TCRLA_Public/151105.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

           Thursday, November 5, 2015, Vol. 16, No. 219


                            Headlines



A R G E N T I N A

ARGENTINA: Moody's Affirms Caa2 Rating & Changes Outlook to Stable
BANCO PATAGONIA: S&P Affirms 'CCC+' LC Rating; Outlook Neg.


B R A Z I L

BRAZIL: Analysts Turn More Pessimistic on Brazil's Economy
HYPERMARCAS SA: S&P Puts 'BB' Rating on CreditWatch Positive


C A Y M A N  I S L A N D S

ALTA MANAGEMENT: Shareholder to Hear Wind-Up Report on Nov. 9
AP MASTER: Shareholders' Final Meeting Set for Nov. 16
BUNGE INVESTMENT: Shareholder to Hear Wind-Up Report on Nov. 27
BY INVESTMENT: Shareholders' Final Meeting Today
CALEDONIAN GLOBAL: Creditors' Proofs of Debt Due Nov. 19

CF FUND: Shareholder to Hear Wind-Up Report on Nov. 9
CQS EUROPEAN: Members Receive Wind-Up Report
CQS EUROPEAN MASTER: Members Receive Wind-Up Report
GREATER CHINA: Shareholders' Final Meeting Today
HERING OVERSEAS: Shareholder Receives Wind-Up Report

LEGATO CAPITAL: Members Receive Wind-Up Report
ODEBRECHT OFFSHORE: Moody's Confirms Caa1 Rating on Global Notes
RYE SELECT: Creditors' Proofs of Debt Due Dec. 28
WHITETIP INVESTMENT: Shareholder to Hear Wind-Up Report on Nov. 23


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Many Pacts 'Expose' Industry to Traps


J A M A I C A

* JAMAICA: Stock Exchange Launches Depository Receipts Market


P U E R T O    R I C O

ANNA'S LINENS: Has Deal on Payment of Bid Protections
ANNA'S LINENS: Court Approves IP Assets Sale to Sensio
PUERTO RICO: "The Pitfalls of a Bankruptcy," Judd Gregg Says


T R I N I D A D  &  T O B A G O

TRINIDAD  &  TOBAGO: Dollar Has Depreciated to $6.43 Per US Dollar


V E N E Z U E L A

VENEZUELA: Political Challenges to Increase, Moody's Says


                            - - - - -


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


ARGENTINA: Moody's Affirms Caa2 Rating & Changes Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Argentina's
Caa1 issuer rating to stable from negative.  The outlook on
Argentina's (P)Caa2 foreign legislation and restructured local
legislation foreign currency obligations is also changed to stable
from negative.  The outlook change is based on Moody's view that
shifts in the political climate are reducing the risk of investors
suffering greater than expected losses once a new government
assumes power on Dec. 10, 2015.

At the same time, Moody's has affirmed Argentina's Caa1/NP and
(P)Caa2 ratings, as well as the Ca rating on the original
defaulted bonds.  The (P)Caa2 rating on the foreign legislation
and restructured local legislation foreign currency obligations
reflects the likelihood of higher losses to investors from the
continuing default of bonds caught in the ongoing legal
proceedings in US courts, thereby differentiating this portion of
Argentina's debt from the rest.

Affirmations:

Issuer: Argentina, Government of

  Issuer Rating (Foreign Currency), Affirmed Caa1
  Issuer Rating (Local Currency), Affirmed Caa1
  Senior Unsecured Short-Term Rating, Affirmed NP
  Senior Unsecured Short-Term Rating (Local Currency), Affirmed NP
  Senior Unsecured Medium-Term Note Program (Foreign Currency),
   Affirmed (P)Ca
  Senior Unsecured Medium-Term Note Program (Foreign Currency),
   Affirmed (P)NP
  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Affirmed Ca
  Senior Unsecured Shelf (Foreign Currency), Affirmed (P)Ca
  Senior Unsecured Shelf (Foreign Currency), Affirmed (P)Caa2
  Senior Unsecured Shelf (Foreign Currency), Affirmed (P)Caa1

Outlook Actions:

Issuer: Argentina, Government of

  Outlook, Changed To Stable From Negative

RATINGS RATIONALE

RATIONALE FOR THE STABLE OUTLOOK

The main driver of Moody's decision to change the outlook to
stable from negative is Moody's view that the results of
Argentina's Oct. 25, national elections suggest popular support
for policy change post-election is greater than previously
thought, reducing the risk of greater than expected losses to
investors in the next 12 to 18 months.

Argentina held the first round of its presidential elections on 25
October with no outright winner.  A runoff election between the
two candidates with the most votes, Daniel Scioli from the
governing Frente para la Victoria (FPV) and Mauricio Macri from
the Cambiemos coalition, will be held on Nov. 22.  Mr. Scioli came
in first in the first round but the results were much closer than
originally expected, less than three percentage points ahead of Mr
Macri, whereas prior polls had indicated the difference would be
as much as 10%.  Simultaneous elections for Congressional seats as
well as regional and local governments, which do not require a
second round of voting, also showed better-than-expected results
for Cambiemos candidates, including control of the Province of
Buenos Aires, Argentina's largest.

In Moody's view, although it remains unclear what specific
policies each candidate will pursue if elected, the Oct. 25,
electoral results suggest greater than previously expected support
for policy change of some sort, and the likelihood of a break from
the past is rising regardless of who ultimately wins the
presidency.  That reduces the probability that the downside
scenarios previously reflected in the negative outlook will
materialize, and increases the probability that the next
administration will seek to address Argentina's mounting credit
constraints, including a fall in international reserves, a lack of
access to international capital markets, high inflation and a
rising fiscal deficit.  A more consistent policy framework would
lessen the possibility of Argentina running into difficulties
meeting its debt obligations in 2016 and 2017.  A negotiation to
resolve the legal proceedings in the US would reduce the risk of
further legal rulings expanding the portion of Argentina's debt
whose debt payments are not allowed to reach bondholders.

WHAT COULD CHANGE THE RATING UP/DOWN

Further positive credit rating actions are likely if Argentina's
economic policies become more consistent and predictable and its
external funding options improve.  Greater clarity on possible
changes to the current policy stance, such as could come from the
Nov. 22 runoff and its aftermath, could lead to further rating
actions.  Moody's would likely align the foreign legislation and
restructured local legislation foreign currency bonds' rating with
the issuer rating should Moody's concludes that foreign legal
proceedings no longer pose a risk of non-payment.

A return to a negative outlook, or other negative rating actions,
could result from a persistent decline in international reserves
or a rise in the government's debt ratios.  If the first- and
second-round effects of Argentina's default end up having a
significant negative impact on the main economic and debt metrics
that may also result in a lower rating.  Moody's would further
downgrade the foreign legislation bonds and restructured local
legislation foreign currency obligations should Argentina's
current default due to US court rulings become so prolonged as to
lead to losses greater than 20% for investors.

COUNTRY CEILINGS

As a result of this rating action, the long-term foreign currency
bond ceiling is unchanged at Caa1, while the short-term foreign
currency bond ceiling is unchanged at NP.  The long-term foreign
currency deposit ceiling is unchanged at Caa2, while the short-
term foreign currency deposit ceiling remains at NP.  The long-
term local currency bond and deposit ceilings are unchanged at B1,
while the short-term local currency bond and deposit ceilings
remain unchanged at NP.

  GDP per capita (PPP basis, US$): 22,302 (2014 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 0.5% (2014 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 23.9% (2014 Actual)
  Gen. Gov. Financial Balance/GDP: -2.5% (2014 Actual) (also known
   as Fiscal Balance)
  Current Account Balance/GDP: -1.1% (2014 Actual) (also known as
   External Balance)
  External debt/GDP: 26.3% (2014 Actual)
  Level of economic development: Moderate level of economic
   resilience
  Default history: At least one default event (on bonds and/or
   loans) has been recorded since 1983.

On Oct. 29, 2015, a rating committee was called to discuss the
rating of the Argentina, Government of.  Other views raised
included: The issuer's economic fundamentals, including its
economic strength, have not materially changed.  The issuer's
institutional strength/ framework, have not materially changed.
The issuer's governance and/or management, have not materially
changed.  The issuer's fiscal or financial strength, including its
debt profile, has not materially changed.  The issuer has become
less susceptible to event risks.


BANCO PATAGONIA: S&P Affirms 'CCC+' LC Rating; Outlook Neg.
-----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'CCC+'
local currency and 'CCC-' foreign currency ratings on Banco
Patagonia S.A.  The outlook remains negative.

S&P's ratings on Banco Patagonia S.A. reflect the sovereign
ratings, which limit the ratings on the bank.  S&P rarely rates
financial institutions above the sovereign of the countries where
they operate because S&P considers it unlikely that these
institutions would remain unaffected by developments in their
domestic economy.  The 'CCC-' transfer & convertibility (T&C)
assessment on Argentina (foreign currency: SD; local currency:
CCC+/Negative/C) limits the foreign currency ratings on the bank.
This assessment reflects S&P's view of the likelihood of a
sovereign restricting access to foreign exchange that a non-
sovereign needs to satisfy debt service obligations.

In S&P's view, Banco Patagonia has an "adequate" business
position, "moderate" capital and earnings, "adequate" risk
position, "average" funding, and "adequate" liquidity, as S&P's
criteria define these terms.  The bank's stand-alone credit
profile (SACP) is 'b+'.

The negative outlook on the bank reflects the pressures of
sovereign distress on financial institutions operating in
Argentina.  The 'CCC-' transfer and convertibility (T&C)
assessment on Argentina limits S&P's foreign currency rating on
the bank, which would likely move in tandem with the T&C
assessment.  The local currency rating on the bank is limited by
S&P's local currency rating on Argentina and would likely mirror
this rating.

S&P could revise the outlook on Banco Patagonia to stable if
pressures of sovereign distress on financial institutions
operating in Argentina diminish.


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


BRAZIL: Analysts Turn More Pessimistic on Brazil's Economy
----------------------------------------------------------
EFE News reports that analysts expect Brazil's economy to contract
by 3.05 percent this year, with the inflation rate hitting 9.91
percent, the Central Bank said.

The gross domestic product (GDP) and inflation estimates come from
the Boletin Focus, a weekly Central Bank survey of analysts from
about 100 private financial institutions on the state of the
national economy, according to EFE News.

Last week, analysts said they expected Brazil's economy to
contract by 3.02 percent this year and the inflation rate to be
9.85 percent, the report notes.

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

The government expects inflation to end the year within its target
range of 4.5 percent, with a 2 percent band that would put the top
end rate at 6.5 percent, notes the report.

EFE recalls that Brazil finished 2014 with an inflation rate of
6.41 percent.

Analysts expect Brazil's GDP to contract by 1.51 percent in 2016,
with inflation falling to 6.29 percent, says EFE News.

The report relays that analysts have become increasingly
pessimistic over the past 16 weeks as Brazil's economy has slowed
and the government's fiscal adjustment measures have failed to fix
growing budget woes.

If the forecasts prove to be accurate, says the report, Brazil's
economy is headed for its worst economic performance since 1990,
when it contracted by 4.35 percent.


HYPERMARCAS SA: S&P Puts 'BB' Rating on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB' global and
'brAA-' national scale ratings on Hypermarcas S.A. on CreditWatch
with positive implications.

The CreditWatch positive listing follows the recent announcement
of the sale of Hypermarcas' cosmetics business to Coty Inc.
(BB+[Prelim]/Stable/--) for R$3.8 billion, which should be
received by the second quarter of 2016.  Hypermarcas will use the
proceeds of the sale primarily for deleveraging, which will reduce
interest burden, bolstering cash flow generation.  However, S&P
still needs to reassess company's long-term financial policies and
growth strategy, as well as the expected leverage levels for the
coming years, although S&P expects them to be materially lower
than current levels.

S&P will resolve the CreditWatch listing during the next few
weeks, following its review of the company's strategy for its
remaining businesses and its financial policies after the sale, as
well as its future leverage and capital structure.  S&P could
upgrade Hypermarcas if our updated forecasts point to sustainable
and materially lower leverage, combined with a conservative growth
strategy, which would support the view of a stronger financial
risk profile.


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

ALTA MANAGEMENT: Shareholder to Hear Wind-Up Report on Nov. 9
-------------------------------------------------------------
The shareholder of Alta Management (Cayman) Limited will hear on
Nov. 9, 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:

          Angelos Kapsis
          c/o Peter De Vere
          Campbells
          Willow House, Floor 4
          Cricket Square, Elgin Avenue
          George Town, Grand Cayman
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


AP MASTER: Shareholders' Final Meeting Set for Nov. 16
------------------------------------------------------
The shareholders of AP Master Fund SPC, Ltd. will hold their final
meeting on Nov. 16, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o Antoine Powell
          Telephone: (345) 815-4558
          e-mail: apowell@bdo.ky
          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


BUNGE INVESTMENT: Shareholder to Hear Wind-Up Report on Nov. 27
---------------------------------------------------------------
The shareholder of Bunge Investment Management (Cayman) Limited
will hear on Nov. 27, 2015, at 9:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman, KY1-9005
          Cayman Islands
          c/o Kim Charaman
          Telephone: (345) 943-3100


BY INVESTMENT: Shareholders' Final Meeting Today
------------------------------------------------
The shareholders of By Investment Ltd. will hold their final
meeting today, Nov. 5, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Hiroaki Tsunoda
          30-16-211, Idasugiyama-cho
          Nakahara-ku
          Kawasaki City, Kanagawa
          211-0036 Japan
          Telephone: +813 5774 1623
          e-mail: tsunoda@expertslink.jp


CALEDONIAN GLOBAL: Creditors' Proofs of Debt Due Nov. 19
--------------------------------------------------------
Caledonian Global Financial Services Inc. intends to declare an
interim dividend.  Creditors are required to file their proofs of
debt by Nov. 19, 2015, to be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


CF FUND: Shareholder to Hear Wind-Up Report on Nov. 9
-----------------------------------------------------
The shareholder of CF Fund Management (Cayman) Limited will hear
on Nov. 9, 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:

          Angelos Kapsis
          c/o Peter De Vere
          Campbells
          Willow House, Floor 4
          Cricket Square, Elgin Avenue
          George Town, Grand Cayman
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


CQS EUROPEAN: Members Receive Wind-Up Report
--------------------------------------------
The members of CQS European Equity Long Short Feeder Fund Limited
received on Nov. 2, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


CQS EUROPEAN MASTER: Members Receive Wind-Up Report
---------------------------------------------------
The members of CQS European Equity Long Short Master Fund Limited
received on Nov. 2, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


GREATER CHINA: Shareholders' Final Meeting Today
------------------------------------------------
The shareholders of Greater China Value Fund will hold their final
meeting today, Nov. 5, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Griffin
          c/o Richard Gardner
          Telephone: +1 (345) 743 6830
          FTI Consulting (Cayman) Limited
          2D Landmark Square
          64 Earth Close, SMB
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


HERING OVERSEAS: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Hering Overseas Ltd. received on Nov. 3, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


LEGATO CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Legato Capital Limited received on Nov. 3, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


ODEBRECHT OFFSHORE: Moody's Confirms Caa1 Rating on Global Notes
----------------------------------------------------------------
Moody's Investors Service has confirmed the Caa1 rating of the
senior secured global notes due 2022 issued by Odebrecht Offshore
Drilling Finance Limited, and assigned a negative outlook.

RATINGS RATIONALE

The rating action reflects Moody's opinion that Odebrecht Oil &
Gas ("OOG"; not rated), the operator of the underlying drilling
vessels (ODN I, ODN II, Norbe VI and ODN Tay IV) may face
significant challenges in the near term in its attempt to re-
contract ODN Tay IV, which had its charter and services agreements
terminated by Petroleo Brasileiro S.A. ("Petrobras"; Ba2 stable)
on Sept. 22, 2015.  As per the financing agreements, the lack of
replacement charter and services contracts on terms not less
favorable than the agreements that have been terminated, within 90
days of such termination, could trigger an event of default and
debt acceleration at the option of the Holders of at least 25% of
the aggregate outstanding Note principal.  It is Moody's
understanding that OODFL is weighing various options at the
current time.

The negative outlook takes into account Petrobras' continuing
efforts to reduce operating costs and increase productivity and
competitiveness, thus the likelihood of Petrobras' aggressive
efforts to re-negotiate charter contracts for lower daily rates,
or even terminate these contracts for vessels that have presented
any material operational weaknesses.  Petrobras continues to be
the sole off-taker of ODN I, ODN II and Norbe VI and hence the
sole revenue source to service the OODFL's outstanding Notes.
Moody's foresees that a potential for reduction in daily rates of
ODN I, ODN II or Norbe VI's charter contracts could have a
material negative impact on OODFL's operating cashflows, hence on
its ability to make scheduled interest and principal payments.
The potential for reduced cashflows also heighten the refinancing
risk given the Notes' high balloon payment at maturity.  At the
current time the project continues to receive operating cashflows
from the three remaining assets.  The contracted day rates remain
within reasonable bands and the up time performance for the
remaining three assets remains within original expectations.
Furthermore, the project benefits from liquidity in various
accounts that are available to cover potential shortfalls of cash
required for debt service.

The negative outlook also reflects Moody's expectation that the
operating environment in which ODN I, ODN II, Norbe VI and ODN Tay
IV operate will continue to deteriorate.  Oil prices, which have
been at historically low levels in the recent past, have dampened
the demand for drilling vessels on a worldwide basis, severely
impacting their ability to re-contract in the event that Petrobras
were to terminate the charter and services agreements prior to
debt maturity.  Low oil prices will also translate into lower
daily rates in a re-chartered agreement, thereby affecting
operating revenues, cash flows and asset values.

What Could Change the Rating Up/Down

Moody's do not anticipate an upward pressure on the rating or
outlook in the near or medium term.

OODFL's rating could be further downgraded if ODN I, ODN II or
Norbe VI's charter and services agreements are re-negotiated at
worse terms, or upon a deterioration in the quality or sufficiency
of OODFL's liquidity arrangements, or the occurrence of any
payment acceleration.  A downgrade could also occur if there were
a deterioration in: (i) the credit profile of OOG, the operator of
the assets, (ii) OODFL's performance relative to the standards in
the remaining charter agreements with Petrobras, including uptime
performance of ODN I, ODN II or Norbe VI; (iii) the re-contracting
market for offshore vessels; or (iv) Petrobras' credit profile.

OODFL is a tax-exempted company organized under the laws of the
Cayman Islands and is indirectly owned by OOG.


RYE SELECT: Creditors' Proofs of Debt Due Dec. 28
-------------------------------------------------
Rye Select Broad Market XL Portfolio Limited intends to declare a
final dividend.  Creditors are required to file their proofs of
debt by Dec. 28, 2015, to be included in the company's dividend
distribution.

The company's liquidator is:

          Eleanor Fisher
          c/o Kevin Guirey
          Zolfo Cooper, Suite 776
          10 Market Street, Camana Bay
          Grand Cayman KY-9006
          Cayman Islands
          Telephone: (345) 814-4038
          Facsimile: (345) 946-0082


WHITETIP INVESTMENT: Shareholder to Hear Wind-Up Report on Nov. 23
------------------------------------------------------------------
The shareholder of Whitetip Investment Company will hear on
Nov. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Many Pacts 'Expose' Industry to Traps
---------------------------------------------------------
Dominican Today reports that Dominican Republic's liberalized
trade from five agreements signed with 49 countries expose
domestic industry to unfair practices and excessive competition
from imports, Industry and Commerce minister Jose del Castillo
warned.

The official, speaking in the third Latin American Dialogue on
Corrective Trade Management that was to conclude Nov. 4, said
that's why the country's trade agreements feature chapters on
trade defense instruments, as well as World Trade Organization
(WTO) agreements which establish mechanisms "to protect trade in
particular circumstances with specific products and authorize the
adoption of trade correction and defense measures," according to
Dominican Today.

The report notes that Dominican Republic has had during the last
seven years the Regulatory Commission on Unfair Trade Practices
and Safeguard Measures, an organization which its president, Ivan
Gaton affirms, has applied safeguard or anti-dumping measures on
imports of toilets and sinks (China) socks and stockings (also
China), tubular fabric and polypropylene bags (Central America)
and rebar (Spain and Turkey).

Dumping occurs when goods are imported and sold at a very low
price, even below production cost, to take over the market, the
report relays.

Mr. Gaton said when an importer does so they displace local
industry, and carry it out until they have to shutter, leading to
job losses, the report notes.

The safeguard measures, however, are used to restrict imports of a
product to protect local industry, the report adds.

                            *     *     *

As reported in Troubled Company Reporter-Latin America on May 22,
2015, Standard & Poor's Ratings Services raised its long-term
sovereign credit ratings on the Dominican Republic (DR) to 'BB-'
from 'B+'.

The outlook is stable.  At the same time, S&P affirmed the 'B'
short-term rating.  S&P also raised its transfer and
convertibility (T&C) assessment to 'BB+' from 'BB'.



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


* JAMAICA: Stock Exchange Launches Depository Receipts Market
-------------------------------------------------------------
RJR News reports that the Jamaica Stock Exchange has launched its
Depository Receipts Market.

The stock exchange will be accepting applications from securities
dealers on November 9, according to RJR News.

The report notes that a depository receipt is an investment
product that gives investors access to shares in foreign
companies.

Shares of companies listed on a reputable stock exchange can be
traded on the Jamaican Stock Exchange, without being listed
locally, the report relays.

                           *     *     *

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


ANNA'S LINENS: Has Deal on Payment of Bid Protections
-----------------------------------------------------
Anna's Linens, Inc., sought and obtained from Judge Theodor C.
Albert of the U.S. Bankruptcy Court approval of a stipulation that
it had entered into with the Official Committee of Unsecured
Creditors and the Tiger Capital Group, LLC and Yellen Partners,
LLC joint venture, regarding the payment of bid protections.

The Debtor and the Tiger Capital Group, LLC/Yellen Partners, LLC
joint venture ("Tiger/Yellen Stalking Horse") entered in to an
Agency Agreement ("Stalking Horse Agency Agreement"), pursuant to
which the Tiger/Yellen StalkiHang Horse agreed to act as the
Debtor's exclusive agent for the limited purpose of selling
certain inventory located at the Debtor's retail locations and
certain of the Debtor's fixtures, furniture and equipment.

The Stalking Horse Agency Agreement provided that the Tiger/Yellen
Stalking Horse was entitled to receive a break-up fee of $650,000,
plus an expense reimbursement of up to $350,000 for reasonable
fees and expenses of its legal, accounting and financial advisors
and the out-of-pocket costs and expenses incurred by the
Tiger/Yellen Stalking Horse in connection with conducting due
diligence and the negotiation, documentation and implementation of
the Stalking Horse Agency Agreement and the transactions
contemplated thereby ("Bid Protections") in the event that the
Tiger/Yellen Stalking Horse was not the successful bidder at an
auction to be conducted by the Debtor.  The Stalking Horse Agency
Agreement further provided that the Debtor was to pay to the
Tiger/Yellen Stalking Horse, a work fee of $200,000, which amount
would be credited against the Bid Protections in the event that
the Bid Protections became payable.

The Debtor paid the Work Fee to the Tiger/Yellen Stalking Horse
prepetition.

The Debtor conducted the Auction, at which a joint venture
comprising Hilco Merchant Resources, LLC and Gordon Brothers
Retail Partners, LLC, was the successful bidder.  The Debtor filed
a motion seeking authority, among other things, to pay the Bid
Protections to the Tiger/Yellen Stalking Horse.  The Committee of
Unsecured Creditors objected to the payment by the Debtor of the
Bid Protections on various grounds and reserved its right to seek
disgorgement of the Work Fee.  The Court entered its Assumption
Order, requiring the Debtor to establish a segregated account
("Bid Protections Reserve") containing $800,000 for the purpose of
paying the Tiger/Yellen Stalking Horse Bid Protections upon
approval of such amounts.  The Debtor established the Bid
Protections Reserve and it has been funded with the $800,000.

The Stipulation provides, among others, the following terms:

     (1) Expense Reimbursement -- The Tiger/Yellen Stalking Horse
will keep the $200,000 Work Fee and the $150,000 balance of the
total $350,000 Expense Reimbursement will be transferred from the
Bid Protections Reserve to the Debtor's general operating account
for the benefit of the estate.

     (2) Non-Contingent Break-Up Fee Payment -- the Tiger/Yellen
Stalking Horse will receive a non-contingent $130,000 payment from
the Bid Protections Reserve as a Break-Up Fee to be paid within
one business day of the date the Court enters its order approving
this Motion.

     (3) Contingent Break-Up Fee Payment -- (i) if the claims of
the Debtor's Secured Parties against the Debtor are not paid in
full:

(a) the Tiger/Yellen Stalking Horse will receive an additional
$130,000 payment from the Bid Protections Reserve and (b) the
General Unsecured Account will receive $390,000 from the Bid
Protections Reserve; or (ii) if the claims of the Secured Parties
against the Debtor are paid in full, then the Debtor's general
operating account for the benefit of the estate shall receive
$520,000 from the Bid Protections Reserve.

     (4) Releases --  The Debtor, Tiger/Yellen Stalking Horse and
the Secured Parties exchange mutual releases regarding the Bid
Protections and the entitlement of the Tiger/Yellen Stalking Horse
thereto; provided that the Tiger/Yellen Stalking Horse may assert
any unpaid portion of the Bid Protections as a defense against any
claim asserted by the Debtor or the Committee against the
Tiger/Yellen Stalking Horse.

The Debtor believes that the Stipulation contains a compromise
that is in the best interests of the estate.  The Debtor contends
that the Tiger/Yellen Stalking Horse asserts a perfected secured
claim for the total amount of the Bid Protections.  The Debtor
further contends that any challenge to the Tiger/Yellen Stalking
Horse Lien will be subject to expensive and protracted litigation,
which will significantly delay and reduce any recovery to the
estate from the Bid Protections. The Debtor believes that the
Stipulation is a fair compromise and is in the best interests of
the estate.

Anna's Linens, Inc. is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Juliet Y. Oh, Esq.
          Lindsey L. Smith, Esq.
          LEVENE, NEALE, BENDER, YOO
          & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, CA 90067
          Telephone: (310)229-1234
          Facsimile: (310)229-1244
          E-mail: dbg@lnbyb.com
                  ehk@lnbyb.com
                  jyo@lnbyb.com

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


ANNA'S LINENS: Court Approves IP Assets Sale to Sensio
------------------------------------------------------
Judge Theodor C. Albert of the U.S. Bankruptcy Court for the
Central District of California, Santa Ana Division, approved the
sale of IP assets of debtor Anna's Linens, Inc., to successful
bidders Sensio, Inc., and I&K Vending, LLC.

Sensio, Inc., tendered a bid of $40,000 for Bella/B Bella Marks,
U.S. Reg. Nos. 3,973,724 and 4,578,385 ("Bella IP Assets").  I&K
Vending, LLC, tendered a bid of $235,000 for all IP Assets other
than the Bella IP Assets.

J.E. Rick Bunka, the Debtor's CFO, relates that the successful
bids submitted by Sensio and I&K are fair, reasonable, and for
purchase prices which maximize the value of the IP Assets for the
benefit of the Debtor's bankruptcy estate.  Mr. Bunka further
relates that the IP Assets were well marketed by Hilco IP
Services, LLC d/b/a Hilco Streambank, and that the sale and
Auction process was fair and reasonable and designed to maximize
the value obtained for the IP Assets.

David Peress, Vice President of Hilco Streambank contends that the
combination of the I&K Bid and the Sensio Bid is the highest and
best offer for the Intellectual Property.

Anna's Linens is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Juliet Y. Oh, Esq.
          Lindsey L. Smith, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, CA 90067
          Telephone: (310)229-1234
          Facsimile: (310)229-1244
          E-mail: dbg@lnbyb.com
                  ehk@lnbyb.com
                  jyo@lnbyb.com

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


PUERTO RICO: "The Pitfalls of a Bankruptcy," Judd Gregg Says
------------------------------------------------------------
Judd Gregg, writing for The Hill, says that the Obama
administration -- in particular the U.S. Treasury -- has been
under pressure for months from Democrats and Puerto Rican
politicians to find a solution to the commonwealth's fiscal
crisis.

Mr. Gregg said that Puerto Rico's $72 billion of debt is the
product of decades of mismanagement, profligate borrowing, a
broken taxation system and recurring deficits, according to The
Hill.

Mr. Gregg said that its political leaders and various public
institutions have hidden information from the capital markets and
kicked the can down the road for as long as possible without
undertaking real fiscal reforms, the report notes.  This is why an
easy "solution" to the island's current situation does not exist
outside the realm of a time machine, Mr. Gregg said.

This, however, has not stopped the administration and Treasury
from throwing a final Hail Mary, Mr. Gregg said, the report
relays.

With the release of a somewhat vague plan that was outlined by
Treasury Council Antonio Weiss and lobbied for by various Puerto
Rican politicians at a Senate Energy & Natural Resources
Committee, President Obama pressed Congress to give the entire
Commonwealth of Puerto Rico the ability to file for Chapter 9
bankruptcy, Mr. Gregg said, the report notes.

The new proposal is being widely referred to as "Super Chapter 9,"
in part because Chapter 9 currently can only be applied to
municipalities and cities in the United States, Mr. Gregg said,
the report discloses.  The legislation would also go even further
than the Puerto Rico bankruptcy bill currently before Congress,
Mr. Gregg added.

Mr. Gregg disclosed that this deal will be a tough sell to a
Republican Congress.  Many conservative members have already
balked at the idea of "bailing out" Puerto Rico with the more
limited bankruptcy bill, and with good reason, Mr. Gregg said, the
report notes.

Any bankruptcy bill for Puerto Rico would punish retirees whose
pension funds invested in these bonds because they were tax-free,
had strong security and were explicitly protected from Chapter 9,
Mr. Gregg said, the report relays.  Conversely, it would reward
Puerto Rico and its politicians for years of irresponsible
spending and poor fiscal policy, Mr. Gregg added.

Equally significant is the implication of this new type of Chapter
9 for American investors in the near-future, Mr. Gregg said, the
report notes.  Illinois, New Jersey, Pennsylvania, Connecticut are
among the states with large unfunded liabilities facing fiscal
crises -- and the list is growing at an alarming speed, Mr. Gregg
added.  If Super Chapter 9 is granted for Puerto Rico, why
wouldn't these states expect it?

Mr. Gregg said the negative consequences of all of this could be
catastrophic for infrastructure investment in the United States.

The roughly $3.5 trillion municipal debt market that funds the
paving of highways, schools, hospitals, and police and fire
stations has rested for decades on a set of rules and laws that
made these bonds "safe" investments, Mr. Gregg said, the report
discloses.  The status of this designation has begun to crack
since Detroit filed for Chapter 9 bankruptcy back in 2013, Mr.
Gregg added.

If suddenly it was put on the table that not only cities, but
whole states, could write down their debts, with bondholders
having no recourse, the effect would be to fundamentally undermine
the municipal debt market, Mr. Gregg said.  It would be akin to
dropping a great white shark into a pool party -- except, instead
of swimmers, it would be retirees and other muni investors
chaotically scrambling to safety and fleeing these investments, or
else charging huge premiums to states to borrow money, Mr. Gregg
said, the report notes.

Mr. Gregg said the cost of those increased rates, of course, would
be borne by the taxpayers in the form of an additional and
unnecessary charge for keeping the infrastructure of their states
viable, the report notes.

It should be inconceivable that a member of Congress from a state
that has been reasonably responsible in managing its fiscal house
would vote for this "super" chapter 9 approach, Mr. Gregg said,
the report discloses.  They would be essentially voting to raise
taxes on their constituents to subsidize less responsible states,
since the cost of borrowing for all states will go up dramatically
if a few states threaten to take this new path, Mr. Gregg said,
the report relays.  It is difficult to see how anyone could
justify that back home.

Rather than granting Puerto Rico the ability to slash its debt in
U.S. bankruptcy court, Congress should help Puerto Rico craft a
solution that achieves structural reform, improves the lives of
Puerto Ricans, and respects the rights of retirees and creditors,
Mr. Gregg said, the report relays.

Congress needs to ensure that it does not rush to impose a plan
that leaves bondholders wholly unprotected and fails to fix the
structural and governmental failures that got Puerto Rico to this
point in the first place, Mr. Gregg said, the report notes.

Otherwise we will find ourselves dealing with numerous similar
Chapter 9 crises -- but these will be much closer to home, much
larger and much more devastating for people who thought they had a
safe investment to count on in their retirement, Mr. Gregg said,
the report adds.

                          *       *       *

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: Dollar Has Depreciated to $6.43 Per US Dollar
------------------------------------------------------------------
http://www.trinidadexpress.com/20151103/business/tt643-for-us1
(rousel/revise)

Trinidad Express reports that despite a record-high sale of US$695
million by the Central Bank (CBTT) to registered foreign exchange
dealers in October, the TT dollar has depreciated to $6.43 per US
dollar from as high as $6.37 last month.

"There was nothing sinister in that move. The objective was to
move the system back to what it was prior to the March 2014
changes.  The sharing arrangement was revised and the currency was
appreciated at that time.  We have now moved back to the original
sharing arrangement and the currency has been allowed to
depreciate slightly back to around what it was at that time,"
Central Bank said, the report notes.

Future stability of the currency is dependent on its proper
availability, wise use and accurate pricing," said Republic Bank
Ltd deputy managing director Nigel Baptiste in response to an
Express query, according to Trinidad Express.

The weakening of the TT dollar was first observed when the October
RBC Caribbean Economic report noted that "the TT dollar
depreciate(d) to roughly $6.40 per US$1," the report relays.


=================
V E N E Z U E L A
=================


VENEZUELA: Political Challenges to Increase, Moody's Says
---------------------------------------------------------
The political outlook in Venezuela (Caa3 stable) will likely face
increased challenges should opposition parties make significant
gains in the country's upcoming congressional elections, says
Moody's Investors Service.

The elections are scheduled for Dec. 6 and should Venezuela's
opposition United Democratic Roundtable win a simple majority in
the assembly, as suggested by recent polls, it could try and force
President Nicolas Maduro from office through a recall referendum.

President Maduro's approval ratings have fallen steadily as
Venezuela's economy has weakened, making his government less
willing to implement potentially unpopular reforms that could
support the economy, according to the report "Government of
Venezuela: Political Challenges Set to Increase as Opposition
Gains Likely in Election."

While the opposition has benefited from that situation, it has not
presented any detailed proposals of its own to tackle the
country's economic problems.

"The opposition appears to be waiting for the economic malaise to
erode government support," said Jamie Reusche, a Moody's Vice
President - Senior Analyst.  "It hasn't laid out a clear economic
strategy of its own to confront the substantial challenges the
country faces because that could carry a political cost."

As a result, Moody's believes that politics will become more
contentious following the elections and little will be done to
address Venezuela's economic imbalances.


                            ***********


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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