TCRLA_Public/150727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, July 27, 2015, Vol. 16, No. 146


                            Headlines



A R G E N T I N A

OPTIMUM CDB: Moody's Keeps Global Scale Rating at B-bf


B O L I V I A

BISA LEASING: Moody's Assigns Ba3 Global Scale Rating


C A Y M A N  I S L A N D S

GS DISTRESSED OPPORTUNITIES: Members' Meeting Set for July 31
GS PEP 2000: Members' Final Meeting Set for July 31
GS PEP 2000 HOLDINGS: Members' Final Meeting Set for July 31
GS PEP 2002: Members' Final Meeting Set for July 31
GS U.S. MIDDLE: Members' Final Meeting Set for July 31

GS U.S. MIDDLE HOLDINGS: Members' Final Meeting Set for July 31
GS VINTAGE: Members' Final Meeting Set for July 31
GS WLR: Members' Final Meeting Set for July 31
GOLDMAN SACHS PEG: Members' Final Meeting Set for July 31
KVC ADVISORS: Members' Final Meeting Set for July 31


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: ADIE 'Eagerly Await' US$800 Payment
DOMINICAN REPUBLIC: Scrambles as Water Supply Dwindles


J A M A I C A

NATIONAL COMMERCIAL: Loan Portfolio Hikes 7%


M E X I C O

MEXICO: Foreign Reserves Drop by $517 Million


P E R U

TERMINALES PORTUARIOS: Fitch Affirms BB- Rating on USD110MM Notes


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Rejects Creditors' Restructuring Plan
PUERTO RICO: Hilton Closes Hotel Casino Amid Economic Crisis


X X X X X X X X X

* BOND PRICING: For the Week From July 20 to July 25, 2015


                            - - - - -


=================
A R G E N T I N A
=================


OPTIMUM CDB: Moody's Keeps Global Scale Rating at B-bf
------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo upgraded
the national scale bond fund ratings of two Argentine funds. The
action follows continued improvement of the funds' credit quality
over the past six months. Moody's expects the funds' portfolio
characteristics to remain in line with their new rating. The
global scale ratings of the two funds remains unchanged.

Moody's upgraded the national scale ratings (while leaving the
global scale ratings unchanged) of the following two bond funds:

Optimum CDB Pesos Ultra FCI

Global scale rating remains at B-bf

National scale ratings to Aaa-bf.ar from Aa-bf.ar

CMA Proteccion FCI

Global scale rating remains at B-bf

National scale ratings to Aa-bf.ar from A-bf.ar

RATINGS RATIONALE

The rating actions on these bond funds follow the corresponding
portfolios' average credit quality improvement in the last six
months. As a result of this improvement, their historical level of
expected loss falls in line with a higher rating on the national
scale.

During last six months, the CMA Proteccion FCI fund showed a
signficant decrease in expsoure to lower rated securities
resultling in a material improvement in the portfolio's average
credit quality. Over the same period, the Optimum CDB Pesos Ultra
FCI fund also saw an improvement in the average credit quality of
its holdings and a reduction in the weighted average life of the
portfolio.


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


BISA LEASING: Moody's Assigns Ba3 Global Scale Rating
-----------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo (Moody's)
assigned a Ba3 global scale rating and a Aaa.bo national scale
rating to Bisa Leasing S.A.'s second expected issuance of BO30
million under Bisa Leasing's senior debt program of up to US$40
million (Programa de Emisiones de Bonos Bisa Leasing IV). The
outlook for all ratings is stable.

In addition, Moody's assigned Bisa Leasing S.A.'s promissory note
program of USD 5 million a Not Prime global local and foreign
currency short term debt ratings, which map to a BO-1 national
scale local and foreign currency short term debt ratings.

The following ratings were assigned to Bisa Leasing S.A. expected
issuance under the debt program:

Expected issuance of BOB30 million:

Global Local-Currency Debt Rating: Ba3

Bolivian National Scale Local-Currency Debt Rating: Aaa.bo

USD 5 million promissory note program:

Global Local and Foreign Currency Short Term debt rating: Not
Prime

Bolivian National Scale Local and Foreign Currency Short Term debt
rating: BO-1

RATINGS RATIONALE

Bisa Leasing's debt ratings derive from its b1 standalone credit
assessment and incorporates one notch of uplift due to Moody's
assumption of a very high probability of support from its parent,
Banco BISA S.A. (local currency bank deposits rated Ba3).

The stand-alone credit profile reflects Bisa Leasing's limited
income diversification as a result of its narrow focus on leasing
and leaseback of machinery and equipment, its low liquidity
ratios, and its heavy reliance on market funding, including both
bonds issuances and interbank deposits, which exposes it to
refinancing and interest rate risk. This risks are partly offset
by the company's well-established franchise in the developing
leasing industry in Bolivia, healthy asset quality and
capitalization metrics, and good profitability indicators.

Headquartered in La Paz, Bolivia, Bisa Leasing is the leading
leasing company in the country, with assets of BOB376 million and
shareholders' equity of BOB48 million as of June 30, 2015.


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


GS DISTRESSED OPPORTUNITIES: Members' Meeting Set for July 31
-------------------------------------------------------------
The members of GS Distressed Opportunities Offshore Holdings
Advisors, Inc. will hold their final meeting on July 31, 2015, at
12:20 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


GS PEP 2000: Members' Final Meeting Set for July 31
---------------------------------------------------
The members of GS PEP 2000 Offshore Advisors, Inc. will hold their
final meeting on July 31, 2015, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GS PEP 2000 HOLDINGS: Members' Final Meeting Set for July 31
------------------------------------------------------------
The members of GS PEP 2000 Offshore Holdings Advisors, Inc. will
hold their final meeting on July 31, 2015, at 12:40 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GS PEP 2002: Members' Final Meeting Set for July 31
---------------------------------------------------
The members of GS PEP 2002 Offshore Advisors, Inc. will hold their
final meeting on July 31, 2015, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GS U.S. MIDDLE: Members' Final Meeting Set for July 31
------------------------------------------------------
The members of GS U.S. Middle Market Buyout Offshore Advisors,
Inc. will hold their final meeting on July 31, 2015, at 1:00 p.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GS U.S. MIDDLE HOLDINGS: Members' Final Meeting Set for July 31
---------------------------------------------------------------
The members of GS U.S. Middle Market Buyout Offshore Holdings
Advisors, Inc. will hold their final meeting on July 31, 2015, at
1:10 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


GS VINTAGE: Members' Final Meeting Set for July 31
--------------------------------------------------
The members of GS Vintage Offshore Advisors, Inc. will hold their
final meeting on July 31, 2015, at 1:20 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GS WLR: Members' Final Meeting Set for July 31
----------------------------------------------
The members of GS WLR Opportunities Advisors Offshore, Inc. will
hold their final meeting on July 31, 2015, at 1:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GOLDMAN SACHS PEG: Members' Final Meeting Set for July 31
---------------------------------------------------------
The members of Goldman Sachs PEG Advisors, Inc. will hold their
final meeting on July 31, 2015, at 1:40 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


KVC ADVISORS: Members' Final Meeting Set for July 31
----------------------------------------------------
The members of KVC Advisors, Inc. will hold their final meeting on
July 31, 2015, at 2:10 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: ADIE 'Eagerly Await' US$800 Payment
-------------------------------------------------------
Dominican Today reports that the president of the Dominican
Republic's power companies association (ADIE) said its members
eagerly await the proposal to pay the US$800 million the
government owes them.

"We await the proposal the Government prepared to submit to ADIE
and we believe it will serve to reach an agreement to pay the debt
with the power companies currently around US$780 million to US$800
million and a commitment would be coordinated through the Finance
Ministry," Cochon said at a mass to mark the Electricity
Superintendence's 14th anniversary, according to Dominican Today.

The report notes that Cochon's statement comes just four days
after National Business Council (CONEP) President Rafael Blanco
asked State-owned electric utility (CDEEE) CEO Ruben Jimenez
Bichara to honor the government's debt with the power companies.


DOMINICAN REPUBLIC: Scrambles as Water Supply Dwindles
------------------------------------------------------
Dominican Today reports that concern over the critical water
shortage across the country prompted President Danilo Medina to
meet with water sector officials at the National Palace, where
they were instructed to quickly elaborate a plan to deal with the
emergency resulting from the drought.

Presidency Administrative Minister Jose Ramon Peralta accompanied
Medina in the meeting with the heads of the dams and canals agency
(INDRHI), Olgo Fernandez; the national water utility (INAPA),
Alberto Holguin, and Alejandro Montas, of the greater Santo
Domingo water utility (CAASD), according to Dominican Today.

After the meeting, on behalf of the government, Mr. Peralta urged
the population to economize water, the report notes.

Mr. Peralta reiterated the Government priority is to supply water
for human consumption and under no circumstances used to wash
vehicles, the report adds.


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


NATIONAL COMMERCIAL: Loan Portfolio Hikes 7%
--------------------------------------------
RJR News reports that National Commercial Bank has recorded a
seven per cent increase in its loan portfolio.

The bank's latest financial results, released, show loans and
advances totaled J$162.3 billion as at June 30, a J$10.2 billion
increase over last year, according to RJR News.

The report notes that non-performing loans totaled J$8.5 billion,
up from $7.9 billion last year, and represented 5.1% of gross
loans, compared to 5.08%, as at June 30, 2014.

NCB said activities to manage delinquency are on-going and remain
proactive and robust, with the implementation of an automated
dialler and Collections Management System, the report relays.

As reported in the Troubled Company Reporter-Latin America on
June 8, 2015, Standard & Poor's Ratings Services raised its long-
term issuer credit rating on National Commercial Bank Jamaica Ltd.
to 'B' from 'B-'.  S&P also affirmed its short-term 'B' issuer
credit rating on the bank.  The upgrade follows the same rating
action on the sovereign, which in turn reflects the country's
ability to meet its fiscal targets in the past two years, which
has led improved fiscal credibility and stabilized its debt
trajectory. NCBJ's 'b+' SACP remains unchanged.


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


MEXICO: Foreign Reserves Drop by $517 Million
---------------------------------------------
EFE News reports that Mexico's foreign reserves declined by $517
million to $191.3 billion, the Bank of Mexico said.

Reserves fell in the week ending July 17, with "the trend
consistent with the seasonal pattern of money supply demand," the
central bank said, according to EFE News.

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

The M1 money supply, which includes currency, coins and demand
deposits, rose by 6.12 billion pesos (about $382.8 million) to
1.06 trillion pesos (some $66.64 billion), the central bank said,
the report relates.

The money supply has increased by MXN3.42 billion ($213.8 million)
since Jan. 1, the report adds.


========
P E R U
=======


TERMINALES PORTUARIOS: Fitch Affirms BB- Rating on USD110MM Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the rating of Terminales Portuarios
Euroandinos' Paita (TPE) USD110 million senior secured notes at
'BB-'.  The Rating Outlook remains Stable.

The affirmation of the issuance is based on the successful
completion and acceptance of the phase I construction works in
September of 2014, volume growth in line with base case forecasts,
strong revenue growth and moderate increases in expenses.  The
port is well positioned to complete the additional investments
required to be completed by June 2016 having surpassed the trigger
volume of 180,000 of twenty-foot equivalent units (TEUs) in 2014.

KEY RATING DRIVERS

Revenue Risk: Volume - Weaker.
Elevated exposure to volume risk: The Port of Paita is a secondary
port of call with considerable concentration in cargo type,
business lines, and customers.  Despite the improving
profitability due to the operator's strategic emphasis on special
services, the port is exposed to cargo volatility as contractual
agreements with shipping lines are limited and weak overland
transportation infrastructure limits the service area to primarily
commodity exports.  In addition, the area is subject to material
volatility in fishing related exports due to the areas exposure to
El Nino related climatic effects.

Revenue Risk - Price: Weaker.
Material price risk: The port revenues are determined under the
concession contract with limited flexibility to adjust for
increasing costs.  A minimum revenue guarantee granted by the
government is insufficient to cover debt service payments.
Tariffs and fees that are initially established in the concession
agreement are subject to regulatory modifications every five years
starting 2019.

Infrastructure Development & Renewal - Midrange.
Reliable facilities renovation program: the project has a well-
defined capital improvement planning and funding process, and all
investments required by the operator under phase I have been met.
In 2014, the port exceeded the volume level established to trigger
the phase II investments under the concession contract that must
be completed by June 2016.  The operator expects to meet the
required deadline at a cost well below the USD19 million
originally contemplated.

Debt Structure - Midrange.
Adequate structural protections: the project's financial
flexibility is mainly sustained by the existence of adequate
liquidity reserves available for debt service and/or for
construction costs of Phase II and III.  The structure includes a
five-year principal grace period which incorporates a strong
provision to trap cash to prefund investment costs of Phase II and
III, and includes a dividend distribution test.

Considerable level of debt: the financing presents a sizable debt
burden with dependence on volume growth to maintain healthy
financial ratios.  The concession agreement allows for an adequate
cash flow generation term.  However, required investments for
stages II, III, and IV (additional investments), significantly
reduce the project's financial flexibility.

Adequate Credit Metrics: The transaction has a high amount of
leverage and dependence on growth; however, the project's improved
profitability and volume growth in 2014 has resulted in an
improved net debt to cash flow available for debt service ratio of
8.4x from approximately 10x previously.  Average DSCRs for the
transaction are high for the rating category at 2.40x and 1.69x
under the base and rating cases, respectively.  Minimum DSCRs
without considering reserves are well below 1.0x under both
scenarios and highlight the project's heavy mandatory capex
requirements.

PEER COMPARISON
The closest rated peer to Paita in terms of size and regional
importance is Commonwealth Port Authority (CPA).  Both projects
are rated at the 'BB-' level and have weak volume and price risk
rating drivers.  It should be noted, however, that CPA has a
stronger debt structure given its moderate leverage and robust
liquidity reserves.

RATING SENSITIVITIES

Negative:

Failure to meet required investments: Should the operator fail to
make the necessary investments prior to June 2016, the concession
agreement could be terminated.

Substantial decrease in revenues: limited contractual agreements
and weaker customer diversification elevates merchant risk,
subjecting prices to market volatility.
Positive:
Continued increased profitability: The sustained development of
the more profitable special services revenues could improve
financial flexibility of the project and reduce the uncertainty
surrounding future required investments.

SUMMARY OF CREDIT

The Port of Paita is located in the region of Piura, a small city
with low economic activity, 1,030 km northwest of Lima.  Paita is
connected to a major highway that links it to the Yurimaguas port
(Amazon system) with no significant competition.  The location
provides a competitive advantage over Callao and Guayaquil, for
serving the Northwestern Peruvian market.

CREDIT UPDATE

After completing construction works in line with the initial
schedule in June 2014, the project entered into full operations
following the acceptance from the grantor on Sept. 30.  In 2014,
the port operated 192,998 TEUs, an increase of 16.3% over the
prior year and 0.4% below Fitch's original base case projections.

The large growth in 2014 is largely due to the below expectation
growth in 2013.  The variance in 2013 was primarily driven by
negative results in the fishing industry and the agricultural
production of grapes and mangos.  Meteorologists are currently
forecasting an El Nino event in late 2015 which could again
negatively affect the ports volumes and profitability in 2016.

The port's revenues increased 15.8% in 2014 over the previous
year, surpassing Fitch's original base case projections.  The
strong revenue growth at the port reflects an increase of
activities in energy connections and on-board reefers, which
generate a large portion of the unregulated special services
revenues.  The operator has increased these revenues as part of
their primary strategy in order to allow the port to compete with
off-site storage facilities that maintain a large market share.

Despite the strong revenue increases, operating expenses increased
only 6% to USD16.8 million in 2014 from USD15.8 million the prior
year.  The resulting Fitch calculated EBITDA was USD13.1 million
17.6% above Fitch's projected base case EBITDA for the year.

As established in the concession contract, the port has begun to
make deposits into the Phase II account, which is to be funded
when 160 thousand TEUs are reached.  Investments required under
Phase II are to be completed 18 months following the year when at
least 180 thousand TEUs are handled.  This level was reached in
2014, making the end of June 2016 the mandatory completion date
for phase II.  The additional investments that need to be
completed are comprised of the purchase of additional equipment (2
rubber tired gantries and one crane), the removal of a small
sunken fishing ship, and supervisory costs associated with these
investments and appear to be conservatively budgeted at USD17
million down from the USD19.3 million initially expected.

Base and Rating Case Descriptions

Fitch's base and rating case scenarios consider increased
operations and maintenance costs, two El Nino events that reduce
volumes, and a 2% reduction in tariffs in 2019 and a further 1%
each five years following to account for the regulatory effect of
improved productivity.  The container volume CAGRs over the life
of the debt are 3.8% and 3.2% for the base and rating cases,
respectively.

As a result of the large mandatory capital expenditures that are
triggered according to container volumes attained over the life of
the transactions, the DSCR not considering reserves funded to
address this risk is negative in some periods under both the base
and rating case scenarios.  The base case minimum and average DSCR
are 0.65x and 2.40x while the rating case minimum and average DSCR
are 0.19x and 1.69x.  Minimum DSCR for the base and rating case
scenarios considering reserves are 2.47x and 1.62x, respectively.


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


PUERTO RICO ELECTRIC: Rejects Creditors' Restructuring Plan
-----------------------------------------------------------
EFE News reports that the Puerto Rico Electric Power Authority,
the most indebted of the island's public corporations, rejected
its creditors' latest proposal, saying it "imposes
disproportionate risks" and does not guarantee a "successful
restructuring" of its $9 billion debt burden.

Harry Rodriguez, Prepa's chairman, made the remarks in a
statement, responding to a proposal by creditors to restructure
some $8.1 billion of the company's debt, including offering the
utility lower interest rates and allowing it to delay payments,
according to EFE News.

"Although it contains several positive elements," such as
"recognition of the importance of maintaining affordable rates and
the need for substantial debt relief over a number of years," the
latest proposal by Prepa's creditors does not clear the way for a
successful restructuring, Mr. Rodriguez said, the report notes.

The report relates that the proposal also is unworkable because it
"imposes "disproportionate risks for ratepayers and other
creditors," the chairman said.

Prepa remains focused on "continuing its negotiations with all
stakeholders and working toward a viable plan," but it gave no
details on new timeframes or meetings with the company's
creditors, Mr. Rodriguez said, the report relates.

The government of Puerto Rico insists the island's $72 billion in
public debt is insurmountable, and Gov. Alejandro Garcia Padilla
said last month it will seek a repayment moratorium for several
years, the report says.

Moody's Investors Service said in a report that investors may
receive just 35 cents on the dollar under a restructuring of the
debt of Puerto Rico's public corporations.

"We believe that the probability of default is approaching 100
percent, and that losses given default are substantial," the
report said.

It added that the expected restructuring will be "unusual," noting
that Puerto Rico is a U.S. commonwealth and "lacks the same legal
rights (as U.S. states)."

"Unlike Greece, Puerto Rico cannot turn to a lender of last
resort, such as the International Monetary Fund," Moody's added.

                         *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said it maintained its 'CCC'
rating on the Puerto Rico Electric Power Authority's (PREPA) power
revenue bonds on CreditWatch with negative implications.  S&P
originally placed the rating on CreditWatch on June 18, 2014.

On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2.  This rating action concludes the
rating review that Moody's initiated on July 1, 2014.  PREPA's
rating outlook is negative.


PUERTO RICO: Hilton Closes Hotel Casino Amid Economic Crisis
------------------------------------------------------------
Associated Press reports that one of Puerto Rico's biggest and
best known casinos closed after 40 years of operation in another
blow to the U.S. territory's struggling economy.

The Condado Plaza Hilton laid off 144 workers from the seaside
casino located in the popular tourist district of Condado,
managing director Raul Bustamente told The Associated Press. He
said the closure follows a 40 percent drop in the use of slot
machines over the past decade, according to Associated Press.

The report notes that the former 24-hour casino, which opened in
1975, will likely be turned into a ballroom, he said in a phone
interview.

"We now want to focus on areas where we've had good business:
rooms and banquets," the report quoted Mr. Bustamante as saying.

Puerto Rico's Hotel & Tourism Association said it is the seventh
casino to close in the past five years on the island of 3.5
million people, which is entering its ninth year of recession and
is struggling with a 12.6 percent unemployment rate, the report
notes.

Associated Press relates that gambling taxes represent the
majority of revenue for Puerto Rico's Tourism Company, which is
responsible for promoting the island.  A portion of that revenue
also goes to the University of Puerto Rico, the report discloses.

"This is a significant impact," tourism association President
Miguel Vega said in a statement obtained by the news agency.

Jason Rivera, president of a local gastronomy union, rejected the
newest round of layoffs and said workers were unfairly paying for
an economic crisis caused by the government, the report relays.

"We are not going to remain with our arms crossed in the face of
so much injustice," the report quoted Mr. Rivera as saying.

The report says that government officials have said previous
casino closures caused a $6 million drop in revenue.

Critics in part blame the closures on an estimated 45,000 illegal
gambling machines that operate across the island, with the
government seizing hundreds of machines in occasional raids, the
report relays.  About 90 percent of casino clients in Puerto Rico
are locals, not tourists, according to the Hotel & Tourism
Association, the report notes.  There are currently 20 casinos now
operating on the island, the report adds.


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


* BOND PRICING: For the Week From July 20 to July 25, 2015
----------------------------------------------------------

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



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

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


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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *