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

            Monday, August 3, 2015, Vol. 16, No. 151


                            Headlines



A R G E N T I N A

CAPEX SA: Fitch Affirms 'CCC' Issuer Default Rating
COMPANIA LATINOAMERICANA: Fitch Affirms 'CCC' IDR; Outlook Neg.
IRSA PROPIEDADES: Fitch Affirms LC 'B+' IDR; Outlook Negative


B O L I V I A

BOLIVIA: Moody's Maintains Negative Outlook for Banking System


B R A Z I L

ENERGIAS DO BRASIL: Moody's Rates BRL750MM Debentures 'Ba2'
PETROLEO BRASILEIRO: Odebrecht Exec Indicted in Corruption Case


C A Y M A N  I S L A N D S

APOLLO GROWTH: Creditors' Proofs of Debt Due Aug. 18
ARDON MAROON: Court Enters Wind-Up Order
CENTAUR LITIGATION: Court Enters Wind-Up Order
CENTAUR LITIGATION I: Court Enters Wind-Up Order
CENTAUR LITIGATION SPC: Court Enters Wind-Up Order

CHERRY BLOSSOMS: Commences Liquidation Proceedings
GATEWAY CO-INVESTMENT I: Creditors' Proofs of Debt Due Aug. 11
GLOBAL CATALYST: Creditors' Proofs of Debt Due Aug. 10
PLAINFIELD SPECIAL: Creditors' Proofs of Debt Due Aug. 19
PRUPIM VIETNAM: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Electricity Subsidy in First 6Months US$35.5MM
DOMINICAN REPUBLIC: Exports Jump 67% to US$9.9 Billion in 2014


J A M A I C A

JAMAICA: Exceeds Primary Surplus, Revenue Targets for April-June


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Strikes Inter-line Deal With Emirates


V E N E Z U E L A

VENEZUELA: Seizes Nestle, Polar Warehouse to Build Housing


X X X X X X X X X

* BOND PRICING: For the Week From July 27 to July 31, 2015


                            - - - - -



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A R G E N T I N A
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CAPEX SA: Fitch Affirms 'CCC' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Capex S.A. (Capex) at 'CCC' and 'B-',
respectively.  Fitch has also affirmed the 'CCC' long term rating
for Capex's March 2018 senior unsecured notes totaling
USD200 million.

Fitch is assigning an 'RR4' Recovery Rating to the international
notes.  The 'RR4' for the company's senior unsecured notes
outstanding reflects an average expected recovery given default
and is in line with the RR soft cap established for Argentina.

The Rating Outlook for the company's local currency IDR is
Negative.

KEY RATING DRIVERS
Capex's 'CCC' foreign currency ratings are constrained by the
sovereign rating of Argentina, which has an 'RD' foreign/local
currency IDR.  Fitch has assigned a country ceiling of 'CCC' to
the Republic of Argentina, which limits the foreign currency
rating of most Argentine corporates, including Capex to 'CCC'.

Country ceilings are designed to reflect the risks associated with
sovereigns placing restrictions upon private sector corporates,
which may prevent them from converting local currency (LC) to any
foreign currency (FC) under a stress scenario, and/or may not
allow the transfer of FC abroad to service FC debt obligations.
Key concerns of corporates domiciled in Argentina include high
inflation, government meddling, economic uncertainty, and limited
access to debt markets, especially after the country's recent
default.

Capex's ratings are also impacted by the high regulatory risks
associated with operating in the electricity sector in Argentina,
exposure to devaluation risk (currency mismatch between peso-
denominated cash flows and dollar-denominated debt), and the long-
term need to pursue a robust capital expenditure plan to sustain
the company's vertically integrated business model.  Positively,
in the last two fiscal years Capex has seen slightly constructive
regulatory moves by the Argentine government in the Gas/Electric
sectors.  Transformative reforms are needed in the Argentine
electricity sector, otherwise the long-term financial viability of
the sector remains uncertain.

REGULATORY RISK REMAINS HIGH: Capex's ratings reflect high
regulatory risk given strong government influence in both the
Electric/Utilities and Energy sectors.  Capex operates in highly
strategic sectors where the government both has a role as the
price/tariff regulator and also controls subsidies for industry
players.  In the electricity sector, Capex depends on payments
from government agency Compania Administradora del Mercado
Mayorista Electrico S.A. (CAMMESA).  Payments from CAMMESA can be
volatile given this agency depends on the national government for
funds to make these payments, and Argentina is currently suffering
through a significant economic slowdown.  In 2014, CAMMESA
received approximately USD8.7 billion in funds from the Argentine
treasury, which was a significant increase from the USD6.6 billion
injection in 2013.

SUCCESSFUL VERTICALLY INTEGRATED MODEL: Capex is an integrated
thermoelectric generation company, which was originally formed as
an oil exploration and production company (it is currently the
12th largest producer of gas and liquefied petroleum gas in the
country).  Capex transformed itself into an electricity generation
company due to its large discoveries of natural gas in 1991,
coupled with the liberalization of Argentina's electricity sector.

The company's vertically integrated business model puts it in an
advantageous position versus other Argentine generators.  Capex
benefits from operating efficiencies as an integrated
thermoelectric generating company in Argentina and the flexibility
from having its own natural gas reserves to supply the plant.
This gives the company an advantage against other players in the
industry, especially given existing gas restrictions in the
country.  Capex's generating units are efficient, and the
proximity to its natural gas reserves in the Agua del Cajon field
coupled with gas transportation restrictions from Neuquen basin to
the main consumption area in Buenos Aires reduces the gas supply
risk.

Capex's Proved hydrocarbon reserves total approximately 33 million
Barrels of Oil Equivalent (BOE), with approximately 93% of the
reserves composed of natural gas.  Based on daily production in
2015 of 54,000 BOE, the company's overall reserve life is solid at
approximately nine years.

POSITIVE REGULATORY MOVES: Capex has benefited from recent
positive regulatory rulings in both the Oil & Gas and Electricity
sectors.  In the Oil & Gas sector, in 2013 the government passed
resolution 60/2013 whereby it created a stimulus program that
would provide firms on a quarterly basis, compensation for
incremental natural gas production.  In order to participate,
industry firms, including Capex, committed to increase natural gas
production.  The program set a compensation scheme for gas
producers with average production of 3.5 million cubic meters per
day (MMm3/d) which ranged between USD4/MMBTU to USD7.5MMBTU for
incremental gas production.  This program is slated to last four
years, and the benefits can already be seen as Capex has increased
the price it has been able to sell its natural gas to
USD4.95/MMBTU in the April 2015 fiscal year versus USD4.09/MMBTU
in the April 2013 fiscal year.

In the electricity sector, over the last two years the government
put forth a more favorable remuneration scheme which has helped
the company improve its financial performance.  Furthermore, the
remuneration scheme was revised in May 2014 to add remuneration of
nonrecurring Operations and Maintenance (O&M) expenses and
adjusted upwards the remuneration of fixed expenses.  Net-net,
this new remuneration scheme should allow Capex to at least break-
even or generate slightly positive EBITDA in the electricity
segment during 2015.

FINANCIAL IMPROVEMENT: In large part, due to the government's
slightly improved regulations, the company has seen improving
financial metrics.  On a dollar basis, for the fiscal year ended
April 2015 period, Capex registered EBITDA of USD66 million, which
was slightly down from USD70 million in 2014 but 10% higher than
2013 results.  EBITDA margins tightened to 44% versus the previous
year's 54%, but remain higher than 2013's level of 40%.  Free cash
flow was positive at USD34 million, which was slightly better than
the USD31 million generated in 2014.  Fitch expects the
improvement of the company's financial/operational performance to
continue in the April 2016 fiscal year, with the company
generating slightly higher EBITDA for the year as increased gas
prices more than offset lower LPG/Butane prices.

RATING SENSITIVITIES

Capex's ratings could be negatively affected by a combination of
the following: further economic deterioration and the Republic of
Argentina's inability to convert and transfer foreign exchange for
Capex; given high dependence on the subsidies by CAMMESA from the
Treasury, any further weakening of Argentina's fiscal accounts
could have a negative impact on the company's collections/cash
flow; a significant deterioration of credit metrics; and/or
sustained declines in gas reserves/production or failure to
further develop new fields, which could threaten the integrated
business model in the long-term would be another potential
negative factor.

A positive rating action in the short to medium term is considered
unlikely given Argentina's current sovereign restricted default
rating.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity and Improved Leverage: The company's total debt of
USD249 million was slightly higher than the USD235 million
reported in the April 2014 fiscal year.  Capex's long-term debt is
primarily composed of a 10% USD200 million long-term bond with a
March 2018 maturity date.  As of April 2015, the company reported
cash and equivalents totaling USD44 million versus short-term debt
of USD26 million, giving the company one of the strongest
liquidity profiles for Argentine corporates rated by Fitch.

The company's leverage levels have steadily improved due to the
company's improved financial performance, as leverage defined as
Total Debt:EBITDA was 3.8x in 2015 versus 3.4x in 2014 and 4.2x in
2013.  Fitch expects for leverage to remain in the 3.5x-4x level
in the short-to-medium term, though long-term forecasts for
Argentina can be volatile and highly dependent on macroeconomic
conditions in the country.

KEY ASSUMPTIONS
   -- Consistent double-digit currency depreciation per year;
   -- Energy production to range between 3,800GWh/year and
      4,200GWh/year;
   -- Natural gas sales prices climbing slightly from current
      USD5/MMBTU per year over next five years;
   -- Overall, EBITDA to average approximately USD70 million/year;
   -- Leverage in the 3.5x-4.0x level during next five years.

Fitch has taken these rating actions:

Capex S.A.
   -- Foreign currency IDR affirmed at 'CCC';
   -- Local currency IDR affirmed at 'B-';
   -- International senior unsecured bond ratings affirmed at
      'CCC'; Recovery Rating of 'RR4' assigned.

The Rating Outlook for the local currency IDR is Negative.


COMPANIA LATINOAMERICANA: Fitch Affirms 'CCC' IDR; Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Compania Latinoamericana de
Infraestructura y Servicios S.A. (CLISA) at 'CCC' and 'B-',
respectively.  Fitch has also affirmed the 'CCC/RR4' long-term
rating for CLISA's Oct. 2019 senior unsecured notes totaling
approximately USD87 million.

The 'RR4' Recovery Rating for the company's senior unsecured notes
outstanding reflects an average expected recovery given default
and is in line with the RR soft cap established for Argentina.

The Rating Outlook for the company's local currency IDR is
Negative.

KEY RATING DRIVERS
CLISA's 'CCC' foreign currency ratings are constrained by the
sovereign rating of Argentina, which has an 'RD' foreign/local
currency IDR.  Fitch has assigned a country ceiling of 'CCC' to
the Republic of Argentina, which limits the foreign currency
rating of most Argentine corporates, including CLISA to 'CCC'.

Country ceilings are designed to reflect the risks associated with
sovereigns placing restrictions upon private sector corporates,
which may prevent them from converting local currency (LC) to any
foreign currency (FC) under a stress scenario, and/or may not
allow the transfer of FC abroad to service FC debt obligations.
Key concerns of corporates domiciled in Argentina include high
inflation, government meddling, economic uncertainty, and limited
access to debt markets, especially after the country's recent
default.

STRONG MARKET POSITION: CLISA has a strong market position as one
of Argentina's largest privately owned industrial conglomerates.
The company has experienced a slowdown in the construction segment
as Argentine economic growth has stalled since 2013.

CLISA operates in four main businesses: construction and toll road
concessions (through Benito Roggio e Hijos [BRH]), water
treatment, waste management (CLIBA), and transportation.  Over the
last five years, CLISA's cash flow generation has held up
relatively well despite political and economic instability and
following positive trends for construction, which is primarily
driven by public works.

DEVALUATION IMPACTS RESULTS: During the last 12 months (LTM) ended
March 31, 2015, the company reported revenues and EBITDA of USD879
million and USD131 million, respectively.  This compares
negatively with 2013 results, on a dollar basis, as revenues and
EBITDA declined by 20% and 25% versus full-year 2013 results.  The
large decline can be attributed to a 42% currency depreciation of
the Argentinian Peso versus the U.S. Dollar between year-end 2012
and year-end 2014.  On a peso basis, the company's revenues and
EBITDA grew by 14% and 10% respectively during the same period.

POSITIVE DEBT EXCHANGE: In September 2014, the company proposed an
exchange offering for its 9.5% USD120 million ON Clase 3 notes due
in 2016.  The notes had three equal amortizations scheduled for
2014-2016, and the initial offer was to exchange the notes for
11.5% ON Clase 4 notes due in 2017.  The exchange was then amended
to push back the maturity date until 2019.  In October, CLISA
announced that holders of USD87.1 million in ON Clase 3 notes
agreed to the exchange, which represented a positive development
for the company.

On a dollar basis, the company's total debt as of March 2015
totaled USD327 million which is slightly above the USD320 million
reported as of year-end 2013.  Half the debt is short-term.
Argentine corporates typically carry significant short-term debt
loads given the general lack of availability of long-term
financing in the domestic market.  The debt exchange has
significantly improved the company's debt profile, as the current
50:50 ratio between short-term debt and long-term debt improved
from 63:37 as of year-end 2013.

CYCLICAL BUSINESS: The company's cash flow is exposed to the
cycles of the construction industry and public works in Argentina.
While infrastructure needs remain high, the construction segment
decelerated during the last two years due to the macroeconomic
slowdown in Argentina and as the execution of government
infrastructure projects has slowed down this year heading to the
Presidential elections scheduled for October 2015 (if there is a
run-off, the second round would take place in November).  This
year has seen the government's focus shift towards stimulating the
housing market rather than large infrastructure projects.  The
company is also exposed to collection risk derived from having the
government as its main counterparty.

Post-elections, CLISA is in a solid position for a reacceleration
of construction growth as its construction backlog continued to be
strong at US$731 million in March 2015 (AR$6.45 billion) allowing
the company to maintain an important cash generation source for
approximately three years.  The company's construction backlog has
grown by 51% since December 2012.

REGULATORY RISK: CLISA's main activities depend on contractual
agreements and government regulations at the national, provincial
and municipal levels.  Exposure to regulatory risk derives from
the delay in the renegotiations of public service contracts.  In
particular, in its mass transportation subsidiary Metrovias there
has been past political risk when the National Government
attempted to transfer the subway concession to Buenos Aires City.
Most of Metrovias income is generated from subsidies from the
National Government.  However, in April 2013, Metrovias and SBASE
signed an agreement in which SBASE granted exclusively to
Metrovias the operation and maintenance of the subway, excluding
the exploitation of collateral services and the execution of works
and investments.  The term of the contract is two years,
extendable for two more years plus an option for one addition year
by SBASE.

The company has faced more recent pressure in the commuter
railroad services business.  In February 2015, the Argentine
government notified CLISA that, it was immediately rescinding the
company's right to operate the San Martin and Mitre commuter
railroad services.  Via this motion, the government asserted
control over these railroad services.

RATING SENSITIVITIES

CLISA's ratings could be negatively affected by a combination of
the following: further economic deterioration and the Republic of
Argentina's inability to convert and transfer foreign exchange for
CLISA; a significant deterioration of credit metrics; and/or the
adoption of adverse public policies that can affect the company's
business performance in any of its business segments.

A positive rating action in the short to medium term is considered
unlikely given Argentina's current sovereign restricted default
rating.

LIQUIDITY AND DEBT STRUCTURE

IMPROVED LIQUIDITY: Post 2014's debt exchange, the company has an
improved liquidity profile.  In March 2015, the company reported
USD74 million in cash and equivalents, which represents 0.5x
short-term debt of USD163 million.  Given Argentine corporates
have a significantly higher level of short-term debt versus
regional peers, this is a relatively solid level of cash and
equivalents to short-term debt ratios for Argentine corporates.

Leverage, defined as Total Debt:EBITDA was a relatively solid 2.5x
in the last 12 month (LTM) March 2015 period.  This was higher
than the 1.8x level reported in 2013, as revenues and EBITDA
growth have lagged inflationary growth.  Fitch is forecasting
leverage levels in the 3x level in the short-to-medium term.

KEY ASSUMPTIONS
   -- Starting with 2015, financial forecast reflects loss of
      Mitre/San Martin train commuting services;
   -- 2015 financial results reflect slight decline in
      Construction revenues as sector is expected to remain slow
      leading up to elections;
   -- Long-term, expect revenues to correlate with inflationary
      trends;
   -- Company is expected to continue rolling over short-term debt
      on an annual basis;
   -- Leverage expected to remain in the 3x level, on a dollar
      basis, over next five years.

Fitch has affirmed these ratings:

Compania Latinoamericana de Infraestructura y Servicios S.A.
   -- Foreign currency IDR at 'CCC';
   -- Local currency IDR at 'B-';
   -- International senior unsecured bond ratings at 'CCC/RR4'.

The Rating Outlook for the local currency IDR is Negative.


IRSA PROPIEDADES: Fitch Affirms LC 'B+' IDR; Outlook Negative
-------------------------------------------------------------
Fitch has affirmed the Issuer Default ratings of IRSA Propiedades
Comerciales S.A. (IRCP), Inversiones y Representaciones S.A.
(IRSA); and Cresud S.A.C.I.F. y A. (Cresud),

Fitch has affirmed these ratings of IRSA Propiedades Comerciales
S.A. (IRCP):

   -- Local currency Issuer Default Rating (IDR) at 'B+'; Outlook
      Negative;
   -- Foreign currency IDR at 'CCC';
   -- USD120 million senior unsecured notes due in 2017 at
      'B-/RR3'.

IRCP's ratings reflect the company's exposure to Argentina's
business climate and economic conditions, its credit profile, and
the credit linkage with its parent company, IRSA.  The Negative
Outlooks on IRCP's LC IDR reflects the high degree of uncertainty
about the business climate and economic conditions.

KEY RATING DRIVERS

IRCP's foreign currency (FC) IDR continues to be constrained at
'CCC' by the 'CCC' country ceiling assigned to Argentina by Fitch.
The company's local currency (LC) IDR remains at 'B+' due to the
high risk of operating in Argentina's real estate industry.  The
'RR3' Recovery Rating reflects above average recovery prospects in
the event of default.  The notching above the soft cap of 'RR4'
for bonds issued by Argentine corporates reflects the company's
very strong credit profile.

IRCP's leverage is low for a real estate company.  During the last
twelve months ended March 31, 2015 (LTM March 2015), the company's
leverage has increased to 2.7x from 1.1x.  The increase in debt is
primarily due to a new related-party transaction that the company
entered with its parent company, IRSA.  The company's ratings
continue to be linked with IRSA's, which owns 95.7% of IRCP.  As
of March 31, 2015, IRSA had USD530 million of total consolidated
debt, resulting in a total net debt-to-EBITDA ratio of 1.7x.

KEY ASSUMPTIONS
   -- EBITDA margin for full-year 2015 around 80%
   -- Total adjusted net leverage for full-year 2015 around 3x

RATING SENSITIVITIES
The ratings are expected to be driven primarily by developments in
Argentina's business climate and economic conditions.

LIQUIDITY

IRCP's short-term debt has increased during the LTM period ended
March 2015, which adds some pressure to its liquidity' however,
this situation is partially counterbalanced by the company's cash
flow generation and access to short-term credit with local banks.
The company's debt payment schedule includes USD75 million during
the next 12 months ended March 2016, while it had USD10 million of
cash at the end of March 2015.  In addition, IRCP's portfolio of
assets is strong, and is primarily unencumbered and provides an
additional source of liquidity.

Fitch has also affirmed these ratings of IRSA:

   -- Local Currency IDR at 'B+';
   -- Foreign Currency Issuer Default Rating (IDR) at 'CCC';
   -- USD150 million Senior Unsecured Notes due in 2017 at
      'B-/RR3';
   -- USD 150 million Senior Unsecured Notes due in 2020 at
      'B-/RR3';
   -- The Rating Outlook for the Local Currency IDR remains
      Negative.

IRSA's ratings reflect the company's exposure to Argentina's
business climate and economic conditions as well as its
consolidated credit profile.  The Negative Outlooks on IRSA
reflects the high degree of uncertainty about the business climate
and economic conditions in Argentina.

KEY RATING DRIVERS

IRSA's FC IDR is constrained at 'CCC' by Argentina's 'CCC' country
ceiling.  The company's LC IDR is 'B+', which reflects a strong
position in the local market and an easier access to financing in
Argentine peso.

Both IRSA and its subsidiary, IRCP, own key parcels of land in
strategic areas of Buenos Aires, which could be sold to improve
the company's liquidity or for new developments.  The LC IDRs of
IRSA and IRCP have been linked at 'B+'.  This linkage reflects
factors that align the credit quality of these companies, as well
as the fact IRCP's upstream dividends represent a relevant part of
IRSA's cash flow generation.

IRSA has a leading position in the Buenos Aires shopping center
segment through PCSA.  The shopping center segment accounts for
about 75% of IRSA's consolidated operating EBITDA.  The company is
also the leader in the development and management of office
buildings in Buenos Aires.

IRSA maintains moderate levels of debt, as well as a manageable
liquidity position.  Its main source of financing is with local
banks, which is done primarily on a short-term basis.  The company
has a high level of unencumbered assets and land that could be
sold to enhance liquidity and to service debt.

KEY ASSUMPTIONS

   -- EBITDA margin for full-year 2015 around 75%
   -- Total adjusted net leverage for full-year 2015 around 2x

LIQUIDITY
As of March 31, 2015, IRSA had USD530 million of total
consolidated debt, resulting in a total net debt-to-EBITDA ratio
of 1.7x.  IRSA is expected to meet its upcoming debt obligations
during the next 12-month period ended in March 2016 with a mix of
cash from operations and the rollover of existing debt.  The
company main challenge remains the refinancing of its unsecured
notes of USD150 million due in 2017.

RATING SENSITIVITIES
The ratings are expected to be driven primarily by the development
of the Argentina's business climate and economic conditions.

Fitch has also affirmed the ratings of Cresud S.A.C.I.F. y A.
(Cresud) as:

   -- Local Currency IDR at 'B-';
   -- Foreign Currency Issuer Default Rating (IDR) at 'CCC';
   -- The Rating Outlook for the Local Currency IDR remains
      Negative.

Cresud's ratings reflect the company's exposure to Argentina's
business climate and economic conditions and its leading business
position in the real estate and agribusiness sectors.  The
Negative Outlook reflects the high degree of uncertainty about the
business climate and economic conditions in Argentina.

RATING DRIVERS

Cresud's FC IDR is constrained at 'CCC' by the 'CCC' country
ceiling assigned to Argentina by Fitch.  Cresud's 'B-' LC IDR is
held back by above-average risks associated with operating in the
Argentinian real estate segment and the volatile cash flow of its
agribusiness division, which is subject to weather conditions and
commodity prices.

Fitch links the ratings of Cresud and IRSA.  Cresud's 'B-' LC IDR
is notched down from IRSA's 'B+' LC IDR because of the structural
subordination of its debt and weaker stand-alone financial
profile.  This also incorporates factors such as strong strategic
and operational ties with IRSA, which represents a significant
part of Cresud's cash flow from operations.

Cresud's ratings consider its position as a leading company in the
real estate and agribusiness sectors in Argentina.  Cresud owns
64.5% of IRSA, a leading real estate company in Argentina
dedicated to real estate development, office rentals, and shopping
mall operations through IRCP.  Cresud has farms in Argentina and a
presence in Bolivia, Paraguay, and Brazil.

KEY ASSUMPTIONS
   -- EBITDA margin for full-year 2015 around 30%
   -- Total adjusted net leverage for full-year 2015 around 5.5x

LIQUIDITY
The ratings also reflect moderate consolidated leverage, as well
as manageable liquidity from unencumbered assets and sellable
land.  These assets provide Cresud, and its direct and indirect
subsidiaries, with financial flexibility.

RATING SENSITIVITIES
The ratings are expected to be driven primarily by positive
developments in Argentina's business climate and economic
conditions.


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B O L I V I A
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BOLIVIA: Moody's Maintains Negative Outlook for Banking System
--------------------------------------------------------------
Moody's Investors Service says it is maintaining its negative
outlook for the Bolivian banking system, primarily because of
increasingly strict government mandates that will drive banks'
lending decisions over the next several years.

In recent months, the Bolivian government has added new
intermediate lending targets that the banks must meet every year
until 2018, by which time 60% of all of their lending will have to
be allocated to social housing and what the authorities call the
"productive" industries -- agriculture, cattle raising, forestry,
oil, gas, mining, manufacturing, electricity and construction --
all at capped, below market interest rates.

The lending mandates compel rapid expansion into industries in
which many banks have less expertise.

"The new targets mean that Bolivia's banks will have to shift
their portfolio mix more quickly than we expected when the
government announced the original mandates a year and a half ago,
which raises the risks of a deterioration in underwriting
standards and asset quality, as well as declines in net interest
margins and profitability" says Fernando Albano, a Moody's
Assistant Vice President.

Through 2018, almost all system loan growth will be focused on the
mandated loan sectors, which will limit the growth of higher-
margin lending products. Although the 12% to 15% system annual
loan growth that Moody's is forecasting for the next 12 to 18
months is still high, especially in comparison to other markets in
Latin America, it constitutes a slowdown for Bolivia, whose yearly
loan growth exceeded 20% between 2011 and 2013. The country's
economic growth will also slow down to a more sustainable pace of
4.2% in 2016, down from a peak of 6.8% in 2013, because lower
commodities prices will dampen Bolivia's main exports.

Given the expected slowdown in overall loan growth, the non-
performing loan ratio will deteriorate slightly as problems with
loans originated in previous years of high growth start to arise.
Nevertheless, the rise in NPLs will remain manageable, given the
banks' conservative write-off policies and substantial reserves.
Furthermore, the decline in lending to riskier segments such as
the consumer sector will offset somewhat the risk of asset quality
deterioration deriving from the new lending mandates.

However, profitability will come under increasing pressure because
of the interest rate caps on mandated loans, which will weigh on
net interest margins. This will increase the challenges that the
banks will already face attracting fresh investor capital, which
will hinder their ability to pursue growth opportunities without
risking their currently healthy capital levels.


===========
B R A Z I L
===========


ENERGIAS DO BRASIL: Moody's Rates BRL750MM Debentures 'Ba2'
-----------------------------------------------------------
Moody's America Latina (Moody's) assigned a Ba2 rating on the
global scale and a Aa3.br Brazilian National Scale Rating ("NSR")
to EDP -- Energias do Brasil's ("EDB") BRL 750 million senior
unsecured non-convertible callable debentures, with a negative
outlook. The proceeds of EDB's debentures will be used to prepay
BRL 750 million outstanding promissory notes with a final maturity
in March 2016. At the same time, Moody's assigned a Ba2/Aa3.br
corporate family ratings to EDB and withdrew EDB's Ba2/Aa3.br
issuer ratings.

RATINGS RATIONALE

EDB's Ba2/ Aa3.br corporate family ratings reflect EDB's adequate
credit metrics for the rating category, the company's expertise in
the management of the generation and distribution segments along
with its resilient access to the local banking and capital
markets.

The ratings are constrained by the company's sizeable capital
expenditures program, relatively inadequate liquidity position
along with Moody's expectation that EDB's consolidated credit
metrics will continue to deteriorate in 2015 owing to losses
associated with the current exposure to the spot market of its
hydro generation subsidiaries and higher levels of indebtedness at
the holding company level in the near term as a result of current
investments and lower dividends received from its subsidiaries .

The purchase of the remaining 50% equity interest and subsequent
consolidation of the 720MW thermo-power plant PECEM I that took
place in May has further weaken EDB's consolidated credit metrics
and could require further financial support from EDB.

EDB's ratings are one notch lower than the implicit Ba1/Aa2.br
ratings on a consolidated basis, to reflect the structural
subordination of debt at the holding company level to that of the
operating companies.

The debentures will be issued in up to four series (maturities
ranging from 3 to 9 years). In addition, in order to increase its
liquidity position, EDB announced on July 15, 2015, that it has
signed a Share Purchase and Sale Agreement with Cachoeira Escura
Energetica S.A. (not rated) to sell 100% of the voting capital of
Pantanal Energetica Ltda ("Pantanal", not rated), which has two
small hydro plants with total capacity of 51.1 MW of installed
capacity. The total amount of the transaction is R$ 390 million
and the conclusion is subject to prior approval by the Brazilian
Council of Economic Defense ("CADE"), the National Electric Energy
Agency ("ANEEL") and other measures of corporate and contractual
requirements which is expected to occur in first quarter of 2016.

In light of the downgrade rating action on June 2, an upgrade is
very unlikely in the short-to medium term.

Moody's would consider stabilizing the outlook if EDB can improve
its liquidity position, secure timely and adequate long-term
financing to fund its capital expenditure program, and post
consolidated credit metrics that commensurate with the implicit
consolidated Ba1/Aa2.br ratings so that the RCF over debt ratio
becomes higher than 10% and interest coverage stays above 2.5x on
a sustainable basis.

There would be pressure for a downgrade of EDB's ratings and the
debentures if EDB fails to continue securing timely and adequate
funding to refinance its short-term debt and to further support
capital injections into its current power projects. Higher losses
than Moody's expects associated with the current exposure to the
spot market of EDB's generation business and weaker liquidity at
the level of its distribution utilities could also trigger a
downgrade.

Headquartered in Sao Paulo, Brazil, EDP - Energias do Brasil S.A.
(EDB) is a holding company controlled by EDP - Energias de
Portugal (Baa3 stable) with activities in generation, distribution
and commercialization of electricity. In 2014, EDB's power
distribution business represented 55% of the consolidated EBITDA,
the power generation business 39%, and the commercialization of
energy the remaining 6%.

The two distribution subsidiaries, Bandeirante and Escelsa,
distributed in aggregate 26,443 GWh in 2014 (approximately 5.3% of
the electricity consumed in Brazil's electricity integrated
system). The generation business consisted of 2,381MW of installed
capacity at year-end 2014, which accounted for approximately 1.8%
of the country's electricity installed capacity. EDB reported
consolidated net revenues of BRL8.604 billion (USD3.656 billion),
which does not include BRL294 million of construction revenues
(USD125 million) and a net profit of BRL744 million (USD316
million) in 2014.


PETROLEO BRASILEIRO: Odebrecht Exec Indicted in Corruption Case
---------------------------------------------------------------
EFE News reports that Chief Executive Officer of Brazilian
construction giant Odebrecht was formally charged with bribery,
money laundering and criminal conspiracy for his alleged role in a
$2 billion corruption scheme centered on state oil company
Petroleo Brasileiro (Petrobras).

Judge Sergio Moro accepted federal prosecutors' request for
indictments of Marcelo Odebrecht and 12 other people, including
former executives from both Odebrecht and Petrobras, according to
EFE News.

The report notes that the case against the CEO is based not only
on testimony from other defendants, but on materials obtained by
police in the course of the investigation, Mr. Moro said.

Among the others charged along with Marcelo Odebrecht are
Petrobras' former downstream director, Paulo Roberto Costa; and
currency trader Alberto Youssef, who has confessed to facilitating
the payment of bribes, the report notes.  Both Costa and Youssef
have reached plea deals with prosecutors, while Marcelo Odebrecht
denies any wrongdoing, the report relates.

The report says that Odebrecht is one of a score of construction
and engineering accused of having paid bribes to secure inflated
contracts with Petrobras. Investigators said the construction
groups formed a cartel to overcharge the oil giant, splitting the
extra money with corrupt Petrobras officials while setting aside
some of the loot to pay off politicians who provided cover for the
graft, the report relays.

Among other targets of the wide-ranging Petrobras probe are some
50 politicians, including the leaders of both houses of Congress,
the report notes.

Already behind bars is Joao Vaccari, former treasurer of President
Dilma Rousseff's Workers Party, the report says.

The Petrobras case expanded with the arrest of Othon Luiz Pinheiro
da Silva, CEO of state-owned nuclear power firm Eletronuclear, the
report adds.

                     About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.



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


APOLLO GROWTH: Creditors' Proofs of Debt Due Aug. 18
----------------------------------------------------
The creditors of Apollo Growth Opportunities Fund L.P. are
required to file their proofs of debt by Aug. 18, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 23, 2015.

The company's liquidator is:

          Maria Kannava
          3 Markou Botsari
          3040 Limassol
          Cyprus
           Telephone: 00357 25585583


ARDON MAROON: Court Enters Wind-Up Order
----------------------------------------
On Feb. 13, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Ardon Maroon Asia Dragon Feeder
Fund.

The company's liquidators are:

          David A.K. Walker
          Simon R. Conway
          PwC Corporate Finance & Recovery (Cayman) Limited
          P.O. Box 258, Strathvale House
          Grand Cayman KY1-1104
          Cayman Islands


CENTAUR LITIGATION: Court Enters Wind-Up Order
----------------------------------------------
On June 25, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Centaur Litigation Limited.

The company's liquidator is:

          Hugh Dickson
          c/o Phillip Tyrrell
          Telephone: (345) 769 7204
          Facsimile: (345) 949 7120
          10 Market Street #765
          Camana Bay
          Grand Cayman
          Cayman Islands KY1 9006


CENTAUR LITIGATION I: Court Enters Wind-Up Order
------------------------------------------------
On June 25, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Centaur Litigation Unit Series
1 Limited.

The company's liquidator is:

          Hugh Dickson
          c/o Phillip Tyrrell
          Telephone: (345) 769 7204
          Facsimile: (345) 949 7120
          10 Market Street #765
          Camana Bay
          Grand Cayman
          Cayman Islands KY1 9006


CENTAUR LITIGATION SPC: Court Enters Wind-Up Order
--------------------------------------------------
On June 25, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Centaur Litigation SPC.

The company's liquidator is:

          Hugh Dickson
          c/o Phillip Tyrrell
          Telephone: (345) 769 7204
          Facsimile: (345) 949 7120
          10 Market Street #765
          Camana Bay
          Grand Cayman
          Cayman Islands KY1 9006


CHERRY BLOSSOMS: Commences Liquidation Proceedings
--------------------------------------------------
On June 30, 2015, the shareholders of Cherry Blossoms Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Tadatsugu Ishimoto
          3-3-12 Wakamiya, Nakano-ku
          Tokyo 165-0033
          Japan


GATEWAY CO-INVESTMENT I: Creditors' Proofs of Debt Due Aug. 11
--------------------------------------------------------------
The creditors of Gateway Co-Investment I Limited are required to
file their proofs of debt by Aug. 11, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2015.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


GLOBAL CATALYST: Creditors' Proofs of Debt Due Aug. 10
------------------------------------------------------
The creditors of Global Catalyst Venture Management Asia, Ltd. are
required to file their proofs of debt by Aug. 10, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 1, 2015.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


PLAINFIELD SPECIAL: Creditors' Proofs of Debt Due Aug. 19
---------------------------------------------------------
The creditors of Plainfield Special Situations Master Fund II
Limited are required to file their proofs of debt by Aug. 19,
2015, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on July 6, 2015.

The company's liquidator is:

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


PRUPIM VIETNAM: Commences Liquidation Proceedings
-------------------------------------------------
On June 30, 2015, the sole shareholder of Prupim Vietnam Property
Fund Limited resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Jonathan Culshaw
          Telephone: +852 3195 7200
          Facsimile: +852 3195 7210
          3601 Two Exchange Square
          8 Connaught Place
          Central
          Hong Kong


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


DOMINICAN REPUBLIC: Electricity Subsidy in First 6Months US$35.5MM
------------------------------------------------------------------
Dominican Today reports that in the past 12 years the Dominican
government has allocated RD$11.0 billion to the Fund to Stabilize
the Electricity Tariff (rate subsidy), of which RD$1.6 billion
(US$35.5 million) was on the first six months alone.

The figures come from an Electricity Superintendence report
released by superintendent Eduardo Quinconces, according to
Dominican Today.

It says from 2003 to July 2015, Edenorte has received the most
subsidy of the three distributors at RD$ 44.0 billion; followed by
Edesur with RD$ 35.7 billion and EdeEste, RD$34.8 billion, the
report adds.


DOMINICAN REPUBLIC: Exports Jump 67% to US$9.9 Billion in 2014
--------------------------------------------------------------
Dominican Today reports that Dominican Republic exports including
free zones jumped 67%, from US$5.9 billion in 2004 to US$9.9
billion in 2014, a growth of 67%.

Dominican Republic Export and Investment Center (CEI-RD) director
Jean Alain Rodriguez stressed the various initiatives to promote
exports and investment in the country, "to create thousands of
jobs, contributing to s higher growth of the Dominican economy,"
according to Dominican Today.

In a statement, Rodriguez also revealed that exports from
Dominican Republic, including free zones totaled US$9.9 billion in
2014, an 11% increase compared with US$8.9 billion in 2013, the
report notes.


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


JAMAICA: Exceeds Primary Surplus, Revenue Targets for April-June
----------------------------------------------------------------
RJR News reports that the Jamaican Government has disclosed that
the country's primary surplus for the three-month period, April to
June, was 20 per cent better than projected.

The Government had budgeted for the primary surplus to be just
under J$17 billion at the end of June, according to RJR News.  The
actual out turn was more than J$20 billion.

That achievement suggests that Jamaica is well on its way to
passing the ninth consecutive IMF test, the report notes.

The report discloses that the primary surplus is money used to
help pay down the national debt.

                            More Revenue

The Government also released data showing its financial situation
improving significantly, over the three months, April to June, to
the point where it had more revenues than projected at the end of
June, the report notes.

Over the period, April to June, the revenue authorities collected
J$103 billion, the report says.

This was one billion dollars better than anticipated, the report
adds.

As reported in Troubled Company Reporter-Latin America on
July 29, 2015, 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.


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


CARIBBEAN AIRLINES: Strikes Inter-line Deal With Emirates
---------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has signed an
inter-line deal with the world's largest international airline-
Emirates, which promises to make it easier for customers to travel
the world.

CAL stated in a press release that the agreement is expected to be
fully implemented in coming weeks, according to RJR News.

The report notes that the arrangement gives customers greater
choice of destinations and easy transfers in key airports, such as
London's Gatwick and New York's JFK.

Customers can also take advantage of through fares from Emirates'
extensive network via London and New York to Port of Spain,
Georgetown, Kingston and Montego Bay, the report says.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2015, RJR News said that Caribbean Airlines Limited is
still facing an acute shortage of pilots.  Trinidad's Newsday
newspaper said the airline is still reeling from the loss of close
to a dozen pilots from its Jamaican operations last year, forcing
it to send Trinidadian pilots to operate some of the Jamaican
routes to US destinations, according to RJR News.

The TCRLA reported on Sept. 24, 2014, that Trinidad Express said
Caribbean Airlines Limited will get a total of TT$1.8 billion
support from the Government during the period 2013 and 2015.
Finance Minister Larry Howai stated that the Caribbean
Airlines management had informed him that the company expects to
break-even in three years time.  Mr. Howai, however, said that
government would have to provide funds for CAL in 2015, 2016 and
2017.

On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday,
said that Caribbean Airlines is facing a loss.  Minister Howai was
hopeful the loss could be narrowed down to less than TT$100
million.

Caribbean Airlines Limited recorded losses estimated at US$70
million in 2012.  In 2011, CAL had recorded losses of US43.7
million, the TCRLA reported on May 20, 2013.


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


VENEZUELA: Seizes Nestle, Polar Warehouse to Build Housing
----------------------------------------------------------
Anatoly Kurmanaev and Andrew Rosati at Bloomberg News report that
Venezuelan soldiers seized a food distribution center rented by
companies including Nestle SA, PepsiCo. Inc. and Empresas Polar SA
in Caracas as the government looks to boost support ahead of
elections.

The companies were given two months to remove equipment and stock
at the La Yaguara industrial park, which will be converted to
social housing, workers said, according to Bloomberg News.

The report notes that several dozen workers of Polar, the largest
Venezuelan food company, remain on the premises in protest against
the expropriation.

"I'm scared not just for my job but for the entire country,"
Beatrice Pellicer," a 24-year-old Polar corporate relations
worker, said outside the warehouse sealed by armed police and
National Guards, the report relays.  "We all just found out this
morning that we have 60 days to leave."

The report discloses that President Nicolas Maduro in recent
months has stepped up attacks on the private sector, which he
accuses of profiteering and sabotage, as his popularity wanes
ahead of the Dec. 6 congressional elections.  President Maduro has
blamed Polar and other private food companies for the chronic
shortages of basic products and spiraling inflation, while
maintaining currency and price controls that have made most of
national production unprofitable, the report relays.

                         Government 'Terms'

"This is a scare tactic to get private companies to cooperate with
the government ahead of the elections: helping them keep the right
stores supplied and work on their terms," Risa Grais-Targow, Latin
America political analyst at consultancy Eurasia Group, said by
telephone from Washington, the report relays.  "I think the
government understands that taking over a company like Polar will
create dangerous social dynamics," Ms. Grais-Targow added.

The report notes that Carmen Arreaza, a 51-year-old elementary
school teacher, and a few dozen other government supporters
gathered in front of the warehouse to demonstrate support for the
expropriation.

"This measure is just and it needs to happen as soon as possible,"
Ms. Arreaza said.  "There is an economic war here and this
company, Polar, is at the heart of it.  They hide products from
the population, and inflate their prices!"

The report notes that the government had first notified the
landlord of plans to expropriate the industrial park in 2013,
Nestle spokesman Andres Alegrett told Bloomberg by telephone from
Caracas.

Nestle used the facility to dispatch about 10 percent of its
products in the country, supplying sweets and drinks to the
western side of Greater Caracas, Mr. Alegrett said, the report
relays.

"We are working to redirect the products to other facilities
across the country," the report quotes Mr. Alegrett as saying.

It remains unclear whether the companies will keep the merchandise
in the affected warehouses, Polar's planning manager Douglas
Vielma said, the report notes.

The La Yaguara industrial park is also being used by U.S. grain
trader Cargill Inc., Mexican bottler Coca-Cola Femsa SAB and
industrial gases supplier Praxair Inc., adds the report.


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


* BOND PRICING: For the Week From July 27 to July 31, 2015
----------------------------------------------------------

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



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

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


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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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