TCRLA_Public/151019.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 19, 2015, Vol. 16, No. 206


                            Headlines



A R G E N T I N A

TELECOM ITALIA: Argentina Govt. Blocks Fintech Bid for Stake


B R A Z I L

AMERICA LATINA: Fitch Affirms 'BB-' IDR & Revises Outlook to Neg.
BRAZIL: August Economic Activity Declines More Than Forecast
BRAZIL: Analysts See Economy Contracting Nearly 3%


C A Y M A N  I S L A N D S

ALBERTA COAL: Shareholders' Final Meeting Set for Oct. 20
ASPEN CREST: Shareholders' Final Meeting Set for Oct. 21
ASPEN CREST MASTER: Shareholders' Final Meeting Set for Oct. 21
DOMAIN MANAGEMENT: Shareholders' Final Meeting Set for Oct. 20
DOMAIN VENTURE: Shareholders' Final Meeting Set for Oct. 20

DRIFT LTD: Shareholders' Final Meeting Set for Nov. 12
FAMOUS FOUR: Shareholders' Final Meeting Set for Oct. 20
FRASER SULLIVAN: Shareholders' Final Meeting Set for Oct. 20
GEOC MANAGEMENT: Shareholders' Final Meeting Set for Nov. 18
JVP FUND: Placed Under Voluntary Wind-Up

OXEN SKIN: Sole Member to Hear Wind-Up Report on Nov. 10
SHOWMOBI HOLDING: Shareholders' Final Meeting Set for Nov. 2
VINCI ZAFFERANO: Shareholder to Receive Wind-Up Report on Nov. 18


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Economy Good Despite Crisis, Krugman Says
* DOMINICAN REPUBLIC: Pest Fly Prompts Ban on Some U.S. Agro


P E R U

ANDINO INVESTMENT: Fitch Lowers IDR to 'B+'; Outlook Remains Neg.


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: No Plans to Sell Airline, Says Imbert


X X X X X X X X X

* BOND PRICING: For the Week From Oct. 12 to Oct. 16, 2015


                            - - - - -



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



TELECOM ITALIA: Argentina Govt. Blocks Fintech Bid for Stake
------------------------------------------------------------
EFE News reports that Argentina's government has rejected U.S.-
based Fintech Advisory's bid to acquire a controlling stake in
Telecom Italia's Argentine subsidiary for $960 million, saying the
private investment firm is not qualified to participate in the
telecommunications sector, officials said.

The Aftic regulator issued the decision and it was published in
the Official Gazette, according to EFE News.

The report notes that the notification said the regulator blocked
the proposed sale to a Fintech unit of a 68 percent stake in
Sofora Telecomunicaciones, the holding company through which
heavily indebted Telecom Italia indirectly controls Telecom
Argentina, the parent company of a leading telecommunications
group in the South American country, the report relates.

Aftic found that the unit of Fintech Advisory, led by Mexican
financier David Martinez, "does not meet the conditions to operate
and take control of the infrastructure services of the company
Telecom Argentina," the Argentine president's office said, the
report notes.

It added that the regulator's decision was based on the fact that
Fintech Telecom LLC was founded in the U.S. state of Delaware less
than a month before Telecom Italia accepted the bid in December
2013 and that "Telecom Argentina would end up in the hands of
companies that were merely investors" if the deal were to be
approved, the report discloses.


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


AMERICA LATINA: Fitch Affirms 'BB-' IDR & Revises Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings for America Latina Logistica S.A. (ALL) at 'BB-'
and its National Scale long-term rating at 'A(bra)'.  Fitch has
also affirmed the ratings for ALL's subsidiaries and their
respective unsecured debentures at 'A(bra)'.  The Rating Outlook
has been revised to Negative from Stable for all corporate
ratings.

ALL's ratings are based on the consolidated credit profile of Rumo
Logistica Operadora Multimodal S.A., after it acquired ALL, in
March 2015.  As of June 2015 latest-12-months (LTM), ALL
represented about 75% of Rumo's proforma consolidated EBITDA.

ALL's Rating Outlook revision follows the challenges that Rumo
will face to improve its currently aggressive capital structure
and finance the huge capex plan amid Brazil's weak macroeconomic
environment.  Rumo will be challenged to consistently capture
increasing volumes and improve operating profitability in order to
increase its operational cash flow and delever its consolidated
balance sheet.  Fitch expects the company to post a net adjusted
debt-to-EBITDAR ratio, according to Fitch's methodology, in the
6.3x - 6.5x range during the 2015 and 2016 due to the additional
debt taken on to finance the capex plan.  Fitch expects a decline
to below 6.0x from 2017 onwards, when the company is expected to
fully benefit from capacity increase and operating margins
expansion.

Fitch continues to see ALL's merger with Rumo as credit positive
for now.  ALL became part of the Cosan Group (Cosan Limited,
Foreign Currency and Long-term Currency IDR 'BB'; Stable Outlook).
As part of the Cosan Group, the company's financial flexibility
significantly improved and the combined operations will also allow
Rumo and ALL to benefit from synergies between the two companies'
logistics business models.  Fitch believes that a more efficient
cost structure is expected to follow from the combination of the
two businesses.  This will partly offset the short to medium term
cash flow impact caused by the company's massive capex program.
ALL's ratings also reflect the company's predictable cash flow
generation through the economic cycle as well as its solid
business position as a railroad and logistic operator in the
Brazilian infrastructure industry.

KEY RATING DRIVERS

High Leverage; Slight Decline is Expected

ALL's leverage is high for the rating category.  Fitch expects a
gradual decline just after 2017, due to the aggressive capex
program to be carried out in the next three years, mainly financed
by debt.  The company's deleverage will depend on Rumo's abilities
to increase volumes and profitability.  On a pro forma basis,
considering the LTM ended June 30, 2015, the combined entity's net
adjusted debt-to-EBITDAR ratio, according to Fitch's methodology,
peaked at 7.6x.  This figure compares unfavourably to 6.6x in 2014
and 4.3x in 2013 and was negatively impacted by ALL's difficulties
over the last two quarters to pass large cost increases onto
prices.  Rumo's ability to start its deleveraging process as of
2017 when the greatest part of the medium-term capex program is
expected to be finished is crucial for the maintenance of the
rating at the 'BB-' category.

Future FCF Trends Negative

Despite the positive trend in Rumo's funds from operations (FFO)
going forward, the expected substantial capex plan will add
pressure to its cash flow and prevent the company from generating
positive free cash flow (FCF).  Rumo is expected to invest about
BRL7.4 billion up to 2019, which should result in volume increases
of 8% - 10% per year, during the period.  According to Fitch's
projections, Rumo's consolidated free cash flow is not expected to
turn positive before 2018.

Solid Business Position

The ratings incorporate ALL's solid business position as the sole
railroad transportation operator in the South and Mid-Western
regions of Brazil, areas with high growth potential due to stable
global demand for grains.  Although ALL faced some operating
challenges during 2014 and 2015, the long-term fundamentals of its
businesses remain strong.  The company's operating model has
demonstrated resilience against adverse global economic conditions
through several cycles.  The company has shown an ability to
increase cargo volumes in the last years during diverse economic
scenarios.  Fitch understands that the merger with Rumo's
operation will strengthen the consolidated business profile as it
will combine important operational logistics assets and new
business opportunities with Cosan Group's rail operation.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Mid-single digit revenues growth from 2015 to 2018;
   -- EBITDA margin of about 41% in 2015; gradual increase to 49%
      in 2017 considering synergies and scale gains;
   -- Capex of BRL2.8 billion during the second half 2015 and
      2016; and BRL4.6 billion from 2017 to 2019;
   -- Adjusted net debt to EBITDAR, according to Fitch'
      calculation, at the range of 6.0x-6.5x in 2015 and 2016 and
      below 6.0x from 2017 onwards.

RATING SENSITIVITIES

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

   -- Rating upgrades are unlikely in the medium term due to the
      challenges Rumo faces to improve is capital structure while
      financing its capex plan.

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

   -- Inability to improve operational cash flow generation
      through increasing volumes of at least 8% per year and
      EBITDA margin expansion up to 2017;
   -- Failure to roll over short-term debt and finance the huge
      capex in the medium term at competitive credit lines.

LIQUIDITY

Fitch expects Rumo to report more conservative short-term debt
coverage ratios from 2016 onwards.  On June 30, 2015, Rumo's
consolidated cash and marketable securities where approximately
BRL1.0 billion.  This compares unfavorably to BRL1.7 billion of
debt due during the next 12 months.  Fitch believes Rumo will be
able to properly raise medium to long-term debt during the next 12
months, which will soften current refinancing risks.  The ratings
incorporate Fitch's assumption that Rumo will achieve healthier
cash to short-term debt ratios during the investment period.
ALL's good track record of access to credit lines at Banco
Nacional de Desenvolvimento Economico e Social, BNDES, supports
Fitch's expectation that the company will be able to finance great
part of the current capex plan with adequate funding.

FULL LIST OF RATING ACTIONS

Fitch affirms these:

ALL

   -- Long-term foreign and Local currency IDRs at 'BB-';
   -- Long-term national rating at 'A(bra)';
   -- Long-term national rating of the 10th debenture issue at
      'A(bra)'.

ALL Malha Sul S.A.

   -- Long-term national scale rating at 'A(bra)';
   -- Long-term national rating of the 3rd debenture issue at
      'A(bra)'.

ALL Malha Norte S.A.:

   -- Long-term national scale rating at 'A(bra)';
   -- Long-term national rating of the 6th debenture issue at
      'A(bra)';
   -- Long-term national rating of the 8th debenture issue at
      'A(bra)'.

ALL Malha Paulista S.A.

   -- Long-term national scale rating at 'A(bra)';
   -- Long-term national rating of the 1st debenture issue at
      'A(bra)'.

The Rating Outlook for the corporate ratings has been revised to
Negative from Stable.


BRAZIL: August Economic Activity Declines More Than Forecast
------------------------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Brazil's economy
in August shrank more than forecast as the central bank maintains
rates at a nine-year high to combat above-target inflation.

The economic activity seasonally adjusted index, a proxy for gross
domestic product, fell 0.76 percent in August from the prior month
after a revised 0.01 percent fall in July, the central bank said.
The median estimate from 30 economists surveyed by Bloomberg was
for a tumble of 0.61 percent.

The non-seasonally adjusted economic index fell 4.47 percent from
a year ago, compared with a median estimate of a 4.23 percent
drop, according to Bloomberg News.

Brazil's economic outlook has worsened as a political crisis drags
on and the country suffers consecutive credit rating downgrades
that threaten investments, Bloomberg News notes.  Economists see
Brazil heading for the first two-year skid in gross domestic
product since the Great Depression, even as inflation this year is
running at more than double the government-set target, Bloomberg
News relates.

Fitch Ratings downgraded Brazil's sovereign credit rating to one
level above junk, with a negative outlook.  That is the second
downgrade in little over a month as Standard & Poor's cut Latin
America's largest economy below investment grade status on Sept.
9, Bloomberg News relays.

Economists surveyed by the central bank see Brazil's GDP dropping
almost 3 percent this year and 1.2 percent in 2016, Bloomberg News
notes.  They also forecast inflation of 9.7 percent this year and
6.05 in 2016.  The government target is 4.5 percent, plus or minus
two percentage points, Bloomberg News says.

The central bank held Brazil's key rate at 14.25 percent on Sept.
2 after increasing it by 3.25 points.  Central bank President
Alexandre Tombini said on Sept. 24 that keeping rates at that
level for a prolonged period is necessary to slow inflation to the
target by the end of 2016, Bloomberg News adds.


BRAZIL: Analysts See Economy Contracting Nearly 3%
--------------------------------------------------
EFE News reports that analysts expect Brazil's economy to shrink
by 2.97 percent this year, its worst result since 1990, and by
more than 1 percent next year, the Central Bank said.

The GDP estimate comes from the Boletin Focus, a weekly Central
Bank survey of analysts from about 100 private financial
institutions on the state of the national economy, according to
EFE News.

Analysts said they expected Brazil's economy to contract by 2.85
percent this year and 1 percent in 2016, EFE News notes.

The analysts were also more pessimistic about 2016, forecasting a
1.2 percent contraction, the report relays.

It marked the 13th straight week that economists have lowered
their forecast for Brazil, which fell into a technical recession
in June, the report notes.

Analysts expect Latin America's largest economy to finish 2015
with an inflation rate of 9.7 percent, up from the 9.53 percent
estimate released, EFE says.

The analysts expect Brazil's inflation rate to fall to 6.05
percent in 2016, but this figure trended higher from the 5.94
percent forecast in the previous survey, the report discloses.

That means the government expects inflation to end next year
within its target range, which has a mid-point of 4.5 percent and
a top-end rate of 6.5 percent, the report notes.

The tolerance band will be narrowed to 1.5 percentage points
either way in 2017, with the mid-point remaining at 4.5 percent
but the top-end rate falling to 6 percent, the report says.

According to EFE News, Brazil's economy is headed for its worst
economic performance since 1990, when it shrank by 4.35 percent,
and is on track for two straight years of contraction for the
first time since figures began to be compiled in 1948.

If the inflation forecasts prove accurate, Brazil would post its
highest inflation rate since 2002, when the consumer price index
rose 12.53 percent, the report relays.

The report further discloses that the manufacturing sector, which
according to analysts will contract by 7 percent this year and 1
percent in 2016, will weigh most heavily on GDP in those two
years.

Analysts' pessimism has risen since the government's release in
August of a report showing that the GDP contracted 1.9 percent in
the second quarter on top of a decline of 0.70 percent in the
first quarter, meeting the technical definition of a recession,
notes the report.

Economists define a recession as six consecutive months of
negative GDP, the report relays.

President Dilma Rousseff's administration has had problems
implementing its fiscal austerity policy in the face of a divided
Congress and a corruption scandal involving state-controlled oil
giant Petrobras, the report adds.


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


ALBERTA COAL: Shareholders' Final Meeting Set for Oct. 20
---------------------------------------------------------
The shareholders of Alberta Coal Corporation will hold their final
meeting on Oct. 20, 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:

          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


ASPEN CREST: Shareholders' Final Meeting Set for Oct. 21
--------------------------------------------------------
The shareholders of Aspen Crest Asia Opportunity Fund will hold
their final meeting on Oct. 21, 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:

         Lee Yu Chuan
         8B Pinecrest, 65 Repulse Bay Road
         Repulse Bay
         Hong Kong


ASPEN CREST MASTER: Shareholders' Final Meeting Set for Oct. 21
---------------------------------------------------------------
The shareholders of Aspen Crest Asia Opportunity Master Fund will
hold their final meeting on Oct. 21, 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:

         Lee Yu Chuan
         8B Pinecrest, 65 Repulse Bay Road
         Repulse Bay
         Hong Kong


DOMAIN MANAGEMENT: Shareholders' Final Meeting Set for Oct. 20
--------------------------------------------------------------
The shareholders of Domain Management II Limited will hold their
final meeting on Oct. 20, 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:

          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


DOMAIN VENTURE: Shareholders' Final Meeting Set for Oct. 20
-----------------------------------------------------------
The shareholders of Domain Venture Partners II Limited will hold
their final meeting on Oct. 20, 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:

          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


DRIFT LTD: Shareholders' Final Meeting Set for Nov. 12
------------------------------------------------------
The shareholders of Drift Ltd. will hold their final meeting on
Nov. 12, 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 Corporate Services Ltd
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


FAMOUS FOUR: Shareholders' Final Meeting Set for Oct. 20
--------------------------------------------------------
The shareholders of Famous Four Media 2 Limited will hold their
final meeting on Oct. 20, 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:

          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: Shareholders' Final Meeting Set for Oct. 20
------------------------------------------------------------
The shareholders of Fraser Sullivan CLO VI Ltd. will hold their
final meeting on Oct. 20, 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:

          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


GEOC MANAGEMENT: Shareholders' Final Meeting Set for Nov. 18
------------------------------------------------------------
The shareholders of GEOC Management Limited will hold their final
meeting on Nov. 18, 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:

          JTC (Cayman) Limited
          c/o Nora Ebanks
          103 South Church Street
          Harbour Place 5th Floor
          P.O. Box 780 Grand Cayman KY1-9006
          Cayman Islands
          Nora Ebanks
          Telephone (345) 640 88 03


JVP FUND: Placed Under Voluntary Wind-Up
----------------------------------------
On Sept. 4, 2015, the shareholder of JVP Fund Cayman Ltd 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


OXEN SKIN: Sole Member to Hear Wind-Up Report on Nov. 10
--------------------------------------------------------
The sole member of Oxen Skin Limited will hear on Nov. 10, 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:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola VG1110
          British Virgin Islands


SHOWMOBI HOLDING: Shareholders' Final Meeting Set for Nov. 2
------------------------------------------------------------
The shareholders of Showmobi Holding Limited will hold their final
meeting on Nov. 2, 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


VINCI ZAFFERANO: Shareholder to Receive Wind-Up Report on Nov. 18
-----------------------------------------------------------------
The shareholder of Vinci Zafferano Emerging Markets Opportunities
Fund Limited will receive on Nov. 18, 2015, at 11:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


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


* DOMINICAN REPUBLIC: Economy Good Despite Crisis, Krugman Says
---------------------------------------------------------------
Dominican Today reports that the Nobel laureate in economics 2008
affirmed that the Dominican economy has conditions to seize
opportunities amid the globalized crisis, and called the country's
economic performance relatively good.

Among the country's advantages, Paul Krugman listed its
geographical location, which shortens the distance and become a
great advantage for investors, according to Dominican Today.

Mr. Krugman said the short-haul freight is an advantage of high
relevance, the report notes.

Lecturing at the Sans Souci cruise terminal invited by the Santo
Domingo Commerce and Production Chamber, the economist said
there's a resurging interest in the US in invest in manufacturing,
but noted the problem of a lack of human resources for the sector,
particularly in textiles, one of Dominican Republic's strongest
sectors, the report relates.  "This opportunity could be seized by
the Dominican textile sector," Mr. Krugman added.


* DOMINICAN REPUBLIC: Pest Fly Prompts Ban on Some U.S. Agro
------------------------------------------------------------
Dominican Today reports that the Agriculture Ministry disclosed a
ban on imports of fruit and vegetable that host the Oriental Fruit
Fly (Bactrocera dorsalis) from Florida and regulated their imports
from California.

The measure comes in the heels of several outbreaks in those
states and was notified through Agriculture Ministry missive MA-
2015-10693 dated October 14, to the US Embassy Agricultural
Attache, according to Dominican Today.

The Oriental fruit fly is a major worldwide pest subject to strict
measures of quarantine from the damage caused to more than 400
varieties of host fruits and vegetables, the report notes.


=======
P E R U
=======


ANDINO INVESTMENT: Fitch Lowers IDR to 'B+'; Outlook Remains Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded Andino Investment Holding S.A.A.'s
(AIH) Foreign Currency (FC) and Local Currency Issuer Default
Ratings to 'B+' from 'BB-'.  Fitch has also downgraded AIH's
senior unsecured notes to 'B+' and assigned the bonds a Recovery
Rating of 'RR4'.  The Rating Outlook remains Negative.

The downgrade reflects AIH's weaker than expected results, higher
leverage and tight liquidity.  Since 2014, AIH's operations have
been affected by the economic slowdown in Peru, which has
increased competition in its trade services business which is
highly concentrated in the Port of Callao.  AIH's gross adjusted
leverage reached 5.9x at LTM June 2015 in PEN terms, above Fitch's
expectation of 4.5x.

KEY RATING DRIVERS

Sluggish Performance Continues:

AIH's consolidated revenues for 2015 and 2016 are expected to be
at the same level or lower than 2014 while higher margins should
preserve EBITDA.  During the LTM ended June 30, 2015, revenues
were USD214 million, lower than 2014 (USD220 million) and 2013
(USD227 million), while EBITDA remained at around USD26 million as
the company improved its EBITDA margin at 12.3% from 11.9% in
2014. The company is making efforts to improve operational margins
by reducing costs in its logistics services business, provided by
Neptunia, and by focusing on higher-profit contracts.  These are
long-term contracts for maritime services provided by Cosmos to
oil companies in the north of Peru.  Cosmos' improvements have
partially off-set lower results in the logistics services provided
by Neptunia.  Cosmos and Neptunia are the primary wholly-owned
AIH's subsidiaries which explained more than 80% of the group's
EBITDA as of LTM June 2015.

High Leverage to Remain:

Fitch does not expect the company to delever as previously
anticipated.  Fitch's Base Case projections result in a gross
adjusted leverage ratio of between 5.5x-6.0x in 2015 and 2016.
The company's gross adjusted debt/EBITDA and net debt/EBITDA
ratios were 5.9x and 5.5x in PEN terms, respectively, for the LTM
ended June 30, 2015.  AIH's total debt was USD146 million at the
end of June 2015 mainly composed of its international issuance of
USD115 million notes during November 2013.

The company's USD115 million bond indenture considers a limitation
on additional indebtedness of a consolidated net debt to
consolidated EBITDA ratio no greater than 4.0x from issuance until
June 30, 2015 and 3.5x thereafter.  The indenture also includes
carve-outs that allow for additional new debt of up to USD35
million despite being above the maximum financial leverage
covenant.  As of June 2015, the company's financial leverage ratio
was above the covenant maximum limit and the additional new debt
incurred was USD18 million short-term commercial papers issued
early this year which is below the maximum allowed for additional
indebtedness (USD35 million).

Negative FCF:

FCF is projected to be negative in 2015 and should remain negative
in the next coming years depending on capital expenditures.
Following the economic slowdown and the company's limitations on
indebtedness, Fitch expects lower capex levels in 2016-2018 at
about 4% of revenues compared to more than 10% in 2014 and 2015.
Over the last few years, capex was mainly allocated in equity
injections to joint-venture projects and dividends to AIH are not
expected for the next five years due to their project-finance
distribution restrictions.

Increasing Competition:

Peru's economic slowdown and lower international commodity prices
have reduced international trade in key ports such as Callao where
logistics service operators such as Neptunia are facing higher
competition.  AIH's business position in the port of Callao has
weakened since 2014; Callo is the main port in Peru and accounts
for 80% of international trade activities.  During the LTM as of
June 2015, AIH's temporary storage of import & export containers
at the Callao port fell by 12.9% while its market share reduced to
9.0% versus 10.4% in June 2014.  Despite the decrease in market
share, AIH still maintains a well-diversified customer base with
long-term business relationships and has storage facilities
strategically located next to the Callao port and airports.  On
the maritime services side, Cosmos' business position shows a
positive trend for fleet and off-shore barge operations for oil
companies.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for AIH include:

   -- Revenues growth at 0% in 2015 & 2016 and 3% in 2017 & 2018;
   -- EBITDA margin recovers to 12.5% in 2015, 13.0% in 2016 and
      13.5% in 2017 and onwards;
   -- Capex of USD20 million for 2015;
   -- Capex/revenues at 4% for 2016 and onwards;
   -- No major acquisitions or capital injections in joint-
      ventures in 2016-2018;
   -- No dividend paid by AIH or received from joint-ventures.

RATING SENSITIVITIES

Factors that could result in a negative rating action include
further deterioration in the company's credit metrics leading to
gross adjusted leverage above 6.0x in a sustained basis due to
increasing competition or important macroeconomic downturn.
Delays and/or higher capital needs for infrastructure projects
sponsored by AIH as well as new acquisitions could pressure the
consolidated leverage and negatively affect the rating.

A positive rating action is not likely in the near term.  An
Outlook revision to Stable includes improvement on liquidity
position and cash flow generation while maintaining leverage
levels below 6.0x (gross adjusted leverage).  More geographic
diversification and successful development and/or consolidation in
infrastructure projects that lead to relevant and stable cash flow
generation would also be considered as a positive factor.

LIQUIDITY

AIH's liquidity reduced to USD10.8 million as of June 30, 2015
from USD35.5 million in 2013 while its short-term debt increased
to USD25.3 million.  Earlier this year, AIH issued USD18 million
in short-term commercial paper in the local market to fund working
capital and capex, which the company aims to refinance into longer
term maturities when they come due between January and April 2016.
There are no major debt amortizations until its USD115 million
senior unsecured notes due in 2020.  AIH maintains about USD300
million of unencumbered fixed assets, which could be borrowed
against in case liquidity further deteriorates.

FULL LIST OF RATING ACTIONS

Fitch has taken these rating actions:

Andino Investment Holding S.A.A.

   -- Foreign currency IDR downgraded to 'B+' from 'BB-';
   -- Local currency IDR downgraded to 'B+' from 'BB-';
   -- Senior unsecured notes downgraded to 'B+' from 'BB-' and
      assigned a Recovery Rating of 'RR4'.

The Rating Outlook is Negative.


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


CARIBBEAN AIRLINES: No Plans to Sell Airline, Says Imbert
---------------------------------------------------------
Trinidad Express reports that the Trinidad and Tobago government
has no intention of selling Caribbean Airlines Limited, said
Finance Minister Colm Imbert.

Minister Colm Imbert was responding to questions with respect to
the State airline during the Standing Finance Committee
discussions during the Parliament sitting, according to Trinidad
Express.

The report notes that the opposition Chief Whip Roodal Moonilal
questioned the decrease in the allocation to CAL of TT$107.8
million and whether this was part of a strategy to reduce support
to the airline with the intention of selling its assets.

"When the PNM demitted office we left Caribbean Airlines with TT$1
billion in its bank account, you blew the entire billion and then
incurred losses of another TT$2 billion, however, there has been a
conscious effort at Caribbean Airlines over the last 12 months to
try and turn away from the profligacy of the UNC years, so we have
given them an allocation in 2016 that we believe is adequate," the
report quoted Mr. Moonilal as saying.

                      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. 12 to Oct. 16, 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
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202-362-8552.


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