TCRLA_Public/151007.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

           Wednesday, October 7, 2015, Vol. 16, No. 198


                            Headlines



B R A Z I L

BRAZIL: President Takes Steps on Austerity
SCHAHIN OIL: Fitch Affirms & Withdraws 'D' Ratings


C A Y M A N  I S L A N D S

ASHFORD INVESTMENTS: Creditors' Proofs of Debt Due Nov. 10
EASTERN BAY-MARATHON: Commences Liquidation Proceedings
EASTERN BAY-MARATHON US: Commences Liquidation Proceedings
FIC SUKUK: Creditors' Proofs of Debt Due Oct. 20
FRASER SULLIVAN: Creditors' Proofs of Debt Due Oct. 20

HARBOR BRIDGE: Creditors' Proofs of Debt Due Oct. 28
INVICTA OFFSHORE: Creditors' Proofs of Debt Due Oct. 28
LB INC: Placed Under Voluntary Wind-Up
SCHAHIN II FINANCE: Moody's Lowers 2022 Global Notes Rating to C
SHOWMOBI HOLDING: Creditors' Proofs of Debt Due Oct. 29

STOCKHOLM INVESTMENTS: Creditors' Proofs of Debt Due Oct. 28


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: To Grow 5.6% Despite a Shrinking World, ECLAC Says
DOMINICAN REP: Haiti Ban on Products Violates Pact, Officials Say
DOMINICAN REPUBLIC: Famine Lurks as Haiti Enforces Ban on Products


J A M A I C A

JAMAICA: Legislation Passed to Modernize Banking Operations


M E X I C O

GRUPO IDESA: Fitch Affirms 'BB-' Issuer Default Ratings


P E R U

PERU: To Get $50MM IDB Loan to Improve International Trade


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: AmCham Glad for Gas Subsidy Cut


                            - - - - -


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


BRAZIL: President Takes Steps on Austerity
------------------------------------------
Simon Romero at The New York Times reports that Brazil President
Dilma Rousseff of Brazil said that she was cutting her salary by
10 percent, reducing the size of her cabinet and slashing
thousands of coveted jobs for political appointees in an effort to
build support for broader austerity measures as she grapples with
calls for her ouster.

The moves by the beleaguered leader, which reduce the number of
cabinet ministries to 31 from 39 and extend the pay cut to the
vice president, Michel Temer, and all of her ministers, reflect
how Ms. Rousseff is scrambling to reassemble a fragmented
coalition as her governing Workers Party reels from a bribery
scandal involving Petrobras, the national oil company, according
to The New York Times.

The report notes that economists contend that Ms. Rousseff's
actions will result in largely symbolic savings, because Brazil's
budget deficit has ballooned amid a severe economic crisis.  After
the pay cut, her salary will be about $90,000 a year, the report
relays.  Other presidents in the region have pursued similar
reductions, with President Evo Morales of Bolivia cutting his
salary in half after taking office in 2006, the report notes.

With Ms. Rousseff facing dismal approval ratings and calls for
impeachment, the overhaul might buy her some time to rebuild
influence, political analysts said, the report discloses.  Behind
the scenes of the shuffle, her powerful predecessor, Luiz Inacio
Lula da Silva, is reasserting his sway by placing a confidant,
Jaques Wagner, as Ms. Rousseff's chief of staff.  At the same
time, the centrist Brazilian Democratic Movement Party, which
controls both houses of Congress, is boosting its own power by now
occupying seven ministries, up from six, the report says.

The party, a pillar of Ms. Rousseff's frayed coalition, is "110
percent satisfied" with the changes, Katia Abreu, the conservative
minister of agriculture, told reporters, the report notes.
"There's even some fat left," Ms. Abreu added, emphasizing that
more cuts could be made, the report relays.

By ceding more power to the party, called the P.M.D.B., Ms.
Rousseff is seeking to build support in Congress for the approval
of contentious spending cuts sought by her finance minister,
Joaquim Levy, the report notes.  Leaders of the P.M.D.B., which is
also grappling with fallout from the Petrobras scandal, have tried
to obstruct austerity measures on several occasions this year, the
report discloses.

Ms. Rousseff's standing in Brasilia, the capital, may have also
been strengthened after Eduardo Cunha, the conservative House
speaker and a leading critic of her government, found himself on
the defensive after Swiss officials confirmed the existence of
secret bank accounts controlled by Mr. Cunha, the report relays.

Mr. Cunha, a leading figure in the P.M.D.B., is battling
accusations that he accepted as much as $40 million in bribes for
himself and his allies, the report notes.  While Mr. Cunha has
rejected calls for his resignation, he has the power as House
speaker to decide on requests to start impeachment proceedings
against Ms. Rousseff, the report relays.  Mr. Cunha declined to
comment on the reports of his Swiss accounts.


SCHAHIN OIL: Fitch Affirms & Withdraws 'D' Ratings
--------------------------------------------------
Fitch Ratings has affirmed and withdrawn the following ratings for
Schahin Oil & Gas Ltd.'s (Schahin):

-- Foreign currency Issuer Default Rating (IDR) at 'D';
-- Local currency IDR at 'D'.

KEY RATING DRIVERS

Fitch is withdrawing the ratings of Schahin Oil and Gas Ltd as the
company entered bankruptcy proceedings on April 2015 and has
defaulted since then. Accordingly, Fitch will no longer provide
ratings or analytical coverage for Schahin.

KEY ASSUMPTIONS

No longer relevant as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.



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


ASHFORD INVESTMENTS: Creditors' Proofs of Debt Due Nov. 10
----------------------------------------------------------
The creditors of Ashford Investments One Limited are required to
file their proofs of debt by Nov. 10, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 10, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


EASTERN BAY-MARATHON: Commences Liquidation Proceedings
-------------------------------------------------------
On Sept. 10, 2015, the shareholders of Eastern Bay-Marathon Master
China Fund 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:

          Peng Kong
          C1-11B, Junjinghuating,
          Minzhi Road, Baoan District
          Shenzhen, Guangdong Province
          People's Republic of China


EASTERN BAY-MARATHON US: Commences Liquidation Proceedings
----------------------------------------------------------
On Sept. 10, 2015, the shareholders of Eastern Bay-Marathon US
Feeder China Fund 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:

          Peng Kong
          C1-11B, Junjinghuating, Minzhi Road
          Baoan District, Shenzhen
          Guangdong Province
          People's Republic of China


FIC SUKUK: Creditors' Proofs of Debt Due Oct. 20
------------------------------------------------
The creditors of FIC Sukuk Company Limited are required to file
their proofs of debt by Oct. 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 8, 2015.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


FRASER SULLIVAN: Creditors' Proofs of Debt Due Oct. 20
------------------------------------------------------
The creditors of Fraser Sullivan CLO VI Ltd. are required to file
their proofs of debt by Oct. 20, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 10, 2015.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


HARBOR BRIDGE: Creditors' Proofs of Debt Due Oct. 28
----------------------------------------------------
The creditors of Harbor Bridge Emerging Markets Ltd. are required
to file their proofs of debt by Oct. 28, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 9, 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


INVICTA OFFSHORE: Creditors' Proofs of Debt Due Oct. 28
-------------------------------------------------------
The creditors of Invicta Offshore Fund, Ltd. are required to file
their proofs of debt by Oct. 28, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 8, 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


LB INC: Placed Under Voluntary Wind-Up
--------------------------------------
At an extraordinary meeting held on Aug. 19, 2015, the sole
shareholder of LB Inc. 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:

          Fides Limited
          c/o Dwight Dube
          Telephone (345) 949 7232
          The Grand Pavilion
          Commercial Centre 2nd Floor
          P.O. Box 10338 Grand Cayman
          Cayman Islands KY1-1003


SCHAHIN II FINANCE: Moody's Lowers 2022 Global Notes Rating to C
----------------------------------------------------------------
Moody's Investors Service has downgraded the Schahin II Finance
Company (SPV) Limited ("Schahin II") senior secured global notes
due in 2022 to C from Ca. The outlook has been changed to stable
from negative. Moody's also notes that, based on information
provided by the trustee, Schahin II did not make the scheduled
interest and principal payment on September 25, 2015, which
constituted a default under Moody's definition.

RATINGS RATIONALE

The rating action reflects the fact that Schahin II (the "Issuer")
did not make the scheduled interest and principal payment on
September 25, 2015. In addition, on May 22, 2015 Petroleo
Brasileiro S.A. ("Petrobras"; Ba2 stable) notified the Issuer that
the charter agreement as well as the services agreement for the
use of Schahin II's offshore drilling vessel Sertao were
terminated. Moody's understands that Schahin Petroleo e Gas
("SPG"; not rated), the operator of the vessel, has not entered
into new charter and services agreements, which has caused a
material deterioration of the Issuer's liquidity position as
measured by the level of reserve accounts of the transaction.

The rating action also reflects the extremely challenging
conditions that have prevailed in the re-contracting market for
offshore vessels, and the resultant pressure on asset values,
which we expect will continue in the medium term. Moody's notes
that the recovery of the collateral (the vessel) may involve
material hurdles, legal or regulatory, that will add uncertainty
to the final disposition value of the collateral. In addition,
certain reported developments on tax investigations related to the
Schahin group could unfold in a manner that would add further
challenges to the recovery of the collateral. In light of these
challenges, Moody's currently expects that the recovery value will
be lower than 35%.

What Could Change the Rating UP/DOWN

Moody's does not anticipate an upward pressure on the rating or
outlook in the near or medium term. Moody's will continue to
closely monitor the aforementioned developments, and evaluate all
publicly available information as well as information provided by
the trustee. Moody's may consider withdrawing the rating should
the flow of information be deemed insufficient to monitor the
rating.

Schahin II Finance Company (SPV) Limited is a special purpose
limited liability company established under the laws of the Cayman
Islands.

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.


SHOWMOBI HOLDING: Creditors' Proofs of Debt Due Oct. 29
-------------------------------------------------------
The creditors of Showmobi Holding Limited are required to file
their proofs of debt by Oct. 29, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 9, 2015.

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


STOCKHOLM INVESTMENTS: Creditors' Proofs of Debt Due Oct. 28
------------------------------------------------------------
The creditors of Stockholm Investments Limited are required to
file their proofs of debt by Oct. 28, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 8, 2015.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Telephone (345) 947 4700


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


DOMINICAN REP: To Grow 5.6% Despite a Shrinking World, ECLAC Says
-----------------------------------------------------------------
Dominican Today, citing EFE News, reports that Latin America's and
the Caribbean's economies slid down 0.3% in 2015, the Economic
Commission for Latin America and the Caribbean (ECLAC) said, which
revised its latest forecast for the region downward with a
predicted growth of 0.5%.

The main factors behind the contraction are weak domestic demand,
a significant slowdown in emerging economies, especially China,
the stronger dollar and increased volatility in financial markets,
the agency said, according to Dominican Today.

Despite the overall slowdown, the region's economies will boast
differentiated dynamics by yearend, ECLAC said, the report notes.

"The growth projections suggest that the economies of South
America, specialized in the production of commodities, especially
oil and minerals, and with increasing degree of trade integration
with China, posted the largest slowdown," ECLAC said, the report
relays.

According to ECLAC's forecast, South American countries will
undergo a recession of 1.3% this year and will shrink 0.1% in
2016, the report discloses.

Venezuela (-6.7%) and Brazil (-2.8%) lead Latin American countries
that will close the year in the red, whereas Panama (5.8%) and
Dominican Republic (5.6%) top the other extreme with notable
growth, the report adds.


DOMINICAN REP: Haiti Ban on Products Violates Pact, Officials Say
-----------------------------------------------------------------
Dominican Today reports that the minister of Foreign Affairs
Andres Navarro and of Industry and Commerce Jose del Castillo
called the Haiti government ban the entry by land of 23 Dominican
products, discriminatory, and assert it violates a memorandum of
understanding the two countries signed last year.

They said Port-au-Prince's measure was submitted September 29 to
the World Trade Organization's (WTO) Access to Markets Committee,
according to Dominican Today.

The report notes that Mr. Navarro said the ban on Dominican
products by Haiti hinders overland commerce between the two
nations, noting that Dominican Republic's complaint is backed by
Panama, Ecuador, Mexico, Guatemala, El Salvador and Colombia.

The official stressed that the measure was not notified to the
Dominican government despite taking effect Oct. 1, and bans 23
products such as flour, cement, cooking oil, soap, detergent,
bottled water and auto paints, among others, the report relays.


DOMINICAN REPUBLIC: Famine Lurks as Haiti Enforces Ban on Products
------------------------------------------------------------------
Dominican Today, citing EFE, reports that Haitian and Dominican
merchants warned that the Haiti government ban by land on 23
Dominican products staring October 1 could lead to famine in
Haitian villages and towns near the border.

They also warned that if Port-au-Prince doesn't lift the ban
unemployment and crime will jump in border communities along the
two countries' border, the report notes.

Roul Joseph of the Haiti merchants Northeast Emergency Committee
told EFE that several border towns in Haiti, near the Dominican
border, have begun to feel the shortages of several products, the
report discloses.

Mr. Joseph said Haitian merchants, especially those from Cap
Haitien, don't want to visit the binational market held in Dajabon
(Dominican NW) Mondays and Fridays because from Ouanaminthe to
that city, Haiti's second biggest, authorities in that country
have set up at least four checkpoints and everyone has to pay
taxes on the goods they buy in Dominican Republic, regardless of
amount, the report relays.

"This is pushing up prices in my country and people are beginning
to notice," the merchant warned, the report adds.


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


JAMAICA: Legislation Passed to Modernize Banking Operations
-----------------------------------------------------------
Caribbean360.com reports that the Senate has approved a Bill which
seeks to modernize the regulatory framework within which banks
operate in Jamaica, including giving them more freedom to decide
how long they are open for business.

The Banking Services Act amended and consolidated the existing
Banking Act, Financial Institutions Act and sections of the
Building Societies Act, into one piece of legislation which has
regulations that deal with the opening hours; establishment of
branches; license fees; amalgamation and transfers; capital
adequacy; deposit taking institutions; and license application
rules, according to Caribbean360.com.

The report notes that one of the fundamental changes is that
financial institutions will have the flexibility to open and close
their doors as they see fit, as long as the institutions are open
to the public for at least 25.5 hours per week.

However, they are to remain closed for business on public
holidays, with the exception being branches that operate at the
two major international airports, the report relates.

Piloting the Bill, Minister of Justice Mark Golding said it seeks
to substantially update the existing regulations and set out the
basic operating requirements for the deposit taking industry, the
report says.

"It also includes specific updates that are required to facilitate
the industry's transition to the framework under the Banking
Services Act and are therefore considered critical in order for
the Act to be brought into effect," Mr. Golding said, the report
relays.

The minister further noted that the regulations would ensure that
the country's deposit-taking institutions operate in accordance
with modern international standards, "and which can support the
levels of investment that an economy that is poised for growth
requires," the report notes.

The report discloses that Mr. Golding said passage of the
regulations ensure that the principal Act will be brought into
effect, adding that it was one of the fundamental pieces of
legislation that was passed in 2014 as part of the overall
restructuring of the economy, under the current International
Monetary Fund (IMF) agreement.

Senator Imani Duncan Price said the comprehensive regulations were
critical in a sustainable economy, the report relays.

Regarding the issue of opening hours, which the regulations
address, she said it would enable financial institutions to better
meet the needs of Jamaicans, the report notes.

"With so many persons working in regular hours, they are unable to
explore financial planning options after five o' clock.  It goes
with the flexi-work arrangements recently passed by this House,
where, in fact, based on what people are doing (and) based on
their day to day productive lives, they can then partner with
relevant institutions at a time more suitable to them, to ensure
their own financial security," the report quoted Mr. Price as
saying.

Opposition Senator Kavan Gayle agreed the amendments would allow
for more effective supervision of the financial sector, the report
notes.

"These regulations that are put in place are there to protect also
the customers, protect the depositors, and even protect the
workers that are involved," Mr. Gayle said, the report relates.

The regulations were passed in the House earlier this year, 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
===========


GRUPO IDESA: Fitch Affirms 'BB-' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
Grupo IDESA, S.A. de C.V. (IDESA) at 'BB-'. The Rating Outlook has
been revised to Negative from Stable. A complete list of ratings
actions follows at the end of this press release.

The revision of the Outlook reflects the likelihood that the
company will increase its debt to fund additional investments at
its joint venture with Braskem, S.A. (Braskem-IDESA) related to
the construction of Etileno XXI. Over the next 12 - 18 months,
Fitch believes IDESA will need to contribute about USD150 million
of incremental cash to support its 25% share of the joint venture.
This plant will produce 1.05 million tons per year of polyethylene
from an integrated ethane-based cracker.

Fitch assumes that IDESA will drawdown a USD130 million committed
credit line with Banco Inbursa, S.A., Institucion de Banca
Multiple, Grupo Financiero Inbursa to fund its equity
contribution. This could result in the company's leverage hitting
5.5x in 2015 and around 6.5x by 2016. This high level of debt
makes it critically important that Etileno XXI ramps-up without
delays. Equity contributions from current or new shareholders to
support a stronger capital structure during the next few months
would be viewed positively and could result in the Outlook being
revised to Stable.

KEY RATING DRIVERS

High Reliance on Commodity Chemicals

IDESA has limited pricing power with its suppliers and customers,
as the company's main product prices are based on international
reference prices and have declined as they are somewhat correlated
to the price of oil. Positively, the price of ethane-based
ethylene oxide (EO) -- IDESA's main raw material -- has also
declined with lower natural gas prices, contributing to relatively
stable profitability compared to a year ago. Fitch expects only
modest upward pricing pressure in EO for the next few years due to
the wide availability of ethane in North America.

Country, Production Site and Supplier Concentration

About 90% of IDESA's total revenues come from the Mexican domestic
market. Production capacity is heavily concentrated in its
Coatzacoalcos plant, which is dependent on smooth operations at
Pemex Petroquimica (PPQ), IDESA's sole supplier of EO. IDESA's
participation in Etileno XXI should significantly diversify
IDESA's cash flow sources and is considered positive for long-term
credit quality.

Strong Business Position Domestically

IDESA generates the majority of its existing EBITDA from ethylene
glycols (EG) and ethanol amines (EA), product lines in which the
company maintains a dominant position. In EG, where domestic
demand outstrips supply, the company is Mexico's largest producer,
with 33% of domestic market share. In EA, IDESA serves 62% of the
domestic market, exporting over 60% of its production to Europe,
Asia and South America.

Regional, Product and End-Market Diversification

The revenue and cash flow generation capacity of IDESA are
supported by its national footprint, adequate product
diversification and exposure to the relatively resilient Mexican,
consumer-driven end markets. Strategically, the company expects to
continue to gain market share in high-growth industries such as
automotive, oil and gas, and building materials.

Leverage Expected to Increase

IDESA's leverage is likely to increase significantly over the next
12 - 18 months as the company draws from its USD130 million credit
line in order to finance additional investments in the Etileno XXI
project. IDESA's gross leverage was 4.1x at year-end 2014 and is
projected by Fitch to reach 5.5x in 2015 and to 6.5x in 2016
before declining significantly to levels commensurate with the BB-
ratings as material joint venture cash flows are received.

KEY ASSUMPTIONS

-- Revenues in USD fall about 10% during 2015 reflecting weak
product pricing, partially offset by stronger sales volumes in
distribution. For 2016 - 2017, revenues increase mid-single digits
trending upwards with Fitch's Brent oil price deck expectations of
USD65 and USD75, respectively.

-- EBITDA contracts to USD66 million in 2015 and stays relatively
stable during 2016-2017 reflecting weaker margins in petrochemical
spreads somewhat partially mitigated by stronger margins in
IDESA's distribution business.
-- Relevant cash flows received from joint ventures during 2017.
-- Full drawdown of USD130 million committed credit line by 2016.

RATING SENSITIVITIES


Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Material project ramp-up delays in Etileno XXI or low
operating rates that result in lower than expected cash flows to
IDESA and high leverage for a longer than expected period of time.
-- Reduced financial flexibility, material contraction in
product-to-feedstock margins or volumes that results in material
deterioration of FCF, higher capital outlays or cash distributions
would also be viewed negatively.

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- Capital infusions that result in gross leverage levels at or
below 4.5x would likely result in the Outlook being revised to
Stable.

LIQUIDITY

IDESA's liquidity is adequate given its cash balance, cash flow
from operations (CFFO) and debt maturity profile relative to
projected interest payments of USD24 million per year and joint
venture disbursements of about USD200 million to be invested
during 2015-2016. As of June 2015 IDESA had USD59 million in cash
and marketable securities and for the LTM it generated USD42
million in CFFO. The company's main debt obligation is its USD300
million senior unsecured notes due in 2020. IDESA's contracted
USD130 million committed credit line also provides liquidity
support and is expected to rank equal to existing unsecured debt.
Interest payments for these loans are due at maturity in 2020 and
do not capitalize to principal which should provide additional
short-term financial flexibility.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following:

IDESA

-- Long-term foreign currency IDR at 'BB-';
-- Long-term local currency IDR at 'BB-';
-- USD300 million senior unsecured notes due 2020 at 'BB-'.

The Rating Outlook has been revised to Negative from Stable.


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P E R U
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PERU: To Get $50MM IDB Loan to Improve International Trade
----------------------------------------------------------
The Inter-American Development Bank has approved two loans to Peru
totaling $50 million with the goals of increasing the scope and
quality of services provided by the country's Employment Centers
and facilitating foreign trade.

These programs -- one for $30 million and the other for $20
million -- seek to integrate into the workforce young people aged
18 to 29 in the regions of Arequipa, Ica, Lambayeque, La Libertad,
Piura, San Martin and greater Lima and to launch a new integrated
international trade single window (VUCE in Spanish) that
simplifies import-export procedures.

A greater focus on training young people

With the loan for youth employment, the plan is to boost links
between employment centers and the productive sector so that the
number of companies and job vacancies that show up in the national
job bank increases. Another objective is to improve the youth-
oriented services offered by these centers.

The specific goals are to improve services offering
entrepreneurial education, job-search consulting, certification
and workplace training for young people in Peru.

The loan also aims to improve operational processes at the centers
and enhance the Labor Ministry's ability to manage them in
conjunction with regional governments.

The project will help young, urban Peruvians find the right job
placement for them in the workforce. Currently, around 80 percent
of young Peruvians work in the underground economy because they
lack technical skills or the social and emotional aptitude, or
because they lack information on job vacancies.

Less red tape so as to encourage trade

The international trade "single window" (VUCE) instituted from
2010 to 2014 will be improved and upgraded so as to cover all
formalities associated with foreign trade transactions and add new
functionality.

Since the first phase of the VUCE was implemented in 2010, foreign
trade procedures were sped up by 15 percent, allowing for savings
of $9 million a year.

With the second phase, the goal is to reduce waiting time
associated with paperwork by 25 percent and cuts costs by 5
percent.

The project will also finance the design and implementation of a
port community system, thus linking private sector solutions to
the VUCE platform, as wellas a platform allowing VUCEs to connect
with single windows of other countries in the region, in
particular fellow members of the Pacific Alliance (Colombia, Chile
and Mexico).

A study by the OECD has found that the reduction of red tape and
the automation provided by "single window" systems can save
countries between 2.8 percent and 4.2 percent, depending on the
country's level of development.

The $30 million loan has a grace period of 9.5 years, and that of
the $20 million loan, 10 years. Both have a repayment period of 10
years and an interest rate pegged to LIBOR.


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


TRINIDAD & TOBAGO: AmCham Glad for Gas Subsidy Cut
--------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that
Trinidad and Tobago's budget announcement of a reduction in the
fuel subsidy of super gasoline and diesel fuel was welcomed by the
American Chamber of Commerce of Trinidad and Tobago (AmCham).

However, the business association said "a more aggressive
reduction should take place, given current economic conditions,"
according to Trinidad and Tobago Newsday.

The report notes that AmCham also noted Finance Minister Colm
Imbert's reference to social programs, saying it awaited further
details because it firmly believes these programs need to be
restructured as a key component of enhancing competitiveness.
Property tax will be re-introduced effective January 1, 2016, with
tax payments initially being based on the pre-2009 schedules, the
report relays.

The report discloses that AmCham said it can "support the pre-2009
schedules being used" and looks forward to further engagement on
the matter.

However, it remains "concerned" about the possible inclusion of
plant and equipment, as well as the overall valuation methodology
to be used, the report says.

Imbert's revelation of leveraged cash and Government's overdraft
position at the Central Bank has AmCham "deeply concerned" but it
expressed appreciation of this disclosure in the 2015/2016 Budget
presentation in Parliament, the report notes.

"This points to the need for extremely prudent fiscal management
in the coming year.  In this regard, two issues which were
referenced by the minister and which we believe should be high on
the Government's agenda are operationalizing public procurement
legislation and tackling the availability of foreign exchange,"
AmCham stated, the report relays.

AmCham said it understands the rationale behind increases in the
Green Fund tax, from 0.1 percent to 0.3 percent per quarter, and
the Business Levy, from 0.2 to 0.6 percent per quarter, but did
not expand further on this point, the report discloses.

"We support the formation of the Revenue Authority as a means to
improve tax collection.  We are concerned, though, that the
revenue projection from greater efficiency of tax collection may
be optimistic," AmCham said, the report notes.

"We also note the minister's reference to social programs and
await further details, as we firmly believe that these programs
need to be restructured as a key component of enhancing
competitiveness," AmCham added, says the report.


                            ***********


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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