TCRLA_Public/150928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, September 28, 2015, Vol. 16, No. 191



BOLIVIA: To Get $178.5MM IDB Loan to Improve Road Quality & Safety


BRAZIL: Central Bank Expects Economy to Shrink 2.7% This Year
CAIXA ECONOMICA: S&P Affirms 'BB+/B' Foreign Currency Ratings
HAITONG BANCO: S&P Reinstates 'BB-/B' Ratings; Outlook Positive
USJ ACUCAR: S&P Lowers CCR to 'B-'; Outlook Negative

C A Y M A N  I S L A N D S

ACME LEASING: Commences Liquidation Proceedings
BLACKSTONE RNW: Commences Liquidation Proceedings
LINCOLNSHIRE LTD: Creditors' Proofs of Debt Due Oct. 15
MOKSHA CAPITAL: Creditors' Proofs of Debt Due Oct. 14
NET PUBLISHING: Commences Liquidation Proceedings

OLD HICKORY: Creditors' Proofs of Debt Due Oct. 14
OLD HICKORY TRADING: Creditors' Proofs of Debt Due Oct. 14
PBR COMMODITY: Commences Liquidation Proceedings
PHOENIX VALUE: Creditors' Proofs of Debt Due Oct. 5
REGISTER.COM GP: Commences Liquidation Proceedings

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: In 'Spirit' for Talks With Haiti
DOMINICAN REPUBLIC: Drafts 2016 Budget of US$14 Billion


CEMENTOS PROGRESO: Fitch Affirms 'BB+' IDR; Outlook Stable


GUYANA: Venezuela Border Dispute Will be Resolved


JAMAICA: IMF Cites Need for More Robust Growth, Job Creation


AXTEL SAB: S&P Affirms 'B-' CCR; Outlook Stable


GENERADORA DEL ISTMO: Hit With $1.2MM in Fines

P U E R T O    R I C O

STANDARD REGISTER: Wants Until December 7 to Remove Actions




* BOND PRICING: For the Week From Sept. 21 to Sept. 25, 2015

                            - - - - -


BOLIVIA: To Get $178.5MM IDB Loan to Improve Road Quality & Safety
The Inter-American Development Bank has approved a loan of $178.5
million to improve the quality, traffic flows, access and security
of the Fundamental Road Network operated by the central government
in Bolivia.

The project seeks to improve roads that connect production centers
with local and external markets by increasing the number of paved
roads and refurbishing existing roadways.

The loan also will help to improve the overall management of
highway resources through a more efficient collection of tolls,
and to develop the capacity of the Bolivian Highway Administration
at its headquarters as well as in its regional offices, to improve
its project management.

This is a pilot effort that also seeks to improve job
opportunities for women in non-traditional sectors, through their
training in toll-collection, truck-weighing procedures and heavy
machinery operation.

The program also seeks to support the training of micro
enterprises in road conservation, by helping them to offer
specialized services.

Bolivia's road network extends just 89.740 kilometers, and only
11.7 percent is paved, giving the country the lowest road density
in Latin America and the Caribbean.

The lack of coverage and accessibility of the paved network not
only affects Bolivia's competitiveness in the international market
but also affects its domestic economic activity, because only the
regions with a high percentage of paved roads have a significant
share of the Gross Domestic Product.

The limited road network also limits access to transportation,
basic services and quality jobs with good salaries for a large
percentage of the population.

With the improved management and maintenance of its road
infrastructure, Bolivia will be able to reduce travel time and the
cost of operating vehicles.

The total cost of the project is $178.5 million, which will be
financed by the IDB in a blended form: $142.8 million will be
loaned from common capital funds, for 30 years, with a six-year
grace period and an interest rate based on LIBOR.  The remaining
$35.7 million will come from the Special Operations Fund, for 40
years, with a grace period of 40 years and an interest rate of .25


BRAZIL: Central Bank Expects Economy to Shrink 2.7% This Year
EFE News reports that Brazil's Central Bank has downwardly revised
its 2015 forecasts for the South American giant, predicting that
the economy will contract by 2.7 percent and that inflation will
rise to 9.5 percent.

The monetary authority, which in June had forecast that Brazil's
economy would shrink by 1.1 percent and that inflation would end
the year at 9 percent, issued the new forecasts in its latest
quarterly report, according to EFE News.

Early last week, President Dilma Rousseff's administration
projected that Brazil's economy would shrink 2.44 percent this
year, compared to an earlier forecast for a 1.49 percent
contraction, the report notes.

With its more pessimistic outlook, the Central Bank's 2015
forecast for Brazil's economy now is in line with that of private-
sector analysts, who are also predicting a 2.7 percent
contraction, the report relates.

The report discloses that austerity steps by the government to
close a budget gap, including spending cuts and tax increases,
have contributed to a further cooling of the economy, the
quarterly report said.

"Economic activity in Brazil continues to be influenced by the
macroeconomic adjustment now underway," which is "necessary and
essential" to balance public accounts and exercise greater control
over the inflation rate, it added, the report relays.

President Rousseff, who was narrowly re-elected to a second four-
year term last October, has vowed to get Brazil's financial house
in order after federal, state and local governments ended 2014
with a cumulative primary budget deficit equivalent to $12.51
billion, the report notes.

That result put public finances in the red for the first time
since the current reporting methodology was adopted in 2001, the
report says.

The impact of the austerity moves also has been exacerbated by a
negative climate associated with "non-economic" developments -- an
apparent reference to a political battle pitting Rousseff's
administration and her enemies in Congress -- that have impeded
the necessary rapid approval of measures to contain spending,
according to the quarterly report, EFE News notes.

Rousseff's administration needs legislative approval for most of
its proposed belt-tightening measures but has faced various
obstacles in Congress, partly because of a wide-ranging probe into
a graft scheme centered on state-controlled oil company Petrobras,
a scandal that has implicated dozens of lawmakers, the report

CAIXA ECONOMICA: S&P Affirms 'BB+/B' Foreign Currency Ratings
Standard & Poor's Ratings Services affirmed its 'BB+/B' foreign
currency and 'BBB-/A - 3' local currency ratings on Caixa
Economica Federal.  At the same time, S&P affirmed its
'brAAA/brA1+' national scale ratings on the bank.  The negative
outlook is based on S&P's outlook on Brazil, and S&P expects the
ratings on the bank to move in tandem with those on the sovereign.
The bank's 'bb+' stand-alone credit profile (SACP) remains

The global scale foreign and local currency ratings on Caixa are
at the same level as the sovereign ratings on Brazil and reflect
S&P's view of an "almost certain" likelihood of extraordinary
government support if needed.  The issuer credit ratings on Caixa
also reflect S&P's assessment of its "adequate" business position,
"moderate" capital and earnings, "moderate" risk position, "above
average" funding and "strong" liquidity.

S&P views Caixa as an essential government - related entity (GREs)
in Brazil and as a key agent for the sovereign's economic
strategy, the country's long-term investments, and infrastructure
financing.  S&P also recognizes its crucial role in the domestic
real estate industry because it's the main provider of financing
to this segment.  In S&P's opinion, the bank has an "integral"
link to the sovereign and a "critical" role in the economy, which
leads to S&P's assessment that there is an "almost certain"
likelihood of government in case needed.  Therefore, according to
S&P's criteria, it equalizes the local and foreign currency
ratings on the bank to those on the sovereign.

HAITONG BANCO: S&P Reinstates 'BB-/B' Ratings; Outlook Positive
Standard & Poor's Ratings Services said it reinstated its 'BB-/B'
global scale and 'brA+/brA - 2' national scale ratings to Haitong
Brasil.  The outlook is positive.

The rating action follows the recent announcement by China-based
Haitong Securities Co. Ltd. (BBB/Negative/A-2) that it has
completed the acquisition of BESI Brasil, which it has renamed
Haitong Banco de Investimento do Brasil S.A.; Haitong Bank is a
subsidiary of Haitong Securities.

S&P bases its ratings on Haitong Brasil on its core status to
Haitong Bank, given its materiality, ownership, strategy, and
long-term commitment to the bank.  In addition, the bank has
become a significant earnings contributor for its parent.  Haitong
Brasil is fully integrated with its parent and S&P believes the
rest of the group will provide support to the bank under any
foreseeable circumstances, except in an event of sovereign
distress.  As a core subsidiary, S&P equalizes the ratings on the
bank with the ratings on its parent.  S&P also considers Haitong
Brasil to have a "weak" business position, "adequate" capital and
earnings, "weak" risk position, and "moderate" funding and

The positive outlook on Haitong Brasil reflects the one on Haitong
Bank and S&P's view that the ratings on the bank will move
accordingly with its parent's, given its core status.  S&P
believes the rest of the group will provide support to the bank
under any foreseeable circumstances except in an event of
sovereign distress.

A positive rating action on the bank would follow the same action
on its parent as long as its global ratings are not higher than
those on Brazil.

A negative rating action on the bank could occur if S&P was to
downgrade its parent or if it reviews Haitong Brasil's group

USJ ACUCAR: S&P Lowers CCR to 'B-'; Outlook Negative
Standard & Poor's Ratings Services lowered its global scale
corporate credit and issue-level ratings on USJ Acucar e Alcool
S.A. to 'B-' from 'B'.  At the same time, S&P lowered its
Brazilian national scale corporate credit rating on the company to
'brB-' from 'brBB-'.  The outlook on the corporate ratings is
negative.  S&P's recovery rating of '4', which has average
recovery prospects (30%-50%) remains unchanged, in the low range
of the band.

The downgrade reflects USJ's increasing liquidity risk from high
short-term debt and low sugar and ethanol prices, combined with a
high interest burden, which continues to hinder cash flow
generation.  In addition, depreciation of the Brazilian real
against the U.S. dollar has put further pressure on the company's
ability to meet dollar-denominated debt obligations.  As a result,
the amount of short-term debt continues to rise, and will continue
to weaken the ratings if the company fails to improve its capital
structure - the primary reason behind the negative outlook.  In
addition to weak operating cash flows and the negative effects of
currency depreciation on the company's debt, USJ's R$24 million
investment in its joint venture, SJC Bioenergia, led to a sizeable
cash burn for the first-quarter of the 2016 harvest.  The company
has made efforts to improve liquidity and capital structure, but
the timing of this occurrence and the scarcer credit environment
have increased short-term risks while metrics continue to

C A Y M A N  I S L A N D S

ACME LEASING: Commences Liquidation Proceedings
On Aug. 25, 2015, the sole shareholder of Acme Leasing One Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811

BLACKSTONE RNW: Commences Liquidation Proceedings
On Aug. 27, 2015, the sole shareholder of Blackstone RNW Offshore
Fund Ltd resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Patrick Agemian
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365

LINCOLNSHIRE LTD: Creditors' Proofs of Debt Due Oct. 15
The creditors of Lincolnshire Ltd. are required to file their
proofs of debt by Oct. 15, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 19, 2015.

The company's liquidator is:

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

MOKSHA CAPITAL: Creditors' Proofs of Debt Due Oct. 14
The creditors of Moksha Capital Partners Re (A) Ltd. are required
to file their proofs of debt by Oct. 14, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 30, 2015.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815 4558
          BDO CRI (Cayman) Ltd.
          Floor 2 - Building 3, Governors Square
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1 1205
          Cayman Islands

NET PUBLISHING: Commences Liquidation Proceedings
On Aug. 25, 2015, the shareholders of Net Publishing Co., Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Sept. 14, 2015, will be included in the company's dividend

The company's liquidator is:

          Chung-Min Tseng
          No 4, 6th Alley Lane 137, 4th Floor
          Section 5, Min Sheng East Rd
          Taipei, Taiwan, ROC

OLD HICKORY: Creditors' Proofs of Debt Due Oct. 14
The creditors of Old Hickory Trading Partners, Ltd. are required
to file their proofs of debt by Oct. 14, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 24, 2015.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands

OLD HICKORY TRADING: Creditors' Proofs of Debt Due Oct. 14
The creditors of Old Hickory Trading Partners Master Fund, Ltd.
are required to file their proofs of debt by Oct. 14, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 24, 2015.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands

PBR COMMODITY: Commences Liquidation Proceedings
On Aug. 27, 2015, the sole shareholder of PBR Commodity
Subsidiary, Ltd. resolved to voluntarily liquidate the company's

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Maureen A. Gemma, VP
          Eaton Vance Management
          c/o Two International Place
          Boston, MA 02110, USA
          Telephone: +1 (345) 914 6365

PHOENIX VALUE: Creditors' Proofs of Debt Due Oct. 5
The creditors of Phoenix Value Fund are required to file their
proofs of debt by Oct. 5, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 19, 2015.

The company's liquidator is:

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

REGISTER.COM GP: Commences Liquidation Proceedings
On Aug. 27, 2015, the sole shareholder of Register.Com GP (Cayman)
Ltd. resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Alexander R. Slusky
          c/o Matt Bernardo
          Telephone: +1 (345) 914 4268

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: In 'Spirit' for Talks With Haiti
Dominican Today reports that foreign minister Andres Navarro said
the Dominican government is in a "spirit and interest" to
establish talks with Haiti authorities, "for the sake of both

Speaking in New York, the official said Dominican President Danilo
Medina and Haiti's Michel Martelly are expected to "have some
contact" in that city, during the UN general assembly, according
to Dominican Today.

Mr. Martelly noted, however, that there's nothing official or on
the agenda for Medina and Martelli to meet, the report relays.

                           Medina in NYC

The report notes that Mr. Navarro said Mr. Medina's busy agenda in
New York includes the UN gathering and a meeting with members of
the Dominican community, in which former president Leonel
Fernandez is expected  to participate.

Mr. Navarro said Medina will speak before the UN; participate in
several meetings and meet with representatives of the Dominican
community at Washington Heights High School, in Upper Manhattan,
the report adds.

DOMINICAN REPUBLIC: Drafts 2016 Budget of US$14 Billion
Dominican Today reports that President Danilo Medina headed a
meeting with his Cabinet, which approved a draft of the Budget for
RD$663.5 billion (US$14 billion) for fiscal year 2015.

The draft states that 4% of GDP is for Education, which means
RD$129,003,000, some 10,000 million pesos more than this year,
according to Dominican Today.

The report notes that Finance Minister Simon Lizardo and Budget
director Luis Reyes provided the details, and noted that the
budget was calculated with an exchange rate of RD$47.21 per

According to the officials, most institutions will not receive an
increase or significant increase, but the Central Electoral Board
(JCE) will be allocated RD$3,000 million due to the holding of
general elections in May, the report notes.

They said the Budget bill will be submitted to Congress, the
report relates.


CEMENTOS PROGRESO: Fitch Affirms 'BB+' IDR; Outlook Stable
Fitch Ratings has affirmed Cementos Progreso, S.A.'s (Cempro)
Issuer Default Ratings (IDRs) at 'BB+'.  The Rating Outlook is

Cempro's 'BB+' ratings reflect the company's leading position in
Guatemala's cement industry.  Its solid market position is viewed
as sustainable considering the country's limited infrastructure
and challenging logistics, which limit imports and significantly
increase cement distribution costs.  Further deterrents include
the company's extensive distribution network and its focus on
operational efficiency, which have resulted in a low cost

The ratings are limited by the company's negative projected free
cash flow (FCF) for 2015-2016 due to high expansion capex.  The
high proportion of foreign currency debt relative to the company's
predominantly local currency revenues is also a concern.
Guatemala's country ceiling of 'BB+' does not restrict the
company's ratings, as Cempro's local currency rating is 'BB+'.

The Stable Outlook reflects Fitch's view that the company will
sustain core operating cash flow during its current investment
cycle that should result in net debt/EBITDA leverage levels below


Dominant Market Position

Cempro has a leading position in Guatemala's cement industry.  In
terms of volume sold, its market share has remained stable since
2007 at about 83%.  The company is the only producer with fully
integrated operations, from the extraction of raw materials to
distribution.  Its only domestic competitor is Cemex LatAm
Holdings (Cemex), which produces and sells cement and related
materials such as ready-mix concrete.  Cempro's solid market
position is supported by its retail network of independent
distributors that allows the company to serve its highly
fragmented consumer base.  Of 500 distributors in Guatemala, 450
are exclusive Cempro distributors.  Cement, which represents 73%
of the company's portfolio, is sold primarily (68%) for self-
construction and is supplied to this segment as bagged cement.

Strategic Focus Supports Profitability

The company's strategic focus on operational efficiency has
contributed to Cempro maintaining the highest EBITDA margins among
public industry peers.  Cempro's EBITDA margin during the latest
12 months (LTM) as of June 30, 2015 was 39.8%.  The ratings
include Fitch's expectation that Cempro's EBITDA margins will
remain above 37% and will likely strengthen in the long-term due
to distribution efficiencies from the new cement plant that is
scheduled to begin operations in 2017.  Cempro's new plant in San
Gabriel will increase its cement production capacity by about 70%.

Negative FCF During 2015-2016

Cempro's total capex, excluding capitalized interest for 2015-
2017, is expected to be around USD500 million as the company
completes its USD807 million multi-year investment plan for the
construction of its San Gabriel cement plant.  Fitch estimates
that expansion capex and dividends of about USD30-40 million per
year will result in Cempro generating negative FCF of about USD140
million in 2015 and USD50 million in 2016 and positive USD50
million in 2017.  Post expansion positive FCF should be supportive
of long-term deleveraging.

Debt Structure

The company's total debt as of June 30, 2015 was USD535 million
75% of which was denominated in U.S. dollars.  Although there is a
risk that the company could face difficulties repaying foreign
currency debt considering its predominantly Guatemalan quetzales
revenue, Fitch believes the likelihood of significant depreciation
of the local currency is low due to high levels of remittances
from workers abroad (predominantly in the U.S.) which support the
country's foreign currency inflows.

Leverage Expected to Peak in 2016

Cempro's gross (total debt/EBITDA) and net (net debt/EBITDA)
leverage were 2.3x and 2.1x as of June 30, 2015, below the 2.6x
and 2.2x registered at year-end 2014.  As a result of the
additional debt required to fund construction of the new plant,
Cempro's gross and net leverage are anticipated to increase to
2.7x and 2.6x in 2015 and to 2.8x and 2.7x in 2016, respectively.
Gross leverage is expected to decline to year-end 2014 levels by
2017, and trend toward a range of 1-2x in the following years.

Country Constraints

The company's performance is dependent upon continued stability
and economic development in Guatemala.  Fitch expects Cempro's
operations to maintain annual growth rates in the 3%-5% range,
which is in line with projected GDP growth in Guatemala.  Growth
expectations are supported by moderate expected economic growth
and Guatemala's housing deficit of approximately 1.4 million
homes.  Investments in infrastructure should also result in high
demand for cement.  During 2014, Cempro's revenues represented
approximately 1% of Guatemala's GDP.


   -- Cement volumes grow mid-single digits in 2015 and mid-to-low
      single digits in 2016 and beyond.
   -- Both cement prices and costs increase in 2015 to reflect
      higher cement distribution taxes. In 2016 and beyond higher
      costs reflect moderately higher fuel costs and inflation
      while prices adjust upward once every few years.
   -- EBITDA margins remain in the 38%-40% range during 2015-2017
      and increase in 2018 as the San Gabriel plant begins
   -- FCF is significantly negative during 2015-2016 mostly due to
      expansion capex, and turns positive in 2017.
   -- The Guatemalan Quetzal remains relatively stable for the
      next three years.


Cempro's foreign-currency ratings would be capped at Guatemala's
country ceiling, limiting positive rating actions.  Local-currency
ratings could be positively affected by long-term expectations of
total gross leverage levels below 2x with robust positive FCF
generation and strong liquidity metrics.

Factors that could lead to a negative rating action include a
significant deterioration in Guatemala's macroeconomic and
business environment; increasing competition from Cemex S.A.B. de
C.V.; operational efficiency loss resulting in EBITDA margin
deterioration; or sustained leverage levels above 3.5x on a gross
basis or 3x on a net basis.


Cempro expects to complete its investment plan with a combination
of cash, cash flow generation and debt.  As of June 30, 2015, the
company's cash balance was USD48 million, its LTM CFFO was USD165
million and as part of its financing strategy the company has
executed local currency uncommitted loan agreements for
approximately USD160 million with local banks.  These loans would
rank equal in right of payment with Cempro's existing unsecured
debt and amortize in 10 years with three years of grace period.
Irrevocable letters of credit for about USD70 million back-up the
purchase of equipment and provide additional liquidity support.

Fitch views Cempro's liquidity as comfortable considering no
significant debt maturities for the next three years and expected
negative FCF relative to its high ability to generate cash flow
from operations, its low expected leverage, available cash balance
and good access to local bank lending.


Fitch has affirmed Cempro's ratings:

   -- Foreign IDR at 'BB+';
   -- Local currency IDR at 'BB+';
   -- USD350 million senior unsecured notes due 2023 at 'BB+'.


GUYANA: Venezuela Border Dispute Will be Resolved
Joel Julien at Trinidad Express reports that Prime Minister Dr.
Keith Rowley expects that the ongoing border dispute between
Venezuela and Guyana will be "resolved in the best interest of all
and in accordance with international law".

Mr. Rowley conveyed his expectation to a high-level delegation
from Venezuela that visited the country, according to Trinidad

The report notes that Mr. Rowley also told the delegation he
expects that "neither side will do anything to escalate" the

President of Guyana David Granger said that Venezuela had deployed
troops to a contested border region between the two countries, the
report relates.

Mr. Granger told reporters that Venezuela made "extraordinary
military deployments" along what Guyana considers its western
border, the report says.

Venezuela and Guyana have been engaged in an ongoing dispute over
an area known as the Essequibo, notes the report.

Guyana has asked the United Nations to mediate the border dispute
and Granger is expected to raise the issue at the upcoming General
Assembly meeting, the report discloses.

A release from the Office of the Prime Minister stated that Rowley
"received a High-Level Delegation from the Bolivarian Republic of
Venezuela, led by Venezuela's Minister of People's Power for
Foreign Affairs Delcy Rodriguez Gomez, notes the report.

The report says that Venezuela's Minister of People's Power for
Oil and Mining and the Minister of People's Power for Economy and
Finance were also present.

A release from the Office of the Prime minister stated, "During
the courtesy call, Prime Minister Rowley recalled the commitment
given to him by His Excellency Nicolas Maduro, President of the
Bolivarian Republic of Venezuela to despatch a high-level
Ministerial team to Trinidad and Tobago, in the shortest possible
time, to pursue cooperation in areas of mutual interest.

"The Prime Minister highlighted the scope for meaningful
collaboration in the energy, trade and security sectors as well as
culture and the arts, among others.

"Prime Minister Rowley cited the benefits to both countries of
accelerating exploitation of the Loran-Manatee cross-border field
and of joint efforts to counter the illicit trade in small arms
and narcotics," notes the report.

Mr. Rowley also addressed the Venezuela and Guyana border dispute.

"In respect of the situation between Guyana and Venezuela, the
Prime Minister conveyed the expectation that the situation would
be resolved in the best interest of all, in accordance with
international law, and that neither side would do anything to
escalate the situation," the release stated, the report adds.


JAMAICA: IMF Cites Need for More Robust Growth, Job Creation
RJR News reports that the International Monetary Fund (IMF) has
said that tangible improvements in growth and job creation will be
important to sustain the social consensus the Government of
Jamaica needs to continue the economic reform program it has been

The issues were highlighted as part of the review of Jamaica's
performance so far under the four-year Extended Fund Facility with
the IMF, according to RJR News.

Jamaica has so far seen sluggish growth throughout the reform
period, the report notes.  Growth, which was originally projected
above two per cent, has been revised downwards by the IMF which
now expects the economy to expand by only 1.4% this fiscal year,
the report relays.

Unemployment has declined to 13.2 per cent, but the decline is due
mainly to people who are not able to find a job, getting
frustrated, and leaving the labor market, the report adds.

                         *     *     *

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


AXTEL SAB: S&P Affirms 'B-' CCR; Outlook Stable
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Axtel S.A.B. de C.V.  At the same time,
S&P affirmed its 'B-' issue-level rating on Axtel's existing
senior secured notes due 2020.  S&P's recovery rating of '3H',
indicating its expectation of substantial recovery (70%-90%) for
creditors in the event of payment default, remains unchanged.

S&P's ratings on Axtel continue to reflect its "vulnerable"
competitive position due to its narrow product line because it
doesn't provide mobile services, a smaller scale than those of the
other larger and better capitalized peers, and S&P's expectation
of margin pressures amid intense competition.  S&P's assessment
also considers the company's nationwide reach and its investments
during the last couple of years to upgrade and improve the quality
of its network.


GENERADORA DEL ISTMO: Hit With $1.2MM in Fines
EFE News reports that Panama's government has imposed more than
$1.2 million in fines on two companies tasked with building a
controversial hydroelectric dam in the western province of
Chiriqui, according to one of the firms, which said an appeal has
been filed.

The Environment Ministry imposed the fines on Aug. 31, Generadora
del Istmo S.A., or Genisa, a Panamanian company, told EFE News.

The report notes that Genisa, holder of the concession to develop
the Barro Blanco project, and Hidraulica de San Jose, the company
subcontracted to build the dam, filed an appeal "against each and
every element" of the official resolution, the company said.

It added that the evidence would show the companies had acted
properly in carrying out the work, the report relays.

Genisa was fined $775,200 for non-compliance with its obligation
to "negotiate with, relocate and compensate those affected by the
hydroelectric project," which is being built in the Tole district
on the Tabasara River, some 400 kilometers (250 miles) west of
Panama City, the newspaper La Prensa reported, the report says.

Hidraulica San Jose was fined $450,000 over "unauthorized
discharges" into a stream and a "lack of follow-up reports," the
paper said, the report notes.

The report relays that the government temporarily suspended the
Barro Blanco project in February, alleging environmental non-
compliance and shortcomings in agreements with the Ngabe Bugle
indigenous community, whose territories are located near the dam

Genisa Chief Executive Officer Aldo Lopez had warned in an
interview with EFE in late August that the project had reached a
critical juncture and could be permanently canceled if the
government did not resolve the situation soon, the report relays.

Mr. Lopez said then the suspension of Barro Blanco meant losses
totaling $40 million for Genisa, which had invested some $120
million in the project, the report notes.

The Panamanian government reached a deal with indigenous
representatives on Aug. 10 to complete the project, with the two
sides agreeing to hold further negotiations on technical aspects
that will ensure it is concluded without risk to Indian
communities, the report says.

In the talks, from which Genisa was excluded, the two sides also
said they would analyze different options, including the
possibility that a third party could acquire ownership of the
project, the report discloses.

Local Indians had been calling for the definitive cancelation of
Barro Blanco, saying that, among other concerns, a sacred
petroglyph will be completely submerged when the man-made lake
behind the dam is created, the report adds.

P U E R T O    R I C O

STANDARD REGISTER: Wants Until December 7 to Remove Actions
Standard Register Company and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend
the deadline, until Dec. 7, 2015, within which they may remove
causes of actions and related proceedings.

A hearing is set for Oct. 14, 2015, at 10:30 a.m. (ET) to consider
the Debtors' request.

                     About Standard Register

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

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

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

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

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.


Standard & Poor's Ratings Services revised downward its SACP on
Administracion Nacional de Combustibles Alcohol y Portland (ANCAP)
to 'b-' from 'b'.  As a result, S&P lowered its corporate credit
rating on ANCAP to 'BB' from 'BB+'.  The outlook remains stable.

The downgrade reflects S&P's opinion that the company's liquidity
position has weakened.  This in turn reflects a high concentration
of debt maturities in the short term, particularly in fourth
quarter of 2015, amid ANCAP's very small operating cash flow
generation.  Although S&P believes that ANCAP will rollover its
short-term loans, thanks to the sound relationship with banks due
to its government ownership, the shorter time to maturity is a
signal of a much tighter liquidity, in S&P's view.

At the same time, the rating continues to reflect S&P's view of a
"very high" likelihood that the government of the Oriental
Republic of Uruguay (BBB/Stable/A-2) would provide timely and
sufficient extraordinary support to the company in the event of
financial distress.  S&P's view is based on its assessment of
ANCAP's "very important" role as the country's sole petroleum
importer, refiner, and supplier of refined products to the
domestic distributors.  The company also has a "very strong" link
with the government, particularly regarding budget approval
process, debt authorization, and tax payments.

Although S&P believes operating margins will be positive in 2015
as a result of lower oil prices, it expects weak EBITDA generation
compared with ANCAP's high debt.  This might keep the company's
cash-flow and credit metrics very weak.  Also, ANCAP's current
financial risk profile reflects the currency mismatch between part
of its debt in dollars and cash flow generation mainly in local


* BOND PRICING: For the Week From Sept. 21 to Sept. 25, 2015

Issuer Name       Cpn   Bid Price   Maturity Date  Country  Curr
-----------       ---   ---------   -------------  -------  ----
Anton Oilfield    7.50     62.00      11/6/2018      CN      USD
Anton Oilfield    7.50     43.38      11/6/2018      CN      USD
Argentina Boco   21.06     51.70       1/4/2016      AR      ARS
Argentine Bona    1.75     75.74     10/28/2016      AR      USD
Argentine Bona    2.40     75.18      3/18/2018      AR      USD
Automotores Gi    8.25     46.15      5/24/2021      CL      USD
Automotores Gi    6.75     46.75      1/15/2023      CL      USD
Automotores Gi    8.25     48.75      5/24/2021      CL      USD
Automotores Gi    6.75     46.13      1/15/2023      CL      USD
Autopistas Met    6.75     72.84      6/30/2035      PR      USD
Autopistas Met    6.75     72.84      6/30/2035      PR      USD
Banco BPI SA/C    4.15     74.50     11/14/2035      KY      EUR
Banco do Estad    7.38     73.75       2/2/2022      BR      USD
Banco do Estad    7.38     95.40       2/2/2022      BR      USD
Banco Hipoteca    2.00     74.00       9/4/2018      AR      USD
Banco Mercanti    9.63     70.54      7/16/2020      BR      USD
Banco Mercanti    9.63     67.63      7/16/2020      BR      USD
CA La Electric    8.50     43.00      4/10/2018      VE      USD
CFG Investment    9.75     59.75      7/30/2019      PE      USD
CFG Investment    9.75     60.88      7/30/2019      PE      USD
China Precious    7.25     41.86       2/4/2018      HK      HKD
CSN Islands XI    6.88     61.25      9/21/2019      KY      USD
CSN Islands XI    6.88     88.75      9/21/2019      KY      USD
Decimo Primer     6.00     65.50     10/25/2041      PA      USD
Decimo Primer     4.54     54.25     10/25/2041      PA      USD
Ecuador Govern    6.50     66.23     11/25/2024      EC      USD
Ecuador Govern    6.50     65.59       1/1/2024      EC      USD
Ecuador Govern    5.36     67.52       9/5/2019      EC      USD
Ecuador Govern    6.50     72.57      5/20/2020      EC      USD
Ecuador Govern    4.30     73.04      3/12/2018      EC      USD
Ecuador Govern    6.50     65.42      12/1/2023      EC      USD
Ecuador Govern    6.21     64.22     12/30/2023      EC      USD
Ecuador Govern    6.21     63.97       1/1/2023      EC      USD
Ecuador Govern    7.00     70.08      5/20/2022      EC      USD
Ecuador Govern    6.50     65.45      11/1/2023      EC      USD
Ecuador Govern    5.93     64.02       9/5/2020      EC      USD
Ecuador Govern    4.30     68.78      10/4/2018      EC      USD
Ecuador Govern    5.64     65.32      10/1/2020      EC      USD
Ecuador Govern    5.36     66.48      12/1/2019      EC      USD
Ecuador Govern    5.07     70.97      12/1/2018      EC      USD
Ecuador Govern    7.00     70.38       3/6/2024      EC      USD
Ecuador Govern    6.21     64.46     11/25/2023      EC      USD
Ecuador Govern    5.61     61.34      12/1/2022      EC      USD
Ecuador Govern    5.64     63.08       9/5/2020      EC      USD
Ecuador Govern    5.93     64.01      10/1/2021      EC      USD
Ecuador Govern    5.64     65.07      11/1/2020      EC      USD
Ecuador Govern    5.93     63.87      11/1/2021      EC      USD
Ecuador Govern    5.36     67.20      10/1/2019      EC      USD
Ecuador Govern    4.30     68.34     10/29/2018      EC      USD
Ecuador Govern    5.93     63.63       1/1/2022      EC      USD
Ecuador Govern    6.21     64.93       9/5/2020      EC      USD
Ecuador Govern    5.93     63.75      12/1/2021      EC      USD
Ecuador Govern    5.07     72.07      10/1/2018      EC      USD
Ecuador Govern    5.07     70.43       1/1/2019      EC      USD
Ecuador Govern    5.07     70.87       9/5/2018      EC      USD
Ecuador Govern    5.36     66.13       1/1/2020      EC      USD
Ecuador Govern    5.07     71.51      11/1/2018      EC      USD
Ecuador Govern    5.36     66.83      11/1/2019      EC      USD
Ecuador Govern    5.07     74.18      4/26/2018      EC      USD
Ecuador Govern    5.07     74.47      4/11/2018      EC      USD
Ecuador Govern    5.07     72.43      7/26/2018      EC      USD
Ecuador Govern    5.07     70.80     10/29/2018      EC      USD
Ecuador Govern    5.07     71.32      9/26/2018      EC      USD
Ecuador Govern    5.07     69.39      1/29/2019      EC      USD
Ecuador Govern    5.07     73.77      5/17/2018      EC      USD
Ecuador Govern    5.07     73.77      5/17/2018      EC      USD
Ecuador Govern    5.07     73.13      6/20/2018      EC      USD
Ecuador Govern    6.21     64.11      11/1/2022      EC      USD
Ecuador Govern    5.64     64.83      12/1/2020      EC      USD
Ecuador Govern    5.07     74.31      4/19/2018      EC      USD
Ecuador Govern    5.07     71.82      8/28/2018      EC      USD
Ecuador Govern    5.07     67.20      7/30/2019      EC      USD
Ecuador Govern    5.07     65.69     11/25/2019      EC      USD
Ecuador Govern    5.07     68.04      5/26/2019      EC      USD
Ecuador Govern    5.07     68.11      5/21/2019      EC      USD
Ecuador Govern    5.07     66.50     12/30/2019      EC      USD
Ecuador Govern    5.64     61.62     11/25/2021      EC      USD
Ecuador Govern    5.93     63.37     11/25/2022      EC      USD
Ecuador Govern    5.36     63.19     11/25/2020      EC      USD
Ecuador Govern    5.36     63.71     12/30/2020      EC      USD
Ecuador Govern    5.93     64.13     12/30/2022      EC      USD
Ecuador Govern    5.64     62.51     12/30/2021      EC      USD
Ecuador Govern    6.40     67.81      6/12/2024      EC      USD
Ecuador Govern    7.95     72.32      6/20/2024      EC      USD
Ecuador Govern    7.95     73.16      6/20/2024      EC      USD
Energia Eolica    6.00     55.13      8/30/2034      PE      USD
Energia Eolica    6.00     55.13      8/30/2034      PE      USD
General Explor   11.50     63.63     11/13/2018      CA      USD
Glorious Prope   13.00     74.00     10/25/2015      HK      USD
Glorious Prope   13.25     57.75       3/4/2018      HK      USD
Greenfields Pe    9.00     10.00      5/31/2017      US      CAD
HC Internation    5.00     67.10     11/27/2019      CN      HKD
Hidili Industr    8.63     74.00      11/4/2015      CN      USD
Hidili Industr    8.63     63.98      11/4/2015      CN      USD
Honghua Group     7.45     39.02      9/25/2019      CN      USD
Honghua Group     7.45     39.75      9/25/2019      CN      USD
Inversiones Al    8.00     55.00     12/31/2018      CL      USD
Inversiones Al    8.00     55.50     12/31/2018      CL      USD
Inversora Elec    6.50     51.00      9/26/2017      AR      USD
Kaisa Group Ho   10.25     48.00       1/8/2020      CN      USD
Kaisa Group Ho    6.88     50.13      4/22/2016      CN      CNY
Kaisa Group Ho    9.00     47.25       6/6/2019      CN      USD
Kaisa Group Ho    8.00     69.83     12/20/2015      CN      CNY
MIE Holdings C    7.50     54.00      4/25/2019      HK      USD
MIE Holdings C    6.88     59.50       2/6/2018      HK      USD
MIE Holdings C    7.50     66.00      4/25/2019      HK      USD
Mongolian Mini    8.88     50.24      3/29/2017      MN      USD
Mongolian Mini    8.88     36.25      3/29/2017      MN      USD
Newland Intern    9.50     36.63       7/3/2017      PA      USD
Newland Intern    9.50     36.63       7/3/2017      PA      USD
Noble Holding     5.25     66.66      3/15/2042      KY      USD
Noble Holding     6.05     74.00       3/1/2041      KY      USD
Noble Holding     6.20     73.61       8/1/2040      KY      USD
NQ Mobile Inc     4.00     66.25     10/15/2018      CN      USD
Odebrecht Dril    6.35     52.50      6/30/2021      KY      USD
Odebrecht Dril    6.35     52.00      6/30/2021      KY      USD
Odebrecht Fina    4.38     60.00      4/25/2025      KY      USD
Odebrecht Fina    7.13     61.00      6/26/2042      KY      USD
Odebrecht Fina    5.13     71.75      6/26/2022      KY      USD
Odebrecht Fina    5.25     58.25      6/27/2029      KY      USD
Odebrecht Fina    8.25     62.55      4/25/2018      KY      BRL
Odebrecht Fina    6.00     77.25       4/5/2023      KY      USD
Odebrecht Fina    4.38     62.00      4/25/2025      KY      USD
Odebrecht Fina    5.25     59.75      6/27/2029      KY      USD
Odebrecht Fina    7.13     59.94      6/26/2042      KY      USD
Odebrecht Fina    5.13     83.00      6/26/2022      KY      USD
Odebrecht Fina    6.00     79.00       4/5/2023      KY      USD
Odebrecht Offs    6.63     40.00      10/1/2022      KY      USD
Odebrecht Offs    6.75     40.74      10/1/2022      KY      USD
Odebrecht Offs    6.63     40.00      10/1/2022      KY      USD
Odebrecht Offs    6.75     41.00      10/1/2022      KY      USD
Offshore Group    7.50     39.25      11/1/2019      KY      USD
Offshore Group    7.13     38.25       4/1/2023      KY      USD
Oi SA             5.75     66.00      2/10/2022      BR      USD
Oi SA             5.75     65.50      2/10/2022      BR      USD
Peru Governmen    3.27     74.53      2/12/2054      PE      PEN
Petroleos de V    8.50     73.00      11/2/2017      VE      USD
Petroleos de V    5.25     50.50      4/12/2017      VE      USD
Petroleos de V   12.75     49.00      2/17/2022      VE      USD
Petroleos de V    5.13     71.10     10/28/2016      VE      USD
Petroleos de V    9.00     38.15     11/17/2021      VE      USD
Petroleos de V    9.75     38.91      5/17/2035      VE      USD
Petroleos de V    5.38     33.10      4/12/2027      VE      USD
Petroleos de V    6.00     33.76      5/16/2024      VE      USD
Petroleos de V    6.00     33.53     11/15/2026      VE      USD
Petroleos de V    5.50     32.91      4/12/2037      VE      USD
Petroleos de V    8.50     72.95      11/2/2017      VE      USD
Petroleos de V    6.00     32.91      5/16/2024      VE      USD
Petroleos de V   12.75     44.15      2/17/2022      VE      USD
Petroleos de V    6.00     33.25     11/15/2026      VE      USD
Petroleos de V    9.75     34.15      5/17/2035      VE      USD
Petroleos de V    9.00     38.03     11/17/2021      VE      USD
Polarcus Ltd      8.00     13.00       6/7/2018      AE      USD
Polarcus Ltd      5.60     57.91      4/27/2018      AE      USD
Polarcus Ltd      8.53     22.31       7/8/2019      AE      NOK
Provincia del     4.00     66.32      12/4/2026      AR      USD
Schahin II Fin    5.88     28.00      9/25/2022      BR      USD
Schahin II Fin    5.88     30.50      9/25/2022      BR      USD
Sylph Ltd         3.35     55.91      6/22/2035      KY      USD
Telemar Norte     5.50     75.00     10/23/2020      BR      USD
Telemar Norte     5.50     74.25     10/23/2020      BR      USD
Telemar Norte     5.50     77.75     10/23/2020      BR      USD
Tonon Bioenerg    9.25     34.08      1/24/2020      BR      USD
Tonon Bioenerg    9.25     33.25      1/24/2020      BR      USD
Transocean Inc    6.80     71.50      3/15/2038      KY      USD
Transocean Inc    4.30     71.56     10/15/2022      KY      USD
Transocean Inc    7.50     73.47      4/15/2031      KY      USD
Transocean Inc    7.85     74.50     12/15/2041      KY      USD
Transocean Inc    7.45     74.39      4/15/2027      KY      USD
Uruguay Govern    3.70     73.92      6/26/2037      UY      UYU
USJ Acucar e A    9.88     37.00      11/9/2019      BR      USD
USJ Acucar e A    9.88     37.88      11/9/2019      BR      USD
Vale SA           5.63     70.43      9/11/2042      BR      USD
Vantage Drilli    5.50     58.25      7/15/2043      US      USD
Venezuela Gove   12.75     44.75      8/23/2022      VE      USD
Venezuela Gove   11.75     40.50     10/21/2026      VE      USD
Venezuela Gove   13.63     59.18      8/15/2018      VE      USD
Venezuela Gove    7.75     34.50     10/13/2019      VE      USD
Venezuela Gove    9.38     36.13      1/13/2034      VE      USD
Venezuela Gove    9.25     36.00       5/7/2028      VE      USD
Venezuela Gove    9.00     36.00       5/7/2023      VE      USD
Venezuela Gove    8.25     35.40     10/13/2024      VE      USD
Venezuela Gove    7.00     37.50      12/1/2018      VE      USD
Venezuela Gove    7.65     35.05      4/21/2025      VE      USD
Venezuela Gove    7.00     34.63      3/31/2038      VE      USD
Venezuela Gove   13.63     53.80      8/15/2018      VE      USD
Venezuela Gove   11.95     41.00       8/5/2031      VE      USD
Venezuela Gove    9.25     41.10      9/15/2027      VE      USD
Venezuela Gove    6.00     34.75      12/9/2020      VE      USD
Venezuela Gove   13.63     53.80      8/15/2018      VE      USD
Venezuela Gove    5.25     41.84      3/21/2019      VE      USD
Venezuela Gove    6.25     66.38       4/6/2017      VE      USD
Venezuela Gove    9.13     64.22      9/15/2017      VE      USD
VRG Linhas Aer   10.75     73.67      2/12/2023      BR      USD
VRG Linhas Aer   10.75     74.00      2/12/2023      BR      USD


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

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

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

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

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

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

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