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

            Monday, November 23, 2015, Vol. 16, No. 231



ICBC PRENDARIOS: Moody's Rates ARS37,742,997 Cert. B2 (sf)


BRASIL PHARMA: Moody's Withdraws Caa1 CFR and Negative Outlook
BRAZIL: Economic Woes Spark Demand For Advisers
BRAZIL: Transmission Line Auction Falls Short of Expectations

C A Y M A N  I S L A N D S

BABCOCK & BROWN: Placed Under Voluntary Wind-Up
BBAM CO-INVESTOR: Placed Under Voluntary Wind-Up
CORTEX GLOBAL: Shareholders Receive Wind-Up Report
FORTUNA CHINA: Members Receive Wind-Up Report
HELLMAN & FRIEDMAN: Commences Liquidation Proceedings

NAC EUROPEAN: Members to Receive Wind-Up Report on Dec. 10
NORTH POLE: Members Receive Wind-Up Report
NORTH POLE SELECT: Members Receive Wind-Up Report
POLEKA LIMITED: Creditors' Proofs of Debt Due Nov. 27
QUNA CAPITAL: Commences Liquidation Proceedings

RAB MARKET: Placed Under Voluntary Wind-Up
RICKY ADVISORS: Creditors' Proofs of Debt Due Nov. 27
SILCO LTD: Placed Under Voluntary Wind-Up

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: IDB OKs $300MM Loan to Improve Health Spending


ECUADOR: Nearly Reached Deal on Payment to Oxy, Correa Says

E L   SA L V A D O R

EL SALVADOR: Moody's Affirms Ba3 Foreign Currency Issuer Rating


UC RUSAL: Reports Major Fall in Earnings


NEMAK SAB: Fitch Raises IDR to 'BB+' & Revises Outlook to Stable
TV AZTECA: Bondholders Flee as Salinas Taps Son for Turnaround

P U E R T O    R I C O

AMERICAN AGENCIES: Taps Fiddler Gonzalez as Tax Attorney
PR EXHIBITS: Case Summary & 9 Largest Unsecured Creditors


* BOND PRICING: For the Week From Nov. 16 to Nov. 20, 2015

                            - - - - -


ICBC PRENDARIOS: Moody's Rates ARS37,742,997 Cert. B2 (sf)
Moody's Latin America Agente de Calificacion de Riesgo (Moody's)
has rated the new structure of Fideicomiso Financiero ICBC
Prendarios II. This transaction will be issued by TMF Trust
Company (Argentina) S.A. -- acting solely in its capacity as
issuer and trustee.

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

Changes in the structure are related to the interest rate caps and
floors on the securities. Class A will bear a floating interest
rate of BADLAR plus a margin (to be determined by market
conditions) with a cap of 28% and a floor of 23%, while Class B
will feature a cap of 29% and a floor of 24%. The tranche amounts
have also been changed.

Moody's has withdrawn the ratings of the Certificates assigned on
September 10, 2015 because the structure of the transaction has
changed before issuance and as a result the rating of the
Certificates will change. Moody's has assigned new ratings to this
tranche as follows. The ratings originally assigned to Class A and
Class B have not changed as a result of the structure change.

-- ARS 246,781,113 in Class A Floating Rate Debt Securities (VDF
    TVA) of "Fideicomiso Financiero ICBC Prendarios II", rated (sf) (Argentine National Scale) and B1 (sf) (Global
    Scale, Local Currency)

-- ARS 5,806,615 in Class B Floating Rate Debt Securities (VDF
    TVB) of "Fideicomiso Financiero ICBC Prendarios II", rated (sf) (Argentine National Scale) and B1 (sf) (Global
    Scale, Local Currency)

-- ARS 37,742,997 in Certificates (CP) of "Fideicomiso Financiero
    ICBC Prendarios II", rated (sf) (Argentine National
    Scale) and B2 (sf) (Global Scale, Local Currency).


The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 8,043
eligible auto loans denominated in Argentine pesos, with a fixed
interest rate, originated by the Industrial and Commercial Bank of
China (Argentina) S.A. "ICBC (Argentina)" in an aggregate amount
of ARS 290,330,725.

The auto loans backing the rated securities are granted to ICBC
(Argentina) clients. The monthly loan installment is deducted
directly from the borrower's bank account. ICBC (Argentina) local
currency deposits are currently rated (Argentine National
Scale) and B1 (Global Scale, Local Currency). ICBC (Argentina) has
a Counterparty Risk Assessment (CRA) of B1(cr).

The securities benefit from strong credit enhancement in the form
of 15% subordination for the Class A Floating Rate Debt Securities
and 13% for the Class B Floating Rate Debt Securities. In
addition, the transaction has various reserve funds, including an
interest service liquidity fund covering the next coupon payment,
to be funded from collections. The transaction also benefits from
a turbo-sequential payment structure that traps any available
excess spread.

The ratings also consider the solid historical performance of
comparable loans originated by ICBC (Argentina) as well as the
strong performance of Fideicomiso Financiero ICBC Prendarios I,
the previous auto loan securitization sponsored by the bank.

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 levels beyond the level Moody's assumed
when rating this transaction. Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by ICBC (Argentina), the actual performance
of the securitized pool may be affected, among other factors, by
the economic activity, high inflation rates compared with nominal
salaries increases and the unemployment rate in Argentina.

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 credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of ICBC
(Argentina)'s portfolio. In addition, Moody's considered factors
common to auto loans securitizations such as delinquencies, LTVs,
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 in order to
determine the expected loss for the rated securities.

Moody's evaluated historical performance data from July 1, 2012
and ending June 30, 2015. Moody's key ratings-model assumptions
for this transaction include various performance statistics,
including log normal estimate of the default rate with a mean
default rate of 5% and a coefficient of variation of 50%. Recovery
rates on defaults were assumed at 40%. Other model input
assumptions include a conditional prepayment rate of 35% per

To determine the rating assigned to the securities, Moody's has
used an expected loss methodology that reflects the probability of
default for each tranche times the severity of the loss expected
for the tranche. In order to allocate losses to the tranches in
accordance with their priority of payment and relative size,
Moody's has used a cash-flow model (ABSROM) that reproduces many
deal-specific characteristics: the main input parameters of the
model are described above. Weighting each loss scenario's severity
result on the securities with its probability of occurrence, the
model has calculated the expected loss level for each tranche as
well as the expected average life. Moody's model then compares the
quantitative values to the Moody's Idealized Expected Loss table
for each tranche.

The model results showed 0.02% expected loss for the Class A
Floating Rate Debt Securities, 0.52% for the Class B Floating Rate
Debt Securities and 2.54% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If ICBC (Argentina) is removed as servicer,
TMF Trust Company (Argentina) S.A. will be appointed as the back-
up servicer.

Stress Scenarios

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates increased 10% from the
base case scenario for the pool (i.e., mean of 15% and a
coefficient of variation of 50%), the ratings of the Class B
Floating Rate debt securities and the Certificates would likely be
downgraded to B2 (sf) and Caa3 (sf) respectively. The ratings of
the Class A Floating Rate Debt Securities would likely be


Moody's America Latina Ltda (MAL) lowered Banco de Desenvolvimento
de Minas Gerais S.A. (BDMG)'s baseline credit assessment (BCA) to
ba2 from ba1 and downgraded its long-term national scale issuer
rating to from Simultaneously, MAL affirmed the
local currency issuer ratings at Ba1 for long term and Not Prime
for short term, both of which incorporate the support from its
shareholder, the state of Minas Gerais (Ba1 stable). The outlook
on the aforementioned ratings remains stable.

The following ratings assigned to Banco de Desenvolvimento de
Minas Gerais was downgraded:

Baseline credit assessment to ba2, from ba1

Brazilian long-term national scale issuer rating to, from

The following ratings assigned to Banco de Desenvolvimento de
Minas Gerais were affirmed:

Long-term local currency issuer rating at Ba1, stable outlook

Short-term local currency issuer rating at Not Prime

Brazilian short-term national scale issuer rating: BR-1


In downgrading Banco de Desenvolvimento de Minas Gerais S.A.'s BCA
to ba2 Moody's acknowledges the bank's weakened financial
performance resulting from increased credit and funding costs,
reduced loan disbursements, and rising delinquencies -- all
factors that will continue to challenge BDMG's modest and
geographically concentrated franchise. While the bank's loan book
continued to grow above the industry expanding 16% in 12 months
ending June 2015 -- largely on lower-margined loans to
corporations -- the level of provisions for loan losses increased
by 88% during the same period, and the bank's funding costs
increased as it expanded its market-funding. The combination of
these factors reduced BDMG's net income by 80% in 2Q15, implying
in lower internal capital generation. The bank reported its
highest historical 90-day past due loan ratio at 2.1% in which,
although lower than the industry average, indicates a negative
trend for asset quality, especially given Moody's view that
economic contraction will continue throughout 2016. In addition,
the bank's restructured loans increased roughly 21% in 12 months,
and accounted for 5.9% of total loans in June 2015.

The ba2 also reflects the decline of BDMG's capitalization over
the past three years resulting from the robust loan expansion,
including to municipalities, which requires an equivalent capital
segregation. BDMG's reported capital ratio decreased from 40% in
2012 to 17% in June 2015. The bank will face continued pressure on
its ability to replenish its capital level as asset risk climbs.

Moody's acknowledges BDMG's entrenched operation in its regional
market and strong alignment with the development policy of the
State of Minas Gerais, both positive drivers of the Ba1 supported
issuer rating. The Ba1 issuer rating is determined by (1) the ba2
baseline credit assessment and (2) incorporation of support from
the bank's sole shareholder, the State of Minas Gerais, which is
rated Ba1 with stable outlook. We view support for BDMG as high
considering its public policy role and importance for the regional
development and long-term financing, as well as the demonstrated
commitment by its shareholder to the bank's operations.


At this point, there is limited potential for upward rating
movement, following the lowering of BDMG's baseline credit
assessment to ba2 and the downgrade of the rating assigned to the
state of Minas Gerais announced on August12, 2015.


The primary downward pressure on the rating would arise from a
deterioration of BDMG's asset quality resulting from the weak
economic environment and rising risks related to companies'
repayment capacity. Downward risks would also arise from events
that reduce BDMG's regional importance, such as intensified
competition from local peers. These drivers would negatively
affect future earnings generation and capital replenishment

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by an ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings."

The last rating action on Banco de Desenvolvimento de Minas Gerais
S.A. was on August 12, 2015, when Moody's America Latina
downgraded the local currency issuer rating assigned to BDMG in
view of the downgrade of the ratings of its shareholder, the state
of Minas Gerais. The outlook was change to stable from negative,
in line with the stable outlook of its parent.

Banco de Desenvolvimento de Minas Gerais S.A. is headquartered in
Belo Horizonte, Brazil, and had assets of BRL6.78 billion (USD2.18
billion) and equity of BRL1.69 billion (USD544.4 million) as of
June 30, 2015.


Information sources used to prepare the rating are the following:
parties involved in the ratings, public information, and
confidential and proprietary Moody's information.

Moody's considers the quality of information available on the
rated entity, obligation or credit satisfactory for the purposes
of issuing a rating.

Moody's adopts all necessary measures so that the information it
uses in assigning a rating is of sufficient quality and from
sources Moody's considers to be reliable including, when
appropriate, independent third-party sources. However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.

The rating has been disclosed to the rated entity or its
designated agent(s) and issued with no amendment resulting from
that disclosure.

BRASIL PHARMA: Moody's Withdraws Caa1 CFR and Negative Outlook
Moody's America Latina (Moody's) has withdrawn Brasil Pharma
S.A.'s Caa1 (global scale) and (national scale) corporate
family ratings, as well as the negative outlook.

The last rating action on Brasil Pharma was taken on 23 September
2015 when Moody's downgraded the company's corporate family rating
to Caa1/ from B3/ with a negative outlook.

Founded in 2009 and headquartered in the state of Sao Paulo,
Brasil Pharma S.A. has the BTG Pactual bank as its main
shareholder. The company is among the three largest drugstore
chains in the country in terms of sales and had 692 stores in the
south, northeast, north and central-west regions of the country as
of September 30th, 2015, in addition to a franchise business under
the "Farmais" brand, with 471 stores. Net revenues for the LTM
period ended September 30th 2015 amounted to BRL 3.5 billion
(approximately USD 1.2 billion converted by the average exchange
rate for the period), with adjusted EBITDA margin of -1.1%.

BRAZIL: Economic Woes Spark Demand For Advisers
Jonathan Levin at Bloomberg News reports that as Brazil's economy
worsens, the outlook for the country's restructuring industry is
getting better and better.

The latest example is HSA Solucoes em Financas, the Curitiba,
Brazil-based debt renegotiation shop, which just opened its first
office in Sao Paulo. Chief Executive Officer Lazar Halfon,
speaking in a phone interview, said the office opened with a staff
of three, according to Bloomberg News.

That brings HSA's total headcount to nine.

Bloomberg News notes that the restructuring industry is one of the
few beneficiaries of a Brazilian recession that economists project
will be the longest since the 1930s, as companies from real estate
to construction seek relief from creditors.

OAS SA, the Brazilian builder seeking to emerge from bankruptcy
protection, agreed to sell its stake in a toll-road operator to
pay bondholders, people familiar with the matter said. Homebuilder
PDG Realty SA in August hired Rothschild to help restructure
BRL5.8 billion ($1.5 billion) of debt, Bloomberg News notes.

To make the most of the boom in corporate restructurings, firms
including Rothschild and the local affiliate of Evercore Partners
Inc. have already bolstered their teams in the Latin American
nation, Bloomberg News relays.

Founded in 1994, HSA helps companies with revenue of at least
BRL500 million ($131 million) renegotiate agreements with
creditors.  The Sao Paulo office will be the only office outside
of the Curitiba headquarters.

"The economy deteriorated so quickly, and the majority of the
companies didn't have time to react," Bloomberg News quoted Mr.
Halfon as saying.

After almost no growth in 2014, economists forecast Brazil's
economy will contract this year and next, Bloomberg News relays.

Bloomberg News notes that Mr. Halfon said the length of the
downturn is a big part of the problem; unlike previous crises,
it's hard for companies to see any light at the end of the tunnel.

As a result, he said 40 percent of his clients' cases this year
involved judicial recovery, the Brazilian equivalent of Chapter
11, Bloomberg News relays.

Last year, it was about 8 percent -- the rest were settled
directly with banks and suppliers.

"The expectation is that the end to the crisis is very far off,"
Mr. Halfon said, Bloomberg News notes.  "It's impossible to carry
out negotiations without judicial protection," Mr. Halfon added.

BRAZIL: Transmission Line Auction Falls Short of Expectations
EFE News reports that Brazil's government auctioned off just four
lots of transmission lines out of 12 on offer, generating
investment for the power sector equal to only 45 percent of the
expected total.

Expectations were that the auction, organized by electricity
regulator Aneel at the Sao Paulo Stock Exchange, would generate
investments of BRL7.5 billion (some $1.96 billion), according to
EFE News.

But with the awarding of just a third of the lots available, all
to local consortiums, the South American country secured
investments totaling just BRL3.5 billion (some $916.4 million),
the report notes.

EFE News says that the four transmission line lots, which stretch
for a combined 1,986 kilometers (1,234 miles) in the western
states of Goias and Mato Grosso, the southeastern state of Minas
Gerais and the southern states of Parana and Santa Catarina, are
expected to generate annual revenues of BRL613.8 million (some
$160.7 million), or 0.64 percent less than the maximum allowable
total established by Aneel.

The government had offered 12 lots of transmission lines covering
a distance of 4,600 kilometers (2,858 miles) and traversing
portions of 13 states and expected that the investment generated
for the sector would create 17,868 direct jobs, but the response
from companies was lukewarm, the report notes.

The transmission lines must begin commercial operations within a
period of between 36 and 60 months after the contracts are
formalized, according to auction rules, the report adds.

C A Y M A N  I S L A N D S

BABCOCK & BROWN: Placed Under Voluntary Wind-Up
At an extraordinary meeting held on Oct. 16, 2015, the
shareholders of Babcock & Brown Cayman Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

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

BBAM CO-INVESTOR: Placed Under Voluntary Wind-Up
At an extraordinary meeting held on Oct. 16, 2015, the
shareholders of BBAM Co-Investor Limited resolved to voluntarily
wind up the company's operations.

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

The company's liquidator is:

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

CORTEX GLOBAL: Shareholders Receive Wind-Up Report
The shareholders of Cortex Global Fund Offshore, Ltd. received on
Nov. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mark Stupfel
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386

FORTUNA CHINA: Members Receive Wind-Up Report
The members of Fortuna China Fund received on Nov. 17, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

HELLMAN & FRIEDMAN: Commences Liquidation Proceedings
On Oct. 16, 2015, the shareholders of Hellman & Friedman Investors
V (Cayman), Ltd resolved to voluntarily liquidate the company's

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

The company's liquidator is:

          Hellman & Friedman LLC
          Hellman & Friedman Investors V, L.P.
          Intertrust Corporate Services Delaware Ltd.
          200 Bellevue Parkway
          Suite 210, Bellevue Park Corporate Center
          Wilmington, New Castle County

NAC EUROPEAN: Members to Receive Wind-Up Report on Dec. 10
The members of NAC European Credit Fund will hear on Dec. 10,
2015, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877

NORTH POLE: Members Receive Wind-Up Report
The members of North Pole Capital Master Fund II received on
Nov. 20, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647

NORTH POLE SELECT: Members Receive Wind-Up Report
The members of North Pole Select received on Nov. 20, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647

POLEKA LIMITED: Creditors' Proofs of Debt Due Nov. 27
The creditors of Poleka Limited are required to file their proofs
of debt by Nov. 27, 2015, to be included in the company's dividend

The company commenced wind-up proceedings on Oct. 16, 2015.

The company's liquidator is:

          Golden Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128

QUNA CAPITAL: Commences Liquidation Proceedings
On Sept. 29, 2015, the shareholders of Quna Capital 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:

          Dmitry Kislyakov
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +7 903 5097955

RAB MARKET: Placed Under Voluntary Wind-Up
On Oct. 14, 2015, the sole shareholder of Rab Market Cycles
(Master) Fund Limited resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands

RICKY ADVISORS: Creditors' Proofs of Debt Due Nov. 27
The creditors of Ricky Advisors Limited are required to file their
proofs of debt by Nov. 27, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 16, 2015.

The company's liquidator is:

          Golden Eagle Holdings Ltd.
          c/o Barclays Trust Company (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128

SILCO LTD: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on Oct. 14, 2015, the
shareholder of Silco Ltd resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: IDB OKs $300MM Loan to Improve Health Spending
The Inter-American Bank (IDB) has approved a $300 million loan to
support the Dominican Republic's efforts to progressively
consolidate the coverage of its social security system and improve
the efficiency of health spending by expanding the reforms that
the country already has been carrying out in these sectors.

This loan, the second of two, will continue to boost measures
designed to strengthen the pension system and its comprehensive
development.  This will include changes in the definition of
policies for increasing coverage; strengthening institutions that
monitor the system and control evasion; establishing a registry of
elderly people living in extreme poverty for the purpose of
subsidies; and developing a plan to provide financial education to
the population.

It will also improve the efficiency of the health sector by
supporting the enactment of the law creating the National Health
Service, an autonomous public entity; implementing Quality Health
Policies, such as the approval of health service providers and the
development of standards for the care of mothers and infants; and
the approval of a new catalog of health benefits, among other

These actions build upon the previous loan, which supported the
consolidation of the pension system through changes in policies;
improvements in the focus of the benefits and access to
information; and institutional strengthening and support for the
culture of social security. In the health sector, the first
operation focused on establishing norms and regulations and the
development and application of management tools to improve the
efficiency of health spending.

The IDB's $300 million loan comes from ordinary capital, under the
category of Programmatic Policy Based Loans.

                       *     *     *

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'.


ECUADOR: Nearly Reached Deal on Payment to Oxy, Correa Says
EFE News reports that President Rafael Correa said that Ecuador
had "practically" reached agreement on the payment of compensation
to U.S. oil company Occidental Petroleum, which won an arbitration
decision after its oil-field contract was terminated in 2006.

"The talks with Oxy are very far along, and a payment agreement
has practically been reached," Mr. Correa said in a meeting with
reporters in the Ecuadorian Amazon, according to EFE News.

Mr. Correa recalled that earlier this month a committee of the
Washington-based International Center for the Settlement of
Investment Disputes ordered Ecuador to pay Houston-based Oxy $1
billion plus interest, or around $1.4 billion, lowering a $1.77
billion award handed down in 2012 by an ICSID panel, the report

The report recalls that Oxy had originally sued for $3.37 billion
in compensation after Ecuador canceled the company's concession
for Block 15 in the country's Amazon region.

Ecuador terminated the contract after accusing Oxy of selling a 40
percent stake in the block to AEC, a unit of Canada's Encana,
without obtaining Quito's permission, the report notes.

Oxy argued in arbitration that the move violated the U.S.-Ecuador
Bilateral Investment Treaty, the report says.

President Correa, meanwhile, hailed the reduction in the
arbitration award but still criticized the ICSID's ruling on
Twitter, saying the contract cancellation should not have been
treated as confiscation because Oxy broke Ecuadorian law, the
report adds.

E L   SA L V A D O R

EL SALVADOR: Moody's Affirms Ba3 Foreign Currency Issuer Rating
Moody's Investors Service affirmed El Salvador's Ba3 foreign
currency issuer and senior unsecured ratings and changed the
outlook to negative from stable.

The negative outlook reflects the limited ability of the
authorities to arrest the upward trend in government debt amid
persistently high fiscal deficits and low economic growth. Growth,
fiscal balance and government debt metrics are now weaker relative
to peers in the Ba category.

The affirmation of El Salvador's Ba3 ratings incorporates our
expectation that the government will take steps to stabilize
rising debt and reduce fiscal deficits. We expect this is likely
to come in the form of a pension reform in the next 3 to 6 months.
The affirmation also takes into account the small and slow growing
economy, moderate institutional and fiscal strength, and moderate
external vulnerabilities given dependence on imported commodities
and limited ability to manage shocks due to dollarization.

El Salvador's country and deposits foreign currency ceilings
remain unchanged at Ba1. The short-term country and deposits
ceilings also remain unchanged at Not Prime (NP).




Government debt ratios have increased steadily since 2009 driven
by persistent fiscal deficits of around 4% of GDP. We expect debt
to GDP to reach 60% this year. Given low GDP growth of around 2%
annually, the government would have to implement aggressive fiscal
consolidation, or revenue enhancing measures, to materially reduce
fiscal deficits. Political gridlock in the Legislative Assembly
and the lack of majority of the ruling party make this task
particularly difficult.

Government efforts thus far have fallen short in arresting the
debt trend. The administration of Salvador S nchez Ceren took
office in June 2014 and began cutting some government transfers
and expenses. In mid-2014, the government introduced a financial
transactions tax and eliminated income tax exemption on publishing
companies. These measures, however, only increased government
revenues by about 0.2% of GDP. In 2015, the government reduced gas
and transport subsidies. We do not expect these measures will
materially improve near-term fiscal prospects as they will reduce
the fiscal deficit only 0.4% of GDP in 2015-16.

As a result of a slow but steady rise in debt metrics, government
finances are currently weaker than those of peers in the Ba
category. At 60%, the debt-to-GDP ratio is 15 percentage points
higher than the Ba median projected to be 45% in 2015. The
government's interest burden (interest payments-to-government
revenues) is almost twice as large as the Ba median (12.3% vs.
6.8%). Low GDP growth has complicated the government's fiscal
consolidation efforts. Average annual growth was 1.9% over the
past ten years, compared to the 4.0% median among Ba-rated peers
over the same period.



Pension expenditures represent roughly half of the fiscal deficit
and have increased debt in more than 10 percentage points since
the system was privatized in 1998. Without addressing the pension-
related fiscal problem, any single fiscal effort will have little
effect in arresting the debt trend. We think that some form of
pension reform is likely in the next 3 to 6 months.

The pension system was privatized in 1998 moving to a fully-
funded, defined-contributions system. However, the system
effectively continues to operate as a pay-as-you-go system since
current pension obligations are budget financed and most of the
contributions accrue to the private pension funds for future
pension payments. Moreover, several decisions over the past decade
to increase benefits under the private system, to make it match
the old system, have made the transition period more expensive.
Pension-related government expenditures have hovered around 1.8%
of GDP during 2005-14 and are expected to remain roughly the same
during the next decade, according to government estimates. The
accumulation of annual pension outlays of some 2% of GDP has led
to a steady increase in debt issued to fund pensions, which now
accounts for 13.8% of GDP.

A detailed pension reform presented by the Minister of Finance in
September is one such proposal that could lead to lower fiscal
deficits and potentially decrease government debt. This proposal
would change the pension system from a private one to a mixed
(public/private) one. Pension obligations of earnings of up to
$480 dollars per month would be taken over by the public pension
system as well as their past -- and future -- contributions.
Pension contributions and obligations for earnings above $480
dollars per month would remain in the private pension system.
Certain accumulated pension assets would be transferred to the
government from the private pension funds, and the portion of
assets that are in the form of government bonds would be netted
out of government debt. The proposal estimates these changes would
reduce total reported government debt to around 53% of GDP from
60%. A reform of this type would create some fiscal space in the
next few years, although the government would once again be
responsible for funding certain pension obligations which could
put pressure on budget decisions in later years.


The affirmation also takes into account the small and slow growing
economy, GDP per capita levels at par with the median of Ba rated
countries, moderate institutional and fiscal strength, and
moderate external vulnerabilities given dependence on imported
commodities that translate into high current account deficits, and
limited ability to manage shocks due to dollarization. The
affirmation also considers El Salvador's track record of access to
international capital markets over an extended period, a positive
track record of debt repayment and a favorable government debt
profile, in terms of interest rates and maturities. Gross
financing needs are expected at around 5.5% of GDP in 2016.


Given the negative outlook, an upward movement in the rating is
unlikely at this point in time. El Salvador's rating outlook could
change back to stable if a pension reform, or other significant
fiscal adjustment effort, leads to lower fiscal deficits and
supports declining government debt ratios on a sustained basis.

Conversely, El Salvador's rating could come under downward
pressure if the government fails to deliver a credible and
detailed plan for addressing its persistent budget deficits and
rising debt ratio. Likewise, an increase in liquidity risks driven
by short-term debt borrowings (LETES) rising above historical
thresholds could press the rating. Failure to get Legislative
Assembly's approval for issuance of long-term government debt to
retire LETES could also add downward pressure to the rating.

GDP per capita (PPP basis, $US): 8,060 (2014 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2% (2014 Actual) (also known as GDP

Inflation Rate (CPI, % change Dec/Dec): 0.5% (2014 Actual)

Non-Financial Public Sector Financial Balance/GDP: -3.6% (2014
Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: -4.8% (2014 Actual) (also known as
External Balance)

External debt/GDP: 60.2% (2014 Actual)

Level of economic development: Moderate level of economic

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On 17 November 2015, a rating committee was called to discuss the
rating of the El Salvador, Government of. The main points raised
during the discussion were: The issuer's institutional
strength/framework, decreased. The issuer's fiscal or financial
strength decreased. An analysis of this issuer, relative to its
peers, indicates that a change of outlook would be appropriate.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


UC RUSAL: Reports Major Fall in Earnings
RJR News reports that UC Rusal, which has a major stake in
Jamaica's mining sector has reported that its third-quarter
earnings fell eleven percent as prices for the metal trade are at
their weakest levels in five years amid a global glut.

The company said it would close up to 200,000 tons of capacity but
did not give further details of timings, according to RJR News.

Global aluminum producers are suffering from oversupply of the
lightweight metal, used in cars, aircraft and cans, the report

This year, US producers, such as Alcoa and Century Aluminum, have
closed and idled smelters, in the face of weak prices, the report

The price slippage has been exacerbated by oversupply in China,
which produces half of the world's aluminum, the report says.
Lower coal and cuts to power prices have allowed smelters in that
country to keep operating, even as they face losses from the drop
in price, the report relays.

Rusal increased its forecast for a market surplus this year to
373,000 tons, up from 277,000 tons previously, the report adds.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 24, 2015, RJR News said Jamaica Mining Minister Phillip
Paulwell, who returned to Jamaica from his trip to Russia, has
declared that all is well with the arrangements that have been
made for full restoration of operations at the Alumina Partners of
Jamaica (Alpart) bauxite/alumina plant at Nain in St. Elizabeth.

After being closed for six years, work resumed at the plant
earlier this year, but only in respect of mining of the ore for
shipment to Russia, in the first instance, according to RJR News.
The phased resumption plan should see the resumption of alumina
refining towards the end of 2016, the report said.

TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal
has re-ignited its war of words with the London Metal Exchange,
saying it has allowed financial speculators to distort prices.
Vladislav Soloviev, Chief Executive Officer of the heavily
indebted Russian group, said the price of aluminum traded on the
LME has been depressed by as much as 30 per cent by the actions of
money-market players, according to RJR News.

UC Rusal has been involved in a bitter legal wrangle with the LME
over plans to reform the exchange's warehousing system and
introduce rules to tackle long queues that built up in the
aftermath of the global financial crisis, the report said.


NEMAK SAB: Fitch Raises IDR to 'BB+' & Revises Outlook to Stable
Fitch Ratings has upgraded Nemak, S.A.B. de C.V.'s Issuer Default
Ratings to 'BB+' from 'BB' and its long-term national scale rating
to 'AA-(mex)' from 'A(mex)'.  The Rating Outlook is revised to
Stable from Positive.

The ratings upgrade reflects further strengthening of Nemak's
credit profile as the company has continued to leverage its strong
business position and its low cost base to expand its cash flow
generation and bolster its credit metrics.  The company's focus on
developing lightweight aluminum components takes advantage of
important growth trends in the global auto industry and should
contribute to increased demand for Nemak's products.  The
gravitation of auto manufacturing toward Mexico should also
support positive momentum.

The ratings are tempered by cyclicality of the automotive
industry, the company's large concentration in North America as
well as its significant exposure to Detroit's three Original
Equipment Manufacturers (OEMs).  Other concerns include the
company's acquisitive nature and at times significant capex
requirements; although strong cash flow from operations and
projected free cash flow (FCF) suggest that the company should be
able to comfortably maintain leverage within management's net
leverage target range of 1.5x-2.5x.

The rating of the Certificados Bursatiles issuance takes into
account the partial guarantee granted by Bancomext equivalent to
29% of the principal amount and 100% of the first interest payment
in case of anticipated or scheduled maturity.  Based on Fitch's
estimated recovery from the defaulted issuer (base recovery) and
from the Partial Credit Guarantee (PCG) guarantor upon default of
the issuer (contractual PCG recovery), the agency has notched the
issuance two levels above the issuer's national scale stand-alone


Strong Global Business Position

Nemak's ratings reflect the company's strong position in high-tech
aluminium components for the automotive industry in North
American, South American and European markets; its presence in
high-growth regions, such as Asia and its high percentage of
installed capacity in low-cost countries.  The ratings also
reflect Nemak's long-term customer relationships, its use of
aluminium price pass through contracts that reduce raw material
volatility, its position as an essential supplier for Detroit's
three OEMs and its participation in several of the largest global
engine platforms.

Stable Outlook in North America

The company derives about 62% of its revenues from North America,
primarily the U.S. where vehicle sales have been growing strongly
since 2009.  Fitch believes U.S. vehicle sales growth will
ultimately slow, but sales should remain at a relatively strong
level for an extended period as the factors that have propelled
the U.S. market generally continue.  This robust sales level
coupled with the company's focus in developing light-weight
aluminium components, aimed at reducing weight and increasing fuel
efficiency to meet increasingly more stringent emissions
regulations, and the increasing gravitation of auto manufacturing
to Mexico bode well for continued demand for Nemak's products.

Favorable Operating Performance

Nemak's financial performance has continued to strengthen in 2015
primarily due to improved mix of higher value added products, a
strong U.S. dollar, and higher volumes.  The company is also
showing improved performance in Europe.  During the latest 12
months (LTM) ended Sept. 30, 2015, Nemak generated USD746 million
of EBITDA, which compares favorably with EBITDA of USD699 million
in 2014 and USD611 million in 2013.  Fitch is projecting that
EBITDA will strengthen to around USD800 million in 2016 and will
remain above that level in 2017 as momentum in most factors

Lower Leverage

FCF generation during 2012-2014 was mostly used to fund the
acquisition of J.L. French Automotive Castings, Inc. and to reduce
debt by about USD150 million.  As of the third-quarter 2015, the
company's total debt/EBITDA ratio was 1.7x, which is below the
1.9x and 2.4x registered at year-end 2014 and 2013, respectively.
Fitch estimates neutral FCF in 2015, primarily due to higher capex
related to expansion of the company's casting and machining
capabilities, but is expecting FCF to expand to about USD80
million in 2016 and to grow further in 2017 as capex moderates.
Net leverage should be around 1.6x in 2015 and 1.4x in 2016
compared to 1.8x at year-end 2014.  Nemak's total debt as of
third-quarter 2015 was USD1.3 billion.


   -- North America auto production grows low-single digits in
      2016 and flattens-out over the intermediate term.
   -- Equivalent volume unit grow low to mid-single digits over
      the intermediate term.
   -- EBITDA margins expand significantly in 2015 boosted by
      unitary cost reductions, lower energy and fuel costs and a
      strong U.S. dollar relative to the Mexican peso; followed by
      more moderate margins in 2016-2017 as costs rise moderately.
   -- The company uses credit facilities to refinance debt
      maturities.  Total debt remains stable over the intermediate
      term at around USD1.3 billion.
   -- Capex peaks in 2015, and then falls to more normalised
      levels in subsequent years.
   -- Dividends of about USD80 million per year.
   -- The U.S. dollar exchange rate against the Mexican peso does
      not weaken significantly below MXN16:USD1


Future developments that may, individually or collectively, lead
to a positive rating action include:

   -- Gains in product, customer or geographical diversification
      coupled with increased volumes that lead to continued
      strength in EBITDA generation;
   -- Sustained positive FCF (FCF margin around 3%);
   -- Sustained levels of total debt/EBITDA around 1.5x;
   -- Strong liquidity supported by a healthy combination of cash,
      FCF generation and committed credit facilities relative to
      upcoming debt obligations.

Future developments that may, individually or collectively, lead
to a negative rating action include:

   -- A severe decline in North American vehicle production that
      leads to reduced demand for Nemak's products;
   -- A reduction in EBITDA generation resulting in total
      debt/EBITDA above 3x for a sustained period of time;
   -- Sustained negative FCF;
   -- Sustained weak liquidity relative to upcoming debt
   -- Large acquisitions or investments financed mostly with debt
      resulting in an expectation of higher leverage levels in the
      mid to long term.


Nemak's liquidity is considered adequate.  As of Sept. 30, 2015,
the company's short-term debt was USD404 million mostly composed
of working capital financing, which compares to USD101 million of
cash and USD192 million in undrawn committed credit lines maturing
in 2016 and 2019.  Fitch believes that the company's strong cash
flow from operations (CFFO) generation, low leverage and good
access to bank loans and debt capital markets should allow it to
refinance upcoming debt maturities including MXN3.5 billion local
note issuance with amortizations maturing during 2015-2017.


Fitch has upgraded Nemak's ratings as:

   -- Foreign currency Issuer Default Rating (IDR) to 'BB+' from
   -- Local currency IDR to 'BB+' from 'BB';
   -- Long-term national scale rating to 'AA-(mex)' from
      'A (mex)';
   -- USD500 million senior unsecured notes due 2023 to 'BB+' from
   -- MXN3.5 billion Local Certificados Bursatiles due 2017 to
      'AA+(mex)' from 'AA-(mex)'.

The Rating Outlook is revised to Stable from Positive.

TV AZTECA: Bondholders Flee as Salinas Taps Son for Turnaround
Sebastian Boyd at Bloomberg News reports that to revive the
fortunes of his embattled television broadcaster, Mexico
billionaire Ricardo Salinas last month appointed his 32-year-old
son chief executive officer of TV Azteca SAB.  Bond investors
aren't waiting around to see if he'll succeed.

The company's $500 million of notes due in 2020 have lost 16
percent this month alone and touched a record low of 64.75 cents
on the dollar on Nov. 16, according to Bloomberg News.  The slump
is the biggest in Mexico and compares with an average loss of 0.4
percent in emerging markets.

Bloomberg News relates that Benjamin Salinas is taking the reins
at TV Azteca at a time when the company is reeling from a plunge
in advertising revenue as pay-television services dominated by
Grupo Televisa SAB, the world's largest Spanish-language
broadcaster, and online providers such as Netflix Inc. lure away
viewers.  On Nov. 5, Fitch Ratings slashed the rating on the
company's bonds to four levels below investment grade, citing the
49 percent year-on-year plummet in TV Azteca's third-quarter
profit and surge in leverage, Bloomberg News relates.

"They're just not good enough for the competition," said Johannes
Wagner, a money manager at GAM in London who is selling the
remaining Azteca bonds he holds, Bloomberg News notes.  "It's not
like they're going to go bust in the next couple of years, but I
don't see things improving a lot," Mr. Wagner added.

Bloomberg News says that the Mexico-based company announced the
appointment of Salinas's son on Oct. 1. Shares of TV Azteca have
since fallen 5.9 percent, extending their decline in 2015 to 57
percent. Ricardo Salinas has now lost 39 percent of his net worth,
or $4 billion, so far this year.

The producer of soap operas, news and reality shows said its
earnings fell year-on-year because the third quarter of 2014
included soccer World Cup games, which boosted sales, Bloomberg
News relays.  At the same time, the weakness of the Mexican peso
pushed up costs.  About a quarter of the company's production
costs are in dollars, according to Fitch.  The peso fell 0.2
percent to 16.7551 per U.S. dollar as of 7:17 a.m. on Nov. 18 in
Mexico City, extending its decline since June 30 to 6 percent,
Bloomberg News says.

Bloomberg News notes that TV Azteca's bondholders have probably
seen the worst of the selloff, said Claudio Robertson, who helps
manage $2 billion of assets at Investment Placement Group in San
Diego.  He owns the broadcaster's 2018 bonds, which yield a record
19 percent.

Investments in Colombia and Peru, where TV Azteca is installing
fiber-optic networks, will start to pay off and the bonds will
find more support in the New Year as demand for riskier assets
rebounds, according to Mr. Robertson, Bloomberg News says.

"With 20 percent yields for the second-largest TV network in
Mexico, I like them even more than I did before," Bloomberg News
quoted Mr. Robertson as saying.

Still, TV Azteca will struggle to trim leverage as advertising
revenue drops, according to Fitch analyst Alvin Lim, Bloomberg
News relays.

TV Azteca's ratio of net debt to earnings before interest, taxes,
depreciation and amortization rose to 5.13 times in the third
quarter, the highest since at least 2007, Bloomberg News notes.

"Any material recovery in TV Azteca's financial profile, to a
level that is in line with its solid historical levels, would
prove challenging given the recent weak advertisement industry
trend in Mexico," Mr. Lim said in the Nov. 5 report obtained by
Bloomberg News.

As reported in the Troubled Company Reporter-Latin America on
Nov. 10, 2015, Fitch Ratings has downgraded TV Azteca S.A.B. de
C.V.'s Foreign and Local currency Issuer Default Ratings to 'B+'
from 'BB-'.  The Rating Outlook for Issuer-Default Ratings has
been revised to Negative from Stable.  Simultaneously, Fitch has
downgraded the debt ratings for the company's USD300 million
senior unsecured notes due 2018 and USD500 million senior
unsecured notes due 2020 to 'B+(RR4)' from 'BB-'.  An RR4 recovery
rating has been assigned to the company's senior unsecured notes,
which assumes average recovery prospects in case of a default.

P U E R T O    R I C O

AMERICAN AGENCIES: Taps Fiddler Gonzalez as Tax Attorney
American Agencies Co. Inc., asks the U.S. Bankruptcy Court for the
District Of Puerto Rico for permission to employ Fiddler, Gonzalez
& Rodriguez, PSC, as tax attorney.

The firm will provide counseling and assessment regarding tax and
law matters.

According to the Debtor, the fees of the firm's personnel are

To the best of the Debtor's knowledge, the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

American Agencies Co., Inc. and New Steel, Inc., manufacturers of
steel structures, filed Chapter 11 bankruptcy petitions (Bankr. D.
P.R. Case Nos. 15-07088 and 15-07090, respectively) on Sept. 15,
2015.  The petition was signed by Omir Mendez as president.

The Debtors cases are substantive consolidated under Lead Case

C. Conde & Associates represents the Debtors as counsel.  Doris
Barroso Vicens, CPA, at RSM ROC & Company, serves as the Debtors'

PR EXHIBITS: Case Summary & 9 Largest Unsecured Creditors
Debtor: PR Exhibits Manufacturing
        PO Box 7820
        Lot #5 2 St.
        Carolina, PR 00986

Case No.: 15-09144

Chapter 11 Petition Date: November 18, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Fausto David Godreau Zayas, Esq.
                  PO Box 9022512
                  San Juan, PR 00902-2512
                  Tel: 787-724-0230

Total Assets: $2.07 million

Total Liabilities: $2.16 million

The petition was signed by Karen Uscinowics, president.

A list of the Debtor's nine largest unsecured creditors is
available for free at


* BOND PRICING: For the Week From Nov. 16 to Nov. 20, 2015

Issuer Name      Cpn    Bid Price  Maturity Date  Country  Curr
-----------      ---    ---------  ------------- -------  ----
Anton Oilfie      7.5       49        11/6/2018      CN     USD
Anton Oilfie      7.5       44.125    11/6/2018      CN     USD
Argentina Bo      2         33.5       1/3/2016      AR     ARS
Automotores       6.75      33.66      1/15/2023     CL     USD
Automotores       6.75      40         1/15/2023     CL     USD
Automotores       8.25      37.65      5/24/2021     CL     USD
Automotores       8.25      37.75      5/24/2021     CL     USD
BA-CA Financ      0.69      57.25                    KY     EUR
BA-CA Financ      0.99      57.884                   KY     EUR
Banco Bilbao      6.75      68.625    11/5/2021      PY     USD
Banco do Bra      9         72.375                   KY     USD
Banco do Bra      9.25      74.5                     KY     USD
Banco do Bra      6.25      58                       KY     USD
Banco do Bra      9         74                       KY     USD
Banco do Bra      9.25      74.5                     KY     USD
Banco do Bra      6.25      59                       KY     USD
Banco Mercan      9.625     66.28      7/16/2020     BR     USD
Banco Mercan      9.625     60.375     7/16/2020     BR     USD
BCP Finance       2.036     57.611                   KY     EUR
Brazilian Go      5         74         1/27/2045     BR     USD
CA La Electr      8.5       45.25      4/10/2018     VE     USD
Caja de Comp      5.2       58.212     1/15/2022     CL     CLP
CFG Investme      9.75      57.5       7/30/2019     PE     USD
CFG Investme      9.75      56.5       7/30/2019     PE     USD
China Precio      7.25      27.25      2/4/2018      HK     HKD
China Shansh      7.5       68         3/10/2020     CN     USD
China Shansh      8.5       65.375     5/25/2016     CN     USD
China Shansh      8.5       65.375     5/25/2016     CN     USD
Costa Rica G      5.625     74.28      4/30/2043     CR     USD
Costa Rica G      5.625     74.508     4/30/2043     CR     USD
Costa Rica T      5.06      72.078    11/25/2033     CR     USD
CSN Islands       6.875     59.5       9/21/2019     KY     USD
CSN Islands       6.875     57.619     9/21/2019     KY     USD
CSN Islands       7         44.8                     BR     USD
CSN Islands       7         43.5                     BR     USD
Decimo Prime      6         67.875    10/25/2041     PA     USD
Decimo Prime      4.54      56.5      10/25/2041     PA     USD
Ecuador Gove      5.36      70.623    1/1/2020       EC     USD
Ecuador Gove      5.93      66.235    1/1/2022       EC     USD
Ecuador Gove      6.21      65.814    1/1/2023       EC     USD
Ecuador Gove      6.5       66.784    1/1/2024       EC     USD
Ecuador Gove      5.07      74.462    1/29/2019      EC     USD
Ecuador Gove      5.36      71.979   10/1/2019       EC     USD
Ecuador Gove      5.64      69.207   10/1/2020       EC     USD
Ecuador Gove      5.93      66.852   10/1/2021       EC     USD
Ecuador Gove      4.3       74.373   10/29/2018      EC     USD
Ecuador Gove      4.3       74.894   10/4/2018       EC     USD
Ecuador Gove      5.36      71.506   11/1/2019       EC     USD
Ecuador Gove      5.64      68.827   11/1/2020       EC     USD
Ecuador Gove      5.93      66.615   11/1/2021       EC     USD
Ecuador Gove      6.21      66.083   11/1/2022       EC     USD
Ecuador Gove      6.5       66.748   11/1/2023       EC     USD
Ecuador Gove      5.07      70.288   11/25/2019      EC     USD
Ecuador Gove      5.36      66.607   11/25/2020      EC     USD
Ecuador Gove      5.64      63.86    11/25/2021      EC     USD
Ecuador Gove      5.93      65.666   11/25/2022      EC     USD
Ecuador Gove      6.21      66.405   11/25/2023      EC     USD
Ecuador Gove      6.5       67.295   11/25/2024      EC     USD
Ecuador Gove      5.36      71.055   12/1/2019       EC     USD
Ecuador Gove      5.64      68.503   12/1/2020       EC     USD
Ecuador Gove      5.93      66.421   12/1/2021       EC     USD
Ecuador Gove      5.61      63.196   12/1/2022       EC     USD
Ecuador Gove      6.5       66.66    12/1/2023       EC     USD
Ecuador Gove      5.07      71.251   12/30/2019      EC     USD
Ecuador Gove      5.36      67.314   12/30/2020      EC     USD
Ecuador Gove      5.64      65.119   12/30/2021      EC     USD
Ecuador Gove      5.93      66.834   12/30/2022      EC     USD
Ecuador Gove      6.21      65.405   12/30/2023      EC     USD
Ecuador Gove      5.07      72.831    5/21/2019      EC     USD
Ecuador Gove      5.07      72.751    5/26/2019      EC     USD
Ecuador Gove      6.4       67.295    6/12/2024      EC     USD
Ecuador Gove      5.07      71.73     7/30/2019      EC     USD
Ecuador Gove      5.36      72.396    9/5/2019       EC     USD
Ecuador Gove      5.93      69.339    9/5/2020       EC     USD
Ecuador Gove      5.64      68.401    9/5/2020       EC     USD
Ecuador Gove      6.21      70.246    9/5/2020       EC     USD
Ecuador Gove      7.95      74.977    6/20/2024      EC     USD
Empresa Gene      5.75      75        6/11/2025      DO     USD
Empresa Gene      5.75      75        6/11/2025      DO     USD
ESFG Interna      5.753      0.421                   KY     EUR
General Expl     11.5       52.375   11/13/2018      CA     USD
General Shop     10         51                       KY     USD
General Shop     10         49.5                     KY     USD
Gol Finance       8.75      49                       BR     USD
Gol Finance       8.75      46.125                   BR     USD
Gol Finance       7.5       67.419    4/3/2017       BR     USD
Gol Finance       9.25      71.5      7/20/2020      BR     USD
Gol Finance       9.25      68.5      7/20/2020      BR     USD
Greenfields       9          6.03     5/31/2017      US     CAD
HC Internati      5         72.263   11/27/2019      CN     HKD
Honghua Grou      7.45      50.5      9/25/2019      CN     USD
Honghua Grou      7.45      49.191    9/25/2019      CN     USD
Inversiones        8        30       12/31/2018      CL     USD
Inversiones        8        22.25    12/31/2018      CL     USD
Inversora El      6.5       48.5      9/26/2017      AR     USD
Kaisa Group      10.25      69.375    1/8/2020       CN     USD
Kaisa Group       8         65.005   12/20/2015      CN     CNY
Kaisa Group       6.875     68.625    4/22/2016      CN     CNY
Kaisa Group       9         70.909    6/6/2019       CN     USD
MIE Holdings      6.875     56.72     2/6/2018       HK     USD
MIE Holdings      7.5       58.53     4/25/2019      HK     USD
MIE Holdings      7.5       59        4/25/2019      HK     USD
Mongolian Mi      8.875     40        3/29/2017      MN     USD
Mongolian Mi      8.875     39.875    3/29/2017      MN     USD
NB Finance L      3         67.639    2/7/2035       KY     EUR
Newland Inte      9.5       40.75     7/3/2017       PA     USD
Newland Inte      9.5       23.375    7/3/2017       PA     USD
Noble Holdin      6.05      68.912    3/1/2041       KY     USD
Noble Holdin      5.25      63.88     3/15/2042      KY     USD
Noble Holdin      6.95      72.894    4/1/2045       KY     USD
Noble Holdin      6.2       67.5      8/1/2040       KY     USD
NQ Mobile In      4         68.364   10/15/2018      CN     USD
Odebrecht Dr      6.35      52        6/30/2021      KY     USD
Odebrecht Dr      6.35      51.3      6/30/2021      KY     USD
Odebrecht Fi      7.5       64.2                     KY     USD
Odebrecht Fi      7.5       61                       KY     USD
Odebrecht Fi      7         78.5      4/21/2020      KY     USD
Odebrecht Fi      7         66.308    4/21/2020      KY     USD
Odebrecht Fi      8.25      54.971    4/25/2018      KY     BRL
Odebrecht Fi      8.25      55.75     4/25/2018      KY     BRL
Odebrecht Fi      4.375     62.75     4/25/2025      KY     USD
Odebrecht Fi      4.375     61.3      4/25/2025      KY     USD
Odebrecht Fi      6         63.25     4/5/2023       KY     USD
Odebrecht Fi      6         65.5      4/5/2023       KY     USD
Odebrecht Fi      5.125     64.5      6/26/2022      KY     USD
Odebrecht Fi      5.125     72.5      6/26/2022      KY     USD
Odebrecht Fi      7.125     61.93     6/26/2042      KY     USD
Odebrecht Fi      7.125     62.217    6/26/2042      KY     USD
Odebrecht Fi      5.25      60.3      6/27/2029      KY     USD
Odebrecht Fi      5.25      60        6/27/2029      KY     USD
Odebrecht Of      6.75      36.5     10/1/2022       KY     USD
Odebrecht Of      6.625     35       10/1/2022       KY     USD
Odebrecht Of      6.75      36.75    10/1/2022       KY     USD
Odebrecht Of      6.625     35.5     10/1/2022       KY     USD
Odebrecht Oi      7         30                       KY     USD
Odebrecht Oi      7         22.5                     KY     USD
Offshore Gro      7.5       34.5     11/1/2019       KY     USD
Offshore Gro      7.125     32.25     4/1/2023       KY     USD
Pesquera Exa      7.375     70        1/31/2020      PE     USD
Pesquera Exa      7.375     68        1/31/2020      PE     USD
Petroleos de      6         34.35    11/15/2026      VE     USD
Petroleos de      6         34.15    11/15/2026      VE     USD
Petroleos de      9         41.25    11/17/2021      VE     USD
Petroleos de      9         41       11/17/2021      VE     USD
Petroleos de      8.5       58.9     11/2/2017       VE     USD
Petroleos de      8.5       60.3     11/2/2017       VE     USD
Petroleos de     12.75      48.81     2/17/2022      VE     USD
Petroleos de     12.75      49.5      2/17/2022      VE     USD
Petroleos de      5.25      54.1      4/12/2017      VE     USD
Petroleos de      5.375     33.5      4/12/2027      VE     USD
Petroleos de      5.5       34.68     4/12/2037      VE     USD
Petroleos de      6         35.34     5/16/2024      VE     USD
Petroleos de      6         34.5      5/16/2024      VE     USD
Petroleos de      9.75      42.75     5/17/2035      VE     USD
Petroleos de      9.75      41.73     5/17/2035      VE     USD
Polarcus Ltd      5.6       29.847    4/27/2018      AE     USD
Polarcus Ltd      8         14        6/7/2018       AE     USD
Polarcus Ltd      8.35      14.125    7/8/2019       AE     NOK
Provincia de      4         68.288   12/4/2026       AR     USD
Republic of       7.75      74.69     4/25/2028      EC     USD
Republic of       7.75      74.69     4/25/2028      EC     USD
Republic of       6.5       72.372    5/20/2020      EC     USD
Republic of       6.4       66.33     6/12/2024      EC     USD
Republic of       6.4       66.33     6/12/2024      EC     USD
Samarco Mine      5.75      60.47    10/24/2023      BR     USD
Samarco Mine      5.75      59.51    10/24/2023      BR     USD
Samarco Mine      4.125     59       11/1/2022       BR     USD
Samarco Mine      4.125     62       11/1/2022       BR     USD
Samarco Mine      5.375     59        9/26/2024      BR     USD
Samarco Mine      5.375     62.5      9/26/2024      BR     USD
Siem Offshor      5.85      72.875    1/30/2018      NO     NOK
Siem Offshor      5.45      68        3/28/2019      NO     NOK
Sylph Ltd         3.349     57.9      6/22/2035      KY     USD
Telemar Nort      5.5       67.75    10/23/2020      BR     USD
Telemar Nort      5.5       69.25    10/23/2020      BR     USD
Telemar Nort      5.5       68.375   10/23/2020      BR     USD
Tonon Bioene      9.25      13.938    1/24/2020      BR     USD
Tonon Bioene      9.25      14.063    1/24/2020      BR     USD
Transocean I      4.3       66.125   10/15/2022      KY     USD
Transocean I      7.85      65.412   12/15/2041      KY     USD
Transocean I      6.8       62        3/15/2038      KY     USD
Transocean I      7.45      67.55     4/15/2027      KY     USD
Transocean I      8         72.65     4/15/2027      KY     USD
Transocean I      7.5       64.85     4/15/2031      KY     USD
USJ Acucar e      9.875     39        11/9/2019      BR     USD
USJ Acucar e      9.875     39        11/9/2019      BR     USD
Vale SA           5.625     70.75      9/11/2042     BR     USD
Venezuela Go      9.375     38.5       1/13/2034     VE     USD
Venezuela Go      7.75      39.25     10/13/2019     VE     USD
Venezuela Go      8.25      37.55     10/13/2024     VE     USD
Venezuela Go     11.75      43.5      10/21/2026     VE     USD
Venezuela Go      7         44.15     12/1/2018      VE     USD
Venezuela Go      6         38        12/9/2020      VE     USD
Venezuela Go      7         36.25      3/31/2038     VE     USD
Venezuela Go      7.65      37.25      4/21/2025     VE     USD
Venezuela Go      9         38.8       5/7/2023      VE     USD
Venezuela Go      9.25      38.5       5/7/2028      VE     USD
Venezuela Go     13.625     51.673     8/15/2018     VE     USD
Venezuela Go     13.625     60.205     8/15/2018     VE     USD
Venezuela Go     13.625     60         8/15/2018     VE     USD
Venezuela Go     12.75      47.3       8/23/2022     VE     USD
Venezuela Go     11.95      43.75      8/5/2031      VE     USD
Venezuela Go      9.25      41.75      9/15/2027     VE     USD
Venezuela Go      5.25      45.988     3/21/2019     VE     USD
Venezuela Go      6.25      71.1       4/6/2017      VE     USD
Venezuela Go      9.125     68.582     9/15/2017     VE     USD
VRG Linhas A     10.75      88.5       2/12/2023     BR     USD
VRG Linhas A     10.75      59.5       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


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

                   * * * End of Transmission * * *