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

            Thursday, October 29, 2015, Vol. 16, No. 214


                            Headlines



A R G E N T I N A

SUZANO PAPEL: S&P Affirms 'BB+' Rating; Outlook Remains Stable


B E R M U D A

RENAISSANCE FINANCIAL: S&P Affirms 'B-/C' Counterparty Rating


B R A Z I L

AGERIO: Fitch Cuts LT Local and FC IDRs to 'BB'; Outlook Negative
COMPANHIA SIDERURGICA: S&P Lowers Rating to 'BB-'; Outlook Neg.
COSAN LTD: S&P Affirms 'BB' Rating; Outlook Remains Stable
OI SA: Possible Merger with TIM No Immediate Impact on Ba3 Rating


C A Y M A N  I S L A N D S

ACS CONSUMER: Placed Under Voluntary Wind-Up
AES PANAMA: Commences Liquidation Proceedings
CQS EUROPEAN: Creditors' Proofs of Debt Due Oct. 30
EDMOND DE ROTHSCHILD: Creditors' Proofs of Debt Due Nov. 3
LEGATO CAPITAL: Creditors' Proofs of Debt Due Nov. 2

NORTHERN ENERGY: Creditors' Proofs of Debt Due Nov. 3
JAT CAPITAL: Creditors' Proofs of Debt Due Oct. 30
JAT CAPITAL MASTER: Creditors' Proofs of Debt Due Oct. 30
JAT CAPITAL OFFSHORE: Creditors' Proofs of Debt Due Oct. 30
JAT SELECT: Creditors' Proofs of Debt Due Oct. 30

JAT SELECT INTERMEDIATE: Creditors' Proofs of Debt Due Oct. 30
JAT SELECT MASTER: Creditors' Proofs of Debt Due Oct. 30
WHITETIP INVESTMENT: Placed Under Voluntary Wind-Up


E C U A D O R

ECUADOR: Fiscal Position of NFPS Down to a Deficit of 3.5% of GDP
ECUADOR: Focuses on Mining Investments to Boost Economy


G U A T E M A L A

COMCEL TRUST: Moody's Puts Ba1 CFR on Review for Downgrade


J A M A I C A

CARIBBEAN BROILERS: "No Real Cause for Concern," Says Manager


P A N A M A

PANAMA CANAL: S&P Raises CCR to 'BB-'; Outlook Stable


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Government Plans, Encouraging


X X X X X X X X X

* Global Metal Prices will Remain Weak Through 2016, Moody's Says


                            - - - - -


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A R G E N T I N A
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SUZANO PAPEL: S&P Affirms 'BB+' Rating; Outlook Remains Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
global scale ratings on Suzano Papel e Celulose S.A. (Suzano).
The outlook remains stable.

The stable outlook incorporates S&P's view that the company will
post net debt to EBITDA of less than 3.5x and funds from
operations (FFO) to net debt in excess of 30%.  This will mainly
depend on the company's growth strategy and the evolution of pulp
prices in the short to intermediate term.

S&P could revise the outlook to negative if the company's
financial metrics weaken, with net debt to EBITDA of more than 4x
and FFO to net debt of less than 20%.  This could happen if, for
example, pulp prices decline to about $580 per ton, under the
exchange rate in S&P's base-case scenario (year-end exchange rate
of Brazilian real [R$]4 per $1.0 in 2015, R$4.2 per $1.0 in 2016,
and R$4.5 per $1.0 in 2017),  or if the company undertakes
significant investments.

A positive rating action will be mostly linked to an improvement
in the company's operating efficiency, which could occur if Suzano
decreases its dependence on third parties for its supply of wood.
If that happens, S&P expects to see clear and sustainable
financial policies that support conservative leverage levels in
the long term.


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B E R M U D A
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RENAISSANCE FINANCIAL: S&P Affirms 'B-/C' Counterparty Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B-/C' long- and short-term counterparty credit ratings on
Bermuda-registered Renaissance Financial Holdings Ltd. (RFHL), the
full owner of several companies that form the Russia-based
investment group Renaissance Capital (RenCap).  The outlook is
negative.

The affirmation balances S&P's view that RenCap's risk position
has improved, following progress in selling noncore assets, and
the fact that the company's capital position has somewhat
deteriorated, and still remains under pressure due to unfavorable
economic circumstances in Russia.  S&P considers that the company
faces challenges generating sufficient topline revenues to cover
its operating costs over the cycle.  In S&P's view, this earnings
generation issue is exacerbated by the weak economic climate but
also reflects some weaknesses in RenCap's business model that have
not yet been addressed, despite the reduction of noncore assets
and cuts in operating expenses.

S&P's 'b' anchor for Russian securities firms reflects S&P's view
of economic and industry risk in the sector.  This anchor is the
standard two notches below the anchor for Russian banks, which S&P
derives from its Banking Industry Country Risk Assessment.  The
two-notch difference reflects S&P's view that securities firms in
Russia face higher industry risk than banks because of their
weaker institutional framework, higher competitive risk, weaker
revenue dynamics, and increased funding risk due to the lack of
central bank access and less liquid, more volatile domestic
capital markets.  While the Bank of Russia assumed supervisory
functions over securities firms in 2013, regulatory oversight is
still developing, with only minimum requirements in place.  S&P
expects this to gradually converge with banking regulatory
standards, but with only modest improvement over the next two-to-
three years.  The competitive environment for Russian securities
companies is tight, in S&P's opinion, owing to strong competition
from banks and subsidiaries of state-owned banks.  Further,
revenues from Russian securities firms are typically more
transactional and therefore more prone to volatility.  Negative
economic growth in Russia, significant volatility of the Russian
ruble, and geopolitical tensions will continue to heighten the
credit risk of securities companies' exposures in Russia.  These
factors are exacerbating the capital markets volatility in the
country.  S&P also believes that Russian securities companies'
access to funding may worsen owing to high interest rates and
dwindling counterparty confidence.

"We base our ratings on RFHL on its 'b' anchor, and our view of
the group's "adequate" business position, "weak" capital and
earnings, "adequate" risk position, "moderate" funding, and
"adequate" liquidity, as our criteria define these terms.  In our
view, however, RFHL is not currently at risk of nonpayment and is
able to satisfy its financial obligations.  Consequently, the
broker currently does not meet our definition of 'CCC+' rating
under our criteria.  Therefore, we include a one-notch positive
adjustment in our ratings on RFHL," S&P said.

"RFHL's risk position is now "adequate," reflecting a reduced risk
appetite and more balanced risk-taking policy under new
management.  The assessment is constrained by historical principal
risk management gaps and RFHL's high risk appetite in previous
years.  We now see less pressure on the risk position coming from
noncore assets, following massive revaluations in 2014, and we do
not expect further substantial write-downs, at least in 2015.  The
value of the company's main noncore holding, its agribusiness in
Ukraine, was almost halved to US$100 million and investments in
Kenyan land (made by the group's previous management) were
substituted with a performing loan from the parent Renaissance
Capital Investments.  We believe that RFHL's approach to valuing
these investments is relatively conservative.  We also take into
account that the complexity of RFHL structure is diminishing and
now is more comparable with peers," S&P noted.

"At the same time, our assessment of RFHL's capital and earnings
is revised to "weak."  We expect our risk-adjusted capital ratio
before adjustments for concentration and diversification to remain
at 5%-6% in the next 12-18 months.  We expect US$10 million-EUR15
million bottom-line net profit in 2015, while the asset base
should remain steady compared with 2014.  There have been notable
improvements in the cost-to-income ratio, but we note that it is
still above peers.  The capacity of the company to improve its
earnings profile is a critical factor in whether we would revise
the outlook to stable, everything else being equal," S&P said.

S&P's assessment of RFHL's business position as "adequate"
balances the company's status as one of Russia's leading
investment houses with its mixed track record of operating
performance over the past years.  The ownership structure changed
in 2012, and RFHL entered a period of massive business
transformation, aimed at reducing its risk appetite and improving
efficiency.  S&P believes that the company has made significant
progress in this area, having maintained its market position and a
franchise of about 1,000 international and domestic institutional
clients that invest in Russia, as well as a good geographic mix
with operations in Russia, Africa, and the Middle East and North
Africa.

RFHL's funding profile is "moderate" and its liquidity is
"adequate," in S&P's view.  RFHL's balance sheet is mainly short
term, due to the predominance of its dealing and brokerage
businesses, which generate significant short-term payables and
receivables.  It exposes RFHL to refinancing risks when debt
markets become less liquid or dry up.  S&P incorporates its
expectations of the potential support from Russian private
investment fund Onexim Holding Ltd. into S&P's assessment of the
group's funding and liquidity profiles.  S&P expects the liquidity
position to remain relatively stable, with no significant
redemptions and with continued support from Onexim and emergency
support available in case of need.

The negative outlook reflects S&P's view that the company's
business position and earnings capacity still remain under
pressure due to the challenging operating environment and
increasing competition in Russia.

S&P could consider a downgrade if it sees that the company is not
able to sustainably generate positive bottom-line results, or if
Onexim is not supporting RFHL.  S&P could also consider lowering
the rating if, in the next 18 months, there is no progress in
balance sheet restructuring.

If S&P observed a heightened squeeze on RFHL's liquidity and
significant deterioration in S&P's funding and liquidity metrics
for the broker, it would consider a negative rating action.

S&P would consider revising the outlook to stable if RenCap
maintains a lower risk appetite and divests from its large equity
holdings, noncore assets (at least partially), and further reduces
intragroup loans, which should be positive for the company's
capital position, given that earnings generation capacity is
gradually improving.



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B R A Z I L
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AGERIO: Fitch Cuts LT Local and FC IDRs to 'BB'; Outlook Negative
-----------------------------------------------------------------
Fitch Ratings downgraded the long-term Issuer Default Ratings
(IDRs) of three state-owned regional banks (Banestes S.A. - Banco
do Estado do Espirito Santo [Banestes], Banco de Brasilia S.A.
[BRB] and Banco do Estado do Rio Grande do Sul S.A.'s [Banrisul])
and two regional development agencies (Agencia de Fomento do
Estado do Rio de Janeiro S.A. - AGERIO [Agerio] and Agencia de
Fomento do Estado de Sao Paulo - Desenvolve SP [Desenvolve SP]).
The Rating Outlook for all the long-term IDRs remains Negative. At
the same time, Fitch has downgraded Banrisul's Viability Rating
(VR) and affirmed Banestes and BRB's VRs. Fitch does not assign
VRs to development agencies.

These rating actions follow the downgrade of Brazil's sovereign
rating ('BBB-', Negative Outlook, for additional information see
'Fitch Downgrades Brazil to 'BBB-'; Outlook Negative', dated Oct.
15 2015, at 'www.fitchratings.com') and the subsequent revision of
the ratings or the creditworthiness of the Brazilian states that
control these issuers (see 'Fitch Downgrades Brazilian States of
Sao Paulo, Maranhao and Rio de Janeiro; Outlook Negative', dated
Oct. 23 21015, at 'www.fitchratings.com').

A full list of rating actions is at the end of this press release.

KEY RATING DRIVERS - IDRs, VRs, DEBT RATINGS, SRs and SRFs
Banestes, BRB, Agerio and Desenvolve SP's IDRs reflect the
institutional support from their controlling shareholders. In
Fitch's opinion, all of these issuers are strategically important
for the states that control them. Banestes and BRB carry out
transfers to municipalities, and are responsible for the cash
management of the state, they also act as tax-collecting agents
for their states and have reasonable regional retail franchises.
The development agencies, Agerio and Desenvolve SP, act as their
controlling states' development arms and implement their economic
development policies.

Banestes and BRB's IDRs were downgraded to 'BB-' and 'BB' from
'BB' and 'BB+', respectively, and their Outlook remains Negative.
These rating actions reflect Fitch's expectation of weaker
financial strength of Banestes and BRB's controlling states -
Espirito Santo (EES) and the Government of the Federal District
(GDF) - over the next 12-24 month period. This expectation follows
the recent downgrade of Brazil's sovereign ratings. In Fitch's
opinion, the probability of the respective controlling
shareholders providing support to these banks, if necessary, is
moderate, which results in a Support Rating (SR) of '3'.

Banestes' VR was affirmed at 'bb-' and it reflects the bank's
regional importance, with adequate liquidity, capitalization and
stable deposit source. Banestes relies on low-cost retail funding,
provided by its branch network, mainly in EES. It has cautiously
pursued higher diversification, issuing Financial Bills (Letras
Financeiras) in the local market and increasing its funding in
real estate credit bills (LCIs).

BRB's VR was affirmed at 'bb-' and it reflects its regional
importance and the recent progress in its franchise, with above
average profitability, adequate liquidity and a stable deposit
source. BRB benefits from a relatively cheap retail funding base.
The VR also reflects fierce competition among the major Brazilian
banks, which obliges BRB to heavily invest in technology.

Banrisul's IDRs are driven by its VR and are also influenced by
Fitch's internal assessment of Estado do Rio Grande Sul's (ERS)
creditworthiness. Banrisul's VR was downgraded to 'bb' from 'bb+',
reflecting the deteriorated operating environment in Brazil. This
resulted in the downgrade of its LT IDRs to 'BB' from 'BB+' and
also in a one notch downgrade of the bank's subordinated debt to
'B+' from 'BB-', as it is notched down twice from the bank's VR
(once for loss severity and once for non-performance). The
downgrade of Banrisul's VR reflects Fitch's expectation of
deterioration in asset quality and capitalization ratios, as a
result of the weakening of ERS' financial profile. A potential
deterioration in the bank's asset quality would demand higher loan
loss charges, which would negatively affect Banrisul's
profitability and its internal capital generation. As other
government-owned institutions in Brazil, Fitch contemplates the
political influence on Banrisul's ratings.

Banrisul has a significant franchise in ERS, with 17% market share
in credit and 40% in deposits. Around 15% of the bank's loan
portfolio is related to ERS' employees. In addition, Banrisul has
a strong performance in regional corporate credits within the ERS.
The bank's SR of '4' and Support Rating Floor (SRF) of 'B' reflect
the limited possibility of support from the federal government in
a stress scenario, due to the relative importance of Banrisul to
the system.

Agerio's IDRs were downgraded to 'BB' from 'BB+', and their
Outlook remains Negative. The rating action mirrors the action on
Agerio's parent, the State of Rio de Janeiro (ERio, LT FC and LC
IDRs 'BB'/Negative Outlook). AgeRio's ratings are driven by
expected support from ERio and equalized to those of its parent.
Therefore, the downgrade of the ratings reflects ERio's reduced
capacity to support AgeRio. AgeRio's SR was affirmed at '3',
indicating moderate probability of support from its shareholder,
in case of need.

Desenvolve SP's IDR were downgraded to 'BBB-' from 'BBB' and the
Negative Outlook was maintained, following the same rating action
on its parent, the State of Sao Paulo (ESP, LT FC and LC IDRs
'BBB-'/Negative Outlook). Desenvolve SP's ratings are driven by
expected support from ESP and equalized to those of its parent.
Its SR was affirmed at '2' indicating high probability of support
from its shareholder, in case of need.

RATING SENSITIVITIES

IDRS, VRs, SRs and SRFs

Banestes and BRB's IDRs are highly influenced by Fitch's internal
analysis of the shareholders of these banks, EES and GDF,
respectively. As such, their ratings would be affected by any
change in these states' financial strength and/or in their
willingness to provide support to these subsidiaries.

Banestes' VR is sensitive to a change in Fitch's assumptions
regarding exposure to regional risk, capitalization and credit
quality. The VR could be downgraded if Banestes' credits past due
over 90 days rise above 6% and/or Fitch Core Capital (FCC) ratio
falls below 10%.

BRB's VR could be downgraded in case of significant deterioration
in the bank's asset quality that reduced FCC ratio to less than
10%. Although unlikely in the short term, the VR could be upgraded
if BRB is able to maintain credit quality at its current levels
and further reinforce its capital base.

Banrisul's ratings could be downgraded in case of further
deterioration of asset quality ratios, with increase in credits
past due over 90 days above 5%, should the coverage for impaired
loans deteriorate, or if the FCC ratio falls to less than 12%.
Furthermore, Banrisul's ratings could be affected by a change in
Fitch's opinion on ERS' creditworthiness, given the bank's
significant presence in the state. In addition, further pressures
on the state finances that may result on arrears on Banrisul's
payroll lending portfolio could result in additional negative
pressures on Banrisul's VR.

AgeRio's ratings are aligned with those of ERio. Therefore, any
further changes in ERio's ratings or Rating Outlooks, or
willingness to provide support to AgeRio, or in Fitch's evaluation
of AgeRio's strategic importance to its parent, would result in
changes in AgeRio's ratings.

Likewise, Desenvolve SP's ratings are aligned with those of ESP,
and any changes in the latter's ratings or in its capacity or
willingness to support Desenvolve SP would lead to a rating
review.

Fitch has taken the following rating actions:

AgeRio

-- Long-term local and foreign currency IDRs downgraded to 'BB'
from 'BB+', Outlook Negative;
-- Short-term local and foreign currency IDRs affirmed at 'B';
-- Support Rating affirmed at '3'.

Banestes

-- Long-term local and foreign currency IDRs downgraded to 'BB-'
from 'BB', Outlook Negative;
-- Short-term local and foreign currency IDRs affirmed at 'B';
-- Support Rating affirmed at '3';
-- Viability Rating affirmed at 'bb-'.

Banrisul

-- Long-term local and foreign currency IDRs downgraded to 'BB'
from 'BB+', Outlook Negative;
-- Short-term local and foreign currency IDRs affirmed at 'B';
-- Viability Rating downgraded to 'bb' from 'bb+';
-- Support Rating affirmed at '4';
-- Support Rating Floor affirmed at 'B';
-- Subordinated notes due in February 2022, downgraded to 'B+'
from 'BB-'.

BRB

-- Long-term local and foreign currency IDRs downgraded to 'BB'
from 'BB+', Outlook Negative;
-- Short-term local and foreign currency IDRs affirmed at 'B';
-- Support Rating affirmed at '3';
-- Viability Rating affirmed at 'bb-'.

Desenvolve SP:

-- Long-term local and foreign currency IDRs downgraded to 'BBB-'
from 'BBB'; Outlook Negative;
-- Short-term local and foreign currency IDRs downgraded to 'F3'
from'F2';
--  Support Rating affirmed at '2'.


COMPANHIA SIDERURGICA: S&P Lowers Rating to 'BB-'; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its global scale
ratings on Companhia Siderurgica Nacional (CSN) to 'BB-' from 'BB'
and its national scale ratings to 'brA-' from 'brA+'.  At the same
time, S&P has lowered its issue-level rating to 'BB-' from 'BB' on
the company's senior unsecured debt.  The outlook on the corporate
credit ratings is negative.

The recovery ratings on the company's debt remain unchanged at
'4', reflecting expectations of average recovery of 30%-50% (the
higher end of the range) despite higher debt levels due to
currency devaluation.

The downgrade reflects the challenging domestic steel market that
acts as a drag on CSN because demand continues to weaken and
depreciation of Brazilian real is pushing up the company's debt.
About 45% of CSN's total debt is denominated in foreign currency.
In addition, although S&P expects some asset sales to lower the
company's debt and interest burden, Brazil's weak economy
increases uncertainties about when will these happen.  As a
result, and amid the likely lower global iron ore prices, CSN's
credit metrics should continue to weaken for the next few quarters
and won't improve significantly at least until 2017.

Due to CSN's efforts to diversify its revenues sources by
increasing export of steel, it generates about 40% of its total
steel revenues from abroad.  On the positive side, iron ore prices
have held fairly stable in recent months, allowing CSN to benefit
from its low-cost and high-grade iron ore mine at Casa de Pedra
amid the sliding Brazilian real to generate stronger margins in
that business.  Nonetheless, S&P believes this will only mitigate
the risks of the weakening domestic steel market, where prices
remain pressured due to decreasing volumes.  This should continue
limiting the steel industry's ability to increase prices in the
domestic markets.  Under such scenario, S&P expects CSN's
consolidated EBITDA margins to drop to about 23% by the end of
2015 and close to 20% in 2016.

Brazil's weaker currency will have most significant impact on
CSN's financial metrics because its total debt should rise by
about R$5.8 billion, considering an exchange rate of R$4 per $1 by
the end of 2015.  As a result, S&P expects financial metrics to
remain "highly leveraged" through the next two years.
Furthermore, in S&P's base-case scenario, it don't expect the
company generate meaningful non-recurrent cash flow, such as asset
sales, in 2015 given current market conditions.

CSN's liquidity is "strong."  Despite weak cash generation, CSN's
cash position remains high partly thanks to the positive effects
of weaker currency on the company's dollar-denominated cash
position.  Furthermore, CSN has refinanced about R$5 billion of
debt that was coming due in the next two years, significantly
reducing cash flow pressures for the next 24 months.  In addition,
S&P don't expect the company to have dividend distribution in
2016, and it also doesn't face pressure from covenants.


COSAN LTD: S&P Affirms 'BB' Rating; Outlook Remains Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' ratings on
Cosan Ltd. (CZZ) and its subsidiary, Cosan S.A. Industria e
Comercio(Cosan S.A.). The outlook on both companies remains
stable.

The rating on CZZ reflects its solid business position and
resilient cash flow generation that allows the company to maintain
an "adequate" liquidity even amid its significant investment plan
and a more leveraged financial profile.  The ratings also
incorporates CZZ's successful integration of America Latina
Log¡stica S.A. (ALL) and S&P's expectations that the company will
execute its growth strategy while keeping a financial risk profile
in line with S&P's "aggressive" category, but also strengthening
its market position and diversifying its cargo volumes.

Cosan Logistica--the new entity following the merger of ALL and
Rumo--will require heavy investment that would depend on
successufull financing activities.  However, its operations have
already started to slightly improve through its "Operacoes Norte"
and "Operacoes Sul" units, indicating that it would be able to
strengthen cash flow generation as expected during its 18-month
investment plan.

"Although we understand that Cosan S.A. has a less leveraged
financial profile than CZZ's, as seen in its stand-alone credit
profile (SACP) of 'bb+', its ratings mirror those on CZZ.  The
latter fully controls Cosan S.A., which generates about 50% of the
group's EBITDA.  We deem Cosan S.A. as highly unlikely to be sold,
with integral links to the group's reputation and name.  Cosan
S.A. was the group's only subsidiary until the spinoff of the
logistics arm, Rumo, which merged with ALL.  The spinoff aimed to
better segregate business strategy between Cosan S.A.'s operations
(gas distribution, lubricants, and the stake in Raizen and Cosan
Logistica) preferred shares that Cosan Investimentos e
Participacoes S.A. (Cosan S.A.'s subsidiary) issued in June 2014.
Although we consider the equity-like characteristics of this
issuance in our analysis, the preferred shareholders have a put
option against Cosan S.A., which they could exercise until
April 30, 2021.  This option would require Cosan S.A. to pay the
R$2 billion in principal linked to Certificado de Deposito
Interbancario.  Therefore, we view this instrument as more debt-
like, than equity-like.  However, the company used the proceeds to
pay down more expensive debt at the holding level, improving its
capital structure and reducing interest payments," S&P noted.

Under S&P's base-case scenario, it expects CZZ to post higher
leverage metrics during the next two years as a result of Cosan
Logistica's investment plan.  S&P's main assumptions include:

   -- Brazil's GDP contraction of at least 2.5% in 2015 and 0.5%
      in 2016.

   -- Brazil's inflation rates of about 8.7% in 2015 and 7.9% in
      2016.

   -- Cosan Logistica to increase revenues by 2% in 2015 and 14%
      in 2016, reflecting its strategy of raising efficiency of
      its merged assets and reducing costs by lower idle time and
      fuel burn.

   -- Cosan Logistica's total capex of R$1.7 billion in 2015 and
      R$2.7 billion in 2016.  Debt-financed expansion capex of
      about R$1 billion in 2015 and R$2 billion in 2016.

   -- Cosan Logistica's EBITDA of about R$1.8 billion in 2015 and
      R$2.1 billion in 2016.

   -- Comgas' volumes to decline amid lower industrial activity,
      which the higher gas tariffs -- due to inflation--would
      partly compensate.  Comgas' EBITDA is likely to be about
      R$1.4 billion.

   -- Annual dividends from Raizen of about R$750 million in 2015
      and 2016.

   -- The group's subsidiary, Radar, to generate R$100 million-
      R$150 million in EBITDA.

   -- Stable margins for Cosan Combustiveis e Lubrificantes S.A.,
      a lubricant distributor, which should contribute R$110
      million - R$140 million in annual EBITDA for the next two
      years.

   -- No new acquisition following the merger with ALL.

Under these assumptions, S&P arrives at these credit metrics.
Cosan S.A.'s metrics are stronger than CZZ's, given ALL's more
leveraged profile:

   -- CZZ's consolidated EBITDA margin of 32%-34% in 2015 and 33%-
      36% in 2016, and Cosan S.A.'s 26%-28% in 2015 and 25%-27% in
      2016.

   -- CZZ's net debt to EBITDA of 4.5x-5.0x in 2015 and 2016, and
      Cosan S.A.'s 3.7x -4.2x in the same period.

   -- CZZ's funds from operations (FFO) to net debt of 10%-15% in
      2015 and 2016, and Cosan S.A.'s 14%-18% in the next two
      years.

"We assess the group's liquidity as "adequate."  After merger with
ALL, the group's consolidated figures weakened because the
acquired company had about R$900 million in debt due 2015 and
R$700 million in 2016.  The group's good access to banks and
capital markets has enabled it to improve its capital structure
and continue refinancing debt maturities, as seen in Rumo's recent
R$1.4 billion debenture issuance.  After the merger, CZZ
successfully renegotiated ALL's debt to allow for change of
control and looser financial covenants, which now reflects a 5.5x
threshold for net debt to EBITDA at Cosan Logistica.  Cosan S.A.
also has a cushion under its covenant agreements, which includes
the consolidation of 50% of Raizen's numbers," S&P said.

According to S&P's estimates, sources will exceed uses on a
consolidated basis by 1.2x during 2015 and even if EBITDA drops by
15% on both companies.  Most of its cash is at its subsidiaries'
level, mainly at Comgas and Cosan Logistica, which have
significant capex.  S&P's base-case scenario assumes that Cosan
S.A. will continue to refinance its debt.

Principal consolidated liquidity sources for CZZ:

   -- Cash on hand of R$3.2 billion as of June 2015

   -- Estimated FFO of R$2.0 billion-R$2.7 billion in 2015 and
      2016

   -- Undrawn committed credit facility of R$750 million and tenor
      of three years

Principal consolidated liquidity uses for CZZ:

   -- Short-term debt maturities of about R$2.3 billion

   -- Maintenance capex of about R$1.0 billion

   -- Annual dividend payout of R$400 million-R$500 million

Principal consolidated liquidity sources of Cosan S.A.:

   -- Cash on hand of R$2.2 billion as of June 2015

   -- Estimated FFO of R$1.0 billion-R$1.5 billion in 2015 and
      2016

   -- Undrawn committed credit facility of R$750 million and tenor
      of three

Principal Consolidated Liquidity Uses of Cosan S.A.:

   -- Short-term debt maturities of about R$1.1 billion

   -- Maintenance capex of about R$700 million

   -- Dividend payout of R$500 million-R$700 million annually

The stable outlook reflects S&P's expectation that Cosan
Logisticas' operating efficiency and cash flow will rise as it
execute its 18-month investment, while CZZ maintains its sound
financing capability and "adequate" liquidity.  Although CZZ's
credit metrics will remain pressured given the sizable investment
plan, S&P believes its ability to adjust capex partly mitigates
the risk of fast growth, while the capacity expands as demand
increases.  The outlook on Cosan S.A. will move in tandem with
that on CZZ.

A downgrade is possible if CZZ's credit metrics weaken further
following lower-than-expected cash flow improvements at Cosan
Logistica.  A downgrade could also follow an unexpected M&A
activity that weakens CZZ's liquidity and net debt to EBITDA to
more than 5.0x and FFO to net debt to less than 12% on a
consistently basis.

Given CZZ's exposure to the integration and capex execution risks,
S&P believes an upgrade is currently unlikely.  However, an
upgrade could occur if the group is able to post a lighter balance
balance with debt to EBITDA sustainability below 4.0x and FFO to
debt above 20%.


OI SA: Possible Merger with TIM No Immediate Impact on Ba3 Rating
-----------------------------------------------------------------
Oi S.A. ("Oi", Ba3 negative) announced that it received a proposal
to enter into exclusive negotiations with the investment group
Letter One (unrated) for a potential transaction involving up to
USD 4.0 billion in capital injection from Letter One into Oi,
subject to the business combination of Oi and TIM Participacoes
S.A. ("TIM" unrated), the Brazilian subsidiary of Telecom Italia
S.p.A. (Ba1 negative).

The possibility of a capital injection and the merger between Oi
and TIM are credit positives for Oi's bondholders and creditors in
general, although with no immediate impact on Oi's ratings or
outlook as the deal is unlikely to materialize in the near term.
TIM has a stronger balance sheet than Oi, and a merger would offer
synergies, especially in cost savings and capital spending plans,
as well as a larger scale to help compete with the stronger
players Telefonica S.A.'s (Baa2 stable) Vivo and America Movil
S.A.B. de C.V.'s (A2 stable) Claro subsidiaries in Brazil.


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


ACS CONSUMER: Placed Under Voluntary Wind-Up
--------------------------------------------
On Sept. 28, 2015, the sole shareholder of ACS Consumer Debt Fund
SPC Segregated Portfolio A resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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


AES PANAMA: Commences Liquidation Proceedings
---------------------------------------------
On Sept. 29, 2015, the shareholders of AES Panama Holding, Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          James Kostura
          c/o Maples and Calder, Attorneys-at-law
          Ugland House
          P.O. Box 309 Grand Cayman KY1-1104
          Cayman Islands


CQS EUROPEAN: Creditors' Proofs of Debt Due Oct. 30
---------------------------------------------------
The creditors of CQS European Equity Long Short Feeder Fund
Limited are required to file their proofs of debt by Oct. 30,
2015, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 25, 2015.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


EDMOND DE ROTHSCHILD: Creditors' Proofs of Debt Due Nov. 3
----------------------------------------------------------
The creditors of Edmond De Rothschild SPC are required to file
their proofs of debt by Nov. 3, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 25, 2015.

The company's liquidator is:

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


LEGATO CAPITAL: Creditors' Proofs of Debt Due Nov. 2
----------------------------------------------------
The creditors of Legato Capital Limited are required to file their
proofs of debt by Nov. 2, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 25, 2015.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902


NORTHERN ENERGY: Creditors' Proofs of Debt Due Nov. 3
-----------------------------------------------------
The creditors of Northern Energy Exploration Ltd. are required to
file their proofs of debt by Nov. 3, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 15, 2015.

The company's liquidator is:

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


JAT CAPITAL: Creditors' Proofs of Debt Due Oct. 30
--------------------------------------------------
The creditors of JAT Capital Intermediate Fund, Ltd. are required
to file their proofs of debt by Oct. 30, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2015.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


JAT CAPITAL MASTER: Creditors' Proofs of Debt Due Oct. 30
---------------------------------------------------------
The creditors of JAT Capital Master Fund, Ltd. are required to
file their proofs of debt by Oct. 30, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2015.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


JAT CAPITAL OFFSHORE: Creditors' Proofs of Debt Due Oct. 30
-----------------------------------------------------------
The creditors of JAT Capital Offshore Fund, Ltd. are required to
file their proofs of debt by Oct. 30, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2015.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


JAT SELECT: Creditors' Proofs of Debt Due Oct. 30
-------------------------------------------------
The creditors of JAT Select Fund, Ltd. are required to file their
proofs of debt by Oct. 30, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2015.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


JAT SELECT INTERMEDIATE: Creditors' Proofs of Debt Due Oct. 30
--------------------------------------------------------------
The creditors of JAT Select Intermediate Fund, Ltd. are required
to file their proofs of debt by Oct. 30, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2015.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


JAT SELECT MASTER: Creditors' Proofs of Debt Due Oct. 30
--------------------------------------------------------
The creditors of JAT Select Master Fund, Ltd. are required to file
their proofs of debt by Oct. 30, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 30, 2015.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


WHITETIP INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Sept. 23, 2015, the sole shareholder of Whitetip Investment
Company resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

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



=============
E C U A D O R
=============


ECUADOR: Fiscal Position of NFPS Down to a Deficit of 3.5% of GDP
-----------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with Ecuador.

Supported by positive terms of trade and large public investments,
growth averaged 4.5 percent over the past decade, while social
indicators improved.  Reflecting Ecuador's goals of diversifying
energy production and improving infrastructure and social
equality, the overall fiscal position of the non-financial public
sector (NFPS) deteriorated from balance in 2011 to a deficit of
3.5 percent of GDP in 2012-14, mainly driven by high capital
spending.

The poverty rate and the GINI coefficient fell, respectively, from
38 percent and 0.54 in 2006 to 22.5 percent and 0.47 in 2014,
while the unemployment rate declined significantly. Financial
stability was preserved, supported by dollarization. In 2014,
growth moderated to 3.8 percent in line with developments in the
region.

Since the fourth quarter of 2014, the economy has been hit by
external shocks and is slowing down.  The sharp decline in the
international oil price, by about half for the Ecuadorian mix,
significantly undercut oil revenues.  In addition, competitiveness
is being eroded by the real appreciation of the exchange rate-by
16 percent year-over-year through June 2015.

The authorities responded rapidly to the shocks by cutting public
spending, introducing balance of payment safeguards, and
containing minimum wage growth.  As a result, non-oil imports have
been declining significantly from April 2015, and the 2015 fiscal
deficit is expected to be contained to the original budget target.
Nonetheless gross financing needs remain large, and international
access to credit has tightened.

In the face of the economic slowdown, bank liquidity conditions
have tightened, credit growth has slowed, and non-performing loans
have risen (albeit from a low level).  Despite the slowdown,
inflation is picking up, reflecting changes in transport tariffs
as well as in food prices and utilities.

Due to the shocks and expected adjustment, the economy is
projected to contract somewhat in 2015, while the external
position deteriorates.  Growth prospects are also revised down
going forward, due to the need to restore competitiveness, and in
light of the effect of lower oil prices on investment and
production.  Risks to the outlook relate mainly to availability of
external financing, additional softness in oil prices, persistent
dollar appreciation, potential domestic financial system pressure,
and natural disasters.

                     Executive Board Assessment

Executive Directors welcomed the resumption of successful on-site
Article IV consultation discussions with Ecuador, and looked
forward to enhanced collaboration.  They commended the impressive
results in economic and social indicators over the past decade.
They noted, however, that as an economy that is heavily dependent
on oil revenues and is fully dollarized, Ecuador has recently been
hit by sharply declining commodity prices and real exchange rate
appreciation.  The outlook is further clouded by a possible
tightening of external financing conditions and the country's
exposure to natural disasters.  Directors welcomed the
authorities' response to these shocks so far and encouraged
further efforts to build policy buffers, preserve financial
stability, and strengthen competitiveness.

Directors commended the authorities for their significant
adjustment efforts to contain the fiscal deficit, and encouraged
them to develop a contingency plan ensuring that any shortfalls in
financing are addressed through further cuts in non-priority
expenditure, while avoiding short-term financing from the central
bank.  They also called for the removal of distortionary import
surcharges as soon as possible and within the announced timeframe.

Directors stressed the importance of rebuilding fiscal buffers
over time and recommended the authorities to sustain efforts to
rationalize expenditure, contain public sector wage growth,
continue the plan to overhaul fuel subsidies while protecting the
poor, improve tax collection, and continue the reform process of
the pension system.

Directors agreed that near-term challenges will also center on
securing adequate liquidity in the financial sector, and improving
regulation and supervision.  While financial stability indicators
do not show signs of stress, possible lags in responses and the
continuing economic slowdown warrant close monitoring.  Directors
encouraged the authorities to improve the clarity of regulations,
strengthen crisis management and supervision, and verify the
resolution framework with a view to maintaining confidence and
ensuring a rapid response to shocks.  If pressures persist,
relaxing banks' reserve requirements should be considered.
Regulatory restrictions on bank activities-especially interest
rate caps, penalties on investing abroad, and domestic liquidity
requirements-should be progressively lifted, credibility in the
system of electronic money should be ensured, and directed lending
should be discontinued.  Directors also encouraged the authorities
to strengthen the AML/CFT framework, and undertake a new financial
sector assessment (FSAP) in light of significant changes to the
financial landscape since the last assessment.

Directors underscored that improving competitiveness is key to
safeguard the external balance and sustain medium-term growth.
They welcomed reforms and investment in infrastructure, education,
and private sector development, but also stressed the importance
of efforts to contain wage growth and address labor market
rigidities.  More broadly, Directors supported reforms aimed at
improving productivity, crowding-in the private sector, attracting
foreign direct investment, diversifying the economy, and promoting
trade integration.


ECUADOR: Focuses on Mining Investments to Boost Economy
-------------------------------------------------------
EFE News reports that Ecuador has identified the mining industry
as one of the engines of economic growth over the next few years,
with projects worth about $3.1 billion planned in the sector over
the next three years, Strategic Sectors Minister Rafael Poveda
said.

Five large projects are in various stages of development, showing
"the world" that Ecuador "offers all the conditions to be a player
in the mining industry on a large scale at the global level,"
Minister Poveda said, according to EFE News.

Officials estimate that when the projects are all operating in
about five years, Ecuador's mining exports will total about $4
billion annually and the government will receive $400 million in
revenues yearly, Minister Poveda said in a press conference with
foreign media, the report relays.

Empresa Nacional Minera, meanwhile, is developing eight other
projects to produce copper, gold and other metals, the report
notes.

The projects are currently in the exploration phase and private
foreign investment will be needed to develop them, the minister
said, the report adds.


=================
G U A T E M A L A
=================


COMCEL TRUST: Moody's Puts Ba1 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Millicom International Cellular S.A.'s Ba1 corporate family rating
and the Ba2 ratings on its senior unsecured notes.  At the same
time, Moody's placed under review for downgrade the Ba1 ratings of
the subsidiary Comcel Trust (Comcel).

On Review for Downgrade:

Issuer: Comcel Trust
  Corporate Family Rating, Placed on Review for Downgrade,
   currently Ba1
  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Downgrade, currently Ba1

Issuer: Millicom International Cellular S.A.
  Probability of Default Rating, Placed on Review for Downgrade,
   currently Ba1-PD
  Corporate Family Rating, Placed on Review for Downgrade,
   currently Ba1
  Senior Unsecured Regular Bond/Debentures, Placed on Review for
   Downgrade, currently Ba2

Outlook Actions:

Issuer: Comcel Trust
  Outlook, Changed To Rating Under Review From Stable

Issuer: Millicom International Cellular S.A.
  Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Moody's has placed Millicom's and Comcel's ratings on review for
downgrade following Millicom's material fact on October 21, 2015
stating that it has reported to law enforcement authorities in the
United States and Sweden potential improper payments made on
behalf of its joint venture in Guatemala.  Millicom also disclosed
that it has hired an international law firm, Covington & Burling
LLP, to conduct independent investigations on the matter, with the
support of Millicom's management team.

At this time, there is very little additional information made
available by the companies and, therefore, it is difficult to
estimate the timing and the legal outcome of the investigation, or
the size of potential monetary penalties.

Accordingly, the review will be centered in gathering more
information about the disclosed potential improper payments and
overall investigation, as well as analyzing potential economic
impacts for the companies and estimating the potential respective
negative impacts for their credit metrics and liquidity.
Currently, both Comcel and Millicom have enough liquidity to cover
their short term obligations, but cushion for the coverage of
fines would depend on the underlying amounts involved.  Moody's
consider, however, that potential penalties could be lowered by
Millicom's decision of voluntarily self-reporting its findings.

In addition to monetary penalties, Moody's also sees increased
reputational risk for both companies, which could impact investors
sentiment and limit their access to funding.  Moreover, Moody's
review will also assess whether current operating licenses and/or
spectrum rights would be impacted.  If the resolution of the
investigation considers that allegations are true, there could be
a spillover effect over its well-regarded Tigo brand, which is
used by the group across the LATAM region.  Additionally, Moody's
could expect regulatory scrutiny to increase towards both
companies.

To the extent that Moody's considers that potential economic
penalties could be substantial with significant impact in credit
metrics and in Comcel's ability to upstream dividends, a multiple
notch downgrade could be considered according to the estimated
impact under our scenarios analysis.

On the other hand, if matters are clarified and resolved with
limited or manageable implications to the companies' domestic and
international businesses and to their liquidity profile, the
ratings could be stabilized.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.

Millicom is a global telecommunications investor focused on
emerging markets with cellular operations and licenses in 12
countries in Latin America and Africa.  The company has over 56
million subscribers and derives around 85% of revenues from its
Central and South America operations in El Salvador, Guatemala,
Honduras, Colombia, Bolivia and Paraguay.  In Africa, Millicom
operates in Chad, Tanzania, Democratic Republic of Congo, Rwanda,
Senegal, and Ghana.  The company also offers cable and satellite
TV services in Central and South America.  During the last twelve
months ended Dec. 31, to Sept. 30, 2015, revenues reached USD6,386
914 million.  Millicom is incorporated in Luxembourg and publicly
listed on the Stockholm Stock Exchange.

Comcel is Guatemala's leading telecommunications provider.  In
addition to mobile services, the company offers cable television,
fixed broadband and triple play data and voice services to homes
and corporate solutions to businesses.  Operating under the Tigo
brand, Comcel reaches over 8 million subscribers, representing
around 50% market share through a network covering 88% of the
country's population.  During the last twelve months as of June
2015, the company's revenues and adjusted EBITDA reached USD1.3
billion and USD692 million, respectively.


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


CARIBBEAN BROILERS: "No Real Cause for Concern," Says Manager
-------------------------------------------------------------
RJR News reports that Caribbean Broilers is again downplaying
concerns about the risk of cancer from eating processed meat.

Dr. Keith Amiel, Corporate Affairs Manager at Caribbean Broilers,
responding to another adverse international report on the issue,
told RJR News that his company has done the relevant tests on its
products.

"We test every batch of processed pork and sausages that we do . .
. to ensure that they are below these recommended levels," the
report quoted Dr. Amiel as saying.

Asserting that "there is no real cause for concern," Dr. Amiel
said the recommended levels were set by the World Health
Organization (WHO), the report relays.

The WHO said eating processed meat, such as sausages and ham,
causes cancer, while unprocessed red meat may also be
carcinogenic, the report notes.

A group of 22 scientists from the WHO's International Agency for
Research on Cancer in Lyon, France, evaluated more than 800
studies from several continents about meat and cancer, the report
notes.  The studies looked at more than a dozen types of cancer in
populations with diverse diets over the past 20 years.

Based on that evaluation, the IARC classified processed meat as
"carcinogenic to humans," noting links in particular to colon
cancer, the report says.  It said red meat contains some important
nutrients, but still labeled it "probably carcinogenic," with
links to colon, prostate and pancreatic cancers, the report adds.

The agency said it did not have enough data to define how much
processed meat is too dangerous, but said the risk grows with the
amount consumed, the report notes.  Analysis of 10 of the studies
suggested that a 50-gram portion of processed meat daily -- or
about 1.75 ounces-increases the risk of colorectal cancer over a
lifetime by about 18 per cent, the report relays.



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


PANAMA CANAL: S&P Raises CCR to 'BB-'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit and issue-level ratings on Panama Canal Railway Co. to
'BB-' from 'B+'.  The outlook is stable.

The upgrade reflects PCRC's stable metrics during the past few
years and S&P's expectation that they will remain so as a result
of solid demand for the use of the canal's railway, which has
resulted in the company's adequate transported cargo volumes.  In
addition, S&P's expectation of steady cash flow generation is
supported by a recently signed three-year contract with Maersk,
the world's largest vessel operator, allowing for tariff increases
if PCRC's 5% annual volume growth is not met.

The stable outlook reflects S&P's expectation of PCRC's steady
cash flow generation thanks to a recently signed contract with
Maersk, which allows for greater revenue visibility.  In this
sense, S&P believes the company will continue to cover its
financial obligations and operational requirements while
maintaining its debt to EBITDA near 2.0x and FFO to debt above 40%
for the next few years.

S&P could lower the ratings on PCRC if it posts lower-than-
expected volume targets, coupled with lower tariffs, as a result
of potential pressures.  Such a scenario could develop from the
expansion of the canal, which would weaken the company's operating
and leverage metrics, resulting in an average EBITDA margin
consistently below 60% and an average debt to EBITDA consistently
above 2.0x.

An upgrade is unlikely due to PCRC's limited scale of operations,
increased customer concentration, and the inherent risks of
operating a single-track rail system.  Moreover, the company's
expansion projects are limited to the handling capacity of the
ports in the canal and subject to economic activity.  However, S&P
could consider raising its ratings if the company posts greater
cash flow stability, reducing its debt to EBITDA below 1.0x.


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


TRINIDAD & TOBAGO: Government Plans, Encouraging
------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that chairman
of the Trinidad and Tobago Stock Exchange (TTSE) Peter Clarke said
the exchange was "particularly encouraged" by the statement by
Finance Minister Colm Imbert that the Government intended to fill
some of its budget gaps by a sale of assets program among other
things and said he hoped the minister would use the stock exchange
to put some profitable State companies on the market to allow
individuals and institutional investors to participate in the
ownership of more State companies in the months and years ahead.

Mr. Clarke said he would like to visit the minister and brief him
about the facilities available at the exchange and assure him that
the exchange was ready to facilitate and assist in whatever
divestment plans the ministry may have, Trinidad and Tobago
Newsday notes.  Mr. Clarke made the comment as he welcomed the
listing of 75,852,000 Class B shares in TTNGL, which were sold in
an Initial Public Offering (IPO) between August 10 and September
9, 2015, the report notes.

In a brief ceremony at the exchange to mark the formal listing of
the shares, Mr. Clarke said that with the listing of the new
shares, the "TTSE Index now includes a company which offers full
exposure to the energy sector, something that is indeed necessary
if investors are to view the index as representative of the
performance of the Trinidad and Tobago economy," the report
relays.   Mr. Clarke said the energy sector is the major driver of
the economy and over the past five years had contributed 43
percent to the country's Gross Domestic Product.

"This listing provides an opportunity for all categories of
investors to be part owners of a key contributor to our nation's
economy," Mr. Clarke said, adding that the total market
capitalization of the stock exchange was $112.39 billion as of
October 23, 2015, notes the report.

The report discloses that Mr. Clarke said when investors look at
the various options available to them, where interest rates are so
low and equities offer the potential for both capital appreciation
and dividends.  Mr. Clarke observed that in most cases dividends
offer higher rates than one could earn on fixed income
instruments, the report relays.

"So we are encouraged."

"I think the key is to have attractive companies, new companies
like Phoenix Park that people can participate in and diversify
their portfolios with," the report quoted Mr. Clarke as saying.
"Generally IPOs and in particular, those that add diversification
to the market, generate greater market activity. The exchange
plays an essential role in the development of the local capital
market and aims to foster and facilitate greater market activity
leading to better liquidity and transparency."

In the midst of falling oil prices, the listing of NGL has
stimulated market activity as seen in its first week of trading,
with a total trade volume of 8.8 million shares and a trade value
of $218.5 million, the report relays.  Mr. Clarke said this was
about ten times greater than the activity of the last major
listing, First Citizens Bank Limited during its first week of
trading, the report adds.


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


* Global Metal Prices will Remain Weak Through 2016, Moody's Says
-----------------------------------------------------------------
Slowing growth in China and Brazil, muted conditions in Europe and
a weak recovery in the US will continue to pressure global base
metal prices, says Moody's Investors Service.  Moody's outlook for
the global base metals industry remains negative.

Uncertainty regarding growth in China is one of the primary
factors underpinning Moody's negative outlook, with the country
accounting for more than 40% of global demand for most key base
metals, according to the report "2016 Global Base Metals Outlook:
Downside Risk Remains on China Concerns, Slowing Global Growth."

Weak global macroeconomic conditions and volatility in base metal
prices have also dampened investor sentiment, which could pressure
future growth rates.

"We expect base metal prices to continue to trade at lower levels,
and expectations for slower growth and reduced demand could result
in further downside risk for the sector," said Carol Cowan, a
Moody's Senior Vice President.

Moody's notes that steeper price declines will flow through to
companies' earnings in 2015, resulting in a material decline in
cash flow for many producers.  Companies have reduced controllable
costs such as capital expenditure and exploration expenses to
boost liquidity, but such actions could pressure their credit
profiles over the medium term if producers need to develop
projects in a more costly or politically difficult climate.


                            ***********


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.
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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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