TCRLA_Public/151130.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

            Monday, November 30, 2015, Vol. 16, No. 236


                            Headlines



B R A Z I L

JSL S.A.: Fitch Affirms 'BB' Issuer Default Ratings; Outlook Neg.
PETROLEO BRASILEIRO: Scandal Put Rousseff's Government at Risk


C A Y M A N  I S L A N D S

ASCENDENT CAG: Shareholders Receive Wind-Up Report
ASCENDENT SHINE: Shareholders Receive Wind-Up Report
ATLAS GLOBAL: Shareholders Receive Wind-Up Report
DENJOY INTEGRAL: Shareholder Receives Wind-Up Report
DENJOY INTEGRAL MASTER: Shareholder Receives Wind-Up Report

JAMAICA NATIONAL: Hoping for Better News from Authorities
KORTIS CAPITAL: Shareholder Receives Wind-Up Report
LIBRA VENTURES: Sole Member to Hear Wind-Up Report on Dec. 8
MARITIME CONSULTANTS: Shareholder Receives Wind-Up Report
OWS CAPITAL: Shareholder Receives Wind-Up Report

RSA FUND: Members Receive Wind-Up Report
SOFTWARE (CAYMAN): Shareholder Receives Wind-Up Report
SUBIC BAY: Members Receive Wind-Up Report
TAMAR HOLDINGS: Sole Member to Hear Wind-Up Report on Dec. 9


C H I L E

AUTOMOTORES GILDEMEISTER: Reaches Deal with Noteholders Group
AUTOMOTORES GILDEMEISTER: Moody's Cuts Corp Family Rating to Ca


D O M I N I C A N   R E P U B L I C

FALCONBRIDGE DOMINICANA: Americano Nickel to Resume Operations


E L  S A L V A D O R

EL SALVADOR: Expands Ciudad Mujer With US$30 Million IDB Loan


J A M A I C A

JAMAICA: Crude Oil Futures Fall Again
JAMAICA: Increase in Credit Bureaus Result in More Unsecured Loans


M E X I C O

COBRE DEL MAYO: Moody's Cuts CFR on 2018 Notes to Ca


P U E R T O    R I C O

CUE & LOPEZ: Modifications to Confirmed Plan Unopposed
DORAL FINANCIAL: Seeks Joint Administration of Cases
DORAL FINANCIAL: Unit's Case Summary & 24 Largest Unsec. Creditors
FIRST BANCORP: Fitch Affirms 'B-' Long-term Issuer Default Ratings
POPULAR INC: Fitch Affirms 'BB-' Long-term Issuer Default Rating

SPANISH BROADCASTING: Incurs $7.69 Million Net Loss in 3rd Quarter
VERNUS GROUP: Case Summary & 19 Largest Unsecured Creditors


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 23 to Nov. 27, 2015


                            - - - - -


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B R A Z I L
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JSL S.A.: Fitch Affirms 'BB' Issuer Default Ratings; Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed the local and foreign currency Issuer
Default Ratings (IDRs) of JSL S.A. (JSL) at 'BB' and its National
Scale Ratings at 'A+(bra)'. The Rating Outlook is Negative.

The maintenance of the Negative Outlook reflects JSL's challenge
to reduce its leverage ratios in the midst of a recession in
Brazil. In addition to soft demand and fierce competition,
increasing local interest rates will pressure JSL's operating cash
flow, limiting the ability of the company to materially reduce
leverage. Given the nature of its business, Fitch considers that
JSL has an above-average ability among its 'BB' rating peers to
post free cash flow (FCF) generation as it shows relevant
flexibility to postpone capital expenditures. Nevertheless,
ongoing aggressive growth strategy has so far frustrated this
expectation, as the company had decided to boost its rent-a-car
operations during 2014 and 2015. Going forward, Fitch expects
capex levels to reduce, which may bring some relief to the
company's leverage ratios.

KEY RATING DRIVERS

JSL's ratings reflect its strong business profile, supported by a
leading position in the Brazilian logistics industry and
diversified service portfolio, and its resilient operating
performance over the last years, despite sluggish economic growth.
JSL's aggressive growth strategy has resulted in increasing
leverage. The company's track record of maintaining an adequate
liquidity position vis-a-vis its short-term obligations is a key
consideration for the ratings. The rating for its debentures is
one notch below the corporate rating due to their structural
subordination in relation to most of JSL's debt, which is secured
by the company's fleet.

Prominent Market Position and Diversified Portfolio

JSL has a leading position in the Brazilian logistics industry
with a diversified portfolio of services with relevant presence in
multiple sectors of the economy. The company's services include:
supply chain management (36% of its net revenue), fleet and car
rental business (Movida - 23%), vehicle dealerships (18%),
passenger transportation (8%) and general cargo transportation
(4%). JSL's strong market position, coupled with long-term
contracts for most of its revenues (40%), minimizes its exposure
to the more volatile economic conditions. The company's
significant operating scale has made it an important purchaser of
light vehicles and trucks, giving it a significant amount of
bargaining power versus other competitors in the industry.

Consistent Increase in Operating Cash Flow

JSL has been efficiently expanding its business profitability
while maintaining solid growth. The integration of its business
and cross-selling opportunities has supported gains of scale,
benefiting its operating margins. Fitch expects JSL's EBITDA
margin to remain resilient around 17% in the near term. Between
2011 and the (LTM) ended Sept. 30, 2015, JSL's net revenue
increased by 143%, to BRL5.9 billion. During the same period, the
company's EBITDA grew to BRL1.4 billion from BRL430 million while
its cash flow from operations (CFFO) rose to BRL1.6 billion from
BRL408 million.

More Rational Growth in Movida Could Benefit FCF

Movida's strong business expansion has pressured JSL's FCF during
the last 18 months. In that time, around BRL1.7 billion out of
BRL2.8 billion of capex was invested in the rent a car business.
As of Sept. 30 2015 LTM, Movida's EBITDA generation was BRL260
million out of total EBITDA of BRL1.6 billion.

During LTM Sept. 30, 2015, JSL reported negative FCF of BRL751
million, pressured by BRL2.3 billion of capital expenditures.
Fitch expects FCF to remain negative, ranging between BRL400-
BRL500 million during 2015 and 2016, and then decline to around
BRL250 million in 2017 and 2018. Fitch believes that JSL has the
flexibility to improve FCF by reducing growth in capex, as most of
its capital investments are geared toward increasing the size of
its fleet/equipment and linked to a contract. Considering only
renewal capex, JSL's operating cash flow generation is sufficient
to support the disbursements. Excluding growth capex, JSL
generated BRL869 million of positive FCF during LTM Sept. 30,
2015, compared to BRL619 million in 2013 and BRL449 million in
2012.

Leverage to Remain High in 2016; Improvements Expected for 2017

JSL's leverage, as measured by FFO net adjusted leverage, was 3.0x
as of LTM Sept. 30, 2015. Fitch does not expect a material
reduction in the near term with net leverage expected to be around
2.8x in 2015 and 2016, with a gradual decline from 2017 on. JSL's
leverage relative to its fleet market value is adequate. The
company reports a fleet market value of approximately BRL4.5
billion, which is similar to its net debt position. The company's
flexibility is limited, however, as only about 49% of its fleet is
not used as liens for loans.

KEY ASSUMPTIONS

-- Mid-single-digit revenue growth in 2015 and 2016;
-- Softer but still resilient EBITDA margins at around 17%;
-- Capex at around BRL1.6 billion in 2016 and 2017;
-- Cash balance remains sound compared to short-term debt;
-- Dividends at 25% net income;
-- No large-scale M&A activity.

RATING SENSITIVITIES

Positive: Future developments that could lead to a positive rating
action:

-- An upgrade is unlikely in the next 12-18 months due to the
    slow pace of deleveraging;
-- Revising the Outlook to Stable is dependent on the issuer's
    ability to achieve FFO adjusted leverage of around 2.8x or
    below by the end of 2016 through greater than expected
    improvement in operating cash flow generation.

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

-- Obstacles to the company's track record of solid business
    resilience;
-- EBITDA margins declining below 16% on a sustained basis;
-- FFO net adjusted leverage remaining above 2.8x;
-- Deterioration of sound liquidity compared to short-term debt,
    leading to refinancing risk exposure.
-- Deterioration of the coverage ratio fleet value-to-net value
    to below 1.0x;
-- Large debt-funded M&A acquisition or entering into a new
    business in the logistics sector that adversely impacts JSL's
    capital structure on a sustained basis or increases its
    business risk exposure.

LIQUIDITY

JSL's adequate liquidity position vis-a-vis its short-term debt
obligations is a key credit consideration, with cash covering
short-term debt by an average 1x during the last five years. JSL
has a recurring need for debt refinancing, since its debt schedule
amortization is still concentrated in the next three years. Up to
end-2018 JSL has BRL3.9 billion of debt coming due. As of Sept.
30, 2015, JSL reported total debt of BRL5.9 billion, of which
BRL1.4 billion was classified as short-term. This level of near-
term debt compares with BRL1.3 billion of cash and marketable
securities and BRL300 million of undrawn stand-by credit
facilities due in 2018. The ratio of short-term debt coverage, as
measured by cash plus CFFO-to-short-term debt, is solid, at 2.0x.
About 31% of JSL's debt is secured. The company's debt profile is
mainly composed of FINAME operations (26%), banking credit lines
(34%), debentures (23%), and leasing operations (5%).

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

JSL S.A.
-- Foreign currency long-term IDR at 'BB';
-- Local currency long-term IDR at 'BB';
-- National long-term rating at 'A+(bra)';
-- Local Debentures issuance at 'A(bra)'.

The Rating Outlook is Negative.


PETROLEO BRASILEIRO: Scandal Put Rousseff's Government at Risk
--------------------------------------------------------------
Micheal Kaufman at bidnessetc.com reports that Brazilian President
Dilma Rousseff's government seems to be in a fair bit of trouble,
following the recent arrests of Senator Delcidio do Amaral, and
BTG Pactual's CEO Andre Santos Esteves, in connection to Petroleo
Brasileiro SA Petrobras $2 billion corruption scandal.  Although
Brazil's Federal Police hasn't found any evidence against the
president yet, the fact that Ms. Rousseff was the chairperson of
the state-run oil company during the alleged corruption period
continues to affect her credibility, according to bidnessetc.com.

The report notes that at present, the Workers' Party government
has a lot on its plate i.e. the corruption scandal, and a
recessionary phase in the country's economy.  Despite the
government's austere measures to rebuild the economy and reduce
the 9% budget deficit this year, Senator Amaral's detention will
surely reignite the opposition and can give rise to calls for the
impeachment of the president, the report relays.

In 2014, the state prosecutors accused the federally-operated
energy company of taking bribes from engineering companies, in a
bid to increase the price of their contracts, the report
discloses.  The bribes were pocketed by Petrobras' top executives
and politicians -- who used the funds to finance their electoral
campaigns, the report says.

Since last year, in an investigation dubbed as Operation Car Wash,
the Brazilian police has arrested many involved in the corruption
scandal, the report recalls.  Petrobras' former executive, Nestor
Cervero, cooperated with the police on a plea bargain, which led
to the arrests of Mr. Amaral and Mr. Esteves, notes the report.

This year, Mr. Amaral supported Ms. Rousseff's initiatives to
improve economic conditions and revive investors' confidence, the
report discloses.  The congressman smartly handled the allegations
on Ms. Rousseff, and negotiated with the opposition, the report
notes.  The president was cleared from all charges in the
corruption scandal in October by the Parliamentary Commission
Report, the report relays.  Mr. Amaral's recent arrest now changes
the whole situation though.

The report says that the opposition believes that Mr. Amaral's
detention clearly indicates the government's wrongdoings in the
multi-billion dollar corruption scandal.  Mr. Amaral was also
close to Brazil's former President, Luiz Inacio Lula da Silva, who
in his regime was accused of using his influence to hand out
contracts to Odebrecht Construction, Inc, the report discloses.

The report says that an advisor for Ms. Rousseff terms Mr.
Amaral's imprisonment as a "nuclear bomb" for the government, as
reported by Reuters.  Apparently his arrest would further worsen
the ongoing political crisis in the country, the report notes.
For now, the government has lost a key senator and taken center
stage in the scandal, the report relays.  Given the vulnerability
of the government, the opposition can take advantage of the
situation, counterattacking the government's parliamentary agenda
and financial measures, the report notes.

Going forward, says the report, Ms. Rousseff will not be able to
complete her term if she is unable to clear her name from the
scandal.  The next presidential elections are most likely to be
tough for the Workers' Party, the report discloses.  Speeding up
the police investigation to bring everyone to justice involved in
the corruption scandal, along with rekindling the public and
investors' confidence in the economy are the only ways through
which Ms. Rousseff's boat can sail in rough waters, the report
adds.


                  About Petroleo Brasileiro

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

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

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

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

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

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


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C A Y M A N  I S L A N D S
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ASCENDENT CAG: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Ascendent CAG (Cayman) Limited received on
Nov. 17, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Yi Kevin Zhang
          Jardine House, Suite 1609, 16th Floor
          1 Connaught Place
          Central
          Hong Kong


ASCENDENT SHINE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Ascendent Shine (Cayman) Limited received on
Nov. 17, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Yi Kevin Zhang
          Jardine House, Suite 1609, 16th Floor
          1 Connaught Place
          Central
          Hong Kong


ATLAS GLOBAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Atlas Global GP received on Nov. 19, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Joost Schellens
          71 Wandsworth Bridge Road
          London SW6 2TB
          United Kingdom
          Telephone: +44757745924


DENJOY INTEGRAL: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Denjoy Integral Fund Limited received on
Nov. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Jenna Nicholson
          Telephone: (345) 914-4494
          Facsimile: (345) 949-7164
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman
          Cayman Islands
          Telephone: (345) 949-4800
          Facsimile: (345) 949-7164


DENJOY INTEGRAL MASTER: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Denjoy Integral Master Fund Limited received on
Nov. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Jenna Nicholson
          Telephone: (345) 914-4494
          Facsimile: (345) 949-7164
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman
          Cayman Islands
          Telephone: (345) 949-4800
          Facsimile: (345) 949-7164


JAMAICA NATIONAL: Hoping for Better News from Authorities
---------------------------------------------------------
RJR News reports that Jamaica National (JN) is hoping it will be
given authorization to again offer transactions in the Cayman
Islands, in that country's currency.

Jamaica National's Cayman operation was forced to implement U.S.
dollar only transaction in August as a measure to maintain service
in the Cayman Islands, after the closure of its account with
Cayman National Bank, according to RJR News.

The report notes that the company said, after reviewing Cayman
Island laws, it has again written to the authority about the
matter and is anticipating a positive outcome.

Jamaica National said, while being allowed to make transactions in
Cayman Island dollars will not solve all its problem, it will
allow persons in Cayman to benefit from the choice to remit funds
overseas, the report relays.

JN received its license to conduct services from the Cayman
Islands in 2002 and is the dominant remitter from Cayman to
Jamaica and from Cayman to the Philippines, the report adds.


KORTIS CAPITAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Kortis Capital Ltd. received on Nov. 25, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman, KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


LIBRA VENTURES: Sole Member to Hear Wind-Up Report on Dec. 8
------------------------------------------------------------
The sole member of Libra Ventures Limited will hear on Dec. 8,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


MARITIME CONSULTANTS: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Maritime Consultants Ltd received on Nov. 30,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Arcadia Group Ltd
          Telephone: (345) 945 1830
          Facsimile: (345) 945 1835
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands


OWS CAPITAL: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of OWS Capital Partners GP III, Ltd. received on
Nov. 17, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Kurt Locher
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


RSA FUND: Members Receive Wind-Up Report
----------------------------------------
The members of RSA Fund Company Ltd. received on Nov. 10, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Andrew Evans
          Khalij Fiduciaire SA
          Place Pury 9, 1er etage, 2000 Neuchatel
          Switzerland
          Telephone: +41 (0) 79 79 80 242


SOFTWARE (CAYMAN): Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Software (Cayman) GP 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:

          K.D. Blake
          c/o Jenna Nicholson
          Telephone: (345) 914-4494
          Facsimile: (345) 949-7164
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman
          Cayman Islands
          Telephone: (345) 949-4800
          Facsimile: (345) 949-7164


SUBIC BAY: Members Receive Wind-Up Report
-----------------------------------------
The members of Subic Bay Energy Company Ltd. received on Nov. 17,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Wisarn Chawalitanon
          Telephone: (084) 932 9972
          555 Vibhavadi Rangsit Rd Bangkok 10900
          Thailand
          e-mail: wisarn.c@pttplc.com


TAMAR HOLDINGS: Sole Member to Hear Wind-Up Report on Dec. 9
------------------------------------------------------------
The sole member of Tamar Holdings will hear on Dec. 9, 2015, at
12:00 noon the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          P.O. Box 71 Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands


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C H I L E
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AUTOMOTORES GILDEMEISTER: Reaches Deal with Noteholders Group
-------------------------------------------------------------
Automotores Gildemeister S.A. reached an agreement in principle,
as outlined in the term sheet with an ad hoc group of holders of
over 70% of the aggregate principal amount of the Company's
Existing Notes, including more than two-thirds of the principal
amount of the Company's 8.250% Senior Notes due 2021 and more than
two-thirds of the principal amount of the Company's 6.750% Senior
Notes due 2023 to restructure the terms of the Existing Notes.
The Agreement, which is subject to, among other things, the
negotiation of definitive documentation, contemplates the exchange
of the Existing Notes, subject to the terms and conditions
contained in the Term Sheet, for a combination of (i) new Senior
Secured Notes that will be secured by liens on real estate and
other assets, (ii) new preferred stock (iii) and warrants to
acquire, in the aggregate, 40.0% of the Company's common stock
(the "Transaction").  The Company believes that the Transaction
will enhance its ability to maintain access to sources of
liquidity and improve its capacity to address the macroeconomic
challenges in its primary markets of Chile and Peru while
providing substantial value to the Company's bondholders and other
stakeholders.

A spokesperson for the Company commented, "With this agreement,
the Company expects to continue operating in its primary markets
and meeting its obligations to its customers, employees, suppliers
and other creditors.  We continue to believe that the Company's
line-up of high quality vehicles, beginning with Hyundai, provides
customers in the market for a new car with an excellent range of
choices across all segments."

Consistent with the Agreement, the Company did not make its
scheduled interest payment due Nov. 24 under the indentures for
the Existing Notes and has entered into a forbearance agreement
with the Ad Hoc Group.  Pursuant to the Forbearance Agreement, the
Ad Hoc Group has agreed to forbear from pursuing any remedies
under the Indentures in respect of defaults thereunder up to
December 7, 2015, subject to a possible extension if mutually
agreed upon by the Company and the Ad Hoc Group.  The Company and
the Ad Hoc Group have agreed, during the forbearance period, to
negotiate in good faith regarding definitive documentation of the
terms outlined in the Term Sheet.  No assurances can be given that
the parties will reach agreement on definitive documentation or
that the Company will be able to successfully execute a
restructuring.

Finally, in connection with the discussions with the Ad Hoc Group
relating to the restructuring of the Company's obligations under
the Existing Notes, the Company has, since November 19, 2015,
provided the Ad Hoc Group with certain non-public information
relating to the Company.  Pursuant to confidentiality agreements
entered into by the Company with members of the Ad Hoc Group, the
Company agreed to publicly disclose the Disclosed Information if
certain events occurred.


AUTOMOTORES GILDEMEISTER: Moody's Cuts Corp Family Rating to Ca
---------------------------------------------------------------
Moody's Investors Service downgraded Automotores Gildemeister S.A.
("AG") global scale corporate family rating to Ca from Caa1. At
the same time, Moody's downgraded its Senior Unsecured Notes due
2021 and 2023 to Ca from Caa1. The outlook for the ratings is
stable.

The following ratings have been downgraded:

Issuer: Automotores Gildemeister S.A.

-- Corporate Family Rating: to Ca from Caa1 (global scale)

-- US$400 million Senior Unsecured Notes due 2021: to Ca from
Caa1 (foreign
    currency)

-- USD300 million Senior Unsecured Notes due 2023: to Ca from
Caa1 (foreign
    currency)

RATINGS RATIONALE

The rating downgrade to Ca follows AG's decision to not make its
November 24, 2015 scheduled interest payment on its 8.250% Senior
Notes due 2021, as the company has offered senior lenders a debt
restructuring. Under the existing indentures, a missed payment on
interest may be cured within 30 days, but the restructuring
indicates that a payment default will occur.

On 24 November 2015, AG announced that it has reached an agreement
with its main bondholders of over 70% of company's existing notes,
including more than 2/3 of the 8.250% Senior Notes due 2021 and
more than 2/3 of the 6.750% Senior Notes due 2023, to restructure
the terms of the existing notes. The agreement contemplates the
exchange of the existing notes, for a combination of (i) new
Senior Secured Notes that will be secured by liens on real estate
and other assets, (ii) new preferred stock (iii) and warrants to
acquire 40.0% of the company's common stock.

In Moody's opinion, if the restructuring is implemented as
announced, it will constitute a a distressed exchange. Generally,
a distressed exchange consists of an offer by an issuer to
creditors of a new or restructured debt, or a new package of
securities, cash or assets, that amount to a diminished financial
obligation relative to the original obligation with the effect of
the transaction being the avoidance of an eventual payment default
on the debt. According to Moody's, a distressed exchange is a form
of default.

After the restructuring is completed, Moody's will revisit the
company's ratings reflecting the composition of the new capital
structure as well as other fundamental credit characteristics.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that expected
losses for senior unsecured bondholders will not be greater than
those associated with a Ca rating.

WHAT COULD MOVE THE RATING UP

A positive action on the ratings or the outlook could be
considered if the ongoing debt restructuring process results in a
sustainable capital structure and adequate liquidity profile.

AG S.A., headquartered in Santiago, Chile, is one of the largest
importers and distributors in Chile and Peru operating a network
of company-owned and franchised vehicle dealerships. Its principal
car brand is Hyundai for which it is the sole importer in both of
its markets. For the last twelve months ended June 30, 2015, AG
reported consolidated net revenues of about USD 1.4 billion with
approximately 58.1% being generated from its key market, Chile.


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D O M I N I C A N   R E P U B L I C
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FALCONBRIDGE DOMINICANA: Americano Nickel to Resume Operations
--------------------------------------------------------------
Falconbridge Dominicana SA (Falcondo) provided an update on the
company's progress since the August 2015 acquisition of a majority
stake in Falcondo from Glencore by Americano Nickel Ltd.

                       Re-start of Operations

Falcondo is making steady progress on all technical and
operational activities required to re-start the plant in the
middle of 2016.  Employment at Falcondo has already increased
threefold from 125 employees in August 2015 to over 350 direct
employees and 150 additional indirect employees through
contractors in November 2015 and will continue to increase in the
period leading to the plant's production re-start.  Apart from
Bonao, the significant majority of new employees come from local
communities near where Falcondo operates.

                       Government Relations

On November 5 and 6, 2015, Americano Nickel welcomed the visit of
a delegation of the Ministry of Energy and Mines of the Dominican
Republic to the Geneva office, in Switzerland, on the occasion of
the UN Intergovernmental Forum on Mining, Minerals, Metals and
Sustainable Development.  The delegation met with senior Americano
Nickel officials as well as major international investors backing
Americano Nickel.

Americano Nickel values its engagement with the Government of the
Dominican Republic and close collaboration prior and following the
acquisition of Falcondo.  "We have provided all initially
requested documentation and continue to provide further
information to the Ministry of Energy and Mines as part of a
constructive and transparent dialogue with the Government of the
Dominican Republic, who is also our partner in Falcondo with a
significant shareholding."

                    Community Engagement

Falcondo is continuing its long-standing tradition of active
engagement with the community while participating in local and
national projects.  Further to continuing to fund the Falcondo
Foundation and thus various projects related to education, health
and arts, we recently led the sponsorship of the Bonao Expo 2015
and Expo Monte Plata.  Additionally we provide financial and
operational support for the safe daily transportation of more than
320 students to school and people from the communities to Bonao.
It is also worth highlighting Falcondo's leading contribution to
construction projects of high community importance, namely the
refurbishment of the Public Clinic in Haina and the construction
of bridge connecting the communities of Caribe and Verde to Bonao.

Ioannis Moutafis, President of Falcondo, said:

"Falcondo has excellent human capital and we are very pleased to
grow the team with highly skilled employees from the surrounding
communities.  I am confident our re-start project will be
successful despite the very challenging commodity markets, and I
am grateful for the support we have received from the community in
our endeavor."

Marcos Camhis, Member of the Board of Directors of Falcondo and
Americano Nickel, said:

"The Falcondo investment is a cornerstone of Americano Nickel's
strategy in the Americas. Our fist priority is the Falcondo re-
start project, a significant financial investment in this very
challenging market.  Americano Nickel and GSOL are very impressed
by the Dominican Republic as an investment destination and are
encouraged by the positive experience in considering additional
investments in the country in other sectors of the economy."

                        About Americano Nickel

Americano Nickel Limited (Americano Nickel) is a specialist mining
holding company with a focus on Nickel exploration and mining in
the Dominican Republic and the Americas.  On August 13, 2015,
Americano Nickel acquired all the outstanding shares of Glencore
Canada Corporation in Falconbridge Dominicana (Falcondo).

Americano Nickel is a fully owned entity of Global Special
Opportunities Ltd. (GSOL), an international private equity fund
established in 2009. Since 2009, the fund has grown its portfolio
of investments across Europe and the Americas and is continuously
expanding its range. GSOL has identified opportunities in the
natural resources sector and the addition of a seasoned team of
experts in Nickel mining and production formed the basis for the
Americano Nickel investment in Falcondo.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
16, 2008, Dominican Today said that Toronto-based Xstrata Nickel
laid off about 70% of its workers at Falconbridge Dominicana.  The
Dominican government said it will find jobs for most of the
workers laid off, The Dominican Today reports.

President Fernandez, the report related, said about 90 workers
could qualify for early retirement.


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


EL SALVADOR: Expands Ciudad Mujer With US$30 Million IDB Loan
-------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan in the
amount of $30 million to support the expansion of Ciudad Mujer, a
women's empowerment initiative in El Salvador.  The loan
represents an expansion to the US$20 million program approved by
the IDB in 2011 to open five Ciudad Mujer centers in the country.

The goal of the project, led by the Ministry of Social Inclusion
of El Salvador, is to improve the living conditions of women in
terms of employment, sexual and reproductive health, and
prevention and assistance of gender-based violence.  The centers
are strategic locations where 15 public institutions offer quality
integrated services under one roof.

The new loan will extend services currently provided at the
centers of Colon (La Libertad), Usulutan, Santa Ana, San Miguel,
San Martin and Morazan.  In addition, this second phase will
expand coverage of services to the departments of La Union,
Sonsonate and Chalatenango; these are areas of intervention within
the framework of Alliance for Prosperity in the Northern Triangle.

A significant number of children who migrate unaccompanied from
the Northern Triangle to the U.S. mention violence and lack of
economic opportunities as main reasons for leaving their countries
of origin. Ciudad Mujer, through its module Ciudad Mujer Joven,
will contribute to improving social and economic opportunities for
youth at risk by preventing gender violence and fostering economic
empowerment.

Since opening its doors, Ciudad Mujer has provided nearly 2.6
million services for 974,000 women. The project has become a model
that is currently being adapted in countries such as Honduras,
Dominican Republic, Mexico, Colombia, Paraguay and Trinidad and
Tobago.

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2015, 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.


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


JAMAICA: Crude Oil Futures Fall Again
-------------------------------------
RJR News reports that crude oil futures fell on Nov. 27, with
losses this month standing at more than eight per cent, hurt by
disappointing Chinese economic data and worries over a supply
glut.

A firmer U.S dollar also weighed on oil, making greenback-
denominated contracts more expensive for holders of other
currencies, according to RJR News.

Although trading was quiet after Thanksgiving Day in the United
States, Brent crude had dropped 4 cents to US$45.42 per barrel,
the report notes.

The market is shifting its focus to a meeting of ministers from
the Organization of Petroleum Exporting Countries, which is set
for Vienna on December 4, the report relates.

Russian Energy Minister Alexander Novak said Russia and Saudi
Arabia would set up a special joint working group on oil and gas
cooperation to promote energy dialogue between the world's two top
oil producers, the report adds.


                            *     *     *

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.


JAMAICA: Increase in Credit Bureaus Result in More Unsecured Loans
------------------------------------------------------------------
RJR News reports that the increased presence of credit bureaus has
resulted in local lenders providing more unsecured loans.

The Bank of Jamaica's Credit Conditions Survey for the June
quarter, the marginal but steady easing in credit market
conditions was underpinned by improvements in lending policies
applied to unsecured loans, according to RJR News.

Lenders highlighted that the activation of credit bureaus and the
downward trend in market interest rates have increased their risk
appetite, the report notes.  As a result, lenders extended the
maximum size of credit lines and reduced the fees applicable to
unsecured loans during the review quarter, the report relays.

In the meantime, the Central Bank said for the September quarter,
lenders anticipate credit market conditions will continue to ease
marginally, the report discloses.  This will reflect less
stringent policies for secured loans.

Policies associated with unsecured loans are expected to continue
to ease but at a slower pace than in the June quarter, the report
adds.

                            *     *     *

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.


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


COBRE DEL MAYO: Moody's Cuts CFR on 2018 Notes to Ca
----------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Cobre del Mayo, SA de CV. ("Cobre del Mayo") and the
rating on its guaranteed senior notes due 2018 to Ca from Caa1.
This concludes the review initiated on August 24, 2015. The
outlook is stable.

RATINGS RATIONALE

The downgrade reflects the high probability of default due to
heightened liquidity risk, and the significant deterioration in
Cobre del Mayo's credit metrics, which are expected to remain
under stress in the foreseen horizon.

Although the company was able to cover the interest payment on
November 14, 2015 associated with its senior unsecured notes due
in 2018 thanks to the loan granted from its shareholder Frontera
Copper Corporation, the downgrade incorporates Moody's view that
Cobre del Mayo will continue with high liquidity risk considering
the estimated negative cash flow generation and poor cash
position.

In addition, credit metrics and operations will remain weak as a
consequence of low copper prices, which Moody's considers will
persist through 2016, and the company's high operation costs.
Accordingly, the rating also captures the lower expected EBITDA
generation for the next several quarters and higher leverage with
incremental senior secured debt from shareholder's loan. Moody's
estimates that adjusted EBITDA at the end of 2015 will be in the
range of USD 25 to 30 million against original estimated EBITDA of
USD 88 million, while debt/EBITDA is expected to be around 8
times. Over the next 12 to 18 months Moody's anticipates that
Cobre del Mayo will continue dealing with operational issues
mainly as a result of expected lower ore grades and altered ore.
While the company has completed the expansion of its fines
classification system, which will help to improve the process of
altered ore, as well on a number of different initiatives to lower
its cost structure, the higher costs in the interim and weak
copper prices will maintain downward pressure on earnings and cash
flow generation.

The stable outlook reflects Moody's expectation that potential
losses for creditors in case of a default will not be greater than
those associated with a Ca rating.

A downgrade would be considered if further deterioration in
liquidity and credit metrics imply estimates of deeper losses to
creditors in case of a default.

Given Cobre del Mayo's very tight liquidity and weak operating
performance, an upgrade is unlikely at this time. Upward pressure
on the rating would require significant improvements in liquidity
and would be dependent on a sustainable capital structure.

Structural considerations

Despite the structural subordination of the senior unsecured notes
to the secured shareholder loan, Moody's has not notched down the
unsecured notes ratings because the percentage of secured debt in
the company's total debt is still considered low.

Cobre del Mayo is a Mexican mining company that operates the
Piedras Verdes (PV) open-pit copper mine in Mexico. It is 71.2%
owned by Invecture Group S.A. de C.V. and 28.8% by Lawrie
Associates LLP. Back in October 2014, CDM's owners acquired 40% of
Kupari Metals, the operator of the flotation plant at Piedras
Verdes. Cobre del Mayo is currently producing LME grade A copper
cathode and sells refractory and vein type ore for processing into
concentrate. Mineral reserves are 1.3 million tons of copper and
the mine life is estimated at more than 15 years.


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


CUE & LOPEZ: Modifications to Confirmed Plan Unopposed
------------------------------------------------------
At the behest of Cue & Lopez Construction, Inc., Judge Brian K.
Tester on Nov. 4, 2015, approved a second joint modification of
the Debtor's confirmed plan.  No objections were filed to the
Debtor's motion.

Cue & Lopez won confirmation of its reorganization plan in October
2014, but the plan has not yet been substantially consummated.  It
asked the U.S. Bankruptcy Court for District of Puerto Rico to
authorize post-confirmation modifications to the proposed
treatment of Oriental Bank's secured claim.

The Court of First Instance of the Commonwealth of Puerto Rico,
San Juan Section -- pursuant to a stipulation, inter alia,
subscribed by the Debtor and Oriental Bank -- entered judgment in
Case Number KCD2013-0668, Oriental Bank v. Cue & Lopez Contractors
Inc.; Cue & Lopez Construction Inc. et al., providing that upon
default of the Stipulation by the Debtor, Oriental Bank could
proceed with the foreclosure of its mortgages on the Debtor's real
properties.

Since the Debtor defaulted under the terms of the Stipulation,
pursuant to the Judgment, Oriental Bank is entitled to foreclose
on the mortgages on the Properties.

The Plan provides for this classification and treatment of
Oriental Bank:

   (a) Impairment and Voting - Class 3 is impaired under the
       Plan and is entitled to vote to accept or reject the Plan.

   (b) Distribution - Oriental Bank's Claim, as may be finally
       allowed, partially secured by the following collateral:

          (i) Residential Unit, Penthouse No. 515, at Hills View
              Plaza Condominium, Frailes Ward, Guaynabo, Puerto
              Rico with an estimated disposition value of
              $237,527;

         (ii) Residential Unit (Apartment No. 633), at Vistas
              de Gurabo, Navarro Ward, Gurabo, Puerto Rico with
              an estimated disposition value of $132,434;

        (iii) Residential Unit at Urb. Gran Palm II, Sabana
              Ward, Vega Alta, Puerto Rico, with an estimated
              disposition value of $174,825;

         (iv) The remaining retainage for $311,587 corresponding
              to the "Casa Maggiore Project;

       shall be paid on or before the Effective Date, by the
       transfer to Oriental Bank of the properties, with
       a combined estimated value of $856,373, and the assignment
       of the remaining retainage set forth.

       In addition, the Debtor will pay Oriental Bank $100,000
       arising from the retainage assigned by the Debtor to
       Oriental Bank as to the Casa Maggiore Project, not
       property of the Debtor's estate, paid by Casa Maggiore,
       Inc., to the Debtor and returned by the Debtor thereto.
       The $100,000 will be paid by a payment of $25,000 on the
       Effective Date, the balance to be paid through 12
       consecutive equal monthly payments of $3,125 due on the
       30th day of the subsequent twelve month and a balloon
       payment for $37,500 on the 30th day of the 13 months
       after the Effective Date.

       Oriental Bank's Class 5 Claim for $4,192,778, which
       includes Oriental Bank's deficiency claim under Class 3,
       and Oriental Bank's current unsecured claim, will be
       dealt with under Class 5 of the Plan.

       The Debtor will submit quarterly operating reports to
       Oriental Bank detailing the Debtor's revenues, expenses,
       and results of operations, during the term of the Plan."

The Debtor as the proponent of the Plan, with the consent of
Oriental Bank, sought Court approval to modify Oriental Bank's
treatment to provide that the secured claim will be paid on or
before the Effective Date.

The Debtor will cause the transfer to Oriental Bank of the three
real properties, with a combined estimated value of $856,373,
either by deeds of transfers or within 12 months of the Effective
Date through a mortgage foreclosure process in execution of the
judgment issued on April 29, 2013 -- and notified on Aug. 1, 2013
-- by the Court of First Instance of the Commonwealth of Puerto
Rico, San Juan Section, in case number KCD2013-0668, titled
Oriental Bank v. Cue & Lopez Contractors Inc.; Cue & Lopez
Construction Inc. et als., as Oriental Bank shall elect in its
sole and absolute discretion.

The transfer of all or either of the three real properties to
Oriental Bank by either method will have the benefits of the
provisions of 11 U.S.C. Sec. 1146(a).  The automatic stay
provisions of 11 USC Sec. 362(a) will be deemed lifted for the
event that Oriental Bank elects to proceed with the foreclosure of
the properties.  In addition, the Debtor will pay Oriental Bank
$100,000 arising from the retainage assigned by the Debtor to
Oriental Bank as to the Casa Maggiore Project, not property of
Debtor's estate, paid by Casa Maggiore, Inc. to the Debtor and
returned by Debtor thereto.  The $100,000 will be paid by a
payment of $25,000 on the Effective Date, the balance to be paid
through 12 consecutive equal monthly payments of $3,125 due on the
30th day of the subsequent 12 months and a balloon payment for
$37,500 on the  30th day of the 13-month after the Effective Date.

Oriental Bank's Class 5 Claim for $4,192,778, which includes
Oriental Bank's deficiency claim under Class 3, and Oriental
Bank's current unsecured claim, will be dealt with under Class 5
of the Plan.

On July 15, 2015, the Debtor transferred by deed to Oriental Bank,
the Vistas de Gurabo and Grand Palm II properties.

To further consummate the Plan as to the Debtor's payment of
Oriental Bank's secured claim through the transfer of the
Properties, the Debtor and Oriental Bank agree that in the event
Oriental Bank chooses to proceed with the foreclosure process as
to the Hills View Plaza property and is either (a) the winning
bidder in the mortgage foreclosure process or (b) acquires the
same if no third party bidder bids and prevails, then the transfer
of the Hills View Plaza property will be considered a "transfer"
for purposes of applying the provisions of 11 U.S.C. Sec. 1146(a),
as the definition of transfer under the Bankruptcy Code includes
the voluntary or involuntary disposing of or parting with property
or an interest in property.

Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C.
Law Offices, said the proposed modification of the Plan, does not
affect any other creditor or party in interest, meets the
requirements of 11 U.S.C. Sec. 1122 and 1123 and will allow
Oriental Bank the option of either receiving the Hills View Plaza
property, through a transfer by deed or by a mortgage foreclosure
which for all purposes achieves the same results, as provided for
in the Plan.

Counsel for the Debtor can be reached at:

         CHARLES A. CUPRILL, P.S.C. LAW OFFICES
         Charles A. Cuprill-Hernandez
         356 Fortaleza Street, Second Floor
         San Juan, PR 00901
         Tel: 787-977-0515
         Fax: 787-977-0518
         E-mail: ccuprill@cuprill.com

Attorneys for Oriental Bank can be reached at:

         DE DIEGO LAW OFFICES, PSC
         William Santiago-Sastre
         PO BOX 79552
         Carolina, PR 00984-9552
         Tel: (787) 622-3942
         Fax: (787) 622-3941
         E-mail: wssbankruptcy@gmail.com

                       About Cue & Lopez

San Juan, Puerto Rico-based Cue & Lopez Construction, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 13-08297) on Oct. 4, 2013.  The case is assigned to Judge
Brian K. Tester.

Cue & Lopez Contractors, Inc., filed a separate Chapter 11
petition (Case No. 13-08299) on the same date.

The Debtors are represented by Charles Alfred Cuprill, Esq., at
Charles A Curpill, PSC Law Office, in San Juan, Puerto Rico.  CPA
Luis R. Carrasquillo & Co., P.S.C., serves as accountant.

Cue & Lopez Construction scheduled $13.3 million in total assets
and $17.5 million in total liabilities.  The Chapter 11 petitions
were signed by Frank F. Cue Garcia, president.


DORAL FINANCIAL: Seeks Joint Administration of Cases
----------------------------------------------------
Doral Financial Corporation and Doral Properties, Inc. ask the
Bankruptcy Court to jointly administer their Chapter 11 cases
under Lead Case No. 15-10573 (SCC).

Pursuant to Bankruptcy Rule 1015(b), if two or more petitions are
pending in the same court by or against a debtor and an affiliate,
"the court may order a joint administration of the estates." Fed.
R. Bankr. P. 1015(b).  Doral Financial is the direct parent of
Doral Properties.  Thus, the Debtors maintain they are
"affiliates" within the meaning of Section 101(2) of the
Bankruptcy Code and, accordingly, under Bankruptcy Rule 1015(b).

"Joint administration of the Debtors' respective estates will ease
the administrative burden on this Court and all parties-in-
interest in these chapter 11 cases," says Mark I. Bane, Esq., at
Ropes & Gray LLP, attorney for the Debtors.  "The benefits of
joint administration of the chapter 11 cases come with no
prejudice to creditors and other parties-in-interest of any of the
Debtors, as joint administration is purely procedural and will not
impact the substantive rights of any party-in-interest," he adds.

According to Mr. Bane, joint administration will permit the Clerk
of the Court to use a single docket for the cases and to combine
notices to creditors and other parties-in-interest in the Debtors'
respective cases.  As there likely will be motions, applications,
and other pleadings filed in these chapter 11 cases that will
affect both of the Debtors, joint administration will (a) reduce
the volume of paper that otherwise would be filed with the Clerk
of the Court, (b) render the completion of various administrative
tasks less costly, and (c) minimize unnecessary delays.

                      About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit  Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at
Schulte Roth & Zabel LLP.

On Nov. 25, 2015, Doral Properties filed a voluntary petition with
the Court for relief under Chapter 11 of the Bankruptcy Code.


DORAL FINANCIAL: Unit's Case Summary & 24 Largest Unsec. Creditors
------------------------------------------------------------------
Debtor: Doral Properties, Inc.
        999 Ponce de Leon Blvd
        Coral Gables, FL 33134

Case No.: 15-13160

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: November 25, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Shelley C. Chapman

Debtor's Counsel: Mark I Bane, Esq.
                  ROPES & GRAY LLP
                  1211 Avenue of the Americas
                  New York, NY 10036-8704
                  Tel: (212) 596-9000
                  Fax: (212) 596-9090
                  Email: mark.bane@ropesgray.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Carol Flaton, director.

List of Debtor's 24 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Wilmington Trust, as Trustee            Loan           $6,500,000
Attn: Jay Smith IV
Corporate Trust Services
25 Charles St., 11th Floor
MD2-CS58
Baltimore, MD 21201

Alarm & Control System Co., Inc.    Service Provider      Unknown

Autoridad de Acueductos y              Utilities          Unknown
Alcantarillado

Autoridad de Energia Electrica         Utilities          Unknown

Banco Popular de Puerto Rico            Tenant            Unknown

Caribbean Real Estate Services      Service Provider      Unknown

Cascade Water Services              Service Provider      Unknown

Commerical Centers Management       Service Provider      Unknown
Realty

Consolidated Waste Services Corp.   Service Provider      Unknown

CRIM                                Taxing Authority      Unknown

Deya Elevator Services Inc.         Service Provider      Unknown

Doral Mortgage, LLC                  Former Tenant        Unknown

Doral Recovery II, LLC               Former Tenant        Unknown

FDIC as Receiver for Doral Bank      Former Tenant        Unknown

Fiddler, Gonzalez & Rodriguez PSC   Service Provider      Unknown

GJ Fire & Burglary Equip Inc.       Service Provider      Unknown

Gobierno de Puerto Rico             Taxing Authority      Unknown

Jones Lang LaSalle Puerto           Service Provider      Unknown
Rico Inc.

Landa Umpierre P.S.C.               Service Provider      Unknown

National Building Mainteance        Service Provider      Unknown
Corp.

Ranger American of P.R.             Service Provider      Unknown

Smart Building Solutions            Service Provider      Unknown

Triple S                            Service Provider      Unknown

Universal Equipment Sales           Service Provider      Unknown
& Service Corp.


FIRST BANCORP: Fitch Affirms 'B-' Long-term Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has completed a peer review of its two rated Puerto
Rican banks and has affirmed the long-term Issuer Default Ratings
(IDRs) at 'B-' and short-term IDRs at 'B' for First Bancorp (FBP)
and its subsidiary FirstBank Puerto Rico. The Rating Outlook is
Stable.

KEY RATING DRIVERS

IDRS AND VRS

Fitch-rated Puerto Rican bank VRs and IDRs incorporate limiting
rating factors, and current rating levels are indicative of the
significant challenges facing Puerto Rican banks. The Puerto Rican
bank VRs and IDRs are significantly more sensitive to economic
conditions within their main operating market, the Commonwealth of
Puerto Rico (PR) and current rating levels incorporate the weak
state of the local economy. Although Fitch recognizes that FBP has
been operating under these conditions for a number of years, while
continuing to improve performance and strengthen its balance
sheet, the prolonged recessionary environment and fiscal
challenges of the Commonwealth together could intensify pressure
on retail and commercial customers.

In addition, while direct exposure to the Commonwealth and its
instrumentalities appears manageable in Fitch's estimation, Fitch
remains concerned with the Commonwealth's fiscal situation and
potential spill-over effects to the local economy over the medium
to longer term, especially in light of the Governor of the
Commonwealth of Puerto Rico's statements in June regarding the
possibility of restructuring numerous debt instruments, including
government general obligation (GO) bonds.

Presently, FBP's VR is higher than Puerto Rico's commonwealth debt
rating of 'CC'. This reflects Fitch's view that the Commonwealth
of Puerto Rico operates broadly within the legal system of the
United States and transfer and convertibility risk is not
foreseeable, as Puerto Rican banks are regulated by the U.S.
Federal Reserve and Federal Deposit Insurance Corporation.

The affirmation of FBP's ratings and the Stable Outlook reflect
the company's idiosyncratic improvements in credit performance,
earnings, capital position, and deposit funding. The affirmation
also reflects improvements the company has made to its overall
risk profile, which has resulted in the company's release in April
from an FDIC Consent Order (a Written Agreement with the Federal
Reserve remains inforce) as well as solid Dodd Frank Act Stress
Testing (DFAST) results under adverse and severely scenarios.
Although these fundamental improvements are significant, the
worsening operating environment for Puerto Rican banks remains a
concern.

Although Puerto Rican consumers have been resilient, continued
stress in the local economy, especially within the context of any
heightened fiscal dislocation, may pressure borrowers. FBP may be
exposed to such changes given its increase in consumer assets over
the last three years. In addition, FBP continues to operate with a
high level of NPAs (which includes accruing TDRs) totalling 12.36%
at 3Q'15. This metric is higher than rated Puerto Rican rated
peers. Although FBP's absolute level of NPAs has
improved/stabilized, Fitch believes that FBP could still
experience volatility. Nonetheless, Fitch does not expect NCOs to
return to the peak level experienced in 2010.

FBP has direct exposure of about $371 million to the local
government through investment securities, credit facilities to
some of the public corporations, and loans to entities related to
the government as well as municipalities. Recent market events in
Puerto Rico may put pressure on credit performance, but Fitch does
not believe that negative pressure on the ratings would likely
develop as exposures appear to be well structured and mostly
secured by collateral and/or with specific sources of payment.
Further, Fitch has stressed FBP's Puerto Rico exposure (a 40%
writedown for securities and 20% writedown to other direct and
indirect exposures) and has concluded the company's ratings could
be sensitive to losses approaching this level.

Financial performance as measured by PPNR is a rating strength
with full-year 2015 on track to exceed full-year 2014. PPNR to
average assets has averaged 1.68% over the past four quarters.
This metric compares favorably to Puerto Rican rated peers. In
addition, FBP's CRE and construction portfolios, a source of
increased provisioning in the past, have been significantly
reduced through loan portfolio derisking efforts, which should
bode well for continued PPNR resilience. Despite the low rate
environment, NIM improved to 4.31% at 3Q'15 compared to 3.82% at
year-end 2012. This is attributed in part to improved funding
costs. The company's expectation for rising interest rates in 2016
as well as an improving deposit cost profile could provide further
buoyancy to the company's NIM.

Similar to most peers, FBP has improved its capital position
following the peak of the crisis. At 3Q'15, FBP's TCE stood at
12.73% and Common Equity Tier 1 stood at 16.63%. The company also
remains in compliance, by a sizeable margin, with its regulatory
order minimum capital ratios. Fitch believes that as the company's
core earnings improve, its capital position will continue to be
maintained at current levels and support the current risk on the
balance sheet.

FBP's funding profile has historically been weaker when compared
to U.S. bank and Puerto Rican rated peers given stronger reliance
on non-core funding sources. FBP faces competition for deposits
from locally based commercial banks, several U.S. and foreign
banks as well as over one-hundred cooperative banks and the
Government Development Bank for municipal deposits. However, FBP
has been reducing its reliance on non-core funding sources,
particularly higher cost brokered deposits, over the past several
quarters, which has both improved the overall stability of its
deposit base as well contributed to earnings growth.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF'
reflect Fitch's view that FBP is not considered systemically
important, and therefore the probability of support is unlikely.
The IDRs and VRs do not incorporate any support.

LONG- AND SHORT-TERM DEPOSIT RATINGS

FBP's uninsured deposit ratings at its subsidiary banks are rated
one notch higher than FBP's IDR and senior unsecured debt rating
because U.S. uninsured deposits benefit from depositor preference.
U.S. depositor preference gives deposit liabilities superior
recovery prospects in the event of default.

HOLDING COMPANY

FBP has a bank holding company (BHC) structure with the bank as
the main subsidiary. All subsidiaries are considered core to the
parent holding company supporting equalized ratings between bank
subsidiaries and the BHC. IDRs and VRs are equalized with those of
the operating companies and banks, reflecting its role as the bank
holding company, which is mandated in the U.S. to act as a source
of strength for its bank subsidiaries. Double leverage is below
120% for the FBP parent company.

SUBSIDIARY AND AFFILIATED COMPANIES

All of the FDP entities factor in a high probability of support
from the parent. This reflects the fact that performing parent
banks have very rarely allowed subsidiaries to default. It also
considers the high level of integration, brand, management,
financial and reputational incentives to avoid subsidiary
defaults.

RATING SENSITIVITIES

IDRS AND VRS

Given uncertainty regarding Puerto Rico's fiscal situation and
potential impacts from current exposure, upside may be limited in
the near term. Positive rating momentum would be predicated on
sustained improvement in Puerto Rico's operating environment.

FBP's current ratings incorporate the potential for write-downs on
its securities holdings and credit exposures to the Commonwealth
and its instrumentalities. Fitch has applied loss factors of 40%
to securities exposure and 20% for both other direct and indirect
exposures in its sensitivity analysis of capital. Fitch believes
that capital as measured by tangible common equity-to-tangible
assets remains sufficient to absorb these stress losses. However,
should market events in the Commonwealth of Puerto Rico actually
result in losses approaching this level, or the company's exposure
to the Puerto Rican government materially increases, negative
pressure on the ratings could develop.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary
support in case of need.


LONG- AND SHORT-TERM DEPOSIT RATINGS

The ratings of long- and short-term deposits issued by FBP
subsidiaries are primarily sensitive to any change in the
company's IDRs. This means that should a long-term IDR be
downgraded, deposit ratings could be similarly affected.

HOLDING COMPANY

If FBP became undercapitalized or increased double leverage
significantly, there is the potential that Fitch could notch the
holding company IDR and VR from the ratings of the operating
companies.

SUBSIDIARY AND AFFILIATED COMPANIES

As the IDRs and VRs of the subsidiaries are equalized with those
of FBP to reflect support from their ultimate parent, they are
sensitive to changes in the parent's propensity to provide
support, which Fitch currently does not expect, or from changes in
FPB's IDRs.

Fitch has affirmed the following ratings:

First BanCorp
-- Long-term IDR at 'B-';
-- Short-term IDR at 'B';
-- Viability Rating at 'b-';
-- Support at '5';
-- Support floor at 'NF'.

FirstBank Puerto Rico
-- Long-term IDR at 'B-';
-- Long-term deposit at 'B/RR3';
-- Short-term IDR at 'B';
-- Short-term Deposits at 'B';
-- Viability at 'b-';
-- Support at '5';
-- Support floor at 'NF'.

The Rating Outlook is Stable.


POPULAR INC: Fitch Affirms 'BB-' Long-term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) at 'BB-' and Short-term IDRs at 'B' for Popular Inc. (BPOP)
and its subsidiaries following Fitch's peer review of Puerto Rican
banks. The Rating Outlook is Stable.

KEY RATING DRIVERS

IDRs, VRs, AND SENIOR DEBT

Fitch-rated Puerto Rican bank VRs and IDRs incorporate limiting
rating factors, and current rating levels are indicative of the
significant challenges facing Puerto Rican banks. The Puerto Rican
bank VRs and IDRs are significantly more sensitive to economic
conditions within their main operating market, the Commonwealth of
Puerto Rico (PR), and current rating levels incorporate the weak
state of the local economy. Although Fitch recognizes that BPOP
has been operating under these conditions for a number of years,
while continuing to improve performance and strengthen its balance
sheet, the prolonged recessionary environment and fiscal
challenges of the Commonwealth together could intensify pressure
on retail and commercial customers.

In addition, while direct exposure to the Commonwealth and its
instrumentalities appears manageable in Fitch's estimation, Fitch
remains concerned with the Commonwealth's fiscal situation and
potential spill-over effects to the local economy over the medium-
to-longer term, especially in light of the Governor of the
Commonwealth of Puerto Rico's statements in June regarding the
possibility of restructuring numerous debt instruments, including
government general obligation (GO) bonds.

Presently, BPOP's VR is higher than Puerto Rico's 'CC' general
obligation rating. This reflects Fitch's view that the
Commonwealth of Puerto Rico operates broadly within the legal
system of the United States and transfer and convertibility risk
is not foreseeable, as Puerto Rican banks are regulated by the
U.S. Federal Reserve and Federal Deposit Insurance Corporation.

The affirmation of BPOP's ratings and the Stable Outlook reflects
Fitch's view that the bank's current operating performance is
sustainable and will likely continue during this difficult
operating environment. Fitch recognizes improvements to BPOPs core
fundamentals such as stabilization of credit, earnings, capital,
and deposit funding.

In addition, Fitch recognizes BPOP's solid Dodd Frank Act Stress
Testing (DFAST) results, which incorporated severe economic
conditions, as well approval to reinstate quarterly dividends in
Q3 2015. However, current and expected challenges in Puerto Rico's
operating environment limit positive rating momentum at this time.

On a comparative basis, asset quality remains in line with the
current rating as the adjusted NPA ratio (which includes 90+ days,
accruing restructured loans and excludes FHA covered loans) still
remains elevated at 8.88%, and NCOs at 0.81% at 3Q'15 are still
much higher than U.S. Mid-Tier peers. Fitch notes that BPOP has
taken significant steps to reduce its problem assets including the
successful execution of loan sales, which has helped reduce NPAs
by approximately $1.7 billion since the peak in 2010.
Additionally, BPOP's loan portfolio includes $665 million of
covered loans, where risk of loss is largely born by the FDIC.

BPOP has direct exposure of about $635 million to the local
government through investment securities, credit facilities to
some of the public corporations, and loans to entities related to
the government as well as municipalities. Recent market events in
Puerto Rico may put pressure on credit performance, but Fitch does
not believe that negative pressure on the ratings would likely
develop solely related to its direct exposure to the Commonwealth
as these appear to be well structured and mostly secured by
collateral and/or with specific sources of payment. Further, Fitch
has stressed BPOP's Puerto Rico exposure (a 40% writedown for
securities and 20% writedown to other direct and indirect
exposures) and has concluded the company's ratings could be
sensitive to losses approaching this level.

Despite the weak local economy, BPOP has been able to deliver
improving results. Core earnings continue on a positive trend with
an expectation that ROA, NIM and PPNR-to-average assets will
remain in line with current levels, which supports the rating. In
particular, Fitch views positively the company's buoyant PPNR-to-
average assets ratio has been averaging 1.66% over the past four
quarters, which helps to cushion provisioning and its impact to
total income. This measure compares favorably to U.S. Mid-Tier
peers. Although slow-to-negative economic growth in Puerto Rico
may be the norm for some time to come, the company's growth
strategy in the U.S., its expectation for rising interest rates in
2016 as well as an improving deposit cost profile could provide a
partial offset.

Similar to most peers, BPOP has improved its capital position
following the peak of the financial crisis. At 3Q'15, BPOP's TCE
stood at 12.65% and Common Equity Tier 1 stood at 16.21%. The
company also remains in compliance, by a sizeable margin, with its
regulatory order minimum capital ratios. Fitch believes that as
the company's core earnings improve, its capital position will
continue to be maintained at current levels and support the
current risk on the balance sheet.


BPOP's funding profile has historically been weaker when compared
to U.S. bank peers given stronger reliance on non-core funding
sources. BPOP faces competition for deposits from locally based
commercial banks, several U.S. and foreign banks as well as over
one-hundred cooperative banks and the Government Development Bank
for municipal deposits. However, BPOP has been reducing its
reliance on non-core funding sources, particularly higher cost
brokered deposits, over the past several quarters, which has both
improved the overall stability of its deposit base as well
contributed to earnings growth.

Nonetheless, BPOP is not immune to the challenging environment
should the recession in Puerto Rico become more pronounced. Also,
the company has expanded its consumer assets. Although the Puerto
Rico consumer has been resilient considering the current economic
environment, further deterioration in economic conditions on the
back of a potential fiscal dislocation may put pressure on asset
quality and earnings.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Ratings Floor of 'NF'
reflect Fitch's view that BPOP is not considered systemically
important and therefore, the probability of support is unlikely.
The IDRs and VRs do not incorporate any support.

LONG- AND SHORT-TERM DEPOSIT RATINGS

BPOP's uninsured deposit ratings at its subsidiary banks are rated
one notch higher than BPOP's IDR and senior unsecured debt rating
because U.S. uninsured deposits benefit from depositor preference.
U.S. depositor preference gives deposit liabilities superior
recovery prospects in the event of default.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Hybrid capital instruments issued by BPOP are notched down from
the company's VR in accordance with Fitch's assessment of each
instrument's respective non-performance and relative loss severity
risk profiles, which may vary considerably.

BPOP's preferred stock and trust preferred stock rating at 'B-' is
three notches below its Viability Rating (VR) of 'BB-', in
accordance with Fitch's assessment of the instruments' non-
performance and loss severity risk profiles for issuers that have
VRs rated below 'BB+'.

HOLDING COMPANY

BPOP has a bank holding company (BHC) structure with the bank as
the main subsidiary. All subsidiaries are considered core to the
parent holding company supporting equalized ratings between bank
subsidiaries and the BHC. IDRs and VRs are equalized with those of
the operating companies and banks, reflecting its role as the bank
holding company, which is mandated in the U.S. to act as a source
of strength for its bank subsidiaries. Double leverage is below
120% for the BPOP parent company.

SUBSIDIARY AND AFFILIATED COMPANIES

All of the BPOP entities factor in a high probability of support
from the parent. This reflects the fact that performing parent
banks have very rarely allowed subsidiaries to default. It also
considers the high level of integration, brand, management,
financial and reputational incentives to avoid subsidiary
defaults.

RATING SENSITIVITIES

IDRs, VRs, AND SENIOR DEBT
Given uncertainty regarding the Puerto Rico's fiscal situation and
potential impacts from current exposure, upside is limited in the
near term. Positive rating momentum would be predicated on
sustained improvement in the Puerto Rico operating environment
coupled with modestly improved operating performance.

BPOP's current ratings incorporate the potential for write-downs
on its securities holdings and credit exposures to the
Commonwealth and its instrumentalities. Fitch has applied loss
factors of 40% to securities exposure and 20% for both other
direct and indirect exposures in its sensitivity analysis of
capital. We believe that capital as measured by tangible common
equity-to-tangible assets remains sufficient to absorb these
stress losses. However, should market events in the Commonwealth
of Puerto Rico actually result in losses approaching this level,
or the company's exposure to the Puerto Rican government
materially increases, negative pressure on the ratings could
develop.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to
Fitch's assumption around capacity to procure extraordinary
support in case of need.

LONG- AND SHORT-TERM DEPOSIT RATINGS

The ratings of long- and short-term deposits issued by BPOP
subsidiaries are primarily sensitive to any change in the
company's IDRs. This means that should a Long-term IDR be
downgraded, deposit ratings could be similarly affected.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings of hybrid securities are sensitive to any change in
BPOP's VR or to changes in BPOP's propensity to make coupon
payments that are permitted but not compulsory under the
instruments' documentation.

HOLDING COMPANY

If BPOP became undercapitalized or increased double leverage
significantly, there is the potential that Fitch could notch the
holding company IDR and VR from the ratings of the operating
companies.

SUBSIDIARY AND AFFILIATED COMPANIES

As the IDRs and VRs of the subsidiaries are equalized with those
of BPOP to reflect support from their ultimate parent, they are
sensitive to changes in the parent's propensity to provide
support, which Fitch currently does not expect, or from changes in
BPOP's IDRs.

Fitch has affirmed the following ratings:

Popular, Inc.
-- Long-term IDR at 'BB-';
-- Senior unsecured at 'BB-';
-- Short-term IDR at 'B';
-- Short-term Debt at 'B'.
-- Viability at 'bb-';
-- Preferred stock at 'B-';
-- Support at '5'
-- Support floor at 'NF'.

Popular North America, Inc.
-- Long-term IDR at 'BB-';
-- Senior unsecured at 'BB-';
-- Short-term IDR at 'B';
-- Short-term Debt at B
-- Viability rating at 'bb-';
-- Support at '5'
-- Support floor at 'NF'.

Banco Popular North America
-- Long-term IDR at 'BB-';
-- Long-term deposits at 'BB';
-- Short-term IDR at 'B';
-- Short-term deposits at 'B'.
-- Viability rating at 'bb-'
-- Support at '5'
-- Support floor at 'NF'.

Banco Popular de Puerto Rico
-- Long-term IDR at 'BB-';
-- Long-term deposits at 'BB';
-- Short-term IDR at 'B';
-- Short-term deposits at 'B';
-- Viability rating at 'bb-';
-- Support at '5'
-- Support floor at 'NF'.

BanPonce Trust I
-- Trust preferred at 'B-'.

Popular Capital Trust I
-- Trust preferred at 'B-'.

Popular Capital Trust II
-- Trust preferred at 'B-'.

Popular North America Capital Trust I
--Trust preferred at 'B-'.

Popular Capital Trust III
-- Trust preferred at 'B-'

The Rating Outlook is Stable.


SPANISH BROADCASTING: Incurs $7.69 Million Net Loss in 3rd Quarter
------------------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $7.69 million on $36.4 million of net revenue for the
three months ended Sept. 30, 2015, compared to a net loss of $4.66
million on $36.3 million of net revenue for the same period during
the prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $19.9 million on $107 million of net revenue compared
to a net loss of $14.0 million on $110 million of net revenue for
the same period a year ago.

As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94.0 million.

"We made solid progress in building-out our AIRE Radio Network
platform and expanding our digital assets during the third
quarter," commented Raul Alarcon, Jr., Chairman and CEO.  "We are
leveraging our strong station brands and multi-media assets to
attract a growing mix of advertising partners who wish to connect
with the rapidly growing Latino population.  Looking ahead, we
remain focused on supporting our leading stations in the nation's
top-ten markets, while continuing to strategically invest in our
network and mobile distribution channels, with the goal of further
increasing our audience and expanding our share of advertising
dollars."

A full-text copy of the Form 10-Q is available for free at:

                     http://is.gd/3ZcKpo

                 About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


VERNUS GROUP: Case Summary & 19 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Vernus Group Corp.
        PO Box 8140
        San Juan, PR 00910

Case No.: 15-09339

Chapter 11 Petition Date: November 25, 2015

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

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CUPRILL, PSC LAW OFFICE
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: 787 977-0515
                  Email: cacuprill@cuprill.com

Total Assets: $3.69 million

Total Liabilities: $225,686

The petition was signed by Jose Rafael Hernandez, chairman and
president.

A list of the Debtor's 19 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-09339.pdf


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


* BOND PRICING: For the Week From Nov. 23 to Nov. 27, 2015
----------------------------------------------------------

Issuer Name      Cpn    Bid Price  Maturity Date  Country  Curr
-----------             ---  ---------  ----------    ----   ----
Anton Oilfield Servi     7.5       49    11/6/2018      CN     USD
Anton Oilfield Servi     7.5   44.125    11/6/2018      CN     USD
Argentina Bocon            2      500     1/3/2016      AR     ARS
Argentina Bocon     21.16875    25.73     1/4/2016      AR     ARS
Automotores Gildemei    6.75    33.66    1/15/2023      CL     USD
Automotores Gildemei    6.75       40    1/15/2023      CL     USD
Automotores Gildemei    8.25    37.65    5/24/2021      CL     USD
Automotores Gildemei    8.25   37.875    5/24/2021      CL     USD
BA-CA Finance Cayman    0.69   56.115                   KY     EUR
BA-CA Finance Cayman    0.99       56                   KY     EUR
Banco Bilbao Vizcaya    6.75  104.787    11/5/2021      PY     USD
Banco BTG Pactual SA       4       74    1/16/2020      KY     USD
Banco BTG Pactual SA    5.75    69.95    9/28/2022      KY     USD
Banco BTG Pactual SA    5.75    84.95    9/28/2022      KY     USD
Banco do Brasil SA/C       9    71.03                   KY     USD
Banco do Brasil SA/C    6.25       55                   KY     USD
Banco do Brasil SA/C       9       73                   KY     USD
Banco do Brasil SA/C    6.25     57.7                   KY     USD
Banco Mercantil do B   9.625     65.6    7/16/2020      BR     USD
Banco Mercantil do B   9.625   60.625    7/16/2020      BR     USD
BCP Finance Co         2.036   57.708                   KY     EUR
CA La Electricidad d     8.5       45    4/10/2018      VE     USD
Caja de Compensacion       6    63.73   11/15/2018      CL     CLP
CFG Investment SAC      9.75    56.25    7/30/2019      PE     USD
CFG Investment SAC      9.75       31    7/30/2019      PE     USD
China Precious Metal    7.25   26.125     2/4/2018      HK     HKD
China Shanshui Cemen     8.5     83.5    5/25/2016      CN     USD
China Shanshui Cemen     8.5     83.5    5/25/2016      CN     USD
Costa Rica Governmen   5.625   74.257    4/30/2043      CR     USD
Costa Rica Governmen   5.625   74.276    4/30/2043      CR     USD
Costa Rica Titulos d    5.06   71.505   11/25/2033      CR     USD
CSN Islands XI Corp    6.875     54.2    9/21/2019      KY     USD
CSN Islands XI Corp    6.875   54.997    9/21/2019      KY     USD
CSN Islands XII Corp       7       41                   BR     USD
CSN Islands XII Corp       7     43.5                   BR     USD
Decimo Primer Fideic       6   68.125   10/25/2041      PA     USD
Decimo Primer Fideic    4.54   56.625   10/25/2041      PA     USD
Ecuador Government D    5.36   72.084     1/1/2020      EC     USD
Ecuador Government D    5.93   67.658     1/1/2022      EC     USD
Ecuador Government D    6.21   67.112     1/1/2023      EC     USD
Ecuador Government D     6.5    67.84     1/1/2024      EC     USD
Ecuador Government D    5.07    75.77    1/29/2019      EC     USD
Ecuador Government D    5.36   73.412    10/1/2019      EC     USD
Ecuador Government D    5.64   70.697    10/1/2020      EC     USD
Ecuador Government D    5.93   68.317    10/1/2021      EC     USD
Ecuador Government D     4.3   75.672   10/29/2018      EC     USD
Ecuador Government D     4.3   76.181    10/4/2018      EC     USD
Ecuador Government D    5.36   72.954    11/1/2019      EC     USD
Ecuador Government D    5.64   70.321    11/1/2020      EC     USD
Ecuador Government D    5.93   68.073    11/1/2021      EC     USD
Ecuador Government D    6.21    67.42    11/1/2022      EC     USD
Ecuador Government D     6.5   67.871    11/1/2023      EC     USD
Ecuador Government D    5.07   71.735   11/25/2019      EC     USD
Ecuador Government D    5.36   68.083   11/25/2020      EC     USD
Ecuador Government D    5.64   65.243   11/25/2021      EC     USD
Ecuador Government D    5.93   67.016   11/25/2022      EC     USD
Ecuador Government D    6.21   67.689   11/25/2023      EC     USD
Ecuador Government D     6.5    68.24   11/25/2024      EC     USD
Ecuador Government D    5.36   72.505    12/1/2019      EC     USD
Ecuador Government D    5.64   69.976    12/1/2020      EC     USD
Ecuador Government D    5.93   67.855    12/1/2021      EC     USD
Ecuador Government D    5.61   64.486    12/1/2022      EC     USD
Ecuador Government D     6.5   67.744    12/1/2023      EC     USD
Ecuador Government D    5.07   72.671   12/30/2019      EC     USD
Ecuador Government D    5.36   68.791   12/30/2020      EC     USD
Ecuador Government D    5.64   66.536   12/30/2021      EC     USD
Ecuador Government D    5.93   68.226   12/30/2022      EC     USD
Ecuador Government D    6.21   66.454   12/30/2023      EC     USD
Ecuador Government D       7     76.3     3/6/2024      EC     USD
Ecuador Government D       7   76.625    5/20/2022      EC     USD
Ecuador Government D    5.07   74.237    5/21/2019      EC     USD
Ecuador Government D    5.07   74.162    5/26/2019      EC     USD
Ecuador Government D     6.4   68.535    6/12/2024      EC     USD
Ecuador Government D    5.07   73.169    7/30/2019      EC     USD
Ecuador Government D    5.36   73.816     9/5/2019      EC     USD
Ecuador Government D    5.64   69.865     9/5/2020      EC     USD
Ecuador Government D    5.93   70.807     9/5/2020      EC     USD
Ecuador Government D    6.21   71.717     9/5/2020      EC     USD
Empresa Generadora d    5.75   74.875    6/11/2025      DO     USD
Empresa Generadora d    5.75   74.875    6/11/2025      DO     USD
ESFG International L   5.753    0.507                   KY     EUR
General Exploration     11.5    51.25   11/13/2018      CA     USD
General Shopping Fin      10    49.75                   KY     USD
General Shopping Fin      10     49.5                   KY     USD
Gol Finance Inc         8.75    44.01                   BR     USD
Gol Finance Inc         8.75   44.125                   BR     USD
Gol Finance Inc         9.25       70    7/20/2020      BR     USD
Gol Finance Inc         9.25       67    7/20/2020      BR     USD
Greenfields Petroleu       9        1    5/31/2017      US     CAD
HC International Inc       5   74.365   11/27/2019      CN     HKD
Honghua Group Ltd       7.45     50.5    9/25/2019      CN     USD
Honghua Group Ltd       7.45    48.75    9/25/2019      CN     USD
Inversiones Alsacia        8       30   12/31/2018      CL     USD
Inversiones Alsacia        8    29.25   12/31/2018      CL     USD
Inversora Electrica      6.5    52.75    9/26/2017      AR     USD
Kaisa Group Holdings   10.25   69.375     1/8/2020      CN     USD
Kaisa Group Holdings       8   65.002   12/20/2015      CN     CNY
Kaisa Group Holdings   6.875   69.017    4/22/2016      CN     CNY
Kaisa Group Holdings       9       72     6/6/2019      CN     USD
MIE Holdings Corp      6.875    56.72     2/6/2018      HK     USD
MIE Holdings Corp        7.5       56    4/25/2019      HK     USD
MIE Holdings Corp        7.5    55.75    4/25/2019      HK     USD
Mongolian Mining Cor   8.875       39    3/29/2017      MN     USD
Mongolian Mining Cor   8.875    35.25    3/29/2017      MN     USD
NB Finance Ltd/Cayma       3   74.083     2/7/2035      KY     EUR
Newland Internationa     9.5    40.75     7/3/2017      PA     USD
Newland Internationa     9.5   23.375     7/3/2017      PA     USD
Noble Holding Intern    6.05       66     3/1/2041      KY     USD
Noble Holding Intern    5.25   61.967    3/15/2042      KY     USD
Noble Holding Intern    6.95   70.088     4/1/2045      KY     USD
Noble Holding Intern     6.2    68.55     8/1/2040      KY     USD
NQ Mobile Inc              4   68.169   10/15/2018      CN     USD
Odebrecht Drilling N    6.35    50.95    6/30/2021      KY     USD
Odebrecht Drilling N    6.35    51.25    6/30/2021      KY     USD
Odebrecht Finance Lt     7.5       61                   KY     USD
Odebrecht Finance Lt     7.5     64.2                   KY     USD
Odebrecht Finance Lt       7       77    4/21/2020      KY     USD
Odebrecht Finance Lt       7   68.955    4/21/2020      KY     USD
Odebrecht Finance Lt    8.25     59.5    4/25/2018      KY     BRL
Odebrecht Finance Lt    8.25     59.5    4/25/2018      KY     BRL
Odebrecht Finance Lt   4.375     63.5    4/25/2025      KY     USD
Odebrecht Finance Lt   4.375       64    4/25/2025      KY     USD
Odebrecht Finance Lt       6       63     4/5/2023      KY     USD
Odebrecht Finance Lt       6     65.5     4/5/2023      KY     USD
Odebrecht Finance Lt   5.125    69.75    6/26/2022      KY     USD
Odebrecht Finance Lt   5.125     72.5    6/26/2022      KY     USD
Odebrecht Finance Lt   7.125    62.75    6/26/2042      KY     USD
Odebrecht Finance Lt   7.125       63    6/26/2042      KY     USD
Odebrecht Finance Lt    5.25    60.25    6/27/2029      KY     USD
Odebrecht Finance Lt    5.25       61    6/27/2029      KY     USD
Odebrecht Offshore D    6.75     31.5    10/1/2022      KY     USD
Odebrecht Offshore D   6.625     32.5    10/1/2022      KY     USD
Odebrecht Offshore D    6.75    33.76    10/1/2022      KY     USD
Odebrecht Offshore D   6.625    33.51    10/1/2022      KY     USD
Odebrecht Oil & Gas        7     28.5                   KY     USD
Odebrecht Oil & Gas        7     29.5                   KY     USD
Offshore Group Inves   7.125     28.5     4/1/2023      KY     USD
Pesquera Exalmar SAA   7.375       65    1/31/2020      PE     USD
Pesquera Exalmar SAA   7.375   69.125    1/31/2020      PE     USD
Petroleos de Venezue       6       38   11/15/2026      VE     USD
Petroleos de Venezue       6     38.5   11/15/2026      VE     USD
Petroleos de Venezue       9    46.75   11/17/2021      VE     USD
Petroleos de Venezue       9       41   11/17/2021      VE     USD
Petroleos de Venezue     8.5       64    11/2/2017      VE     USD
Petroleos de Venezue     8.5     58.9    11/2/2017      VE     USD
Petroleos de Venezue   12.75     54.4    2/17/2022      VE     USD
Petroleos de Venezue   12.75     49.5    2/17/2022      VE     USD
Petroleos de Venezue    5.25     59.3    4/12/2017      VE     USD
Petroleos de Venezue   5.375    37.75    4/12/2027      VE     USD
Petroleos de Venezue     5.5    36.75    4/12/2037      VE     USD
Petroleos de Venezue       6   39.585    5/16/2024      VE     USD
Petroleos de Venezue       6    40.25    5/16/2024      VE     USD
Petroleos de Venezue    9.75     48.5    5/17/2035      VE     USD
Petroleos de Venezue    9.75    41.73    5/17/2035      VE     USD
Polarcus Ltd             5.6   29.917    4/27/2018      AE     USD
Polarcus Ltd               8   13.625     6/7/2018      AE     USD
Polarcus Ltd            8.35   14.125     7/8/2019      AE     NOK
Provincia del Chaco        4    70.66    12/4/2026      AR     USD
Republic of Ecuador     7.75   74.675    4/25/2028      EC     USD
Republic of Ecuador     7.75   74.675    4/25/2028      EC     USD
Republic of Ecuador      6.5   73.859    5/20/2020      EC     USD
Republic of Ecuador      6.4   67.626    6/12/2024      EC     USD
Republic of Ecuador      6.4   67.626    6/12/2024      EC     USD
Republic of Ecuador     7.75   74.946    6/25/2028      EC     USD
Republic of Ecuador     7.75   74.946    6/25/2028      EC     USD
Republic of Ecuador     7.75   75.059    7/24/2028      EC     USD
Republic of Ecuador     7.75   75.059    7/24/2028      EC     USD
Republic of Ecuador     7.75   75.094     8/1/2028      EC     USD
Republic of Ecuador     7.75   75.094     8/1/2028      EC     USD
Samarco Mineracao SA    5.75     47.5   10/24/2023      BR     USD
Samarco Mineracao SA    5.75     45.5   10/24/2023      BR     USD
Samarco Mineracao SA   4.125     47.5    11/1/2022      BR     USD
Samarco Mineracao SA   4.125     46.5    11/1/2022      BR     USD
Samarco Mineracao SA   5.375       46    9/26/2024      BR     USD
Samarco Mineracao SA   5.375     54.5    9/26/2024      BR     USD
Siem Offshore Inc       5.85   72.875    1/30/2018      NO     NOK
Siem Offshore Inc       5.45     68.5    3/28/2019      NO     NOK
Sylph Ltd              3.349   58.262    6/22/2035      KY     USD
Telemar Norte Leste      5.5    65.51   10/23/2020      BR     USD
Telemar Norte Leste      5.5     69.5   10/23/2020      BR     USD
Telemar Norte Leste      5.5   66.125   10/23/2020      BR     USD
Tonon Bioenergia SA     9.25   33.063    1/24/2020      BR     USD
Tonon Bioenergia SA     9.25    33.25    1/24/2020      BR     USD
Transocean Inc           4.3       61   10/15/2022      KY     USD
Transocean Inc          7.85   65.311   12/15/2041      KY     USD
Transocean Inc           6.8   60.143    3/15/2038      KY     USD
Transocean Inc          7.45   72.624    4/15/2027      KY     USD
Transocean Inc             8    72.65    4/15/2027      KY     USD
Transocean Inc           7.5   64.998    4/15/2031      KY     USD
USJ Acucar e Alcool    9.875   41.775    11/9/2019      BR     USD
USJ Acucar e Alcool    9.875     41.5    11/9/2019      BR     USD
Vale SA                5.625   67.849    9/11/2042      BR     USD
Venezuela Government   9.375       44    1/13/2034      VE     USD
Venezuela Government    7.75    44.25   10/13/2019      VE     USD
Venezuela Government    8.25    42.75   10/13/2024      VE     USD
Venezuela Government   11.75     50.5   10/21/2026      VE     USD
Venezuela Government       7    49.85    12/1/2018      VE     USD
Venezuela Government       6    41.25    12/9/2020      VE     USD
Venezuela Government       7    41.25    3/31/2038      VE     USD
Venezuela Government    7.65     41.5    4/21/2025      VE     USD
Venezuela Government       9    43.75     5/7/2023      VE     USD
Venezuela Government    9.25       44     5/7/2028      VE     USD
Venezuela Government  13.625   61.314    8/15/2018      VE     USD
Venezuela Government  13.625   61.314    8/15/2018      VE     USD
Venezuela Government  13.625     61.5    8/15/2018      VE     USD
Venezuela Government   12.75    52.65    8/23/2022      VE     USD
Venezuela Government   11.95     49.5     8/5/2031      VE     USD
Venezuela Government    9.25    46.25    9/15/2027      VE     USD
Venezuela Government    5.25   49.414    3/21/2019      VE     USD
Venezuela Government    6.25    73.52     4/6/2017      VE     USD
Venezuela Government   9.125   71.351    9/15/2017      VE     USD
VRG Linhas Aereas SA   10.75     59.5    2/12/2023      BR     USD
VRG Linhas Aereas SA   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 conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *