TCRLA_Public/150827.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, August 27, 2015, Vol. 16, No. 169


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): Incurs $6.4MM Net Loss in 2Q Ended June 30


B R A Z I L

BANCO DO BRASIL: Sees $254MM Savings From Worker Retirement Plan
BANCO DO BRAZIL: On Track to Meet Lending Target as Profit Rises
HYPERMARCAS SA: Plans New Price Hike Due to Brazil Currency Plunge
JBS SA: Unit Offers to Buy 50.1% Stake in Scott Technology


C A Y M A N  I S L A N D S

AES ANDRES: S&P Affirms 'B+' CCR; Outlook Remains Stable
BALENCIA HOLDINGS: Shareholders Receive Wind-Up Report
BELGRAVIA INTERNATIONAL: Members' Final Meeting Set for Sept. 3
EURASIAN DIVERSIFIED: Member to Hear Wind-Up Report on Aug. 31
JORVI INVESTMENTS: Members' Receive Wind-Up Report

KABLOONA LIMITED: Shareholders' Final Meeting Set for Sept. 4
MANULIFE DYNAMIC: Shareholder to Hear Wind-Up Report on Aug. 27
ONE TREE: Shareholder Receives Wind-Up Report
PRESBIA HOLDINGS: Shareholders Receive Wind-Up Report
SPARKLING COMBO: Sole Member to Hear Wind-Up Report on Sept. 14

STEEL PARTNERS: Shareholders' Final Meeting Set for Aug. 28


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Tit-for-Tat Protest Snarls Border Market
EMPRESA GENERADORA HAINA: S&P Affirms 'B+' CCR; Outlook Stable
EMPRESA GENERADORA ITABO: S&P Affirms 'B+' CCR; Outlook Stable


J A M A I C A

CARIBBEAN AIRLINES: No Problem for Jamaica From London Withdrawal


M E X I C O

CREDITO REAL: S&P Affirms 'BB+' ICR; Outlook Stable


                            - - - - -


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B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Incurs $6.4MM Net Loss in 2Q Ended June 30
-----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed financial results for the
second quarter ended June 30, 2015.

The company recorded second quarter 2015 revenues of $96.1
million.  Recorded adjusted consolidated EBITDA of $17.8 million
in the second quarter of 2015, which includes adjusted EBITDA of
$6.2 million from their River Business.

The company recorded adjusted EBITDA of $11.5 million in their
Offshore Supply Business, a negative adjusted EBITDA of $(1.5)
million from our Ocean Business, and an adjusted EBITDA of $1.7
million from other activities, including foreign currency exchange
losses.

The company recorded total net loss and net loss per share of
$(6.4) million and $(0.05) per share, respectively, in the second
quarter of 2015, which includes the effect of a $0.7 million gain
for deferred taxes on unrealized foreign exchange gain on U.S.
dollar-denominated debt of their Brazilian subsidiary in our
Offshore Supply Business.

A full text copy of the company's financial report is available
free at:

                          http://is.gd/TEEyyd


                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 12, 2015, Standard & Poor's Ratings Services revised its
outlook on Ultrapetrol (Bahamas) Ltd. to negative from stable.
S&P also affirmed its ratings, including the 'B' corporate credit
and issue-level ratings.

The outlook revision reflects S&P's concerns that continued
weakness in commodity prices, amid high costs of keeping a big
share of fleet idle, will maintain metrics in line with a "highly
leveraged" financial risk profile for at least the next two years.
Despite Ultrapetrol's efforts to strengthen its long-term
contracted position, with more favorable terms that allow for cost
pass-through and higher rates, market conditions remain
challenging given lower-than-expected general volumes of cargo and
greater competition in the Paraguay River area.


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B R A Z I L
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BANCO DO BRASIL: Sees $254MM Savings From Worker Retirement Plan
----------------------------------------------------------------
Reuters reports that as many as 4,992 employees at state-
controlled lender Banco do Brasil SA joined an early retirement
incentive plan, helping the nation's largest lender by assets
reduce payroll expenses by BRL883.5 million ($254 million) for
this year and next.

The number is in line with Banco do Brasil's expectations of about
5,000 employees, as a source with direct knowledge of the payroll-
reduction plans told Reuters late last month, according to the
report.  The reduction is already factored in the bank's estimates
for growth in sales, administrative and general expenses for this
year, according to a statement released by the bank.

The report discloses that state banks are joining a growing group
of companies and sectors slashing their payrolls, the latest sign
that Brazil is rapidly slipping into recession.  In a reversal of
years of aggressive hiring, Banco do Brasil and Caixa Economica
Federal are among government banks stepping up voluntary
retirement programs for long-serving staff or closing empty
positions, the report relays.

The early retirement programs are expected to trim the combined
payroll of Banco do Brasil and Caixa by 8,500 people, the report
notes.  State-run Banco do Estado de Rio Grande do Sul SA and
Banco do Brasilia SA are following suit, the report says.

The report discloses that after years of heavy spending, the
government is now asking state banks to implement thriftier
management practices. About 101,000 people work at Caixa, while
Banco do Brasil had about 112,600 employees as of March.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2014, Standard & Poor's Ratings Services has raised its rating
on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative
subordinated bonds to 'BB-' from 'B+'.  In addition, S&P affirmed
its 'BB' rating on the bank's $500 million 10-year subordinated
deferrable notes.  In addition, S&P removed its "Under Credit
Observation" identifier from the ratings on these instruments.


BANCO DO BRAZIL: On Track to Meet Lending Target as Profit Rises
----------------------------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Banco do
Brasil SA is maintaining its forecast for lending this year
despite relatively weak profit growth and the country's struggling
economy.

The bank, which said earlier that its second-quarter net profit
rose 6.32%, still expects its loan portfolio to increase between
7% and 11% this year from 2014, after growth of 6.4% in the first
half, according to The Wall Street Journal.

"The second half is historically a period with more activity, so
we will keep our forecasts for this year," bank president
Alexandre Abreu said during a press conference, the report notes.

While Banco do Brasil's profit growth might seem admirable, given
the outlook for a shrinking economy this year, private-sector
banks Itau Unibanco Holding SA and Banco Bradesco SA both say
their profit increased about three times as much in the same
period as they raised their fees and widened their spreads on
lending, the report relays.

The report discloses that the combination of the weak economy with
high inflation and interest rates is reducing Brazilians'
appetites for borrowing, according to economists.

After the 2008 global economic crisis, Brazil's state-run banks,
including Banco do Brasil, embarked on an aggressive, multiyear
expansion of their lending activities as part of the government's
effort to revive the economy, the report notes.

State banks won't repeat that effort this time, Mr. Abreu said,
the report relays. "In the recent past, our expansion was
important to increase our market share in terms of loans, but this
time we're not looking to increase market share," Mr. Abreu
explained.

The report notes that the bank posted a net profit of BRL3 billion
($859 million) in the second quarter, up from BRL2.83 billion in
the year-earlier period, as lending growth outweighed provisions
charges in the period.

The bank's total outstanding loans rose to BRL776.8 billion, up 8%
from a year earlier, the report says.  Its revenues for the
financial services picked up 15.4% to BRL37.5 billion.

Banco do Brasil's provision charges rose amid a slight increase in
default rates during the period, the report notes.  Provisions for
bad loans totaled BRL5.53 billion, up 21% from BRL4.57 billion in
the year-earlier period, the report relays.

The nonperforming loan rate was 2.04%, up from 1.99% on year, but
down from 2.05% in the previous quarter, the report discloses.

The return on equity was 14.1%, down from 16.1%.  Total assets
were BRL1.53 trillion, up from BRL1.4 trillion in the year-ago
period, the report notes.

The bank's adjusted net profit, which accounted one-time gains and
losses, was BRL3.04 billion in the second quarter, up from BRL3
billion in the year-earlier period, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2014, Standard & Poor's Ratings Services has raised its rating
on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative
subordinated bonds to 'BB-' from 'B+'.  In addition, S&P affirmed
its 'BB' rating on the bank's $500 million 10-year subordinated
deferrable notes.  In addition, S&P removed its "Under Credit
Observation" identifier from the ratings on these instruments.


HYPERMARCAS SA: Plans New Price Hike Due to Brazil Currency Plunge
------------------------------------------------------------------
Luciana Bruno and Brad Haynes at Reuters reports that Brazilian
consumer goods maker Hypermarcas SA plans to raise prices again
due to a recent sharp depreciation of the local currency, Chief
Executive Claudio Bergamo said on a conference call.

Hypermarcas has already hiked prices twice in 2015, adding to the
fastest consumer inflation in over 11 years, according to Reuters.

The report notes that concerns about a likely recession and the
government's slipping budget target has weakened Brazil's
currency, the real, more than 20 percent this year, to a 12-year
low.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, Standard & Poor's Ratings Services affirmed its
'BB' global scale and 'brAA-' Brazilian national scale corporate
credit and issue-level ratings on Hypermarcas S.A.  S&P also
revised the recovery rating band to '3H' from '3L'.  The outlook
on the corporate ratings remains stable.


JBS SA: Unit Offers to Buy 50.1% Stake in Scott Technology
----------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that the Australian unit
of JBS SA agreed to offer to buy at least 50.1 percent of
outstanding shares in New Zealand technology firm Scott Technology
Ltd for NZ$1.39 a share.

In a securities filing, Brazil's JBS said the respective tender
offer will be made through its JBS Australia Pty Ltd unit,
according to Reuters.  Under terms of the offer, Scott Technology,
a long-standing supplier of technology services for JBS, is valued
at about $42 million, the report notes.

JBS S.A. processes and sells beef, lamb, and poultry products in
Brazil and internationally.

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, Standard & Poor's Ratings Services said that it has
affirmed its 'BB+' global scale corporate credit and issue-level
ratings on JBS S.A. and its subsidiary, JBS USA.  S&P also
affirmed its 'brAA+' national scale rating on JBS.  The outlook
for all corporate ratings remains positive.


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


AES ANDRES: S&P Affirms 'B+' CCR; Outlook Remains Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on AES Andres Dominicana.  The outlook remains
stable.

"We assess Andres Dominicana's stand-alone credit profile (SACP)
at 'b+', which reflects the company's "vulnerable" business risk
profile and "modest" financial risk profile.  Our business risk
assessment reflects the challenges of operating in the Dominican
Republic's (DR; BB-/Stable/B) electric power industry, the
country's weak regulatory framework, and an inefficient and highly
subsidized distribution sector with uncertain long-term financial
sustainability.  In particular, the cash flow generation of DR-
based power generation companies is exposed to weak collection
rates and payment delays from distribution companies.  The rating
also considers the power sector's dependence on the economy and
the sovereign's ability to keep subsidizing the sector, which
exposes it to potential economic stress," S&P said.

The rating also considers AES Andres Dominicana's ownership of the
DR's only liquefied natural gas (LNG) terminal.  This has led to
the development of the company's natural gas marketing business,
which further diversifies its customer base.  AES Andres
Dominicana has diversified its dollar-denominated portfolio of
long-term energy sales contracts, limiting its exposure to spot-
market volatility and allowing the company to pass through fuel
costs.  AES Andres Dominicana plans to increase the installed
capacity of its asset portfolio by adding 114 megawatts (MW) to
Dominican Power Partners' (DPP's) plant through the Los Mina
combined cycle conversion project, which will likely start
operating in January 2017.  The company also benefits from The AES
Corp.'s (BB-/Stable/--) ownership, which provides it with
technical, managerial, and operating expertise.

S&P revised AES Andres Dominicana's financial risk profile to
"modest" from "significant," given that S&P now reflects the
company's exposure to working capital swings--due to significant
collection delays--in the negative comparative rating adjustment
(CRA) instead in the financial risk profile assessment.  The
negative CRA reflects the company's exposure to volatile cash flow
and the difficulties of monetizing accounts receivable.  As of
June 30, 2015, the company had about five months of past-due
accounts from the distribution companies.


BALENCIA HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Balencia Holdings Ltd. received on Aug. 26,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Delio Jose De Leon Mela
          Reference: GL
          Avalon Trust & Corporate Services Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


BELGRAVIA INTERNATIONAL: Members' Final Meeting Set for Sept. 3
---------------------------------------------------------------
The members of Belgravia International Holdings Ltd will hold
their final meeting on Sept. 3, 2015, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


EURASIAN DIVERSIFIED: Member to Hear Wind-Up Report on Aug. 31
--------------------------------------------------------------
The member of Eurasian Diversified Investment Fund Limited will
hear on Aug. 31, 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:

          CP Fund Management (Cayman) Limited
          Floor 4 Willow House, Cricket Square
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


JORVI INVESTMENTS: Members' Receive Wind-Up Report
--------------------------------------------------
The members of Jorvi Investments Ltd. received on Aug. 25, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KABLOONA LIMITED: Shareholders' Final Meeting Set for Sept. 4
-------------------------------------------------------------
The shareholders of Kabloona Limited will hold their final meeting
on Sept. 4, 2015, to receive the liquidators' report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Helier Pirouet
          David Le Roux
          Citron 2004 Limited
          Telephone: + 44 1534 282276/ 01534 282345
          Facsimile: + 44 1534 282400
          23-25 Broad Street
          St Helier Jersey


MANULIFE DYNAMIC: Shareholder to Hear Wind-Up Report on Aug. 27
---------------------------------------------------------------
The shareholder of Manulife Dynamic Fund will hear on Aug. 27,
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:

          K.D. Blake
          c/o Giji Alex
          Telephone: (345) 914-4350/ (345) 949-4800
          Facsimile: (345) 949-7164
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman
          Cayman Islands


ONE TREE: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of One Tree Natural Resources Fund III received on
Aug. 25, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o  Xing Yan
          Damo Gold Ocean Group, 45th Floor
          One Midtown, 11 Hoi Shing Road
          Tsuen Wan
          Hong Kong
          Telephone: (852) 3976 6966


PRESBIA HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Presbia Holdings received on Aug. 25, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          36A Dr. Roy's Drive, George Town
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


SPARKLING COMBO: Sole Member to Hear Wind-Up Report on Sept. 14
---------------------------------------------------------------
The sole member of Sparkling Combo Investments Inc. will hear on
Sept. 14, 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:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


STEEL PARTNERS: Shareholders' Final Meeting Set for Aug. 28
-----------------------------------------------------------
The shareholders of Steel Partners Japan Strategic Offshore Fund,
Ltd. will hold their final meeting on Aug. 28, 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:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Tit-for-Tat Protest Snarls Border Market
------------------------------------------------------------
Dominican Today reports that union leaders of the Haitian town
Ouanaminthe and other northeast Haiti localities on Aug. 24 shut
their border gate with chains, roiling several the binational
market for several hours.

The Haitians protested in the country when Dominican Customs
officials in Dajabon retained a tractor trailer loaded with sugar
and other goods, owned by a Haitian business leader, according to
Dominican Today.

Quoted by local media, Alonso Paul spokesman for the Haitian
demonstrators said they decided to keep out their compatriots from
the market, because Dominican customs has retained the truck for
several days, the report notes.

"Since Dominican truckers don't allow commercial vehicles to cross
into their country, we've decided to do the same," the report
quoted Mr. Paul as saying.

Several Haitians who started to cross the Masacre river and others
who tried to climb over the fence into Dajabon were beaten back by
their countrymen with clubs, the report relays.

The report notes that Fernando Diaz, head of the Dajabon market
vendors association said the unannounced protest has led to losses
in the millions.

The report adds that Mr. Diaz noted however that, Haitian
authorities decided to partially open the door after several
hours, but since most buyers Haitians had left back into Haiti,
vendors from both countries were affected.


EMPRESA GENERADORA HAINA: S&P Affirms 'B+' CCR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Empresa Generadora de Electricidad Haina S.A.
(EGE Haina).  The outlook remains stable.

"We assess EGE Haina's stand-alone credit profile (SACP) at 'b+',
reflecting its "weak" business risk profile given the challenges
of operating in the Dominican Republic's (DR; BB-/Stable/B)
heavily subsidized electricity sector, its weak regulatory
framework, and uncertain long-term financial sustainability.  In
particular, DR-based power generators' cash flows are susceptible
to weak collection rates and payment delays from the distribution
companies.  The rating also considers the power sector's
dependence on the economy and the sovereign's ability to continue
subsidizing the sector, which may weaken in an economic stress
scenario.  The SACP incorporates the company's diversified
portfolio of generation assets and its position as the country's
largest electricity generator," S&P said.

"EGE Haina's diversified portfolio of dollar-denominated, long-
term power purchase agreements (PPAs), which in the past have
limited exposure to spot-market volatility and allowed a pass-
through of fuel costs, mitigated the operating challenges.
Nevertheless, the company's PPAs with the distributions companies
in the DR will expire in mid-2016. Although EGE Haina has yet to
renew the contracts, our base-case scenario considers that the
government will likely auction new PPAs to replace the ones that
expire.  We believe the prices will be lower than those of current
agreements due to the expected increase in electricity supply.  If
the company fails to obtain new PPAs and a stress scenario limits
its activities to the spot market, we expect EGE Haina's EBITDA to
weaken and its EBITDA margin to decline as of mid-2016.  However,
we believe this scenario is unlikely and its impact on the
company's financial risk profile would be limited," S&P noted.


EMPRESA GENERADORA ITABO: S&P Affirms 'B+' CCR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Empresa Generadora de Electricidad Itabo S.A.
(EGE Itabo).  The outlook remains stable.

"We assess EGE Itabo's stand-alone credit profile (SACP) at 'b+',
which reflects the company's "vulnerable" business risk profile
and "modest" financial risk profile.  Our business risk assessment
reflects the challenges of operating in the Dominican Republic's
(DR; BB-/Stable/B) electric power industry, the country's weak
regulatory framework, and an inefficient and highly subsidized
distribution sector with uncertain long-term financial
sustainability.  In particular, the cash flow generation of DR-
based power generation companies is exposed to weak collection
rates and payment delays from distribution companies.  The rating
also considers the power sector's dependence on the economy and
the sovereign's ability to keep subsidizing the sector, which
exposes it to potential economic stress," S&P said.

Additionally, the company's business risk profile reflects its
ownership of a single asset in the DR with no offtaker or fuel
diversification.  Nevertheless, the company benefits from a
portfolio of dollar-denominated, long-term energy sale contracts
that limits its exposure to spot-market volatility and allow
semiannual pass-through of fuel costs.

S&P revised EGE Itabo's financial risk profile to "modest" from
"significant," given that S&P now reflects the company's exposure
to working capital swings due to significant collection delays in
the negative comparative rating adjustment (CRA) instead in the
financial risk profile assessment.  The negative CRA reflects the
company's exposure to volatile cash flow and the difficulties of
monetizing accounts receivable.  As of June 30, 2015, EGE Itabo
had about six months of past due accounts from the distribution
companies.  The financial risk profile assessment reflects the
company's sound cash flow generation and lower leverage metrics.


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J A M A I C A
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CARIBBEAN AIRLINES: No Problem for Jamaica From London Withdrawal
-----------------------------------------------------------------
RJR News reports that Dr. Wykeham McNeil, Jamaica's Tourism
Minister, has sought to allay fears that the country's arrival
figures might be negatively affected by Caribbean Airlines Limited
terminating its London route, declaring that this is highly
unlikely.

The airline will be ending its three weekly flights to London
early next year because it is not profitable, according to RJR
News.

Dr. McNeil told RJR News that there will be no fallout for the
local tourism sector as it was not dependent on the airline to
bring passengers from the UK.

Explaining that the airline's London route originates out of
Trinidad, he said this has not been of significant benefit to
Jamaica, the report notes.

Jamaica currently benefits from numerous weekly flights out of
Britain by British Airways, Virgin, and TUI, he said, adding that
TUI will be increasing its schedule to daily flights next year,
the report relates.

Caribbean Airlines' London service was launched in 2012; however,
it has performed below expectations, the report adds.

                     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.


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M E X I C O
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CREDITO REAL: S&P Affirms 'BB+' ICR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
issuer credit and issue-level ratings on Credito Real S.A.B. de
C.V. SOFOM, E.R. (Credito Real).  S&P also affirmed its 'mxA+/
mxA-1' national scale counterparty credit and issue-level ratings.
The outlook is stable.

S&P's ratings on Credito Real reflect its "adequate" business
position, which balances out the growth in its operating revenues
and its loan portfolio concentration in payroll loans to public
employees.  S&P's assessment also includes its "strong" projected
risk-adjusted capital (RAC) ratio of 14.5% for the next two years,
its "moderate" risk position (that incorporates its strong asset
quality performance and the transactional risks of operating with
government entities), and its "adequate" funding and liquidity.

S&P's 'BB+' rating on the company's $425 million senior unsecured
notes due 2019 is at the same level as the issuer credit rating.
The debt rating reflects the firm's secured debt, which
represented less than 15% of adjusted assets as of June 30, 2015,
and its unencumbered assets, which completely covered unsecured
debt.

The stable outlook reflects S&P's expectation that the company
will maintain "strong" risk-adjusted capitalization over the next
two years, through more-moderate loan growth and solid internal
capital generation.  It also reflects S&P's expectation that
Credito Real will maintain good asset quality metrics and a
manageable maturity profile of its liabilities.

If the RAC ratio falls below 10% as a result of an increase in
goodwill, the impairment of intangibles, or higher loan loss
provisions, S&P could lower the ratings.  An increase in credit
losses from rapid growth in new products with weak origination
practices, and/or pressure on its liquidity arising from the
refinancing of its liabilities, and/or maturity concentrations,
could also lead to a negative rating action.

S&P don't expect to raise the ratings in the next 12 months.


                            ***********


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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