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

            Monday, November 16, 2015, Vol. 16, No. 226


                            Headlines



A R G E N T I N A

GENERALI ARGENTINA: Moody's Downgraded GLC IFS Rating to 'B3'


B A H A M A S

BAHA MAR: Bank of China Appoints Receiver for Resort


B R A Z I L

BRAZIL: Credit Suisse CEO Sees Crisis Dragging on for Years
BRAZIL: President's Own Party Resists Her Austerity Plans
BRAZIL: Economic Crisis Beats the Emerging Middle Class Back Down
PETROLEO BRASILEIRO: Posts 58% Drop in Net Income
PETROLEO BRASILEIRO: Seeks 'Strategic' Buyers in Sale Drive

SAMARCO MINERACAO: Mining Disaster Has Creditors Bracing for Worst
SAMARCO MINERACAO: S&P Puts 'BB+' Rating on CreditWatch Negative


C A Y M A N  I S L A N D S

7 MILE: Commences Liquidation Proceedings
ARTEMIS HOLDINGS: Commences Liquidation Proceedings
BRIGHTON SPC: Court Enters Wind-Up Order
BUFUS INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
DOTAN INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23

FINISTERRE INSTITUTIONAL: Commences Liquidation Proceedings
GLOBAL BOND: Commences Liquidation Proceedings
MACKAY SHIELDS: Creditors' Proofs of Debt Due Nov. 26
MEZZREF VII: Commences Liquidation Proceedings
MSREFF VII ASSET I: Commences Liquidation Proceedings

MSREFF VII ASSET II: Commences Liquidation Proceedings
NEWBERRY HOLDINGS: Commences Liquidation Proceedings
TIME SEASON: Creditors' Proofs of Debt Due Nov. 16


C H I L E

GEOPARK LATIN: Fitch Puts 'B' IDR on CreditWatch Negative


J A M A I C A

JAMAICA: IMF Sees 2.5% Economic Growth for the Next Fiscal Year


V E N E Z U E L A

VENEZUELA: Maduro Calls for System for "Fair Price" of Oil


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 9 to Nov. 13, 2015


                            - - - - -


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


GENERALI ARGENTINA: Moody's Downgraded GLC IFS Rating to 'B3'
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo ("Moody's")
downgraded the global local-currency (GLC) insurance financial
strength (IFS) and Argentine national scale (NS) IFS ratings of
Generali Argentina Compania de Seguros S.A. (Generali Argentina)
to B3 from B2 and to A3.ar from Aa1.ar, respectively. The outlook
for the company's ratings remain stable.

This rating action follows the planned sale of Generali
Argentina  -- a mid-sized property and casualty (P&C) insurer in
Argentina -- by Assicurazioni Generali (rated Baa1 for IFS) to the
Argentine Grupo Indalo. The transaction is subject to the
authorization of the local insurance regulator and to other
regulatory conditions.

RATINGS RATIONALE

The rating agency said the downgrade of Generali Argentina to
B3/A3.ar from B2/Aa1.ar is driven by the planned sale of the
company by Assicurazioni Generali and the removal of the one-notch
of ratings uplift provided by Assicurazioni Generali's ownership
and support. The downgrade to B3 GLC IFS positions the company's
rating at its stand-alone credit profile.

Moody's lead analyst Diego Nemirovsky stated, "Even if the
disposition of the company is not completed -- for any reason --
the announcement of the transaction indicates that Generali
Argentina is not strategically important to Assicurazioni Generali
and that the prior ratings uplift due to ownership is no longer
appropriate". Moody's went on to say that the company's B3 GLC
rating- also reflects the expectation of a reduced business volume
and diversification going forward, as the company will transfer
(before the sale of the company) about 50% of its book of
business -- mainly corporate lines and international accounts --
to Caja de Seguros (rated B2/Aa1.ar for IFS), which is another
Argentine subsidiary of Assicurazioni Generali, not being sold.

Among the factors that could lead to a further downgrade of the
company's ratings are: 1) a downgrade of Argentina's sovereign
bond rating and/or a deterioration in the country's insurance
operating environment, 2) persistent impairment of capitalization,
or 3) sustained weak profitability (e.g. return on capital (ROC)
consistently below 10%). On the other hand, the insurer's ratings
could be upgraded if 1) Argentina's government bond rating is
upgraded and/or the country's operating environment improves, 2)
the company's gross underwriting leverage is consistently
maintained below 8 times, or 3) ROC is consistently above 15%.

Based in Buenos Aires, Argentina, Generali Argenitna reported net
income of ARS 2 million and net earned premiums written of ARS 507
million during the 2014/2015 fiscal year ended on June 30, 2015.
As of that date, the company reported total assets of ARS 694
million and shareholders' equity of ARS 126 million.


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

BAHA MAR: Bank of China Appoints Receiver for Resort
----------------------------------------------------
Stephanie Gleason at The Wall Street Journal reports that the Baha
Mar resort's Chinese lender has decided to foreclose on the $3.5
billion resort in the Bahamas and has appointed a receiver to
bring the delayed project to completion, roughly six weeks after
it was thrown out of bankruptcy protection in the U.S.

The move by the Export-Import Bank of China, which received
Bahamian court approval to name Deloitte to the receiver role,
comes a few weeks after some 2,000 employees in the Bahamas lost
their jobs at the partially completed resort at the request of
court-appointed liquidators, according to The Wall Street Journal.
The employees had been kept on the payroll at the partially
completed resort with the help of the Bahamian government.

In a statement, the chairman of the Bahamas Progressive Liberal
Party, which is the also the party of the islands' prime minister,
called the move by China's bank "positive news" that could create
"a new era of cooperation" and may ultimately see those employees
hired back, the report notes.

However, Sarkis Izmirlian, the resort's developer, said in a
statement to The Wall Street Journal that the action "continues
the unfortunate pattern of disastrous actions taken by other
stakeholders."  The report relays that Mr. Izmirlian added had the
resort been allowed to stay in chapter 11 bankruptcy in the U.S.
this outcome could have been avoided.

Bahamian Prime Minister Perry Christie hasn't commented on the
news.  However, the attorney general for the Bahamas, Allyson
Maynard Gibson, said the government "categorically rejects any
suggestion that the [job losses] adopted by the joint provisional
liquidators could have been avoided if Baha Mar had continued to
pursue bankruptcy reorganization in the United States," the report
notes.

Since filing for chapter 11 bankruptcy in the U.S. in June amid a
cash crunch and disagreement with its contractor, the players in
the Baha Mar saga -- Mr. Izmirlian, the Export-Import Bank of
China, contractor China Construction America and the Bahamian
government -- have been unable to reach an agreement on how to
move the project ahead, the report relays.  Upon completion the
resort is expected to represent 12% of the island nation's gross
domestic product, the report discloses.

With a consensual resolution seemingly out of reach, an insolvency
proceeding in the Bahamas has moved forward, the report notes.
The resort's next hearing in the Bahamas was to take place Nov. 2,
but has been delayed.

WSJ says that none of the other parties, including a lawyer that
represents the Export-Import Bank, the government of the Bahamas
and China Construction America, which is a subsidiary of China
State Construction Engineering Corp., responded to requests for
comment on the receivership.

                          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: Credit Suisse CEO Sees Crisis Dragging on for Years
-----------------------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that in Brazil, many
captains of finance are unwilling to risk upsetting the government
by expressing their concerns publicly about the country's economic
crisis -- but not Jose Olympio Pereira.

Just seconds into an interview in Sao Paulo, according to
Bloomberg News, the Chief Executive Officer of Credit Suisse Group
AG's Brazil unit made his views crystal clear when, in response to
a question about the state of affairs in the country, he replied:
"we are very bad."

And when Mr. Pereira says "very bad," he means it.  Not only are
2015 and 2016 lost years for the economy, according to Mr.
Pereira, but the bust could extend through 2017 and even possibly
into 2018, Bloomberg News notes.

Bloomberg News relays that Mr. Pereira's not some newbie foreign
executive who was just dropped in to oversee the bank's local
operations.  He's been a fixture in Brazilian banking since the
mid-1980s, when he got his start under Jorge Paulo Lemann, the
country's richest man, at Banco Garantia in Rio de Janeiro.

One key thing he's learned over the past three decades is that if
policy makers and congressmen in Brasilia don't feel the full
brunt of the crisis, they won't implement the tough measures --
"massive" spending cuts, more flexible labor laws -- needed to
curb the deficit, regain investor confidence and pull the economy
out of its funk, Bloomberg News notes.  That's precisely the
situation he sees today.

                             'Trajectory'

"I don't think we have the sense of crisis for us to do what we
need to do in order to get better," Bloomberg News quoted Mr.
Pereira as saying.  If measures aren't taken in time, the
country's problems will explode into a full-blown debt crisis, he
said.  "We are like the Titanic.  The iceberg is not next door.
It is relatively far away. But our trajectory is very concerning,"
Mr. Pereira added.

The trajectory looks like this: At the end of 2013, Brazil had a
budget deficit equal to 3 percent of gross domestic product;
today, that figure is over 9 percent, Bloomberg News notes.  It's
the biggest deficit the country has posted in at least two
decades. Gross debt, as a percentage of GDP, has jumped in the
past year alone to 66 percent from 58 percent, Bloomberg News
relays.  Efforts to rein in spending and trim that deficit have
been overtaken by a corruption scandal that's fueling a push to
impeach President Dilma Rousseff, Bloomberg News adds.

Mr. Pereira said President Rousseff -- who denies any wrongdoing
and says she won't resign -- will most likely survive till the end
of her term in three years, Bloomberg News notes.

"And we continue to muddle through and the crisis continues to
worsen," Mr. Pereira added.

                          Markets, Long View

Bloomberg News discloses that Brazilian financial markets have
plunged as the standoff in Brasilia deepened.  The real's down 30
percent against the dollar this year, the worst drop among all
major currencies in the world, and the benchmark stock gauge fell
to a six-year low in September, Bloomberg News relays.

According to the report, the declines have begun to lure foreign
investors seeking to pick up assets on the cheap.  Mr. Pereira
named Blackstone Group, Carlyle Group and Kraft Heinz Co. as
recent buyers who have caught his attention and said he's been
seeing other private equity funds, real-estate investors and
sovereign wealth funds scouting for opportunities.

Bloomberg News notes that Mr. Pereira said he understands what's
drawing them to Latin America's biggest economy: the large
population, institutional stability and, now, weak currency.
Credit Suisse itself is adding staff in Brazil, hiring 15 people
to its private banking business.

The firm -- which ranks first this year in investment banking
revenue in Brazil, according to Dealogic data -- employs some 800
people in the country, Bloomberg News notes.  "Whoever has got a
long-term view is very excited," Mr. Pereira said, Bloomberg News
relays.  Several industries in the country, he said, are doing
fine, even thriving, like the pulp exporters and beef companies.

But there are many more industries that worry him as the recession
deepens.  For instance, all the companies that supply Petrobras,
the state oil giant at the heart of the corruption scandal, as
well as the retailers and other businesses that rely on consumer
demand, Bloomberg News notes.  He's predicting an economic
contraction of over 3 percent this year and of at least 2 percent
in 2016.  Following an expansion of just 0.2 percent in 2014,
these figures -- which don't stray far from consensus forecasts --
would mark Brazil's longest recession since the 1930s, Bloomberg
News adds.


BRAZIL: President's Own Party Resists Her Austerity Plans
---------------------------------------------------------
Paulo Trevisani at The Wall Street Journal reports that President
Dilma Rousseff, who is struggling to get the country's Congress to
pass legislation meant to curb a widening budget gap, faces more
resistance from members of her own party than almost any other
grouping, according to a recent survey of lawmakers.

Ms. Rousseff's left-wing Workers' Party is reluctant to embrace
spending cuts and tax increases and favors stimulus policies
instead, according to the poll of members of the lower house of
Brazil's Congress by political consultancy firm Mosaico, The Wall
Street Journal relays.

Brazilian lawmakers in general have rebuffed cost-cutting and tax-
increasing measures and even approved bills that go in the
opposite direction, such as hefty salary increases for public
servants, according to the report.  And a number of austerity
bills are still awaiting a vote, as is the 2016 budget plan, the
report relates.

Finance Minister Joaquim Levy has said parliamentary action is
fundamental to restore confidence and to help resume growth of the
country's lagging economy, the report discloses.

Only 21% of Workers' Party members in the lower house surveyed by
Mosaico agreed that "economic growth will only be resumed if a
rigorous fiscal adjustment is made," the smallest level of support
for austerity among the chamber's 10 largest parties, according to
the poll, the report says.

The Workers' Party holds 69 seats in the 513-seat lower chamber,
making it the biggest party there, the report discloses.

"The president has drifted away from her party's way of thinking,"
the report quoted political scientist Leonardo Barreto, who is one
of Mosaico's owning partners, as saying.  "That's why (Brazil) has
become so hard to govern."

The report notes that the centrist Brazilian Democratic Movement,
or PMDB, shows much stronger support for austerity, the survey
shows.  The PMDB, the party of Vice President Michel Temer, is the
second-biggest party in the lower house and the Workers' Party's
main ally in the chamber.

The poll found that 69% of PMDB's members surveyed in the lower
house agreed on the need for a rigorous fiscal adjustment, the
report relays.

Meanwhile, 92% of Workers' Party lawmakers agreed with a statement
saying that there is room to adopt measures to stimulate
consumption, in direct conflict with Mr. Levy's assertion that
Brazil needs to save more, the report relays.

The report notes that the survey's findings help explain the
political stalemate curbing economic reform and threatening the
country's credit ratings.  A shrinking economy has cut tax
revenue, leaving a budget deficit equal to 9.3% of gross domestic
product in September, nearly double the 4.9% ratio a year ago, the
report adds.


BRAZIL: Economic Crisis Beats the Emerging Middle Class Back Down
-----------------------------------------------------------------
Paul Kiernan at The Wall Street Journal reports when proper
electricity arrived in Santa Marta, a small favela in the shadow
of Rio's Christ the Redeemer statue, longtime resident Candida
Oliveira Silva was happy to get the bill.

For the 52-year-old homemaker, it meant having legal proof of
address and "feeling like a citizen" for the first time, the
report notes.   But in recent months it has also meant cutting
back on all but the most basic expenses, the report relays.
Reduced government subsidies and a drought have raised her bill to
about BRL280 ($72) a month, roughly five times what it was a year
ago, the report notes.

Rising inflation and Brazil's plummeting currency have quashed any
hopes of visiting her daughter in San Francisco, according to WSJ.

Ms. Silva's struggle to maintain her standard of living amid
rising prices shows how a spiraling economic crisis has pushed
Brazil's emerging middle class to the brink, the report says.

The report notes that urban unemployment rose to 7.6% in
September, tied with August for the highest rate in more than five
years.  Economists on average expect gross domestic product will
shrink 3.1% this year and 1.9% next year, according to the Central
Bank of Brazil's latest weekly survey, the report discloses.

According to the report, inflation approaching 10% has forced the
poor to stop buying meat and the central bank to ratchet up
interest rates.  A disorganized effort by the government to stem a
widening budget deficit has resulted in painful tax increases,
further crimping family budgets, the report says.

The WSJ notes that experts said it is hard to estimate how many
people are at risk of falling down Brazil's social ladder, as
official data aren't yet available.  But with wages rising less
than inflation, around 35 million members of Brazil's lower middle
class are vulnerable, says Mauricio Prado, a partner at research
firm Plano CDE, the report relays.

"They have low education and low job formalization," the report
quoted Mr. Prado as saying.  "There is confluence of negative
factors."

The report says the situation is threatening to derail what
Brazilian leaders have extolled as a transformation of the
country's economy and society.  Long counted among the world's
most unequal nations, Brazil made significant progress in the past
decade toward reducing its gaping income disparity, authorities
said.

The report discloses that strong prices for commodity exports
stuffed public coffers with money that was used to weave a social
safety net, including a cash-transfer program targeting nearly 14
million impoverished families.  Minimum-wage increases averaging
more than 11% a year since 2003 transferred more wealth toward the
bottom of the spectrum, the report relays.

Between 2003 and 2013, Brazil's median household income grew 87%
in real terms, compared with a 30% rise in per capita gross
domestic product, says Marcelo Neri, an economist who wrote a book
on the "new middle class" and served as President Dilma Rousseff's
strategic-affairs minister, notes the report.

"People who were left behind -- uneducated people, people in the
northeast and rural areas, poor people, black people, domestic
workers, informal workers -- these people grew at a much faster
rate than the country as a whole," the report quoted Mr. Neri as
saying.

To be sure, Brazil's middle class is poorer than its U.S.
counterpart, with household incomes ranging between about BRL2,300
and BRL9,500 a month, adds report notes.  But its ranks swelled to
112.6 million people in 2013 from 67.9 million in 2003, according
to government estimates, the report discloses.

Communities like Santa Marta exemplify the trend, notes WSJ.
Featured as a scene of grinding poverty in the music video to
Michael Jackson's 1996 single "They Don't Care About Us," it now
boasts schools, activity centers, public housing and a tram to
transport locals up steep slopes.  Most homes have the appliances
like refrigerators and televisions that Brazilian social
scientists use to delineate the country's "C class," roughly at
the middle of the income ladder, the report notes.

"I can't say things are too bad, because for me it got better,"
said Uerlem Queiroz, a 27-year-old film cameraman, the report
discloses.  He expects to spend New Year's on vacation in the
northeastern party city of Salvador, a trip he said would have
been "unimaginable" for someone living in a favela in the past,
the report relays.

Paradoxically, economists say the same policies that lifted
millions of Brazilians from poverty in recent years also helped
fuel the inflation now eroding their living standards, the report
notes.  Brazil's labor productivity has badly lagged behind most
other emerging economies, underscoring the shaky foundation on
which the new middle class was built, the report says.

"Having gone through a period over the past decade where workers
managed to get a bigger share of a growing pie, they're now going
to have a smaller share of a pie that's growing at a much slower
pace," says Neil Shearing, chief emerging-market economist at
Capital Economics, notes the WSJ.

The report says austerity measures have made Brazil's tax system
more regressive, eating away incomes for middle- and lower-class
households.  Seeking to bolster revenue, the government has
increased flat-rate taxes on consumer credit, imports and some
manufactured products.  It also pushed people into higher income-
tax brackets by raising cutoff levels by as little as 4.5%, less
than half the inflation rate.

The number of Brazilians behind on their payments rose to 57
million in September, or 39% of the country's adult population,
credit bureau SPC Brasil said, the report notes.

One of them is Maria Eliane de Alcantara, a 46-year-old
housecleaner who lives in Santa Marta.  After taking out a loan
with a massive interest rate to upgrade her wooden shack; now her
food budget won't stretch much beyond rice and beans, the report
notes.

"Money comes in and then it's gone," Ms. de Alcantara said. "I
even owe the bricklayer money."


PETROLEO BRASILEIRO: Posts 58% Drop in Net Income
-------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A., currently ensnared
in a massive corruption scandal, reported net income of BRL2.1
billion (some $558 million) for the first nine months of the year,
down 58 percent from the same period of 2014.

Brazil's largest company and a major contributor to the nation's
gross domestic product (GDP), Petrobras said that the weak real
had made it more expensive to service its dollar-denominated debt
and adversely affected the company's profits, according to EFE
News.

The report notes that Petrobras said higher tax costs also had
eaten into net income.

The company posted a net loss of BRL3.8 billion (some $1.01
billion) in the third quarter, compared with a net loss of BRL5.3
billion ($1.4 billion) in July-September 2014.

During the first nine months of the year, the company's adjusted
earnings before interest, taxes, depreciation and amortization, or
EBITDA, totaled BRL56.8 billion (some $15.1 billion), up 45
percent from the same period of last year, the report relays.

Petrobras, a state-controlled company whose shares are traded on
the Sao Paulo, New York, Madrid and Buenos Aires stock exchanges,
said its operating profits, excluding financing and other costs,
amounted to BRL28.6 billion (some $7.6 billion), up 149 percent
from the first nine months of 2014, the report notes.

The report discloses that the improved operating results were due
to higher margins in sales of oil products in the domestic market
and greater crude export volumes stemming from a 7 percent
increase in domestic output, the company said.

Net debt totaled $101.3 billion at the end of the third quarter,
down 5 percent from the close of 2014, the report notes.

But net debt in local currency terms soared by 43 percent over
that same nine-month period due to a 49.6 percent decline in the
value of the real relative to the dollar between Jan. 1 and Sept.
30, the report relays.

The report discloses that the company's investments fell 11
percent from BRL62.5 billion (some $16.6 billion) in January-
September 2014 to BRL55.5 billion (some $14.8 billion) in the
first nine months of this year.

Petrobras announced plans earlier this year to slash its
investment budget and divest assets as it deals with the fallout
of a massive corruption scandal, the report notes.

The wide-ranging scandal involves allegations that leading
domestic engineering and construction groups overcharged the oil
giant for contracts, splitting the extra money with corrupt
Petrobras officials while setting aside some of the loot to pay
off politicians who provided cover for the graft, the report says.

The company, which says it was the victim of the purported scheme,
has already written off nearly $2 billion in corruption-related
losses from the period between 2004 and 2014, adds the report.

                   About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

The Troubled Company Reporter-Latin America reported on March 6,
2015, that the deepening investigation into the alleged kickback
scheme at Petrobras has triggered concerns for the Brazilian banks
with exposures not only to the state-controlled oil company, but
also to its large base of suppliers, as well as the broader oil
and gas (O&G) and construction industries, says Moody's Investors
Service.

On March 12, 2015, the TCR-LA reported that Moody's Investors
Service said the corruption investigation into Petrobras will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

Moody's Investors Service has downgraded all ratings for
Petrobras, including a downgrade of the company's senior unsecured
debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating
to the company, the TCRLA reported on Feb. 27, 2015.  Its failure
to estimate its losses from the alleged corruption scheme and
produce audited third-quarter results prompted Moody's to cut its
rating to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


PETROLEO BRASILEIRO: Seeks 'Strategic' Buyers in Sale Drive
-------------------------------------------------------------
Sabrina Valle and Peter Millard at Bloomberg News report that
Petroleo Brasileiro SA will start a road show to talk to investors
and find "strategic partners" for its Brazilian operations as part
of an effort to reduce the biggest debt load in the oil industry,
Chief Financial Officer Ivan Monteiro said.

Executives will travel to countries including the U.S., China,
Mexico, Canada and the U.K., and investors have already shown
strong interest for a stake in Petrobras Distribuidora SA, Latin
America's largest petroleum products distributor, Mr. Monteiro
said, according to Bloomberg News.

The report notes that Petrobras runs little risk of missing its
target to raise more than $15 billion from divestments before the
end of 2016, Mr. Monteiro said.

The company also plans to tap international debt markets this year
to secure its financial needs for 2016, Mr. Monteiro said, the
report relays.

"There has been a lot, a lot of interest" in investments in the
distribution unit, Mr. Monteiro told reporters at a third-quarter
earnings news conference in Rio de Janeiro, the report relays.

The report notes that Petrobras is looking to reduce indebtedness
while it grapples with a collapse in commodity prices, a widening
graft scandal that has resulted in some of its suppliers seeking
bankruptcy protection, and oil unions that started striking on
Nov. 1 to protest asset sales and spending cuts that threaten
jobs.  Shares have collapsed 24 percent this year, the report
adds.

                   About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

The Troubled Company Reporter-Latin America reported on March 6,
2015, that the deepening investigation into the alleged kickback
scheme at Petrobras has triggered concerns for the Brazilian banks
with exposures not only to the state-controlled oil company, but
also to its large base of suppliers, as well as the broader oil
and gas (O&G) and construction industries, says Moody's Investors
Service.

On March 12, 2015, the TCR-LA reported that Moody's Investors
Service said the corruption investigation into Petrobras will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

Moody's Investors Service has downgraded all ratings for
Petrobras, including a downgrade of the company's senior unsecured
debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating
to the company, the TCRLA reported on Feb. 27, 2015.  Its failure
to estimate its losses from the alleged corruption scheme and
produce audited third-quarter results prompted Moody's to cut its
rating to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


SAMARCO MINERACAO: Mining Disaster Has Creditors Bracing for Worst
------------------------------------------------------------------
Filipe Pacheco and Gerson Freitas Jr. at Bloomberg News report
that Brazil's deadly mining disaster has investors questioning
whether Samarco Mineracao SA can withstand the fallout.

Two dams at the iron-ore producer's biggest operation burst five
days ago, unleashing a torrent of muddy floodwater that killed at
least three people and left 25 others missing, according to
Bloomberg News.  The site is now indefinitely closed. Deutsche
Bank AG estimates that the cleanup costs may exceed $1 billion.

Bloomberg News notes that as investigators probe the cause of the
disaster, local families mourn the dead and rescue operations
continue for the missing, there's growing skepticism about the
future of the joint-venture between BHP Billiton Ltd. and Vale SA,
especially among Samarco's creditors.

The company's $2.2 billion of notes, which have lost a third of
their value since Nov. 5, now trade at 56 cents on the dollar.
Investors are concerned a temporary suspension of Samarco's
license to operate in the area may become permanent, dealing a
potentially fatal blow to the company, said Patrik Kauffmann, a
Zurich-based money manager at Solitaire Aquila Ltd., Bloomberg
News relates.

"People are skeptical about the name," Bloomberg News quoted Mr.
Kauffmann as saying.  "If the government removes their license on
a company level, this can have a huge financial impact," Mr.
Kauffman added.

Bloomberg News says that Samarco and BHP said it's too early to
say what caused the accident.  Samarco said in an e-mail that all
its focus at the moment is on providing assistance to the families
and on mitigating damage to the environment, Bloomberg News
relays.

Further impacts of the accident and its consequences will be
analyzed in the future by the company, according to the statement
obtained by Bloomberg News.

Bloomberg News notes that the company's $1 billion of bonds due
2022 have plummeted to about 60 cents on the dollar as of 3:53
p.m. in New York on Nov. 10 from 83 cents before the disaster. Its
$700 million bonds due in 2023 fell to 60 cents, from 90.  The 33
percent loss on Samarco debt is the worst for any company in the
Bloomberg USD Emerging Market Corporate Bond Index, Bloomberg News
relays.

Bloomberg News says that the yield premiums, or spreads to
Treasuries, on both securities have shot above the 10 percentage-
point threshold that most investors consider indicates distressed
debt.  The company also has $1.42 billion of loans maturing over
the next nine years, data compiled by Bloomberg show.

The company's bond rating was cut to junk by Moody's Investors
Service, which cited uncertainties regarding Samarco's ability to
resume its mining operations.  The ratings are on review for
possible downgrade, reflecting continued concern about the loss of
production and costs that will be incurred because of the
disaster, Bloomberg News relays.

Samarco, which has operated for almost four decades and employs
some 3,000 people, was one of Brazil's 10 top exporters last year.

The operation in Minas Gerais state, where the accident occurred,
was producing iron ore at an annual rate of about 30 million
metric tons in September, using water-filled pipelines to
transport the raw material from the site to processing plants near
its port.  It provides pellets, used in steel output, to about 20
countries, and accounts for about 20 percent of that market,
according to Citigroup Inc.

Bloomberg News notes that Samarco's insurance coverage totaled
more than $1 billion as of mid-2014.  A large-scale disaster such
as the one it experienced is likely to lead to lawsuits and other
actions that may take years to resolve, according to Bloomberg
Intelligence analyst Kenneth Hoffman.  Its structure as a stand-
alone company may shield joint owners BHP and Vale from deep
losses related to the dam collapse, Hoffman said, Bloomberg News
relays.

Environmental officials in Minas Gerais said it was the worst
catastrophe of its kind to hit the state as they temporarily
suspended Samarco's license to operate, Bloomberg News notes.

"I don't see the operations being suspended permanently, but for a
long period of time, yes," said Danilo Miranda, a lawyer at
Marcelo Tostes Advogados in Sao Paulo and a specialist in
environmental licensing and mining concessions, Bloomberg News
discloses.  It could take years before the company is able to
resume operations, he said.

"Investors are pretty much pricing in now the fact that it won't
turn out well for the company," said Klaus Spielkamp, the Miami-
based head of fixed income at brokerage Bulltick, Bloomberg News
relays.

Vale stock has fallen 8.3 percent since Nov. 4, the day before the
dam burst.  Shares of Melbourne-based BHP have declined 7.3
percent in the same period to the lowest since 2008, says the
report.

BHP's Chief Executive Officer Andrew McKenzie traveled to Brazil
"to understand first-hand the human, environmental and operational
impacts of the incident," the company said, Bloomberg News notes.

Samarco said 612 people have been placed in hotels as the army,
police and firefighters helped the injured and homeless, Bloomberg
News relays.  The missing include 12 workers and 13 local
residents.  There's little chance of finding the missing alive,
Minas Gerais Governor Fernando Pimentel said Sunday, according to
a report in O Globo newspaper, Bloomberg News notes.

At this point, there's no way for investors to know with
confidence how much it will cost to resume operations at the site
or whether it will even be possible, according to Rafael Elias,
the head of emerging-market strategy at Cantor Fitzgerald,
Bloomberg News says.

"We know that there will be absolutely no revenues once the
inventories are depleted, and until operations resume," he wrote
in a message to clients, Bloomberg News discloses.  "There will be
many and substantial costs to be incurred, ranging from fines to
compensations, restitution, reconstruction, and a long etcetera
that at this point is impossible to even estimate."


SAMARCO MINERACAO: S&P Puts 'BB+' Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB+' global and
'brAA+' national scale ratings on Samarco Mineracao S.A. on
CreditWatch negative.

The company's ruptured dams have caused significant damage to
nearby regions.  S&P currently can't assess the full extension of
the damage and potential impact on Samarcos operations, as well as
possible contingent liabilities.  S&P is placing the ratings on
CreditWatch negative because it perceives at least a 50% chance
for a downgrade even though current ratings include some level of
support from Samarco's parent, Vale S.A.  S&P expects to have
enough information to assess the company's financial and business
risk profiles within the next 90 days.

S&P expects to resolve the CreditWatch on Samarco in the next 90
days because S&P will be able to better assess the extent and
timing of the impact on the company's business and financial risk
profiles.



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


7 MILE: Commences Liquidation Proceedings
-----------------------------------------
On June 5, 2015, the shareholders of 7 Mile Holdings Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
July 22, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Rene K. Hislop
          13 Cardinal Avenue
          P.O. Box 1775 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949-7677


ARTEMIS HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
On Sept. 28, 2015, the shareholders of Artemis Holdings Fixed
Income Plus resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Michelle Valfells
          Rue de la Tour-Maitresse 4
          1204 Geneva
          Switzerland
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


BRIGHTON SPC: Court Enters Wind-Up Order
----------------------------------------
On Oct. 26, 2015, the Grand Court of Cayman Islands entered an
order to wind up the operations of Brighton SPC.

The company's liquidators are:

          Simon Conway
          David Walker
          PwC Corporate Finance & Recovery (Cayman) Limited
          P.O. Box 258, Strathvale House
          Grand Cayman, KY1-1104
          Cayman Islands
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237


BUFUS INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------------
The creditors of Bufus International Ltd. are required to file
their proofs of debt by Nov. 23, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2015.

The company's liquidator is:

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


DOTAN INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 23
----------------------------------------------------------
The creditors of Dotan International Ltd. are required to file
their proofs of debt by Nov. 23, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2015.

The company's liquidator is:

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


FINISTERRE INSTITUTIONAL: Commences Liquidation Proceedings
-----------------------------------------------------------
On Oct. 8, 2015, the sole shareholder of Finisterre Institutional
Fund resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Jonathan Nicholson
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 516-0210


GLOBAL BOND: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 8, 2015, the shareholders of Global Bond Investors-GP, Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Collas Crill & CARD
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


MACKAY SHIELDS: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------------
The creditors of Mackay Shields Credit Strategy Fund Ltd. are
required to file their proofs of debt by Nov. 26, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 7, 2015.

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


MEZZREF VII: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 12, 2015, the shareholder of MEZZREF VII Double Investors-
LP Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Collas Crill & CARD
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


MSREFF VII ASSET I: Commences Liquidation Proceedings
-----------------------------------------------------
On Oct. 12, 2015, the shareholder of MSREFF VII Japan Asset I GP
Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Collas Crill & CARD
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


MSREFF VII ASSET II: Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 12, 2015, the shareholder of MSREFF VII Japan Asset II GP
Ltd resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Collas Crill & CARD
          Willow House, Cricket Square
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


NEWBERRY HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On Sept. 30, 2015, the sole shareholder of Newberry Holdings
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Neil Montgomery
          Cathlin Rossiter
          c/o Edel Andersen
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza Elgin Avenue, George Town
          P.O. Box 448 Grand Cayman KY1-1106
          Cayman Islands


TIME SEASON: Creditors' Proofs of Debt Due Nov. 16
--------------------------------------------------
The creditors of Time Season Ventures Limited are required to file
their proofs of debt by Nov. 16, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2015.

The company's liquidator is:

          Barclays Wealth Corporate Nominees Limited
          c/o Barclays Trust Company (Cayman) Limited
          P.O. Box 587 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +65 6308 0200
          Facsimile: +65 6308 3289


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


GEOPARK LATIN: Fitch Puts 'B' IDR on CreditWatch Negative
---------------------------------------------------------
Fitch Ratings has placed GeoPark Latin America Limited Agencia en
Chile's foreign and local currency Issuer Default Ratings and
senior unsecured ratings of 'B' on Rating Watch Negative.

KEY RATING DRIVERS

The rating action reflects incorporation of Fitch's new price deck
expectations for West Texas Intermediate (WTI) prices of USD50/bbl
in 2015 and 2016.  Fitch believes the company has sufficient
liquidity to withstand this level of prices in the short-term if
it is able to maintain expected production of at least 23,000
barrels of oil equivalent per day (BOED).  If the company is
unable to maintain its cost base at levels seen in the third
quarter while increasing production and minimizing its cash burn
rates, the company could face a negative rating action.  If
current prices are sustained beyond 2016 and/or prices decline
significantly below USD50/bbl in the near term, the company's
credit profile could also be further harmed.

Lower Oil Price Assumptions: The Rating Watch Negative reflects
the negative pressure on GeoPark's credit profile due to
expectations for sustained low oil prices in 2015 and 2016.  Since
June 2014, WTI spot prices have declined by nearly 60%, which has
negatively impacted the global oil & gas industry throughout its
value chain.  In December 2014, Fitch revised the sector outlook
for Latin American Oil & Gas to Negative from Stable.  The
revision was due to expectations that pressure from lower crude
prices should continue to negatively affect equity prices and
credit spreads for integrated, exploration and production (E&P),
and drilling and service companies.

In November 2015, Fitch cut the oil and gas price assumptions it
uses when rating energy sector companies, reflecting the continued
imbalance between oil supply and demand, as well as expectation
that marginal costs will further decline in the medium term.
Fitch pushed back its expected timing for a recovery in oil
prices, now assuming that WTI prices will average USD50/bbl in
both 2015 and 2016, with a slight increase to USD60/bbl in 2017.
Previously, Fitch was expecting average WTI prices of USD60/bbl in
2016.  Incorporating the new pricing assumptions into Fitch's
GeoPark projections, Fitch believes the company's liquidity and
credit profile could face incremental pressure in 2016, if it is
unable to maintain the increased production seen by the company at
the start of the fourth quarter.  According to the company's
latest earnings release, current 4Q production is approximately
23,000 BOED (up 20% versus 3Q15 production of 19,244 BOED).
Fitch's Base Case projects 2016 production average of 23,000 BOED.

Financial Metrics to Remain Pressured Short-term: Until 2015,
GeoPark's credit metrics had been improving in recent years as a
result of the company's growth strategy.  In 2014, the leverage
ratio, as measured by total debt/EBITDA, was 1.7x, down from 2.1x
in 2013-2012 and 2.6x in 2011.  Given expectations of an average
oil price of USD50/bbl, Fitch is forecasting EBITDA of
approximately USD70 million/year for 2015.  This would mean that
the company's total debt/EBITDA would spike to approximately 5x
for the year.  If production of 23,500 BOED is maintained
throughout 2016, Fitch would expect consolidated EBITDA to
increase to the USD120 million level, which would mean leverage
would meaningfully decline to the 3x level.

Debt on a reserve basis should remain high, though stable, as
Fitch estimates that total debt/total proved reserves stands close
to USD8.5/BOE.  This does represent an improvement versus
USD18.0/BOE in 2013.  On a proved and developed reserves basis the
company's debt per barrel stands high at USD26/BOE, which could
rise further if the company is not able to add proved reserve
levels as it moves to preserve cash.  Given recent discoveries in
Colombia, the company's reserves could increase for the year,
despite a possible eventual reserve adjustment due to lower global
oil prices.

Metrics Above Incurrence Covenant Limits: At expected leverage
levels of 5x and EBITDA coverage levels of 3x, the company would
record financial leverage metrics well above its international
bond's debt covenant requirements for 2015.  The covenant
requirements are as follows: consolidated debt to consolidated
EBITDA ratio not higher than 2.5x for the remaining life of the
notes, and consolidated EBITDA to consolidated interest expenses
over 3.5x.  This is an incurrence covenant, that would prevent the
company from raising additional debt, though the bond's covenants
do have exceptions for lines of credit or working capital
facilities up to 8% of total assets (approximately USD80 million).
The company has been above the covenant limits since the second
quarter of 2015, and based on Fitch's base case forecast would
remain above this level during 2016 as well, with improvement
below these levels by 2017.

RATING SENSITIVITIES

Negative: Future developments that could, individually or
collectively, lead to negative rating actions in the short-term:

   -- Production does not meet Fitch's expectations for 23,000
      BOED;

   -- The company is not able to maintain its operating costs at
      the level seen in 3Q15, which could lead to a higher level
      of cash burn;

   -- Prices decline significantly below the USD50/bbl level
      leading to significant harm to the company's credit profile
      and liquidity.

Long-term, if current depressed oil prices are maintained beyond
2016 and/or average WTI prices decline significantly this could
lead to significant harm to the company's credit profile.  If
current low oil prices persist beyond 2016, the company would
remain above its incurrence covenant limitations, thereby
pressuring the company's ability to raise additional indebtedness
in the face of cash needs.  Finally, if leverage does not rapidly
decline when/if global oil prices recover, this could lead to a
negative rating action.

Positive: A positive rating action is currently not envisaged.  If
the company maintains production/cost controls at the forecast
levels, this could translate to GeoPark's ratings being affirmed.
A sustained recovery of oil prices to USD60/bbl or more would help
to improve the company's credit profile and eliminate the
company's Rating Watch Negative.

Long-term, drivers for a positive rating action or Outlook include
increased diversification of the company's production profile, and
consistent growth in both production and reserves while improving
financial metrics.  A substantial reduction in the debt/proved-
reserves ratio would also be viewed favorably.

LIQUIDITY AND DEBT STRUCTURE

Stretched, Though Sufficient, Cash Cushion: The company is rightly
focusing on cash preservation during this period of relatively low
oil prices.  GeoPark has reported negative annual FCF over the
past eight years, mainly as a result of its aggressive growth
strategy, though improvements had been seen as recently as 2014,
when the company reported almost breakeven cash flow (FCF of -USD7
million).

Prior to the oil price decline, GeoPark was on pace to record
positive FCF by 2016.  Incorporating the company's capex and opex
cut-backs in 2015, Fitch is still projecting that the company will
generate negative FCF in 2015-2016, achieving positive FCF in 2017
as the price of oil rises.

The company has sufficient liquidity to meet its short-term debt
obligations, as GeoPark reported cash on hand as of September 2015
of USD90 million, which is 3x its short-term debt obligations.
Interest expense for the company's USD300 million international
bond and USD70 million Itau loan, should total USD25-USD30 million
in 2016.  Despite GeoPark's aggressive capex program and
corresponding cash burn, the company's liquidity was helped by the
2014 IPO which raised USD95 million in cash.  Furthermore, the
Brazilian acquisition, which closed in 1Q14, was FCF accretive in
the first year, and the company has been helped by recent
discoveries in Colombia.  Incorporating expectations of USD50/bbl
WTI prices in 2016, Fitch is projecting that the company will end
2016 with USD75 million in cash on hand.  This is contingent on
maintaining current 4Q production throughout 2016, otherwise
EBITDA generation and cash burn will be more negative and could
lead to a negative rating action.

KEY ASSUMPTIONS

   -- Average realized oil price calculated as a 20% discount of
      Fitch's price deck assumptions for WTI price of oil of
      USD50/bbl in 2015 and 2016;

   -- Long-term WTI price assumed to increase to USD70/bbl by
      2019;

   -- 2016 production of 23,000 BOED;

   -- Capital expenditures to remain in the USD60 million/year
      level in 2015 and 2016;

   -- Leverage defined as total debt/EBITDA in the 4.0x-5.0x level
      during 2015, declining to the 3x level in 2016.

FULL LIST OF RATING ACTIONS

Fitch has assigned an 'RR4' Recovery Rating to the company's
USD300 million senior unsecured notes due 2020.  Fitch has placed
the following ratings for GeoPark on Rating Watch Negative:

   -- Foreign and local currency IDRs 'B';

   -- International senior unsecured debt rating 'B/RR4'.


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


JAMAICA: IMF Sees 2.5% Economic Growth for the Next Fiscal Year
---------------------------------------------------------------
An International Monetary Fund (IMF) mission led by Uma
Ramakrishnan visited Jamaica from November 4-13, 2015, to conduct
discussions on the tenth review of Jamaica's IMF-supported program
under the Extended Fund Facility.

At the conclusion of the mission IMF Mission Chief Ms.
Ramakrishnan issued the following statement in Kingston:

"The mission reached preliminary agreement with the authorities on
a package of policies that aims at completing the tenth review
under the EFF.  Consideration by the IMF's Executive Board is
tentatively scheduled for December 2015.  Upon approval, SDR 28.32
million (about US$39 million) would be made available to Jamaica.

"A gradual economic recovery is underway, with growth projected at
about 1.5 percent in FY2015/16, and 2.5 percent for the next
fiscal year.  The unemployment rate declined to 13.1 percent in
July and employment gains are being generated in the tourism and
business process outsourcing sectors.  Inflation fell to a
historic low of 1.8 percent in September, thanks to lower oil
prices and the receding after-effects of the drought.  Gross
international reserves were US$2.9 billion at end-October (5
months of imports of goods and services).

"Program implementation remains strong. All quantitative
performance targets through end-September were met and the
authorities' plan for structural reforms is also on track.  The
authorities and the mission agreed that the focus now should be to
ensure Jamaica moves quickly to a position of strong, sustained,
and dynamic economic growth and job creation.

"With macroeconomic stability now well entrenched, and the debt
dynamics improving, the authorities and mission agreed that a
loosening of fiscal policy and a realignment of monetary policies
were both warranted to better support the real economy.  To this
end, a staff level agreement was reached to lower the target for
the primary surplus to 7.25 percent of GDP for this fiscal year
and to 7 percent of GDP for FY2016/17.  This additional fiscal
space will provide an opportunity to increase public spending on
capital outlays that boost growth and job creation as well as to
continue to protect social spending.  Further, a more expansionary
monetary stance will help complement this fiscal expansion by
supporting credit expansion and private-sector activity. Continued
strong program implementation will remain important to achieve
fiscal and debt sustainability.

"Financial sector stability reforms, an important program
component, have advanced significantly: the Banking Services Act
is now in effect, retail repos have transitioned to a new Trust-
based framework, and the Bank of Jamaica has been given a broad
mandate for financial stability.

"Progress continues to be made in improving Jamaica's business
climate, as evidenced by the World Bank's Doing Business 2016
rankings, which lists Jamaica among the top 10 most improved
economies worldwide.  There is, however, more to do particularly
by making it easier to comply with the tax code, facilitating
cross-border trade, and increasing the availability and lowering
the cost of electricity.

"The mission met with the Minister of Finance and Planning Dr. the
Hon. Peter Phillips, Bank of Jamaica Governor Brian Wynter,
Financial Secretary Devon Rowe, senior government officials, as
well as representatives of the private sector and civil society.
The mission would like to thank the authorities and technical
staff for their cooperation and hospitality."


                      *     *     *

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.


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


VENEZUELA: Maduro Calls for System for "Fair Price" of Oil
-----------------------------------------------------------
EFE News reports that Venezuelan President Nicolas Maduro urged in
Riyadh the presidents and heads of states of the South American-
Arab Countries, or ASPA, to create a "formula" that would
establish a "fair price" for oil.

During his speech at the ASPA summit in Saudi capital Riyadh,
Maduro said "We have high expectations, we are optimistic that in
the short term we can move towards a new formula that allows us to
create stability policies, as well as a fair price (for oil) in
the world," according to EFE News.

The report notes that the Venezuelan president added that one of
the positive side effects of the ASPA summit is making progress in
the formation of a new formula that would allow for negative
downward instabilities in the price of Venezuela's main export.

President Maduro opined that "there is much to talk about" in this
regard, stressing as well the importance of oil given that it is
the main source of energy in Arab and South American countries,
the report relays.

Venezuela and Ecuador are the only OPEC members among all other
South American states, the report notes.

The Venezuelan president accused "others" whom he did not name, of
rigging the market to set certain prices for oil, which he
considered as harmful in terms of development and the stability of
the economy and energy in the short, medium and long term, the
report discloses.

The report says that President Maduro concluded his speech by
expressing his support for the Palestinian cause and Palestinian
President Mahmoud Abbas.

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2015, Moody's Investors Service 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.


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


* BOND PRICING: For the Week From Nov. 9 to Nov. 13, 2015
--------------------------------------------------------

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

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *