TCRLA_Public/151111.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

          Wednesday, November 11, 2015, Vol. 16, No. 223


                            Headlines



A R G E N T I N A

AMES VI: Moody's Rates ARS11MM Certificates 'C(sf)'
ARGENTINA: Printing Cash by the Truckload
BANCO HIPOTECARIO: Moody's Rates $200MM to $500MM Debt Issue Caa1


B A H A M A S

BAHA MAR: Chinese Financier Forecloses on Troubled Project


B R A Z I L

BRAZIL: Macroeconomic Challenges to Threaten Infra. Corporates
GENERAL SHOPPING: Moody's Lowers CFR to Caa1; Outlook Stable
GENERAL SHOPPING: Moody's Lowers Sr. Unsecured Rating to Caa1


C A Y M A N  I S L A N D S

AA INVESTMENTS: Members Receive Wind-Up Report
ABRA HOLDINGS: Shareholders' Final Meeting Today
ADONIT INTERNATIONAL: Shareholders' Final Meeting Set for Dec. 11
CONDOR ALTERNATIVE: Shareholders Receive Wind-Up Report
DB JASMINE: Shareholder Receives Wind-Up Report

EVER GLORY: Members Receive Wind-Up Report
FRONAPE INTERNATIONAL: Shareholders Receive Wind-Up Report
GLENHILL LONG: Shareholder to Hear Wind-Up Report on Nov. 12
LTE MASTER: Shareholder Receives Wind-Up Report
MARRET FUND: Shareholders Receive Wind-Up Report

MODERN MANAGEMENT: Shareholder Receives Wind-Up Report
ODEBRECHT DRILLING VIII/IX: Moody's Affirms B2 Rating on Sr. Notes
PINNACE CORPORATION: Member to Hear Wind-Up Report on Nov. 24
ROCK RIDGE: Shareholder to Hear Wind-Up Report on Nov. 18
TOKYO REALTY: Shareholder Receives Wind-Up Report

TROVE CAPITAL: Shareholder to Hear Wind-Up Report on Nov. 12


C H I L E

LATAM AIRLINES: Climbs to Three-Month High on Stake-Sale Wagers


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Haiti's Political Situation Delays Fix to Trade Ban


M E X I C O

VOLKSWAGEN BANK: Moody's Affirms Ba2 Rating on LT Bank Deposit


P U E R T O    R I C O

PUERTO RICO: Republican Presidential Candidate Backs Statehood
STANDARD REGISTER: Seeks Approval of Wind-Down Settlement


T R I N I D A D  &  T O B A G O

ARCELOR MITTAL: Goes Into Maintenance Mode

* TRINIDAD & TOBAGO: Government Seeks New Economic Directions


V I R G I N   I S L A N D S

HOVENSA LLC: Court Designates Chapter 11 Case as Complex Case


X X X X X X X X X

LATIN AMERICA: Foreign Banks May Abandon Caribbean


                            - - - - -


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


AMES VI: Moody's Rates ARS11MM Certificates 'C(sf)'
-------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo, S.A. rates
the new structure of Fideicomiso Financiero AMES VI, a transaction
that will be issued by TMF Trust Company (Argentina) S.A. - acting
solely in its capacity as Issuer and Trustee.

The change in the structure is related to the VRD's interest rate
cap, which has been increased from 27% to 31%.  Therefore, the VRD
will bear a floating interest rate of BADLAR plus 300 bps, with a
cap of 31% and a floor of 24%.  The ratings originally assigned to
this transaction have not changed as a result of the increase in
the VRD's interest rate cap.

As of Nov. 6, 2015, the securities for this transaction have not
yet been placed in the market.  The transaction is pending
approval from the Comision Nacional de Valores.  If any assumption
or factor Moody's considered when assigning the ratings changes
before closing, the ratings may also change.

   -- ARS 23,389,315 in Class A Floating Rate Debt Securities
      (VRD) of "Fideicomiso Financiero AMES VI", rated Aaa.ar (sf)
      (Argentine National Scale) and B1 (sf) (Global Scale, Local
      Currency).

   -- ARS 11,006,737 in Certificates of "Fideicomiso Financiero
      AMES VI", rated C.ar (sf) (Argentine National Scale) and
      C (sf) (Global Scale, Local Currency).

RATINGS RATIONALE

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 1,368 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by the
Asociacion Mutual de la Economia Solidaria, for a principal amount
of ARS 20,015,696.80.

These personal loans are granted to employees of the City of
Buenos Aires (rated Caa1/Baa1.ar) using a "Codigo de Descuento".
The "Codigo de Descuento" is an identifier granted by a
government-related entity (in this case the City of Buenos Aires)
that allows deducting a personal loan's installment directly from
the borrowers' paycheck.

The originator access an Internet-based system to verify the
borrower's disposable income and originate the personal loan.  The
maximum DTI ratio established by the City of Buenos Aires is 50%.
In this transaction, the City of Buenos will be instructed to
send, on a monthly basis, the scheduled principal and interest on
the securitized loans directly to the trust account.  In turn, the
trustee, based on the master servicer's reports will reconcile any
amounts that belong to the originator.

The automatic deduction of the loans' installments reduces
significantly the probability of default of the loans, which is
not dependent on the borrower's willingness to pay.

In this type of loan the main causes of delinquency are: (i)
termination of the work relationship between the borrower and the
Government of the City of Buenos Aires, (ii) judicial embargos,
that may limit the maximum disposable income tan can be deducted
by the GCBA, (iii) increases in the Minimum Wage that increases
the minimum disposable income that the employee must receive net
of deductions, (iv) variable components of the wages that are not
collected in a particular month and therefore decreases the
disposable income (v) and unpaid work licenses.

Initial negative overall credit enhancement is mitigated by a
turbo sequential structure, which allows for the building of
credit enhancement since first coupon payment.  In addition the
transaction has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency and prepayment levels higher than Moody's
original expectations, or a disruption in the flow of payments
from the City of Buenos Aires.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the historical performance of AMES's portfolio,
factors common to consumer loans securitizations such as
delinquencies, prepayments and losses; as well as specific factors
related to the Argentine market, such as the probability of an
increase in losses if there are changes in the macroeconomic
scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 6% and a coefficient of variation of 70%.  Also, Moody's
assumed conditional prepayment rate (CPR) of 21.5%.  These
assumptions are derived from the historical performance to date of
AMES' pools and prior transactions.

The model results showed 2.17% expected loss for the Class A
Floating Rate Debt Securities and 82.48% for the Certificates.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 9% and a
coefficient of variation of 70%), the ratings of the Class A
Floating Rate Debt Securities would likely decreased to B2 (sf).
The rating of the Certificates would be unchanged.

Moody's also applied a stress to the cash flows by assuming an
interruption of the salary payments of the City of Buenos Aires.
The assigned ratings are consistent with this stress scenario.


ARGENTINA: Printing Cash by the Truckload
-----------------------------------------
Emma Orr at Bloomberg News report that in Argentina, inflation is
rampant. Growth is stagnant.  And companies are stranded with
mountains of cash they can't get out of the country.

It's a mix that makes Argentina more likely to be a blight on
corporate income statements than a boon, according to Bloomberg
News.  But one class of company isn't complaining: armored truck
operators.

Brink's Co. and Prosegur Cia. de Seguridad SA, the biggest
providers of the vehicles in Argentina, both cited gains during
third-quarter earnings calls, Bloomberg News notes.  It's a rare
bright spot in a nation that has been singled out for its
inflation that erodes sales and capital controls that limit
foreign money transfers, says the report.

Those same forces are helping Prosegur and Brink's, adds Bloomberg
News.  The Argentine Treasury's printing presses have been working
overtime, boosting currency in circulation by 10 percent this year
to ARS900 billion ($94 billion) as of late October, according to
the central bank, the report says.  That's fueling inflation of as
much as 35 percent a year, said Jeffrey Kessler, an analyst at
Imperial Capital LLC. It's also boosting demand for armored trucks
to move the cash around, the companies have said.

"The business is growing on its own," the report quoted Mr.
Kessler as saying from New York about Brink's. "Then you lop on
top of that -- like the ice cream on top -- the amount of currency
increase. They're benefiting."

                            Low Reserves

Bloomberg News says that with central bank reserves at their
lowest in nine years, the net amount of pesos printed to fill
Argentina's budget deficit is near 40 percent of the nation's
money supply, the most in at least a decade, according to
estimates from Citigroup Inc., Bloomberg News relays.

The report notes that the country's largest bill is now worth
about $10 at the official exchange rate, helping to boost the
number of notes in circulation.

Bloomberg News says that Brink's, based in Richmond, Virginia,
gets about 40 percent of its revenue from Latin America.  It said
at the end of last month that the value of sales in pesos grew as
much as 60 percent from a year earlier, while Madrid-based
Prosegur also cited increasing revenue in Argentina, Bloomberg
News relays.

"The recent growth in Argentina is primarily inflation-driven,
though we are also seeing volume increases related to the
additional pesos in circulation," Edward Cunningham, vice
president of investor relations at Brink's, said in an e-mailed
response to questions, reports Bloomberg News.

                         Upcoming Election

The report notes that their good fortune isn't likely to last.
Like all foreign companies operating in Argentina, Brink's and
Prosegur can expect to take a hit from a looming peso devaluation
that analysts from Citigroup to Credit Suisse Group AG say is
coming, regardless of who wins the Nov. 22 presidential elections,
Bloomberg News relays.

A top adviser to Mauricio Macri, the opposition candidate, says he
will make it a priority to fight inflation that he believes is
being driven by printing more and more money, Bloomberg News
discloses.  The candidate for the ruling party, Daniel Scioli, is
expected also to remove currency controls but more gradually, adds
the report.

"There's more than likely to be a devaluation some time in 2016,"
Mr. Kessler said, notes the report.  Brink's has "warned everybody
about that -- not to expect this type of gain again."

For now, says Bloomberg, the printing presses are running on high
and the capital controls are staying put.  While that will
continue to drive demand for the truck companies' services, it
also leaves Brink's and Prosegur facing a situation like that of
their clients: Money made in Argentina must stay in Argentina.  No
word on whether they're using their own armored vehicles to move
the cash around, Bloomberg News adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2015, 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.

The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment.  Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001.  A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


BANCO HIPOTECARIO: Moody's Rates $200MM to $500MM Debt Issue Caa1
-----------------------------------------------------------------
Moody's Investors Service has assigned foreign currency senior
unsecured debt rating of Caa1 to Banco Hipotecario S.A.'s Class
XXIX debt issuance in the amount of $200 million to $500 million,
which will be issued under New York law and due in 2020.

The outlook on the rating is stable.

This rating was assigned to Banco Hipotecario:

   Class XXIX debt issuance for $200 million up to $500 million:

   -- Global Foreign Currency Senior Unsecured Debt Rating: Caa1

RATINGS RATIONALE

Despite the bank's satisfactory financial fundamentals, including
strong capitalization, the Caa1 rating is constrained by
Argentina's challenging operating environment, characterized by
burdensome government regulations and large economic imbalances,
in particular very high inflation.  Consequently, only Argentine
banks that benefit from support from foreign parents have GSRs
above that of the Caa1 sovereign bond rating.

With a tier 1 capital ratio of 21% and tangible common equity
equal to 13.5% of risk weighted assets, Hipotecario's
capitalization is strong, reflecting regulations preventing banks
from paying large dividends.  Asset quality, as reflected in a
non-performing loan ratio of 1.9%, also remains relatively strong
despite above average loan growth and a large exposure to consumer
loans.  Compared to other Argentine banks, however, Hipotecario
relies relatively heavily on wholesale funding, as evidenced in
its ratio of market funds to tangible banking assets of 16%, which
exposes it to refinancing risk.  Despite efforts to diversify its
funding mix, deposit granularity remains modest, as reflected by
its top 10 depositors accounting for 45% of total deposits, though
this includes a significant proportion of government deposits.
Owing to higher funding costs because of the bank's greater
dependence on time deposits, profitability is weaker than peers.
However, revenues are well diversified, with fee income accounting
for an important component of the bank's earnings, which helps
support income stability.

What could move the rating up or down

The rating is effectively capped by the Argentine sovereign's Caa1
rating and stable outlook, and consequently has no upward pressure
at this time.  The bank could face downward rating pressure if its
asset quality or capitalization metrics deteriorate substantially
owing to the current economic slowdown.

Hipotecario is 58.4% owned by Argentina's national government
(Caa1, stable) through Banco de la Nacion Argentina (unrated) and
ANSES (unrated), and 30% owned by Inversiones y Representaciones
S.A. (unrated) (IRSA).  However, IRSA holds 46.6% of the voting
shares and appoints the majority of the board.


=============
B A H A M A S
=============


BAHA MAR: Chinese Financier Forecloses on Troubled Project
----------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that the
Export-Import Bank of China, financier for the troubled Bahamanian
resort Baha Mar, has decided to foreclose on the $3.5 billion
project and appoint a receiver, a decision that Baha Mar's
developer on Nov. 2, 2015, said would harm the project's long-term
prospects.

The move comes weeks after a Delaware bankruptcy judge dismissed
the developer Sarkis Izmirlian's highly contentious Chapter 11
case, a ruling that paved the way for liquidation proceedings to
commence in the Bahamas.

                            About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The bankruptcy cases were assigned to Judge Kevin J. Carey.  The
Debtors were represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York.  The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,
Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones
LLP, in Wilmington, Delaware.  The Debtors' Bahamian counsel was
Glinton Sweeting O'Brien.  The Debtors' special litigation counsel
is Kobre & Kim LLP.  The Debtors' construction counsel was Glaser
Weil Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor was Moelis
Company LLC.  The Debtors' claims and noticing agent was Prime
Clerk LLC.

                            *     *     *

In September 2015, Judge Carey dismissed the Chapter 11
Proceedings filed in the Delaware court by Baha Mar chief
executive officer Sarkis Izmirlian, ruling in favor of the
contractor on the project, China Construction America (CCA), and
its financier, the China Export-Import Bank (CEXIM); but denied
the motion to dismiss Northshore Mainland Services, Inc.'s
bankruptcy case.


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


BRAZIL: Macroeconomic Challenges to Threaten Infra. Corporates
--------------------------------------------------------------
Fitch Ratings believes the credit quality of several Brazilian
infrastructure corporates is threatened due to the higher cost of
long-term financing within the country. The infrastructure sector
has faced challenges financing large capex projects forecasted for
the next three years. This scenario has pressured infrastructure
companies' debt service coverage and their ability to pay down
these lines, which ultimately increases refinancing risks. Current
and future projects could potentially require additional equity
from sponsors, which would deteriorate the liquidity position of
the holding companies of these infrastructure groups. Companies
most likely to be at risk are groups that are in an expansionary
phase versus more mature groups.

The country's annual basic interest rate (Selic) has rapidly
increased to the current 14.25%, which is 325 b.p. higher than
September 2014 and 525 b.p. higher than September 2013.
Additionally, the NTN treasure note (Nota do Tesouro Nacional),
risk free reference rate for inflation-linked bonds, increased by
about 300 p.p. during the last 12 months, given the economic and
political uncertainties within the country. These factors have
impacted the financing costs of sponsors and infrastructure
projects. Infrastructure debentures issued under Law 12.431,
created to finance infrastructure projects, are not allowed to be
prepaid or refinanced. The high interest rate environment has
resulted in companies opting to issue short-term debt to finance
its projects, in order to avoid the higher financing costs
associated with long-term financing. However, these shorter term
credit lines are expected to challenge the industry's cash flow as
projects mature and the credit lines come due.

Fitch believes the ratings of the holdings of more incipient
groups such as Invepar ('A(bra)'/'BB'/Stable Outlook) are more
vulnerable to negative rating actions if alternative sources of
funds are not raised. The cash flow of their ramp-up projects is
dependent on increased volumes and should be pressured by debt
service outflows, while they mature. More mature groups such as
CCR ('AA+(bra)'/Stable Outlook) and Triunfo ('A+(bra)'/Stable
Outlook), are better protected against increasing debt service
outflows as operating cash flows and, consequently, dividends to
the holdings are more robust. Furthermore, additional capex
requirements for the projects of more mature infrastructure groups
will likely be immaterial. Alternative capital sources at the
holding level, such as asset sales or equity injections from
shareholders, aiming to support projects' additional needs and to
reduce the holding debt level, are key for the holding`s liquidity
and reducing refinancing risks, and is expected to be positive
from ratings perspective.


GENERAL SHOPPING: Moody's Lowers CFR to Caa1; Outlook Stable
------------------------------------------------------------
Moody's America Latina downgraded global scale, foreign currency
corporate family rating of General Shopping Brasil S.A. to Caa1
from B2 (national scale, local currency corporate family rating to
Caa1.br from Ba1.br).  The rating outlook was revised to stable
from negative.

RATINGS RATIONALE

The downgrade reflects General Shopping's elevated default risk
over the next 12 to 24 months.  In particular, General Shopping's
senior unsecured perpetual notes continue to trade at a large
discount to par, implying that the risk of a future distressed
exchange is high.

The Caa1 rating also reflects that the company could potentially
sell more assets or obtain additional secured financing to fund
any additional repurchases of the senior unsecured notes.  The
recent tender of the senior unsecured notes in conjunction with
the company's decision to defer interest payments on its
subordinated perpetual notes, which is permissible under the
Indenture and does not trigger an event of default, was part of
senior management's strategic plan to address its strained
liquidity position and weakened credit metrics.  These weakened
credit metrics resulted from a heavy foreign debt load and higher
financing expenses exacerbated by the local currency depreciation.
Lastly, there is also uncertainty regarding the company's future
financial flexibility and earnings power to address the accrual of
deferred interest on its subordinated perpetual bonds.

As of 2Q15, the company's Debt + Preferred Equity as a percentage
of Gross Assets, and its Net debt/EBITDA were 54% and 8.5X,
respectively.  Fixed charge coverage has weakened to 1.0X or below
for several consecutive quarters, eroding any cushion against
unexpected EBITDA declines or increases in interest expenses.
Positively, General Shopping owns and operates a good quality and
resilient portfolio that has consistently maintained a high
occupancy rate and has generated solid EBITDA margins.  The
company has a proven track record as an owner, developer and
operator of shopping centers with a strong presence in the state
of Sao Paulo.

The stable outlook reflects Moody's expectation that the company's
credit metrics will at least remain at current levels and be able
to address the current political and macroeconomic challenges in
Brazil and a weakening retail sector.

Although an upward rating movement is unlikely in the near term,
it would be predicated upon General Shopping maintaining a fixed
charge coverage closer to 1.5X, effective leverage below 50%
(excluding the effect of foreign exchange fluctuations); Net debt
to EBITDA below 7.0X, and secured debt levels below 20% (as a
percentage of gross assets) on a consistent basis.

Downward rating movement would likely result from any further
weakening of current credit metrics, an acute deterioration in
earning strength and stability, as well as any missed payment of
debt service on its perpetual bonds.  Additionally, a meaningful
increase in the proportion of secured debt or a decrease in the
amount of unencumbered assets that could be used for debt
repayment would also place downward pressure on General Shopping's
ratings.

These ratings were downgraded with a stable outlook:

General Shopping Brasil S.A. -- global scale, foreign currency
corporate family rating to Caa1 from B2 (national scale, local
currency corporate family rating to Caa1.br from Ba1.br).

The last rating action with respect to General Shopping Brasil
S.A. was on Sept. 22, 2015, when Moody's downgraded the global
scale, foreign currency corporate family rating to B2 from B1
(national scale, local currency corporate family rating to Ba1.br
from Baa2.br) with a negative outlook.

General Shopping Brasil S.A. [BOVESPA: GSHP3] is headquartered in
Sao Paulo, Brazil.  As of June 30, 2015, the company owned
interests in 16 operating shopping centers in which it had a
proportional interest of approximately 75%.  These shopping
centers have an aggregate of 342,524 square meters (m2) of gross
leasable area (GLA) and focuses on serving the class B and C
consumer. General Shopping reported total assets of approximately
R$3.4 billion.


GENERAL SHOPPING: Moody's Lowers Sr. Unsecured Rating to Caa1
-------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured ratings
of General Shopping Finance Limited to Caa1 from B2 and the
subordinated debt rating of General Shopping Investments Limited
to Caa3 from Caa1.  The rating outlook is revised to stable from
negative.

RATINGS RATIONALE

The downgrade reflects General Shopping's elevated default risk
over the next 12 to 24 months.  In particular, General Shopping's
senior unsecured perpetual notes continue to trade at a large
discount to par, implying that the risk of a future distressed
exchange is high.

The Caa1 rating also reflects that the company could potentially
sell more assets or obtain additional secured financing to fund
any additional repurchases of the senior unsecured notes.  The
recent tender of the senior unsecured notes in conjunction with
the company's decision to defer interest payments on its
subordinated perpetual notes, which is permissible under the
Indenture and does not trigger an event of default, was part of
senior management's strategic plan to address its strained
liquidity position and weakened credit metrics.  These weakened
credit metrics resulted from a heavy foreign debt load and higher
financing expenses exacerbated by the local currency depreciation.
Lastly, there is also uncertainty regarding the company's future
financial flexibility and earnings power to address the accrual of
deferred interest on its subordinated perpetual bonds.

As of 2Q15, the company's Debt + Preferred Equity as a percentage
of Gross Assets, and its Net debt/EBITDA were 54% and 8.5X,
respectively.  Fixed charge coverage has weakened to 1.0X or below
for several consecutive quarters, eroding any cushion against
unexpected EBITDA declines or increases in interest expenses.
Positively, General Shopping owns and operates a good quality and
resilient portfolio that has consistently maintained a high
occupancy rate and has generated solid EBITDA margins.  The
company has a proven track record as an owner, developer and
operator of shopping centers with a strong presence in the state
of Sao Paulo.

The stable outlook reflects Moody's expectation that the company's
credit metrics will at least remain at current levels and be able
to address the current political and macroeconomic challenges in
Brazil and a weakening retail sector.

Although an upward rating movement is unlikely in the near term,
it would be predicated upon General Shopping maintaining a fixed
charge coverage closer to 1.5X, effective leverage below 50%
(excluding the effect of foreign exchange fluctuations); Net debt
to EBITDA below 7.0X, and secured debt levels below 20% (as a
percentage of gross assets) on a consistent basis.

Downward rating movement would likely result from any further
weakening of its current credit metrics, an acute deterioration in
earning strength and stability, as well as any missed payment of
debt service on its perpetual bonds.  Additionally, a meaningful
increase in the proportion of secured debt or a decrease in the
amount of unencumbered assets that could be used for debt
repayment would also place downward pressure on General Shopping's
ratings.

These ratings were downgraded with a stable outlook:

  General Shopping Finance Limited -- senior unsecured debt rating
   to Caa1 from B2
  General Shopping Investments Limited -- subordinated debt rating
   to Caa3 from Caa1

The last rating action with respect to General Shopping Brasil
S.A. was on Sept. 22, 2015, when Moody's downgraded the senior
unsecured debt ratings of General Shopping Finance Limited to B2
from B1 and the subordinated debt rating of General Shopping
Investments Limited to Caa1 from B3 with a negative outlook.

General Shopping Brasil S.A. [BOVESPA: GSHP3] is headquartered in
Sao Paulo, Brazil.  As of June 30, 2015, the company owned
interests in 16 operating shopping centers in which it had a
proportional interest of approximately 75%.  These shopping
centers have an aggregate of 342,524 square meters (m2) of gross
leasable area (GLA) and focuses on serving the class B and C
consumer.  General Shopping reported total assets of approximately
R$3.4 billion.


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


AA INVESTMENTS: Members Receive Wind-Up Report
----------------------------------------------
The members of AA Investments 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:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


ABRA HOLDINGS: Shareholders' Final Meeting Today
------------------------------------------------
The shareholders of Abra Holdings (Cayman) Inc. will hold their
final meeting today, Nov. 11, 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:

          Rajeev Dave
          Greenbank Crescent
          Hendon, London NW4 2LA
          United Kingdom
          Telephone: +44 7976 295 8


ADONIT INTERNATIONAL: Shareholders' Final Meeting Set for Dec. 11
-----------------------------------------------------------------
The shareholders of Adonit International Corp. will hold their
final meeting on Dec. 11, 2015, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kung, Chia Yeh
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          Portcullis TrustNet (Cayman) Ltd.,
          The Grand Pavilion Commercial Centre
          Hibiscus Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1203
          Cayman Islands


CONDOR ALTERNATIVE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Condor Alternative Fund Limited received on
Nov. 5, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Arnaud Cayla
          30 Place de Madeleine
          75008 Paris
          France
          Telephone: +33 1 53 43 20 43


DB JASMINE: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of DB Jasmine (Cayman) Limited received on Nov. 6,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          John Milsom
          c/o Jenna Nicholson
          Telephone: (345) 914-4494/ 345-949-4800
          Facsimile: (345) 949-7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


EVER GLORY: Members Receive Wind-Up Report
------------------------------------------
The members of Ever Glory Holdings 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:

          Buchanan Limited
          P.O. Box 1170, George Town Grand Cayman KY1-1102
          Cayman Islands


FRONAPE INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Fronape International Company received on
Nov. 3, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Petrobas Transporte S.A.-Transpetro
          Av. Presidente Vargas
          328-10th Floor Centro
          Rio de Janeiro
          RJ, 20.091-060
          Brazil
          Contact:
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


GLENHILL LONG: Shareholder to Hear Wind-Up Report on Nov. 12
------------------------------------------------------------
The shareholder of Glenhill Long Equities Fund, Ltd. will hear on
Nov. 12, 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:

          Anna Yonge
          c/o Gary Butler
          Harbour Centre, George Town
          P.O. Box 61 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635


LTE MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of LTE Master Fund Ltd. received on Nov. 5, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MARRET FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Marret Fund Ltd. received on Oct. 12, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Poster
          189 Wychwood Ave
          Toronto
          Ontario M6C 2T4
          Canada
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


MODERN MANAGEMENT: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Modern Management Limited received on Nov. 9,
2015, 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


ODEBRECHT DRILLING VIII/IX: Moody's Affirms B2 Rating on Sr. Notes
------------------------------------------------------------------
Moody's Investors Service has affirmed the B2 rating of the senior
secured global notes due June 2021 issued by Odebrecht Drilling
Norbe VIII/IX Ltd.; outlook remains negative.

RATINGS RATIONALE

The affirmation of the B2 rating reflects, on a relative basis,
the recent operating performance of the underlying drilling
vessels Norbe VIII and Norbe IX in 2014 and in the first half of
2015, as measured by their average uptime, the age and value of
the vessels, maturity of the outstanding debt as well as the
liquidity arrangements as measured by the level and sufficiency of
reserve accounts.

The negative outlook reflects Moody's perception that there is a
much higher risk that Petroleo Brasileiro S.A. ("Petrobras"; Ba2
stable), the sole contractual off-taker and revenue source to
service the outstanding Notes, may seek to renegotiate key
conditions such as day-rates set out in the charter agreements of
the underlying drilling vessels, Norbe VIII and Norbe IX.
Petrobras has aggressively sought to re-negotiate charter
contracts, or terminate charter contracts for vessels that have
presented any material operational weaknesses.  Moody's foresees
that a potential reduction in day rates or a contract termination
ahead of schedule would have a material negative impact on Norbe
VIII/IX's liquidity, and on the project's ability to make
scheduled interest and principal payments.  This would translate
in higher refinancing risk at the Notes' maturity given their
relatively high gross balloon payment of US$450 million.

The negative outlook also reflects Moody's expectation that the
operating environment for these vessels will continue to
deteriorate.  Low oil prices over the medium term have dampened
the demand for drilling vessels on a worldwide basis, severely
impacting their ability to re-contract in the extreme case that
Petrobras were to terminate the charter and services agreements
prior to debt maturity.  Low oil prices will also translate into
lower day rates, which will negatively impact operating revenues
and cash flows in a re-chartering scenario as well as asset
values.

In the first half of 2015 (1H2015), the combined economic uptime
of the vessels was 102.1%; individually, the uptimes were 98.3%
(Norbe VIII), and 105.6% (Norbe IX), a marked improvement in
relation to 2014, when Norbe VIII and Norbe IX presented 88.7% and
101.3% uptime performance, respectively.  Moody's will continue to
monitor the performance of both vessels to ascertain that the
improved performance will hold on a sustained basis.

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.

The rating could be downgraded if Norbe VIII/IX's charter and
services agreements are renegotiated in terms that would lead to a
deterioration in the quality or sufficiency of Norbe VIII/IX's
liquidity arrangements.  In addition, Moody's would consider
downgrading the rating if there were a deterioration of any of the
following: (i) the vessels' performance relative to the standards
in the charter and services agreements, including uptime
performance; (ii) the re-contracting market for offshore vessels;
(iii) Petrobras' credit profile.  Moody's would also consider a
downgrade if it perceives a deterioration of the credit profile of
the operator, Odebrecht Oil & Gas ("OOG").

Odebrecht Drilling Norbe VIII/IX Finance Ltd. is a wholly-owned
subsidiary of Odebrecht Oil and Gas S.A., organized as a limited
liability company under the laws of the Cayman Islands.


PINNACE CORPORATION: Member to Hear Wind-Up Report on Nov. 24
-------------------------------------------------------------
The sole member of Pinnace Corporation will hear on Nov. 24, 2015,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ROCK RIDGE: Shareholder to Hear Wind-Up Report on Nov. 18
---------------------------------------------------------
The shareholder of Rock Ridge RE7 (Cayman), Ltd. will hear on
Nov. 18, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TOKYO REALTY: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Tokyo Realty Investment Company II received on
Nov. 2, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Collas Crill & CARD
          Willow House, 2nd Floor, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


TROVE CAPITAL: Shareholder to Hear Wind-Up Report on Nov. 12
------------------------------------------------------------
The shareholder of Trove Capital Master Fund Ltd. will hear on
Nov. 12, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Trove Capital Management LLC
          c/o Justin Savage
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


=========
C H I L E
=========


LATAM AIRLINES: Climbs to Three-Month High on Stake-Sale Wagers
---------------------------------------------------------------
Eduardo Thomson at Bloomberg News reports that Latam Airlines
Group SA rallied to a three-month high on Nov. 10 on speculation
that IAG SA wants to buy a stake in Latin America's largest
carrier.

The shares gained 2.4 percent to 3,998.8 pesos at the close in
Santiago, on Nov. 10 its highest since Aug. 12, says the report.

While there aren't any talks underway right now, IAG has a "clear
desire to work closer" with Latam, Chief Executive Officer Willie
Walsh told analysts in London, Bloomberg News notes.

Bloomberg News relates that IAG, which has made three airline
purchases since its formation from a merger of British Airways and
Spain's Iberia in 2011, said it sees scope for more transactions
and is particularly interested in a deal that would reduce its
reliance on demand from travelers vacationing during the northern
hemisphere's summer months.

That's reviving speculation Latam will seek to form a partnership
through a capital increase, Credicorp Capital said in a note to
clients, Bloomberg News relays.

Latam Airlines, formed by the takeover of Brazil's TAM SA by Lan
Airlines SA in 2012, is the worst performing stock this year in
Chile's IPSA benchmark index, with a 43 percent plunge, Bloomberg
News discloses.  Brazil's recession this year is adding to the
strains on an airline that was, at its creation, the world's
largest by market value and the dominant South American carrier,
Bloomberg News relays.

With some Lan and Tam operations are still separate after the
merger, the economic slowdown means the benefits of the deal are
being pushed further into the future, says Bloomberg News.

Bloomberg News notes that worsening leverage ratios may force
Latam Airlines to sell between $500 million and $1 billion in new
shares, Santiago-based brokerage Larrain Vial said in September in
a note.

LATAM Airlines Group S.A. (LATAM Airlines) is a Chilean-based
airline holding company formed by the business combination of LAN
Airlines S.A. of Chile and TAM S.A. of Brazil in June 2012, which
remain operating as two separate brands.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 10, 2015, Moody's Investors Service assigned a Ba3 foreign
currency rating to the proposed up to USD500 million senior
unsecured notes to be issued by LATAM Airlines Group S.A (LATAM
Airlines, Ba2 stable).  Proceeds will be used for liability
management and for other general corporate purposes. The rating
outlook is stable.


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


DOMINICAN REP: Haiti's Political Situation Delays Fix to Trade Ban
------------------------------------------------------------------
Dominican Today reports that Dominican Minister of Industry and
Commerce Jose del Castillo Savinon said that the current political
situation in Haiti is preventing the progress of the bilateral
talks that resumed last month with the meeting in Barahona between
presidents Danilo Medina and Michel Martelly.

The minister recalled that the trade relationship between the two
countries deteriorated when the Haitian authorities decided,
without notifying the Dominican authorities, to impose an import
ban on 23 Dominican products via the land frontiers, according to
Dominican Today.

The report notes that Haiti held its presidential elections and
the second round of parliamentary elections 15 days ago.  The
results were released amidst an atmosphere of tension.  Jovenel
Moise, designated by president Michel Martelly to represent his
party, was in the lead with 32% of the vote, the report relays.
Jude Celestin obtained 25% and is in second place in the first
round of voting, according to the results announced by the
National Electoral Commission, the report notes.

The report adds that Mr. Celestin, the Lapeh party candidate, said
the results were "a ridiculous farce."

"The people's results have not yet been announced," he told a
press conference, the report relays.

The report notes that the Dominican Republic's minister of
Industry and Commerce said that it is evident that "the conditions
are not in place for us to go to Haiti and continue this dialogue
until the political-electoral issue is not resolved."

Jose del Castillo Savinon said that there has been some
communication with the Haitian authorities, as the Presidency
Minister Gustavo Montalvo and the Haitian Tourism Minister were
appointed to follow up on the talks that resumed on October 13th,
the report relays.

"We hope that in the next few days the meeting can be confirmed,
to enable us to make some progress on the Dominican Republic's
main interest, which is to lift the restriction imposed on the 23
products by the Haitian government," the report quoted the
minister as saying.

At the meeting between Mr. Medina and Mr. Martelly it was agreed
that a commission of Dominican officials would travel to the
neighboring country 15 days after the meeting between the two
presidents in order to continue the dialogue, the report notes.

Mr. Del Castillo Savinon criticized the measure adopted by the
Haitian authorities and stated that no government should impose
restrictions on legal trade in order to tackle the contraband
problem, because it only leads to an increase in contraband
activity along the border, 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'.


===========
M E X I C O
===========


VOLKSWAGEN BANK: Moody's Affirms Ba2 Rating on LT Bank Deposit
--------------------------------------------------------------
Moody's de Mexico downgraded Volkswagen Bank, S.A. (VW Bank
Mexico) and Volkswagen Leasing, S.A. de C.V.'s (VW Leasing Mexico)
long-term global local currency (GLC) senior unsecured debt
ratings to A1 from Aa3.  Moody's also downgraded both issuers'
provisional long-term GLC senior unsecured MTN program ratings to
(P)A1 from (P)Aa3 and affirmed VW Leasing Mexico's (P)Prime-1
short-term GLC senior MTN program rating.  The outlook on the
bank's and leasing company's long-term debt ratings remains
negative.

Moody's also affirmed VW Bank Mexico 's long term Aaa.mx and VW
Leasing Mexico's long and short term Aaa.mx/MX-1 Mexican National
Scale debt ratings, with stable outlook.

In addition, the rating agency affirmed VW Bank Mexico's ba2
adjusted baseline credit assessment (adj. BCA) and its
Ba1(cr)/Not-Prime(cr) counterparty risk assessment (CR
Assessment).  VW Bank Mexico's standalone baseline credit
assessment (BCA) of b2, is not affected by the rating action.
Lastly, Moody's affirmed VW Bank Mexico's Ba2/Not-Prime local and
foreign currency long- and short-term deposit ratings and its
A2.mx/MX-2 national scale deposit ratings.  The outlook on the
bank's deposit ratings remains stable.

RATINGS RATIONALE

DOWNGRADE OF LONG-TERM DEBT RATINGS

The downgrade to A1 of VW Bank Mexico's and VW Leasing Mexico's
senior debt ratings follow a similar action taken on the senior
debt ratings of Germany-based parent Volkswagen Financial Services
AG (VW FS AG), the parent of both entities, which were downgraded
to A1 with a negative outlook on Nov. 6, 2015.  VW FS AG's rating
was downgraded following on the downgrade of its own parent, car
manufacturer Volkswagen Aktiengesellschaft (Volkswagen AG).  VW
Bank Mexico's and VW Leasing Mexico's debt ratings benefit from
full and unconditional guarantees from VW FS AG, which qualify for
credit substitution treatment pursuant to Moody's core principles
for credit substitution.  Consequently, their debt ratings and
outlooks mirror the senior unsecured debt rating and outlook of VW
FS AG.

RATIONALE FOR THE STABLE OUTLOOK ON VW BANK MEXICO'S GLOBAL SCALE
DEPOSIT RATINGS

The bank's Ba2 local currency long-term deposit rating
incorporates the b2 standalone BCA and three notches of uplift
based on our assessment of a very high likelihood of extraordinary
support from VW FS AG.  Even in the case of a downgrade of the
parent's standalone intrinsic strength, we believe the likelihood
of such support would remain very high and given the large gap
between VW Bank Mexico's BCA and the current adjusted BCA of its
parent, the Mexican bank would likely continue to benefit from
three notches of uplift; hence the stable outlook for the bank's
deposit ratings.

WHAT COULD MOVE THE RATINGS UP OR DOWN

VW Bank Mexico's and VW Leasing Mexico's global scale debt ratings
will be downgraded if the rating of their guarantor, VW FS AG, is
downgraded.  Even if VW Bank Mexico's and VW Leasing Mexico's
global scale ratings were downgraded to as low as A3, however, the
Aaa.mx National Scale ratings would be unaffected based upon the
current Mexican national scale ratings mapping.  While upward
pressure on the global scale ratings is unlikely at this time
given the negative outlooks, the outlooks would be stabilized if
the guarantor's outlook returns to stable.

Notwithstanding the negative outlook on the rating of Volkswagen
AG and the downward pressure on VW FS AG, the BCA of VW Bank
Mexico itself currently faces limited downward pressure as it
already accommodates potential significant deterioration in asset
quality and profitability.  If the BCA were to be downgraded,
however, it could have a negative impact on VW Bank Mexico's
deposit ratings, including its National Scale rating.  Similarly,
an upgrade of the BCA would put upward pressure on the bank's
deposit ratings, though this is unlikely at this time given the
pressures facing the parent company.

LIST OF RATINGS AFFECTED

These ratings of Volkswagen Bank, S.A. were downgraded:

   -- Long-term global local currency senior unsecured debt rating
      to A1, from Aa3; negative outlook

   -- Long-term global local currency senior unsecured provisional
      MTN debt program rating to (P)A1, from (P)Aa3

These ratings of Volkswagen Bank, S.A. were affirmed:

   -- Long-term global local currency bank deposit ratings of Ba2;
      stable outlook

   -- Short-term global local currency bank deposit ratings of Not
      Prime

   -- Long-term foreign currency bank deposit ratings of Ba2;
      stable outlook

   -- Short-term foreign currency bank deposit ratings of Not
      Prime

   -- Long-term Mexican National Scale deposit rating of A2.mx

   -- Short-term Mexican National Scale deposit rating of MX-2

   -- Long-term Mexican National Scale senior unsecured debt
      rating of Aaa.mx; stable outlook

   -- Long-term Mexican National Scale senior unsecured MTN debt
      program rating of Aaa.mx

   -- Adjusted Baseline Credit assessment of ba2

   -- Long-term Counterparty Risk Assessment of Ba1 (cr)

   -- Short-term Counterparty Risk Assessment of Not Prime (cr)

These ratings of Volkswagen Leasing, S.A. de C.V. were downgraded:

   -- Long-term global local currency senior unsecured debt rating
      to A1, from Aa3; negative outlook

   -- Long-term global local currency senior unsecured provisional
      MTN debt program rating to (P)A1, from (P)Aa3

These rating of Volkswagen Leasing, S.A. de C.V. were affirmed:

   -- Short-term global local currency senior unsecured
      provisional MTN debt program rating of (P)Prime-1

   -- Long-term Mexican National Scale senior unsecured debt
      rating of Aaa.mx; stable outlook

   -- Long-term Mexican National Scale senior unsecured MTN debt
      program rating of Aaa.mx

   -- Short-term Mexican National Scale senior unsecured MTN debt
      program rating of MX-1

The long- and short-term Mexican National Scale ratings of
Aaa.mx/MX-1 demonstrate the strongest creditworthiness relative to
other domestic issuers.  The long- and short-term Mexican National
Scale ratings of A2.mx/MX-2 present above-average creditworthiness
relative to other domestic issuers.

The sources and items of information used to determine VW Bank
Mexico 's and VW Leasing Mexico 's ratings include 2015 and 2014
interim financial statements (sources: VW Bank Mexico and VW
Leasing Mexico); year-end 2014 and 2013 audited financial
statements (sources: VW Bank Mexico and VW Leasing Mexico, audited
by Pricewaterhouse Coopers, S.C.); guarantees from parent bank
(sources: VW Bank Mexico and VW Leasing Mexico); and regulatory
capital information (source: Banxico).

The principal methodologies used in these ratings were Banks
published in March 2015 and Finance Company Global Rating
Methodology in March 2012.

The period of time covered in the financial information used to
determine Volkswagen Bank, S.A.'s and Volkswagen Leasing, S.A. de
C.V. ratings is between 01/01/2010 and 09/30/2015 (source:
Moody's, VW Bank and VW Leasing).

VW Bank Mexico and VW Leasing Mexico are headquartered in Puebla,
Mexico.  As of Sept. 2015, the bank had total assets of Mx$5.4
billion and Mx$1.5 billion in shareholder's equity.  VWFS is
headquartered in Braunschweig, Germany and is a wholly owned
subsidiary of Volkswagen AG.  VWFS is responsible for coordinating
the worldwide financial services activities of the Volkswagen
Group.  As of June 2015, VW FS AG had total assets of EUR114.2
billion.


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


PUERTO RICO: Republican Presidential Candidate Backs Statehood
--------------------------------------------------------------
Deena Zaru and Elizabeth Landers at CNN News reports that
Republican Presidential Candidate Ben Carson endorsed statehood
for Puerto Rico at a Sunday campaign event on the island.

"In a Carson administration, I will leave no stone unturned in my
efforts to secure this important step in Puerto Rico's history --
establishing Estado 51," said the retired neurosurgeon,
highlighting the strategic benefits of the Caribbean island's
location relative to the United States mainland, according to CNN
News.

Amid mounting scrutiny recently over his past, Mr. Carson traveled
to the island territory to address a statehood advocacy group
convention, the report notes.  The campaign estimated that 3,500
people attended the New Progressive Party rally, at the Waldorf
Astoria hotel, the report relays.

"Mis hermanos Americanos, my campaign is built around the premise
of 'We the People,' and through such lens, I view the statehood
question in Puerto Rico as settled," Mr. Carson said, referring to
a 2012 referendum in which a majority of island voters backed
making Puerto Rico the 51st state, the report discloses.

Mr. Carson's statehood advocacy is generally in line with
Republican presidential candidates from Florida, the state closest
to Puerto Rico, the report notes.

Former Gov. Jeb Bush and Sen. Marco Rubio have said they would
back Puerto Rico statehood if that's what island residents want.

Democratic front-runner Hillary Clinton has not endorsed statehood
but said she wants to "ensure whatever choice Puerto Rico makes
will be respected," the report relays.

Ms. Clinton has called on Congress to give the economically
struggling island "a fair shot at success" by allowing it to file
for Chapter 9 bankruptcy -- a lifeline that is supported by Bush
but opposed by Rubio, 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.


STANDARD REGISTER: Seeks Approval of Wind-Down Settlement
---------------------------------------------------------
BankruptcyData reported that Standard Register filed with the U.S.
Bankruptcy Court a motion, under Rule 9019, for an order approving
its wind-down settlement agreement.

Court-filed documents note, "Pursuant to the Committee Settlement,
Silver Point and its affiliates agreed to, among other things,
release all right, title, interest, or claim in certain assets
that would remain with the Debtors, including the Wind-Down
Amount.  The Committee Settlement also provides that 'the Wind-
Down Amount includes $1,850,000 on account of professional fees
and expenses of the professional advisors to the DIP Agents.'. . .

Pursuant to the Wind-Down Settlement, the Debtors have agreed,
among other things, to pay $750,000 from the Wind-Down Amount to
Silver Point (the 'Settlement Payment'), and Taylor has agreed,
among other things, to relinquish any beneficial or reversionary
interest or other claim to the Wind-Down Amount, including the
Settlement Payment. In exchange, Silver Point has agreed, among
other things, to (i) release its claim to any further portion of,
or further distribution from, the Wind-Down Amount, including any
return of funds from Anthem, and (ii) support the Plan."

The Court scheduled a Nov. 18, 2015, hearing to consider the
motion, with objections due by Nov. 12, 2015.

                     About Standard Register

Standard Register provides market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare,
financial services, manufacturing and retail markets.  The Company
has operations in all U.S. states and Puerto Rico, and currently
employs 3,500 full-time employees and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.


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


ARCELOR MITTAL: Goes Into Maintenance Mode
-----------------------------------------
Trinidad and Tobago Newsday reports that Arcelor Mittal officials
have said that the company has "no choice" but to put a
significant portion of its operations on maintenance mode, due to
global and local economic conditions which have made it
unprofitable to produce the majority of its products.

In a statement, the company said the aforementioned conditions
"are placing an enormous strain on cash flow and business focus"
and that the global steel industry is experiencing its worst
recession in a decade, comparable to the one experienced in the
early 1990s, according to Trinidad and Tobago Newsday.

However, the company assured the plant remains on standby for any
request to produce "at short-notice" and will use this time to
focus on "safety, maintenance, housekeeping and training" for idle
production units, the report notes.

Chief Executive Officer and Managing Director of Arcelor-Mittal,
Point Lisas, Robert Bellisle said the company has met with all
interested parties, including its employees and their representing
union, "to discuss the competitiveness and sustainability of our
plants," the report relays.

ArcelorMittal's PointLisas facility in Trinidad is located in the
Point Lisas Industrial Estate, approximately 10 miles north of the
coast of Venezuela.


* TRINIDAD & TOBAGO: Government Seeks New Economic Directions
-------------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that Minister
of Communications Maxie Cuffie has acknowledged that the
information era is radically transforming and changing long
established relationships such as the relationship between
government and Cable and Wireless.

Minister Cuffie said the country's economy had been prosperous in
large part because of its vibrant and active energy sector, but
just as Cable and Wireless, the government could no longer remain
wedded to the old paradigms, according to Trinidad and Tobago
Newsday.

The report relates that Minister Cuffie was delivering the keynote
address to specially invited guests at the C&W brand launch
reception at the Hyatt Regency, Wrightson Road, Port-of-Spain to
celebrate the acquisition of Columbus International by Cable &
Wireless Communications.

The report notes that Minister Cuffie said the newly installed
Government was rethinking all its relationships, and had set up
teams headed by economist Dr. Terrence Farrell to examine the
operations of the State-owned companies, and to advise the Prime
Minister on a new economic direction for the country.  Minister
Cuffie said Trinidad and Tobago could not continue to do the same
things, and expect a different result, noting that like Cable and
Wireless it had to adapt if it wanted to survive, the report
relays.

"Information and Communication Technology (ICT) is transforming
the way that we in Trinidad and Tobago and the entire world
interact, recreate and conduct business," the report quoted
Minister Cuffie as saying.

In fact, the successful adoption and use of new technologies are
critical to developing a more competitive economy," Minister
Cuffie added.

Minister Cuffie said while this country had made some strides in
ICT use and penetration over the years, and had done
satisfactorily in the ICT Development Index, Trinidad and Tobago
still needed to do much better, the report relays.  Minister
Cuffie said while many local businesses had incorporated ICT into
their operations, many small and medium enterprises and even some
larger ones were still reluctant and maybe even fearful to embrace
technology, the report adds.

Minister Cuffie listed some of the Government's own efforts in the
area of ICT as TTBizlink, which he said, is used by more than a
thousand businesses and individuals to request government
services, and the FairShare programme which provides special
online notifications to SMEs of government tenders up to a value
of $1 million.

Also addressing guests was John Maduri, President and Chief
Executive Officer for C&W Business for the Region.  Mr. Maduri
said the company plans to build a new Centre of Excellence in
Trinidad to support its business customers in this country, and
the entire English-speaking Caribbean, the report notes.  Mr.
Maduri said it will bring new jobs and important talent to
Trinidad and Tobago.

Mr. Maduri added that there will be a fabric of data centers
throughout the region which will provide alternatives to companies
and governments in terms of where they host their main
environment, as well as their replication environment, the report
relays.

The report notes that Mr. Maduri said C&W planned to distinguish
itself through a proven network and customer experience.

Mr. Maduri said C&W's network in Trinidad and Tobago, the
Caribbean and Latin America was "unmatched in its reach,
reliability, resilience and scalability," the report notes.

Mr. Maduri told the guests that C&W would also offer its customers
an uneventful customer experience.

Mr. Maduri said the company is passionate about what it does but
nothing in life is perfect and there would occasionally be
mistakes, "but our commitment to you is that when we do stumble,
we will recover, we will resolve with speed, transparency and
humility -- that is the culture that we are inculcating within our
organization," the report relays.

Mr. Maduri stressed that the solutions the company is bringing to
the Caribbean were global solutions, and C&W Business was very
proud of the fact that it had been recognised by global IT
Consultant organization, the report adds.


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


HOVENSA LLC: Court Designates Chapter 11 Case as Complex Case
-------------------------------------------------------------
The District Court of the Virgin Islands, Bankruptcy Division,
designated the Chapter 11 case of Hovensa L.L.C., as a complex
case.

In an application, Richard H. Dollison, Esq., at the Law Offices
of Richard H. Dollison, P.C., local counsel for the Debtor, said
that the case qualifies as a complex case because:

   1. there was a need for emergency consideration of the "First
Day" motions;

   2. the Petition estimates the Debtor's liabilities at more than
$1 billion.

   3. the Petition estimates the number of creditors in the case
as between 5,001 and 10,000.

                            About Hovensa

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

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

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

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


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


LATIN AMERICA: Foreign Banks May Abandon Caribbean
--------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that
economist Dr. Terrence Farrell said that foreign banks will
eventually withdraw from the Caribbean region.

Making a presentation at a Financial Regulation Mini-Conference,
"Current challenges and historical perspective" at the Arthur Lok
Jack Graduate School of Business, he said, "Foreign multi-national
corporations make decisions based on their global assessment of
their interests," according to Trinidad and Tobago Newsday.  The
Mini-Conference was the first of a series to be undertaken between
the Arthur Lok Jack Graduate School of Business and the Henley
Business School at the University of Reading, the report notes.

Earlier, the Dean of the School, Professor John Board, spoke about
Financial Markets: Competence and Crisis; and Professor Adrian
Bell, Chair in the History of Finance at the school, spoke about
Lessons from the Past: Modern Finance in the Middle Ages, the
report notes.

The report relays that Dr. Farrell said over the last 15 to 20
years the Caribbean region has been in turmoil with major failures
of banks and insurance companies and cross-border acquisitions,
many of which he said were adverse.

Dr. Farrell said the region was well banked and one estimate from
the International Monetary Fund (IMF) puts total financial assets
at 124 percent of regional Gross Domestic Product (GDP) with
banking assets accounting for 91 percent of regional GDP, which he
said were strong numbers, the report discloses.

However, Dr. Farrell said the banking system in the region had
experienced many challenges with multiple failures of banks and
non-bank financial institutions in Jamaica in the 1990s, which
followed earlier failures in Trinidad and Tobago in the 1980s, the
report notes.

Dr. Farrell added that in the Eastern Caribbean, which has a
number of small banks, there were failures in Antigua and
Anguilla.  Observing that these were all indigenous banks, Dr.
Farrell said the indigenous banks have had greater exposure to the
public sector with dependence on government and deposits from
public sector agencies, the report relays.

The report says that Dr. Farrell said foreign banks have dominated
banking in the region, accounting for 60 percent of banking system
assets, but the number of foreign banks have declined
significantly.

Dr. Farrell pointed to a first wave of withdrawals from the region
which followed the pressure for localization, and said that in
more recent times there had been a second wave of withdrawals from
the region, the report notes.  Dr. Farrell said Royal Bank of
Canada which had returned by taking over RBTT, now seemed to be
retreating from retail banking in the Caribbean, having recently
sold its business in Jamaica to Sagicor Financial, and its
operations in Suriname to Republic Bank, the report relays.

Dr. Farrell said First Caribbean International Bank seemed to be
reassessing its place in the Caribbean and Scotiabank also seemed
to be reconsidering by avoiding public sector lending, and scaling
back it's lending to the tourism and hospitality sector in the
region, the report relays.

Dr. Farrell said the failures of local banks were due to weak
economies; weak credit administration; fraud, mismanagement and
weak corporate governance; the high costs of operation and over-
exposure to public sector credit, the report discloses.

By contrast, Dr. Farrell said foreign banks had a higher rate of
return in the Caribbean than their branches in North America, or
anywhere else, but this higher rate of return is no longer certain
because of weaker economies and the cost of doing business in the
region has been increasing, the report adds.


                            ***********


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
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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
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