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

            Wednesday, July 29, 2015, Vol. 16, No. 148


                            Headlines



A R G E N T I N A

CARBOCLOR SA: Moody's Assigns B1 Rating to Proposed ARS95MM Notes


B R A Z I L

BRAZIL: Analysts See Worsening Economic Picture
BTG INVESTMENTS: Fitch Affirms 'BB+' Long-term Currency IDRs
MRS LOGISTICA: S&P Affirms 'BB+' Global Scale Rating


C A Y M A N  I S L A N D S

BREEZE HOLDING: Shareholder to Hear Wind-Up Report on Aug. 14
CENTURY ASSETS: Shareholders' Final Meeting Set for Aug. 10
FOUNDATION RE III: Shareholder to Hear Wind-Up Report on Aug. 6
GENPOWER HOLDINGS: Shareholders' Final Meeting Set for July 29
GS PEP 1999: Members' Final Meeting Set for July 31

LAXEY LIMITED: Members' Final Meeting Set for Aug. 10
LONGACRE SPV i: Shareholders' Final Meeting Set for July 30
MIDPOINT LIMITED: Members' Final Meeting Set for Aug. 3
NIMUE LEASING: Shareholder to Hear Wind-Up Report on July 29
PLATINUM ARBITRAGE: Shareholder to Hear Wind-Up Report on July 29


C H I L E

AES GENER: S&P Affirms 'BB' Rating on Jr. Subordinated Bonds


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Must Build More Dams to Deal With Water Crises


J A M A I C A

DIAGEO: US SEC Starts Probe on Distribution Activities in America
JAMAICA: Oil Price Plunging Again
JAMAICA: Fitch Puts 'B-' Sr. Unsec. Debt Rating to USD2.0BB Bond
JAMAICA: S&P Assigns 'B' Issue Rating to US$2BB Bonds


M E X I C O

PETROLEOS MEXICANOS: To Export 6 Million Barrels of Oil to Japan


P U E R T O    R I C O

PETER WOJTKUN: Bid to Dismiss Suit vs. Wojtkun Partially Granted


V E N E Z U E L A

VENEZUELA: Won't Escape Default in '16, Harvard Professor Now Says


                            - - - - -

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A R G E N T I N A
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CARBOCLOR SA: Moody's Assigns B1 Rating to Proposed ARS95MM Notes
-----------------------------------------------------------------
Moody's Latin America assigned B1 global scale and Aaa.ar national
scale ratings to Carboclor S.A's proposed ARS 95 million senior
unsecured notes.  The proposed notes will benefit from the
guarantee of Carboclor's indirect holding company, Administracion
Nacional de Combustibles, Alcohol y Portland (ANCAP), rated B1
stable.  Simultaneously, Moody's downgraded Carboclor's Corporate
Family Ratings to Caa1 and Baa3.ar from B3 and A3.ar.  The outlook
for all ratings is stable.  The Caa1 and B1 ratings are
historically associated with a default probability, over a 3-year
horizon, of 23.8% and 10.6%, respectively.

RATINGS RATIONALE
Carboclor's ratings downgrade reflects weaker credit metrics that
in Moody's view will persist over the medium term coupled with a
fundamental deterioration of the credit profile of its parent
company ANCAP.

Carboclor's Caa1 and Baa3.ar Corporate Family Ratings (CFR)
reflect its small size, narrow product line, limited operational
and geographic diversity, as well as the commodity nature of its
products and its significant exposure to volatile raw material
inputs.  Another constraint is the company's reliance on selling
MTBE, an additive to gasoline and the second largest product in
Carboclor's portfolio.  Some countries have already banned the use
of MTBE and its use in Argentina is likely to decline in the short
term, as Moody's expects regulations that require the use of a 5%
bio-fuel blend for gasoline, which will lead to substitutes for
MTBE.  Moody's believes that these weaknesses pose significant
business risks to the company's operations.

Also constraining the rating are Carboclor's highly volatile
margins and weak margin protection during 2013 and 2014, when
credit metrics deteriorated substantially, mainly as a result of
lower revenues growth and inflation.  Moreover, the company's
small operating scale did not allow it to absorb external shocks
namely labor strikes and production problems at one of its main
suppliers' facilities.

On the other hand, Carboclor's ratings take into consideration the
strong support received by parent company ANCAP and further
evidenced in the guarantee provided to the proposed notes.
Accordingly, the rating factors an uplift from financial and
operational support expected from ANCAP.  The parent has
historically provided financing to its subsidiary, and also
operating support through provision of raw materials and
acquisition at market prices of some of Carboclor's products, such
as MTBE to use on its own refinery in Uruguay.  Moody's expects
the parent to continue providing such support as needed.  Also
supporting the ratings is the company's strong position in core
oxygenated solvents in the Argentinean market.

Carboclor's liquidity profile is weak.  Historically, the
company's main sources of liquidity have been intercompany loans
from its parent and uncommitted trade finance credit lines with
local and international banks.  The company does not maintain
committed bank lending facilities but has long-established bank
relationships.  Moody's views the support Carboclor has received
from its parent in recent years as a counterbalancing factor to
its weak liquidity profile.

In turn, ANCAP's B1 CFR is based on its Baseline Credit Assessment
(BCA) of caa1, reflecting the moderate degree of correlation
between factors that could lead to financial stress on ANCAP and
the government of Uruguay (100% ownership) at the same time, and a
high probability of extraordinary support from the government.
The government of Uruguay's ability to provide support to ANCAP is
measured by its Baa2 local currency rating with stable outlook.

ANCAP's caa1 BCA reflects a weak stand-alone credit profile,
derived mainly from the company's increased debt burden and
persistent negative operating margins and cash generation.
Because Uruguay does not have crude production, the company
depends 100% on oil imports.  In the last several years, the
government of Uruguay had prevented ANCAP from passing on cost
increases, especially of crude, to final prices, which caused
losses and increase in debt.

ANCAP's caa1 is supported by its monopoly position in refining and
dominant position in wholesale marketing in Uruguay.  However, the
BCA also considers the company's relatively small size,
particularly in the context of its exposure to volatile and
cyclical commodity prices, dependence on crude oil imports, as
well as its reliance on a single refinery.  ANCAP's crude
distillation capacity of 50,000 bpd at a single complex (La Teja)
raises concentration and operating risk issues.

The stable outlook on Carboclor incorporates Moody's perception of
continued support from its parent company going forward.  It also
reflects Moody's expectations that, during 2015, the company will
be able to recover from the poor performance of the last couple of
years.

Moody's will closely monitor Carboclor's operating and financial
results in the next few quarters.  Moody's expects a substantial
improvement in the company's profitability and longer term
stabilization of its operating profits.  If this scenario does not
materialize and Carboclor is unable to efficiently apply cost
controls, turn around the negative results in the last couple of
years and margins continue deteriorating, the credit rating of
Carboclor could be downgraded.

An upgrade is unlikely in the near-term, given Carbloclor's weak
operating metrics and business risks.  Over the medium term, an
upgrade would require that the company become a significantly
larger and more diversified company, with demonstrated cost
discipline and margin stability.  A more balanced debt maturity
profile would also be important for an upgrade.  Quantitatively, a
rating upgrade would require Carboclor's EBITDA margin to be
consistently above 8% with less than 20% yearly variations.

Carboclor is a 74% owned subsidiary ANCAP, Uruguay's state-owned
oil company with a monopoly in refining and wholesale marketing
within Uruguay and a dominant position in most other domestic
markets in which it operates.  The remaining 26% trades on the
Buenos Aires stock exchange.  Carboclor has been listed on the
stock exchange since July 2004.  The company generated USD107
million in revenues with an adjusted EBITDA margin of 1.34% for
the last twelve months ended on March 31, 2015.

ANCAP is Uruguay's state-owned oil company with a monopoly
position in refining and dominant position in wholesale marketing
within Uruguay.  ANCAP owns Uruguay's only refinery (La Teja),
with a Nelson complexity rating of 8 and a crude distillation
capacity of 50,000 barrels per day; it is also engaged in the
production of cement.  ANCAP is the largest company in Uruguay,
with revenues and total assets of USD 2.1 billion and USD 2.1
billion, respectively, in 2014.


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B R A Z I L
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BRAZIL: Analysts See Worsening Economic Picture
-----------------------------------------------
EFE News reports that analysts expect Brazil's economy to contract
by 1.76 percent this year, marking its worst performance since
1990, with the inflation rate hitting 9.23 percent, the Central
Bank said.

The latest forecast is more pessimistic than the one released,
when analysts said they expected the gross domestic product (GDP)
to contract by 1.70 percent and inflation to come in at 9.15
percent, according to EFE News.

The report notes that the GDP and inflation estimates come from
the Boletin Focus, a weekly Central Bank survey of analysts from
about 100 private financial institutions on the state of the
national economy.

Analysts' pessimism was fueled by the government's announcement
that it would not meet the 1.1 percent primary fiscal surplus
target it set for this year and that the goal was now to cut
public spending by the equivalent of 0.15 percent of GDP, the
report notes.

The government plans to slash the budget by BRL8.6 billion ($2.66
billion), a move that will further slow economic activity and
deepen the contraction, the report says.

Brazil's economy grew by just 0.10 percent in 2014, the report
adds.


BTG INVESTMENTS: Fitch Affirms 'BB+' Long-term Currency IDRs
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Banco BTG Pactual S.A.
(BTG Pactual) and its related parties: BTG Investments LP (BTGI)
Banco Pan S.A. (PAN), Brazilian Finance & Real Estate S.A. (BFRE),
Brazilian Mortgages Cia Hipotecaria (BM) and Brazilian Securities
Cia de Securitizacao (BS) and of its holding company BTG Pactual
Holding S.A. (BTGH). The Rating Outlook is revised to Stable from
Positive.

KEY RATING DRIVERS

IDRS, VR, NATIONAL RATINGS AND SENIOR DEBT - BTG Pactual
The affirmation of BTG Pactual's ratings reflects its strong
company profile as a leading investment bank in Latin America,
strong track record in terms of profitability, adequate funding
and capital and also the challenges imposed by its business model
(investment banking). Per Fitch's criteria, this type of business
model is typically constrained to the 'bbb' rating category and
normally cannot be rated above the sovereign rating of its home
country. BTG Pactual's ratings also consider the inherent
volatility of some of the bank's revenue sources, higher market
risk exposure and wholesale funding nature.

The revision of the Outlook to Stable from Positive reflects a
change in Fitch's view on the acquisition of BSI S.A. (BSI), a
private bank headquartered in Switzerland, due to the significant
deterioration in Brazil's operating environment, which is not
expected to recover until late 2016. While Fitch expects this
transaction to bring sizable and stable fee revenue to the bank,
enhancing recurring income and providing less volatile revenue
streams to BTG Pactual, the current operating environment hinders
the expected benefits that the integration of the BSI acquisition
could provide. As such, Fitch acknowledges that such benefits and
the preservation of the bank's profitability and leverage may take
longer than the normal timeframe implied by a Positive Outlook.

In 2014 and the first quarter of 2015 (1Q15), loan impairment
charges increased significantly due to the deterioration of a few
names on the bank's loan book. While the loan book is relatively
small as a proportion of assets (11.7%), the credit costs from
increased loan deterioration could consume a significant portion
of the bank's net income. Exposures to sensitive issuers and
industries are aligned with that of its closest peers and the bank
has a good track record in this segment. Given the concentrated
nature of its loan portfolio and the current operating environment
challenges, Fitch doesn't rule out additional pressures on asset
quality metrics, even though the agency recognizes management's
hands on approach to identifying potential problems and its more
conservative approach toward lending since late 2014.
The decision to scale back the group's own holdings in both its
proprietary trading funds and private equity investments should
bode well for the bank in the future. These investments largely
carried under BTG are prone to more volatility in spite of the
strong accumulated performance of proprietary trading funds and
that the bulk of the group's private equity investment are still
in the investment phase.

So while on one hand, the group's proprietary trading business
(Global Markets) had a weak performance in 2014, which was
attributed to a combination of losses in specific exposures, the
bank's private equity business (Merchant Banking) announced the
sale of part of its stake in the hospital chain Rede D'Or in the
1H15, which should offset the negative performance of its
proprietary trading funds. Historically, these investments have
yielded significant gains to the bank and contributed to overall
results, although, given its nature such profits may be volatile
and also with long periods of maturation.

The bank's search for more stable revenue sources explains the
importance of the expansion of its asset and wealth management
business, which will directly benefit from the conclusion of the
BSI acquisition. The acquisition is expected to add a higher
degree of stability to the bank's performance even though cost
synergies will likely be limited as BSI's structure and team
should be maintained.

The continuity of a strong internal capital generation and
maintenance of a contained risk appetite should help the bank to
maintain its leverage and its capitalization should remain within
adequate levels. Additionally, Fitch views the diversification
brought by BSI, which should account for roughly 35% of BTG's
total assets, will be another positive reducing the bank's heavy
concentration in Brazilian assets and also expanding their lower
risk segments of operations.

Fitch considers a successful execution of BTG Pactual's capital
plan and budget goals as fundamental to maintain its Fitch Core
Capital and Regulatory Capital Ratios as well as its leverage
metrics within comfortable ranges, one of the sensitivities for
upgrading its ratings. In addition to the recent issuance of tier
1 securities, management expects to preserve a good level of
earnings retention and expand its equity through the issuance of
shares equivalent to 20% of the acquisition price of BSI (to be
generated at the group level); while also reducing the size of its
proprietary trading and private equity own investments.

BTG Pactual's sound management execution should allow it to absorb
BSI operation and increase its earnings generation given BTG
Pactual's strong asset origination from its Latin American
investment banking platform. Over the last years, the bank has
been able perform well with sound profitability along the economic
cycles. The successful acquisition and integration of subsidiaries
in Latin America, though much smaller than BSI, are also
indicators of the bank's ability to augment its franchise value
and business scope. As with any other acquisition, integrations
risks are present and Fitch will monitor the developments related
to the culmination of the transaction. Fitch expects an uneventful
transition under BTG Pactual management, though this will be a
challenge considering the size of the acquisition and the changing
nature of the private banking business in Switzerland.

Measured on a consolidated basis, BTG Pactual's capital and
leverage ratios may temporarily deteriorate after the acquisition
is completed. However, if management's plans are achieved, the
bank should be able to reverse such trend and achieve a leverage
ratio not significantly higher than its current one. The bank's
net adjusted leverage ratio should move from the current 9.7x
level to around 11.0x once the acquisition is completed; but it
should decline to around 10.0x during the first year.

Regulatory capital ratios remain ample and well above the minimum
required, albeit, these are benefited by the low risk weight of
its large portfolio of government securities.

SUPPORT RATING AND SUPPORT RATING FLOOR

BTG Pactual's Issuer Default Ratings (IDRs) are driven by its VR.
Given its nature of merchant/investment bank and relative small
deposit base; Fitch believes that the probability of support from
the government is unlikely; hence its Support Rating is a '5' and
its Support Rating Floor remains at 'NF'.

SUBORDINATED DEBT AND OTHER SECURITIES
BTG Pactual's subordinated debt issuances are all notched down
twice from the banks' VRs, including one notch lower for loss
severity features and its subordinated status, and a one-notch
deduction due to moderate non-performance risk.

Perpetual non-cumulative junior subordinated notes (T1 Securities)
are four notches below BTG Pactual's VR. The notching comprises
two notches for loss severity and two notches for nonperformance
risk, which are Fitch's typical notching for loss severity and
nonperformance risk of AT1 securities.

These T1 securities receive 50% equity credit for the purposes of
assessing capital adequacy.

The subordinated debt and hybrid capital ratings are primarily
sensitive to any change in the VR of the bank.

SUBSIDIARIES AND AFFILIATED COMPANIES IDRs and National Scale
Ratings- BTGI, BTGH, PAN, BFRE, BM, BS

The IDRs and National Scale ratings of its related parties: BTGI
PAN, BFRE, BM and BS are driven by the expected support from BTG.
Under Fitch's rating criteria, these companies are considered
'strategically important' to the parent, and its ratings are
notched once from BTG's IDR.

PAN is a midsize bank owned by BTG (51%) and Caixa (49%), which
share its control through a shareholders agreement.. Pan acts on
the auto loans, payroll deductible loans and real estate. The bank
also counts on a growing SME platform that focuses on companies
with annual revenues ranging from BRL100 million to BRL1 billion
and offers basic financial products, such as working capital
loans, overdrafts, guarantees and trade finance loans.

Brazilian Finance & Real Estate S.A. (BFRE) was acquired by Pan
during 2012 and has since been consolidated in PAN's financial
Statements. Brazilian Securities (BS), a subsidiary acquired as
part of the Brazilian finance deal, is also active in the
securitization of real estate operations, while Brazilian
Mortgages (BM) is focused on home equity loans, a segment still
largely unexplored in the Brazilian market.
BTGI's long-term IDR rating reflects its role as an integral BTG
Pactual group and the implicit support BTGI receives from BTGH.
According to Fitch's criteria, BTGI is deemed as a core part of
BTG Pactual Group. Despite its evident links with the group
(franchise, common management, relevance of its revenue stream and
completely aligned business model); BTGI is not a direct
subsidiary of BTGH; hence, its rating its notched once from the
rating of BTGH, the primary source of support to the entity.

BTGH's long-and short-term IDRs and National Scale Ratings are
equalized to those of its sole operating subsidiary, Banco BTG
Pactual S.A.'s (BTG Pactual, IDR 'BBB-'/Outlook Stable). BTGH is a
pure holding company and its long- and short-term IDR's and
National Scale Ratings are equalized to those of BTG thanks to its
moderate leverage levels and favorable regulatory framework
towards financial groups in Brazil. BTGH is a pure holding company
and directly controls 73.5% of BTG Pactual. The equalization of
the ratings is based on the high correlation between the
probability of default for BTGH and the bank. Both are
incorporated in the same jurisdiction, being overseen by Brazilian
authorities.

PAN Viability Rating (VR)

PAN's VR remains limited by its still weak operating performance,
even though some improvements in asset quality have been observed.
Counterbalancing these aspects, the bank enjoys a stable funding
base, explained by committed funding and liquidity lines from both
its shareholders and an improved business model, derived from the
experience of the new management appointed by BTG since 2011.

Weaker economic prospects may limit credit expansion in the short-
term, and might cause the bank to revise its growth plans and
adjust its structure to a more challenging operational
environment.

RATING SENSITIVITIES

BTG Pactual - VR AND IDR

BTG Pactual VR and IDRs may be upgraded if the bank is able to
maintain its consolidated net adjusted leverage within an
acceptable range (net adjusted leverage below 10.0x); maintain its
operating ROAA above 2%, reflecting continued revenue growth in
line with the expansion of its asset base and an uneventful
integration of BSI which will become an important contributor of
stable revenue sources. A possible upgrade may be tempered by a
potential downgrade of Brazil's sovereign ratings ('BBB'/Negative
Outlook). In turn, sudden deterioration of the operating
environment, an increase of net leverage above 12x, a sustained
deterioration of profitability below the average of large
Brazilian banks or a troublesome performance of one or some of its
subsidiaries may negatively affect BTG Pactual's ratings.

SUBORDINATED DEBT AND OTHER SECURITIES

The subordinated debt and hybrid capital ratings are primarily
sensitive to any change in the VR of the bank.

BTGI
Changes to the rating of BTG Pactual or BTGH may lead to changes
to BTGI's ratings. A material deterioration of BTGI's financial
profile where sustained losses and/or a significant increase of
its leverage may hinder the overall financial profile of BTG
Group, may trigger a rating downgrade.

BTGH
Changes to the rating of BTG Pactual may lead to changes to BTGH's
ratings. Also, an increase of its double leverage ratio above 120%
or a deterioration of its debt service metrics may result in a
downgrade of BTGH's ratings.

PAN, BFRE, BM and BS
PAN, BFRE, BM and BS are 'strategically important subsidiaries'
for BTG Pactual and hence, notched once from the parent IDR. Fitch
believes that despite its current relative small size and
incipient earnings generation compared to the parent revenue
source; these entities are part of the business plan of BTG
Pactual and the tools to implement their diversification plans in
the medium term towards consumer banking, real estate financing
and other capital market related activities. The IDRs and National
Scale Ratings of Banco Pactual subsidiaries may be affected if
their strategic importance and ability to provide support from BTG
Pactual changes; even though this scenario has a low probability
of occurrence.

PAN'S VR
PAN's VR may be upgraded after a sustained improvement of its
operational results (operating ROAA above 0.5%), that helps to
maintain its Fitch Core Capital Ratio in levels superior to 7% and
its funding profile remains aligned with the tenor and
characteristics of its assets. A negative rating action may be
triggered by a longer than expected breakeven point of its
operations and a backdrop of capital ratios reducing to low
levels.

Fitch has taken the following rating actions:

BTG Pactual

-- Long-term foreign and local currency IDRs affirmed at 'BBB-',
    Outlook revised to Stable from Positive;
-- Short-term foreign and local currency IDRs affirmed at 'F3';
-- Viability Rating affirmed at 'bbb-';
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'No Floor';
-- Long-term National Rating affirmed at 'AA(bra)', Outlook
    revised to Stable from Positive;
-- Short-term National Rating affirmed at 'F1+(bra)';
-- Senior unsecured notes, due in March 2016, foreign currency
    rating affirmed at 'BBB-';
-- Senior unsecured notes, due in July 2016, foreign currency
    rating affirmed at 'BBB-';
-- Senior unsecured notes, due in September 2017, foreign
    currency rating affirmed at 'BBB-';
-- Senior unsecured notes due in January 2020, foreign currency
    rating affirmed at 'BBB-';
-- Senior unsecured notes due in January 2034, foreign currency
    rating affirmed at 'BBB-';
-- Subordinated notes due in September 2022, foreign currency
    rating affirmed at 'BB'.
-- Perpetual non-cumulative junior subordinated notes, foreign
    currency rating affirmed at 'B+'.

BTGI
-- Long-term foreign and local currency IDRs affirmed at 'BB+';
    Outlook revised to Stable from Positive;
-- Support Rating affirmed at '2';
-- Senior guaranteed notes affirmed at 'BBB-'.

BTGH
-- Long-term foreign and local currency IDRs affirmed at 'BBB-';
    Outlook revised to Stable from Positive;
-- Short-term foreign and local currency IDRs affirmed at 'F3';
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF';
-- Long-term National Rating affirmed at 'AA(bra)'; Outlook
    Revised to Stable from Positive;
-- Short-term National Rating affirmed at 'F1+(bra)'.

PAN

-- Long-term foreign and local currency IDRs affirmed at 'BB+',
    Outlook revised to Stable from Positive;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Viability Rating affirmed at 'b';
-- Support Rating affirmed at '3';
-- Long-term National Rating affirmed at 'AA-(bra)', Outlook
    revised to Stable from Positive;
-- Short-term National Rating affirmed at 'F1+(bra)'.

BFRE
-- Long-term foreign and local currency IDRs affirmed at 'BB+',
    Outlook revised to Stable from Positive;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Long-term National Rating affirmed at 'AA-(bra)', Outlook
    revised to Stable from Positive;
-- Short-term National Rating affirmed at 'F1+(bra)'.

BM
-- Long-term foreign and local currency IDRs affirmed at 'BB+',
    Outlook revised to Stable from Positive;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Long-term National Rating affirmed at 'AA-(bra)', Outlook
    Revised to Stable from Positive;
-- Short-term National Rating affirmed at 'F1+(bra)'.

BS
-- Long-term foreign and local currency IDRs affirmed at 'BB+',
    Outlook revised to Stable from Positive;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Long-term National Rating affirmed at 'AA-(bra)', Outlook
revised to Stable from Positive;
-- Short-term National Rating affirmed at 'F1+(bra)'.


MRS LOGISTICA: S&P Affirms 'BB+' Global Scale Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
ratings and 'brAA+' Brazilian national scale ratings on MRS
Logistica S.A. (MRS) and its debt.  The outlook remains stable.

The ratings on MRS reflects its stable business model, with high
predictability of its main cargoes (iron ore), long-term contracts
with its main clients, with minimum volumes (take-or-pay) and fuel
cost pass-through clauses that support the company's strong and
stable cash generation.  The rating weakness is MRS's somewhat
high annual capex needs to maintain its efficient operations,
which it usually funds partly through new debt issuances.

MRS remains the most efficient railroad operator in Brazil, with
an operating ratio of about 68% (operating costs and expenses,
including depreciation, as a percentage of revenues), compared
with 75%-95% for its regional peers.

Despite the sharp drop in iron prices, MRS's transport volumes
have remained stable because the iron ore producers that MRS
services are highly competitive.  Nevertheless, as the low prices
persist, S&P expects several mine closures in 2016, which should
reduce MRS's transported iron ore levels by about 4% compared with
2015.  Volumes, not commodities prices, affect MRS's revenues.  In
the intermediate term, S&P expects MRS to diversify loads into
agricultural commodities, steel, and cement, although weak
macroeconomic conditions in the region may diminish steel and
cement demand.

To fund its growth, MRS has historically relied on debt, but its
incremental cash flows improved its leverage metrics over the
years.  Furthermore, MRS can postpone or cut its capex if
necessary.  Under S&P's base-case scenario, the company would
continue to access the debt markets mainly for refinancing
purposes because it can fund its lower investment levels through
internal cash generation.


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


BREEZE HOLDING: Shareholder to Hear Wind-Up Report on Aug. 14
-------------------------------------------------------------
The shareholder of Breeze Holding Corp. will hear on Aug. 14,
2015, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


CENTURY ASSETS: Shareholders' Final Meeting Set for Aug. 10
-----------------------------------------------------------
The shareholders of Century Assets Limited will hold their final
meeting on Aug. 10, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman, KY1-1103
          Cayman Islands


FOUNDATION RE III: Shareholder to Hear Wind-Up Report on Aug. 6
---------------------------------------------------------------
The shareholder of Foundation RE III Ltd. will hear on Aug. 6,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          Kevin Poole
          Edward Bodden
          Telephone: 914-2265/ 914-2250
          Facsimile: 949-6021
          PO Box 10233 171 Elgin Avenue, George Town
          Willow House, 3rd Floor, Cricket Square
          Grand Cayman KY1-1002
          Cayman Islands


GENPOWER HOLDINGS: Shareholders' Final Meeting Set for July 29
--------------------------------------------------------------
The shareholders of Genpower Holdings GP, Ltd. will hold their
final meeting on July 29, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the First Reserve Corporation at One
Lafayette Place, Third Floor in Greenwich, Connecticut, 06830,
USA.

William R. Brown is the company's liquidator.


GS PEP 1999: Members' Final Meeting Set for July 31
---------------------------------------------------
The members of GS PEP 1999 Offshore Advisors, Inc. will hold their
final meeting on July 31, 2015, at 2:20 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road
          George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


LAXEY LIMITED: Members' Final Meeting Set for Aug. 10
-----------------------------------------------------
The members of Laxey Limited will hold their final meeting on
Aug. 10, 2015, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


LONGACRE SPV i: Shareholders' Final Meeting Set for July 30
-----------------------------------------------------------
The shareholders of Longacre SPV i, Ltd. will hold their final
meeting on July 30, 2015, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Peter Goulden
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MIDPOINT LIMITED: Members' Final Meeting Set for Aug. 3
-------------------------------------------------------
The members of Midpoint Limited will hold their final meeting on
Aug. 3, 2015, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands


NIMUE LEASING: Shareholder to Hear Wind-Up Report on July 29
------------------------------------------------------------
The sole shareholder of Nimue Leasing Limited will hear on
July 29, 2015, at 10:30 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


PLATINUM ARBITRAGE: Shareholder to Hear Wind-Up Report on July 29
-----------------------------------------------------------------
The shareholder of Platinum Arbitrage Opportunities Fund Limited
will hear on July 29, 2015, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Platinum Trading Management Ltd.
          c/o Piers Dryden
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


=========
C H I L E
=========


AES GENER: S&P Affirms 'BB' Rating on Jr. Subordinated Bonds
------------------------------------------------------------
Standards & Poor's Ratings Services affirmed its 'BBB-' corporate
credit and senior unsecured ratings on AES Gener.  S&P also
affirmed its 'BB' rating on its junior subordinated bonds due
2073.  The outlook remains stable.

The affirmation reflects S&P's view that AES Gener will continue
to generate stable and strong cash flows in the upcoming years,
while maintaining its main credit metrics at least at the current
levels.  In 2014 and the first quarter of 2015, the company's
EBITDA continued strengthening thanks to the greater availability
of its plants, the full-year operations of some recently
incorporated projects, and higher spot sales volumes with better
prices.  The construction of the projects is on schedule: Cochrane
was 84% complete as of March 2015; Alto Maipo (16%); and Guacolda
V (more than 95%).  As a result, the company's main credit metrics
remained in line with our projections.

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

S&P assess AES Gener's financial risk profile as "intermediate"
mainly based on its relatively strong and stable cash flow
generation and main credit metrics.


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


DOMINICAN REPUBLIC: Must Build More Dams to Deal With Water Crises
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic government's
medium and long term plans to conserve water for human consumption
and agriculture must include construction of more dams, ponds, and
reconstruction of reservoirs and irrigation canals.

Dominican Milk Producers Association (Aproleche) President Eric
Rivero and Agribusiness Board Chief Executive Officer Osmar
Benitez agree that authorities should find ways to conserve water
and confront climate change, which they blame for the drought
across the country, according to Dominican Today.

The report notes that President Rivero said new dams will not only
conserve water but also supply energy and ensure supply to farms.
He said despite that the current drought was forecast since last
year, the authorities "did little to address it."

                       Change of Model

The report notes that Mr. Benitez said the government needs to
spend on new dams, micro dams, ponds, reservoirs and other ways to
store water.

The report says that Mr. Benitez said farms areas in Peravia, Azua
and San Juan provinces (south) need to build at least 10 giant
reservoirs, five in the northwest, and others in the east region.

Mr. Benitez also urged the government to work with farmers and
banks to fund change from the normal irrigation model into a
pressurized or drip system, the report adds.


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


DIAGEO: US SEC Starts Probe on Distribution Activities in America
-----------------------------------------------------------------
RJR News reports that spirits maker Diageo is facing a probe by
the US Securities & Exchange Commission (SEC) into its
distribution activities in America.

Diageo has a controlling interest in Desnoes & Geddes, according
to RJR News.

According to US media reports, Diageo is alleged to have sent more
cases of alcohol to its clients than they required, allowing the
company to report higher sales and shipments, the report relates.

Diageo confirmed that it received a SEC inquiry and is working to
respond fully to the Commission's requests for information, the
report notes.

Sales in the US have been falling since 2011, the report says.

The inquiry comes at a sensitive moment for Diageo.  In the second
half of last year the world's biggest distiller of Scotch whisky
reported a sharp fall in sales in some of its key markets, the
report adds.


JAMAICA: Oil Price Plunging Again
---------------------------------
RJR News reports that the price of oil fell to a four-month low on
July 27, influenced by  continued fears that stock market issues
in China could hit demand for the fuel in that country.

Oil for delivery in September closed trading at a price of
US$47.39 a barrel, according to RJR News.  That's down 75 cents
from July 24.

At current prices, oil is the lowest it has been since late March,
the report adds.


JAMAICA: Fitch Puts 'B-' Sr. Unsec. Debt Rating to USD2.0BB Bond
----------------------------------------------------------------
Fitch Ratings has assigned 'B-' senior unsecured debt ratings to
Jamaica's USD1.35 billion in bonds maturing on 28 April 2028 and
USD650 million of bonds maturing on 28 July 2045.

The government will use the proceeds to finance the buyback of
bilateral sovereign external debt accumulated under the
Petrocaribe concessional financing programme, and for budget
financing.

KEY RATING DRIVERS

Jamaica's 'B-' rating is driven by its very high government debt
burden, low growth, and fragile but improving external finances.
The Outlook on the rating is Positive, as the government continues
broadly to adhere to fiscal targets agreed with the IMF under a
three-year Extended Financing Facility, the current account
deficit has narrowed and there are signs of improved business
confidence and growth prospects.

RATING SENSITIVITIES

The rating would be sensitive to any changes in the Jamaica's
long-term foreign currency Issuer Default Rating (IDR). Fitch
upgraded Jamaica's long-term foreign-currency IDR to 'B-' in
February 2014 and revised the Outlook on the ratings to Positive
from Stable in February 2015.


JAMAICA: S&P Assigns 'B' Issue Rating to US$2BB Bonds
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
on Jamaica's up to US$2 billion in bonds issued in two tranches.
The first tranche is for up to US$1,350 million due in 2028.  The
second tranche is for up to US$650 million due in 2045.  The
government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.

S&P's 'B/B' sovereign credit ratings on Jamaica reflect its high
level of general government debt and interest burden, which
contributes to fiscal and monetary inflexibility.  The country's
weak economic structure, with a projected GDP per capita of about
US$5,000 in 2015 and average negative GDP per capita growth of
0.4% annually over the past 10 years, increases its vulnerability
to adverse economic developments.  Jamaica also remains vulnerable
to hurricanes because of its location in the hurricane belt.

That said, Jamaica has met its challenging fiscal targets over the
past two years, strengthening its fiscal credibility and
stabilizing its debt trajectory.  Jamaica's high primary surpluses
of about 7.5% of GDP could lead to a gradual decline in its
general government debt to less than 120% of GDP by 2018 from an
estimated 128% this year. (Standard & Poor's deducts debt held by
the public-sector National Insurance Fund.) The country's growing
track record in meeting its fiscal targets also ensures continued
inflows of official and other funding, strengthening the country's
external outlook.

The ratings also reflect Jamaica's stable democracy and open
political system that sustain political stability and policy
predictability.  The government, led by Prime Minister Portia
Simpson-Miller of the People's National Party, has a majority in
Parliament and does not need to face elections until late 2016.

RATINGS LIST

Jamaica
Sovereign Credit Rating              B/Stable/B

New Rating

Jamaica
US$1,350 mil. bonds due 2028         B
US$650 mil. bonds due 2045           B


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


PETROLEOS MEXICANOS: To Export 6 Million Barrels of Oil to Japan
----------------------------------------------------------------
EFE News reports that Mexican state-owned oil company Petroleos
Mexicanos said it has reached an agreement to export 6 million
barrels of crude to Japanese petroleum group JX Nippon Oil &
Energy Corporation between August 2015 and January 2016.

The shipment of light Isthmus crude will be carried out via six
cargoes from the Salina Cruz Maritime Terminal in the southern
state of Oaxaca, Pemex said in a statement obtained by the news
agency.

The contract is in addition to some 4 million barrels of
occasional oil shipments delivered to JX Nippon during the first
half of the year, the bulletin added, according to EFE News.

The Japanese company has the capacity to process 1.3 million
barrels per day at its seven refineries in Sendai, Kashima,
Negishi, Osaka, Mizushima, Marifu and Oita, the report notes.

"These operations help consolidate Mexico as an important crude
supplier in the Far East," a region with strong growth levels and
where Pemex offers a supply alternative through contracts with
refinery companies in China and South Korea, the oil producer
said, the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 8, 2015, EFE News said that Petroleos Mexicanos, or Pemex,
plans to not replace between 2,000 and 3,000 retiring workers in
an effort to cut costs amid low oil prices, the state-owned energy
company's chief financial officer, Mario Beauregard, said.  The
workers have met the requirements to retire -- age 55 and 25 years
of service -- and will be leaving the company over the next few
months, the CFO told Radio Formula, according to EFE News.


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


PETER WOJTKUN: Bid to Dismiss Suit vs. Wojtkun Partially Granted
----------------------------------------------------------------
Judge William C. Hillman of the United States Bankruptcy Court for
the District of Massachusetts, Eastern Division, granted in part
and denied in part the motion to dismiss the case captioned JOSEPH
G. BUTLER, TRUSTEE, Chapter 7, Plaintiff v. PETER WOJTKUN, SUSAN
WOJTKUN, INDIVIDUALLY AND AS TRUSTEE OF THE SUSAN R. WOJTKUN
LIVING TRUST, AND S.R.W. REALTY CORP., Defendants, ADVERSARY
PROCEEDING CASE NO. 15-1016 (Bankr. D. Mass.).

On January 13, 2015, the Trustee filed an adversary proceeding
against Peter Wojtkun, his wife, Susan Wojtkun, individually and
as trustee of the Susan R. Wojtkun Living Trust, and S.R.W. Realty
Corp.  The Defendants sought to dismiss 13 counts of the Trustee's
complaint through which he sought:

   (1) a declaration that a resulting trust exists for an
       interest in the sale proceeds of real property in
       Georgetown, Massachusetts that Susan sold in 2014;

   (2) a declaration that a constructive trust exists for an
       interest in the sale proceeds of the Georgetown Property;

   (3) a declaration that a resulting trust exists in a
       condominium S.R.W. Realty Corp. holds title to in Puerto
       Rico;

   (4) a declaration that a constructive trust exists in the
       Condominium;

   (5) avoidance of transfers of income from the Debtor to Susan
       as actual fraud pursuant Section 548(a)(1)(A) of the
       Bankruptcy Code;

   (6) avoidance of transfers of income from the Debtor to Susan
       as constructive fraud pursuant to Section
       548(a)(1)(B)(ii)(I);

   (7) avoidance of transfers of income from the Debtor to Susan
       as constructive fraud pursuant to Section
       548(a)(1)(B)(ii)(IV);

   (8) avoidance of transfers of income from the Debtor to Susan
       pursuant to Mass. Gen Laws ch. 109A, Section 5(a)(1);

   (9) avoidance of transfers of income from the Debtor to Susan
       pursuant to Mass. Gen. Laws ch. 109A, Section 6(a);

  (10) avoidance of transfers of income from the Debtor to Susan
       pursuant to Mass. Gen. Laws ch. 109A, Section 6(b);

  (11) avoidance of transfers of income from the Debtor to Susan
       pursuant to Section 547(b);

  (12) equitable reach and apply of the Debtor's interest in the
       Condominium and the Georgetown Property or their sale
       proceeds; and

  (13) damages for grossly excessive compensation through a
       shareholder derivative action on behalf of Peter Wojtkun
       DMD P.C. against Susan for aiding and abetting a breach of
       fiduciary duty and unjust enrichment.

The bankruptcy case is IN RE: PETER WOJTKUN, Chapter 7, DEBTOR,
CASE NO. 13-12719-WCH (Bankr. D. Mass.).

In a July 20, 2015 memorandum of decision, a copy of which is
available at http://is.gd/CFgPGSfrom Leagle.com, Judge Hillman
entered an order granting the Motion to Dismiss as to Counts II,
III, IV, X, and XI, and denying it as to Counts I, V, VI, VII,
VIII, IX, XII, and XIII.

Joseph G. Butler is represented by:

          James M. Liston, Esq.
          HACKETT, FEINBERG, P.C.
          155 Federal Street, 9th Floor
          Boston, MA 02110
          Tel: (617) 422-0200
          Fax: (617) 422-0383
          Email: jml@bostonbusinesslaw.com

Susan Wojtkun and S.R.W. Realty Corp. are represented by:

          John W. Moran, Esq.
          LECLAIR RYAN, P.C.
          One International Place, Eleventh Floor
          Boston, MA 02110 US
          Tel: (617) 502-8200
          Fax: (617) 502-8201
          Email: john.moran@leclairryan.com

Peter Wojtkun is represented by:

          John F. Sommerstein, Esq.
          LAW OFFICES OF JOHN F. SOMMERSTEIN
          98 N Washington St., Suite 104
          Boston, MA 02114
          Tel: (617) 523-7474
          Fax: (617) 523-7484


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


VENEZUELA: Won't Escape Default in '16, Harvard Professor Now Says
------------------------------------------------------------------
Bloomberg News reports that Harvard University Professor Ricardo
Hausmann last year questioned Venezuela's decision to keep paying
bondholders as the country sank deeper into crisis and suggested
it stop honoring the debt.  Now, he's saying Venezuela will have
no choice but to default next year, Bloomberg News relates.

The report notes that Mr. Hausmann's comments come as a deepening
collapse in oil prices and a shortage of dollars stoke concern
Venezuela is fast running out of money to stay current on debt.

The country's bonds plunged last year after Mr. Hausmann, who
served as Venezuelan planning minister after Hugo Chavez's failed
1992 coup, raised the specter of default, saying he found "no
moral grounds" for the government to pay debt at a time when
Venezuelans were facing shortages of everything from basic
medicine to toilet paper, Bloomberg News relates.

"The markets have been right in saying this is a completely
unsustainable situation," Mr. Hausmann, director of Harvard's
Center for International Development, told Bloomberg News by phone
from Madrid.  "It's not that the government will plan to default.
I think they will just stumble into one.  They may get over the
October payments but nobody's thinking they'll get over the 2016
payments," Mr. Hausmann added.

Venezuela and its state oil company have about $5.6 billion in
bond payments due in the last three months of this year and about
$10 billion in 2016, according to Bank of America Corp. estimates,
Bloomberg News says.

Trading in credit-default swaps show an implied probability of
default of 96 percent over the next five years, the highest in the
world, CMA data show, Bloomberg News adds.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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