TCRLA_Public/151001.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, October 1, 2015, Vol. 16, No. 194


                            Headlines



A R G E N T I N A

BANCO INTERAMERICANO: S&P Affirms 'BB+' ICR, Outlook Negative


B R A Z I L

BRAZIL: Broadest Inflation Index Faster Than All Estimates
COSAN LIMITED: Fitch Affirms 'BB' Issuer Default Ratings
LOS PORTALES: Fitch Affirms & Withdraws 'B+' Ratings


C A Y M A N  I S L A N D S

ACME LEASING: Sole Shareholder to Hear Wind-Up Report on Oct. 6
BLACKSTONE RNW: Shareholders' Final Meeting Set for Oct. 8
ECHO INVESTMENT: Creditors to Hold First Meeting on Oct. 14
HENDERSON GLOBAL: Shareholder to Hear Wind-Up Report on Oct. 30
INVISTA SSA: Placed Under Voluntary Wind-Up

LINCOLNSHIRE LTD: Members' Final Meeting Set for Oct. 30
MOKSHA CAPITAL: Shareholders' Final Meeting Set for Oct. 15
OLD HICKORY: Shareholders' Final Meeting Set for Oct. 19
OLD HICKORY MASTER: Shareholders' Final Meeting Set for Oct. 19
PBR COMMODITY: Shareholders' Final Meeting Set for Oct. 8

PHOENIX VALUE: Shareholders' Final Meeting Set for Oct. 6
REGISTER.COM GP: Shareholders' Final Meeting Set for Oct. 6
WATSON FALL: Shareholders' Final Meeting Set for Oct. 26


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: No Wage Hike for Workers in 2016 Budget


J A M A I C A

JAMAICA: S&P Affirms 'B' Sovereign Rating, Outlook Remains Stable
JAMAICA: Financial Sector Gaining Strength, BOJ Says


M E X I C O

MEXICO: To Continue Daily Dollar Auctions Amid Volatile Markets


P U E R T O    R I C O

PUERTO RICO: Officials to Testify on Crisis Before Senate Panel


                            - - - - -


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


BANCO INTERAMERICANO: S&P Affirms 'BB+' ICR, Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
global scale issuer credit rating on Peru-based midsize bank Banco
Interamericano de Finanzas S.A. (BanBif).  The outlook is
negative.

S&P subsequently withdrew the rating at the issuer's request.

The ratings on BanBif reflect its "moderate" business position,
"adequate" capital and earnings, "adequate" risk position,
"average" funding, and "adequate" liquidity, as defined in S&P's
criteria.  The bank's stand-alone credit profile was 'bb+'.



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


BRAZIL: Broadest Inflation Index Faster Than All Estimates
----------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's broadest
measure of price increases accelerated to the fastest pace in five
months as the central bank says it has tightened policy enough to
slow inflation toward the target.

Wholesale, consumer and construction prices, as measured by the
IGP-M index, rose 0.95 percent in September, the Getulio Vargas
Foundation, an education and research institution based in Rio de
Janeiro, said on its website, according to Bloomberg News.  That
was more than all forecasts from 29 economists surveyed by
Bloomberg, whose median estimate was for a 0.8 percent increase.

The index, which is weighted 60 percent in wholesale prices, rose
8.65 percent in the past 12 months, Bloomberg News notes.

Bloomberg News relates that inflation in Latin America's largest
economy is running at more than double the official target, as the
currency loses value and pushes up the price of imports.  The
central bank ended its monetary tightening cycle this month,
holding interest rates at their highest since 2006, Bloomberg News
notes.  Even so, traders are betting the monetary authority will
be forced to tighten further, Bloomberg News discloses.
Producer prices jumped 1.3 percent in the month after rising 0.2
percent in August, the FGV said on its website. Consumer prices as
measured by the index increased 0.32 percent, from 0.24 percent
the prior month, Bloomberg News notes.

In its quarterly inflation report on Sept. 24, central bank
directors said the deepest recession in 25 years will more than
offset the impact of the weaker currency on prices, allowing it to
hold interest rates even as the inflation outlook deteriorates.
Brazil's real has lost 35 percent against the U.S. dollar so far
this year, the most of 16 major currencies tracked by Bloomberg.

The nation's consumer confidence has likewise plummeted to an all-
time low, according to the FGV.


COSAN LIMITED: Fitch Affirms 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Cosan Limited at 'BB'. The Rating
Outlook is Stable.

KEY RATING DRIVERS

Cosan Limited's ratings reflect the sound business model of its
main asset, Cosan S.A Industria e Comercio (Cosan; Fitch foreign
and local currency IDRs of 'BB+' and long-term National Scale
rating of 'AA(bra)'), which accounts for 80% and 75% of Cosan
Limited's consolidated revenues and EBITDA, respectively, and 70%
of dividends received in the last 12 months (LTM) ended June 30,
2015. Cosan Limited's business profile is supported by a
diversified asset portfolio and predictable cash flow that partly
softens the inherent volatilities of the sugar and ethanol
industry. The one-notch difference compared to Cosan's ratings
incorporates the holding company nature and inherent structural
subordination of Cosan Limited's debt and the links between the
company's operating cash flows to dividends received from Cosan.

The ratings are constrained by Cosan Limited's current stake in
Cosan Logistica S.A (Cosan Logistica), which owns Rumo Logistica
Operadora Multimodal S.A. (Rumo). The merger of Rumo with America
Latina Logistica S.A. (ALL; 'BB-', Outlook Stable) during the
first quarter 2015 had a negative impact on Cosan Limited's
consolidated financials and is expected to slow down the potential
deleveraging process of the Cosan group. While the logistics
segment is not expected to pay dividends over the next four years,
Fitch expects the remaining businesses to provide a growing and
robust flow of dividends to Cosan Limited in order to pay
sufficient dividends to its shareholders. The ratings also
incorporate Cosan Limited's low leverage and satisfactory
liquidity on a standalone basis.

Holding Company nature

Cosan Limited is a non-operating holding company that holds a 62%
interest in Cosan, the holding company that is engaged in sugar,
ethanol and energy production, and distribution of natural gas,
lubricants and fuel. Cosan Limited also holds a 62% interest in
Cosan Logistica. The main components of Cosan Limited's cash flows
are the dividends received from Cosan and the dividends paid out
to its shareholders.

Robust Asset Portfolio

Cosan Limited's three main assets and source of dividends in the
energy segment are all rated as investment grade. Raizen
Combustiveis S.A. (Raizen Combustiveis; rated 'BBB'/'AAA(bra)',
Outlook Stable) is the third largest fuel distributor in Brazil,
with predictable operational cash generation. Despite its more
volatile results, Raizen Energia S.A. (Raizen Energia; rated
'BBB'/'AAA(bra)', Outlook Stable) is the largest sugar and ethanol
company in Brazil and as such it benefits from its large business
scale, which somewhat mitigates the currently challenging scenario
for the sector. Companhia de Gas de Sao Paulo (Comgas; rated 'BBB-
'/'AA+(bra)', Outlook Stable) is the largest natural gas
distributor in Brazil, with high growth potential and predictable
operational cash flow.

All these businesses reported improved performance in 2014
compared to the previous year. In 2014, Comgas reported net
revenues at BRL6.4 billion and stable EBITDA margin at 22.5%,
while Raizen Combustiveis reported net revenues of BRL56 billion,
comparing favorably to BRL51 billion in the fiscal year ended
March 31, 2014. Raizen Energia reported stable revenues and
operating margins of BRL9.2 billion and 28%, respectively, in
2014. The other two assets invested in by Cosan are Cosan
Lubrificantes S.A. and Radar Propriedades Agricolas S.A, which add
to business diversification.

Cosan Limited's increasing exposure to the logistics segment that
followed the merger of Rumo with ALL has enhanced its business
model due to the inherent operating cash flow stability and high
growth potential of this industry in Brazil. The merger is
expected to contribute to broader business diversification and
help the group to further lessen the cash flow volatility derived
from the sugar and ethanol business. Fitch forecasts the logistics
business will generate an average EBITDA margin of 44% over the
next four years, comparing favorably to Cosan Limited's 30%
historical average since March 31, 2013. Fitch does not expect the
logistics segment to pay dividends over the next four years due to
the massive capex necessary to improve ALL's operations.

Low Leverage at Holding Level

Cosan Limited posted low leverage on a standalone basis as of June
30, 2015. At the holding company level, Cosan Limited's leverage
measured as net debt-to-EBITDA plus dividends received was 0.98x
as per Fitch's calculations, comparing favorably to 1.24x as of
Dec. 31, 2014.

The one-notch difference versus the ratings assigned to Cosan is
due to the holding company nature and inherent structural
subordination of Cosan Limited's debt and the links between the
company's operating cash flows to dividends received from Cosan.
The rating is also constrained by the possibility of new debt
being issued by Cosan Limited to finance new acquisitions under
the group's aggressive expansion plan.

Cosan Limited's leverage was high on a consolidated basis due to
the merger and consolidation of ALL's financials into Cosan
Limited's. On a consolidated basis, the net adjusted debt-to-
EBITDAR was high at 6.8x when dividends received from non-
consolidated subsidiaries are factored into EBITDAR figures. On a
pro forma basis that assumes 12 months of operations for ALL,
consolidated net adjusted debt-to-EBITDAR was still high, but
lower at 6.2x as per Fitch's calculations. Fitch expects the
merger between Rumo and ALL to slow down the deleveraging process
of the group, and for Cosan Limited's consolidated net debt-to-
EBITDAR plus dividends received to stay above 5x over the next
three years.

KEY ASSUMPTIONS

-- As a majority shareholder of Cosan, Cosan Limited is expected
    to benefit from an increased flow of dividends coming from
    Comgas, Raizen Combustiveis and Raizen Energia S.A over the
    next two years, reaching around BRL1 billion per year.

-- Fitch does not expect Cosan Logistica or any of its
    subsidiaries to pay dividends over the next four years given
    the massive capex program to be carried out by ALL.

-- In the short term, potential new issuances at Cosan Limited
    will only be used to refinance existing debt. For the medium
    term, Fitch incorporates the possibility of Cosan Limited
    taking on new debt to finance the group's aggressive expansion
    plan and acquisitions.

-- Cosan Limited's financial flexibility relative to its access
    to the debt and capital markets, in combination with dividends
    received from Cosan, ensures strong refinancing capacity.
    Fitch believes Cosan Limited has the flexibility to reduce the
    payouts to its shareholders if necessary.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include the deterioration of the
credit profile of either Cosan or Cosan Logistica. Fitch will be
monitoring the pace at which the potential sizeable capex program
at ALL is concluded and a downgrade could occur if Cosan Limited
fails to deleverage on a consolidated basis in the medium term.

An upgrade is unlikely in the short- to medium-term as the group's
growth strategy in the logistics segment should continue to make a
relevant deleveraging process difficult.

LIQUIDITY

Cosan Limited posted healthy debt coverage ratios on a standalone
basis as of June 30 2015. The company's cash plus dividends
received covered its short-term debt by 3x as of June 30 2015.
Cosan Limited posted a cash position of BRL3 million and total
debt of BRL378 million, of which short-term debt was BRL103
million. Dividends received amounted to BRL300 million in the LTM
ended June 30 2015.

Cosan Limited's total debt consisted of bank debt taken on to
finance the acquisition of Cosan shares. The group's strong
financial flexibility relative to its access to the debt and
capital markets, in combination with dividends received from
Comgas and Raizen, ensures strong refinancing capacity for Cosan
Limited. While the dividends received from Cosan have recently
fallen short of the dividends paid to its shareholders, Fitch
believes Cosan Limited has the flexibility to reduce the payouts
to its shareholders if necessary.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Cosan Limited

-- Foreign and local currency IDRs at 'BB';

The Rating Outlook is Stable.


LOS PORTALES: Fitch Affirms & Withdraws 'B+' Ratings
----------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings for Los
Portales S.A. The Ratings Outlook was Negative at the time of the
withdrawal.

Fitch has chosen to withdraw Los Portales S.A.'s ratings for
commercial reasons.

KEY RATING DRIVERS

Fitch will no longer provide rating or analytical coverage of this
issuer.

RATING SENSITIVITIES

Not applicable.

FULL LIST OF RATING ACTIONS

Fitch has affirmed and withdrawn the following ratings:

Los Portales S.A.

-- Foreign currency long-term Issuer Default Rating (IDR) at
    'B+';

-- Local currency long-term IDR at 'B+'.



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


ACME LEASING: Sole Shareholder to Hear Wind-Up Report on Oct. 6
---------------------------------------------------------------
The sole shareholder of Acme Leasing One Limited will hear on
Oct. 6, 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:

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


BLACKSTONE RNW: Shareholders' Final Meeting Set for Oct. 8
----------------------------------------------------------
The shareholders of Blackstone RNW Offshore Fund Ltd will hold
their final meeting on Oct. 8, 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:

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


ECHO INVESTMENT: Creditors to Hold First Meeting on Oct. 14
-----------------------------------------------------------
The creditors of Echo Investment Holdings Limited will hold their
first meeting on Oct. 14, 2015, at 8:00 p.m., to elect a
liquidation committee and discuss other matters.

The company's liquidator is:

          Margot MacInnis
          Harbour Place, Ground Floor
          103 South Church Street, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 743 8800
          Facsimile: +1 (345) 743 8801


HENDERSON GLOBAL: Shareholder to Hear Wind-Up Report on Oct. 30
---------------------------------------------------------------
The shareholder of Henderson Global Commodities Fund (Cayman)
Limited will hear on Oct. 30, 2015, at 9:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


INVISTA SSA: Placed Under Voluntary Wind-Up
-------------------------------------------
On Sept. 2, 2015, the sole member of Invista SSA Partnership GP 1
Limited resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Turners Management Ltd.
          Strathvale House
          90 North Church Street
          P.O. Box 2636 Grand Cayman KY1-1102
          Cayman Islands
          c/o Kirsten Le Pape
          Telephone: +1 (345) 814 0721


LINCOLNSHIRE LTD: Members' Final Meeting Set for Oct. 30
--------------------------------------------------------
The members of Lincolnshire Ltd. will hold their final meeting on
Oct. 30, 2015, at 4:00 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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: Shareholders' Final Meeting Set for Oct. 15
-----------------------------------------------------------
The shareholders of Moksha Capital Partners Re (A) Ltd. will hold
their final meeting on Oct. 15, 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:

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


OLD HICKORY: Shareholders' Final Meeting Set for Oct. 19
--------------------------------------------------------
The shareholders of Old Hickory Trading Partners, Ltd will hold
their final meeting on Oct. 19, 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:

          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 MASTER: Shareholders' Final Meeting Set for Oct. 19
---------------------------------------------------------------
The shareholders of Old Hickory Trading Partners Master Fund, Ltd
will hold their final meeting on Oct. 19, 2015, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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: Shareholders' Final Meeting Set for Oct. 8
---------------------------------------------------------
The shareholders of PBR Commodity Subsidiary, Ltd. will hold their
final meeting on Oct. 8, 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:

          Maureen A. Gemma, VP
          Eaton Vance Management
          c/o Barnaby Gowrie
          Cayman Islands


PHOENIX VALUE: Shareholders' Final Meeting Set for Oct. 6
---------------------------------------------------------
The shareholders of Phoenix Value Fund will hold their final
meeting on Oct. 6, 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:

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


REGISTER.COM GP: Shareholders' Final Meeting Set for Oct. 6
-----------------------------------------------------------
The shareholders of Register.COM GP (Cayman) Ltd. will hold their
final meeting on Oct. 6, 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:

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


WATSON FALL: Shareholders' Final Meeting Set for Oct. 26
--------------------------------------------------------
The shareholders of Watson Fall Ltd. will hold their final meeting
on Oct. 26, 2015, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          Telephone: (345) 949 9710
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: No Wage Hike for Workers in 2016 Budget
-----------------------------------------------------------
Dominican Today reports that the Executive Branch sent to Congress
through the Senate the 2016 Budget Bill of RD$663.0 billion
(US$14.7 billion), and doesn't include a wage hike for government
workers.

Finance Minister Simon Lizardo and Budget director Luis Reyes
Santos handed the proposed legislation to Senate president
Cristina Lizardo and Chamber of Deputies president Abel Martinez,
along with other legislators, according to Dominican Today.

In his cover letter, President Danilo Medina acknowledges that
next year's fiscal deficit is projected at RD75.9 billion, or 2.3%
of GDP, the report notes.

The Senate is expected to debate the bill in Sept. 29's session
and sent to a joint commission for study afterwards, the report
relates.

The 2016 budget bill doesn't include a wage hike for government
workers, despite salaries as low as RD$5,500 per month, and
demands for an increase from several sectors, the report adds.



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J A M A I C A
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JAMAICA: S&P Affirms 'B' Sovereign Rating, Outlook Remains Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term and
short-term foreign and local currency sovereign credit ratings on
Jamaica.  The outlook on the long-term sovereign credit ratings
remains stable.  In addition, S&P affirmed its transfer and
convertibility assessment at 'B+'.

RATIONALE

The rating on Jamaica continues to reflect its very high general
government debt and interest burdens, which contribute to fiscal
inflexibility.  S&P projects the gross general government debt
burden will be 118% of GDP in 2015 (Standard & Poor's deducts debt
that the public-sector National Insurance Fund holds).  This level
is higher than most regional and global peers, but it's 10
percentage points of GDP lower than the 128% registered in 2014,
largely because of Jamaica's liability management program for its
Petrocaribe debt in which the government used $1.5 billion raised
in the international capital market to purchase $3.25 billion owed
by Jamaica to Petroleos de Venezuela SA (PDVSA) under the
Petrocaribe Energy Cooperation Agreement.  In addition, interest
payments are likely to consume almost 29% of general government
revenues in the current fiscal year, which is also much higher
than Jamaica's peers.  Together, these indicators lead to S&P's
assessment that Jamaica's debt burden remains a credit weakness.
With GDP per capita that we estimate will remain just below $5,000
in 2015, the country's economic structure continues to constrain
the rating as well.  S&P expects GDP per capita growth will
continue its below-average performance, growing by less than 1%,
following negative average growth over the past five years.

Jamaica's liability management program will likely contribute to
an improvement in the country's external debt position in 2015.
At the same time, S&P expects a drop in Jamaica's current account
deficit on lower fuel imports and higher tourism earnings.
Nevertheless, S&P expects that these improvements--which it
forecasts will lead to external debt net of international reserves
and financial sector assets of 132% of current account receipts
(CAR) in 2015, and external financing needs of 110% of CAR and
foreign exchange reserves--will still imply significant external
liquidity needs and indebtedness levels.  In S&P's opinion,
Jamaica's external position therefore remains a credit weakness.

On the other hand, Jamaica's stable democracy and open political
system that sustains political stability and policy predictability
support the rating.  The government, led by Prime Minister Portia
Simpson-Miller of the People's National Party, has a majority in
Parliament and does not need to face elections until late 2016.
Over the past two years, the government has strengthened its
fiscal credibility after consistently meeting reform targets, and
S&P expects it to run a primary surplus (the budget balance less
interest payments) of at least 7.5% of GDP for the third
consecutive year in 2015/2016.

The government has also recently reached an agreement with the
Jamaica Confederation of Trade Unions and the Jamaica Teachers'
Association to increase salaries by 7% over two years, ending in
2016/2017.  However, some central government workers are still
negotiating with the government, which could pose risks to the
government's ability to meet its goal of bringing down the public-
sector wage bill from just above 10% of GDP in 2014/2015 to 9%
over the next two years.  In addition, pension reform remains on
the government's agenda, in light of the unsustainability of the
current system.  Legislation is set to be put forward by year-end
and expected to be implemented by 2016.

The government also has a long list of growth-inducing reforms on
its agenda, including measures to improve the country's irrigation
systems and continued progress on strategic investments, including
the global logistics hub initiative, agro-parks, energy
diversification, and encouraging growth in business-process
outsourcing.  S&P expects that it will take several years before
the full impact of these projects on growth and unemployment will
be realized.  In addition, S&P expects drought conditions to
hinder economic growth for the second consecutive year in 2015,
contributing to mild real GDP growth of 1.2%, following low growth
of 0.7% in 2014.

"We consider Jamaica's monetary policy neutral to the rating.  Our
assessment balances the country's managed floating exchange rate
regime with the government's limited monetary policy flexibility--
since the high level of government debt hampers the transmission
mechanism of policy.  Inflation averaged more than 10% over the
past 10 years but has recently dropped significantly, partly
because of lower fuel and electricity prices.  As of August 2015,
inflation fell to 3.5%, which is the lowest level reached in
almost 50 years.  This drop has led the Bank of Jamaica to lower
interest rates to historically low levels.  The central bank has
also worked with the central government over the past couple of
years to strengthen the financial system by introducing a new
Banking Services Act, and it has recently advanced on securities
dealers reform, which should provide more security for securities
dealers' retail clients," S&P said.

OUTLOOK

The stable outlook balances Jamaica's growing fiscal credibility,
stabilized debt trajectory, and strengthened external liquidity
with its public-sector reform challenges, weak growth, and
vulnerability to external shocks.

S&P may raise the ratings if Jamaica is able to gradually reduce
its government debt burden and achieve sustained improvement in
external liquidity.  That, combined with a sustainably higher
economic growth rate over the next three years and significant
improvement in the effectiveness of monetary policy transmission,
would improve the country's ability to withstand adverse external
shocks and lead to an upgrade.

Conversely, S&P may lower the ratings if, contrary to its
expectation, the government exhibits slippage on reform targets,
which could diminish economic confidence and limit the country's
growth prospects.  Similarly, external shocks that unexpectedly
weaken the currency could increase the government's debt burden,
put pressure on interest rates, and boost inflation.  Failure to
respond in a timely and forceful manner to such adverse
developments could erode the country's financial profile, leading
to a downgrade.

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

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

The committee agreed that the flexibility and performance fiscal
assessment had improved.  All other key rating factors were
unchanged.

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

RATINGS LIST

Ratings Affirmed

Jamaica
Sovereign Credit Rating                  B/Stable/B
Senior Unsecured                         B
Transfer & Convertibility Assessment     B+


JAMAICA: Financial Sector Gaining Strength, BOJ Says
----------------------------------------------------
RJR News reports that Jamaica's financial sector is reportedly
showing improved health, which should help it to withstand
economic shocks.

That's the finding of the latest stress test carried out by the
Bank of Jamaica (BOJ) on the country's banks and securities
dealers, according to RJR News.

The report notes that the findings were reported by the
International Monetary Fund (IMF) in its latest review of the
Jamaican economy.

The IMF said the stress test, which was conducted in March this
year, indicates an improved resilience to shocks for banks and
securities dealers, the report relates.

Stress tests are often carried out to determine if financial
institutions are well equipped to deal with an economic crisis.
The tests also help to ensure that banks are not engaging in
practices that will create a negative outcome, the report adds.


                             *     *     *

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



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


MEXICO: To Continue Daily Dollar Auctions Amid Volatile Markets
---------------------------------------------------------------
EFE News reports that Mexico's daily auctions of U.S. dollars will
continue for another two months due to the recent volatility on
global financial markets, the Bank of Mexico said.

A total of $200 million will be offered without a minimum bid from
Oct. 1 to Nov. 30, the Mexican Exchange Rate Committee, made up of
central bank and Finance Secretariat officials, said in a
statement, according to EFE News.

The report notes that an additional $200 million will be auctioned
off when the exchange rate falls more than 1 percent, compared to
the previous close.

The Exchange Rate Committee said it would continue monitoring
trading conditions on the foreign currency market and as Nov. 30
approached, "the convenience of extending the period will be
determined," the report relates.

The report says that the committee decided to keep the measures,
which were implemented on July 31, in place to provide liquidity
to the foreign exchange market in light of the current foreign
reserve level and the nearly $70 billion line of credit that
Mexico secured from the International Monetary Fund.



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


PUERTO RICO: Officials to Testify on Crisis Before Senate Panel
---------------------------------------------------------------
Mary Williams Walsh at The New York Times reports that Puerto
Rican officials will appear before a skeptical United States
Senate panel to explain why the island may need federal assistance
by the end of the year and how lawmakers preoccupied with the
federal debt might help without setting an unwelcome precedent.

Officials on the island recently warned that their government
would, in effect, run out of cash in November, even though it owes
big payments to creditors in December and early January, according
to The New York Times.

The report relates that Puerto Rico has not issued audited
financial statements for the last two years, and some members of
the Senate Finance Committee say that before the federal
government commits funds to help tide it over its crisis, they
need to know more about the federal money the island has already
received and how it was used.

"It would be extremely difficult to ask Congress to make important
decisions, and appropriately allocate resources, without first
understanding what the facts are and what problems need to be
fixed," said Senator Orrin G. Hatch, Republican of Utah, who is
chairman of the finance committee, the report notes.

The report discloses that Mr. Hatch said that Puerto Rico had
suffered for years with high unemployment and a shrinking economy,
and had used borrowed money to provide some semblance of normalcy
for the island's residents. In light of the outcome, he said, it
made sense to consider whether Puerto Rico might hold lessons for
other American jurisdictions.

"Despite some recent declines, our federal deficits under current
law will soon rise again," he said. "Federal debt will grow, as it
has in Puerto Rico, to beyond 100 percent of the size of our
economy," Mr. Hatch added.

Mr. Hatch said it was not hard to imagine Americans on the
mainland struggling with "the devastating effects from
unsustainable debt that are now being felt by Americans living and
trying to work in Puerto Rico," the report relays.

The hearing will be the first on Puerto Rico's troubles since Gov.
Alejandro Garcia Padilla announced in June that the debt was
"unpayable" and called for a negotiated moratorium, the report
notes.

The report relays that since then, a working group of top Puerto
Rican officials has been drafting a five-year plan that is meant
to restore economic growth on the island and provide the means for
making debt payments in the future.  The working group has called
for reductions in Puerto Rico's debt payments while reforms are
being carried out, the report notes.  But how that would be
accomplished was unclear.

Puerto Rico's Government Development Bank released a statement
saying it hoped to negotiate a broad debt exchange, in which
creditors would hand in the shaky bonds they now hold and receive
new, more reliable bonds in return, the report discloses.

The report relays that the bank's summary did not reveal how large
the difference in value between the two groups of bonds was
expected to be, but it said that the "transaction will be
structured to take into account the priorities of the debt that
creditors hold."

That seemed to suggest that Puerto Rico would follow its existing
laws for deciding which types of bonds would get priority, the
report says.  The island has issued many different kinds of bonds,
and some investors have worried that in the process of
restructuring the debt, Puerto Rico might change some of the
existing priorities, the report discloses.

Puerto Rico also sought to allay investors' concerns that it might
have miscalculated the total concessions it would seek from
investors when the negotiations begin in mid-October, the report
notes.

The working group issued a statement saying that it had reviewed a
recent client presentation to that effect by Morgan Stanley, and
found "a number of unstated, unsupported and erroneous assumptions
that have significantly misled the market," the report discloses.

The statement went on to list the places where its members
believed Morgan Stanley had misinterpreted the five-year plan, the
report relays.  Morgan Stanley declined to comment because the
presentation was not intended for public circulation. One member
of the working group, Melba Acosta Febo, will be among those to
testify, the report notes.

While concerns about the ranking of Puerto Rico's creditors may
surface at the hearing, the Senate Finance Committee's primary
jurisdiction is over fiscal affairs, the report says.  Senator
Hatch said he had already requested information on federal tax
policies regarding Puerto Rico from the congressional Joint
Committee on Taxation, as well as several reports from the
Congressional Budget Office on health policy on the island, the
report notes.

In the last several months, Puerto Rico officials have complained
that residents of the island pay just as much Medicare and
Medicaid taxes as Americans on the mainland, but in return receive
benefits that are less valuable, the report relays.  The senators
seemed to be trying to determine what was causing the discrepancy.

For example, dedicated taxes do not pay for the entire Medicare
and Medicaid programs; a significant portion of the cost is also
covered by personal income taxes, the report discloses.  Since
Puerto Ricans who live on the island are not required to pay
federal income taxes, the senators were trying to learn whether
that explains why they have been getting the lesser benefits, the
report notes.

"Questions of funding and resource allocation are always
difficult," Mr. Hatch said, the report relays.  "It isn't as
simple as just deciding to give more health funds to Puerto Rico,
because doing so would necessarily mean reduced funding for other
priorities, increased taxes, or even more federal debt," Mr. Hatch
added.

In July, the senator wrote to the Treasury secretary, Jacob J.
Lew, asking for information about federal tax programs that affect
Puerto Rico, the report notes.  He also asked whether the Obama
administration was considering any rule changes that could
increase "the flow of transfers from the general fund of the
Treasury to Puerto Rico" by executive order, the report relays.

In his response, Mr. Lew did not cite any coming changes in
federal transfers to Puerto Rico, focusing instead on the separate
question of whether Puerto Rico should be permitted to use Chapter
9 municipal bankruptcy to solve its problems, the report
discloses.  The current federal bankruptcy code specifically
excludes it, and Mr. Lew said he believed Puerto Rico needed some
sort of tested legal framework, the report adds.


                            ***********


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

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

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


                            ***********


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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