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

            Friday, July 31, 2015, Vol. 16, No. 150


                            Headlines



B R A Z I L

RIO DE JANEIRO: S&P Affirms 'BB+' Long-term Rating


C A Y M A N  I S L A N D S

BALTRA LIMITED: Creditors' Proofs of Debt Due Aug. 20
CBRE COF: Sole Member Receives Wind-Up Report
DIRCO EH-I: Shareholder to Receive Wind-Up Report on Aug. 14
HONEYWOOD CHINA: Shareholder to Receive Wind-Up Report on Aug. 4
HYPERION CAPITAL GP: Creditors' Proofs of Debt Due Aug. 19

LE II SPV: Shareholders Receive Wind-Up Report
MEGURO HOLDINGS: Shareholder to Receive Wind-Up Report on Aug. 14
OLYMPIA ENERGY: Shareholders' Final Meeting Set for Aug. 11
PROJECT FINANCE X: Shareholder to Hear Wind-Up Report on Aug. 14
YSPOLIN GP: Shareholders' Final Meeting Set for Aug. 5


C H I L E

CHILE: Says Drop in Copper Prices is "Here to Stay"


C O L O M B I A

COLOMBIA: To Invest $1.7BB in Social Dev't. Projects in Pacific


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Securities Exchange Needs a 5-year 'Push'
DOMINICAN REPUBLIC: Economy to Grow 4.8%, 2nd in Region, Says EFE


J A M A I C A

JAMAICA: April's Unemployment Rate Falls to Five-Year Low


M E X I C O

MBIA MEXICO: S&P Affirms B Global Scale Counterparty Credit Rating


P U E R T O  R I C O

STANDARD REGISTER: Sale to Taylor Corp to Close on July 31


X X X X X X X X X

LATAM: ECLAC Says Caribbean Youth Jobless Rates Alarming


                            - - - - -


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B R A Z I L
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RIO DE JANEIRO: S&P Affirms 'BB+' Long-term Rating
--------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on its
global long-term credit ratings on the states of Sao Paulo, Minas
Gerais, Santa Catarina, and Rio de Janeiro and the city of Rio de
Janeiro.  At the same time, S&P affirmed its 'BBB-' long-term
rating on the states of Sao Paulo, Minas Gerais, and Santa
Catarina, 'BB+' long-term rating on the state of Rio de Janeiro,
and 'BBB' long- and 'A-2' short-term ratings on the city of Rio de
Janeiro.  S&P also revised its outlook to negative from stable on
its 'brAAA' national scale ratings on Sao Paulo, Minas Gerais,
Santa Catarina, and the 'brAA+' rating on the state of Rio de
Janeiro.  Furthermore, S&P affirmed these ratings.  Finally, S&P
affirmed its 'brAAA' national scale ratings on the city of Rio de
Janeiro with a stable outlook.

RATIONALE
The outlook revision on these local and regional governments
(LRGs) reflect a similar action on Brazil and their close links to
the sovereign.

S&P expects the deeper and longer economic contraction in Brazil's
real GDP to pose additional fiscal and economic challenges for the
LRGs.  S&P's projections are for a 2% GDP contraction this year
followed by no growth in 2016, before returning to modest growth
in 2017.  Under this scenario, S&P expects Brazilian LRGs'
economic growth, employment levels, and revenues to suffer.  In
addition, they will have a very limited ability to adjust expenses
given their high and structurally rigid operating expenses as well
as their urgent infrastructure needs.  Therefore, S&P expects
LRGs' funding needs to increase while the central government is
likely to further reduce federal transfers and restrict
authorization for new borrowings to LRGs.  In addition to facing
similar economic challenges, critical links between the federal
government and LRGs include most of LRGs' debt is owed to the
federal government, indirect financing through public banks such
as the Brazilian Development Bank (BNDES), Banco do Brasil, and
Caixa Economica Federal, and approval for new debt issuance.

S&P caps its ratings on the states of Sao Paulo, Minas Gerais, and
Santa Catarina at the level of the 'BBB-' foreign currency long-
term rating on Brazil.  This reflects S&P's view that the states
don't meet the criteria under which it would rate a LRG higher
than its sovereign.

Under this criteria, an LRG can have a higher rating than its
sovereign only if it can maintain stronger credit characteristics
than the sovereign in a stress scenario, has a predictable
institutional framework that limits central government's
interference, and displays high financial flexibility.  S&P thinks
that due to the high debt levels and its overall view of "less
than adequate" liquidity position, the states of Sao Paulo, Minas
Gerais, and Santa Catarina don't meet this criteria.  Furthermore,
the states' economies are to a large extent tightly linked with
the national economy.

Although the April 10, 2015, downgrade of the state of Rio de
Janeiro incorporated its steady fiscal declines for the past three
years, which have weakened its budgetary performance and
liquidity, S&P believes a more negative economic scenario could
further erode the state finances.  The state is struggling to fund
its ambitious infrastructure program.  In addition, its budgetary
constraints stem from interest payments and public payroll and
pension payments that eat up most of its spending, while it has
limited ability to cut its capex plans.  S&P believes that a
weaker economy, characterized by a longer contraction, lower
business confidence, and Petrobras' likely reduced investment amid
lower international oil prices, could further hurt the state's
fiscal profile.

S&P believes that given the city of Rio de Janeiro's high cash
reserves, "adequate" budgetary flexibility, relatively high
operating surplus, moderate debt levels, and strong credit
culture, its creditworthiness should be stronger than Brazil's in
a stress scenario.  As such, S&P continues to rate the city one
notch above the sovereign.  Still, S&P believes that as Brazilian
economy deteriorates, the city's economy and finances will suffer.
As S&P expects Brazil's economy to contract in 2015, S&P will
continue performing stress tests to determine whether its ratings
on the city can remain above those on the sovereign.  At any
point, if the city doesn't pass the stress, it could be
downgraded.

OUTLOOK
The negative outlooks on the states of Sao Paulo, Minas Gerais,
and Santa Catarina parallel the outlook on the sovereign because
S&P don't believe these entities could have a higher rating than
the one on the sovereign, according to its criteria.

The negative outlook on the state of Rio de Janeiro reflects a
greater than one in three likelihood that the state could post
fiscal deficits above S&P's expectations amid a prolonged economic
recession.  S&P would consider lowering the rating, for example,
if the state posts deficits after borrowing consistently above 10%
of adjusted total revenues.

The negative outlook on the city of Rio de Janeiro reflects S&P's
belief that there is also greater than one in three likelihood of
a downgrade if Brazil's stagnant economy prevents the city to
maintain its rating above the sovereign's.  Despite the city's
"adequate" budgetary flexibility, S&P still believes that the
links to the state and federal governments is strong because the
city receives about 25% of its operating revenues from them.  If
S&P lowered the sovereign rating, it would lower the ratings on
the city.  Additionally, if the city, at any point, doesn't pass
the stress test due to lower liquidity position or weaker
budgetary flexibility--as a result of limited ability to adjust
expenditures under a prolonged recession period-- S&P would no
longer rate it above the foreign currency rating on Brazil.

The negative outlook on Brazil reflects S&P's view that there is a
greater than one in three likelihood that the politically
challenging policy correction underway will face further slippage
given fluid political dynamics and that the restoration of a
firmer growth trajectory will be prolonged despite ongoing efforts
by the government's economic team.

S&P could lower the ratings if there were further deterioration in
Brazil's external and fiscal indicators resulting from what S&P
might view as a backtracking by Brazil from its commitment to its
stated policies and from the various policy corrections underway.
Over the coming year, failure to advance with (on- and off-budget)
fiscal and other policy adjustments could result in a greater-
than-expected erosion of Brazil's financial profile and further
erosion of confidence and growth prospects, which could lead to a
downgrade.

The ratings could stabilize if Brazil's political certainties and
conditions for consistent policy execution--across branches of
government to staunch fiscal deterioration--improved.  It is S&P's
view that these improvements would support a quicker turnaround
and could help Brazil exit from the current recession,
facilitating improved fiscal out-turn and provide more room to
maneuver in the face of economic shocks consistent with a low-
investment-grade rating.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

State of Rio de Janeiro
Issuer Credit Rating
   Global Scale
                        BB+/Negative/--          BB+/Stable/--
   Brazilian National Scale
                        brAA+/Negative/--        brAA+/Stable/--

State of Sao Paulo
Issuer Credit Rating
   Global Scale
                        BBB-/Negative/--         BBB-/Stable/--
   Brazilian National Scale
                        brAAA/Negative/--        brAAA/Stable/--

State of Minas Gerais
Issuer Credit Rating
   Global Scale
                        BBB-/Negative/--         BBB-/Stable/--
   Brazilian National Scale
                        brAAA/Negative/--        brAAA/Stable/--

Santa Catarina (State of)
Issuer Credit Rating
   Global Scale
                        BBB-/Negative/--         BBB-/Stable/--
   Brazilian National Scale
                        brAAA/Negative/--        brAAA/Stable/--

City of Rio de Janeiro
Issuer Credit Rating
    Global Scale
                        BBB/Negative/A-2         BBB/Stable/A-2
    Brazilian National Scale
                        brAAA/Stable/--


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


BALTRA LIMITED: Creditors' Proofs of Debt Due Aug. 20
-----------------------------------------------------
The creditors of Baltra Limited are required to file their proofs
of debt by Aug. 20, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 29, 2015.

The company's liquidator is:

          Kent Limited
          c/o Michelle R. Bodden-Moxam
          Telephone: 345-946-6145
          Facsimile: 345-946-6146
          Bridge Street Services Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


CBRE COF: Sole Member Receives Wind-Up Report
---------------------------------------------
The sole member of CBRE COF Management Limited received on
July 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jean-Francois Gillard
          Flat 4, Ground Floor, Blk F Deepdene
          55 Island Road
          Deep Water Bay
          Hong Kong


DIRCO EH-I: Shareholder to Receive Wind-Up Report on Aug. 14
------------------------------------------------------------
The shareholder of Dirco EH-I Ltd will receive on Aug. 14, 2015,
at 9:45 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


HONEYWOOD CHINA: Shareholder to Receive Wind-Up Report on Aug. 4
----------------------------------------------------------------
The shareholder of Honeywood China Fund will receive on Aug. 4,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Irene Fung
          3501 The Centrium
          60 Wyndham Street
          Central
          Hong Kong
          Telephone: +852 2110 8319
          Facsimile: +852 2110 9378


HYPERION CAPITAL GP: Creditors' Proofs of Debt Due Aug. 19
----------------------------------------------------------
The creditors of Hyperion Capital GP Limited are required to file
their proofs of debt by Aug. 19, 2015, to be included in the
company's dividend distribution.

The company's liquidator is:

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


LE II SPV: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of LE II SPV, Ltd. received on July 30, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MEGURO HOLDINGS: Shareholder to Receive Wind-Up Report on Aug. 14
-----------------------------------------------------------------
The shareholder of Meguro Holdings Limited will receive on
Aug. 14, 2015, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


OLYMPIA ENERGY: Shareholders' Final Meeting Set for Aug. 11
-----------------------------------------------------------
The shareholders of Olympia Energy Fund Ltd. will hold their final
meeting on Aug. 11, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: 345 949 9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman, KY1-1105
          Cayman Islands


PROJECT FINANCE X: Shareholder to Hear Wind-Up Report on Aug. 14
----------------------------------------------------------------
The shareholder of Project Finance X, Ltd. will receive on
Aug. 14, 2015, at 10:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


YSPOLIN GP: Shareholders' Final Meeting Set for Aug. 5
------------------------------------------------------
The shareholders of Yspolin GP Limited will hold their final
meeting on Aug. 5, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Liliya Vidanova
          Unit No: 30-01-1659 Jewellery & Gemplex 3
          Plot No: DMCC-PH2-J&GPlexS Jewellery & Gemplex
          Dubai
          United Arab Emirates
          Telephone: +971 55 868 06 98


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C H I L E
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CHILE: Says Drop in Copper Prices is "Here to Stay"
---------------------------------------------------
EFE News reports that Chile's deputy finance minister said that
the drop in the price of copper, the country's main export, is
"here to stay."

"There's a serious situation, which is that margins have been
sharply lowered due to the drop in copper prices and rising
costs," Alejandro Micco said at a meeting with members of Chile's
Metallurgic and Metal-Mechanic Industries Association at a
convention center in Santiago, according to EFE News.

The report notes that copper prices have averaged $2.67 a pound so
far this year, an amount that translates into a profit margin of
just $0.50 a pound assuming that price holds steady and costs
remain at last year's levels.

The lower price of the red metal has had a clear impact on
investment in Chile and other mining countries, Mr. Micco said,
the report relates.

It is therefore necessary to redirect resources to sectors that
are more productive and derive greater benefit from the weaker
peso, such as agriculture, the report notes.

A strike by contract workers at state-owned copper giant Codelco,
meanwhile, has added to the sector's woes in recent days, the
report discloses.

Numerous violent incidents, including one in which a protesting
contract worker was shot dead by police, have affected normal
mining operations at Codelco, which has sought for years to reduce
costs at its aging deposits, the report relates.

Mr. Micco said the government will remain attentive to situations
that affect the operations of Codelco, one of the country's main
sources of hard currency, the report notes.

"We're always monitoring this state company to ensure it fulfills
its social role, meaning that it's efficient and generates funds
for the country," the deputy finance minister said, the report
adds.


===============
C O L O M B I A
===============


COLOMBIA: To Invest $1.7BB in Social Dev't. Projects in Pacific
---------------------------------------------------------------
EFE News reports that Colombia's government plans to invest COP5
trillion (some $1.75 billion) over the next decade in 200 social
development projects in the Pacific region, an impoverished area
beset by the country's armed conflict, officials said.

The investment outlay is part of the government's "Todos Somos
Pazcifico" (We Are All Peacific) strategy, which President Juan
Manuel Santos unveiled in October and includes programs in the
areas of public utilities and urban development; connectivity and
competitiveness; the environment, culture and sustainable
development; health, education, employment and social mobility;
and the strengthening of institutional capacity, according to EFE
News.

"The Pacific is a strategic part of the country due to its
geographical location.  It's a region where 90 percent of the
population is of African or indigenous descent and a very
environmentally sensitive area," the director of the "Todos Somos
Pazcifico" initiative, Luis Gilberto Murillo, told foreign
correspondents, the report relates.

The report discloses that the government's plan encompasses 64
municipalities -- mostly coastal areas of Choco, Cauca, Valle del
Cauca and Narino provinces, as well as a portion of Antioquia
province -- that are among those with the nation's lowest
indicators of socioeconomic development.

The targeted areas include Colombia's two main Pacific ports,
Buenaventura and Tumaco, which have been hard hit by violence
involving leftist guerrillas, drug-trafficking gangs and other
criminal organizations, the report says.

The strategy is aimed at reducing the socioeconomic gap between
those municipalities and the rest of the country, increasing their
competitiveness and improving public safety, the report relays.

"We want to establish early-response projects that create
confidence in the region," Mr. Murillo added, the report notes.

The first development phase will run from this year through 2018,
while the second will last from 2019 to 2022 and the third from
2023 to 2025, the report discloses.

Citizen participation, private-sector support and international
cooperation will play a key role in carrying out the programs,
Murillo said, adding that "the Pacific won't be developed unless a
virtuous circle is created to create jobs," the report relays.

The report relates that the Inter-American Development Bank and
the World Bank will help fund the project with a $400 million loan
and also provide technical assistance with several programs.

Other funding for the initiative will come from Colombia's
national budget, a royalties fund, the Spanish Agency for
International Development Cooperation and the U.S. Agency for
International Development, the report adds.


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


DOMINICAN REPUBLIC: Securities Exchange Needs a 5-year 'Push'
-------------------------------------------------------------
Dominican Today reports that to develop Dominican Republic's
capital market the country's securities exchange (BVRD) needs more
government and private sector support since it will benefit from
the best practices on corporate governance.

BVRD General Manager Felipe Amador said despite the securities
market's significant development with a 25 % record growth in the
first half, its "imperative" for the Government to encourage the
issue of shares to motorize development, according to Dominican
Today.

"Without government support to develop the capital market we're
taking the long road, the road of waiting for a company to feel
altruistic to go to market . . . . we need a push, we need a
catalyst, capital markets are formed through a catalyst," Mr.
Amador said, quoted by listin.com.do, the report relays.

The report says that the business leader also announced the
International Seminar on Valuation and Risk Analysis in Liquid
Financial Markets, to be held Aug. 3.

Mr. Amador said they're asking the Government to help them create
a market by providing incentives for a limited time (5 years) to
spur companies to issue shares, the report relates.

Mr. Amador listed the major hurdles to grow the securities
exchange as establishing corporate governance in companies,
aggressive growth plans and governance, support to encourage
investors to go to the market, the report discloses.

Mr. Amador stressed that to issue shares through the market
requires a change in the culture within the companies to adopt the
best practices of corporate governance, the report adds.


DOMINICAN REPUBLIC: Economy to Grow 4.8%, 2nd in Region, Says EFE
-----------------------------------------------------------------
Dominican Today, citing EFE, said that Latin America's and the
Caribbean's economy will grow only 0.5% in 2015, the Economic
Commission for Latin America and the Caribbean (ECLAC) said in
Santiago, and forecast Dominican Republic's growth at 4.8%.

In late 2014 the UN agency had projected a regional GDP increase
of 2.2% which it slashed to 1.0% in April, according to Dominican
Today.

In its "Economic Survey of Latin America and the Caribbean 2015",
released in the Chilean capital, the ECLAC notes that although the
slowdown is widespread in the region, the behavior of countries
and subregions will be more heterogeneous, the report relates.

As such South America would roll back 0.4%, while Central America
and Mexico would grow an average 2.8%, and the Caribbean 1.7%, the
report said, Dominican Today notes.

Panama will lead the region with 6.0%, followed by Dominican
Republic and Nicaragua (4.8%); Mexico achieved an increase in GDP
of 2.4% and Argentina 0.7%, while Brazil will decline 1.5% and
Venezuela 5.5%, the report discloses.

The ECLAC called for boosting investment to resume growth and
improve productivity of the region's economies, the report relays.

In labor, the study warns that slower growth will have a negative
impact on employment, with an increase in unemployment to 6.5% on
average, from 6.0% last year, the report adds.


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


JAMAICA: April's Unemployment Rate Falls to Five-Year Low
---------------------------------------------------------
RJR News reports that Jamaica's unemployment rate fell in April to
the lowest in five years.

The jobless rate fell to 13.2% in that month, when compared to
13.6% a year earlier, according to RJR News.

This decline in the jobless rate despite a fall in the number of
people employed in April, the report notes.  This was due to ten
thousand people leaving the labor force in April, compared to a
year before, the report adds.

As reported in Troubled Company Reporter-Latin America on
July 29, 2015, Standard & Poor's Ratings Services assigned its 'B'
issue rating on Jamaica's up to US$2 billion in bonds issued in
two tranches.  The first tranche is for up to US$1,350 million due
in 2028.  The second tranche is for up to US$650 million due in
2045.  The government will use the proceeds to purchase debt that
Jamaica owes to Venezuela as well as to finance the government's
2015/2016 budget.


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


MBIA MEXICO: S&P Affirms B Global Scale Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B' global
scale counterparty credit and financial strength ratings on MBIA
Mexico S.A. de C.V. (MBIA Mexico).  In addition, S&P affirmed its
'mxBB+' national scale financial strength rating on the company.
The outlook on all ratings remains stable.

The ratings on MBIA Mexico are based on its core status to its
parent, MBIA Insurance Corp (MBIA Corp; B/Stable/--), according to
S&P's group rating methodology.  S&P bases its assessment of the
group's status on the parent's support, which consists of a
reinsurance agreement calling for MBIA Mexico to cede 100% of its
net liability and other obligations to MBIA Corp., and a net worth
maintenance agreement (NWMA) in which MBIA Corp. agreed to
maintain MBIA Mexico's capital equal to Mexican regulatory
requirements or $10 million, whichever is greater.  The Mexican-
based subsidiary continues to capitalize its earnings to ensure
compliance with regulatory requirements; during 2014, MBIA Mexico
capitalized MXN6.1 million of retained earnings.  In addition to
the NWMA, the reinsurer agreement with MBIA Corp. covers all
claims.  S&P's financial strength rating on MBIA Corp. reflects
S&P's view of the company's weak competitive position given its
poor financial condition, very weak capital adequacy, and less
than adequate liquidity.  However, S&P expects capital and
liquidity to be adequate to meet claims through 2016.  The rating
also reflects MBIA Corp's run-off status and S&P's belief that
this status is unlikely to change.  MBIA Mexico is also in run-off
status, has only two policies in portfolio, which are due by 2036,
and is not commercializing any products at this point.

The stable outlook on MBIA Mexico reflects the outlook on its
parent.  The ratings on global scale for MBIA Mexico benefit from
the support agreements that MBIA provides, thus the ratings will
move in tandem with those on the parent.

The stable outlook reflects S&P's view that MBIA Corp.'s capital
and liquidity is adequate to meet claim payments through 2016.
Given the risk of the remaining insured portfolio relative to MBIA
Corp.'s capital base and limited opportunity to improve its
capital position, S&P expects capital to remain under stress.
However, the company is currently realizing net cash inflow from
the 2005-2007 vintage residential mortgage-backed securities
(RMBS) as a result of excess spread payments.  S&P expects this to
somewhat lessen the strain on liquidity.  S&P don't expect MBIA
Corp. to make any interest payments on its surplus notes in the
near future.

S&P may lower its rating if the company exhibits increased losses
and diminished liquidity, so that the time to a possible breach of
minimum regulatory levels shortens to less than two years.  Given
MBIA Corp.'s weak capital position, S&P do not expect to raise its
rating in the next 12 months.

The stable outlook on S&P's national scale 'mxBB+' financial
strength rating reflects the support that MBIA Mexico receives
from its parent through its reinsurance agreement and NWMA.
However, S&P may lower this rating if it changes its view of the
subsidiary's relative importance to its parent; this could be
reflected in the withdrawal, or change in terms, of the agreements
with MBIA Corp.


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


STANDARD REGISTER: Sale to Taylor Corp to Close on July 31
----------------------------------------------------------
Standard Register Co. said in court documents filed with the U.S.
Bankruptcy Court for the District of Delaware on July 28, 2015,
that the sale of its assets to Taylor Corp. is expected to close
today, July 31.

The Company filed a motion with to change its corporate and
business names, as required under the asset purchase agreement
between Standard Register and Taylor Corp., to become SRC
Liquidation Co.

According to Dave Larsen at Dayton Daily News, a hearing on the
name change is set for Aug. 18, 2015.

Dayton Daily relates that the Court extended, at the behest of the
Company, the 120-day period for the Company to file a plan by an
additional 90 days to Oct. 8, 2015, from the July 10, 2015.  The
report adds that the Court extended Company's period to solicit
acceptance of the plan to Dec. 7, 2015, from Sept. 8, 2015.

                     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 and Jefferies LLC as its exclusive
investment banker.


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


LATAM: ECLAC Says Caribbean Youth Jobless Rates Alarming
--------------------------------------------------------
Leah Sorias at Trinidad Express reports that the Economic
Commission for Latin American and the Caribbean described as
"alarming" the unemployment rate among young people in the
Caribbean.

Economic affairs officer of United Nations Economic Commission for
Latin America and the Caribbean (ECLAC) Michael Hendrickson said,
although economic growth in the Caribbean increased from 1.3 per
cent in 2013 to 2.3 per cent in 2014, the rate of unemployment did
not fall proportionately, according to Trinidad Express.

"Growth was not as job-full as we would have hoped," the report
quoted Mr. Hendrickson as saying.

The report notes that Mr. Hendrickson was at the time presenting
the Caribbean aspect of ECLAC's economic survey of Latin America
and the Caribbean, held at the commission's Chancery Lane, Port of
Spain, offices.

"In some countries youth unemployment rate is as high as almost 40
per cent; in others the average is around 25 per cent, which is
very alarming. What we have been seeing is that the profile of
unemployed youths is very much now becoming a situation of
joblessness among graduates or trained persons from university, so
that is an alarming situation," Mr. Hendrickson added.

The report notes that Mr. Hendrickson said discussion on the issue
was needed.  "We would have hoped that with the acquisition of
skills that there will be the kind to return of human capital
resulting from university training, but we are not getting the
proportionate kinds of returns to human capital and that is
something that is very concerning in the region.  It either means
that the training is not meeting the needs of the job market or
there is something wrong with the job market itself," Mr.
Hendrickson said, the report relays.

Mr. Hendrickson stressed the need for a major investment push in
human capital development to ensure the required training of
graduates for the job market, the report notes.

"The significant unemployment among graduates means that something
is happening. It's not that we are not training people but
probably we are training them in the wrong skills," Mr.
Hendrickson adds.

                            ***********


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

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

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


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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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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