TCRLA_Public/150811.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

            Tuesday, August 11, 2015, Vol. 16, No. 157


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO: Moody's Rates ARS13MM Certificates B1
PETROBRAS ARGENTINA: Ex-Dividend Date Scheduled for August 10
YPF SA: Posts ARS2.3 Billion Net Income in Second Quarter


B A H A M A S

BAHA MAR: Key Hearing on Stalled Resort Postponed to Aug. 19
BAHA MAR: CEXIM Asks Court to Dismiss Ch. 11 Case
BAHA MAR: Seeks to Incentivize 99 Employees


B R A Z I L

BRAZIL: Industrial Output Falls Less Than Economists Forecast
GOL LUXCO: Moody's Assigns Ba3 Rating to $300MM, 5-Yr. Sr. Loan
GOL LUXCO: S&P Assigns 'BB' Rating to Proposed $300MM Loan
PETROLEO BRASILEIRO: Planning 25% Fuel Unit Sale in Brazilian IPO
VIRGOLINO DE OLIVEIRA: S&P Affirms 'D' Rating


C A Y M A N  I S L A N D S

ATLANTIC INTERNATIONAL: Members' Final Meeting Set for Aug. 11
BG CAYMAN: Members' Final Meeting Set for Aug. 12
COAT CAYMAN: Members' Final Meeting Set for Aug. 12
MAN DISTRESSED: Members' Final Meeting Set for Aug. 12
NORTH AMERICAN: Members' Final Meeting Set for Aug. 12

ORTUS MAC: Members' Final Meeting Set for Aug. 12
PACIFIC INTERNATIONAL: Members' Final Meeting Set for Aug. 11
PENTA ASIA: Members' Final Meeting Set for Aug. 12
REVELATION CAYMAN: Members' Final Meeting Set for Aug. 12
SSC 400: Shareholder to Hear Wind-Up Report on Aug. 12

SUTTONBROOK CAYMAN: Members' Final Meeting Set for Aug. 12
UNION FUND: Members' Final Meeting Set for Aug. 12
YORK SOLUTIONS: Members' Final Meeting Set for Aug. 12
ZURBANO FUND: Members' Final Meeting Set for Aug. 12


M E X I C O

BENITO JUAREZ: Moody's Raises Global Scale, LC Rating to Ba3
MEXICO: Keeps Rate at Record Low 3%, Expands Currency Support
TABASCO STATE: Moody's Changes Outlook to Pos., Affirms Ba1 Rating


P U E R T O    R I C O

PUERTO RICO: Citizens Face Punishing Drought Amid Economic Slump
MORGANS HOTEL: Posts $10.7 Million Net Loss for Second Quarter
TEODORO MOSCOCO: S&P Corrects Long-Term Rating to CCC-


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Retirees Waiting on Pension


V I R G I N   I S L A N D S

LANCER FINANCE 2010-1: Fitch Cuts Rating on 2010-1 Notes to 'C'


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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FIDEICOMISO FINANCIERO: Moody's Rates ARS13MM Certificates B1
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Bancor Personales IV.  This transaction
will be issued by Deutsche Bank S.A.- acting solely in its
capacity as issuer and trustee.

As of now, the securities for this transaction have not yet been
placed in the market.  The transaction is pending approval from
the Comision Nacional de Valores, if any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

The rating action is:

   -- ARS55 mil. in Class A Floating Rate Debt Securities
      (VRDA) of "Fideicomiso Financiero Bancor Personales IV",
      rated Aaa.ar (sf) (Argentine National Scale) and B1 (sf)
      (Global Scale, Local Currency)

   -- ARS7 mil. in Class B Floating Rate Debt Securities
      (VRDB) of "Fideicomiso Financiero Bancor Personales IV",
      rated Aaa.ar (sf) (Argentine National Scale) and B1 (sf)
      (Global Scale, Local Currency)

   -- ARS13 mil. in Certificates (CP) of "Fideicomiso
      Financiero Bancor Personales IV", rated B1.ar (sf)
      (Argentine National Scale) and Caa2 (sf) (Global Scale,
      Local Currency).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 5,688 eligible personal loans denominated in
Argentine pesos, originated by Banco de la Provincia de Cordoba
S.A., in an aggregate amount of ARS 74,999,336.70.

These personal loans are granted to pensioners, employees of the
Government of the Province of Cordoba in Argentina or employees of
private companies that have an agreement with Banco de la
Provincia de Cordoba.  Approximately 21.9% of the securitized
portfolio benefits from a "codigo de descuento" or discount code
that allows to deduct the loan's installment directly from the
employee's paycheck.  In turn, the Government of Province of
Cordoba will transfer any deducted amounts to the Banco de la
Provincia de C¢rdoba, the servicer in the transaction.  For the
remaining part of the securitized pool, the loan's installment is
deducted automatically from the borrower's account at Banco de la
Provincia de Cordoba.

Overall credit enhancement is comprised of subordination: 26.67%
for the VRDA and 17.33% for the VRDB.  In addition the transaction
has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from the Government of C¢rdoba to pensioners and
employees respectively.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Banco de
Cordoba's portfolio.  In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the underlying pool with a
mean 2.5% and a coefficient of variation of 50%.  Also, Moody's
assumed a lognormal distribution for the prepayments with a mean
35% and a coefficient of variation of 70%.

These assumptions are derived from the historical performance to
date of the Banco de Cordoba's pools.  Servicer default was
modeled by simulating the default of the Banco de Cordoba as the
servicer consistent with its current rating of Caa1/Baa3.ar.  In
the scenarios where the servicer defaults, Moody's assumed that
the defaults on the pool would increase by 20 percentage points.

The model results showed 0.00% expected loss for VRDA, 1.04% for
VRDB and 17.07% for the Certificates.

Moody's also considered the risk that a disruption in the flow of
payments from the Government of Cordoba to pensioners and
employees respectively, could severely affect the performance of
the pool.  Moody's believes that the ratings assigned are
consistent with this risk.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction.  If Banco de Cordoba is removed as servicer,
Deutsche Bank S.A. will be appointed as the back-up servicer.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If the mean default rate were increased
to 8.5%, the ratings of the VRDA would remain the same.  The
ratings for and VRDB and the Certificates would be likely
downgraded to Caa2 (sf) and Caa3 (sf) respectively.

The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.


PETROBRAS ARGENTINA: Ex-Dividend Date Scheduled for August 10
-------------------------------------------------------------
nasdaq.com reports that Petrobras Argentina S.A. will begin
trading ex-dividend on August 10, 2015.  A cash dividend payment
of $0.074069 per share is scheduled to be paid on August 20, 2015.
Shareholders who purchased PZE prior to the ex-dividend date are
eligible for the cash dividend payment, according to nasdaq.com.

The report notes that this represents a 6.7% increase over the
prior year.

As reported in the Troubled Company Reporter-Latin America on
April 30, 2015, Moody's Latin America Agente de Calificacion de
Riesgo confirmed the Ba2/Aaa.ar global scale rating and national
scale rating on Petrobras Argentina S.A.'s (Petrobras Argentina)
US$300 million in guaranteed Series S notes (CUSIP 71646JAB5). The
rating action reflects Moody's Investors Service's rating action
on April 27, 2015 of confirming Petrobras S.A.'s (Petrobras, the
guarantor) global debt ratings at Ba2. The ratings outlook is now
stable, also in accordance to Petrobras' rating outlook. This
concludes the ratings review period started in late December 2014.


YPF SA: Posts ARS2.3 Billion Net Income in Second Quarter
---------------------------------------------------------
Pablo Rosendo Gonzalez at Bloomberg News reports that YPF SA
posted second-quarter earnings that exceeded expectations as it
increased output and sold crude at a premium to international
prices.

Net income rose to ARS2.3 billion ($250 million) from ARS1.5
billion a year earlier, Buenos Aires-based YPF said in a
statement, according to Bloomberg News.  Per-share profit of 5.86
pesos, excluding some items, beat the 5.36-peso average of five
analysts' estimates compiled by Bloomberg.

While major oil companies from Exxon Mobil Corp. to Chevron Corp.
hunker down for a prolonged market rout, YPF has kept up spending
as it increases crude and natural gas output, Bloomberg News
relates.  The producer that was nationalized in 2012 is benefiting
from government-set prices that are higher than Brent, the
international benchmark, Bloomberg News says.

"Clearly this is one of those moments where we benefit from our
integrated model," Chief Financial Officer Daniel Gonzalez told
investors on an earnings call, Bloomberg News notes.

The company will keep its 2015 capital expenditures budget
unchanged at around $6 billion, Mr. Gonzalez said, declining to
provide an estimate for spending next year, Bloomberg News
disclsoes.

Argentina's regulated domestic crude prices averaged $69.10 a
barrel in the quarter, Mr. Gonzalez said, Bloomberg News relays.
That compares with $63.50 on average for Brent.

                          Output Increase

YPF SA's crude oil output rose 3.7 percent in the quarter to
249,800 barrels a day, while gas production jumped 2.3 percent to
44.6 million cubic meters a day, Bloomberg News notes.  Sales rose
12 percent to ARS39.6 billion, Bloomberg News discloses.

YPF SA, which has 360 shale wells in production, will continue
seeking partners to exploit the Vaca Muerta formation, an area the
size of Belgium that holds the world's second-largest shale gas
reserves and the fourth for shale oil, Bloomberg News relays.

The task won't be easy because of the oil price rout and the
proximity to national elections that start Oct. 25, Mr. Gonzalez
said, Bloomberg News notes.

Costs in Vaca Muerta currently stand at about $7 million for
vertical wells and $14 million for horizontal wells, Mr. Gonzalez
said, Bloomberg News says.

In the downstream sector, which includes refining and marketing,
sales increased 6.6 percent to 35.3 billion pesos, trailing the
government's 15 percent inflation rate for the 12 months through
June, Bloomberg News notes.  Independent analysts estimate the
country's annual inflation at about 25 percent, Bloomberg News
relays.

The company is soon to reach a refinery utilization rate of 97
percent, Mr. Gonzalez said, Bloomberg News relays.

YPF SA's board approved the sale of as much as $400 million of
bonds on Aug. 5, the company said in a separate filing, Bloomberg
News adds.

As reported in the Troubled Company Reporter-Latin America on
July 22, 2015, Fitch Ratings has affirmed the foreign and local
currency Issuer Default Ratings (IDRs) of YPF S.A. (YPF) at 'CCC'
and 'B-', respectively.  Fitch affirms the company's long-term
international bond ratings at 'CCC' and assigns an 'RR4' recovery
rating to the company's international senior unsecured bonds. The
'RR4' Recovery Rating for the company's senior unsecured notes
outstanding reflects an average expected recovery given default
and is in line with the RR soft cap established for Argentina.


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


BAHA MAR: Key Hearing on Stalled Resort Postponed to Aug. 19
------------------------------------------------------------
Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review,
reported that a judge in the Bahamas agreed to delay a critical
decision about the future of the $3.5 billion stalled resort
project Baha Mar.

According to the report, a hearing on the Bahamian government's
request to have a liquidator take over the restructuring of Baha
Mar was delayed to Aug. 19 to give the government enough time to
propose a new liquidator.  PricewaterhouseCoopers had been put
forth by the government for the job, but a conflict of interest
arose with China State Construction Engineering -- the parent
company of the contractor on Baha Mar, with whom the project's
owner and developer has been at odds -- according to a Baha Mar
spokesman, the report related.

                         About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


BAHA MAR: CEXIM Asks Court to Dismiss Ch. 11 Case
-------------------------------------------------
The Export-Import Bank of China, the largest secured creditor of
Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., et
al., asks the U.S. Bankruptcy Court for the District of Delaware
to dismiss the Chapter 11 cases.

CEXIM provided the Debtors a secured debt facility of up to $2.45
billion to help fund the development of the Baha Mar Resort under
a Facility Agreement dated March 31, 2010.  The Bahamian Debtors
are organized under Bahamian law, have Bahamian offices, are
developing a Bahamian resort, employ more than 2,000 Bahamian
citizens, and executed with key creditors, including CEXIM,
significant contracts that are governed by Bahamian law.  There is
no meaningful tie that binds the Bahamian Debtors, their assets,
or their creditors to the U.S., the bank asserts.

CEXIM further asserts that the refusal of the Bahamian Court to
recognize or enforce orders of the Chapter 11 cases means that a
U.S. Chapter 11 restructuring of the Bahamian Debtors was never
expected and cannot be achieved.  By commencing their Chapter 11
cases in the U.S., the Bahamian Debtors upset the reasonable
expectations of all their foreign creditors, CEXIM adds.

The Court, at the behest of the Debtors, extended the deadline to
object to the motions to dismiss their Chapter 11 cases to August
10, 2015.  The Committee supported the Debtors' extension request.

The Export-Import Bank of China is represented by:

          Robert J. Dehney, Esq.
          Curtis S. Miller, Esq.
          MORRIS, NICHOLS, ARSHT & TUNNELL LLP
          1201 North Market Street
          P.O. Box 1347
          Wilmington, DE 19899-1347
          Tel: (302) 658-9200
          Fax: (302) 658-3989
          Email: rdehney@mnat.com
                 cmiller@mnat.com

             -- and --

          Gary T. Holtzer, Esq.
          Alfredo R. Perez, Esq.
          Robert J. Lemons, Esq.
          WEIL, GOTSHAL & MANGES LLP
          767 Fifth Avenue
          New York, New York 10153
          Tel: (212) 310-8000
          Fax: (212) 310-8007
          Email: gary.holtzer@weil.com
                 alfredo.perez@weil.com
                 robert.lemons@weil.com

The Official Committee of Unsecured Creditors are represented by:

          Christopher M. Samis, Esq.
          L. Katherine Good, Esq.
          WHITEFORD, TAYLOR & PRESTON LLC
          The Renaissance Centre, Suite 500
          405 North King Street
          Wilmington, Delaware 19801
          Tel: (302) 353-4144
          Fax: (302) 357-3288
          Email: csamis@wtplaw.com
                 kgood@wtplaw.com

          -- and --

          Lawrence C. Gottlieb, Esq.
          Jeffrey L. Cohen, Esq.
          Richelle Kalnit, Esq.
          Jeremy Rothstein, Esq.
          COOLEY LLP
          1114 Avenue of the Americas
          New York, New York 10036
          Tel: (212) 479-6000
          Fax: (212) 479-6275
          Email: lgottlieb@cooley.com
                 jcohen@cooley.com
                 rkalnit@cooley.com
                 jrothstein@cooley.com

                    About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


BAHA MAR: Seeks to Incentivize 99 Employees
-------------------------------------------
Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and
its affiliated debtors seek authority from the U.S. Bankruptcy
Court for the District of Delaware to implement a key employee
incentive program that aims to incentivize employees indispensable
to the wind-down of the Debtors' estates.

The Debtors assert that the success in their restructuring will be
highly dependent upon the continued support and performance of
their workforce.  The Incentive Program is to ensure that select
specialized employees are appropriately incentivized to complete
complex and vital tasks in an expedited timeframe under difficult
circumstances.  Specifically, the Debtors need to incentivize
approximately 47 indispensable employees to assist with the wind-
down of their respective operations over a 45- to 60-day period
notwithstanding their impending termination (Group B Employees),
and incentivize approximately 52 additional employees to manage
the wind-down and operate the remaining businesses until
construction of the resort is complete (Group A Employees).

According to the Debtors, the Incentive Program was carefully
crafted and is narrowly tailored to meet specific objectives.  The
Incentive Program, the Debtors add, will minimize harm to their
businesses and maximize their prospects for a successful
reorganization for the benefit of all parties in interest.

As compensation for postpetition services, each Group B-1 Employee
will be entitled to receive, upon receipt of notice of
termination, the greater of (x) 90 days of that Employee's daily
rate or (y) 1.5x of that Employee's daily rate for the period from
the Petition Date through completion of the applicable milestone.

As compensation for postpetition services, each Group B-2 Employee
will be entitled to receive, upon receipt of notice of
termination, the greater of (x) 60 days of that Employee's daily
rate or (y) 1.5xof that Employee's daily rate for the period from
the Petition Date through completion of the applicable milestones.

Group A-1 employees will receive a bonus of 60% of annual base
salary to be paid in increments of 20% of annual base salary upon
achievement of particular milestones, while Group A-2 employees
will receive a bonus of 30% of annual base salary to be paid in
increments of 10% of annual base salary upon achievement of
particular milestones.

Northshore Mainland Services Inc., et al. are represented by:

          Laura Davis Jones, Esq.
          James E. O'Neill, Esq.
          Colin R. Robinson, Esq.
          Peter J. Keane, Esq.
          Pachulski Stang Ziehl & Jones LLP
          919 North Market Street, 17th Floor
          Wilmington, Delaware 19801
          Tel.: 302 652-4100
          Fax: 302 652-4400
          Email: ljones@pszj law.com
                 joneill@pszjlaw.com
                 crobinson@pszjlaw.com
                 pkeane@pszjlaw.com

             -- and --

          Paul S. Aronzon, Esq.
          Mark Shinderman, Esq.
          Milbank, Tweed, Hadley & McCloy LLP
          601 S. Figueroa Street, 30th Floor
          Los Angeles, California 90017
          Tel.: 213 892-4000
          Fax: (213) 629-5063
          Email: paronzon@milbank.com
                 mshinderman@milbank.com

             -- and --

          Tyson Lomazow, Esq.
          Thomas J. Matz, Esq.
          Steven Z. Szanzer, Esq.
          Milbank, Tweed, Hadley & McCloy LLP
          28 Liberty Street
          New York, New York 10005
          Tel.: 212 530-5000
          Fax: 212 530-5219
          Email: tlomazow@milbank.com
                 tmatz@milbank.com
                 sszanzer@milbank.com

                    About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre & Kim LLP.  The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


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B R A Z I L
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BRAZIL: Industrial Output Falls Less Than Economists Forecast
-------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's industrial
output in June dropped less than economists predicted, as the
central bank signals that the monetary tightening cycle has come
to a close and Latin America's largest economy slips into
recession.

Output in June fell 0.3 percent from July after a 0.6 percent
decline in May, the national statistics agency said in Rio de
Janeiro, according to Bloomberg News.  That was better than the
median estimate from 37 economists surveyed by Bloomberg, whose
median forecast was for a 0.7 percent decline.  Industrial output
fell 3.2 percent from the year before.

Brazil's central bank signaled interest rates are now high enough,
which is a measure of relief for an industrial sector whose
confidence has been routed with borrowing costs at their highest
since 2006, Bloomberg News says.  A weaker real may help exporters
boost their competitiveness, even as a wider drawdown of activity
portends recession, Bloomberg News relates.

"You had some temporary improvements in some sectors that wound up
softening the fall, but it is still a very difficult picture,"
Thais Zara, chief economist at Rosenberg Consultores Associados,
said by phone from Sao Paulo, Bloomberg News notes.

"Production of capital goods is at a level similar to the one we
had at the worst of the 2009 crisis," Bloomberg News quoted Mr.
Zara as saying.

Swap rates maturing in January 2017 fell two basis points, or 0.02
percentage point, to 13.58 percent at 9:47 a.m. local time on Aug.
4.  The real gained 0.1 percent to 3.4471 per U.S. dollar on Aug.
4. It has weakened 23 percent this year, the most among 24
emerging-market currencies tracked by Bloomberg.

Output of capital goods in June, a barometer of investment, fell
3.3 percent, the statistics institute said, Bloomberg News relays.
Production of consumer goods was flat, including a 1.7 percent
gain in semi-durable and non-durable goods and a 10.7 percent drop
in durable goods production. Output of food products rose 3
percent, Bloomberg News says.

                          'The Bottom'

"We are seeing industry production falling in seasonally adjusted
quarterly terms for the eighth quarter in a row," Jankiel Santos,
chief economist at investment bank BESI Brasil, Bloomberg News
relays.  "It's really bad, and we're still going for the bottom,"
Mr. Santos added.

Brazil's central bank raised its key rate by 50 basis points two
weeks ago, and signaled that the Selic is high enough to slow
inflation toward its 4.5 percent target by the end of next year,
Bloomberg News says.  Economists surveyed by the bank expect the
economy to contract 1.8 percent this year.

Higher interest rates are damping confidence and investment, at
the same time that an investigation into kickbacks at state-run
oil company Petroleo Brasileiro SA has implicated the nation's
biggest builders and hampered construction, Bloomberg News relays.
Cement production slid 9.2 percent in May from a year earlier,
marking a 12th consecutive month drop, Bloomberg News notes.

                       Shipyard Layoffs

The shipyard industry, for its part, has cut 17.5 percent of its
workforce since end-2014, the Sinaval industry group said. That
marks the first time the industry laid off workers in 15 years,
according to its July 13 presentation, Bloomberg News notes.

Exporters, for their part, stand to gain amid the trend of a
weakening real that is "here to stay," Trade and Industry Minister
Armando Monteiro told reporters in Brasilia July 29 after meeting
with executives, Bloomberg News discloses.

                        Rating Downgrade

Brazil's Congress returned from recess last week, and the
government is working to impress upon the Senate the need to vote
legislation to raise taxes on companies, Bloomberg News notes.  It
is the last bill in the fiscal adjustment package intended to
avert a sovereign credit downgrade, Bloomberg News says.

Doing so has taken on greater urgency after Standard & Poor's,
which rates Brazil's debt one level above junk, revised its
outlook for the nation's credit rating to negative in July,
Bloomberg News recalls.

The ratings company likewise revised to negative its outlook for
30 Brazilian corporate and infrastructure companies including
cement producer Votorantim Participacoes SA, highway manager CCR
SA, and beverage maker Ambev SA, Bloomberg News notes.  Industry
confidence last month fell to its lowest level on record.

"If you look at business confidence, we do see a very low level,
and no rebound at all," Roberto Padovani, chief economist at Sao
Paulo-based brokerage Votorantim Ctvm Ltda, told Bloomberg News by
phone.


GOL LUXCO: Moody's Assigns Ba3 Rating to $300MM, 5-Yr. Sr. Loan
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the $300
million, 5-year senior unsecured term loan that Gol LuxCo S.A.
plans to arrange.  Incorporated in Luxemburg, Gol LuxCo is a
wholly-owned subsidiary of Gol Linhas Aereas Inteligentes S.A..
Moody's Corporate Family rating for Gol remains unchanged at B3
and the outlook is positive.  Delta Air Lines, Inc. (Delta, Ba2
positive) will irrevocably and unconditionally guarantee the
borrower's and primary guarantor's payment obligations of the new
term loan.

The proceeds of the term loan will be used for general corporate
purposes of the borrower and its affiliates.  The rating of the
proposed term loan assumes that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date and assume that these agreements are
legally valid, binding and enforceable

Rating assigned:

Issuer: Gol LuxCo S.A.
   -- $300 million BACKED senior unsecured term loan due 2020: Ba3
      foreign currency rating

The outlook is positive

RATING RATIONALE

The Ba3 rating on the proposed $300 million senior unsecured term
loan is the same as Delta's unsecured rating.  The Ba3 rating is
three notches higher than the rating assigned to Gol's other rated
unsecured obligations and reflects the unconditional and
irrevocable payment guarantee by Delta.  Similarly to Gol LuxCo's
other senior unsecured notes due in 2023 and 2022, its parent
company Gol and VRG Linhas Aereas S.A. (VRG, B3 positive), the
operating subsidiary in Brazil, will guarantee the borrower's
payment obligations.

According to Delta's guaranty agreement, if Gol LuxCo, or any of
the other immediate guarantors, fails to meet debt service within
the applicable grace period of 5 days for interest payment or at
the maturity date for principal payment, the lenders of the
obligations are entitled to the due and punctual payments of those
obligations from Delta, including any accrued interest.  The
credit agreement also has provisions for the prompt notification
of Delta in the event of a missed interest or principal payment.
As such, Moody's views the Delta guaranty as an effective guaranty
of payment of lenders in the entirety of its original promise when
due, and not just a guarantee of collection after an event of
default.

Delta has 2.9% interest in Gol's total capital and one seat on its
Board of Directors.  Now the company is also seeking to expand its
participation through an equity increase of up to $56 million that
is expected to be completed in September.  If the minority
shareholders do not follow the capital subscription, we estimate
that Delta's participation in Gol's economic capital would reach
about 9.5%.  Delta's increasing investments in Gol demonstrates
its commitment to their partnership, which provides both
companies' passengers with greater connectivity, code-sharing, as
well as increased cooperation on aircraft and engine maintenance,
along with higher market penetration.

The proceeds from this transaction will increase Gol's liquidity
to contend with its operating cost pressures and slowing demand
growth in its home market of Brazil, which has been challenged by
deteriorating demand from corporate passengers on the back of the
country's slowing economy.  The continued devaluation of local
currency, which has lost 30% of its value since year-end 2014, is
also pressuring Gol's profitability and reducing most of the
benefits that we expected from lower fuel prices in 2015.  As
such, Gol's leverage metrics will remain under pressure, with
adjusted debt/EBITDA potentially reaching 9.0 times by the end of
2015, up from 5.3 times in 2014.

Gol's B3 Corporate Family rating continues to consider the
company's solid position in the Brazilian domestic market
supported by its strong brand name and low-cost structure based on
a modern operating fleet of 140 Boeing 737 aircraft.  The rating
also incorporates the company's still adequate liquidity position
and manageable debt profile over the next three years.  On the
other hand, Gol's high exposure to foreign currency and fuel price
volatility constrain the rating, as does the near term challenges
in the Brazilian aviation industry due to lower industrial
activity and still aggressive industry competition.

Delta's Corporate Family rating was upgraded to Ba2 in June 2015,
reflecting Moody's expectation of stronger credit metrics through
2016, derived from the company's long-running focus on reducing
funded debt, effective capacity management and significantly lower
fuel expenses.  The rating is also supported by a general
reduction in industry risk in the U.S. market and the company's
very good liquidity.  Moody's expect Delta to maintain at least $5
billion of aggregate unrestricted cash and revolver availability
during the next 12 to 24 months.  Delta's Ba3 unsecured rating
stands one notch lower than its Corporate Family rating,
reflecting the subordination of unsecured creditors to the
company's secured debt.

The positive outlook on the rated term loan reflects the positive
outlook on Moody's rating of Delta.  Moody's anticipates that
Delta will continue to whittle down its funded debt, supporting
further credit strength through 2016.  It also considers Moody's
constructive view of the industry fundamentals in Brazil, which
remains supported by a solid track record of passenger demand
growth in mid-single digits, improved airport infrastructure and
the still underpenetrated market for air travel in Latin America.

An upgrade of the term-loan rating depends on improvement in
Delta's creditworthiness, as evidenced by a Debt to EBITDA ratio
closer to 3.0 times Funds from Operations plus Interest to
Interest that approaches 6.0 times or sustaining the EBITDA margin
near 20%.

Conversely a downgrade will be considered if there is any
deterioration of Delta's credit; for example, if the company is
unable to sustain its EBITDA margin, or aggregate liquidity
(including availability on revolving credit facilities) was
sustained below $5.0 billion, among other factors.  The rating of
the term loan could also be lowered if the terms of the executed
transaction documents differ from Moody's expectation,
particularly regarding the timing of the required notification by
the administrative agent to Delta of non-payment by Gol or the
primary guarantors, to later than on a payment date.

The primary methodology used in this rating was Global Passenger
Airlines published in May 2012.

The cross-sector methodology titled Rating Transactions Based on
the Credit Substitution Approach: Letter of Credit-backed, Insured
and Guaranteed Debts published in March 16, was also used in this
rating.

Gol Linhas Aereas Inteligentes S.A., headquartered in Sao Paulo,
Brazil, is the largest low-cost and best-fare carrier in Latin
America, offering approximately 898 daily passenger flights to
connect Brazil's major cities and various destinations in South
America and the Caribbean, along with cargo and charter flight
services.  In the last twelve months ended 31 March 2015, Gol
reported consolidated net revenues of R$10.1 billion ($4.1
billion) and lease adjusted EBITDA of R$2.0 billion ($794
million).

Delta Air Lines, Inc., headquartered in Atlanta, Georgia, is the
world's second largest airline, providing scheduled air
transportation for passengers and cargo throughout the U.S. and
around the world.  The company reported $40.8 billion of revenue
in 2014.  In the last twelve months ended March 31, 2015, Delta
reported consolidated net revenues of $40.8 billion and lease
adjusted EBITDA of $6.7 Billion.


GOL LUXCO: S&P Assigns 'BB' Rating to Proposed $300MM Loan
----------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB' issue-level
rating to Gol LuxCo S.A.'s proposed $300 million term loan due
2020. Besides unconditional guarantee from Brazilian
operating companies-- Gol Linhas Aereas Inteligentes S.A. (GOL;
B/Negative/--) and VRG S.A. (not rated)--the term loan will also
have a backstop guarantee from Delta Air Lines Inc. (BB+/Stable/--
).  As such, the rating on the term loan reflects Delta's full and
unconditional guarantee, which is a senior unsecured obligation,
in respect to the term loan.  Delta will benefit from a first
priority claim on common shares of Smiles S.A. (GOL's frequent
flyer program, in which the company has 54% stake and control) to
secure its guarantee.

The rating on the term loan is one notch lower than Delta's
corporate credit rating because the term loan's recovery rating is
'5', reflecting S&P's expectations for modest recovery (10%-30%;
the low end of that range) if Delta were to enter bankruptcy (and
assuming GOL wasn't repaying the loan).  The somewhat low recovery
expectation reflects Delta's guarantee of the term loan, which S&P
ranks as pari-passu with the airline's senior unsecured debt, and
would be subordinated to Delta's significant amount of secured
debt.

RATINGS LIST

Rating Assigned

Gol LuxCo S.A.
  $300M term loan due 2020         BB

Gol Linhas Aereas Inteligentes S.A.
  Corporate credit rating          B/Negative/--


PETROLEO BRASILEIRO: Planning 25% Fuel Unit Sale in Brazilian IPO
-----------------------------------------------------------------
Cristiane Lucchesi, Juan Pablo, and Spinetto Sabrina Valle at
Bloomberg News report that Petroleo Brasileiro SA is looking to
sell about 25 percent of its fuel distribution unit in what would
be Brazil's biggest initial public offering in more than two
years, said two people with direct knowledge of the matter.

The Petrobras Distribuidora SA (BR) unit is Latin America's
largest distributor and marketer of petroleum derivatives and
biofuels and was valued by banks at BRL30 billion to BRL40 billion
($8.7 billion to $11.6 billion), one of the people said, asking
not to be named because talks are private.  Bankers and lawyers
met for the first time on July 30 ahead of a proposed October or
November share sale, five people said, according to Bloomberg
News.

Bloomberg News relates that Citigroup Inc. is leading a group of
advisers that also includes Banco Bradesco BBI SA, Banco Itau BBA
SA, Banco do Brasil SA and Bank of America Corp., the people said.

In a July 31 press conference at the company's headquarters in Rio
de Janeiro, Chief Executive Officer Aldemir Bendine said Petrobras
was holding meetings with banks and hasn't yet decided which ones
will coordinate the transaction, Bloomberg News says.

Mr. Bendine told Globo News in a July 2 televised interview that
Petrobras may list at least 25 percent of the gas-station network,
and Bank of America Corp. analysts speculated in a report that a
sale of as much as 48 percent was possible, Bloomberg News
discloses.

                            Pares Loss

Bloomberg News discloses that Petrobras has put up for sale almost
$60 billion in assets through 2018.  The plan calls for $15
billion in divestments by the end of 2016 and an additional $42.6
billion by 2018, part of which will come from restructuring,
Bloomberg News relays.

Bloomberg News notes that Mr. Bendine's strategy is to cut debt
without abandoning plans to develop oil discoveries 200 miles off
the coast of Rio de Janeiro.  The new divestment plan -- a
significantly upsized version of one first unveiled earlier in the
year -- is intended to preserve Petrobras's investment-grade
credit rating, after Standard & Poor's and Fitch Ratings assigned
a negative outlook to its BBB- score, Bloomberg News relays.

The assets are coming to market as a collapse in oil prices weighs
on values and the resources of would-be buyers, Bloomberg News
discloses.  Crude oil futures have declined 54 percent in the past
year, Bloomberg News says.

BR controls gasoline station network in Brazil, with about 8,000
units and more than 1,000 convenience stores.  It also sells fuels
including diesel and ethanol.  The business generated revenue of
BRL120.6 billion last year, according to Petrobras's annual
earnings release, Bloomberg News adds.

                   About Petroleo Brasileiro

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

                       *     *     *

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

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

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

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

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


VIRGOLINO DE OLIVEIRA: S&P Affirms 'D' Rating
---------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D' ratings on
Virgolino de Oliveira S.A. -- Acucar e Alcool.  On Jan. 14, 2015,
the company defaulted on its first interest bond payment and
afterwards defaulted on all its rated debt obligations.  The
company is still under a restructuring process.  When the
restructuring is completed, S&P will reevaluate the company's
credit quality as it overhauls its capital structure.

Standard & Poor's also lowered its rating on the company's 2022
bond to 'D' from 'CC', which is in default since March 11, 2015,
when its cure period ended.


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


ATLANTIC INTERNATIONAL: Members' Final Meeting Set for Aug. 11
--------------------------------------------------------------
The members of Atlantic International Finance Limited will hold
their final meeting on Aug. 11, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Simon Conway
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


BG CAYMAN: Members' Final Meeting Set for Aug. 12
-------------------------------------------------
The members of BG Cayman Fund Limited will hold their final
meeting on Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


COAT CAYMAN: Members' Final Meeting Set for Aug. 12
---------------------------------------------------
The members of Coat Cayman Fund Limited will hold their final
meeting on Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


MAN DISTRESSED: Members' Final Meeting Set for Aug. 12
------------------------------------------------------
The members of Man Distressed Strategies (Master) Ltd will hold
their final meeting on Aug. 12, 2015, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


NORTH AMERICAN: Members' Final Meeting Set for Aug. 12
------------------------------------------------------
The members of North American Opportunity MAC Limited will hold
their final meeting on Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


ORTUS MAC: Members' Final Meeting Set for Aug. 12
-------------------------------------------------
The members of Ortus Mac Limited will hold their final meeting on
Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


PACIFIC INTERNATIONAL: Members' Final Meeting Set for Aug. 11
-------------------------------------------------------------
The members of Pacific International Finance Limited will hold
their final meeting on Aug. 11, 2015, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Simon Conway
          c/o Andrew Nembhard
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


PENTA ASIA: Members' Final Meeting Set for Aug. 12
--------------------------------------------------
The members of Penta Asia Mac 91 Ltd. will hold their final
meeting on Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


REVELATION CAYMAN: Members' Final Meeting Set for Aug. 12
---------------------------------------------------------
The members of Revelation Cayman Fund Limited will hold their
final meeting on Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


SSC 400: Shareholder to Hear Wind-Up Report on Aug. 12
------------------------------------------------------
The shareholder of SSC 400 Capital Fund Ltd. will hear on Aug. 12,
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:

          400 Capital Management LLC
          c/o Jonathan Turnham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SUTTONBROOK CAYMAN: Members' Final Meeting Set for Aug. 12
----------------------------------------------------------
The members of Suttonbrook Cayman Fund Limited will hold their
final meeting on Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


UNION FUND: Members' Final Meeting Set for Aug. 12
--------------------------------------------------
The members of Union Fund Limited will hold their final meeting on
Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


YORK SOLUTIONS: Members' Final Meeting Set for Aug. 12
------------------------------------------------------
The members of York Solutions Cayman Fund Limited will hold their
final meeting on Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


ZURBANO FUND: Members' Final Meeting Set for Aug. 12
----------------------------------------------------
The members of Zurbano Fund Limited will hold their final meeting
on Aug. 12, 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:

          Keiran Hutchison
          c/o Steve Bull
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529
          Ernst & Young Ltd.
          62 Forum Lane Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


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


BENITO JUAREZ: Moody's Raises Global Scale, LC Rating to Ba3
------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the municipality
of Benito Juarez (Cancun) to A3.mx (Mexican National Scale) and
Ba3 (Global Scale, local currency) from Baa1.mx and B1,
respectively.  At the same time, Moody's changed the ratings'
outlook to stable from positive.

RATINGS RATIONALE

The upgrade of Benito Juarez's ratings to A3.mx (Mexican National
Scale) from Baa1.mx and to Ba3 (Global Scale, local currency) from
B1 reflects Moody's view that Benito Juarez's credit profile
improved against its national peers as evidenced by 1) strong own-
source revenues generated by the municipality's wealthy economic
base, 2) positive financial results during the last four years,
and 3) declining debt levels.

Benito Juarez registers one of the highest levels of own-source
revenues among rated Mexican municipalities supported by its solid
economy based on tourism, which has grown regularly during the
past years.  During 2014, the municipality's own-source revenues
were equivalent to 58% of operating revenues, compared to a median
of 35% for Mexican municipalities.

This level of own-source revenues along with measures to contain
growth of current expenditures have supported its consolidated
cash financing surpluses over 2011-14 averaging 5.8 % of total
revenues.  Cash financing surplus in 2014 was equivalent to 9.4%
of total revenues, a strong level compared to national peers.

As a result of cash financing surpluses, net direct and indirect
debt ratios have shown a declining trend.  At the end of 2014, net
direct and indirect debt was equivalent to a still high 54% of
operating revenues compared to 61.5% in 2013.  Moody's expects
debt levels to continue declining as the municipality does not
have plans to acquire additional loans.  Net working capital to
total expenditures stood at -5.9% in 2014.

The stable outlook reflects Moody's expectation that Benito Juarez
will register balanced operating results in the next 12-18 months,
which should help improve liquidity in the near term.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Higher sustainable positive operating results, allowing the
municipality to finance its capital projects with available
revenues, declining further debt levels and improving its
liquidity position, could place upward pressure on the ratings.
Deteriorating operating and financial results that lead to higher
debt or a deterioration of liquidity could exert downward pressure
on the ratings.


MEXICO: Keeps Rate at Record Low 3%, Expands Currency Support
-------------------------------------------------------------
Eric Martin and Nacha Cattan at Bloomberg News report that
Mexico's central bank kept borrowing costs unchanged at a record
low, saying the outlook for growth has worsened, while also
expanding programs designed to prop up the peso.  The currency
erased its loss, according to Bloomberg News.

Banco de Mexico's board, led by Governor Agustin Carstens, left
the overnight rate at 3 percent July 30, as forecast by all 29
economists surveyed by Bloomberg.  At the same time, the nation's
currency commission announced an expansion of daily dollar sales
and a lower trigger for a separate extraordinary dollar sale.

The peso tumbled to a record low on July 31 on expectations the
U.S. is nearing an interest-rate increase, and the bank had warned
currency weakness could spur inflation, Bloomberg News says.
While the economy remains weak and the inflation rate is at the
lowest in almost half a century, policy makers have said they may
need to raise borrowing costs to preserve Mexico's rate
differential with the U.S. and protect financial stability,
Bloomberg News discloses.

                           'Bold Move'

The central bank "got closer to a rate hike when it noted it will
be necessary to adjust monetary policy in a timely way," Alonso
Cervera, chief Latin America economist for Credit Suisse Group AG,
said in an e-mailed response to questions, Bloomberg News notes.
As for the currency measure, "this was a very bold move that
should give support to the currency in upcoming days," Mr. Cervera
said.

The peso has been trading at record lows in recent days after
tumbling 20 percent in the past year through July 30, reflecting
expectations for higher U.S. rates and the impact of low crude
prices on growth in Mexico, Bloomberg News discloses.

The central bank reiterated that the peso's inflation impact has
been limited mainly to durable goods and said the balance of
inflation risks in the short term has improved, Bloomberg News
notes.

Policy makers repeated their forecast for inflation to remain
below 3 percent for the rest of this year, Bloomberg News says.

                         Fragile Economy

Mexico's economy remains fragile. Industrial production
unexpectedly contracted in May from a year earlier on a non-
seasonally adjusted basis amid weak manufacturing, Bloomberg News
relays.

Still, policy makers will raise borrowing costs this quarter as
the Fed lifts rates, according to the median forecast of
economists surveyed by Bloomberg.

"If the Fed hikes, Banxico will hike at the same pace and time as
the Fed," Benito Berber, an analyst at Nomura Holdings Inc., told
Bloomberg News by telephone from New York.

At their previous rate meeting in June, the majority of the
central bank's five-member board said they were trapped between a
sluggish domestic economy and expectations for higher U.S. rates.
Barring a jump in inflation expectations, most board members said
the disadvantages of raising interest rates before the Fed would
outweigh the benefits, according to the minutes of the meeting,
Bloomberg News relays.

                         Half-Century Low

Mexico's inflation rate fell to 2.87 percent in June, the lowest
since 1968, from 2.88 percent in May, Bloomberg News relays.  Weak
growth, smaller gasoline cost increases, reduced rates for
telephone services and summer electricity subsidies have
contributed to lower inflation, Bloomberg News notes.

Since October, economists have cut their 2015 economic growth
forecasts by more than a percentage point to 2.6 percent, a
central bank survey showed July 3, Bloomberg News adds.


TABASCO STATE: Moody's Changes Outlook to Pos., Affirms Ba1 Rating
------------------------------------------------------------------
Moody's de Mexico changed the outlook on the State of Tabasco's
issuer ratings to stable from positive and affirmed the state's
A1.mx (Mexico National Scale) and Ba1 (Global Scale, local
currency) ratings.

At the same time, Moody's affirmed the debt ratings of these
enhanced loans:

   -- MXN 449.9 million (Original face value) enhanced loan with
      Santander, Baa1/Aa1.mx ratings

   -- MXN 1.6 billion (Original face value) enhanced loan with
      Banamex, Baa1/Aa1.mx ratings

   -- MXN 3 billion (Original face value) enhanced loan with
      Banorte, A3/Aaa.mx ratings

RATINGS RATIONALE

The affirmation of the state's issuer ratings of Ba1/A1.mx takes
into account Tabasco's cash financing surpluses for each of the
last three years, leading to low debt levels and a positive
liquidity position.  These are indicators in line with Ba1 rated
national peers.  Moody's revision of the outlook of the State of
Tabasco's issuer ratings to stable from positive reflects our
expectation that the state will face lower growth in federal
revenues, leading to a tightening of financial metrics in the near
term.  The stabilization of the outlook also takes into account
the lack of reform of the state's pension system, as Tabasco has
high unfunded pension liabilities compared to national peers.

During the last three years, Tabasco has achieved cash financing
surpluses equivalent to 4% of total revenues on average,
reflecting prudent fiscal management.  Moody's expects that the
state will report lower cash financing results as spending growth
continues to outstrip growth in total revenues in 2015 and 2016.
During the 2010-2014 period, total revenues expanded at a compound
annual growth rate (CAGR) of 4.8%, below the spending CAGR of 6%.

At the end of 2014, Tabasco had debt equivalent to 9.2% of total
revenues, in line with national peers rated at Ba1.  The state is
planning to contract a MXN 626 million loan in 2015, with
principal payments backed by a zero coupon bond issued by the
Federal Government.  As such, Moody's does not include it in its
net direct and indirect debt calculations, and expects that
Tabasco will continue to reduce its already relatively low net
direct and indirect debt levels in 2015.  Thanks to its cash
financing surpluses, the state's liquidity has been positive in
the last two years.  Measured as net working capital (current
assets less current liabilities), liquidity was equivalent to 1%
of total expenditures at the end of 2014.

Moody's expects that Tabasco's financial and liquidity metrics
could face near-term pressure as a result of a lower growth in
federal transfers, which account for 91% of total revenues.
Tabasco's ambitious infrastructure plan for 2015 could also put
its metrics under strain.  Moreover, in the absence of a reform of
Tabasco's pension system, the state has high unfunded pension
liabilities compared to national peers.  The state's unfunded
pension liabilities, as measured by an actuarial study in 2010,
were equivalent to 178% of its total revenues in 2014, well above
the national median of 100%.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward rating pressure would result from a strengthening of
Tabasco's pension system along with balanced cash financing
results, low debt levels, and positive liquidity position.  If
Tabasco posts cash financing deficits, larger-than-expected debt
levels and a deterioration in the state's net working capital
position, the ratings could face downward pressure.


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


PUERTO RICO: Citizens Face Punishing Drought Amid Economic Slump
----------------------------------------------------------------
Jamaica Observer reports that Puerto Ricans are learning to live
without water on an island that already was suffering an economic
crisis.

A severe drought is forcing businesses to temporarily close,
public schools to cancel breakfast service and people to find
creative ways to stay clean amid sweltering temperatures,
according to Jamaica Observer.

Rationing rules that had meant water coming through the pipes only
one day out of three will increase the cutoff to one day out of
four starting this week, government officials said, the report
relays.

"I've grown fearful of the weather report," said Cornelio Vegazo,
owner of a roof-repair company.  "There's no light at the end of
the tunnel," the report quoted Mr. Vegazo as saying.

The report notes that the drought is one of the worst in the US
territory's history.  July was the fourth driest month in the
capital of San Juan since 1898, the year Puerto Rico became a
possession of the United States, the report says.  Only 1.60
inches (4 centimeters) of rain fell last month, and forecasters
predict several more weeks and possibly months of dry conditions,
the report discloses.

More than 20 per cent of Puerto Rico is in extreme drought and an
additional 45 per cent is in a severe one, according to the
National Drought Mitigation Center, which says 2.8 million people
are affected, the report relays.

                          Cloud Seeding

The situation has grown so dire that Puerto Rico's water and sewer
company disclosed that it would spend about US$200,000 over three
months on a pilot project to use "cloud seeding" in hopes of
creating rain clouds over three of the island's main reservoirs,
the report discloses.

If Puerto Rico does not receive significant rainfall, tens of
thousands of clients who depend on the Carraizo reservoir will get
water only every fourth day starting this week, said Alberto
Lazaro, executive director of the water and Sewer Company, the
report notes.

"We are doing everything within our reach to address the situation
at the reservoirs," the report quoted Mr. Lazaro as saying.  "We
will not stop looking for alternatives to deal with a situation
that, without a doubt, is one of the island's biggest concerns."

Forecasters blame the lack of rain on El Nino, a warming of the
tropical Pacific that affects global weather and has led to a
quiet Atlantic hurricane season, which began in June and ends in
November, the report relays.

So far this year, it has rained as much as 12 inches (31
centimeters) less than usual in San Juan and as much as 20 inches
(51 centimeters) less in some areas around the Carraizo reservoir,
said Carlos Anselmi, a meteorologist with the National Weather
Service, the report notes.

US Agriculture Secretary Thomas Vilsack has declared 20 of the
island's 78 municipalities as disaster zones, with farmers
reporting an increase in crops shriveling and cattle dying, the
report says.

                          Economic Slump

The drought comes as Puerto Rico struggles in a nearly decade-long
economic slump that has hit the government's coffers and led
authorities to raise the sales tax, even on bottled water, the
report notes.  Puerto Ricans also are grumbling about having to
pay high water rates amid severe rationing measures, the report
relays.

"It's not fair," said Hector Linares, a car wash worker. But he is
resigned, the report notes.  "You can't fight Puerto Rico's
bureaucracy," Mr. Linares added.

The government has set up water trucks throughout the San Juan
metropolitan area and beyond, including one at a public housing
complex in a working class community in Rio Piedras, the report
discloses.

The drought has forced people to change their routine, with many
seeking help from friends and family in places where water service
has not been affected, the report notes.

But other Caribbean spots also are struggling with drought,
including the Dominican Republic, Jamaica and St. Lucia, the
report discloses.  It is the region's worst drought in five years,
the report adds.

As reported in the Troubled Company Reporter-Latin America on
Aug. 5, 2015, The Wall Street Journal said Puerto Rico missed most
of a $58 million bond payment, marking the first default by the
U.S. commonwealth and escalating its attempt to restructure about
$72 billion in debt.

The payment to bondholders is the first skipped since Gov.
Alejandro Garcia Padilla in June said the island's debts were
unsustainable and urged negotiations with creditors, which range
from individuals to hedge funds, according to The WSJ.  The WSJ
noted analysts said the missed payment isn't likely to provoke an
acute marketwide reaction from investors, many of which have been
inching away for the commonwealth for years amid dire economic
news.

But the episode is the latest confirmation that Puerto Rico
doesn't have the money to meet all of its coming obligations, said
Emily Raimes, vice president at Moody's Investors Service.


MORGANS HOTEL: Posts $10.7 Million Net Loss for Second Quarter
--------------------------------------------------------------
Morgans Hotel Group Co. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $10.7 million on $56.2
million of total revenues for the three months ended June 30,
2015, compared to a net loss attributable to common stockholders
of $13.7 million on $61.2 million of total revenues for the same
period during the prior year.

For the six months ended June 30, 2015, the Company reported a net
loss attributable to common stockholders of $27.4 million on
$109.5 million of total revenues compared to a net loss
attributable to common stockholders of $42.2 million on $116.7
million of total revenues for the same period last year.
As of June 30, 2015, Morgans Hotel had $520.5 million in total
assets, $772.3 million in total liabilities and a $251.8 million
total deficit.

A full-text copy of the Form 10-Q is available for free at:

                         http://is.gd/YE4S16

                     About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues
for the year ended Dec. 31, 2014, compared with a net loss
attributable to common stockholders of $58.5 million on $236
million of total revenues during the prior year.


TEODORO MOSCOCO: S&P Corrects Long-Term Rating to CCC-
------------------------------------------------------
Standard & Poor's Ratings Services has corrected its long-term
rating to 'CCC-/CreditWatch Negative' from 'B' on Teodoro Moscoco
Bridge, Puerto Rico's series 2003A special facility revenue
refunding bonds.  S&P inadvertently failed to lower the rating in
connection with its rating actions on the Commonwealth of Puerto
Rico on April 27, 2015, when it should have been lowered to 'CCC+/
Negative', and June 29, 2015, when it should have been lowered to
'CCC-/ CreditWatch Negative'.  Accordingly, S&P has lowered its
rating on Teodoro Moscoco Bridge, Puerto Rico's series 2003A
special facility revenue refunding bonds in tandem with the
revision on the ratings and outlook on the Commonwealth of Puerto
Rico.

On April 24, 2015, Puerto Rico Highway & Transportation Authority
was downgraded to 'CCC-/CW Negative'.  This MPN was missed due to
security ID coding error.  It was previously rated as a toll road
by the transportation group, and the obligor was not changed to
Puerto Rico Highway & Transportation Authority from Teodoro
Moscoco Bridge.


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


TRINIDAD & TOBAGO: Retirees Waiting on Pension
-----------------------------------------------
Trinidad and Tobago Newsday reports that despite submitting their
Life Certificates on time, a number of government retirees have
not yet received their pensions from the Ministry of Finance and
the Economy for the last two months.

A release from the Treasury Division of the Finance Ministry
stated, "the absence of payment in recent months is due to the
late submissions of Life Certificates," according to Trinidad and
Tobago Newsday.  It goes on to say that "pensioners were asked to
submit their certificates by April 30, in order for their pensions
to be processed" and subsequently paid in a timely manner and
those who failed to do so would experience a disruption in their
payments, the report notes.

Among persons still waiting to receive their pensions is prominent
San Fernando dancer and choreographer, Joyce Kirton, who told
Newsday of the inconveniences she faced when her pension failed to
arrive, the report relays.

"I realized that I didn't receive my pension at the end of June
and no explanation was given to me either by the bank or the
pensions department," the report quoted Ms. Kirton as saying.  Ms.
Kirton then went on to explain her extreme disappointment when at
the end of July again there were no pension payments, the report
relays.

Ms. Kirton told Newsday four cheques had bounced and many of her
bills remain unpaid up to now.  It is the first time since her
retirement from the teaching service in 1988 that she has not
received her pension, the report notes.

Ms. Kirton's Life Certificate had been submitted before the
deadline date.

Another retiree said she too had similar experiences like Ms.
Kirton.

The senior citizen told Newsday, "How do they expect me to pay my
bills?" The affected persons said they have all made complaints to
the Department of Pension Management, however without success.

The media release from the Ministry of Finance states: "For the
last pensions Life Certificate cycle, pensioners were asked to
submit their Life Certificates by April 30, 2015, the report
notes.

Unfortunately, Life Certificates were not processed for
approximately two percent of those who submitted, the report
discloses.

This resulted in a delay in their payments for the months of June
and July 2015, the report says.

The majority of these pensioners have since received their
outstanding pension payments, the report adds.


===========================
V I R G I N   I S L A N D S
===========================


LANCER FINANCE 2010-1: Fitch Cuts Rating on 2010-1 Notes to 'C'
--------------------------------------------------------
Fitch Ratings has downgraded the senior secured series 2010-1
notes issued by Lancer Finance Company Ltd to 'C' from 'CCC';
'RE100'.  The outstanding balance of the notes is approximately
$42 million.

The notes were backed by flows related to a long-term charter and
services agreement signed with Petroleo Brasileiro S.A (Petrobras:
'BBB-'; Negative Outlook) for the use of the drillship S.C.
Lancer.  Schahin Engenharia S.A. was the operator of the drilling
rig.  The notes also benefit from a naval mortgage on the vessel
S.C. Lancer, a dynamically positioned drilling unit that until
April 2014 was operating on the offshore waters of Brazil.

KEY RATING DRIVERS

Fitch's rating action on the notes reflects the depletion of
reserve funds available to pay debt service.  On July 20, 2015
Fitch received notification from the indenture trustee indicating
that the majority controlling party had instructed the indenture
trustee to use available reserve account funds to fund a legal
reserve account, pay transaction expenses, pay interest due on the
notes and prepay the notes in an amount equal to approx. $21.8
million.  The current reserve consists of $2 million deposited in
an account to cover future legal expenses and fees and $370
thousand in the operations reserve account in the form of a letter
of credit.

The indenture trustee does not expect to receive any collections
or cashflows over the near term.  While noteholders may have
maximized their recovery in net present value terms by using the
reserve fund to prepay debt, this reduces the available liquidity
within the transaction and reduces the available time to sell the
vessel to meet debt service payments on a timely basis.

As previously noted by Fitch, the accelerated deterioration of the
credit quality of the Schahin group (Schahin) heightened the risk
of a termination of the charter and services agreements for the
S.C. Lancer.  As a direct result of its financial problems,
Schahin suspended operations of five drilling vessels including
S.C. Lancer on April 2015.  The long-term charter and service
agreements with Petrobras were the main source of cashflows to the
transaction.  Since May 2015, timely debt service payment has
relied on funds available in the reserve accounts.  Now that these
funds have been depleted to partially prepay the notes, the
transaction is at risk of imminent default.

RATING SENSITIVITIES

Failure to make contractually required payments of principal or
interest would cause Fitch to downgrade the bonds to 'D'.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

RECOVERY ESTIMATES

Fitch assigned an RE100 to the notes.  Fitch assigns recovery
estimates (REs) to all classes rated 'CCC' or below.  REs are
forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.

Fitch's RE relates to an estimate of the potential cash flows
generated by the liquidation of the assets under current market
conditions.  REs are not intended to represent the actual recovery
noteholders may get upon sale of the underlying vessels or
potential restructuring of the notes.

On December 2014, Fitch received an appraisal from DNV GL Noble
Denton Marine Assurance and Advisory for the S.C. Lancer
drillship.  According to this appraisal, the value of S.C. Lancer
without giving credit to the Petrobras contracts was approximately
199 million.  Fitch notes this valuation does not reflect current
market conditions including the dramatic change in supply and
demand dynamics over the past year.  Additionally, the potential
legal fees and complexities incurred to repossess and sell the
asset could result in significantly lower net proceeds from
liquidation.  The agency also notes given current market
conditions, the noteholders may not choose to incur additional
expenses to repossess and attempt to sell the asset.  However,
given the relatively low outstanding balance on the notes, the
collateral could be liquidated using a significant haircut and
recovery proceeds would still be sufficient to cover the current
outstanding principal amount.  Therefore, Fitch assigned an
'RE100' to the notes.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
AGRENCO LTD            AGRE LX           285996574      -543142756
AGRENCO LTD-BDR        AGEN33 BZ         285996574      -543142756
AGRENCO LTD-BDR        AGEN11 BZ         285996574      -543142756
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ         11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ        11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ         11642254.9     -17154460.3
ARTHUR LANGE-PRF        LICPN BZ        11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ         11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ        11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
BALADARE               BLDR3 BZ          159449535     -52990723.7
BATTISTELLA            BTTL3 BZ           61230059     -26822453.5
BATTISTELLA-PREF       BTTL4 BZ           61230059     -26822453.5
BATTISTELLA-RECE       BTTL9 BZ           61230059     -26822453.5
BATTISTELLA-RECP       BTTL10 BZ          61230059     -26822453.5
BATTISTELLA-RI P       BTTL2 BZ           61230059     -26822453.5
BATTISTELLA-RIGH       BTTL1 BZ           61230059     -26822453.5
BI CIA SECURITIZ       BICS BZ          38231826.5     -584101.548
BOMBRIL                BMBBF US          254413220     -16036964.4
BOMBRIL                FPXE4 BZ         19416013.9      -489914853
BOMBRIL                BOBR3 BZ          254413220     -16036964.4
BOMBRIL - RTS          BOBR11 BZ         254413220     -16036964.4
BOMBRIL CIRIO SA       BOBRON BZ         254413220     -16036964.4
BOMBRIL CIRIO-PF       BOBRPN BZ         254413220     -16036964.4
BOMBRIL HOLDING        FPXE3 BZ         19416013.9      -489914853
BOMBRIL SA-ADR         BMBPY US          254413220     -16036964.4
BOMBRIL SA-ADR         BMBBY US          254413220     -16036964.4
BOMBRIL-PREF           BOBR4 BZ          254413220     -16036964.4
BOMBRIL-RGTS PRE       BOBR2 BZ          254413220     -16036964.4
BOMBRIL-RIGHTS         BOBR1 BZ          254413220     -16036964.4
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         82872146.2     -36299304.3
BUETTNER SA            BUETON BZ        82872146.2     -36299304.3
BUETTNER SA-PRF        BUETPN BZ        82872146.2     -36299304.3
BUETTNER SA-RT P       BUET2 BZ         82872146.2     -36299304.3
BUETTNER SA-RTS        BUET1 BZ         82872146.2     -36299304.3
BUETTNER-PREF          BUET4 BZ         82872146.2     -36299304.3
CAF BRASILIA           CAFE3 BZ          160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ          160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ         160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ         160933830      -149277092
CELGPAR                GPAR3 BZ          197508346      -905048844
CELGPAR-RTS            GPAR11 BZ         197508346      -905048844
CIA PETROLIFERA        MRLM3 BZ          377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ         377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ          377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ         377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ         377592596      -3014215.1
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         51195095.3     -1858601739
COBRASMA SA            COBRON BZ        51195095.3     -1858601739
COBRASMA SA-PREF       COBRPN BZ        51195095.3     -1858601739
COBRASMA-PREF          CBMA4 BZ         51195095.3     -1858601739
D H B                  DHBI3 BZ         94806424.1      -188014922
D H B-PREF             DHBI4 BZ         94806424.1      -188014922
DHB IND E COM          DHBON BZ         94806424.1      -188014922
DHB IND E COM-PR       DHBPN BZ         94806424.1      -188014922
DOC IMBITUBA           IMBI3 BZ          103926124     -44366334.9
DOC IMBITUBA-RT        8218594Q BZ       103926124     -44366334.9
DOC IMBITUBA-RT        9866923Q BZ       103926124     -44366334.9
DOC IMBITUBA-RT        IMBI1 BZ          103926124     -44366334.9
DOC IMBITUBA-RTC       8174503Q BZ       103926124     -44366334.9
DOC IMBITUBA-RTP       8174507Q BZ       103926124     -44366334.9
DOC IMBITUB-PREF       IMBI4 BZ          103926124     -44366334.9
DOCA INVESTIMENT       DOCA3 BZ          187044412      -204249587
DOCA INVEST-PREF       DOCA4 BZ          187044412      -204249587
DOCAS IMBITUBA         IMBION BZ         103926124     -44366334.9
DOCAS IMBITUB-PR       IMBIPN BZ         103926124     -44366334.9
DOCAS SA               DOCAON BZ         187044412      -204249587
DOCAS SA-PREF          DOCAPN BZ         187044412      -204249587
DOCAS SA-RTS PRF       DOCA2 BZ          187044412      -204249587
EBX BRASIL SA          CTMN3 BZ         2277323307      -528769640
EDELAP-B               ELAP AR           228302327       -21022097
EDELAP-B               ELAPC AR          228302327       -21022097
EDELAP-B               ELAPD AR          228302327       -21022097
ELEC ARG SA-PREF       EASA6 AR         1019816241     -75790649.4
ELEC ARGENT-ADR        EASA LX          1019816241     -75790649.4
ELEC DE ARGE-ADR       1262Q US         1019816241     -75790649.4
ELECTRICIDAD ARG       3447811Z AR      1019816241     -75790649.4
EMPRESA DISTRI-A       0122195D AR       228302327       -21022097
EMPRESA DISTRI-C       0122369D AR       228302327       -21022097
ESTRELA SA             ESTR3 BZ         60876966.1     -93330836.7
ESTRELA SA             ESTRON BZ        60876966.1     -93330836.7
ESTRELA SA-PREF        ESTR4 BZ         60876966.1     -93330836.7
ESTRELA SA-PREF        ESTRPN BZ        60876966.1     -93330836.7
F GUIMARAES            FGUI3 BZ         11016542.2      -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2      -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         15210587.4     -26122509.1
FERRAGENS HAGA         HAGAON BZ        15210587.4     -26122509.1
FERRAGENS HAGA-P       HAGAPN BZ        15210587.4     -26122509.1
FERREIRA GUIMARA       FGUION BZ        11016542.2      -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2      -151840378
FORJA TAURUS           FJTA11 BZ         312324319     -17602635.1
FORJA TAURUS           FJTA12 BZ         312324319     -17602635.1
FORJA TAURUS           FORJF US          312324319     -17602635.1
FORJA TAURUS           FJTA3 BZ          312324319     -17602635.1
FORJA TAURUS-PRF       FORZF US          312324319     -17602635.1
FORJA TAURUS-PRF       FJTA4 BZ          312324319     -17602635.1
FORJA TAURUS-RCT       1272182D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1272184D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1304888D BZ       312324319     -17602635.1
FORJA TAURUS-RCT       1304790D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1272180D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1272181D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1304881D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       1304791D BZ       312324319     -17602635.1
FORJA TAURUS-RTS       FJTA2 BZ          312324319     -17602635.1
FORJA TAURUS-RTS       FJTA1 BZ          312324319     -17602635.1
FORJA TAURUS-RTS       FJTA10 BZ         312324319     -17602635.1
FORJAS TAURUS SA       TAUSON BZ         312324319     -17602635.1
FORJAS TAURUS-PR       TAUSPN BZ         312324319     -17602635.1
GOL                    GOLL3 BZ         3224530350      -323901544
GOL PREF - RCT         1303123D BZ      3224530350      -323901544
GOL PREF - RTS         1303121D BZ      3224530350      -323901544
GOL PREF - RTS         GOLL2 BZ         3224530350      -323901544
GOL-ADR                GOL US           3224530350      -323901544
GOL-ADR                GOQ GR           3224530350      -323901544
GOL-ADR                GOLN MM          3224530350      -323901544
GOL-PREF               GOLL4 BZ         3224530350      -323901544
GOL-RCT                0113335D BZ      3224530350      -323901544
GOL-RCT                0113338D BZ      3224530350      -323901544
GOL-RCT                GOLL9 BZ         3224530350      -323901544
GOL-RCT                1003238D BZ      3224530350      -323901544
GOL-RT                 0113333D BZ      3224530350      -323901544
GOL-RT                 0113334D BZ      3224530350      -323901544
GOL-RT                 GOLL1 BZ         3224530350      -323901544
GOL-RT                 1003237D BZ      3224530350      -323901544
GRADIENTE ELETR        IGBON BZ          183430930      -135324913
GRADIENTE EL-PRA       IGBAN BZ          183430930      -135324913
GRADIENTE EL-PRB       IGBBN BZ          183430930      -135324913
GRADIENTE EL-PRC       IGBCN BZ          183430930      -135324913
GRADIENTE-PREF A       IGBR5 BZ          183430930      -135324913
GRADIENTE-PREF B       IGBR6 BZ          183430930      -135324913
GRADIENTE-PREF C       IGBR7 BZ          183430930      -135324913
HAGA                   HAGA3 BZ         15210587.4     -26122509.1
HOPI HARI SA           PQTM3 BZ          135437870     -15815342.3
HOPI HARI-PREF         PQTM4 BZ          135437870     -15815342.3
HOTEIS OTHON SA        HOOT3 BZ          172663674     -17533639.5
HOTEIS OTHON SA        HOTHON BZ         172663674     -17533639.5
HOTEIS OTHON-PRF       HOOT4 BZ          172663674     -17533639.5
HOTEIS OTHON-PRF       HOTHPN BZ         172663674     -17533639.5
IGB ELETRONICA         IGBR3 BZ          183430930      -135324913
IGUACU CAFE            IGUA3 BZ          190073766       -74308212
IGUACU CAFE            IGCSON BZ         190073766       -74308212
IGUACU CAFE            IGUCF US          190073766       -74308212
IGUACU CAFE-PR A       IGUA5 BZ          190073766       -74308212
IGUACU CAFE-PR A       IGCSAN BZ         190073766       -74308212
IGUACU CAFE-PR A       IGUAF US          190073766       -74308212
IGUACU CAFE-PR B       IGUA6 BZ          190073766       -74308212
IGUACU CAFE-PR B       IGCSBN BZ         190073766       -74308212
IMPSAT FIBER NET       IMPTQ US          535007008       -17164978
IMPSAT FIBER NET       330902Q GR        535007008       -17164978
IMPSAT FIBER NET       XIMPT SM          535007008       -17164978
IMPSAT FIBER-$US       IMPTD AR          535007008       -17164978
IMPSAT FIBER-BLK       IMPTB AR          535007008       -17164978
IMPSAT FIBER-C/E       IMPTC AR          535007008       -17164978
IMPSAT FIBER-CED       IMPT AR           535007008       -17164978
INEPAR                 INEP3 BZ          832445178      -356470593
INEPAR BONUS B         INEP12 BZ         832445178      -356470593
INEPAR SA              INPRON BZ         832445178      -356470593
INEPAR SA-PREF         INPRPN BZ         832445178      -356470593
INEPAR-COM DVD         INEP11 BZ         832445178      -356470593
INEPAR-PREF            INEP4 BZ          832445178      -356470593
INEPAR-PRF DVD         INEP13 BZ         832445178      -356470593
INEPAR-RCT ORD         3697790Q BZ       832445178      -356470593
INEPAR-RCT ORD         INEP9 BZ          832445178      -356470593
INEPAR-RCT PREF        3697794Q BZ       832445178      -356470593
INEPAR-RCT PREF        INEP10 BZ         832445178      -356470593
INEPAR-RT ORD          3697782Q BZ       832445178      -356470593
INEPAR-RT ORD          INEP1 BZ          832445178      -356470593
INEPAR-RT PREF         3697786Q BZ       832445178      -356470593
INEPAR-RT PREF         INEP2 BZ          832445178      -356470593
INVERS ELEC BUEN       IEBAA AR          213542509     -68439920.3
INVERS ELEC BUEN       IEBAB AR          213542509     -68439920.3
INVERS ELEC BUEN       IEBA AR           213542509     -68439920.3
KARSTEN                CTKCF US         91958416.3     -24851238.1
KARSTEN                CTKON BZ         91958416.3     -24851238.1
KARSTEN SA             CTKA3 BZ         91958416.3     -24851238.1
KARSTEN SA - RCT       CTKA9 BZ         91958416.3     -24851238.1
KARSTEN SA - RCT       CTKA10 BZ        91958416.3     -24851238.1
KARSTEN SA - RTS       CTKA1 BZ         91958416.3     -24851238.1
KARSTEN SA - RTS       CTKA2 BZ         91958416.3     -24851238.1
KARSTEN-PREF           CTKPF US         91958416.3     -24851238.1
KARSTEN-PREF           CTKA4 BZ         91958416.3     -24851238.1
KARSTEN-PREF           CTKPN BZ         91958416.3     -24851238.1
KOSMOS COMERCIO        LOAR4 BZ         39080266.4     -2450355045
LAEP INVES-BDR B       0163599D BZ       222902269      -255311026
LAEP INVESTMEN-B       0122427D LX       222902269      -255311026
LAEP INVESTMENTS       LEAP LX           222902269      -255311026
LAEP-BDR               MILK33 BZ         222902269      -255311026
LAEP-BDR               MILK11 BZ         222902269      -255311026
LOJAS ARAPUA           LOAR3 BZ         39080266.4     -2450355045
LOJAS ARAPUA           LOARON BZ        39080266.4     -2450355045
LOJAS ARAPUA-GDR       3429T US         39080266.4     -2450355045
LOJAS ARAPUA-GDR       LJPSF US         39080266.4     -2450355045
LOJAS ARAPUA-PRF       LOARPN BZ        39080266.4     -2450355045
LOJAS ARAPUA-PRF       52353Z US        39080266.4     -2450355045
MANGELS INDL           MGEL3 BZ          130877274     -67079077.9
MANGELS INDL SA        MISAON BZ         130877274     -67079077.9
MANGELS INDL-PRF       MGIRF US          130877274     -67079077.9
MANGELS INDL-PRF       MGEL4 BZ          130877274     -67079077.9
MANGELS INDL-PRF       MISAPN BZ         130877274     -67079077.9
MET DUQUE              DUQE3 BZ         75039127.4     -2847420.37
MET DUQUE              MDUON BZ         75039127.4     -2847420.37
MET DUQUE-PREF         DUQE4 BZ         75039127.4     -2847420.37
MET DUQUE-PREF         MDUPN BZ         75039127.4     -2847420.37
METROGAS SA            MGAI US           327285099     -37016892.9
METROGAS SA-A          153255Z AR        327285099     -37016892.9
METROGAS SA-C          153263Z AR        327285099     -37016892.9
METROGAS-ADR           MGS US            327285099     -37016892.9
METROGAS-ADR           MGSA GR           327285099     -37016892.9
METROGAS-B             MGSBF US          327285099     -37016892.9
METROGAS-B             METR AR           327285099     -37016892.9
METROGAS-B             METRC AR          327285099     -37016892.9
METROGAS-B             METRD AR          327285099     -37016892.9
METROGAS-B             MGSB GR           327285099     -37016892.9
METROGAS-B BLOCK       METRB AR          327285099     -37016892.9
MINUPAR                MNPR3 BZ         65882736.8     -76363523.6
MINUPAR SA             MNPRON BZ        65882736.8     -76363523.6
MINUPAR SA-PREF        MNPRPN BZ        65882736.8     -76363523.6
MINUPAR-PREF           MNPR4 BZ         65882736.8     -76363523.6
MINUPAR-RCT            9314634Q BZ      65882736.8     -76363523.6
MINUPAR-RCT            0599564D BZ      65882736.8     -76363523.6
MINUPAR-RCT            MNPR9 BZ         65882736.8     -76363523.6
MINUPAR-RT             9314542Q BZ      65882736.8     -76363523.6
MINUPAR-RT             0599562D BZ      65882736.8     -76363523.6
MINUPAR-RTS            MNPR1 BZ         65882736.8     -76363523.6
MMX MINERACA-GDR       MMXMY US          471049316      -340913823
MMX MINERACA-GDR       0567931D CN       471049316      -340913823
MMX MINERACA-GDR       3M11 GR           471049316      -340913823
MMX MINERACA-GDR       MMXMD US          471049316      -340913823
MMX MINERACAO          TRES3 BZ          471049316      -340913823
MMX MINERACAO          MMXCF US          471049316      -340913823
MMX MINERACAO          MMXM11 BZ         471049316      -340913823
MMX MINERACAO          MMXXF US          471049316      -340913823
MMX MINERACAO          MMXM3 BZ          471049316      -340913823
MMX MINERACAO-RT       4111484Q BZ       471049316      -340913823
MMX MINERACAO-RT       0626050D BZ       471049316      -340913823
MMX MINERACA-RCT       4111488Q BZ       471049316      -340913823
MMX MINERACA-RCT       0626051D BZ       471049316      -340913823
MMX MINERACA-RCT       MMXM9 BZ          471049316      -340913823
MMX MINERACA-RTS       MMXM1 BZ          471049316      -340913823
MORIXE HERM-5 VT       MORI5 AR         19006540.3     -928833.864
MORIXE HERMAN-BL       MORIB AR         19006540.3     -928833.864
MORIXE HERMANOS        MORI AR          19006540.3     -928833.864
MORIXE HERMANOS        MORID AR         19006540.3     -928833.864
MORIXE HERMANOS        MORIC AR         19006540.3     -928833.864
NOVA AMERICA SA        NOVA3 BZ         21287488.9      -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9      -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9      -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9      -183535526
NOVA AMERICA-PRF       NOVA4 BZ         21287488.9      -183535526
NOVA AMERICA-PRF       NOVA4B BZ        21287488.9      -183535526
NOVA AMERICA-PRF       NOVAPN BZ        21287488.9      -183535526
NOVA AMERICA-PRF       1NOVPN BZ        21287488.9      -183535526
OGX PETROLEO           CTCO3 BZ         20975305.4     -23206893.6
OL PREF - RCT          GOLL10 BZ        3224530350      -323901544
OLEO E GAS P-ADR       OGXPY US         20975305.4     -23206893.6
OLEO E GAS P-ADR       OGXPYEUR EO      20975305.4     -23206893.6
OLEO E GAS P-ADR       OGXPYEUR EU      20975305.4     -23206893.6
OLEO E GAS P-ADR       8OGB GR          20975305.4     -23206893.6
OLEO E GAS PART        OGXP3 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXP5 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXP6 BZ         20975305.4     -23206893.6
OLEO E GAS PART        OGXPF US         20975305.4     -23206893.6
OSX BRASIL - RTS       0701756D BZ      2277323307      -528769640
OSX BRASIL - RTS       0701757D BZ      2277323307      -528769640
OSX BRASIL - RTS       0812903D BZ      2277323307      -528769640
OSX BRASIL - RTS       0812904D BZ      2277323307      -528769640
OSX BRASIL - RTS       OSXB1 BZ         2277323307      -528769640
OSX BRASIL - RTS       OSXB9 BZ         2277323307      -528769640
OSX BRASIL SA          OSXB3 BZ         2277323307      -528769640
OSX BRASIL SA          EBXB3 BZ         2277323307      -528769640
OSX BRASIL SA          OSXRF US         2277323307      -528769640
OSX BRASIL S-GDR       OSXRY US         2277323307      -528769640
PADMA INDUSTRIA        LCSA4 BZ          388720096      -213641152
PARMALAT               LCSA3 BZ          388720096      -213641152
PARMALAT BRASIL        LCSAON BZ         388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ         388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ          388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ          388720096      -213641152
PARQUE TEM-DV CM       PQT5 BZ           135437870     -15815342.3
PARQUE TEM-DV PF       PQT6 BZ           135437870     -15815342.3
PARQUE TEM-RCT C       PQTM9 BZ          135437870     -15815342.3
PARQUE TEM-RCT P       PQTM10 BZ         135437870     -15815342.3
PARQUE TEM-RT CM       PQTM1 BZ          135437870     -15815342.3
PARQUE TEM-RT PF       PQTM2 BZ          135437870     -15815342.3
PET MANG-RECEIPT       0229292Q BZ       146857128      -409610413
PET MANG-RECEIPT       0229296Q BZ       146857128      -409610413
PET MANG-RECEIPT       RPMG9 BZ          146857128      -409610413
PET MANG-RECEIPT       RPMG10 BZ         146857128      -40961041
PET MANG-RIGHTS        3678565Q BZ       146857128      -409610413
PET MANG-RIGHTS        3678569Q BZ       146857128      -409610413
PET MANG-RT            4115360Q BZ       146857128      -409610413
PET MANG-RT            4115364Q BZ       146857128      -409610413
PET MANG-RT            0229249Q BZ       146857128      -409610413
PET MANG-RT            0229268Q BZ       146857128      -409610413
PET MANG-RT            RPMG2 BZ          146857128      -409610413
PET MANG-RT            0848424D BZ       146857128      -409610413
PET MANG-RTS           1227980D BZ       146857128      -409610413
PET MANGUINH-PRF       RPMG4 BZ          146857128      -409610413
PET MANGUINH-RTS       RPMG1 BZ          146857128      -409610413
PETRO MANGUINHOS       RPMG3 BZ          146857128      -409610413
PETRO MANGUINHOS       MANGON BZ         146857128      -409610413
PETRO MANGUIN-PF       MANGPN BZ         146857128      -409610413
PILMAIQUEN             PILMAIQ CI        165119822     -32646104.5
PORTX OPERACOES        PRTX3 BZ          976769385     -9407990.18
PORTX OPERA-GDR        PXTPY US          976769385     -9407990.18
PUYEHUE                PUYEH CI         17660616.6     -6652295.06
PUYEHUE RIGHT          PUYEHUOS CI      17660616.6     -6652295.06
RB CAPITAL             RBCS3B BZ        13996658.5     -815.062365
RECRUSUL               RCSL3 BZ         14029393.8       -32749735
RECRUSUL - RCT         4529789Q BZ      14029393.8       -32749735
RECRUSUL - RCT         4529793Q BZ      14029393.8       -32749735
RECRUSUL - RCT         0163582D BZ      14029393.8       -32749735
RECRUSUL - RCT         0163583D BZ      14029393.8       -32749735
RECRUSUL - RCT         0614675D BZ      14029393.8       -32749735
RECRUSUL - RCT         0614676D BZ      14029393.8       -32749735
RECRUSUL - RCT         RCSL10 BZ        14029393.8       -32749735
RECRUSUL - RT          4529781Q BZ      14029393.8       -32749735
RECRUSUL - RT          4529785Q BZ      14029393.8       -32749735
RECRUSUL - RT          0163579D BZ      14029393.8       -32749735
RECRUSUL - RT          0163580D BZ      14029393.8       -32749735
RECRUSUL - RT          0614673D BZ      14029393.8       -32749735
RECRUSUL - RT          0614674D BZ      14029393.8       -32749735
RECRUSUL SA            RESLON BZ        14029393.8       -32749735
RECRUSUL SA-PREF       RESLPN BZ        14029393.8       -32749735
RECRUSUL SA-RCT        RCSL9 BZ         14029393.8       -32749735
RECRUSUL SA-RTS        RCSL1 BZ         14029393.8       -32749735
RECRUSUL SA-RTS        RCSL2 BZ         14029393.8       -32749735
RECRUSUL-BON RT        RCSL11 BZ        14029393.8       -32749735
RECRUSUL-BON RT        RCSL12 BZ        14029393.8       -32749735
RECRUSUL-PREF          RCSL4 BZ         14029393.8       -32749735
RENAUXVIEW SA          TXRX3 BZ         33757610.2     -74431020.7
RENAUXVIEW SA-PF       TXRX4 BZ         33757610.2     -74431020.7
RIMET                  REEM3 BZ          103098359      -185417651
RIMET                  REEMON BZ         103098359      -185417651
RIMET-PREF             REEM4 BZ          103098359      -185417651
RIMET-PREF             REEMPN BZ         103098359      -185417651
SANESALTO              SNST3 BZ         15583653.5     -4261184.52
SANSUY                 SNSY3 BZ          136020731      -152229409
SANSUY SA              SNSYON BZ         136020731      -152229409
SANSUY SA-PREF A       SNSYAN BZ         136020731      -152229409
SANSUY SA-PREF B       SNSYBN BZ         136020731      -152229409
SANSUY-PREF A          SNSY5 BZ          136020731      -152229409
SANSUY-PREF B          SNSY6 BZ          136020731      -152229409
SCHLOSSER              SCLO3 BZ         35479691.9     -46000437.6
SCHLOSSER SA           SCHON BZ         35479691.9     -46000437.6
SCHLOSSER SA-PRF       SCHPN BZ         35479691.9     -46000437.6
SCHLOSSER-PREF         SCLO4 BZ         35479691.9     -46000437.6
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
TEC TOY SA-PF B        TOYB6 BZ           14874965     -3087009.49
TEC TOY SA-PREF        TOYDF US           14874965     -3087009.49
TEC TOY SA-PREF        TOYB5 BZ           14874965     -3087009.49
TEC TOY-RCT            7335626Q BZ        14874965     -3087009.49
TEC TOY-RCT            7335630Q BZ        14874965     -3087009.49
TEC TOY-RCT            1254572D BZ        14874965     -3087009.49
TEC TOY-RCT            1254573D BZ        14874965     -3087009.49
TEC TOY-RT             7335610Q BZ        14874965     -3087009.49
TEC TOY-RT             7335614Q BZ        14874965     -3087009.49
TEC TOY-RT             1254570D BZ        14874965     -3087009.49
TEC TOY-RT             1254571D BZ        14874965     -3087009.49
TECTOY                 TOYB3 BZ           14874965     -3087009.49
TECTOY                 TOYB13 BZ          14874965     -3087009.49
TECTOY - RCT           TOYB9 BZ           14874965     -3087009.49
TECTOY - RTS           TOYB1 BZ           14874965     -3087009.49
TECTOY - RTS           TOYB2 BZ           14874965     -3087009.49
TECTOY SA              TOYBON BZ          14874965     -3087009.49
TECTOY SA-PREF         TOYBPN BZ          14874965     -3087009.49
TECTOY-PF-RTS5/6       TOYB11 BZ          14874965     -3087009.49
TECTOY-PREF            TOYB4 BZ           14874965     -3087009.49
TECTOY-RCPT PF B       TOYB12 BZ          14874965     -3087009.49
TEKA                   TKTQF US          263356756      -337860221
TEKA                   TEKA3 BZ          263356756      -337860221
TEKA                   TEKAON BZ         263356756      -337860221
TEKA-ADR               TEKAY US          263356756      -337860221
TEKA-ADR               TKTPY US          263356756      -337860221
TEKA-ADR               TKTQY US          263356756      -337860221
TEKA-PREF              TKTPF US          263356756      -337860221
TEKA-PREF              TEKA4 BZ          263356756      -337860221
TEKA-PREF              TEKAPN BZ         263356756      -337860221
TEKA-RCT               TEKA9 BZ          263356756      -337860221
TEKA-RCT               TEKA10 BZ         263356756      -337860221
TEKA-RTS               TEKA1 BZ          263356756      -337860221
TEKA-RTS               TEKA2 BZ          263356756      -337860221
TELEBRAS SA            TELB3 BZ          552954651     -19314726.6
TELEBRAS SA            TLBRON BZ         552954651     -19314726.6
TELEBRAS SA            TBASF US          552954651     -19314726.6
TELEBRAS SA-PREF       TELB4 BZ          552954651     -19314726.6
TELEBRAS SA-PREF       TLBRPN BZ         552954651     -19314726.6
TELEBRAS SA-RCT        TELB9 BZ          552954651     -19314726.6
TELEBRAS SA-RT         0250949D BZ       552954651     -19314726.6
TELEBRAS/W-I-ADR       TBH-W US          552954651     -19314726.6
TELEBRAS-ADR           TBAPY US          552954651     -19314726.6
TELEBRAS-ADR           TBRAY GR          552954651     -19314726.6
TELEBRAS-ADR           TBH US            552954651     -19314726.6
TELEBRAS-ADR           TBX GR            552954651     -19314726.6
TELEBRAS-ADR           RTB US            552954651     -19314726.6
TELEBRAS-ADR           TBASY US          552954651     -19314726.6
TELEBRAS-BLOCK         TELB30 BZ         552954651     -19314726.6
TELEBRAS-CED C/E       TEL4C AR          552954651     -19314726.6
TELEBRAS-CEDE BL       RCT4B AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCTB4 AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCT4C AR          552954651     -19314726.6
TELEBRAS-CEDE PF       RCT4D AR          552954651     -19314726.6
TELEBRAS-CEDE PF       TELB4 AR          552954651     -19314726.6
TELEBRAS-CEDEA $       TEL4D AR          552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB31 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       TELE31 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       TBRTF US          552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB32 BZ         552954651     -19314726.6
TELEBRAS-CM RCPT       RCTB30 BZ         552954651     -19314726.6
TELEBRAS-COM RT        0250948D BZ       552954651     -19314726.6
TELEBRAS-COM RTS       TELB1 BZ          552954651     -19314726.6
TELEBRAS-PF BLCK       TELB40 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       CBRZF US          552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB41 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       TELE41 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB42 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       RCTB40 BZ         552954651     -19314726.6
TELEBRAS-PF RCPT       TBAPF US          552954651     -19314726.6
TELEBRAS-PF RCPT       TLBRUP BZ         552954651     -19314726.6
TELEBRAS-RCT           RCTB33 BZ         552954651     -19314726.6
TELEBRAS-RCT PRF       TELB10 BZ         552954651     -19314726.6
TELEBRAS-RECEIPT       TLBRUO BZ         552954651     -19314726.6
TELEBRAS-RTS CMN       RCTB1 BZ          552954651     -19314726.6
TELEBRAS-RTS CMN       TCLP1 BZ          552954651     -19314726.6
TELEBRAS-RTS PRF       RCTB2 BZ          552954651     -19314726.6
TELEBRAS-RTS PRF       TLCP2 BZ          552954651     -19314726.6
TELECOMUNICA-ADR       81370Z BZ         552954651     -19314726.6
TEXTEIS RENA-RCT       TXRX9 BZ         33757610.2     -74431020.7
TEXTEIS RENA-RCT       TXRX10 BZ        33757610.2     -74431020.7
TEXTEIS RENAU-RT       TXRX1 BZ         33757610.2     -74431020.7
TEXTEIS RENAU-RT       TXRX2 BZ         33757610.2     -74431020.7
TEXTEIS RENAUX         RENXON BZ        33757610.2     -74431020.7
TEXTEIS RENAUX         RENXPN BZ        33757610.2     -74431020.7
TRESSEM PART SA        1TSSON BZ         471049316      -340913823
VARIG PART EM SE       VPSC3 BZ           83017828      -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3      -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3      -399290357
VARIG PART EM-PR       VPSC4 BZ           83017828      -495721697
VARIG SA               VAGV3 BZ          966298048     -4695211008
VARIG SA               VARGON BZ         966298048     -469521100
VARIG SA-PREF          VAGV4 BZ          966298048     -4695211008
VARIG SA-PREF          VARGPN BZ         966298048     -4695211008
WETZEL SA              MWET3 BZ         70223531.7     -18205488.6
WETZEL SA              MWELON BZ        70223531.7     -18205488.6
WETZEL SA-PREF         MWET4 BZ         70223531.7     -18205488.6
WETZEL SA-PREF         MWELPN BZ        70223531.7     -18205488.6
WIEST                  WISA3 BZ         34107195.1      -126993682
WIEST SA               WISAON BZ        34107195.1      -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1      -126993682
WIEST-PREF             WISA4 BZ         34107195.1      -126993682



                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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