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

            Thursday, October 22, 2015, Vol. 16, No. 209


                            Headlines



B R A Z I L

BRAZIL: Fitch Says Fiscal Pressures Hurting Some State Finances
BRAZIL: Real Weakens on Report Government Planning for Deficit
NATIONAL COMMERCIAL BANK: To Expand Business in Barbados


C A Y M A N  I S L A N D S

ALPINE SWIFT: Shareholder to Hear Wind-Up Report on Nov. 2
AVENUE ASIA: Shareholders Receive Wind-Up Report
BLISS HOLDINGS: Shareholders Receive Wind-Up Report
CHININO INVESTMENT: Shareholders' Final Meeting Set for Oct. 26
COPELLA OFFSHORE: Shareholders' Final Meeting Set for Oct. 29

EAC PARTNERS: Shareholder to Hear Wind-Up Report on Nov. 3
EASTERN BAY-MARATHON: Members Receive Wind-Up Report
GR SOWWAH: Shareholders Receive Wind-Up Report
JELLICOE INTERNATIONAL: Shareholders' Meeting Set for Oct. 26
MAXAM INTERNATIONAL: Shareholders Receive Wind-Up Report

PAULA ROSA: Shareholder to Hear Wind-Up Report Today
PLANE ENGINEERING: Shareholders' Final Meeting Set for Oct. 26
POLARIS FUND: Shareholder to Hear Wind-Up Report on Oct. 29


C H I L E

AUTOMOTORES GILDEMEISTER: Moody's Lowers CFR to Caa1; Outlook Neg.
COMPANIA SUD AMERICANA: S&P Raises CCR to 'B+'; Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Resumes Border Market but Haiti Ban Stays
DOMINICAN REPUBLIC: Haiti Border Market Resumes With Few Buyers


J A M A I C A

JAMAICA: Low Inflation Being Influenced by Sharp Drop in Oil Price


P U E R T O    R I C O

CASIANO COMMUNICATIONS: Encanto's Bid to Alter DS Order Denied
PUERTO RICO ELECTRIC: Forbearance Agreement Extended to Oct. 22
PUERTO RICO: Senate Committee Hearing Includes Treasury's Weiss


V I R G I N   I S L A N D S

HOVENSA LLC: Gets Final Approval to Tap $40 Million Financing
HOVENSA LLC: To Auction Off Oil Terminal Assets on November 10
HOVENSA LLC: Hires White & Case as Special Counsel
HOVENSA LLC: Paid Over $1.6MM to Top 3 Officers in 2014


                            - - - - -


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B R A Z I L
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BRAZIL: Fitch Says Fiscal Pressures Hurting Some State Finances
---------------------------------------------------------------
As a reduction in federal tax collections takes hold, Brazil's
fiscal pressures may prompt budget imbalances for states with the
greatest reliance on federal transfers, Fitch Ratings says.

The country's Fiscal Responsibility Law gives the federal
government significant sway over the states, including the right
to regularly supervise debt levels and personnel expenditures. It
must approve every new credit line. The federal government also
guarantees all outstanding debt denominated in US dollars. The
federal government sets standards such as the minimum wage for
teachers and is the largest creditor to the states as well. For
example, 90.7%, or BRL199.3 billion (USD52.4 billion) of the state
of Sao Paulo's debt in 2014 was owed to the federal government.

Some states, notably Maranhao and Rio de Janeiro, depend on
federal transfers. The decline in the price of oil has already
pressured transfers and could reduce the financial support that
Fitch believes these states would receive from the federal
government in emergencies. States such as Santa Catarina and
Parana will experience less downward pressure from the sovereign
as they have greater fiscal autonomy. Tax collections exceeded 70%
of operating revenues in 2014 for both states.

The federal government will soften the fiscal blow for many states
and some local governments. Beginning in January 2016, the federal
government will likely accept lower interest rates due on federal
loans and reduce the amount of debt the states owe. The retail
inflation index IPCA will replace the general prices Index IGPDI.
These measures would create positive cash flow for the states and
improve finances for some cities. For example, the city of Sao
Paulo estimates that the amount of debt it owes to the federal
government would decline from BRL67 billion (USD 17.6 billion) to
BRL26.6 billion (USD7 billion), based on June 2015 figures.

Fitch downgraded Brazil to 'BBB-' with a Negative Rating Outlook.
Brazil's continued economic underperformance, increased
macroeconomic imbalances, deteriorating fiscal accounts and a
material increase in government debt are escalating downward
pressures on the sovereign credit profile. Fitch does not rate any
Brazilian state higher than the sovereign.


BRAZIL: Real Weakens on Report Government Planning for Deficit
--------------------------------------------------------------
Paula Sambo at Bloomberg News reports that Brazil's real weakened
on speculation the government will change this year's budget
target to a deficit from a surplus, highlighting its inability to
shore up the country's finances.

Officials will revise this year's budget target for the third
time, forecasting a deficit excluding interest payments of 0.3
percent of gross domestic product, worse than the current goal of
a 0.15 percent surplus, according to a report by Folha de S.
Paulo, reports Bloomberg News.   The government is also expected
to scrap plans to revive a tax on financial transactions,
according to Valor Economico, notes the report.

"Brazil continues to suffer from a negative feedback loop, linking
a weak economy, fiscal slippage and rising credit risks," the
report quoted  Mark McCormick, a strategist at Credit Agricole
CIB, as saying from New York.  "The market is well aware the
fiscal numbers are more a fantasy than reality, especially given
the ongoing contraction in the economy."

Bloomberg News notes that President Dilma Rousseff's efforts to
trim spending and raise taxes have met resistance from lawmakers
concerned that the moves will hurt Brazil's middle class.  Fitch
Ratings lowered Brazil's debt rating to one level above junk,
delivering the fourth downgrade under Rousseff's watch, and said
it could cut the grade again as government finances deteriorate.

Fitch's downgrade comes as prospects worsen for Latin America's
largest economy amid persistent above-target inflation, forecasts
for the longest recession since the 1930s and a rout in the
country's stocks and currency markets, Bloomberg News notes.

Meanwhile, Rousseff is struggling to find supporters for her plans
in Congress after her popularity fell to a record low, driven by a
sweeping investigation into allegations of graft at the state-
controlled oil producer, Bloomberg News relays.  While she has
reshuffled her cabinet earlier this month to try to gain lawmaker
support for measures to revive the country's finances, her low-
popularity has spurred calls for an impeachment.

Fitch's negative outlook captures Brazil's political uncertainty,
including chances of an impeachment, Senior Director Shelly Shetty
said on a conference call.  The ouster of the president could have
negative rating implications for the sovereign as the process
could distract the Congress from fiscal adjustment measures,
Bloomberg News, citing Ms. Shetty, relays.

Standard & Poor's cut the country's credit rating to junk on Sept.
9, its second downgrade since Rousseff took office, while Moody's
Investors Service moved Brazil to the lowest investment grade in
August, Bloomberg News recalls.

According to the report, Brazil's economy shrank more than
forecast in August.  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 decline of 0.61
percent.

Goldman Sachs Group Inc. revised its forecast for Brazilian GDP to
a 1.1 percent contraction this quarter, down from a previous
estimate for a 0.6 quarterly shrinkage, citing weak leading and
coincident activity indicators, record low levels of consumer and
business confidence, and heightened macro and political
uncertainty, Bloomberg News notes.

The economy is set to suffer headwinds from the highest interest
rates in nine years, inflation and labor market deterioration,
Alberto Ramos, the chief Latin America economist for Goldman
Sachs, wrote in the report obtained by Bloomberg News.

Swap rates on the contract maturing in January 2017, a gauge of
expectations for interest-rate moves, rose 0.01 percentage point
to 15.38 percent. They are still down 0.18 percentage point last
week.


NATIONAL COMMERCIAL BANK: To Expand Business in Barbados
--------------------------------------------------------
National Commercial Bank (NCB) says it has applied to expand its
wealth management business in Barbados.

The country's largest bank said its wealth management arm, NCB
Capital Markets, registered a Barbados subsidiary last week.

In a release to the Jamaica Stock Exchange, NCB said its Capital
Markets division has been registered by the Financial Services
Commission in Barbados to conduct business as securities company,
dealer, underwriter, and investment advisor.

As reported in the Troubled Company Reporter-Latin America on
June 8, 2015, Standard & Poor's Ratings Services raised its long-
term issuer credit rating on National Commercial Bank Jamaica Ltd.
to 'B' from 'B-'.  S&P also affirmed its short-term 'B' issuer
credit rating on the bank.  The upgrade follows the same rating
action on the sovereign, which in turn reflects the country's
ability to meet its fiscal targets in the past two years, which
has led improved fiscal credibility and stabilized its debt
trajectory. NCBJ's 'b+' SACP remains unchanged.


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


ALPINE SWIFT: Shareholder to Hear Wind-Up Report on Nov. 2
----------------------------------------------------------
The shareholder of Alpine Swift Ltd. will hear on Nov. 2, 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:

          Andrea Nogueira
          Rua dos Pinheiros 498
          8a Andar CJ 81 Sao Paulo- SP- Brasil- Cep 05 422-010


AVENUE ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Avenue Asia International, Ltd. received on
Oct. 19, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Sonia Gardner
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


BLISS HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Bliss Holdings Limited received on Oct. 20,
2015, 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


CHININO INVESTMENT: Shareholders' Final Meeting Set for Oct. 26
---------------------------------------------------------------
The shareholders of Chinino Investment Ltd. will hold their final
meeting on Oct. 26, 2015, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


COPELLA OFFSHORE: Shareholders' Final Meeting Set for Oct. 29
-------------------------------------------------------------
The shareholders of Copella Offshore Fund SPC will hold their
final meeting on Oct. 29, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Landmark Square, 2nd Floor
          64 Earth Close
          Seven Mile Beach
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


EAC PARTNERS: Shareholder to Hear Wind-Up Report on Nov. 3
----------------------------------------------------------
The shareholder of EAC Partners, Ltd. will hear on Nov. 3, 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Julie Hughes
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: (345) 815-1426
          Facsimile: (345) 945-6265


EASTERN BAY-MARATHON: Members Receive Wind-Up Report
----------------------------------------------------
The members of Eastern Bay-Marathon Master China Fund received on
Oct. 21, 2015, at 1:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


GR SOWWAH: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of GR Sowwah Retail Feeder GP Ltd received on
Oct. 20, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Sujoy Sinha
          Al Sila Tower
          Al Maryah Island, Level 25
          P.O. Box 27522 Abu Dhabi
          United Arab Emirates
          Telephone: +971 26716060
          e-mail: ssinha@gulfrelated.com


JELLICOE INTERNATIONAL: Shareholders' Meeting Set for Oct. 26
-------------------------------------------------------------
The shareholders of Jellicoe International Ltd. will hold their
final meeting on Oct. 26, 2015, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


MAXAM INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Maxam International Limited received on
Oct. 19, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


PAULA ROSA: Shareholder to Hear Wind-Up Report Today
----------------------------------------------------
The shareholder of Paula Rosa Ltd. will hear today, Oct. 22, 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:

          Jennifer Reilly
          Campbells Directors Limited
          Willow House, Floor 4, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949-2648
          Facsimile: +1 (345) 949-8613


PLANE ENGINEERING: Shareholders' Final Meeting Set for Oct. 26
--------------------------------------------------------------
The shareholders of Plane Engineering Consulting Ltd. will hold
their final meeting on Oct. 26, 2015, at 12:00 noon, to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


POLARIS FUND: Shareholder to Hear Wind-Up Report on Oct. 29
-----------------------------------------------------------
The shareholder of Polaris Fund Series SPC will hear on Oct. 29,
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:

          Chi Wah Yiu
          1003-1004 Admiralty Centre
          Tower 1, 18 Harcourt Road
          Hong Kong
          Telephone: (852) 3555 7888
          Facsimile: (852) 3555 7889


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C H I L E
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AUTOMOTORES GILDEMEISTER: Moody's Lowers CFR to Caa1; Outlook Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded Automotores Gildemeister
("AG")'s global scale corporate family rating to Caa1.  At the
same time, Moody's downgraded its senior unsecured notes due 2021
and 2023 to Caa1.  The outlook for the ratings remains negative.

Approximately USD 700 million of debt affected.

These ratings have been downgraded:

Issuer: Automotores Gildemeister S.A.

   -- Corporate Family Rating: to Caa1 from B3 (global scale)
   -- USD400 million Senior Unsecured Notes due 2021: to Caa1 from
      B3 (foreign currency)
   -- USD300 million Senior Unsecured Notes due 2023: to Caa1 from
      B3 (foreign currency)

RATINGS RATIONALE

The downgrade to Caa1 and the negative outlook reflect continued
credit and liquidity profile deterioration over the past quarters
as a result of weaker than expected vehicle sales trends
experienced both in Chile and Peru.  The ratings downgrade is
supported by ongoing concerns about liquidity pressure, as well as
our view that it will take the company much longer than previously
expected to achieve the planned leverage reductions that are
needed for a material improvement in its financial profile.  While
the company's leverage, as measured by Moody's adjusted debt-to-
EBITDA, has been negatively impacted by the impact of foreign
exchange rates and other adverse macroeconomic conditions, Moody's
estimates leverage to remain above 10 times over the next two
years.

Although AG will not face material debt maturities in the short
term, its cash position of USD 38 mil. as of June 2015 is weak
when compared to its combined upcoming debt maturities, interest
expenses and capex, among other needs.  Mitigating this concern in
some extent is the company's significant amount of unencumbered
inventory, of about USD 300 million as of June 30 2015, that could
be used for liquidity purposes.  AG's deteriorating liquidity,
credit metrics and weak margins coupled with the company's
exposure to a slowing macroeconomic environment throughout Latin
America, particularly in Chile and Peru, will likely strain demand
growth in 2015 and 2016 and increase pressure on profitability.

Gildemeister's Caa1 rating still considers its solid market
position as one of the leading automotive distributors and
retailers in its markets in Chile and Peru.  The rating also
incorporates the benefit of Gildemeister's hybrid business model
as both a distributor and retailer of car brands which has
resulted in historically above average operating margins when
compared to the traditional U.S. based auto retailers.
Gildemeister's ratings are constrained by its very weak credit
metrics, high dependence on the Hyundai brand, as well as the
cyclical nature of the automotive industry and light vehicle
sales, which is easily affected by changes in consumer preferences
and product mix.

Negative pressure on the rating could result from weaker liquidity
or from persistently high leverage or if the company is unable to
significantly improve current credit metrics.  The ratings could
also be downgraded in case its agreement with Hyundai were to be
unfavorably altered.  Structurally, a substantial increase in
secured debt could also lead to a downgrade of the Caa1 rating on
the senior unsecured bonds.

Although an upgrade is unlikely in the next 12 to 18 months, given
the challenges faced by AG and its main markets, a stabilization
of the outlook could be considered if AG's liquidity improves,
adjusted debt to EBITDA were to reduce sustainably to below 8.0x
and interest coverage is maintained above 1.0x.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.

AG S.A., headquartered in Santiago, Chile, is one of the largest
importers and distributors in Chile and Peru operating a network
of company-owned and franchised vehicle dealerships.  Its
principal car brand is Hyundai for which it is the sole importer
in both of its markets.  For the last twelve months ended June 30,
2015, AG reported consolidated net revenues of about USD 1.3
billion with approximately 58.1% being generated from its key
market, Chile.


COMPANIA SUD AMERICANA: S&P Raises CCR to 'B+'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit ratings on Compania Sud Americana de Vapores (CSAV) to 'B+'
from 'B-'.  The outlook is stable.

"The upgrade reflects our expectations of CSAV's stronger
financial metrics for the next few years due to the company's
currently low debt levels and fairly predictable cash generation.
However, its cash flows are significantly smaller after the
company merged its container business with Hapag-Lloyd AG (HL;
B+/Stable/--), which led us to revise the business profile
assessment on CSAV to "vulnerable" from "weak."  The upgrade also
reflects our view that CSAV's overall operations, including its
stake in HL, have greater importance to CSAV's controlling
shareholder-- Quinenco S.A.--resulting in one-notch uplift to
CSAV's stand-alone credit profile (SACP)," S&P said.

After the merger, CSAV mainly offers car carrier, reefer and bulk
cargo transportation services, mainly connecting South America's
west coast, especially Chile and Peru.  But CSAV also became the
largest individual shareholder of HL--the fourth-largest global
container shipping company--with a 34% stake; CSAV is a part of
the controlling group through a voting pool, along with Kuhne
Maritime GmbH and HGV Hamburger Gesellschaft fr Vermogens- und
Beteiligungsmanagement mbH.  CSAV will distribute 100% of the free
cash flow related to the dividends of HL.

The stable outlook reflects S&P's expectations that CSAV will
continue to improve its credit metrics amid currently low debt
while its cash flows from the cargo business are likely to rise in
the next 12-18 months.  In this scenario, S&P estimates debt to
EBITDA to gradually improve to below 4x in 2016 and FOCF to turn
positive from 2016 onward, which will enable CSAV to maintain
comfortable liquidity levels.

S&P could downgrade CSAV if it doesn't improve its credit metrics,
either due to softer market conditions that can lead to long-term
shortfall in FOCF, or due to higher-than-expected capex as a
result of a more aggressive growth plan, which would be funded
with debt, resulting in debt to EBITDA persistently above 4.0x or
funds from operations to debt below 12% amid negative free cash
flow.  S&P could also downgrade CSAV if S&P revises its view of
its relationship to Qui¤enco, leading to lower support
expectations.

An upgrade is currently unlikely because it would depend on the
company improving its business risk profile, with a larger and
more diversified revenues source.


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


DOMINICAN REPUBLIC: Resumes Border Market but Haiti Ban Stays
-------------------------------------------------------------
Dominican Today reports that merchants and truckers agreed to
reopen the binational market, despite Haiti's continued ban on the
entry overland of 23 Dominican products.

The decision was announced after a meeting with the ministers of
Industry and Commerce, Jose del Castillo and of Foreign Affairs
Andres Navarro to find a solution to the standoff resulting from
the ban, according to Dominican Today.

During the meeting held in a social club in Dajabon both officials
received written proposals from all business sectors in the border
town, the report notes.  Mr. Castillo said merchants of Dajabon
should think about other markets and other businesses and
announced that the merchants will be trained on how to sell to the
Dominican government, through a special program on the culture of
commerce, the report relays.

Mr. Navarro said he visited Dajabon even to hear insults from
people in a desperate situation, but that as a public servant he
should take it without losing his composure, the report notes.

"Raising one's voice does not demonstrate firmness because many
people confuse firmness with rudeness," Mr. Navarro said, and
pledged to convey in the National Palace to the other ministers
each of the problems stated by the merchants, the report adds.


DOMINICAN REPUBLIC: Haiti Border Market Resumes With Few Buyers
--------------------------------------------------------------
Dominican Today reports that after a two-week walkout the bi-
national market held twice a week in the border area resumed, but
with few vendors and buyers, especially Haitians.

The market's reopening comes in the heels of a meeting headed by
Dominican officials, with business leaders and the truckers union,
who agreed to end the strike, according to Dominican Today.

Foreign Minister Andres Navarro headed the meeting, accompanied by
Industry and Commerce minister Jose del Castillo, to find ways to
mitigate the losses to local commerce, from Haiti's ban on the
entry overland of 23 Dominican products, the report notes.

Quoted by listin.com.do, merchant Juan Rodriguez blamed the low
market turnout on the fact that news of the agreement reached at
the meeting to end the strike came too late to reach the northeast
of Haiti, the report relays.

But Ramon Peralta, another merchant said the Haitians have lost
interest in the market because their country's authorities still
confiscate the products they buy, the report adds.


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


JAMAICA: Low Inflation Being Influenced by Sharp Drop in Oil Price
------------------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica
(Statin) has revealed that consumer prices rose by only 1.8% in
the 12 months to the end of September.

In September, prices increased by an average 0.4%, as lower oil
prices offset some of the higher costs paid for school fees and
food in that month, according to RJR News.

The 1.8% inflation at the end of last month, compared to the 3.8%
it was in July, confirms the Bank of Jamaica's projection that
inflation will continue to fall through to the end of September,
before rising in the second half of the fiscal year to end within
the target range of 5.5% to 7.5%, the report relays.

                           Oil Futures

Meanwhile, oil futures settled at the lowest level in more than
two weeks on Oct. 19, as data showing China's economic growth fell
to its slowest pace since the financial crisis raised concerns
about the outlook for energy demand, the report notes.

Losses for oil also came on the heels of a nearly six per cent
drop in futures prices for gasoline, as oil-refinery maintenance
draws to a close and the market faces seasonal demand weakness,
the report discloses.

Oil for delivery in November fell by US$1.37, or 3%, to settle at
us$45.89 a barrel on the New York Mercantile Exchange, ahead of
the contract's expiration later on Oct. 19, the report relays.

Prices saw a loss of almost 5% last week and settled on Oct. 19 at
their lowest level since October 2, 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.


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


CASIANO COMMUNICATIONS: Encanto's Bid to Alter DS Order Denied
--------------------------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for
the District of Puerto Rico denied the motion filed by Encanto
Group, LLC, to alter or amend the court's order filed and entered
on August 20, 2015.

The court previously determined that the Disclosure Statement
explaining Casiano Communications, Inc.'s Plan, which contains the
purchase offer of Ferrer Faass & Co., LLC, is the best and highest
bid. However, Encanto argued that the court relied on certain
factors to establish a difference between FFC's and Encanto's
proposals that led to an inadequate interpretation. Encanto
asserted that its financial depth and experience in the call
center industry make its proposal far superior than the FFC
proposal.

Judge Tester determined that Encanto has failed to articulate a
basis to reconsider or request any appropriate relief. The judge
45 stated that each and every allegation made by Encanto in its
motion could have and should have been raised by Encanto prior to
the entry of the Opinion & Order.

The case is IN RE: CASIANO COMMUNICATIONS INC, DIRECT RESPONSOURCE
INC, Chapter 11, Consolidated Debtors, CASE NO. 14-08258 (Bankr.
D.P.R.).

A full-text copy of Judge Tester's September 21, 2015 opinion and
order is available at http://is.gd/Hb7uQYfrom Leagle.com. CASIANO
COMMUNICATIONS INC is represented by:

         Jose F. Cardona Jimenez, Esq.
         CARDONA JIMENEZ LAW OFFICE PSC
         PO Box 9023593
         San Juan, PR 009023593
         Tel: (787) 724-1303
         Fax: (787) 724-1369

         -- and --

         Gerardo A. Carlo Altieri, Esq.
         Kendra Loomis, Esq.
         G.A. CARLO-ALTIERI LAW OFFICES, LLC
         254 C/ San Jose, 3er Piso
         Old San Juan, PR 00901
         Tel: (787) 533-1400
         Fax: (787) 520-6003

         -- and --

         Fernando O. Zambrana Aviles
         Miramar Plaza, 954 Ponce de Leon Avenue
         5th Floor
         San Juan, PR 00907
         Tel: (787) 919-0026
         Fax: (787) 200-6559

Casiano Communications, Inc., aka Casiano Communications, aka CCI,
aka Manuel A. Casiano, Inc., sought protection under Chapter 11 of
the Bankruptcy Code on Oct. 3, 2014 (Bankr. D.P.R., Case No.
14-08258). The Debtor's counsel are Gerardo A Carlo Altieri,
Esq., Kendra Loomis, Esq., and Fernando O. Zambrana Aviles, Esq.
The petition was signed by Manuel A. Casiano Asencio, Chairman &
CEO. A list of the Debtor's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb14-08258.pdf
CASIANO COMMUNICATIONS: Lender Ordered to File Interest Estimate
Before the United States Bankruptcy Court for the District of
Puerto Rico is Encanto Group LLC's Motion Submitting Itemization
of
Amounts Owed Pursuant to the Order Authorizing Post-Petition
Financing From Encanto Dated November 12, 2014, the Objection
filed by Ferrer Faass & Co., LLC, Casiano Communications Inc.'s
Opposition, and Encanto's Response.

46 Encanto alleges it is owed a total of $1,304,285 from the loan,
interest, legal fees and advisor fees. U.S. Bankruptcy Judge Brian
K. Tester ordered Encanto to file with the court a legible
calculation of the interest owed on the loan amount from the date
of disbursement until September 30, 2015.

The calculation will use the interest rate of 13.25% from
disbursement of the monies loaned until June 16, 2015. Thereafter,
from June 17, 2015, until September 30, 2015, the calculation of
the interest will be at the default rate of 19.875%. The total
amount allowed by the court to Encanto in full payment of the
Debtors' obligations as to the indemnification claims, and costs
and expenses of Encanto's counsel and advisors in relation to the
post-petition financing is $57,699.

The bankruptcy case is captioned IN RE: CASIANO COMMUNICATIONS
INC., DIRECT RESPONSOURCE INC., Chapter 11, Consolidated Debtors,
NO. 14-08258 (Bankr. D.P.R.).

A full-text copy of Judge Tester's Opinion and Order dated
September 25, 2015, is available at http://is.gd/pyuCNvfrom
Leagle.com.

CASIANO COMMUNICATIONS INC, Debtor, represented by Jose F Cardona
Jimenez, Esq., CARDONA JIMENEZ LAW OFFICE PSC, Gerardo A. Carlo
Altieri, Esq., G.A., CARLO-ALTIERI LAW OFFICES, LLC, Kendra
Loomis, Esq., Fernando O, Zambrana Aviles, Esq.

Casiano Communications, Inc., aka Casiano Communications, aka CCI,
aka Manuel A. Casiano, Inc., sought protection under Chapter 11 of
the Bankruptcy Code on Oct. 3, 2014 (Bankr. D.P.R., Case No. 14-
08258). The Debtor's counsel are Gerardo A Carlo Altieri, Esq.,
Kendra Loomis, Esq., and Fernando O. Zambrana Aviles, Esq. The
petition was signed by Manuel A. Casiano Asencio, Chairman & CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb14-08258.pdf


PUERTO RICO ELECTRIC: Forbearance Agreement Extended to Oct. 22
---------------------------------------------------------------
The Puerto Rico Electric Power Authority (PREPA), Puerto Rico's
publicly owned electricity provider, on Oct. 15 disclosed that it
has entered into agreements with the ad hoc group of bondholders
and fuel line lenders to extend its forbearance agreements to
today, October 22, 2015. PREPA will use the extension to continue
discussions with its monoline bond insurers and finalize its
agreements with the forbearing creditors.

"PREPA continues to make significant progress in its
transformation efforts and the extension of our forbearance
agreements provides us additional time to work towards an
agreement with all of our key creditors," said Lisa Donahue, Chief
Restructuring Officer of PREPA. "We are working to accomplish a
comprehensive transformation of PREPA that shares the burden among
key stakeholders to address PREPA's finances and to overhaul its
operations to ensure that Puerto Rico has the energy
infrastructure necessary to thrive for generations to come."

                         *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said it maintained its 'CCC'
rating on the Puerto Rico Electric Power Authority's (PREPA) power
revenue bonds on CreditWatch with negative implications.  S&P
originally placed the rating on CreditWatch on June 18, 2014.

On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2.  This rating action concludes the
rating review that Moody's initiated on July 1, 2014.  PREPA's
rating outlook is negative.


PUERTO RICO: Senate Committee Hearing Includes Treasury's Weiss
---------------------------------------------------------------
Reuters reports that a U.S. Senate Energy and Natural Resources
Committee hearing on Puerto Rico scheduled for today, Oct. 22,
includes U.S. Treasury Secretary Counselor Antonio Weiss as a
witness, according to a schedule posted on the committee's
website.

The U.S. Treasury has repeatedly said it is not bailing out
indebted Puerto Rico but said last week it has been trying to find
ways to help the Commonwealth return to a sustainable economic
path, according to Reuters.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2015, Standard & Poor's Ratings Services lowered its
ratings on the Commonwealth of Puerto Rico's tax-backed debt to
'CC' from 'CCC-' and removed the ratings from CreditWatch, where
they had been placed with negative implications July 20.  The
outlook is negative.


===========================
V I R G I N   I S L A N D S
===========================


HOVENSA LLC: Gets Final Approval to Tap $40 Million Financing
-------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a federal
judge has signed off on a $40 million bankruptcy financing package
for St. Croix oil refinery Hovensa LLC, which filed for Chapter 11
last month after it was sued by the Virgin Islands' government for
closing the facility.

U.S. Bankruptcy Judge Mary F. Walrath gave Hovensa final approval
to the refinery's debtor-in-possession financing, which will fund
the company as it restructures.  Hovensa filed for Chapter 11 in
September after the Virgin Islands reportedly launched a $1.5
billion lawsuit against Hess Corp.

                            About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

Judge Mary F. Walrath is assigned to the case.  The Law Offices of
Richard H. Dollison, P.C., serves as the Debtor's counsel.  Prime
Clerk LLC is the Debtor's claims and noticing agent.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

The U.S. Trustee appointed five creditors to serve on the
committee of creditors holding unsecured claims.


HOVENSA LLC: To Auction Off Oil Terminal Assets on November 10
--------------------------------------------------------------
Steven Church, writing for Bloomberg News, reported that Hovensa
LLC, a Caribbean oil refiner co-owned by Hess Corp., won court
approval to hold an auction for its refinery and oil terminal
assets on the Caribbean island of St. Croix.

Hovensa also won court approval to borrow $40 million from
Limetree Bay Holdings while in bankruptcy, company said in a
statement, the report related.

Hovensa LLC will conduct an auction on Nov. 10, 2015, at 10:00
a.m. (prevailing Eastern time) at the offices of Morrison &
Foerster LLP, 250 West 55th Street in New York, New York, to
determine the highest and best bid for its oil terminal assets and
other assets.

The Debtor proposes to sell the assets for $184 million.  Limetree
Bay Holdings LLC was selected as stalking horse bidder for the
Debtor's assets.

All interested bidders for the Debtor's assets must submit their
offers by Nov. 5, 2015, at 5:00 p.m. (prevailing Eastern time).
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware will hold a hearing on Nov. 12, 2015, at 2:00
p.m. (prevailing Eastern time) to consider approval of the sale
transaction.

                            About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

Judge Mary F. Walrath is assigned to the case.  The Law Offices of
Richard H. Dollison, P.C., serves as the Debtor's counsel.  Prime
Clerk LLC is the Debtor's claims and noticing agent.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

The U.S. Trustee appointed five creditors to serve on the
committee of creditors holding unsecured claims.


HOVENSA LLC: Hires White & Case as Special Counsel
--------------------------------------------------
Hovensa LLC asks for authorization from the U.S. Bankruptcy Court
for the District of the Virgin Islands to employ White & Case LLP
as special counsel, effective September 15, 2015 petition date.

The Debtor requires White & Case to:

   (a) advise and assist the Debtor in connection with, corporate,

       tax, litigation and mergers and acquisition issues as the
       Debtor may determine to be necessary or appropriate; and

   (b) perform any and all related ancillary legal services in
       connection with the foregoing as may be reasonably
       requested by the Debtor from time to time.

White & Case will be paid at these hourly rates:

       Partners                 $840-$1,200
       Counsel/Associates       $425-$790
       Paraprofessionals        $200-$260

White & Case will also be reimbursed for reasonable out-of-pocket
expenses incurred.

For the 12 months preceding the commencement of the Debtor's
chapter 11 case, White & Case received payments in the aggregate
amount of approximately $2,529,005 for professional fees and
expenses incurred with respect to the representation of the Debtor
in conjunction with various corporate matters. Additionally, on
March 10 and 13, 2015, White & Case received retainers in the
amount of $500,000 and $250,000 respectively from the Debtor. As
of
the filing of this Declaration, approximately $75,000 of the
retainer amounts has not been applied to any invoice.

Gregory Pryor, partner of White & Case, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

White & Case can be reached at:

       Gregory Pryor, Esq.
       WHITE & CASE LLP
       1155 Avenue of the Americas
       New York, NY 10036
       Tel: (212) 819-8200
       Fax: (212) 354-8113
       E-mail: gpryor@whitecase.com

                            About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

Judge Mary F. Walrath is assigned to the case.  The Law Offices of
Richard H. Dollison, P.C., serves as the Debtor's counsel.  Prime
Clerk LLC is the Debtor's claims and noticing agent.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

The U.S. Trustee appointed five creditors to serve on the
committee of creditors holding unsecured claims.


HOVENSA LLC: Paid Over $1.6MM to Top 3 Officers in 2014
-------------------------------------------------------
Court documents show that Hovensa made payments totaling more than
$1.6 million to three top officers over the past year.

Joy Blackburn at Virgin Islands Daily News reports that the
Company's general manager, Sloan Schoyer, got $600,000, while
Franklin Quow, who was chief legal officer and secretary, and
Timothy Carlson, who was controller and acting chief financial
officer, each received more than $500,000 as salaries and bonuses;
cost of living supplements; severance packages; Plant Closing Act
monies; and in some cases, consulting fees after they changed
status from employee to consultant.

The payments were "contractually due," Daily News relates, citing
Tom Hill, the Company's chief restructuring officer.  The report
quoted him as saying, "The Plant Closure Act VI was a large
component of those payments for each individual.  It is my
understanding that Hovensa complied with the Plant Closure Act VI
and made the payments to all of its former employees."

According to Daily News, United Steelworkers staff representative
Jerry Jackson said he wasn't aware of how much the senior officers
received, but if they did get salary and compensation of more than
$500,000, "that's basically blowing my mind."  Citing Mr. Jackson,
Daily News states that the union is interested in the Chapter 11
case because of some outstanding grievances it has, as well as
concerns over the Company's pension plan, which has been taken
over by the federal Pension Benefit Guaranty Corp.

Mr. Jackson said his understanding is that the pension plan is 82%
funded and that "based on the outcome of this bankruptcy, some of
us may get a reduction in our annuities to support the future
retirees," Daily News reports.

Daily News relates that the Company also made payments to Hess
Corp. totaling $389,250 and payments to Hess Oil Virgin Islands
Corp., or HOVIC, of $480,070, during the year before.  The Company
is a joint venture between HOVIC, a wholly-owned subsidiary of
Hess, and PDVSA V.I.

                            About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was
signed by Sloan Schoyer as authorized signatory.  The Debtor has
estimated assets of $100 million to $500 million, and liabilities
of more than $1 billion.

Judge Mary F. Walrath is assigned to the case.  The Law Offices of
Richard H. Dollison, P.C., serves as the Debtor's counsel.  Prime
Clerk LLC is the Debtor's claims and noticing agent.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

The U.S. Trustee appointed five creditors to serve on the
committee of creditors holding unsecured claims.


                            ***********


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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