TCRLA_Public/151026.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 26, 2015, Vol. 16, No. 211


                            Headlines



B R A Z I L

BANCO DE DESENVOLVIMENTO: S&P Affirms 'BB+' ICR; Outlook Neg.
SUL AMERICA: Fitch Lowers FC IDR to 'BB'; Outlook Negative


C A Y M A N  I S L A N D S

ATTALUS ACTIVE: Shareholders Receive Wind-Up Report
ATTALUS LONG-SHORT: Shareholders Receive Wind-Up Report
ATTALUS MULTI-STRATEGY: Shareholders Receive Wind-Up Report
ATTALUS MULTI-STRATEGY SPV: Shareholders Receive Wind-Up Report
AXIAL CAPITAL: Shareholder Receives Wind-Up Report

BLACKSTONE DYNAMIC: Shareholders Receive Wind-Up Report
BLACKSTONE ZURICH: Shareholders Receive Wind-Up Report
KING'S REEF: Shareholder Receives Wind-Up Report
KING'S WAY: Shareholders to Hear Wind-Up Report on Nov. 10
MOKSHA CAPITAL (M): Shareholders to Hear Wind-Up Report on Oct. 29

MOKSHA CAPITAL (P): Shareholders to Hear Wind-Up Report on Oct. 29
MOKSHA RE SPC: Shareholders to Hear Wind-Up Report on Oct. 29
PERENNIAL INVESTMENT: Members to Hear Wind-Up Report on Oct. 26


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: IDB Lists Technology's Gains, Threats
* DOMINICAN REP: Grows 6.7% in 1st 9 Months, Paced by Construction


J A M A I C A

JAMAICA: Fuel Bill Expected to Fall by US$640 Million


P A N A M A

ATLANTIC SECURITY: S&P Affirms 'BB+' ICR; Outlook Remains Stable


P U E R T O    R I C O

PREPA: Moody's Says Anticipated Bond Issuance Would Carry Risks
PUERTO RICO: Congress Urged to Draw Up Bankruptcy Measures


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Improved Revenues in 2 Years


X X X X X X X X X

* LATAM: Exports Drop 10.9% in First Half of 2015, Says IDB
* Fitch Publishes LA Quarterly Beverage Trends for 2nd Qtr. 2015
* BOND PRICING: For the Week From Oct. 19 to Oct. 23, 2015


                            - - - - -


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B R A Z I L
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BANCO DE DESENVOLVIMENTO: S&P Affirms 'BB+' ICR; Outlook Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its global scale 'BB+'
long-term issuer credit ratings on Banco de Desenvolvimento de
Minas Gerais.  At the same time, S&P affirmed its national scale
'brAA' long-term rating on the bank. The outlook on all ratings
remains negative.  The bank's stand-alone credit profile (SACP) is
'bb+'.

The ratings on BDMG reflect S&P's view of its "weak" business
position, which stems from the bank's geographic concentration in
southeastern Brazil (mainly in Minas Gerais), its "very strong"
capital and earnings as a result of a forecasted RAC ratio of
15.4% for the next 18 months, its "adequate" risk position with
sound asset quality, and its "below average" funding and
"adequate" liquidity.  S&P also views BDMG as a government-related
entity (GRE) and believe that there is a "very high" likelihood
that the bank would receive timely and sufficient extraordinary
support in the event of financial distress.

The negative outlook on BDMG reflects S&P's view that there is
still pressure on the bank's very strong capital position despite
its lower growth rate.  This is because the bank has not been able
to maintain enough internal capital generation to support its
leverage.  Therefore, S&P could downgrade the bank if S&P's
projected RAC ratios fall to below 15 %.  S&P believes this would
happen if the bank does not receive additional capital injections
and if the bank grows above 10% for the next two years.
Additionally, a negative rating action could occur if the bank's
asset quality deteriorates significantly and remains consistently
above 4.5%

Furthermore, the negative outlook on BDMG reflects S&P's view of
the negative economic risk trend in ourBICRA on Brazil.  S&P
believes BDMG's finances could deteriorate because of pressures on
Brazil's banking system as a result of the sovereign's fiscal and
monetary tightening.  Under such a scenario, S&P could revise the
bank's SACP downward and lower its ratings as Brazil's stagnant
economy could further weaken the bank's asset quality and revenues
stability.

The negative outlook also mirrors that on the Foreign currency
rating of Brazil and on the State of Minas Gerais, as S&P believes
BDMG ratings will move in tandem with those.

S&P could revise the outlook to stable if it revises the outlook
on the sovereign ratings on Brazil to stable, while, at the same
time, revising the outlook on Minas Gerais to stable.  S&P would
need to first remove the negative trend in economic risk in the
BICRA on Brazil in order to revise the outlook on the bank.
Finally, S&P would have to see improvement in the bank's capital
position to comfortable levels above 15%.


SUL AMERICA: Fitch Lowers FC IDR to 'BB'; Outlook Negative
----------------------------------------------------------
Fitch Ratings has downgraded Bradesco Seguros S.A.'s Insurer
Financial Strength rating to 'BBB' from 'BBB+'.  At the same time,
Fitch has downgraded Sul America S.A.'s (SASA) long-term local and
foreign currency Issuer Default Ratings to 'BB' from 'BB+'. The
Rating Outlook on Bradesco Seguros' IFS and SASA's long-term IDRs
is Negative.

The rating actions on Bradesco Seguros and SASA follow the
downgrade of Brazil's long-term IDRs to 'BBB-' from 'BBB' with a
Negative Outlook.

KEY RATING DRIVERS

Bradesco Seguros

The downgrade of Bradesco Seguros' IFS rating results from the
downgrade of the long-term Local Currency IDR of its parent Banco
Bradesco S.A. (Bradesco, long-term Local Currency IDR
'BBB'/Outlook Negative), which in turn reflects the downgrade of
Brazil's sovereign ratings.  The Negative Outlook on Bradesco
Seguros' IFS mirrors that on its parent's long-term Local Currency
IDR.  The downgrade reflects the reduced capacity of Bradesco to
support Bradesco Seguros if needed.

Fitch considers Bradesco Seguros as a 'core subsidiary' of
Bradesco, and therefore its ratings are equalized to those of its
parent.  This is based on the strategic importance of the
insurance operations, which are a key and integral part of the
group's business, common branding, and high contribution of
Bradesco Seguros to group profits (29% in the first six months of
2015 and 2014, and 31% in 2013).  Bradesco Seguros has maintained
solid profitability through the cycles, thanks to good technical
results and solid financial income.  Its average operating ratio
and average ROA were 76.0% and 2.5%, respectively, in 2014 and the
first half of 2015.

SASA

SASA's IDRs are constrained by Brazil's ratings, therefore the
downgrade of the sovereign ratings have led to their downgrade.
SASA's IDRs are driven by Fitch's standard notching between the
implied insurance operating company and holding company IDRs in a
ring-fenced regulatory environment, such as that of Brazil.  The
close link between the ratings of SASA and the sovereign is a
result of the full concentration of SASA's operations in Brazil
and its very large Brazilian government securities holdings, which
made up almost 66% of its total securities and corresponded to 1.8
times its total equity at June 2015.  In 2014 and 1H2015, SASA's
profitability remained adequate, as evidenced by an average
operating ratio and an average ROA of 94.4% and 2.7%,
respectively.  During the same period, leverage remained
relatively high but stable, with operating leverage averaging 3.6
times.

RATING SENSITIVITIES

Bradesco Seguros: Bradesco Seguros' ratings are linked to those of
Bradesco.  Therefore, any change in the bank's ratings would
affect the insurer's ratings, as would a change in the bank's
willingness to support, which Fitch considers highly unlikely.

SASA: In case of an additional downgrade to Brazil's sovereign
ratings, SASA's IDRs would be subject to a review that could
result in a range of rating actions from affirmation to a two
notch downgrade based on Fitch's insurance rating criteria that
allows flexibility on how sovereign considerations are factored
into insurance rating notching.  The ultimate decision would be
driven by the rationale for the sovereign rating action and
Fitch's view of how this impacts SASA's operating environment,
investment risk and overall creditworthiness.  In addition, a
sustained and material deterioration in profitability,
characterized by an ROA below 0.5%; the deterioration of the
liabilities/equity ratio to above 5.0x; an increase in the
financial leverage (financial debt/equity) to above 25% for a
sustained period; a fall in the interest coverage ratio to below
2.0x; or a significant reduction in the holding's liquidity, could
negatively affect the ratings.

FULL LIST OF RATING ACTIONS

Fitch has taken these rating actions:

Bradesco Seguros
   -- IFS downgraded to 'BBB' from 'BBB+', Outlook Negative.

SASA
   -- Foreign and local currency long-term IDRs downgraded to 'BB'
      from 'BB+', Outlook Negative;
   -- Foreign and local currency short-term IDRs affirmed at 'B'.


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


ATTALUS ACTIVE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Attalus Active Benchmark Opportunities
received on Oct. 19, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Saville
          Prudence Pryce
          10 Market Street, Camana Bay
          P.O. Box 765 Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 949 7100
          Facsimile: +1 (345) 949 7120


ATTALUS LONG-SHORT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Attalus Long-Short Equity Fund 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:

          Michael Saville
          Prudence Pryce
          10 Market Street, Camana Bay
          P.O. Box 765 Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 949 7100
          Facsimile: +1 (345) 949 7120


ATTALUS MULTI-STRATEGY: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Attalus Multi-Strategy Fund (Erisa), 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:

          Michael Saville
          Prudence Pryce
          10 Market Street, Camana Bay
          P.O. Box 765 Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 949 7100
          Facsimile: +1 (345) 949 7120


ATTALUS MULTI-STRATEGY SPV: Shareholders Receive Wind-Up Report
---------------------------------------------------------------
The shareholders of Attalus Multi-Strategy SPV (Erisa), 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:

          Michael Saville
          Prudence Pryce
          10 Market Street, Camana Bay
          P.O. Box 765 Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 949 7100
          Facsimile: +1 (345) 949 7120


AXIAL CAPITAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Axial Capital Neutral Offshore Fund, Ltd.
received on Oct. 22, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Axial Capital Management, LLC
          c/o Daniella Skotnicki
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


BLACKSTONE DYNAMIC: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Blackstone Dynamic Alpha Offshore Fund Ltd.
received on Oct. 22, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BLACKSTONE ZURICH: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Blackstone Zurich Offshore Fund Ltd. received
on Oct. 22, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Grant Jackson
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


KING'S REEF: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of King's Reef, 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:

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


KING'S WAY: Shareholders to Hear Wind-Up Report on Nov. 10
----------------------------------------------------------
The shareholders of King's Way Company 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:

          Ita Bank and Trust Company Ltd.
          Suite 4210, 2nd Floor Canella Court
          48 Market Street, Camana Bay
          P.O. Box 32203 Grand Cayman, KY-1208
          Cayman Islands


MOKSHA CAPITAL (M): Shareholders to Hear Wind-Up Report on Oct. 29
------------------------------------------------------------------
The shareholders of Moksha Capital Partners RE (M) Ltd. will
receive on Oct. 29, 2015, at 10:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MOKSHA CAPITAL (P): Shareholders to Hear Wind-Up Report on Oct. 29
------------------------------------------------------------------
The shareholders of Moksha Capital Partners RE (P) Ltd. 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:

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


MOKSHA RE SPC: Shareholders to Hear Wind-Up Report on Oct. 29
-------------------------------------------------------------
The shareholders of Moksha RE SPC Ltd. will receive on Oct. 29,
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:

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


PERENNIAL INVESTMENT: Members to Hear Wind-Up Report on Oct. 26
---------------------------------------------------------------
The members of Perennial Investment Holdings Ltd. will hear on
Oct. 26, 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:

          Caroline Baxter
          Telephone: 00441534880888
          Facsimile: 00441534634122
          Second Floor, Forum 4
          Greenville Street
          St Helier, Jersey
          Channel Islands


===================================
D O M I N I C A N   R E P U B L I C
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* DOMINICAN REPUBLIC: IDB Lists Technology's Gains, Threats
-----------------------------------------------------------
Dominican Today reports that Inter-American Development Bank (IDB)
president Luis Alberto Moreno said the revolution which robotics
and automation pose has become a threat to jobs in Latin America
and the Caribbean, most notably in telemarketing.

Mr. Moreno said it's a potential problem for several countries in
the region including Dominican Republic, "where the call centers
have flourished," according to Dominican Today reports.

The report notes that Mr. Moreno said automation has reached
activities such as retail and financial services, noting that
optimists on the advances in the artificial intelligence process
will herald an era of prosperity mankind has never seen, whereas
for the most pessimistic those technologies could make half of the
most popular occupations obsolete, such as auto body welding,
sewing of garments or the filing of documents.

Those activities, Mr. Moreno said, will be performed more
efficiently by intelligent machines, stoking fear that many people
will remain on the sidelines in the labor market, the report
relates.

Lecturing as guest speaker in the National Business Council's
(Conep) 8th annual business convention 2015 in the Jaragua hotel,
Mr. Moreno cited as an example that technological change is coming
faster and stronger, the IDB's signing of an agreement with a
Korean company to donate robots to teach math to preschool
children in Costa Rica, the report adds.


* DOMINICAN REP: Grows 6.7% in 1st 9 Months, Paced by Construction
------------------------------------------------------------------
Dominican Today reports that Central banker Hector Valdez Albizu
announced GDP growth of 6.7% in the first nine months this year,
boosted by 7.1% jump in the third quarter.

Mr. Albizu said the economy grew despite a -5.3% decline in
agriculture, as a result of the country's extended drought,
according to Dominican Today.

"With this result Dominican Republic beats Bolivia (4.7%), Panama
(4.0%), Guatemala (4.0%), Nicaragua (3.5%) and other countries,
which are growing below 3.0%," the official said in a speech to
mark the Central Bank's 68th anniversary, the report notes.

Mr. Albizu said if the pace of growth from July to September
continues the Dominican economy could end up growing 6.7% at year
end, "possibly the fastest growing in Latin America, and forecast
a growth near its potential next year, the report relates.

Mr. Albizu said public and private construction (17.8%), which has
grown steadily in double digits for eight consecutive quarters and
retail (9.0%) had the most impact on the economy, the report adds.


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


JAMAICA: Fuel Bill Expected to Fall by US$640 Million
-----------------------------------------------------
RJR News reports that the Bank of Jamaica is expecting the
country's fuel bill this year to fall by US$640 million.

The central bank made the projection in its annual report on the
country's balance of payments for 2014, according to RJR News.

The BOJ used the assumption of oil prices averaging US$52.48 per
barrel, the report relates.

It's an average price that is below last year's out turn by 43
percent, the report adds.

The projection is also for prices to be slightly higher next year
at over US$56 a barrel, which will result in next year's oil bill
being US$54 million above the expected out turn for this year, the
notes report.

The oil bill last year was US$1.9 billion, the report notes.

It means the central bank is projecting the bill to be US$1.6
billion this year, adds the report.

                              *     *     *

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.


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P A N A M A
===========


ATLANTIC SECURITY: S&P Affirms 'BB+' ICR; Outlook Remains Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
long-term and 'B' short-term issuer credit ratings on Atlantic
Security Bank.  The outlook remains stable.

The ratings on ASB continue to reflect S&P's assessment of its
"weak" business position (due to its low market shares and below
average business diversification), "adequate" capital and earnings
(underpinned by a projected RAC ratio of 8.8%), and "adequate"
risk position (supported by sound asset quality metrics).  The
ratings also reflect S&P's view of its "average" funding and
"adequate" liquidity.  The bank's stand-alone credit profile
(SACP) remains 'bb-'.

The stable outlook over the next two years reflects S&P's
expectation that the bank's group status won't change, and that it
will maintain sound asset quality metrics despite its still-
concentrated business profile.

S&P could lower the ratings over the next 12 to 18 months if it
perceives less commitment from its parent, resulting in a revised
group status to "moderately strategic".  Currently, the SACP
reflects two notches of support, out of three, since the rating is
capped at one notch below the unsupported group credit profile
(GCP).  In this regard, S&P won't lower the ratings in the next 18
to 24 months, even if the bank's SACP were to weaken by one notch.

The rating upside over the next 12 to 18 months is limited to an
upward revision of S&P's unsupported GCP or a change in ASB's
group status to "core," something S&P sees as less likely to occur
in the next 12 months.


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


PREPA: Moody's Says Anticipated Bond Issuance Would Carry Risks
---------------------------------------------------------------
Puerto Rico Electric Power Authority's (PREPA; Caa3 negative)
anticipated issuance of new securitization bonds would carry risks
that are typical of utility cost recovery charge (UCRC) bonds that
we rate, such as legislative risk, servicing risk, customer
payment delay and default risk as well as event risk stemming from
severe weather conditions, Moody's Investors Service says in a new
report which outlines how those risks might present themselves in
the specific circumstances of PREPA and Puerto Rico.

The planned issuance of the UCRC bonds via a debt exchange with
PREPA's uninsured power revenue bondholders is part of the
utility's restructuring plan, calling for these bondholders to
swap their bonds for new debt at a discount, as described in
PREPA's "Ad Hoc Group Exchange Term Sheet" publicly disclosed on
September 1st.

UCRC bonds are backed by surcharges on customer's utility bills.
Securitization issuance is predicated on passage of state
legislation that authorizes and protects these surcharges,
according to the Moody's report, "Key Considerations of PREPA's
Planned Utility Charge Bonds Would Be Similar to Those of Other
Deals in the Sector."

"We view the risk of a legislative body changing or revoking
utility charge legislation to the detriment of bondholders as
remote in the outstanding UCRC securitizations that we rate,
because a breach of the state non-impairment pledge would be a
violation of the Contract Clause and the Takings Clause under the
US Constitution and state constitutions," says Moody's Vice
President -- Senior Analyst Tracy Rice. "There is a risk in this
type of deal that the authorizing legislation could be subject to
a court challenge or to future political pressure for a
jurisdiction to pass new laws that would rescind or revamp the
charges. In assessing the credit risk of PREPA's planned
securitization, we would consider the previous positions taken by
the Puerto Rican government."

While the full details of a potential PREPA UCRC transaction are
not yet available, Moody's expects PREPA would be the servicer,
responsible, among other things, for billing and collecting
customer utility payments and segregating the securitization
charge payments. The financial stability, ability and experience
of the transaction servicer are key considerations in Moody's
credit analysis of UCRC securitizations.

"Although PREPA is the sole provider of electricity in Puerto Rico
and provides an essential service, the quality of its servicing
could deteriorate while the UCRC bonds are outstanding if PREPA's
financial condition does not improve or weakens," says Moody's
Rice. "However, we believe that a UCRC securitization would help
PREPA achieve longer-term financial stability."

By deferring and/or lowering its debt service through the
securitization, the utility would be in a better position to cover
its capital expenditures, which PREPA could use to help convert
its largely oil-fired generation fleet of power plants to lower-
cost and cleaner natural gas-fired plants, which would help PREPA
save money and achieve longer-term financial stability, according
to the Moody's report.

The ability of a utility's customers to pay the special charges,
allowing for collections to be sufficient to meet the debt service
requirements on the bonds, is another key consideration in UCRC
securitizations. However, true-up mechanisms in UCRC transactions,
which are written into the authoring legislation, adjust for all
shortfalls, including those that result from customer payment
delays and defaults.

"PREPA has many late-paying customers, including its largest
customer, the Puerto Rican government, so this could be a concern,
but one that a true up mechanism could mitigate," says Moody's
Rice.

In Moody's credit analysis of UCRC transactions, it also analyzes
the exposure of the utility's service area to severe weather-
related events that could lead to a decline in energy usage and
therefore cash flow to the deal. True-up adjustments in the
transactions are designed to address any material deviations
between the securitization charge collections and the required
debt service amount.

Puerto Rico has significant exposure to weather-related event risk
such as that stemming from a severe hurricane of the magnitude of
previous storms in the region such as Hurricane Irene in 2011.
"One mitigant to this risk is that PREPA has taken steps to put a
significant portion of its wires underground, especially on the
north side of the island," according to Moody's Rice.


PUERTO RICO: Congress Urged to Draw Up Bankruptcy Measures
----------------------------------------------------------
Main Street Bondholders on Oct. 22 disclosed that at the Senate
Energy and Natural Resources Committee hearing, Puerto Rican
Governor Alejandro Garcia Padilla and Antonio Weiss of the U.S.
Treasury Department asked Congress for unprecedented bankruptcy
measures for Puerto Rico, including allowing Puerto Rico to walk
away from its Constitutional debt.

As the New York Times reported on Oct. 21, no state has the
ability to restructure Constitutional, or full faith and credit
debt, and that if Puerto Rico were granted this, other states like
Illinois might soon follow.

"Super Chapter 9", if enacted, is expected to roil municipal debt
markets and raise the costs of borrowing for states and
municipalities across the country.

Henry Chanin, a Puerto Rican bondholder, retired educator, and
member of the Main Street Bondholder coalition said,
"By giving Puerto Rico the authority to completely disregard the
rule of law and void Constitutional guarantees to bondholders,
Congress would be establishing a precedent that would destroy the
municipal market. This would put the retirement savings of
millions across the country at risk."

In a surprise move, Garcia Padilla admitted under pressure from
Senators that a portion of the Island's debt may actually have
been issued in violation of the Commonwealth's Constitution. The
admission makes clear the distinct nature of Puerto Rico's
different tranches of debt, some of which is protected by
Constitutional guarantee. He also acknowledged the widespread,
devastating impact that his debt avoidance measures will have on
the Island, conceding that 25-30% of the island's bondholders are
Puerto Rican small investors.

Dr. Elias Gutierrez, a Puerto Rican bondholder, professor of
economics, and member of the Main Street Bondholder coalition
said, "Super Chapter 9 would be de facto amendment of the Puerto
Rican Constitution by Congressional legislative fiat without the
participation of the Puerto Rican people. It is shameful the Obama
Administration and Governor Garcia Padilla would endorse the
violation of the Puerto Rican Constitution."

Key Facts:

The Administration's unprecedented proposal, so-called "Super
Chapter 9", would restructure all of Puerto Rico's debt, including
its Constitutional debt, and is widely expected to disrupt U.S.
municipal debt markets -- raising the cost of borrowing for states
and municipalities across the country.

Jim Millstein, Puerto Rico's chief restructuring advisor, has
aggressively pushed for Super Chapter 9, ignoring bi-partisan
interest in Congress for a deal that would bring desperately
needed fiscal reform combined with an orderly restructuring
mechanism for Puerto Rico's non-Constitutional debt.

Mr. Millstein has been criticized for profiting from his business
dealings [around Puerto Rico's settlement with PREPA's
bondholders, yet continues to advise the Commonwealth.

"Super Chapter 9" is without precedent, and would create a
precedent for other states to discharge their Constitutional or
"full faith and credit" debt. This reckless action would put every
retirement account in America at risk.

Main Street Bondholders Coalition is a project of the 60 Plus
Association, and is comprised of small bondholders from across
America who are committed to a policy process that returns Puerto
121 Rico to sound financial management, respect for the rule of
law, and the protection of their retirement savings.

                          *       *       *

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.


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


TRINIDAD & TOBAGO: Improved Revenues in 2 Years
-----------------------------------------------
Trinidad and Tobago Newsday reports that Finance Minister Colm
Imbert is optimistic that this country could receive improved
revenues of approximately TT$15 billion within the next two years.

As he concluded the 2016 Budget debate in the House of
Representatives Minister Imbert based his optimism on several
factors, according to Trinidad and Tobago Newsday.  Mr. Imbert
disclosed that Government was in receipt of a 2015-2025 crude oil
price forecast done by the World Bank, International Monetary Fund
(IMF), Economic Intelligence Unit (EIU) and the OECD, the report
notes.

The World Bank has projected oil prices reaching US$61 per barrel
in 2016 and US$64 per barrel in 2017, the report relates.  The IMF
is projecting oil prices of US$60 per barrel next year and US$63
per barrel in 2017, the report relays.  The EIU is projecting oil
prices of US$69 per barrel and US$80 per barrel in 2016 and 2017
respectively.  The OECD is projecting a US$65 per barrel price in
2016 and a price of approximately US$70 per barrel in 2017.

"Assuming that these oil analysts are correct, we should expect to
see a recovery of oil prices by 2017 or somewhere in the
vicinity," Mr. Imbert told Government and Opposition MPs in the
House of Representatives, Parliament Chamber, Port-of-Spain, the
report notes.

Mr. Imbert continued, "With a US$65 barrel price, our revenues
should be significantly enhanced.  We should earn at least another
$10 billion when this revenue comes into play."  Imbert explained
that should world oil prices recover, as projected by these
international agencies, and Government achieves its revenue
collection targets, "we should have enhanced revenues by 2017 of
TT$15 billion," the report relays.

Declaring this will allow the country to continue on its path of
growth and recovery, Mr. Imbert said the Government was reasonably
confident that, "we will be able to bring this country back on to
a sustainable path by 2017," notes the report.

Mr. Imbert explained the reason why he made specific reference to
2017 was because, "it is in that year that if it becomes
necessary, we would have to avail ourselves of the last
significant asset from the repayment of advances made to the CL
Group with respect to Government's bailout of the CL Group," the
report relays.  Saying Government will continue to monitor global
oil prices, Mr. Imbert said if oil prices remain in a slump, "We
will have to look at other measures," the report note.
Reiterating Government's promise to hold national dialogue on the
fuel subsidy and continue to explore other revenue generating
measures, Mr. Imbert said the ruling People's National Movement
(PNM) will continue to level with the population on the realities
facing the country and, "bring the population into our confidence,
the report notes.


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


* LATAM: Exports Drop 10.9% in First Half of 2015, Says IDB
-----------------------------------------------------------
Exports of Latin American and Caribbean goods fell 10.9 percent in
the first half of 2015 compared to the same period of 2014, the
steepest drop since the 2009 trade collapse, according to a study
released by the Inter-American Development Bank (IDB).

The IDB's Trade and Integration Monitor 2015 states that the
contraction in exports, which had begun in mid-2014, has worsened
this year as a result of a substantial decline in China's demand
and steep reductions averaging 37.1% in the prices of commodities
between June 2014 and June 2015.  The drop in the region's exports
also reflects the overall contraction in global trade.

"The favorable conditions that fueled the region's exports over
the last decade have waned, and so it is crucial to diversify our
exports through the implementation of trade promotion policies as
well as policies to make use of trade agreements and enhance
productivity," said Paolo Giordano, Principal Economist of the
IDB's Integration and Trade Sector, and coordinator of the report.

In 2014, the region's exports had dropped by 2.8 percent, and in
the first half of 2015, numbers deteriorated further.  The South
American countries were the most affected (-17.7 percent) due to a
fall in the price of raw materials and a shrinking regional
manufacturing market.  The Caribbean countries (-14.9 percent)
experienced this deterioration in a context of overall economic
vulnerability.  In Mexico (-2.2 percent) and Central America    (-
3.4 percent) there was a negative trend shift vis-…-vis the
previous year in spite of a greater diversification of exports.

Exports of services also were affected, as they grew by only 1.8
percent, compared to 4.7 percent the previous year.

The report analyzes the region's overall economic situation,
characterized by greater exchange rate volatility and prospects of
higher international financing costs, and underlines the urgent
need to implement public policies aimed at promoting trade
diversification.

The Integration and Trade Monitor 2015 was presented in a seminar
organized by the IDB and INCAE Business School in the capital of
Costa Rica.  The report compiles the most recent statistics,
analyzes the trade performance of the region, and includes a
chapter on the evolution of export diversification over the last
decade.  The analysis is based on the indicators provided by
INTrade, the IDB's trade and integration database.

According to the Monitor, the slowdown in the growth of the
developing countries, both intra- and extra regional, has not yet
been offset by the emerging momentum of the United States economy
and the troubled recovery of the European countries.  Furthermore,
the sustained appreciation of the US dollar and the low demand
worldwide account for the reduction in primary commodity prices
affecting regional exporters.


* Fitch Publishes LA Quarterly Beverage Trends for 2nd Qtr. 2015
----------------------------------------------------------------
'During the second quarter of 2015 Latin America beverage
companies' sales volumes improved in most markets,' said Cristina
Madero, an Associate Director at Fitch.  'The macro environment in
Brazil has deteriorated significantly since the 4Q'14 and weakened
the consumer.  Strong commercial efforts and favorable weather
conditions have helped to lift sales volumes in Peru, Chile, and
Argentina.  Mexican consumer demand for beverages is improving but
still weak.'

The report shows quarterly sales volume trends and key financial
figures of certain Fitch-rated Latin American bottlers in Chile,
Brazil, Argentina, Mexico and Peru beginning with the first
quarter of 2013. Companies included are:

   -- Embotelladora Andina S.A. ('A-'/Outlook Stable)
   -- Compania Cervecerias Unidas ('AA+(cl)'/Outlook Stable)
   -- Coca-Cola FEMSA S.A.B. de C.V. ('A'/Outlook Stable)
   -- Ambev S.A. ('WD'; ratings withdrawn in August 2015)
   -- Arca Continental S.A.B. de C.V. ('AAA(mex)'/Outlook Stable)
   -- Grupo Embotellador Atic S.A. ('B+'/Outlook Negative)
   -- Corporacion Lindley S.A. ('BBB-'/Outlook Positive)


* BOND PRICING: For the Week From Oct. 19 to Oct. 23, 2015
----------------------------------------------------------

Issuer Name       Cpn   Bid Price   Maturity Date  Country  Curr
-----------       ---   ---------   -------------  -------  ----
Anton Oilfield    7.50     62.00      11/6/2018      CN      USD
Anton Oilfield    7.50     43.38      11/6/2018      CN      USD
Argentina Boco   21.06     51.70       1/4/2016      AR      ARS
Argentine Bona    1.75     75.74     10/28/2016      AR      USD
Argentine Bona    2.40     75.18      3/18/2018      AR      USD
Automotores Gi    8.25     46.15      5/24/2021      CL      USD
Automotores Gi    6.75     46.75      1/15/2023      CL      USD
Automotores Gi    8.25     48.75      5/24/2021      CL      USD
Automotores Gi    6.75     46.13      1/15/2023      CL      USD
Autopistas Met    6.75     72.84      6/30/2035      PR      USD
Autopistas Met    6.75     72.84      6/30/2035      PR      USD
Banco BPI SA/C    4.15     74.50     11/14/2035      KY      EUR
Banco do Estad    7.38     73.75       2/2/2022      BR      USD
Banco do Estad    7.38     95.40       2/2/2022      BR      USD
Banco Hipoteca    2.00     74.00       9/4/2018      AR      USD
Banco Mercanti    9.63     70.54      7/16/2020      BR      USD
Banco Mercanti    9.63     67.63      7/16/2020      BR      USD
CA La Electric    8.50     43.00      4/10/2018      VE      USD
CFG Investment    9.75     59.75      7/30/2019      PE      USD
CFG Investment    9.75     60.88      7/30/2019      PE      USD
China Precious    7.25     41.86       2/4/2018      HK      HKD
CSN Islands XI    6.88     61.25      9/21/2019      KY      USD
CSN Islands XI    6.88     88.75      9/21/2019      KY      USD
Decimo Primer     6.00     65.50     10/25/2041      PA      USD
Decimo Primer     4.54     54.25     10/25/2041      PA      USD
Ecuador Govern    6.50     66.23     11/25/2024      EC      USD
Ecuador Govern    6.50     65.59       1/1/2024      EC      USD
Ecuador Govern    5.36     67.52       9/5/2019      EC      USD
Ecuador Govern    6.50     72.57      5/20/2020      EC      USD
Ecuador Govern    4.30     73.04      3/12/2018      EC      USD
Ecuador Govern    6.50     65.42      12/1/2023      EC      USD
Ecuador Govern    6.21     64.22     12/30/2023      EC      USD
Ecuador Govern    6.21     63.97       1/1/2023      EC      USD
Ecuador Govern    7.00     70.08      5/20/2022      EC      USD
Ecuador Govern    6.50     65.45      11/1/2023      EC      USD
Ecuador Govern    5.93     64.02       9/5/2020      EC      USD
Ecuador Govern    4.30     68.78      10/4/2018      EC      USD
Ecuador Govern    5.64     65.32      10/1/2020      EC      USD
Ecuador Govern    5.36     66.48      12/1/2019      EC      USD
Ecuador Govern    5.07     70.97      12/1/2018      EC      USD
Ecuador Govern    7.00     70.38       3/6/2024      EC      USD
Ecuador Govern    6.21     64.46     11/25/2023      EC      USD
Ecuador Govern    5.61     61.34      12/1/2022      EC      USD
Ecuador Govern    5.64     63.08       9/5/2020      EC      USD
Ecuador Govern    5.93     64.01      10/1/2021      EC      USD
Ecuador Govern    5.64     65.07      11/1/2020      EC      USD
Ecuador Govern    5.93     63.87      11/1/2021      EC      USD
Ecuador Govern    5.36     67.20      10/1/2019      EC      USD
Ecuador Govern    4.30     68.34     10/29/2018      EC      USD
Ecuador Govern    5.93     63.63       1/1/2022      EC      USD
Ecuador Govern    6.21     64.93       9/5/2020      EC      USD
Ecuador Govern    5.93     63.75      12/1/2021      EC      USD
Ecuador Govern    5.07     72.07      10/1/2018      EC      USD
Ecuador Govern    5.07     70.43       1/1/2019      EC      USD
Ecuador Govern    5.07     70.87       9/5/2018      EC      USD
Ecuador Govern    5.36     66.13       1/1/2020      EC      USD
Ecuador Govern    5.07     71.51      11/1/2018      EC      USD
Ecuador Govern    5.36     66.83      11/1/2019      EC      USD
Ecuador Govern    5.07     74.18      4/26/2018      EC      USD
Ecuador Govern    5.07     74.47      4/11/2018      EC      USD
Ecuador Govern    5.07     72.43      7/26/2018      EC      USD
Ecuador Govern    5.07     70.80     10/29/2018      EC      USD
Ecuador Govern    5.07     71.32      9/26/2018      EC      USD
Ecuador Govern    5.07     69.39      1/29/2019      EC      USD
Ecuador Govern    5.07     73.77      5/17/2018      EC      USD
Ecuador Govern    5.07     73.77      5/17/2018      EC      USD
Ecuador Govern    5.07     73.13      6/20/2018      EC      USD
Ecuador Govern    6.21     64.11      11/1/2022      EC      USD
Ecuador Govern    5.64     64.83      12/1/2020      EC      USD
Ecuador Govern    5.07     74.31      4/19/2018      EC      USD
Ecuador Govern    5.07     71.82      8/28/2018      EC      USD
Ecuador Govern    5.07     67.20      7/30/2019      EC      USD
Ecuador Govern    5.07     65.69     11/25/2019      EC      USD
Ecuador Govern    5.07     68.04      5/26/2019      EC      USD
Ecuador Govern    5.07     68.11      5/21/2019      EC      USD
Ecuador Govern    5.07     66.50     12/30/2019      EC      USD
Ecuador Govern    5.64     61.62     11/25/2021      EC      USD
Ecuador Govern    5.93     63.37     11/25/2022      EC      USD
Ecuador Govern    5.36     63.19     11/25/2020      EC      USD
Ecuador Govern    5.36     63.71     12/30/2020      EC      USD
Ecuador Govern    5.93     64.13     12/30/2022      EC      USD
Ecuador Govern    5.64     62.51     12/30/2021      EC      USD
Ecuador Govern    6.40     67.81      6/12/2024      EC      USD
Ecuador Govern    7.95     72.32      6/20/2024      EC      USD
Ecuador Govern    7.95     73.16      6/20/2024      EC      USD
Energia Eolica    6.00     55.13      8/30/2034      PE      USD
Energia Eolica    6.00     55.13      8/30/2034      PE      USD
General Explor   11.50     63.63     11/13/2018      CA      USD
Glorious Prope   13.00     74.00     10/25/2015      HK      USD
Glorious Prope   13.25     57.75       3/4/2018      HK      USD
Greenfields Pe    9.00     10.00      5/31/2017      US      CAD
HC Internation    5.00     67.10     11/27/2019      CN      HKD
Hidili Industr    8.63     74.00      11/4/2015      CN      USD
Hidili Industr    8.63     63.98      11/4/2015      CN      USD
Honghua Group     7.45     39.02      9/25/2019      CN      USD
Honghua Group     7.45     39.75      9/25/2019      CN      USD
Inversiones Al    8.00     55.00     12/31/2018      CL      USD
Inversiones Al    8.00     55.50     12/31/2018      CL      USD
Inversora Elec    6.50     51.00      9/26/2017      AR      USD
Kaisa Group Ho   10.25     48.00       1/8/2020      CN      USD
Kaisa Group Ho    6.88     50.13      4/22/2016      CN      CNY
Kaisa Group Ho    9.00     47.25       6/6/2019      CN      USD
Kaisa Group Ho    8.00     69.83     12/20/2015      CN      CNY
MIE Holdings C    7.50     54.00      4/25/2019      HK      USD
MIE Holdings C    6.88     59.50       2/6/2018      HK      USD
MIE Holdings C    7.50     66.00      4/25/2019      HK      USD
Mongolian Mini    8.88     50.24      3/29/2017      MN      USD
Mongolian Mini    8.88     36.25      3/29/2017      MN      USD
Newland Intern    9.50     36.63       7/3/2017      PA      USD
Newland Intern    9.50     36.63       7/3/2017      PA      USD
Noble Holding     5.25     66.66      3/15/2042      KY      USD
Noble Holding     6.05     74.00       3/1/2041      KY      USD
Noble Holding     6.20     73.61       8/1/2040      KY      USD
NQ Mobile Inc     4.00     66.25     10/15/2018      CN      USD
Odebrecht Dril    6.35     52.50      6/30/2021      KY      USD
Odebrecht Dril    6.35     52.00      6/30/2021      KY      USD
Odebrecht Fina    4.38     60.00      4/25/2025      KY      USD
Odebrecht Fina    7.13     61.00      6/26/2042      KY      USD
Odebrecht Fina    5.13     71.75      6/26/2022      KY      USD
Odebrecht Fina    5.25     58.25      6/27/2029      KY      USD
Odebrecht Fina    8.25     62.55      4/25/2018      KY      BRL
Odebrecht Fina    6.00     77.25       4/5/2023      KY      USD
Odebrecht Fina    4.38     62.00      4/25/2025      KY      USD
Odebrecht Fina    5.25     59.75      6/27/2029      KY      USD
Odebrecht Fina    7.13     59.94      6/26/2042      KY      USD
Odebrecht Fina    5.13     83.00      6/26/2022      KY      USD
Odebrecht Fina    6.00     79.00       4/5/2023      KY      USD
Odebrecht Offs    6.63     40.00      10/1/2022      KY      USD
Odebrecht Offs    6.75     40.74      10/1/2022      KY      USD
Odebrecht Offs    6.63     40.00      10/1/2022      KY      USD
Odebrecht Offs    6.75     41.00      10/1/2022      KY      USD
Offshore Group    7.50     39.25      11/1/2019      KY      USD
Offshore Group    7.13     38.25       4/1/2023      KY      USD
Oi SA             5.75     66.00      2/10/2022      BR      USD
Oi SA             5.75     65.50      2/10/2022      BR      USD
Peru Governmen    3.27     74.53      2/12/2054      PE      PEN
Petroleos de V    8.50     73.00      11/2/2017      VE      USD
Petroleos de V    5.25     50.50      4/12/2017      VE      USD
Petroleos de V   12.75     49.00      2/17/2022      VE      USD
Petroleos de V    5.13     71.10     10/28/2016      VE      USD
Petroleos de V    9.00     38.15     11/17/2021      VE      USD
Petroleos de V    9.75     38.91      5/17/2035      VE      USD
Petroleos de V    5.38     33.10      4/12/2027      VE      USD
Petroleos de V    6.00     33.76      5/16/2024      VE      USD
Petroleos de V    6.00     33.53     11/15/2026      VE      USD
Petroleos de V    5.50     32.91      4/12/2037      VE      USD
Petroleos de V    8.50     72.95      11/2/2017      VE      USD
Petroleos de V    6.00     32.91      5/16/2024      VE      USD
Petroleos de V   12.75     44.15      2/17/2022      VE      USD
Petroleos de V    6.00     33.25     11/15/2026      VE      USD
Petroleos de V    9.75     34.15      5/17/2035      VE      USD
Petroleos de V    9.00     38.03     11/17/2021      VE      USD
Polarcus Ltd      8.00     13.00       6/7/2018      AE      USD
Polarcus Ltd      5.60     57.91      4/27/2018      AE      USD
Polarcus Ltd      8.53     22.31       7/8/2019      AE      NOK
Provincia del     4.00     66.32      12/4/2026      AR      USD
Schahin II Fin    5.88     28.00      9/25/2022      BR      USD
Schahin II Fin    5.88     30.50      9/25/2022      BR      USD
Sylph Ltd         3.35     55.91      6/22/2035      KY      USD
Telemar Norte     5.50     75.00     10/23/2020      BR      USD
Telemar Norte     5.50     74.25     10/23/2020      BR      USD
Telemar Norte     5.50     77.75     10/23/2020      BR      USD
Tonon Bioenerg    9.25     34.08      1/24/2020      BR      USD
Tonon Bioenerg    9.25     33.25      1/24/2020      BR      USD
Transocean Inc    6.80     71.50      3/15/2038      KY      USD
Transocean Inc    4.30     71.56     10/15/2022      KY      USD
Transocean Inc    7.50     73.47      4/15/2031      KY      USD
Transocean Inc    7.85     74.50     12/15/2041      KY      USD
Transocean Inc    7.45     74.39      4/15/2027      KY      USD
Uruguay Govern    3.70     73.92      6/26/2037      UY      UYU
USJ Acucar e A    9.88     37.00      11/9/2019      BR      USD
USJ Acucar e A    9.88     37.88      11/9/2019      BR      USD
Vale SA           5.63     70.43      9/11/2042      BR      USD
Vantage Drilli    5.50     58.25      7/15/2043      US      USD
Venezuela Gove   12.75     44.75      8/23/2022      VE      USD
Venezuela Gove   11.75     40.50     10/21/2026      VE      USD
Venezuela Gove   13.63     59.18      8/15/2018      VE      USD
Venezuela Gove    7.75     34.50     10/13/2019      VE      USD
Venezuela Gove    9.38     36.13      1/13/2034      VE      USD
Venezuela Gove    9.25     36.00       5/7/2028      VE      USD
Venezuela Gove    9.00     36.00       5/7/2023      VE      USD
Venezuela Gove    8.25     35.40     10/13/2024      VE      USD
Venezuela Gove    7.00     37.50      12/1/2018      VE      USD
Venezuela Gove    7.65     35.05      4/21/2025      VE      USD
Venezuela Gove    7.00     34.63      3/31/2038      VE      USD
Venezuela Gove   13.63     53.80      8/15/2018      VE      USD
Venezuela Gove   11.95     41.00       8/5/2031      VE      USD
Venezuela Gove    9.25     41.10      9/15/2027      VE      USD
Venezuela Gove    6.00     34.75      12/9/2020      VE      USD
Venezuela Gove   13.63     53.80      8/15/2018      VE      USD
Venezuela Gove    5.25     41.84      3/21/2019      VE      USD
Venezuela Gove    6.25     66.38       4/6/2017      VE      USD
Venezuela Gove    9.13     64.22      9/15/2017      VE      USD
VRG Linhas Aer   10.75     73.67      2/12/2023      BR      USD
VRG Linhas Aer   10.75     74.00      2/12/2023      BR      USD



                            ***********


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

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

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


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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