TCRLA_Public/151125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, November 25, 2015, Vol. 16, No. 233


                            Headlines



A R G E N T I N A

BANCO HIPOTECARIO: S&P Affirms 'CCC+' ICR; Outlook Remains Neg.
PVCRED SERIE XII: Moody's Withdraws C Ratings on Certs.


B R A Z I L

BRAZIL: Analysts See Economy Contracting 3.15%
CAMARGO CORREA: S&P Affirms 'BB-' CCR; Outlook Negative
J&F INVESTIMENTOS: S&P Affirms 'B+' Global Scale CCR
PDG REALTY: S&P's 'CCC-' Corp. Credit Rating Still on Watch Neg.
SAMARCO MINERACAO: S&P Lowers Corporate Credit Rating to 'BB-'


C A Y M A N  I S L A N D S

7 MILE HOLDINGS: Shareholders Receive Wind-Up Report
BUFUS INTERNATIONAL: Shareholders Receive Wind-Up Report
DEMER INTERNATIONAL: Shareholders Receive Wind-Up Report
DOTAN INTERNATIONAL: Shareholders Receive Wind-Up Report
ERMINIO INVESTMENT: Shareholders Receive Wind-Up Report

FINISTERRE INSTITUTIONAL: Shareholders' Meeting Set for Nov. 30
GUOTAI JUNAN: Shareholders Receive Wind-Up Report
LONDON PROPERTIES: Shareholders Receive Wind-Up Report
PARMIGIANO LTD: Shareholders Receive Wind-Up Report
SERENA INTERNATIONAL: Shareholders Receive Wind-Up Report

SUNDAY ROSE: Shareholders Receive Wind-Up Report
TIME SEASON: Shareholder Receives Wind-Up Report
ZERO PROPERTIES: Shareholders Receive Wind-Up Report


C H I L E

AUTOMOTORES GILDEMEISTER: Fitch Keeps 'C' Issuer Default Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: IMF Says Growth Averaged 7% During 2014
DOMINICAN REP: Presidency Gathers Entities to Boost Exports


E L   S A L V A D O R

BANCO DE DESARROLLO: Moody's Affirms Ba3 Rating; Outlook Now Neg.


J A M A I C A

JAMAICA: Construction Records 11th Consecutive Quarter Expansion


P U E R T O    R I C O

ARQUETIPO INC: Case Summary & 6 Largest Unsecured Creditors
ASOCIACION AZUCARERA: Case Summary & 20 Top Unsecured Creditors
EUROMODAS INC: Case Summary & 14 Largest Unsecured Creditors
PUERTO RICO: Creditors Signal Support for Overhauling Debt
STANDARD REGISTER: Court Confirms Ch. 11 Liquidation Plan


S U R I N A M E

SURINAME: Devalues Currency as Gold and Oil Prices Drop


                            - - - - -


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


BANCO HIPOTECARIO: S&P Affirms 'CCC+' ICR; Outlook Remains Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' local
currency issuer credit on Banco Hipotecario S.A.  S&P also
affirmed its 'CCC-' foreign currency issuer credit rating and
issue-level ratings on the bank.  The outlook remains negative.

The rating affirmation follows Banco Hipotecario's announcement of
a cash tender for its outstanding $211 million senior unsecured
notes due April 2016.

In accordance with S&P's criteria for distressed exchange and
offers, it views the proposed cash tender offer as opportunistic.
Furthermore, the bank is offering higher value than the original
promise ($1,025 for each $1,000 of principal amount) and current
market value.  S&P don't expect a conventional default, in case
investors don't accept the proposed offer.

In conjunction with the commencement of the tender offer, the bank
will issue new senior notes.  The tender offer is conditioned upon
the consummation of the offering of the new debt.


PVCRED SERIE XII: Moody's Withdraws C Ratings on Certs.
-------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn the C (sf) / C.ar (sf) ratings of the certificates of
Fideicomiso Financiero Pvcred Serie XII due to business reasons.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.



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


BRAZIL: Analysts See Economy Contracting 3.15%
----------------------------------------------
EFE News reports that analysts expect Brazil's economy to contract
by 3.15 percent this year and 2.01 percent in 2016, the Central
Bank said.

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

The report notes that the government started using the survey in
preparing its own forecasts this year.

Last week, analysts said they expected Brazil's economy to
contract by 3.10 percent this year and 1.91 percent in 2016, the
report relays.

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

Analysts revised their inflation expectations upward from 10.04
percent to 10.33 percent for this year and from 6.50 percent to
6.64 percent for 2016, with both figures well above the official
targets, notes the report.

Bloomberg News relays that Brazil is in a recession, with GDP
contracting for two consecutive quarters. The South American
country's economy contracted by 2.1 percent in the first half of
this year.

Economic growth has also been hampered by the spending cuts
implemented by President Dilma Rousseff's administration to reduce
the budget deficit and control inflation, the report relays.

The government's policy has led to higher taxes and reduced
lending, putting the brakes on consumer spending and investment,
the report adds.


CAMARGO CORREA: S&P Affirms 'BB-' CCR; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
global scale corporate credit rating on Camargo Correa S.A.
(CCSA).  At the same time, S&P affirmed its 'brA-' national scale
ratings on Camargo's senior unsecured debt.  The outlook on the
global scale rating remains negative.

Although S&P believes the transaction could be positive for CCSA,
ratings continue to reflect the company's highly leveraged balance
sheet and still high debt concentration at the holding level.  On
the other hand, S&P also believes the group's diversified business
position through cement, engineering and construction, real state,
and concession units, including the equity stakes in CCR S.A. and
CPFL Energia S.A. continues to provide it with some financial
flexibility to refinance its short-term maturities.

S&P's financial analysis of CCSA is based on consolidated figures
and incorporates the dividends from the group's stake in assets in
which it doesn't exercise full control (CCR and CPFL).  S&P will
monitor regulatory approvals for this transaction and the
potential effect it could have on CCSA's capital structure.
Alpargatas currently represents about 15% of CCSA's cash flow
generation and has a lower leverage profile than the group's
average, with a net debt of R$50 million as of September 2015,.
Although S&P believes the sale of Alpargatas wouldn't meaningfully
impact CCSA's consolidated leverage figures, it could improve its
liquidity.  Once the transaction is closed and if the group uses
the proceeds to repay debt at the holding level, CCSA's liquidity
could improve, easing refinancing needs for the next two years,
and potentially prompting an outlook revision to stable.


J&F INVESTIMENTOS: S&P Affirms 'B+' Global Scale CCR
----------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
global scale and 'brBBB' national scale corporate credit ratings
on J&F Investimentos S.A. (J&F).  At the same time, S&P placed the
ratings in CreditWatch with positive implications.  S&P also
placed the'brBBB' issue rating on the debentures issued by
Eldorado Brasil Celulose S.A. and guaranteed by J&F on CreditWatch
positive.

The Credit Watch positive listing reflects a potential one-notch
upgrade to J&F's ratings if, after the closing of the acquisition,
the company's liquidity improves due to the dividend stream coming
from a more mature business such as Alpargatas.  As an investment
holding company, J&F has sought to enhance its asset portfolio by
strengthening operations.  As a result, the purchase of Alpargatas
could also weigh on J&F's portfolio diversification and quality,
as Alpargatas has been showing a resilient cash flow generation
and very light balance sheet.

S&P will continue to monitor regulatory approvals to this
transaction and the potential effects it could have on J&F's
capital structure and its liquidity, considering the stable
dividend payment from Alpargatas and a favorable funding
structure.


PDG REALTY: S&P's 'CCC-' Corp. Credit Rating Still on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'CCC-' global
scale corporate credit and 'brCCC-'ratings national scale
corporate credit and issue-level ratings on PDG Realty S.A
Empreendimentos e Participacoes (PDG) remain on CreditWatch
negative.

The CreditWatch negative listing still reflect PDG's announcement
it had started a process to restructure its corporate debt.  S&P
understands that the company is under a standstill agreement with
most of its creditors, and that it would offer a compensation in
reward for missing the payments.  The potential compensation is
the main reason why S&P haven't downgraded the company to 'SD' so
far.  The ratings will remain in CreditWatch negative until S&P
has more details on the nature of the compensation and the terms
of the debt restructuring, so it can determine whether it is of a
distressed nature or not.  According to S&P's criteria, a distress
exchange could be characterized by:

   -- The combination of any cash and principal amounts of new
      securities offered is less than the original par amount;

   -- The interest rate is lower than the original yield;

   -- The new securities' maturities extend beyond the original
      ones;

   -- The timing of payments is slowed (e.g., zero-coupon from
      quarterly paying, or bullet from amortizing); or

   -- The debt seniority ranking is altered to more junior.


SAMARCO MINERACAO: S&P Lowers Corporate Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit and issue-level ratings on Samarco Mineracao S.A.
to 'BB-' from 'BB+'.  At the same time, S&P has lowered its
Brazilian national scale rating on the company to 'brA-' from
'brAA+'.

S&P has also assigned a recovery rating of '4' to Samarco's senior
unsecured debt because S&P expects an average recovery of 30%-50%
(in the higher end of the range).

The downgrades reflect the rising liquidity risks because the
timing to resume the company's pellet production is currently
uncertain.  Meanwhile, the burst mining dams have interrupted
Samarco's operations, and it's generating very limited cash flows.
While the total amount of fines and liabilities are still
unpredictable, the company has already been fined for more than
R$350 million, and has reached an agreement to provide a
R$1 billion fund for the initial support and recovery efforts to
the affected areas and population.  In S&P's view, the company
will gradually consume its cash position.  In addition, according
to S&P's forecasts, the weak EBITDA will lead to covenants'
breach, which can accelerate debt payments.

Those factors are behind the downgrade and the downward revision
of the company's SACP.  These actions reflect Samarco's
difficulties to recover its operations, potential fines, and weak
cash flows that are undermining the company's financials and
boosting liabilities, weakening liquidity.  S&P continues to
consider Samarco as a "strategically important" subsidiary to Vale
S.A. (BBB/Negative/--), which could provide Samarco with some
financial support if operations are likely to recover.

S&P revised its assessment on Samarco's liquidity to "weak" from
"adequate."  The company's cash position is robust, likely to be
about R$3 billion by the end of 2015.  However, the contingent
liabilities and fines can increase significantly, and the company
already has to comply with at least R$1.3 billion of cash outflows
in the next few months.  In addition, Samarco is likely to breach
covenants on its debt through 2016, which increases the risks for
debt payment acceleration, especially if operations remain halted.

The ratings remain on CreditWatch negative because there's still a
high degree of uncertainty as to the total amount of cash
disbursement Samarco will be liable for and when it will revamp
its operations.  S&P expects to resolve the CreditWatch in the
next 90 days, once the assessment of damages and contingent
liabilities becomes clearer.



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


7 MILE HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of 7 Mile Holdings Ltd. received on Oct. 30,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


BUFUS INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Bufus International Ltd. received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


DEMER INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Demer International Ltd. received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


DOTAN INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Dotan International Ltd. received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


ERMINIO INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Erminio Investment Ltd. received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


FINISTERRE INSTITUTIONAL: Shareholders' Meeting Set for Nov. 30
---------------------------------------------------------------
The shareholders of Finisterre Institutional Fund will hold their
final meeting on Nov. 30, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jonathan Nicholson
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands


GUOTAI JUNAN: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Guotai Junan Funds SPC received on Nov. 17,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Darach E. Haughey
          Deloitte Touche Tohmatsu
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong
          Telephone: + (852) 2852 1659
          Facsimile: + (852) 2850 8362


LONDON PROPERTIES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of London Properties Ltd. received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


PARMIGIANO LTD: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Parmigiano Ltd. received on Nov. 23, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SERENA INTERNATIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Serena International Ltd. received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


SUNDAY ROSE: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Sunday Rose Ltd. received on Nov. 23, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TIME SEASON: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Time Season Ventures Limited received on
Nov. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ZERO PROPERTIES: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Zero Properties Ltd. received on Nov. 23,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


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


AUTOMOTORES GILDEMEISTER: Fitch Keeps 'C' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings views Automotores Gildemeister S.A.'s (AG) current
liquidity position as untenable. AG's negative free cash flow
(FCF) is expected to continue in 2015-2016 due to its limited
capacity to cover interest expenses. This trend is expected to
result in lower liquidity by the end of 2016. Assuming no change
in the business fundamentals and the company's capital structure,
Fitch estimates AG's 2015-2016 accumulative negative FCF at around
CLP 66,212 million, which represents 2.7x the company's liquidity
position as of June 30, 2015.

AG is facing a challenging scenario for 2015-2016 in Chile and
Peru, its main markets. Fitch's rating case assumes AG's total
annual sales average in the 62,000 to 58,000 unit range in 2015-
2016, which represents a 10%-20% decline over 2013-2014 levels.
Fitch expects the company's revenue to drop around 10% in 2015.
Fitch's rating case projects EBITDA margins around 1.5%-2% during
2015-2016. AG's 2015 EBITDA is estimated at around CLP12,465
million.

AG ended June 30, 2015 with a cash position and short-term debt of
CLP24 billion (USD35 million) and CLP87 billion (USD125) million,
respectively. AG's current negative FCF trend should put
additional pressure on its liquidity during 2015-2016. Liquidity
relies on the company's capacity to renew short-term debt with
banks. The sale of AG's real estate assets, which initially was
planned for the second half of 2014, has been postponed and is not
included in Fitch's rating case. AG had CLP667 billion (USD993
million) in total adjusted debt at the end of June 2015. This debt
consists primarily of CLP576 billion (USD825 million) of on-
balance-sheet debt, including the unsecured notes due in 2021
(USD400 million) and 2023 (USD300 million), and an estimated CLP92
billion (USD131 million) of off-balance-sheet debt associated with
lease obligations resulting from CLP13.1 billion (USD21 million)
in rental payments during the LTM to June 2015.

Fitch currently rates Automotores Gildemeister S.A.'s (AG) as
follows:

-- Foreign currency Issuer Default Rating (IDR) at 'C';
-- Local currency IDR at 'C';
-- USD400 million unsecured senior notes due in 2021 at 'C/RR4';
-- USD300 million unsecured senior notes due in 2023 at 'C/RR4'.


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


DOMINICAN REP: IMF Says Growth Averaged 7% During 2014
------------------------------------------------------
A mission from the International Monetary Fund (IMF) headed by
Aliona Cebotari visited Santo Domingo during November 10-20, 2015,
to conduct Article IV discussions.  The mission met with
government and Central Bank officials, representatives of civil
society, and the private sector. It exchanged views on economic
developments and outlook, as well as policy challenges going
forward.

After the visit, Ms. Cebotari issued the following statement:

"The Dominican Republic remains among the most dynamic economies
in the region, having benefitted from a strengthened policy
framework and external tailwinds.  Growth averaged 7 percent
during 2014 and the first three quarters of 2015, the fiscal
position improved, the external position strengthened, and
inflation remains low.  The current cyclical upturn provides a
good opportunity to address remaining vulnerabilities, build
buffers against risks, and strengthen the foundations for a
sustainable and more inclusive growth in the future.

"The growth momentum for 2016 remains strong and the macroeconomic
outlook is favorable.  The economy is projected to expand at 6.5-7
percent in 2015, propelled largely by domestic demand as
employment recovers and external tailwinds boost disposable
income.  Going forward, growth is expected to gradually converge
to its potential of 4.5-5 percent.  The external current account
deficit is projected to narrow to a decade-low of about 2 percent
of GDP in 2015, owing to a lower oil bill and a buoyant tourism
sector.  International reserves have gradually increased, and
currently cover over three months of imports (excluding the free
trade zones).  The current account deficit and the real exchange
rate are broadly in line with the economy's fundamentals.

"The mission welcomed authorities' continued commitment to fiscal
discipline.  In the absence of policy measures, the consolidated
public sector deficits -- which include the deficit of the
electricity sector and the central bank -- are projected at around
5 percent of GDP over the medium term.  As a result, public debt
would increase from below 50 percent of GDP estimated by staff for
2015 to around 54 percent of GDP by 2020.  In this context and
taking advantage of the favorable cyclical conditions, the
government should accelerate the fiscal consolidation initiated in
august 2012 to achieve a consolidated fiscal primary surplus
sufficient to reverse the upward debt trajectory.

"The neutral stance of monetary policy is consistent with the
central bank's objective of price stability under its inflation
targeting regime.  While declining oil prices have contributed to
a fall in inflation from about 3 to 1.2 percent over the past
year, the emerging positive output gap and recent interest rate
cuts are expected to return inflation within its target range of
4ñ1 percent in 2016.  A tighter stance may be needed if signs of
stronger-than-anticipated inflation pressures emerge.
"Continued strengthening of the institutional framework will help
improve macroeconomic outcomes.  The planned discussions of the
fiscal pact among the social partners would provide an opportunity
to institutionalize the commitment to consolidation and establish
an anchor for fiscal policies.  The risk profile of public debt
would benefit from reduced reliance on foreign currency borrowing,
which necessitates further development of the domestic bond
market.  This, in turn, requires stronger coordination between
fiscal and monetary authorities on the term structure of issuances
and a move towards a unified and more effective public debt
management.  The mission also supports the authorities' intentions
to strengthen the monetary policy framework by further developing
the foreign exchange market to support a gradual move towards more
exchange rate flexibility and build up resilience against external
shocks by further reserve accumulation.

"The financial sector remains sound, with banks showing healthy
capitalization, profitability, and asset quality.  The mission
welcomed progress made in strengthening bank supervision.  At the
same time, pockets of rapid credit growth warrant monitoring.  The
supervision of non-banks, which are not systemic but serve
vulnerable groups, needs to be strengthened.

"Renewed structural reforms are needed to boost potential growth
and advance social inclusion.  The mission welcomed the
comprehensive ongoing reforms in the education sector, as well as
the focus on strengthening the social safety nets, and advancing
financial inclusion and education.  Addressing long-standing
problems in the energy sector -- including through improvements in
distribution and a move towards cost recovery pricing -- remains
key to improving growth prospects.  In addition, fostering a
stronger investment climate should help narrow infrastructure
gaps, while increased product market competition and labor market
flexibility would strengthen the economy's competitiveness.

"The mission wishes to express its deep gratitude to the
government, the central bank, and other stakeholders for an
engaging dialogue and warm hospitality."


                           *     *     *

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'.


DOMINICAN REP: Presidency Gathers Entities to Boost Exports
-----------------------------------------------------------
Dominican Today, citing presidencia.gob.do, reports that
Presidency Chief of staff Gustavo Montalvo headed the second
meeting of the Presidential Committee to Promot Exports, with
various senior officials and representatives of local business
organizations.

Mr. Montalvo said the meeting served to discuss and respond to
ideas and applications by private associations and other requests
submitted during the first meeting, according to Dominican Today.
"To create jobs our economy needs to grow, and to grow we have to
go out and compete in international markets, to compete with the
best of our soil and our work," Mr. Montalvo said, the report
notes.

The report discloses that Mr. Montalvo said the export sector must
be one of the pillars of economic development with several
opportunities for public-private dialogue to decide how to boost
the sector's greatest potential together.

The official said the parties agreed to meet again mid-January, to
review the work done thus far and write a first draft of the newly
formed technical team, the report relays.

Among the entities which submitted proposals and advances figure
the Agriculture and Industry and Commerce ministries,
PROINDUSTRIA, Internal Taxes and Customs agencies, INFOTEP and the
Dominican Republic Export and Investment Center-CEI-RD, the report
adds.

                            *     *     *

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

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



=====================
E L   S A L V A D O R
=====================


BANCO DE DESARROLLO: Moody's Affirms Ba3 Rating; Outlook Now Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 long-term foreign
currency issuer rating of Banco de Desarrollo de El Salvador
(BANDESAL), and changed the outlook to negative from stable.  The
rating action follows Moody's outlook change on El Salvador's Ba3
government bond rating to negative from stable.

At the same time, Moody's assigned BANDESAL a baseline credit
assessment (BCA) of ba3 and an adjusted BCA of ba3.

This rating was affirmed, with the outlook changed to negative
from stable:

Banco de Desarrollo de El Salvador:
  Long-term foreign currency issuer rating of Ba3

RATINGS RATIONALE

Moody's outlook change on BANDESAL's issuer rating to negative
from stable is in line with the action taken on El Salvador's Ba3
government bond rating.  The negative outlook on the sovereign
rating reflects the limited ability of the authorities to arrest
the upward trend in government debt amid persistently high fiscal
deficits and low economic growth.

BANDESAL's issuer rating is in line with its ba3 baseline credit
assessment, which is inextricably linked to El Salvador's
sovereign creditworthiness and incorporates the bank's legal
ability to obtain repayment for its loans to regulated financial
institutions directly through the borrowers' Central Bank deposit
accounts.  In addition, BANDESAL's full government ownership and
its policy mandate further reflect its connection to the
sovereign.  Moody's analyst Georges Hatcherian noted that "the BCA
also acknowledges the bank's robust core capital and good
liquidity buffers, as well as adequate asset quality -- which is
supported by its preferential creditor status".

However, BANDESAL's BCA is constrained by a modest profitability
due to narrow net interest margins, reflecting its onlending to
other domestic banks, and a weak efficiency, as well as a high
reliance on market funds, which exposes the bank to higher
refinancing costs.

WHAT COULD CAUSE THE RATING TO MOVE DOWN

Should El Salvador's government bond rating be downgraded,
BANDESAL's Ba3 foreign currency issuer rating would be downgraded
along with the lowering of its ba3 BCA.

WHAT COULD CAUSE THE RATING TO MOVE UP

Upward pressures on BANDESAL's issuer rating are limited given the
negative outlook on it and on the sovereign ratings of El
Salvador.

The last rating action on BANDESAL was on 6 November 2012 when
Moody's downgraded the bank's foreign currency issuer rating to
Ba3 from Ba2, in line with a sovereign action.

The principal methodology used in these ratings was Government-
Related Issuers published in October 2014.

BANDESAL is El Salvador's development bank, originally established
as Banco Multisectorial de Inversiones by special legislative act
in 1994 and transformed into BANDESAL by law as of January 2012.
The bank supports private sector economic development and
investment largely by lending through the financial system.
BANDESAL reported total assets of USD555 million as of September
2015 and total shareholders' equity of USD221 million.


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


JAMAICA: Construction Records 11th Consecutive Quarter Expansion
----------------------------------------------------------------
RJR News reports that the local construction sector has recorded
its eleventh consecutive quarter of expansion.  According to Bank
of Jamaica data, there was further growth during July to
September.

The industry's performance largely reflected increases in
commercial projects, the impact of which was tempered by
contractions in residential construction, according to RJR News.

The report notes that the continued growth of commercial projects
was associated with ongoing infrastructural developments such as
the Government's Major Infrastructural Development Program,
Highway 2000, projects funded by the Tourism Enhancement Fund as
well as hotel projects.

Notwithstanding these developments, growth in the industry slowed
due to the decline in housing starts by the National Housing
Trust, the report relays.

                         *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.



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


ARQUETIPO INC: Case Summary & 6 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Arquetipo Inc.
        1762 Ponce De Leon Avenue
        San Juan, PR 00909

Case No.: 15-09239

Chapter 11 Petition Date: November 22, 2015

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

Debtor's Counsel: Hector Eduardo Pedrosa Luna, Esq.
                  THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA
                  P O BOX 9023963
                  San Juan, PR 00902-3963
                  Tel: 787-930-2625
                  Fax: 787-754-1109
                  Email: hectorpedrosa@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Julio C. Cintron Argueso, president.

A list of the Debtor's six largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb15-09239.pdf


ASOCIACION AZUCARERA: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Asociacion Azucarera Cooperativa Lafayette
            dba Hospital Lafayette
        Apartado 448
        Arroyo, PR 00714

Case No.: 15-09159

Nature of Business: Health Care

Chapter 11 Petition Date: November 19, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Judge: Hon. Edward A Godoy

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  PO BOX 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  Email: alex@fuentes-law.com

Total Assets: $3.17 million

Total Liabilities: $1.58 million

The petition was signed by Manuel Quinones, trustee.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-09159.pdf


EUROMODAS INC: Case Summary & 14 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Euromodas Inc.
        PO Box 194208
        San Juan, PR 00919-4208

Case No.: 15-09174

Chapter 11 Petition Date: November 19, 2015

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

Judge: Hon. Brian K. Tester

Debtor's Counsel: Enrique M Almeida Bernal, Esq.
                  ALMEIDA & DAVILA PSC
                  PO Box 191757
                  San Juan, PR 00919-1757
                  Tel: (787) 722-2500
                  Fax: (787)777-1376
                  Email: info@almeidadavila.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Juan Carlos Castiel Diaz, president.

A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-09174.pdf


PUERTO RICO: Creditors Signal Support for Overhauling Debt
----------------------------------------------------------
Michael Corkery at DealBook reports that some of Puerto Rico's
most influential creditors are for the first time signaling
support for the broad outline of a government proposal to overhaul
the island's crushing debts.

The San Juan government, squeezed by $72 billion in debt and a
stagnant local economy, has been weighing whether to keep paying
bondholders or defaulting, a move that could trigger dozens of
lawsuits by creditors and drag out Puerto Rico's fiscal problems
for years, according to DealBook.  A $354 million payment is due
on Dec. 1.

The report notes that seeking to avoid protracted legal
skirmishes, Puerto Rico officials have been trying to engage
various creditors in deals that would avert default.

In meetings with advisers to creditor groups, the government's
chief adviser, Jim Millstein, presented a proposal to exchange the
island's existing bonds for new debt that would be less burdensome
to Puerto Rico, the report relays.

Senator John Tower's 1975 bill to help resolve a constitutional
disagreement let state and local governments sell bonds with less
federal scrutiny, the report says.

The report discloses that the proposal -- at least in theory --
was met favorably by holders of billions of dollars of general
obligation bonds, according to people with direct knowledge of the
group's position who were not authorized to speak publicly.
However, the government still needs to win over many other
creditors, making a deal far from certain, the report relays.

General obligation bonds carry a guarantee in the Puerto Rico
constitution stipulating that debt must be repaid before just
about any other expense, the report discloses.  Given that
guarantee, general obligation holders have been expected to be
among the creditors least likely to agree to a restructuring that
might reduce the value of their bonds, the report notes.

But, a group of about half a dozen hedge funds and other
investment firms that own general obligation bonds signaled
support for the concept of the government's debt exchange, these
people said, the report relays.  Among that group are Monarch
Alternative Capital, Fundamental Credit Opportunities and Autonomy
Capital.

Leading up to a meeting, hedge fund managers had complained
privately that Puerto Rico officials have been talking tough about
a possible default, while not doing enough to cut government
spending, the report notes.

One of the people briefed on the hedge funds' position said the
group collectively felt the proposed debt exchange was a "a
constructive first step toward forging a solution." This person
said that the two sides had not started to discuss many of the
financial details of the exchange.

But broadly speaking, the exchange would involve rolling up most
of the island's current debt and restructuring it into a new
"superbond," according to people briefed on the plan, the report
relays.

As part of that new bond, general obligation holders would have
the first claim on government revenues, giving them the highest
priority in the superbond structure, the report notes.  Holders of
other forms of the government's debt would have lower priority.

It is not clear whether bondholders, in return, would be asked to
buy into the superbond at a discount, rendering their investments
less valuable than their current holdings, notes the report.

The thaw in the hedge funds' position is likely to play out in
Washington, where lawmakers have been debating whether to extend
bankruptcy authority to Puerto Rico, the report says.

The report notes that the commonwealth does not have access to the
federal bankruptcy courts to restructure its debts, forcing the
government and creditors to work out a deal outside court.

Republican leaders in Congress have expressed reservations about
giving Puerto Rico or its public entities access to Chapter 9
bankruptcy protections, while some Democrats have publicly
supported the idea, with Obama administration officials warning
that the island faces a "humanitarian crisis" in the coming
months, the report discloses.

The person briefed on the hedge funds' position said that leaders
of both parties in Washington should take note of the discussions
as the start of a "private sector solution" to the debt crisis.
The hedge funds hope that Washington will avoid taking any
measures that might undermine that process, the report says.

The report recalls that for months, Puerto Rico has failed to
persuade Congress to pass legislation that would give the island's
public corporations, like its sewer and water authorities, access
to Chapter 9 bankruptcy.  Some officials have said that would
address only a portion of the debt problems, though.

There are currently discussions in Washington about whether a
bankruptcy measure for Puerto Rico could be included as an
amendment to the final federal budget, the report notes.

A crucial test comes on Dec. 1, when the island's Government
Development Bank must make the $354 million debt payment, the
report relays.  This month, analysts at Moody's Investors Service
predicted that the government would skip some of those payments
because of the worsening liquidity situation.

According to DealBook, officials have stayed publicly vague about
whether they intend to make the Dec. 1 payment.  In an interview,
Melba Acosta, the president of the Government Development Bank,
said the government had yet to make up its mind on whether to make
the debt payment next month or another large payment coming due in
January, the report notes.

In some circles, advisers have been pushing for Gov. Alejandro
Garcia Padilla to default to force the creditors, including the
hedge funds, to the negotiating table, the report relays.

A default, these people argue, might also prompt Congress to act
faster to give Puerto Rico access to Chapter 9 -- something many
creditors want to avoid, adds the report.

                           *       *       *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2015, Standard & Poor's Ratings Services lowered its
ratings on the Commonwealth of Puerto Rico's tax-backed debt to
'CC' from 'CCC-' and removed the ratings from CreditWatch, where
they had been placed with negative implications July 20. The
outlook is negative.


STANDARD REGISTER: Court Confirms Ch. 11 Liquidation Plan
---------------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware on Nov. 19, 2015, issued a findings of fact,
conclusions of law, and order confirming the Second Amended
Chapter 11 Plan of Liquidation for SRC Liquidation Company, f/k/a
The Standard Register Company, and its debtor affiliates.

Assets of Standard Register and its affiliates were sold to Taylor
Corp., a privately held company. According to the disclosure
statement, the proceeds from the sale were used to pay Standard
Register's debtor-in-possession financing, claims of the first
lien term lenders, and a portion of the claims of the second lien
term lenders.

The company also used the proceeds to fund the $5 million GUC cash
payment.

Taylor also assumed certain limited obligations and advanced
$15.076 million for payment of claims related to the wind-down of
the companies and their Chapter 11 cases. Standard Register used a
portion of that amount to loan $600,000 to the GUC Trust. The
liquidation plan proposes to pay 1% of the allowed claims of
general unsecured creditors.

Christina Pullo, the senior director of solicitation of Prime
Clerk LLC, filed a declaration informing the Court that an
overwhelming majority of holders of claims entitled to vote on the
Plan voted to accept the Plan. Specifically, Ms. Pullo said 100%
of holders of Class 3 - Senior Lien Secured Claim voted to accept
the Plan, while 92.89% of holders of Class 4 - General Unsecured
Claims voted to accept the Plan.

Prior to the Confirmation Hearing, the Debtors filed a Modified
Second Amended Plan to reflect certain technical modifications. A
blacklined copy of the Amended Plan dated Nov. 18 is available at
http://bankrupt.com/misc/SRCplan1118.pdf

                     About Standard Register

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

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

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

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

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


===============
S U R I N A M E
===============


SURINAME: Devalues Currency as Gold and Oil Prices Drop
-------------------------------------------------------
Caribbean360.com reports that for the second time in four years,
Suriname has devalued its currency -- this time by more than 20
per cent, following a drop in the oil and gold prices.

Suriname's economy is dominated by gold, oil and alumina exports,
according to Caribbean360.com.

The report notes that the Central Bank has said it will devalue
the official exchange rate to SRD4.00 to the US dollar.  It was
previously SRD3.50 to the US dollar.

The bank said that the country's financial reserves had declined
to US$370 million from US$1 billion in December 2012, the report
says.

"Suriname is momentarily experiencing a genuine commodity shock,"
the Central Bank said in a statement announcing the devaluation,
the report notes.

Back in January 2011, the local currency was devalued by 16.4 per
cent and government announced tax raises on alcohol, tobacco,
gasoline and basic services as it sought to offset the impact of
payments of overdue public worker salaries, the report relays.

As reported in the Troubled Company Reporter-Latin America on
April 29, 2015, Fitch Ratings has affirmed Suriname's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB-'.
The Rating Outlooks on the long-term IDRs are Stable.  In
addition, Fitch has affirmed Suriname's Country Ceiling at 'BB-'
and short-term foreign currency IDR at 'B'.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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