TCRLA_Public/150716.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, July 16, 2015, Vol. 16, No. 139


                            Headlines



B R A Z I L

BRAZIL: Budget Axe Falling Too Heavily on Us, Say Businesses
BRAZIL: Drives Corporate Downgrades to Outpace Upgrades Says Fitch
TONON BIOENERGIA: S&P Lowers Corporate Credit Rating to 'SD'


C A Y M A N  I S L A N D S

GS CONCENTRATED: Commences Liquidation Proceedings
GS DISTRESSED: Commences Liquidation Proceedings
GS ENERGY: Commences Liquidation Proceedings
GS HOLDINGS: Commences Liquidation Proceedings
GS PEP 2000: Commences Liquidation Proceedings

GS PEP 2002: Commences Liquidation Proceedings
GS PEP HOLDINGS: Commences Liquidation Proceedings
GS US MARKET: Commences Liquidation Proceedings
GS US MIDDLE: Commences Liquidation Proceedings
GS WLR: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Tenders, Not 'Whim' to Find Oil, Minister Says


E L   S A L V A D O R

AES EL SALVADOR: Fitch Cuts Issuer Default Ratings to 'B+'


J A M A I C A

JAMAICA: Debt is Now J$2.046 Trillion


M E X I C O

ELEMENTIA SA: IPO No Impact on Moody's Ba2/A1.mx Sr. Sec. Rating
HIPOTECARIA SU: S&P Affirms 'D(sf)' Rating of Class B Debt
MEXICO: Foreign Reserves Fall by $388 Million


P U E R T O    R I C O

ANNA'S LINEN: Meeting of Creditors Set for Aug. 7
COCO BEACH GOLF: Voluntary Chapter 11 Case Summary
DORAL FINANCIAL: Gets More Time to Remove Suits
DORAL FINANCIAL: Seeks Oct. 7 Extension of Plan Filing Date
DORAL FINANCIAL: Needs Until Oct. 7 to Decide on Leases

GOVERNMENT DEVELOPMENT: S&P Lowers ICR to 'CC'; Outlook Negative
STANDARD REGISTER: Ct. Issues Restraining Order Against Ex-Workers


T R I N I D A D  &  T O B A G O

PETROTRIN: Gov't Wants New Pres. Before Elections, Roget Claims


U R U G U A Y

ADMINISTRACION NACIONAL: Moody's Lowers CFR to B1; Outlook Stable


V E N E Z U E L A

VENEZUELA: Needs Debt Refinancing, Not Default, Capriles Says


                            - - - - -


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


BRAZIL: Budget Axe Falling Too Heavily on Us, Say Businesses
------------------------------------------------------------
Joe Leahy at The Financial Times reports that one of the more
bizarre political debates in Brazil this year has been over
whether Joaquim Levy, the country's hawkish finance minister,
should be regarded as Judas or Jesus.

President Dilma Rousseff started it by warning her left-leaning
Workers' party not to treat the Chicago-trained economist as a
"Judas", or traitor, for launching an austerity program to
rebalance the government's budget after years of profligacy,
according to The Financial Times.

Her vice-president, Michel Temer, went further, likening him to
"Jesus Christ" for trying to "save" Brazil, which is in danger of
losing its investment-grade credit rating unless Mr. Levy can
stabilize rising levels of public debt, The Financial Times notes.

"It [Mr Levy's fiscal austerity program] looks like something
difficult and complicated but it will deliver the best results,"
The Financial Times quoted Mr. Temer as saying.

The Financial Times notes that for many in Brazilian business,
which is suffering from a worsening recession, Mr. Levy ranks
somewhere in between the two biblical figures.

Most industrialists acknowledge the need to tackle the budget
deficit, which at 7 per cent last year was the worst in a decade,
The Financial Times relates.  But many industries in Brazil are
heavily dependent on government protection, subsidies and tax
incentives to survive in an economy that the World Bank regards as
one of the world's least competitive, says the report.

The Financial Time notes that critics feel the axe is falling too
heavily on the wrong areas, such as exports, investment and
manufacturing.  "The question mark is not whether to do the fiscal
adjustment but how to do it in such a way as to produce a less
negative effect on the Brazilian economy," said Roberto Giannetti
da Fonseca, vice-president of the Brazilian Foreign Trade
Association, the report relays.

The Financial Times discloses that after years of prolonged fiscal
stimulus to counter the end of the commodities supercycle and a
consumer credit boom, Ms. Rousseff this year appointed Mr. Levy to
restore the budget to a primary surplus, which is the balance
before interest payments.

Mr. Levy has set a primary surplus target of 1.2 per cent this
year, compared with a deficit last year.  This is to come from
sharp cuts in public investment, reductions in some employment and
pension benefits, the slashing of subsidies for energy and tax
hikes on fuel, The Financial Times notes.  It will also come from
cutting tax breaks, such as those on exports and company payrolls,
and reducing state-bank subsidised lending, note the report.

The central bank, meanwhile, is trying to stymie inflation by
sharply raising interest rates, The Financial Times notes.  It has
also allowed Brazil's currency, the real, to depreciate 45 per
cent against the dollar over the past year, The Financial Times
discloses.

"Is it an emergency situation? Yes," said Paolo Dal Pino,
president for South America at tyremaker Pirelli, of the economic
slump, The Financial Times notes.  "But is it a situation that can
be turned around? Yes it is.  If the government . . . takes the
right measures we will suffer for 12-18 months and then see good
results," Mr. Dal Pino added.

But some businessmen complain about the types of measures that are
being taken, The Financial Times relays.  For instance,
reimbursements under "Reintegra", a program under which the state
compensates exporters for duplicate taxes that accumulate in the
production chain, were cut from 3 percentage points of the value
of goods to 1 percentage point, said the foreign trade
association's Mr. Giannetti, The Financial Times notes.  This
undermined Brazil's competitiveness, he said.  "You cannot export
tax," he added.

The Financial Times notes that Mr. Giannetti also criticised
central bank intervention to cushion the depreciation of the
exchange rate, which he said was to help it meet its inflation
targets. Intervention had prevented the real from devaluing even
more.  "The exporters are being penalized," Mr. Giannetti added.

Other businessmen decry Mr. Levy's reduction of tax breaks on
company payrolls, The Financial Times relays.  This tax is
regarded as particularly regressive as it discourages hiring, The
Financial Times notes.

The Financial Times says that one senior executive of a large
retailer complained industry and labor were bearing the brunt of
austerity while Brazil's government, one of the world's largest as
a share of gross domestic product, was hardly touched.  "Public
sector jobs are not being cut because that's their [the ruling
coalition's] support base," he said, the report relays.

Others said the government had its hands tied because Brazil's
constitution and labor laws protected government jobs and confined
the kind of budget cuts that could be made mostly to
"discretionary spending" -- which is mainly investment, The
Financial Times notes.

Of nearly BRL70 billion ($22 billion) in cuts announced by the
planning ministry recently, a big part was investment in
infrastructure and logistics, says the report.

"There is a sharp decline in public investment, which of course is
not the ideal strategy because that has an indirect effect on
private investment and the economy as a whole," said Carlos
Langoni, former central bank governor and founder of consultancy
Projeta, according to The Financial Times.

But while they may differ over the details, most businessmen agree
that the fiscal adjustment needs to be done as soon as possible to
limit the pain, the report notes.  It should then be followed by
sweeping reform to stimulate investment and aid the recovery, The
Financial Times relates.

To this end, one of the most concerning things was political
infighting over the adjustment, with Brazil's congress undermining
austerity by recently increasing salaries for the judiciary, says
the report.

"What we need is the government and all stakeholders to act
together," said Mr. Dal Pino, The Financial Times adds.


BRAZIL: Drives Corporate Downgrades to Outpace Upgrades Says Fitch
------------------------------------------------------------------
Brazil's continued economic underperformance led non-financial
corporate (corporate) downgrades to outpace upgrades during the
second quarter 2015, according to Fitch Ratings.

For 2Q15, corporate downgrades exceeded upgrades by 2.5 to 1.0.
The downgrade-to-upgrade ratio attributed to changes in the
operating/industry profile was 1.7 to 1.0 (1.4 for the six months
ending June 2015). Brazilian issuers drove 28% of corporatewide
and 83% of Latin American corporate downgrades.

The food, beverage, and tobacco (FBT) sector led corporate
downgrades in the second quarter with 21% of downgrades, primarily
driven by weakness in Latin America. More than one-half of FBT
downgrades were Brazilian sugar and ethanol issuers, including
multiple downgrades of Tonon Bioenergia S.A. and U.S.J.-Acucar e
Alcool S.A. Fitch expects prices for sugar and ethanol to remain
under pressure despite improvements in ethanol industry dynamics
in 2015 compared to 2014.

In addition to the FBT rating actions, weak steel demand in the
region and declines in ore prices affecting their own mines' sales
contributed to downgrades of steel companies CSN and Usinas,
although Gerdau's investment-grade ratings have been affirmed. A
weak economic environment is expected to continue for the next two
years, with Fitch projecting a contraction in Brazil's economy by
1.5% in 2015 before experiencing tepid growth of 0.7% in 2016.
This will continue to lead to weak domestic demand across most
corporate sectors.

Independent of economic weakness in Brazil, we expect mergers and
acquisition (M&A) activity to continue and potentially pick up as
the year progresses, driving event risk (around 15% of downgrades
and upgrades). M&A activity, including Dufry AG's announcement to
acquire World Duty Free Group, Wisconsin Energy Corp.'s planned
acquisition of Integrys Energy Group, and H.J. Heinz merger with
Kraft Foods contributed to downgrades and upgrades in the quarter.
Fitch expects consolidation activity in healthcare, energy, and
FTB to continue driving event risk-related rating actions.


TONON BIOENERGIA: S&P Lowers Corporate Credit Rating to 'SD'
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Tonon Bioenergia S.A. to 'SD' (selective default)
from 'CC'.  S&P also lowered its issue-level rating on the
company's $300 million senior unsecured notes to 'D' (default)
from 'C'.  At the same time, S&P placed the 'CC' rating on Tonon's
$230 million senior secured notes on CreditWatch with positive
implications.

The downgrade follows Tonon's recent announcement that more than
95% of its noteholders approved the proposal for exchanging the
amount of the $300 million corresponding to their share for new
senior unsecured notes.

The new notes will have the same maturity as the original notes,
but lower interest rates (7.25% per year) for the first two years
and will allow the company to defer interest payments at its sole
discretion in this period.  Afterwards, interest climbs back to
the same levels of the original notes (9.25%), while interest
payments will resume, as long as the company is able to maintain a
minimum cash position of R$100 million.  The outstanding amount
and accrued unpaid interest will be fully paid at maturity.  The
noteholders that didn't agree with the proposed exchange will
maintain the current notes with their original conditions, but
covenant package will be removed and the notes won't have priority
payment over the exchanged notes.  According to S&P's criteria, it
views this as a distressed exchange, especially because
noteholders will receive less than originally expected, and S&P
also views the company's liquidity as "weak" with an appreciable
likelihood of a conventional default in case the exchange didn't
occur.

S&P expects to raise its ratings on Tonon to 'CCC-' or 'CCC' over
the next few days.  In S&P's view, the higher rating would result
from Tonon's ability to improve and maintain liquidity at least to
"less than adequate" over the next several quarters under its
base-case scenario.


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


GS CONCENTRATED: Commences Liquidation Proceedings
--------------------------------------------------
On June 19 2015, the sole shareholder of GS Concentrated Energy
Offshore Holdings Advisors, Inc. 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:

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


GS DISTRESSED: Commences Liquidation Proceedings
------------------------------------------------
On June 19 2015, the sole shareholder of GS Distressed
Opportunities Offshore Advisors, Inc. 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:

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


GS ENERGY: Commences Liquidation Proceedings
--------------------------------------------
On June 19 2015, the sole shareholder of GS Concentrated Energy
Offshore Advisors, Inc. 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:

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


GS HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------
On June 19 2015, the sole shareholder of GS Distressed
Opportunities Offshore Holdings Advisors, Inc. 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:

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


GS PEP 2000: Commences Liquidation Proceedings
----------------------------------------------
On June 19 2015, the sole shareholder of GS PEP 2000 Offshore
Advisors, Inc. 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:

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


GS PEP 2002: Commences Liquidation Proceedings
----------------------------------------------
On June 19 2015, the sole shareholder of GS PEP 2002 Offshore
Advisors, Inc. 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:

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


GS PEP HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
On June 19 2015, the sole shareholder of GS PEP 2000 Offshore
Holdings Advisors, Inc. 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:

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


GS US MARKET: Commences Liquidation Proceedings
-----------------------------------------------
On June 19 2015, the sole shareholder of GS U.S. Middle Market
Buyout Offshore Advisors, Inc. 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:

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


GS US MIDDLE: Commences Liquidation Proceedings
-----------------------------------------------
On June 19 2015, the sole shareholder of GS U.S. Middle Market
Buyout Offshore Holdings Advisors, Inc. 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:

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


GS WLR: Commences Liquidation Proceedings
-----------------------------------------
On June 19 2015, the sole shareholder of GS WLR Opportunities
Advisors Offshore, Inc. 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:

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


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


* DOMINICAN REP: Tenders, Not 'Whim' to Find Oil, Minister Says
---------------------------------------------------------------
Dominican Today reports that Dominican Republic Energy and Mines
minister Antonio Isa Conde said oil explorations will be carried
out through a call for tenders and not simple concessions granted
"at a whim," to make the process more transparent and efficient in
keeping with the country's interests.

Mr. Conde said the tenders will begin as soon as multinational
contractor Schlumberger Surenco concludes the National
Hydrocarbons Database currently being compiled across the country,
according to Dominican Today.

"What we'll do is that when we have that information and the
defined blocks worth exploring, we'll tender the exploration
contracts.  No concessions are to be provided at a whim.   Tenders
will be based on, first, decide the profile of what we want and
then the type of contract that we'll apply and that's what's going
to be tendered," Mr. Conde said, the report notes.

Schlumberger Surenco won the tender for the National Hydrocarbons
Database in December 2014 and the work which began in March 2015
is slated to conclude in December, including the planning,
scanning, raster, vectorization and indexing all relevant
information relating to State-held oil, as well as process and
reinterpret all 2D seismic information, the report adds.


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


AES EL SALVADOR: Fitch Cuts Issuer Default Ratings to 'B+'
----------------------------------------------------------
Fitch Ratings has downgraded AES El Salvador Trust II's (AES El
Salvador) foreign and local currency Issuer Default Ratings (IDRs)
to 'B+' from 'BB' and revised the Rating Outlook to Stable from
Negative. In addition, Fitch has downgraded the company's USD310
million senior unsecured notes due 2023 to 'B+/RR4' from 'BB'.

The downgrade is driven by Fitch's recent Sovereign rating
downgrade of El Salvador to 'B+' from 'BB-' with Stable Outlook,
along with the country ceiling downgrade to 'BB' from 'BB+'. The
new Sovereign rating category highlights the credit profile
deterioration of the subsidy payment source to electricity
companies. AES El Salvador's rating considers the company's
exposure to the sustained weakening macroeconomic conditions in El
Salvador, which could affect electricity demand, collections and
non-technical electric losses.

KEY RATING DRIVERS

AES El Salvador revenues and cash generation are likely to
continue to rely on government subsidies. Currently the government
subsidizes residential users with a monthly consumption of 99
kilowatt hours (kWh) or less. The country's users connected to the
distribution system with energy consumption of 99 kWh or less
represent 66.2% of total users, which accentuates the importance
of the government subsidies to the country.

Approximately 80% of AES El Salvador's customers received
subsidies. AES El Salvador received subsidies of approximately
USD136.1 million in 2014 and USD136.9 million in 2013,
representing approximately 16% of total revenues. During the LTM
ended March 2015 the company generated USD81.4 million in EBITDA,
up from USD76.9 million in FY2014. Although the government has
been paying subsidies in a timely manner, payment delays or a
significant extension of the collection period may impact AES El
Salvador's financial profile and pressure the ratings.

Additionally, in the past the government implemented an
extraordinary subsidy for users with consumption below 200 kWh,
which was reviewed quarterly and represented between 15%-20% of
total 2014 subsidies. Beginning April 15, 2015, this extraordinary
subsidy was eliminated. Fitch expects that AES El Salvador
subsidies for 2015 will be lower than in 2014 due to lower energy
costs, while maintaining a debt-to-EBITDA ratio between 3.5x-4.0x
and stable liquidity.

AES El Salvador Trust II is a special-purpose vehicle (SPV)
located in Panama that was created to issue USD310 million of
notes on behalf of AES El Salvador Group. AES El Salvador's
ratings are based on the combined credit strength of the operating
companies that guarantee its debt and reflect the group's strong
market position, low business risk profile, and its predictable
cash flow generation. The ratings also reflect the exposure to
high regulatory risk and to Sovereign risk through subsidies.

RATING SENSITIVITIES

-- AES El Salvador's ratings could be negatively affected by any
    combination of the following factors: a Sovereign downgrade;
    deterioration of the operating environment resulting from
    regulatory changes that may impact working capital
    requirements and increase exposure to subsidies that in turn
    leads to increased leverage above 4x; liquidity deterioration
    due to energy costs not recovered through government
    subsidies; or further political or regulatory intervention
    that negatively affects the company's financial performance.

-- An upgrade is not likely in the near term due to the weakening
    macroeconomic conditions of El Salvador, and the strong
    reliance on government subsidies. AES El Salvador's ratings
    could be positively affected by improving macroeconomic
    conditions in El Salvador in conjunction with a sustainable
    leverage reduction (to below 3x); and regulatory stability.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

-- Energy sales (GWh) growth of 1.0% from 2015-2018;
-- AES El Salvador's distribution companies maintain its strong
    market share participation;
-- No elimination of subsidies (below 99Kwh consumption);
    government subsidies continue to be paid in a timely manner;
-- Capital Expenditures around USD35 million per year;
-- Gross leverage around 3.5x in the next three years.


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


JAMAICA: Debt is Now J$2.046 Trillion
-------------------------------------
RJR News reports that Jamaica's public debt has increased to a new
record.

The Ministry of Finance disclosed that the debt is now J$2.046
trillion, according to RJR News.

Despite an increase in the debt, in dollar amount, however, it is
expected that, in relative terms, it will have declined to be
equivalent to 133 per cent of GDP by March next year, the report
notes.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2015, Standard & Poor's Ratings Services raised its long-
term foreign and local currency sovereign credit ratings on
Jamaica to 'B' from 'B-'.  In addition, S&P affirmed the 'B'
short-term ratings on Jamaica.  The outlook on the long-term
ratings is stable.  S&P also raised the transfer and
convertibility assessment to 'B+' from 'B'.


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


ELEMENTIA SA: IPO No Impact on Moody's Ba2/A1.mx Sr. Sec. Rating
----------------------------------------------------------------
Moody's said that Elementia's initial public offering is credit
positive, but it does not impact the company's stable outlook or
Ba2/A1.mx senior unsecured and corporate family ratings.

Elementia, S.A. is a major manufacturer of semi-finished copper,
alloy, fiber cement, cement, and plastic products with
consolidated revenues of MXN15.8 billion (USD1.2 billion) for the
12 months ended March 31, 2015.  The company has four business
segments: metals, building systems (fiber cement products),
plastics, and cement and operates in Mexico and in Latin America.


HIPOTECARIA SU: S&P Affirms 'D(sf)' Rating of Class B Debt
----------------------------------------------------------
Standard & Poor's Rating Services affirmed its global and national
(CaVal) scale ratings and Standard & Poor's underlying ratings
(SPURs) on two Su Casita-originated residential mortgage-backed
securities (RMBS) transactions.  The two transactions, Hipotecaria
Su Casita-Residential Mortgage Backed Notes' class A and B notes
due 2035, and Hipotecaria Su Casita-Bursatilizaciones de Hipotecas
Residenciales III's certificados bursatiles BRHCCB 07-2U and 07-
3U, have their senior tranches insured by MBIA Insurance Corp.
('B/Stable') and MBIA Mexico S.A. de C.V. ('B/Stable';
'mxBB+/Stable'), respectively.

The affirmations on the senior classes reflect the ratings on
their respective bond insurance provider while the SPUR reflects
the stand-alone capacity of the issue to pay debt service without
its external enhancement, in this case without the protection of
their respective bond insurance provider.  The 'D (sf)' ratings on
the subordinated classes (classes B and BRHCCB 07-3U) reflect that
these continue missing interest payments.

Under S&P's criteria, the issue rating on an insured bond reflects
the higher of the rating on the bond insurer or SPUR on the
security.  Therefore, S&P's global scale rating on the senior
class A notes reflects the rating on MBIA as the full financial
guarantor, while S&P's global and national scale ratings on senior
series BRHCCB 07-2U reflects MBIA Mexico's rating as the full
financial guarantee provider.

Hipotecaria Su Casita-Residential Mortgage-Backed Notes is a
cross-border RMBS transaction issued on April 2, 2007, by Trust
430 constituted in CIBanco S.A. Institucion de Banca Multiple
(formerly The Bank of New York Mellon S.A.)  It was issued in two
tranches: class A was issued for $232.53 million and pays monthly
interest at a rate of one-month LIBOR plus 0.23%, and class B was
issued for $226.5 million Mexican pesos (MXN) indexed to inflation
linked units (MXV) and pays monthly interest at 6.47% over the
MXV-indexed balance.

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III is a local RMBS transaction issued on Oct. 25, 2007, by Trust
234036, constituted in HSBC Mexico S.A.  It was issued in three
classes: BRHCCB 07U and BRHCCB 07-2U were issued as time-tranched
senior classes for MXV283.47 million and MXV425.20 million,
respectively, with monthly interest rates of 4.19% and 4.35%.  The
subordinated class BRHCCB 07-3U was issued for MXV64.85 million
and pays monthly interest at 6.99%.  BRHCCB 07U is no longer
rated, as it was fully amortized on Aug. 26, 2013.

RATINGS AFFIRMED

Hipotecaria Su Casita - Residential Mortgage-Backed Notes
               Class                        Amount
Tranche        type       Rating            (mil.)
Class A        Senior     B (sf)          USD85.43
Class A        SPUR       CC (sf)         USD85.43
Class B        Sub.       D (sf)          MXN184.97

Hipotecaria Su Casita - Bursatilizaciones de Hipotecas
Residenciales III
               Class                        Amount
Tranche        type       Rating        (mil. UDI)
BRHCCB 07-2U   Senior     B (sf)            381.62
BRHCCB 07-2U   Senior     mxBB+ (sf)        381.62
BRHCCB 07-2U   SPUR       D (sf)            381.62
BRHCCB 07-3U   Sub.       D (sf)             64.85

USD--U.S. dollars. MXN--Mexican pesos. UDI-Inflation-linked units.


MEXICO: Foreign Reserves Fall by $388 Million
---------------------------------------------
EFE News reports that Mexico's foreign reserves fell by $388
million to $191.8 billion, the Bank of Mexico said.

Reserves fell in the week ending July 10, with "the trend
consistent with the seasonal pattern of money supply demand," the
central bank said, according to EFE News.

The figures still reflect "the temporary effects associated with"
Mexico's June 7 midterm elections and "whose impact on the annual
growth rate should continue to diminish" with time, the Bank of
Mexico said in a statement obtained by the news agency.

The M1 money supply, which includes currency, coins and demand
deposits, fell by MXN2.18 billion (about $138.8 million) to
MXN1.06 trillion (some $67.44 billion), the central bank said, the
report relays.

The money supply has contracted by MXN2.7 billion ($172 million)
since Jan. 1, adds the report.


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


ANNA'S LINEN: Meeting of Creditors Set for Aug. 7
-------------------------------------------------
The meeting of creditors of Anna's Linens Inc. is set to be held
on Aug. 7, 2015, at 10:00 a.m. (Pacific Time), according to a
filing with the U.S. Bankruptcy Court for the Central District of
California.

The meeting will be held at the Ronald Reagan Federal Building and
U.S. Courthouse, Room 1-154, 411 West Fourth Street, in Santa Ana,
California.

The court overseeing the bankruptcy case of a company schedules
the meeting of creditors usually about 30 days after the
bankruptcy petition is filed.  The meeting is called the "341
meeting" after the section of the Bankruptcy Code that requires
it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                       About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


COCO BEACH GOLF: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Coco Beach Golf & Country Club, S.E.
        PO Box 21420
        San Juan, PR 00928-1420

Case No.: 15-05312

Nature of Business: Golf Course and Club

Chapter 11 Petition Date: July 13, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CUPRILL, PSC LAW OFFICE
                  356 Calle Fortaleza
                  Second Floor
                  San Juan, PR 00901
                  Tel: 787 977-0515
                  Email: cacuprill@cuprill.com

Total Assets: $9.2 million

Total Liabilities: $78 million

The petition was signed by Jorge Luis Diaz Irizarry, authorized
individual.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


DORAL FINANCIAL: Gets More Time to Remove Suits
-----------------------------------------------
U.S. Bankruptcy Judge Shelley Chapman extended the deadline for
Doral Financial Corp. to remove lawsuits until the earlier of (i)
the date an order is entered confirming a Chapter 11 plan in its
bankruptcy case, or (ii) 60 days after the appointment of a
Chapter 7 trustee.

                       About Doral Financial

Doral Financial Corporation is a holding company whose primary=
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.


DORAL FINANCIAL: Seeks Oct. 7 Extension of Plan Filing Date
-----------------------------------------------------------
Doral Financial Corporation asks the United States Bankruptcy
Court for Southern District of New York to extend (1) the time
period during which the Debtor has the exclusive right to file a
chapter 11 plan, through and including October 7, 2015, and (2)
the period during which the Debtor has the exclusive right to
solicit acceptances thereof through and including January 5, 2016.

The Debtor explained that though it has made substantial progress
in its case, it requires additional time to sell certain assets
and negotiate a Chapter 11 plan that will best maximize value for
creditors.

Since the appointment of the Official Committee of Unsecured
Creditors, the Debtor has worked closely with the UCC in exploring
opportunities to maximize recoveries for the parties-in-interest.
It is contemplated that this coordination and cooperation shall
continue, the Debtor tells the Court.  The Committee has indicated
it does not oppose the extension sought.

The extension of the Exclusive Periods will ensure that the Debtor
is able to capitalize on the progress it has made to date towards
its goal of successfully reorganizing, the Debtor tells the Court.

The Bankruptcy Court will convene a hearing on July 23, 2015, at
10:00 a.m. (Eastern Time), to consider approval of the extension
request.

The Debtor is represented by:

         Mark I. Bane, Esq.
         Meredith S. Tinkham, Esq.
         ROPES & GRAY LLP
         1211 Avenue of the Americas
         New York, NY 10036-8704
         Tel: 212 596-9000
         Fax: 212 596-9090
         Email: mark.bane@ropesgray.com
                meredith.tinkham@ropesgray.com

            -- and --

         James A. Wright III, Esq.
         ROPES & GRAY LLP
         Prudential Tower
         800 Boylston Street
         Boston, MA 02199-3600
         Tel: 617 951-7000
         Fax: 617 951-7050
         Email: james.wright@ropesgray.com

                   About Doral Financial

Doral Financial Corporation is a holding company whose primary=
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.


DORAL FINANCIAL: Needs Until Oct. 7 to Decide on Leases
-------------------------------------------------------
Doral Financial Corporation asks the United States Bankruptcy
Court for Southern District of New York to extend through and
including October 7, 2015, the time by which it must assume or
reject leases of nonresidential real property.

The Debtor explains that the Unexpired Leases are one of its
remaining assets that could generate value for its estate and
creditors and it has not yet had time to formulate a plan or to
appraise the potential value of the Unexpired Leases and the
impact of that value on a potential plan.

The Bankruptcy Court will convene a hearing on July 23, 2015 at
10:00 a.m. (Eastern Time) to consider approval of the extension
request.

The Debtor is represented by:

         Mark I. Bane, Esq.
         Meredith S. Tinkham, Esq.
         ROPES & GRAY LLP
         1211 Avenue of the Americas
         New York, NY 10036-8704
         Tel: 212 596-9000
         Fax: 212 596-9090
         Email: mark.bane@ropesgray.com
                meredith.tinkham@ropesgray.com

            -- and --

         James A. Wright III, Esq.
         ROPES & GRAY LLP
         Prudential Tower
         800 Boylston Street
         Boston, MA 02199-3600
         Tel: 617 951-7000
         Fax: 617 951-7050
         Email: james.wright@ropesgray.com


                       About Doral Financial

Doral Financial Corporation is a holding company whose primary=
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.


GOVERNMENT DEVELOPMENT: S&P Lowers ICR to 'CC'; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
issuer credit rating on the Government Development Bank for Puerto
Rico (GDB) to 'CC' from 'CCC-'.  At the same time, S&P is
affirming its 'C' short-term issuer credit rating on GDB.  The
rating outlook is negative.

"This downgrade reflects our view that a default by GDB in the
near term is a virtual certainty," said Standard & Poor's credit
analyst Brendan Browne.  GDB has announced its intent to purchase
its outstanding senior notes in the open market and in privately
negotiated transactions through cash or exchange with new
securities at a price the bank expects to be "materially less than
par."  S&P would deem such an exchange as distressed and consider
it a default under its criteria.  S&P affirmed its short-term
rating because it believes it already reflects its expectation for
default in the near term.

S&P continues to monitor GDB's financial performance and believe
its fundamental credit quality, including its business position,
risk position, and funding and liquidity, are very weak.
Moreover, S&P expects credit metrics to continue to be weighed
down by the commonwealth's inability to access funding markets,
and the overall deteriorating business, financial, and economic
conditions in Puerto Rico.

GDB faces nearly $900 million of notes maturating in fiscal 2016,
and it had net liquidity of roughly $778 million as of May 31,
2015.  S&P believes, in light of its tight liquidity conditions
and limited ability to raise capital, GDB will have difficulty
meeting its debt service requirements.

The rating outlook is negative, reflecting S&P's view that a
default on GDB's debt is virtually inevitable.  S&P expects it
will lower the issuer rating to 'SD' if GDB executes a debt
exchange, and S&P will also lower the issue-level rating on any
exchanged debt to 'D'.  When GDB has completed the planned
restructuring of its debt, S&P expects to update its assessment of
the banks stand-alone credit profile.


STANDARD REGISTER: Ct. Issues Restraining Order Against Ex-Workers
------------------------------------------------------------------
Asicentral.com reports that the U.S. Bankruptcy Court for the
District of Delaware has issued a restraining order against
Standard Register Company's former sales employees Craig Stockmal
and Lynn Smith.

Asicentral.com relates that the Company sued Mr. Stockmal and Ms.
Smith, accusing the two of breach of contract and misappropriation
of trade secrets, among other counts.  David Rich, Esq., the
attorney for Ms. Smith and Mr. Stockmal said that the interim
order prevents his clients from contacting Standard Register
customers during that time, but "the Court had 'significant
reservations' about the plaintiff's claims."

The Company claims in documents filed with the U.S. Bankruptcy
Court for the District of Delaware that Ms. Smith and Mr. Stockmal
used trade secrets and customer contacts to start a similar
company.  According to Asicentral.com, the Company says the
resulting loss of key customers could threaten its $307 million
sale to Taylor Corp., the top bidder in its recent bankruptcy
court auction.  The Company states in court documents that
"Stockmal and Smith are now leading Focused Impressions, having
secretly served as its founders, officers, executives and
operatives while still employees at Standard Register, and using
this misappropriated information to attempt to steal key Standard
Register customers."

Ms. Smith and Mr. Stockmal, Asicentral.com relates, contend that
Focused Impressions is solely a software company, and does not
compete with their former employer.

                     About Standard Register

Standard Register provides market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets.  The Company
has operations in all U.S. states and Puerto Rico, and currently
employs 3,500 full-time employees and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel, Polsinelli PC as Delaware counsel and
conflicts counsel, Jefferies LLC as its exclusive investment
banker, and Zolfo Cooper, LLC, as its financial and forensic
advisors.


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


PETROTRIN: Gov't Wants New Pres. Before Elections, Roget Claims
---------------------------------------------------------------
Trinidad Express reports that Oilfield Workers Trade Union (OWTU)
president general, Ancel Roget, has accused the Kamla Persad-
Bissessar-led Peoples Partnership Government of moving to install
a new president at State-owned Petroleum Company of Trinidad and
Tobago (Petrotrin) before the September 7 general election.

Mr. Roget claimed that qualified applicants were being overlooked
as the Government plans to hire United National Congress (UNC)
supporters and financiers, according to Trinidad Express.

The report notes that Mr. Roget was responding to advertisements
for a new president.

Speaking at a press conference outside Petrotrin's Pointe-a-Pierre
refinery Mr. Roget said the company was in dire need of a new
president, the report relates.  Mr. Roget said current president
Khalid Hassanali was a non-performer.

"And not withstanding his nonperformance and the fact that the
company took a dip in its profits margins and so on almost running
into ruin and chaos, he has been given a two year extension. This
is a country where they reward nonperformance.  That is why you
have Khalid Hassanali sitting as president there.  The sad thing
about that is that they are in desperate attempt to remove the
president before election and install another non-performer, a
party supporter, who cannot do anything to improve the performance
of the company's operation.  We have ample knowledge that there
are persons within the confines of Petrotrin's operation who can
properly run and manage the operations efficiently and do a job a
thousand times better than Khalid Hassanali and any party hats
that they choose to bring from outside," the report quoted Mr.
Roget as saying.

Thirteen workers marched around the Pointe-a-Pierre roundabout in
the rain, holding up placards, calling on Government to refrain
from selling out Petrotrin's port and marine operations to private
contractors, the report notes.

The report discloses that Mr. Roget said the union was calling for
an investigation into the company's intention to contract out its
bunkering services.  Mr. Roget questioned why Petrotrin refused to
fill out the structures in the port and marine operations with
permanent workers, the report relays.

The report notes that Mr. Roget also demanded the reinstatement of
three workers, who were fired following an investigation into
workers refusal to berth vessels transporting crude oil
originating from offshore Gabon during the period October to
November 2014 at the Port at Pointe-a-Pierre.  Thirty-seven others
have been issued suspensions and warning letters.

"Those dismissals were not normal and did not take the normal
disciplinary procedures.  Those workers were victimized and
dismissed.  The root of all of that was the intention of the
company to corruptly contract the jobs of those workers and to
give away lucrative part of the operation which has to do with
bunkering. From then to now we have seen unfolding a flurry of
activity which confirm in our mind in this election season as this
Government prepares to go out of office they are nailing down
lucrative deals left right and center," Mr. Roget said, the report
relays.

Mr. Roget said the permanent workers were competent to do the job
and Petrotrin should take advantage of an opportunity to cash in
high profits since it held a monopoly in bukering fuel, the report
notes.

Mr. Roget said following studies in 2005 and 2012 recommendations
were made to improve Petrotrin's bunkering operations.  "Because
of the lucrative nature of this activity the company can make
enormous sums of money, that petrotrin should procure a badge and
tugs to ramp up its activity in this area. Money was allotted in
the budget for that but there was a complete turn around," Mr.
Roget claimed, the report adds.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.  The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


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


ADMINISTRACION NACIONAL: Moody's Lowers CFR to B1; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
on Administracion Nacional de Combustibles, Alcohol y Portland
(ANCAP) to B1 from Ba2.  Moody's also downgraded the company's
Baseline Credit Assessment (BCA) to caa1 from b2.  These rating
actions reflect the company's weak credit metrics, which Moody's
believes will not reverse rapidly.  The outlook on the ratings is
stable.

RATINGS RATIONALE

The downgrade of ANCAP's BCA (a measure of the issuer's intrinsic
risk regardless of its controlling entity) to caa1 reflects a
weaker stand-alone credit profile derived mainly from the
company's increased debt burden and persistent negative operating
margins and cash generation.  ANCAP, owned by the government of
Uruguay, is the only refiner in the country, responsible for
supplying 100% of the domestic needs of oil products.  Because
Uruguay does not have crude production, the company depends 100%
on oil imports.  In the last years, the government of Uruguay had
prevented ANCAP from passing on cost increases, specially of
crude, to final prices, which caused losses and increase in debt.
In the short to medium term, Moody's believes that, despite the
new government's guideline for more independent SOEs (sovereign-
owned enterprises), it will be difficult for ANCAP to get approval
for sizable price increases that would materially and rapidly help
reverse negative operating margins and cash flows, given high
annual inflation rate, at about 8%.  In addition, cost cuts may be
difficult to achieve by a company with limited cash to invest
further in equipment or technology upgrades and a strong
workforce.

As of December 2014, ANCAP's total adjusted debt amounted to
approximately USD 875 million, the equivalent to USD 3,130 per
complexity barrel; Moody's-adjusted debt amount in the same period
includes USD 325 million owed to PDVSA for purchase of crude oil.
Although ANCAP's leverage has increased substantially during 2012-
2014, above historical levels, Moody's expects the amount of debt
to stabilize going forward, now that the works at the La Teja
Refinery have finished and capex has declined.  However, operating
margins will remain under pressure over the medium to long term,
especially as crude prices start to increase again, as Moody's
expects will gradually happen in the next couple of years.

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

Since ANCAP is 100% owned by the Uruguayan government, it is
considered a government related issuer (GRI) under Moody's
methodology for such entities.  ANCAP's B1 Corporate Family Rating
is based on its BCA of caa1, medium dependence, reflecting the
moderate degree of correlation between factors that could lead to
financial stress on ANCAP and the government at the same time, and
a high probability of extraordinary support from the government.
The government's willingness to support the company is based on
its 100% ownership of ANCAP's, the company's monopoly status for
refining activities in Uruguay, and its strategic importance to
Uruguay's economy and national security.  The high support level
embedded in ANCAP's ratings was evidenced in early 2013 by the USD
500 million loan equivalent that the government granted to the
company, which basically replaced half of ANCAP's total
outstanding debt at the time; the government loan is denominated
in local currency ("UI" or "unidades indexadas") and therefore
reduced ANCAP's exposure to FX risk.  In addition, the government
of Uruguay's ability to provide support to ANCAP is measured by
its Baa2 local currency rating with a stable outlook.

ANCAP's liquidity position is weak.  Its cash flow is subject to
the volatility of commodity prices and it needs to constantly
roll-over short-term bank loans, which represented close to 60% of
total debt as of December 2014.  Foreign exchange risk is also
high for ANCAP since imports are 100% U.S. dollar denominated and
80% of its debt is in U.S. dollars.  However, although the company
does not have access to committed credit facilities, as a
government owned entity it has ample access to local and
international bank financing in Uruguay.

The stable rating outlook reflects Moody's expectation that
ANCAP's operating and financial performance over the short to
medium term will be based on possible local prices increases,
which the rating agency believes will not be enough to materially
revert current weak credit protection metrics promptly.

Given ANCAP's current debt levels and weak operating and credit
metrics, an upgrade of its BCA is not likely in the short to
medium term.  However, an upgrade of Uruguay's ratings could add
upward rating pressure on ANCAP's Corporate Family Rating.
Conversely, if the company's operating margins and free cash flow
do not turn positive during 2015 and its debt continues
increasing, its ratings could be downgraded further.

The principal methodology used in this rating was Global Refining
and Marketing Rating Methodology published in December 2009.
Other methodologies used include the Government-Related Issuers
published in October 2014.

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


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


VENEZUELA: Needs Debt Refinancing, Not Default, Capriles Says
-------------------------------------------------------------
Deisy Buitrago at Reuters reports that Venezuela must refinance
its foreign debt to improve government cash flow in the face of
recession and soaring inflation, opposition leader Henrique
Capriles said, but added a default would have "terrible
consequences" for the country.

The OPEC nation is struggling with the shrinking economy and
chronic shortages of basic goods following last year's oil market
rout, with bond payments taking up a growing portion of available
hard currency, according to Reuters.

"We must sit down immediately and seek better conditions for debt
payment," Mr. Capriles told a news conference, the report relates.

"However, we cannot opt for non-payment, because non-payment has
terrible consequences for the republic.  We're not talking about
default," Mr. Capriles said, the report relays.

Venezuela faces $6.44 billion in debt service between August and
December, according to Thomson Reuters data, that is equivalent to
about 40 percent of the central bank's international reserves.

The country's economic malaise has boosted investor concerns about
a possible debt default, leaving Venezuelan bonds yielding almost
30 percentage points more than comparable U.S. Treasury notes --
the highest of any emerging market nation, the report notes.

The report discloses that Mr. Capriles, two-time presidential
candidate and governor of Miranda state, said there was no reason
for the International Monetary Fund to be involved in a debt
refinancing deal.

Mr. Capriles said the proposal was part of his own broader plan
for economic recovery, the report relays.  It was not immediately
evident if either the government or the opposition coalition would
back the idea.

Venezuela could save $10 billion through a voluntary refinancing
plan, an aide to Mr. Capriles said, the report says.

Refinancing generally involves negotiating an agreement with
creditors to improve the terms of a financing arrangement, while
default implies that the borrower unilaterally refuses to make
payments or does not do so as scheduled, the report discloses.

The report notes that low oil prices together with a sputtering
state-led economic model have pushed Venezuela into recession and
spurred inflation that is believed to be in triple digits.  The
central bank this year has not published basic economic
indicators, the report relates.

Polls show that frustration over the economy, particularly with
long supermarket lines and constant scrambling for consumer goods
ranging from meat to medicine, could lead the ruling Socialist
Party to lose the Dec. 6 parliamentary elections, the report says.

President Nicolas Maduro dismisses default rumors as part of a
right-wing smear campaign and insists the government will meet all
debt commitments, noting that the Socialist Party has never missed
a bond payment, the report adds.


                            ***********


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

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

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


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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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