TCRLA_Public/151012.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, October 12, 2015, Vol. 16, No. 201


                            Headlines



A R G E N T I N A

ARGENTINA: To Sign Deal on Electricity Import With Bolivia
BANCO DE LA PROVINCIA: S&P Affirms 'CCC-' ICR; Outlook Negative
CORDOBA PROVINCE: S&P Affirms 'CCC-' Currency Rating; Outlook Neg.


C A Y M A N  I S L A N D S

ASPEN AMBROSE: Commences Liquidation Proceedings
ASPEN BELL: Commences Liquidation Proceedings
ASPEN LUCIAN: Commences Liquidation Proceedings
ASPEN NOAH: Commences Liquidation Proceedings
KSYRIUM II: Commences Liquidation Proceedings

KSYRIUM III: Commences Liquidation Proceedings
KSYRIUM IV: Commences Liquidation Proceedings
PHOENIX CDO: Commences Liquidation Proceedings
SIGNUM 80%: Commences Liquidation Proceedings
SIGNUM PLATINUM I: Commences Liquidation Proceedings

SNAP LIMITED: Commences Liquidation Proceedings
SOUTH STREET: Commences Liquidation Proceedings
STRAWBERRY FIELDS: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Play Trade Hardball With Haiti at Border


J A M A I C A

JAMAICA: Doing Business in Country Continues to be a Challenge
JAMAICA: Government Vows to Maintain High Primary Surplus
JAMAICA: NIR Declined in September says BOJ


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Sets Three-Year Target to Break Even


X X X X X X X X X

* BOND PRICING: For the Week From Oct. 5 to Oct. 9, 2015


                            - - - - -


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


ARGENTINA: To Sign Deal on Electricity Import With Bolivia
----------------------------------------------------------
EFE News reports that Bolivia will sign a deal in the coming weeks
for electricity exports to Argentina totaling some 1,000
megawatts, part of the Andean nation's plans to become a supplier
of power to its neighbors, President Evo Morales said.

"Over the coming weeks we'll be signing (an accord) to export
1,000 MW to Argentina.  Brazil is asking us for 8,000 MW," the
head of state said at a ceremony in Bolivia's Altiplano region,
according to EFE News.

Bolivian domestic power demand totals around 1,300 MW, leaving a
reserve of between 300-400 MW that could be used to begin exports
to Argentina, Morales said, the report notes.

Mr. Morales added that Bolivia was looking to export up to 4,000
MW of electricity between 2020 and 2025 to boost national
revenues, EFE News relays.

Bolivia plans to invest $622 million to link its grid with those
of Argentina, Brazil, Paraguay and Peru, having already reached
energy integration deals with those nations, the report discloses.

To that end, Bolivia must install a total of 1,400 kilometers (870
miles) of transmission lines, the report notes.

Bolivia also plans to invest $27 billion in various power-
generation projects over the next eight to 10 years, Hydrocarbons
and Energy Minister Luis Alberto Sanchez said in July, the report
adds.

                          *     *     *

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


BANCO DE LA PROVINCIA: S&P Affirms 'CCC-' ICR; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency issuer credit ratings on Banco de La Provincia de
Buenos Aires S.A. (BPBA).  The outlook remains negative.

The issuer credit ratings on BPBA continue to be limited by the
ratings on its owner, the province of Buenos Aires (PBA;
CCC-/Negative/--).  The ratings of PBA are capped by the 'CCC-'
transfer and convertibility (T&C) on Argentina (foreign currency:
SD/SD; local currency: CCC+/Negative/C), which reflects the
likelihood that the sovereign could restrict the domestic
entities' access to foreign currency for their debt obligations.
S&P rarely rates financial institutions above ratings on the
countries where they operate because S&P considers it unlikely
that these institutions would remain unaffected by developments in
their domestic economy. Also, all the financial institutions
operating in Argentina could face indirect effects of a sovereign
downgrade.  This is because S&P believes a sovereign downgrade is
normally associated with, or could lead to, a weaker operating
environment for financial institutions, which would very likely
affect their creditworthiness.

Still, S&P considers the bank has a "strong" business positions
because it's the second-largest financial entity in Argentina;
"very weak" capital and earnings due to S&P's forecasted risk-
adjusted capital (RAC) ratio of 2.6%; "adequate" risk position
based on adequate asset quality metrics; "above average" funding
given the BPBA's status as the paying agent of the province and
its large deposit base; and "adequate" liquidity with metrics on
the latter in line with other rated banks in the country (as S&P's
criteria define these terms).  S&P revised the bank's stand-alone
credit profile (SACP) to 'b+' from 'bb-'.

S&P has revised its assessment of the bank's liquidity position to
"adequate" from "strong."  Although its liquidity comfortably
covers the short short-term wholesale funding, it's now in line
with those of rated peers in the country.  Like other banks in the
country, BPBA uses government securities as a primary instrument
for liquidity management.

S&P views the likelihood of extraordinary support from PBA as
"moderately high," in accordance with its criteria for rating the
government-related entities (GREs), due to the combination of its
"very important" role and "limited" link.  These two assessments
are based on:

   -- BPBA's "very important" role in promoting the development of
      certain economic segments in the province, including its
      role as a fiscal agent for the province and its status as a
      significant player in Argentina's financial system; and

   -- S&P revised its opinion of the link between BPBA and the
      province to "limited" from "very strong" as a result of its
      assessment of the province to support GREs as "doubtful."


CORDOBA PROVINCE: S&P Affirms 'CCC-' Currency Rating; Outlook Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency ratings on the province of Cordoba.  The outlook
remains negative.

RATIONALE

A challenging macroeconomic environment--low economic growth, high
inflation, capital controls, a dual exchange rate, and diminished
external liquidity, which further exacerbate the province's "weak"
economy and Argentina's "very volatile and underfunded"
intergovernmental institutional framework--continues to limit
Cordoba's creditworthiness.  The central government has continued
restricting Cordoba's access to funding, which also continues to
stress the province's "weak" liquidity.  Despite the current
administration's success in strengthening its local revenue base,
limited ability to further raise own-source revenues amid high
inflation underscore the province's "very weak" budgetary
flexibility and "weak budgetary" performance.  On the other hand,
the province's "moderate" debt burden, which S&P expects to be
about 19% of Cordoba's operating revenues by the end of 2015,
supports its creditworthiness.

Yet, regardless of factors that influence the province's stand-
alone creditworthiness, S&P continues to cap its long-term ratings
on Cordoba at the same level as the 'CCC-' T&C on Argentina
(foreign currency: SD/SD; local currency: CCC+/Negative/C).  S&P
do so to reflect the likelihood that the sovereign could restrict
the province's access to foreign currency to meet its debt
obligations.  In S&P's view, Cordoba doesn't meet the criteria
under which the foreign currency rating on a local or regional
government (LRG) could be higher than the related T&C assessment
on the sovereign.

Because of the cross-default clauses included in the province's
debt obligations, S&P don't believe it has sufficient liquidity to
meet all of its foreign and local currency debt obligations if a
cross-default clause were to be activated amid worsening
macroeconomic conditions, with limited financing options after
Argentina's selective default on July 30, 2014.  Therefore, S&P
also caps the local currency rating on Cordoba at 'CCC-'.

The change in government at the provincial and national level as
of Dec. 10, 2015, will have important implications for Argentina's
macroeconomic outlook and Cordoba's financial management for the
next four years.  Juan Schiaretti, of the Peronist "Union For
Cordoba" political party was elected governor of Cordoba on
July 5, 2015. Mr. Schiaretti will replace the current governor,
Jose Manuel de la Sota, of the same political party.  Mr. De la
Sota's administration has had a strained relationship with the
central government, mainly due to a disagreement over funding of
the province's pension system.  Although Argentina's Supreme Court
is currently reviewing the province's suit against the central
government on this matter, S&P don't expect a resolution before
the change in government in December.

Cordoba's "weak" economy reflects a GDP per capita of about $8,771
for 2014, which is lower than the national level of $12,737,
according to the local statistical institute's (DGEyC) report.
Low economic growth in 2015 and 2016 and high inflation will
continue to undermine Cordoba's budgetary flexibility, which S&P
views as "very weak."  Cordoba's own revenues have increased to
nearly 55% of total operating revenues in 2014 from about 47% in
2010 due to tax hikes and more effective tax collection.  However,
S&P believes that the province has limited leeway to further raise
revenues because the tax burden is already high, in S&P's view.
Additionally, similar to other LRGs in Argentina, the province of
Cordoba is subject to ongoing public-sector wage increase demands
because of high inflation.  S&P believes that these demands will
continue to pressure the province's operating expenditures for the
next two years, hampering its ability to cut expenditures.

The province's fiscal results were solid for the past two years
because accelerating inflation boosted revenue collection and the
provincial tax collection has strengthened.  However, S&P views
Cordoba's budgetary performance as "weak," given that it's
vulnerable to high volatility, which S&P expects to continue for
the next two years due to high inflation.  S&P projects an
operating surplus of 5.8% of operating revenues in 2015 and a
deficit after capital accounts of almost 2% of total revenues,
compared with 6.9% and a surplus of 1.9%, respectively, in 2014.
S&P expects the province's weaker fiscal performance will be due
to stagnant growth, inflation climbing at a slower pace, and high
capital expenditures, because the government has boosted
investments during the current election year.

Cordoba's "moderate" debt burden underpins its creditworthiness.
As of July 2015, the province's debt totaled ARP15.05 billion, of
which 65% was denominated in foreign currency.  Adverse exchange
rate movements could raise debt levels because the Argentine peso
continues to depreciate.  S&P expects debt to represent 24% of the
province's operating revenues by 2017 because the weaker peso and
access to new funding sources will be offset by high inflation
that will boost operating revenues.  The province's debt could
rise because of the currently underfunded pension system and
"high" contingent liabilities, in particular from Empresa
Provincial de Energia de Cordoba and Banco de Cordoba.

Liquidity

Cordoba has a "weak" liquidity position, as defined by S&P's
criteria, with cash reserves only covering 28% of 2015 debt
service.  The province of Cordoba has continued to repay debt it
owes to the central government in 2015, because it didn't receive
extensions on the grace period for this debt due to the litigation
the province has against the central government over the pension
system funding.  Therefore, S&P estimates that Cordoba's 2015 debt
service to the federal government will reach about ARP633 million.
S&P estimates that the province's total debt service will be
ARP2.7 billion for 2015, compared with estimated net cash and
liquid reserves of ARP773 million.

Cordoba's access to external liquidity is uncertain, in S&P's
view.  According to Argentina's fiscal responsibility law, LRGs
are required to obtain authorization from the federal government
to issue new debt.  However, due to the strained relationship
between Cordoba and the central government, the latter has
withheld approval for new debt since 2014, and S&P don't expect
approvals to be forthcoming before the change in administration in
December 2015.  Therefore, Cordoba's external financing is
restricted to already approved programs with multilateral lending
institutions.

Currently, Cordoba has an external bond outstanding, Boncor 2017,
which it issued in two series.  The first in 2009 for ARP150
million and requires monthly payments, a portion of which co-
participation funds cover.  The province issued the second series
in August 2010 for $400 million.  Cordoba makes biannual interest
payments on this series and will repay it in full in August 2017.

OUTLOOK

The negative outlook reflects S&P's expectation that further
restrictions to foreign currency access could jeopardize Cordoba's
ability to honor its financial obligations, considering its
already limited external financing, particularly following the
sovereign's 2014 selective default.  S&P could lower the ratings
on the province over the next six months if the central government
further tightens its exchange control regime, which could impair
Cordoba's ability to service foreign currency debt.  On the other
hand, S&P could raise the ratings if the risks to the sovereign's
access to foreign currency abate.

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

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

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

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

Cordoba (Province of)
Issuer Credit Rating                   CCC-/Negative/--
Senior Unsecured                       CCC-


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


ASPEN AMBROSE: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Aspen Ambrose, 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


ASPEN BELL: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Aspen Bell, 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


ASPEN LUCIAN: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Aspen Lucian, 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


ASPEN NOAH: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Aspen Noah, 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


KSYRIUM II: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Ksyrium II 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


KSYRIUM III: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Ksyrium III 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


KSYRIUM IV: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Ksyrium IV 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


PHOENIX CDO: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Phoenix CDO 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


SIGNUM 80%: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Signum 80% Protection 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


SIGNUM PLATINUM I: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Signum Platinum I 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


SNAP LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Snap 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


SOUTH STREET: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
South Street CBO 1999-1 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


STRAWBERRY FIELDS: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Sept. 17, 2015, the members of
Strawberry Fields Aviation 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


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


DOMINICAN REPUBLIC: Play Trade Hardball With Haiti at Border
------------------------------------------------------------
Dominican Today reports that a stoppage of business activities
since 7:00 a.m. October 8 has gripped the border zone
indefinitely, as local organizations protest Port-au-Prince's ban
on the entry of more than 20 Dominican products overland to Haiti.

Local media report that while the border is open to people on foot
with their legal papers, no vehicles are allowed to cross over the
bridge at the Masacre river, according to Dominican Today.

The street that leads to the binational market and border gate was
blocked by trucks of the union Fenatrado, whose protest is backed
by the Dajabon Merchants Federation and business groups in Haiti,
the report notes.

Dominican Border Security (Cesfront) and National Police agents
have beefed up patrols, whereas Merchants Federation president
Freddy Morillo regretted will bring more hunger to Haiti and
increased smuggling, the report relates.


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


JAMAICA: Doing Business in Country Continues to be a Challenge
--------------------------------------------------------------
RJR News reports that the Private Sector Organization of Jamaica
(PSOJ) has declared that the findings of the latest Global
Competitiveness Report have confirmed its position about the
challenges with doing business in Jamaica.

Jamaica retained its 86th ranking out of 140 countries in this
latest report, according to RJR News.

RJR News notes that the PSOJ said that the report points to the
same factors espoused by it as the main challenges inhibiting a
competitive environment for growth.

The report highlighted inefficient government bureaucracy, crime
and theft, tax rates, and corruption, accounting for 54.2 per cent
of the 16 most problematic factors, RJR News relays.

The private sector group said these issues require serious
attention, if Jamaica is to realize the growth target of three per
cent and above, that is needed in order to achieve the national
objectives set out in Vision 2030, RJR News notes.

The PSOJ said, while it is necessary to address the fiscal and
legislative issues, which Jamaica has been successfully doing
under the current IMF led economic program, by itself, this is not
sufficient, RJR News 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.



JAMAICA: Government Vows to Maintain High Primary Surplus
---------------------------------------------------------
RJR News reports that the Jamaican Government has declared that it
intends to maintain a high primary surplus, even after the current
deal with the International Monetary Fund (IMF) expires.

The primary surplus, which is money set aside to pay down the
national debt, has been set at 7.5% of GDP over the life of the
reform program with the IMF, which ends in 2017, according to RJR
News.

Many commentators have been calling for the target to be reduced,
to allow the government to have more money for non-debt spending,
the report relates.

However, the government has affirmed that, while it will reduce
the target after the IMF program ends, it will only be reduced to
7% of GDP from the current 7.5%, 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.



JAMAICA: NIR Declined in September says BOJ
-------------------------------------------
RJR News reports that the Bank of Jamaica has released data
showing the country's stock of foreign reserves fell in September,
the first time since June.

The Net International Reserves (NIR) declined by US$93 million.
This reduced the NIR to US$2.44 billion, which is enough money to
purchase 22 weeks of imports, according to RJR News.

Despite the decline, the NIR is still up 22 per cent since the
start of the year, the report relates.

                           *     *     *

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.


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


CARIBBEAN AIRLINES: Sets Three-Year Target to Break Even
--------------------------------------------------------
RJR News reports that financially troubled Caribbean Airlines
Limited is hoping to break-even within three years.

Michael DiLollo, the airline's Chief Executive Officer, has
announced that the airline is about 35% to 40% on its way to
viability, according to RJR News.

The airline will, effective January 10, 2016, discontinue its
London Gatwick route and withdraw its Boeing 767 fleet which
serviced the route, the report notes.

The initiative is part of CAL's attempt at transforming its
operations and making it more competitive, the report relays.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2015, RJR News said that Caribbean Airlines Limited is
still facing an acute shortage of pilots.  Trinidad's Newsday
newspaper said the airline is still reeling from the loss of close
to a dozen pilots from its Jamaican operations last year, forcing
it to send Trinidadian pilots to operate some of the Jamaican
routes to US destinations, according to RJR News.

The TCRLA reported on Sept. 24, 2014, that Trinidad Express said
Caribbean Airlines Limited will get a total of TT$1.8 billion
support from the Government during the period 2013 and 2015.
Finance Minister Larry Howai stated that the Caribbean
Airlines management had informed him that the company expects to
break-even in three years time.  Mr. Howai, however, said that
government would have to provide funds for CAL in 2015, 2016 and
2017.

On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday,
said that Caribbean Airlines is facing a loss.  Minister Howai was
hopeful the loss could be narrowed down to less than TT$100
million.

Caribbean Airlines Limited recorded losses estimated at US$70
million in 2012.  In 2011, CAL had recorded losses of US43.7
million, the TCRLA reported on May 20, 2013.


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


* BOND PRICING: For the Week From Oct. 5 to Oct. 9, 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.
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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