reduction in budget deficits leading to the stabilization of
      the debt burden.
   -- Improvements in the political and business environment that
      result in higher investment and growth rates.

Negative:

   -- Fiscal deterioration that results in faster-than-expected
      worsening of public debt dynamics
   -- Evidence of financing constraints in domestic
      or international markets.
   -- Escalation of crime or policy mismanagement that affect
      macroeconomic stability and growth prospects.

KEY ASSUMPTIONS

   -- Fitch' economic growth and external forecasts assume that
      the strengthening of the U.S. economy would support exports,
      family remittances and private consumption in El Salvador.
      Similarly, lower oil prices could reduce imports, utility
      subsidies and consumer prices.
   -- Fitch assumes that the sovereign will be able to find
      alternative financing through treasury bills in case of an
      adverse ruling by the Supreme Court to the borrowing of
      USD900 mil. in 2015.  Fitch expects the government to tap
      international capital markets next year and beyond for
      financing purposes.
   -- Fitch assumes that the normalization of monetary policy
      rates in the U.S. proceeds in an orderly manner and does not
      result in external financing constraints for El Salvador in
      2015 - 2017.


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


JAMAICA: More Talks on Sugar Cess
---------------------------------
RJR News reports that another attempt is being made to settle the
row involving the manufacturing sector and the Jamaican Government
over the proposed cess on refined sugar.

The dispute surfaced in April amid strong objection from private
sector groups and threats by some manufacturers of a pullout from
Jamaica, according to RJR News.

The report notes that the Jamaica Manufacturers' Association is
trying to initiate another round of talks.

JMA President Metry Seaga told RJR News that he was in discussions
with the Ministry of Agriculture, with a view to setting a date
for the resumption of formal talks on the matter.

Agriculture Minister Derrick Kellier, in April, announced plans to
use revenues from the cess to carry out the transformation of
Jamaica's sugar industry, 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 A N A M A
===========


PANAMA: To Supervise Non-Fin'l Sectors Most Prone to Laundering
---------------------------------------------------------------
EFE News reports that a recently created supervisory body in
Panama will seek to better monitor business sectors generally used
by money launderers when they are unable to exploit the financial
system, the head of that entity said.

The mission of the Intendance for the Supervision and Regulation
of Non-Financial Entities is not to serve as a "policing regime,
but rather as a means to help our business leaders shield a sector
that is misused by criminals, who take advantage of legal
loopholes to commit their crimes," Francisco Bustamente said in
his first public statement since being appointed to the post,
according to EFE News.

The report notes that the new entity will supervise a total of 16
business sectors that are frequently used to launder money "when
the financial system is shielded," the official, who worked for 18
years at the Inter-American Development Bank, said.

Those business sectors include casinos, pawnshops, jewelry stores,
free zones, property development companies and car dealerships,
the report relates.

"We now exist because there's a section of the economy that wasn't
being supervised," Mr. Bustamente said, the report discloses.

Banks, insurance companies, cooperatives and the stock market will
continue to be supervised by the normal regulatory bodies, the
economist said, the report relays.

The report adds that the new supervisory body, which will have an
initial staff of 20 officials, will monitor these business sectors
to ensure that business leaders have sufficient information about
their customers and report suspicious transactions, Mr. Bustamente
added.

Panama created this body as it seeks to remove itself from the
Financial Action Task Force's "gray list," the report says.  It
was added to that intergovernmental organization's list in June
2014 due to deficiencies in the fight against money laundering and
terrorism financing, notes the report.

"I'm convinced that we're going to exit the FATF's gray list in
February 2016 . . . We're taking the final steps," Deputy Finance
Minister Eyda Varela de Chinchilla said, the report adds.


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


BANCO POPULAR: Fitch Retains 'BB-' IDR After Govt. Announcement
---------------------------------------------------------------
Fitch Ratings believes that Banco Popular de Puerto Rico's (BPOP)
current ratings (Long-Term IDR and VR of 'BB-') will not be
impacted in the near term following the Governor of the
Commonwealth of Puerto Rico's recent statements regarding the
possibility of restructuring numerous debt instruments, including
government general obligation (GO) bonds.  BPOP's current ratings
incorporate the potential for write-downs on its securities
holdings and credit exposures to the Commonwealth and its
instrumentalities.

In Fitch's report published on May 20, 2014 'Puerto Rico Banks:
Difficult Operating Environment Constrains Ratings', Fitch
stressed the institution's capital base and concluded that it
should provide an adequate cushion to absorb potential losses.

Fitch recognizes that BPOP's exposure to the local government is
large totaling about $1.20 billion as of March 31, 2015, which
includes direct and indirect exposure through investment
securities, credit facilities to some of the public corporations,
and loans to entities related to the government as well as
municipalities.

At this time, in Fitch's opinion, the company's capital position
is sufficient to absorb potential losses from these exposures.
Further, BPOP's tangible common equity (TCE) ratios remain solid
and also incorporate recent market changes in value of its bond
holdings.  At March 31, 2015, BPOP's Common Equity Tier 1 Ratio
and Tangible Common Equity to Tangible Assets totaled 15.74% and
10.72%, respectively.  In a scenario assuming 40% writedown to
direct and indirect exposures, Fitch estimates a pro-forma TCE of
9.37%.  In Fitch's opinion, the stressed capital position would
remain adequate and supports current rating level.

While direct exposures to the Commonwealth and its
instrumentalities appears manageable in Fitch's estimation, Fitch
remains concerned with the Commonwealth's fiscal situation and
potential spill-over effects to the local economy.  Fitch has
noted in previous rating actions that BPOP's ratings are highly
sensitive to deterioration in economic trends.  Although the
company's NPAs have remained stubbornly high, NCOs have not
increased to the same magnitude.  Future rating actions will be
predicated on BPOP's ability to manage credit quality in a
challenging environment.  Credit trends such as past dues and
delinquency rates, excluding covered and purchased impaired loans,
that deviate materially from recent performance would likely
pressure BPOP's current ratings.

Presently, BPOP's VR is higher than Puerto Rico's 'CC' general
obligation rating.  This reflects Fitch view that the Commonwealth
of Puerto Rico operates broadly within the legal system of the
United States and transfer and convertibility risk is not
foreseeable, as Puerto Rican banks are regulated by the U.S.
Federal Reserve and Federal Deposit Insurance Corporation.


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


URUGUAY: IDB OKs $55.7MM Loan to Finance Solar Energy Project
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $55.7
million loan from its ordinary capital to finance the
construction, operation and maintenance of six photovoltaic solar
energy plants and their related facilities in Uruguay.  The China
Co-Financing Fund and the Canadian Climate Fund for the Private
Sector, both administered by the Bank, will provide additional
loans of $19.3 million and $10 million, respectively.

The Project, sponsored by Sky Solar Holdings Ltd and a local solar
developer Lafemir S.A, consists of solar plants located in the
departments of Paysandu, Salto and R¡o Negro in northwestern
Uruguay.  With a total installed capacity of 69.9MW the project
will supply an average of 125.4 GWh of electricity per year to the
national grid, helping to diversify Uruguay's energy matrix and
eliminating approximately 74,000 tons per year of CO2 emissions.
The photovoltaic panels will be mounted over fixed steel
structures expected to be provided locally through a joint venture
between Lafemir S.A. and an industry-leading manufacturer.

Additionally, Bank resources will support the implementation of a
climate change education initiative that will encourage young
people to use their creativity and energy to come up with
feasible, sustainable, long-term strategies to mitigate climate
change.  The "Rise Up" initiative will start in three rural
primary schools in the department of Paysandu.

"Through this Project the IDB continues supporting Uruguay in
furthering its non-traditional renewable energy capacity, while
also promoting use of locally manufactured equipment, professional
capacitation and the implementation of a climate change
educational initiative," said Jean-Marc Aboussouan, Infrastructure
Division Chief at the Structured and Corporate Financing
Department, the IDB unit tasked with financing large-scale private
sector projects.


==========================
V I R G I N  I S L A N D S
==========================


BARING PRIVATE: S&P Assigns 'B' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Baring Private Equity
Asia VI Holding (1) Ltd. (Baring Asia Bidco).  The outlook is
stable.  S&P also assigned our 'cnBB-' long-term Greater China
regional scale rating to the British Virgin Islands-incorporated
company.

S&P assigned its 'B' long-term issue rating and '3L' recovery
rating to Baring Asia Bidco's proposed senior secured first-lien
credit facilities, which will consist of a US$50 million
equivalent revolving credit facility (RCF) due 2020 and a US$515
million equivalent term loan due 2022.  The issue ratings are
based on the preliminary terms and conditions of the credit
facilities.  The '3L' recovery rating indicates S&P's expectation
for meaningful (50%-70%; lower end of the range) recovery in the
event of a payment default.

At the same time, S&P assigned its 'CCC+' long-term issue rating
and '6' recovery rating to the company's proposed US$185 million
equivalent second-lien term loan due 2023.  The '6' recovery
rating indicates S&P's expectation for negligible (0%-10%)
recovery in the event of a payment default.

Baring Asia Bidco will use the proceeds to fund the purchase of
Vistra Group Holdings (BVI) Ltd. and OFT Finco B.V. (Orangefield),
both providers of corporate and trust services.  S&P anticipates
the RCF will remain undrawn at the close of the transaction.

The corporate credit rating is based on S&P's expectation that
Baring Asia Bidco will acquire Vistra and Orangefield for a total
of US$1,456 million (including transaction fees, expenses, and
refinancing of existing debt). Vistra and Orangefield's management
and systems will be integrated together once the transactions are
complete.

"We believe the commoditized nature of Vistra and Orangefield's
offerings constrains their competitive advantage," said Standard &
Poor's credit analyst Bertrand Jabouley.  That is because product
differentiation in the global corporate and trust services
industry is limited.  Their small size compared with generalist
players could be a weakness, particularly since a number of
intermediaries are both business providers through client
referrals and potential competitors.  In addition, the industry
has high regulatory risk because regulatory and legislative
conditions in onshore and offshore jurisdictions impact demand
from clients.  Another key risk is integration, given the
transformative nature of the Orangefield addition to Vistra.
Vistra has focused primarily on organic expansion and small
acquisitions in 2012-2014.

The above-average predictability of Vistra's earnings (about 70%
of its gross fees are secured at the beginning of year) tempers
the above weaknesses.  The company has multi-year business
structures with average life of more than eight years and renewal
rates of about 90% supported by high switching costs
(administrative burden, confidentiality issues).  S&P understands
that the competitive pressures from intermediaries are easing.
Banks are typically net sellers in the corporate and trust
services business, and barriers to entry are rising, with
increasing regulatory complexity and regulators' desire to reduce
the number of licensees.  In addition, S&P believes that Vistra
and Orangefield's focus on setting up of business structures and
management (as opposed to advisory), robust compliance processes,
and the fact that they do not handle client's money limits their
vulnerability to regulatory and legal risks.  The company's
consistent EBITDA margin of about 30% supports S&P's assessment of
Baring Asia Bidco's business risk profile as "fair."

S&P assess Baring Asia Bidco's financial risk profile as "highly
leveraged" because of the company's adjusted debt-to-EBITDA ratio
of about 6.5x after the transaction.  The ownership by a financial
sponsor could constrain improvement in leverage.  Nevertheless,
S&P expects the company to generate positive free operating cash
flows due to its modest capital spending needs (about 2% of
revenues).

"The stable outlook reflects our view that Baring Asia Bidco will
generate steady revenue growth and resilient profitability in the
12 months following the completion of the acquisitions of Vistra
and Orangefield," said Mr. Jabouley.  This is despite potentially
less supportive pricing conditions in key markets.  S&P expects
the company's debt-to-EBITDA ratio to be close to 6.5x for the 12
months after the closing of the acquisitions, and 6.0x in the
subsequent 12 months.

Downward pressure could arise should Baring Asia Bidco adopt a
more aggressive financial policy than S&P envisage, including
debt-financed acquisitions or shareholder distributions, or if the
company's cash flows reduce, possibly because of a decline in
margins or lower cash conversion.  The EBITDA cash interest
coverage falling below 2.0x, without potential for recovery, could
trigger a downgrade.

S&P sees limited potential for an upgrade over the next 12 months,
given its view of Baring Asia Bidco's near-term deleveraging
trend.  That said, steady debt reduction, such that the FFO-to-
debt ratio is sustainably in the mid-teens and EBITDA cash
interest coverage is more than 3.0x, could lead S&P to revise its
assessment of the company's financial policy, and raise the
rating.


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


LATIN AMRERICA: IMF Projects Growth of Just 0.5 Percent in 2015
---------------------------------------------------------------
EFE News reports that the International Monetary Fund sharply
lowered its growth forecast for Latin America and the Caribbean to
0.5 percent in 2015 and 1.7 percent next year, citing lower
commodity prices and China's transition to a new growth model.

Those figures are down from the IMF's April projections for 0.9
percent growth this year and 2 percent next year in Latin America,
according to EFE News.

In the latest update of its World Economic Outlook report, the IMF
predicted that Brazil will contract 1.5 percent and Mexico will
grow 2.4 percent this year, the report relates.

In the earlier forecast in April, the Washington-based
organization had projected Brazil's economy would shrink 1 percent
and that Mexico would expand by 3 percent, the report says.

The IMF said an austerity program aimed at getting Brazil's
economic house in order would adversely affect growth in the short
term, while Mexico was hit by the 0.7 percent first-quarter
contraction in the United States, its biggest trading partner, the
report discloses.

The report relays that the IMF is projecting that Brazil will grow
0.7 percent and Mexico's GDP will expand by 3 percent next year,
down from the April forecast for 1 percent and 3.3 percent growth,
respectively.

The lower forecast for Latin America is mainly due to a steady
decline in commodity prices as China shifts its economic model to
one less dependent on exports and government investment and more
reliant on domestic consumption, as well as "tighter external
financial conditions," the IMF report said, the report adds.


* BOND PRICING: For the Week From July 6 to July 10, 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 * * *