TCRLA_Public/151201.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

            Tuesday, December 1, 2015, Vol. 16, No. 237


                            Headlines



A R G E N T I N A

EDENOR SA: Director Edgardo Volosin Tenders Resignation
EDENOR SA: Posts ARS214 Million Net Income in Third Quarter


B A H A M A S

BAHA MAR: Court Justice Adjourns hearing at Government's Request


B E R M U D A

FLOATEL INTERNATIONAL: S&P Puts 'B' CCR on CreditWatch Negative
NB FINANCE: DBRS Cuts Guaranteed Notes Rating to 'B'


B R A Z I L

BANCO SANTANDER: S&P Affirms 'BB+/B' ICRs; Outlook Negative
BTG PACTUAL: Esteves Steps Down as BTG's CEO
BTG PACTUAL: Fitch Puts 'B+' Jr. Sub. Notes Rating on Watch Neg.


C A Y M A N  I S L A N D S

BABCOCK & BROWN: Shareholder to Hear Wind-Up Report on Dec. 8
BBAM CO-INVESTOR: Shareholder to Hear Wind-Up Report on Dec. 1
HELLMAN & FRIEDMAN: Shareholders Receive Wind-Up Report
MOBIUS COMPANY: Shareholder Receives Wind-Up Report
POLEKA LIMITED: Members Receive Wind-Up Report

QUNA CAPITAL: Shareholder Receives Wind-Up Report
RAB MARKET: Shareholders Receive Wind-Up Report
RICKY ADVISORS: Members Receive Wind-Up Report
SILCO LTD: Shareholder Receives Wind-Up Report
VITA CAPITAL IV: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Commonwealth Nations Are 'Major' Investors


M E X I C O

ABENGOA MEXICO: Misses Interest Payments to Noteholders
ABENGOA MEXICO: Parent's Share Price Drops After Bankruptcy News
ABENGOA MEXICO: Moody's Lowers Issuer Rating to 'Caa2'


P U E R T O    R I C O

FIRSTBANK PUERTO RICO: Ct. Wipes Out Bank's $62MM Claim v. LBI
PUERTO RICO: Development Bank Says Creditor Meeting is 'Positive'


                            - - - - -


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


EDENOR SA: Director Edgardo Volosin Tenders Resignation
-------------------------------------------------------
Edenor S.A. disclosed it has received the resignation, based on
personal grounds, of Sr. Edgardo A. Volosin to the position of
permanent director for which he has been appointed in the Ordinary
and Extraordinary General Shareholders' meeting held on April 28,
2015.  Said resignation is effective as from Nov. 23, 2015, and
will be submitted for consideration by the Company's Board of
Directors during its next meeting.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported a loss of ARS780 million on ARS3.59 billion of
revenue for the year ended Dec. 31, 2014, compared with profit of
ARS773 million on ARS3.44 billion of revenue for the year ended
Dec. 31, 2013.

As of June 30, 2015, Edenor had ARS 10.74 billion in total assets,
ARS 9.63 billion in total liabilities and ARS 1.11 billion in
total equity.


EDENOR SA: Posts ARS214 Million Net Income in Third Quarter
-----------------------------------------------------------
Edenor S.A. reported net income of ARS214 million on ARS1.04
billion of revenue for the three months ended Sept. 30, 2015,
compared to a net loss of ARS721 million on ARS995 million of
revenue for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported net
income of ARS939 million on ARS2.91 billion of revenue compared to
a net loss of ARS1.44 billion on ARS2.74 billion of revenue for
the same period last year.

As of Sept. 30, 2015, the Company had ARS11.9 billion in total
assets, ARS10.6 billion in total liabilities and ARS1.32 billion
in total equity.

A full-text copy of the Quarterly Report is available at:

                       http://is.gd/OQjUGz

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported a loss of ARS780 million on ARS3.59 billion of
revenue for the year ended Dec. 31, 2014, compared with profit of
ARS773 million on ARS3.44 billion of revenue for the year ended
Dec. 31, 2013.


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


BAHA MAR: Court Justice Adjourns hearing at Government's Request
----------------------------------------------------------------
Dawn McCarty at Bloomberg News reports that the Bahamian Supreme
Court Justice Ian Winder adjourned a hearing in the
Baha Mar case at the government's request.

The government's winding-up petition of Baha Mar has been stayed
until Feb. 1.  All parties agreed to the adjournment, according to
Bloomberg News.

The resort developer sought bankruptcy protection in the U.S. in
June, Bloomberg News relays.

A judge dismissed all but one related case in September.  The
Bahamian court appointed provisional liquidators in September to
protect resort assets and a receiver was appointed in October,
Bloomberg News discloses.

The case is In re Northshore Mainland Services Inc., 15-11402,
U.S. Bankruptcy Court, District of Delaware.

                        About Baha Mar

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

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

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

                            *     *     *

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


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B E R M U D A
=============


FLOATEL INTERNATIONAL: S&P Puts 'B' CCR on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B' long-
term corporate credit rating on Bermuda-based accommodation vessel
owner Floatel International Ltd. on CreditWatch with negative
implications.

At the same time, S&P placed the 'B' issue rating on Floatel's
$650 million term loan B on CreditWatch with negative
implications.  The recovery rating is unchanged at '3', indicating
S&P's expectation of meaningful recovery prospects, at the higher
end of the 50%-70% range, in the event of a payment default.

The CreditWatch placement reflects S&P's forecast that Floatel's
credit metrics will deteriorate in 2016 due to difficult market
conditions, including low oil prices constraining the company's
firm contract backlog from 2016 onward.  In S&P's view, there is a
risk of a potential financial covenant breach in the near term, if
new contracts are not secured.  The CreditWatch placement also
reflects heightened risks to liquidity as Floatel is currently
negotiating the funding of its fifth vessel, which is due for
delivery from its part owner Keppel Offshore Marine Ltd. in April
2016.  However, S&P understands that this is not likely to be
finalized until January 2016 and are uncertain of the implications
if financing is not finalized in a timely manner.  As Keppel owns
just less than 50% of Floatel, S&P currently assumes it may
provide vendor financing in the form of preferred shares or other
lending.

Floatel posted strong results for the third quarter of the year to
Sept. 30, 2015, because all four vessels were 100% utilized.
Floatel's credit metrics strengthened as a result, with adjusted
funds from operations (FFO) to debt of about 13% and Standard &
Poor's-adjusted debt to EBITDA of about 5.6x on a 12-month rolling
basis.  However, the market outlook is very weak with many oil
and gas companies deferring and cancelling projects.  Floatel's
firm order book for 2016 is currently quite weak, and unless
management can secure further contracts in the near term -- which
S&P understands is clearly their key priority -- the company's
"Floatel Reliance" accommodation vessel is likely to be put into a
lay-up period.  S&P understands that this vessel contributes much
less to EBITDA and cash flow generation than other vessels.

S&P understands that contracts have been subject to some delays on
the two new vessels ("Floatel Endurance" delivered this year and
"Floatel Triumph" due for delivery in April 2016).  Although
Floatel will be paid standby costs for some periods--which S&P
understands will fully cover operating costs -- S&P forecasts
lower cash generation and lower cash flow visibility for 2016 than
it previously expected.  S&P forecasts negative free operating
cash flow (FOCF) in 2015 and 2016 due to spending on the two new
vessels.

S&P's assessment of Floatel's business risk profile as weak
reflects S&P's view of the highly competitive and cyclical
offshore oilfield services industry in which the company operates.
Floatel has limited diversification due to the low--albeit
expanding--number of accommodation vessels in operation (four with
an additional vessel on order).  It also pursues a relatively
aggressive and largely debt-funded growth strategy. Geographic and
customer diversification is limited due to the low number of
vessels, but customers are largely blue-chip exploration and
production companies.

Relative strengths include Floatel's young, competitive, high-
quality fleet--all accommodation vessels were delivered from 2010
onward.  Low operating costs and an experienced management team
support Floatel's EBITDA margins of about 50% in each of the last
three years.

Floatel has a highly debt-leveraged capital structure and
aggressive financial policies as a result of part-private-equity
ownership.  Material investment in new vessels has resulted in an
increase in debt in 2015 and a further increase forecast for 2016,
with negative FOCF expected in both years. Maintenance capital
expenditure (capex) is low, so Floatel could generate substantial
cash flow from 2017 onward once the new vessel is fully
operational.

S&P's base case assumes:

   -- Strong utilization in contracted periods, but materially
      lower utilization in uncontracted periods to reflect
      uncertainty.  S&P's forecast predominantly reflects agreed
      day rates.  S&P currently estimates that only about one half
      of the 2016 year is firmly contracted (including standby
      periods) on average across the five vessels;

   -- The Reliance vessel will likely be put into a lay-up period
      in 2016 for a lengthy period, given that no contract has
      been agreed at present.  S&P notes that if the vessel
      secures a firm contract, this could represent significant
      upside to S&P's forecasts;

   -- The Triumph vessel will be delivered in April 2016 and will
      start work in the final quarter of 2016 (being on paid
      standby before then).  S&P understands that the two new
      vessels are expected to contribute the most to EBITDA and
      cash flow, compared with the other three, with a significant
      contribution visible from 2017;

   -- As a result, S&P forecasts EBITDA generation of about
      $190 million in 2015, declining to the $125 million-
      $140 million range in 2016 (excluding pro forma
      contributions from the new Triumph vessel, which S&P
      understands is added to EBITDA for the covenant
      calculations);

   -- No dividends, in line with its private equity joint owner
      Oaktree's stated intentions.  Any change in this policy
      would represent a downside to S&P's forecasts; and

   -- Total capex of about $300 million.  Maintenance capex
      requirements of less than $4 million-$6 million per vessel
      per year, and capex of about $275 million in 2016 on the
      Triumph vessel.

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted debt to EBITDA declining toward 4.5x for the full
      year 2015, but potentially weakening to more than 6.0x in
      2016 on a pro forma basis (adjusted for a full year's EBITDA
      contribution for new vessels), unless more firm contracts
      are secured;

   -- FFO to debt of about 14% for the full year 2015, weakening
      to 8%-12% on a pro forma basis in 2016; and

   -- Negative reported FOCF in 2015 and 2016, with a cash burn of
      almost $500 million in the two years combined, as a result
      of spending for the two new vessels.  This compares with a
      FOCF out flow of $30 million in 2014.

The CreditWatch placement reflects the possibility of a downgrade
if debt to EBITDA increases above 6.0x on a pro forma basis, for a
sustained period, while Floatel is simultaneously generating
negative FOCF.  This could occur if Floatel's committed contract
backlog for 2016 does not improve in the near term, or as a result
of contract cancellations or deferrals.

S&P could also lower the ratings by one or more notches if Floatel
suffers severe liquidity issues from not finalizing the funding
for its fifth vessel, or if there is a financial covenant breach.
S&P is uncertain of the implications if financing is not finalized
in a timely manner, given the fact that the shipyard is also a
part owner of Floatel.  S&P plans to clarify this as necessary.

S&P will monitor the success of the company's negotiations for
additional firm contracts and the finalization of its funding for
its fifth vessel.  S&P plans to resolve the CreditWatch within 90
days.


NB FINANCE: DBRS Cuts Guaranteed Notes Rating to 'B'
----------------------------------------------------
DBRS Ratings Limited downgraded the ratings of the Guaranteed
Notes, issued by NB Finance Ltd, to B, from BB (low). The trend is
now Stable, in line with the trend on the parent, Novo Banco S.A.
(NB), who guarantees the notes.

The rating action follows the downgrade of NB's Senior Long-Term
Debt & Deposit ratings of NB to B from BB (low) on September 29,
2015.  The Trend on NB's ratings is Stable.

Separately, DBRS has also withdrawn the ratings on the Guaranteed
Short-term instruments issued by Esp¡rito Santo Plc and Novo Banco
Asia, S.A., guaranteed by NB, as these debts have been repaid.


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


BANCO SANTANDER: S&P Affirms 'BB+/B' ICRs; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Rating Services said it affirmed its 'BB+/B'
global scale and 'brAA+/brA-1' national scale issuer credit
ratings on Banco Santander (Brasil) S.A.  The outlook on the
global and national scale ratings is negative.  At the same time,
the bank's stand-alone credit profile (SACP) of 'bbb' remains
unchanged.

"The issuer credit ratings on Santander reflect our assessments of
its 'strong' business position, 'adequate' capital and earnings,
and 'adequate' risk position, as well as our view of its 'average'
funding and 'adequate' liquidity," said Standard & Poor's credit
analyst Edgard Dias.

S&P's bank criteria uses its BICRA economic risk and industry risk
scores to determine a bank's anchor, the starting point in
assigning an issuer credit rating.  The anchor for banks operating
only in Brazil is 'bbb-'.

Brazil's economic risk reflects its low GDP per capita levels and
only modest growth prospects that limit household debt capacity
and the country's ability to withstand economic downturns.

S&P views the bank's risk position as "adequate" because its asset
quality is in in line with those of its peers.  This is despite
recent weakening, which shift toward less risky segments and
stricter underwriting standards have mitigated.

S&P also continues to consider Santander as "core" to its parent,
given integration, ownership, strategy, and long-term commitment.
In addition, the bank has become a significant contributor to its
parent's earnings.  However, the ratings are limited by the
foreign currency ratings on Brazil.  This stems from the bank's
significant exposure to the sovereign and our belief that the bank
will struggle to cope with a financial stress without access to
extraordinary liquidity support or to the central bank's
facilities.  S&P also thinks that the bank would default if the
sovereign were to do so on its foreign currency obligations.  S&P
also believes that its parent won't provide support in the event
of sovereign distress.

The negative outlook on Santander reflects the one on the foreign
currency sovereign rating.  This is so because the latter
currently constrains the ratings on the bank, given its exposure
to Brazil in the form of investments and within its loan
portfolio.  S&P's base-case expects that Santander will be able to
maintain its strong business position within the highly
competitive Brazilian financial system and S&P's expectation that
its RAC will remain at adequate levels over the next 12-18 months,
with a funding structure that will continue to leverage on its
extensive retail participation.

The negative outlook on Brazil reflects a greater than one-in-
three likelihood that S&P could lower its ratings on the sovereign
again.  A downgrade in 2016 could stem in particular from a
further deterioration of Brazil's fiscal position or from
potential key policy reversals, given the fluid political
dynamics, including a further lack of cohesion within President
Rousseff's cabinet.  A downgrade could also result from greater
economic turmoil than S&P currently expects either due to
governability issues or the weakened external environment.

S&P could revise the outlook to stable if Brazil's political
uncertainties and conditions for consistent policy execution were
to improve across branches of government to staunch fiscal
deterioration and strengthen GDP growth prospects.  S&P expects
that these improvements would support a quicker turnaround and
could help Brazil exit from the current recession, facilitating
improved fiscal performance and providing more room to maneuver in
the face of economic shocks.


BTG PACTUAL: Esteves Steps Down as BTG's CEO
--------------------------------------------
Cristiane Lucchesi at Bloomberg News reports that Brazilian
billionaire Andre Esteves renounced all his posts at Grupo BTG
Pactual SA after he was jailed indefinitely, the bank said.

Mr. Esteves was BTG's chairman and chief executive officer until
Nov. 25, when he was arrested amid Brazil's largest corruption
probe. Persio Arida, who was named interim CEO the same day, will
step down from that role and serve as the bank's chairman, BTG
said in an e-mailed note obtained by Bloomberg News.

BTG, the largest independent investment bank in Latin America,
also named Roberto Sallouti and Marcelo Kalim, both partners at
the firm, as co-CEOs, Bloomberg News relays.

Brazil's Supreme Court extended the billionaire's jail time, his
lawyer said, at the request of public prosecutor Rodrigo Janot,
Bloomberg News notes.

Bloomberg News discloses that Mr. Esteves was arrested Nov. 25 on
allegations he and Senator Delcidio Amaral tried to interfere with
the testimony of a former Petroleo Brasileiro SA executive who was
jailed in January in the nation's biggest corruption scandal.

Mr. Esteves has denied the accusations through his lawyer.


BTG PACTUAL: Fitch Puts 'B+' Jr. Sub. Notes Rating on Watch Neg.
----------------------------------------------------------------
Fitch Ratings has placed Banco BTG Pactual S.A. (BTG Pactual) and
its related entities on Rating Watch Negative (RWN) following the
arrest of its CEO and main shareholder, Mr. Andre Esteves.

KEY RATING DRIVERS

The RWN reflects the risks from the possible financial and
business impact upon BTG Pactual and its subsidiaries related to
the arrest of its CEO and main shareholder.  In Fitch's view, the
wholesale funding nature of the bank and the dependence on its
franchise to perform its normal business may be undermined.  At
present, there is not enough clarity on the reactions of the
bank's fund providers, clients and counterparties; but Fitch will
assess the material impact, if any, in the short and medium term
on the bank's funding and business franchise.  The company has
already appointed Mr. Persio Arida as acting CEO but Fitch
acknowledges the importance of Mr. Esteves as an active and
charismatic CEO who oversees the operations and expansion of the
bank; bringing uncertainty about an uneventful succession, if it
should be required.

All the Long-term international and National ratings of the
subsidiaries (in Brazil and abroad) included in this review are
based on the support expected from BTG Pactual, hence, the RWN on
the subsidiaries mirror that on the parent bank.  BTG Pactual's
'bbb-' Viability Rating (VR) is also on Rating Watch Negative.
However, Banco Pan's 'b' VR is currently unaffected given its low
level and the fact that its retail loan business is less
correlated with the franchise of BTG Pactual and its funding is
mostly secured by funding lines of its other shareholder, Caixa
Economica Federal (Caixa).  BTG Pactual's Support Rating is
unaffected; but the Support Ratings (where applicable) of its
subsidiaries have been placed on RWN.

BTG Pactual's VR reflects its strong company profile as a leading
investment bank in Latin America, strong profitability, adequate
funding and capitalization, and the challenges imposed by its
business model.  It also considers the inherent volatility of some
of the bank's revenue sources, higher market risk exposure and
wholesale funding nature.  aAsset quality is pressured given the
tough operating environment and concentrated nature of its loan
book and regulatory capital and leverage ratios have deteriorated
following the BSI acquisition but are expected to recover.

RATING SENSITIVITIES

BTG Pactual's ratings could be downgraded if the current situation
undermines its funding profile, liquidity, or the volume of assets
under management, resulting in a sizable reduction on its
earnings, or its ability to continue to perform its strong
pipeline of business in the short or medium term.  A significant
increase in its funding costs that hampers profitability may also
result in a downgrade.

The ratings could be removed from RWN and reverted to its previous
Outlook (Negative) once Fitch is comfortable about the stability
of the aforementioned financial aspects of the company.  The
Negative Outlook mirrored that on the Brazilian sovereign.  It
also reflected that BTG Pactual's Long-term ratings were
constrained by the sovereign rating given its wholesale funded
nature and the challenges imposed by the very challenging
operating environment in Brazil.

BTG Pactual is a regional investment bank with a leadership
position in Brazil and a growing franchise in Latin America,
mostly focus on investment banking activities, assets management,
securities and commodities trading and also, recently completed
the acquisition of a private bank in Switzerland dedicated to
serve high net worth people in Europe.

Fitch has placed these ratings on Rating Watch Negative:

Banco BTG Pactual S.A.

   -- Long-term foreign and local currency IDRs 'BBB-',
   -- Short-term foreign and local currency IDRs 'F3';
   -- Viability Rating 'bbb-'
   -- Long-term National Rating 'AA(bra)';
   -- Short-term National Rating 'F1+(bra)';
   -- Senior unsecured notes, due in March 2016, foreign currency
      rating 'BBB-';
   -- Senior unsecured notes, due in July 2016, foreign currency
      rating 'BBB-';
   -- Senior unsecured notes, due in September 2017, foreign
      currency rating 'BBB-';
   -- Senior unsecured notes due in January 2020, foreign currency
      rating 'BBB-';
   -- Senior unsecured notes due in January 2034, foreign currency
      rating 'BBB-';
   -- Subordinated notes due in September 2022, foreign currency
      rating 'BB'.
   -- Perpetual non-cumulative junior subordinated notes, foreign
      currency rating 'B+'.

BTG Investmetns LP

   -- Long-term foreign and local currency IDRs 'BB+';
   -- Support Rating '2';
   -- Senior guaranteed notes 'BBB-'.

BTG Pactual Holding S.A.

   -- Long-term foreign and local currency IDRs 'BBB-';
   -- Short-term foreign and local currency IDRs 'F3';
   -- Long-term National Rating 'AA(bra)';
   -- Short-term National Rating 'F1+(bra)'.

Banco Pan S.A.

   -- Long-term foreign and local currency IDRs 'BB+';
   -- Short-term foreign and local currency IDRs 'B';
   -- Support Rating '3';
   -- Long-term National Rating 'AA-(bra)';
   -- Short-term National Rating 'F1+(bra)'.

Brazilian Finance & Real Estate S.A.

   -- Long-term foreign and local currency IDRs 'BB+';
   -- Short-term foreign and local currency IDRs 'B';
   -- Long-term National Rating 'AA-(bra)';
   -- Short-term National Rating 'F1+(bra)'.

Brazilian Mortgages Cia Hipotecaria

   -- Long-term foreign and local currency IDRs 'BB+';
   -- Short-term foreign and local currency IDRs 'B';
   -- Long-term National Rating 'AA-(bra)';
   -- Short-term National Rating 'F1+(bra)'.

Brazilian Securities Cia de Securitizacao

   -- Long-term foreign and local currency IDRs 'BB+';
   -- Short-term foreign and local currency IDRs 'B';
   -- Long-term National Rating 'AA-(bra)';
   -- Short-term National Rating 'F1+(bra)'.

Pan Seguros S.A.

   -- National Insurance Financial Strength (IFS) AA-(bra);

BTG Pactual Colombia S.A.

   -- Long-term National Rating 'AA+(col)';
   -- Short-term National Rating 'F1+(col)'.


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


BABCOCK & BROWN: Shareholder to Hear Wind-Up Report on Dec. 8
-------------------------------------------------------------
The shareholder of Babcock & Brown Cayman Limited will hear on
Dec. 8, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BBAM CO-INVESTOR: Shareholder to Hear Wind-Up Report on Dec. 1
--------------------------------------------------------------
The shareholder of BBAM Co-Investor Limited will hear on Dec. 1,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


HELLMAN & FRIEDMAN: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Hellman & Friedman Investors V (Cayman), 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:

          Hellman & Friedman LLC
          Intertrust Corporate Services Delaware Ltd.
          200 Bellevue Parkway
          Suite 210, Bellevue Park Corporate Center
          Wilmington, New Castle County
          Delaware, USA 19809
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4201


MOBIUS COMPANY: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Mobius Company received on Nov. 30, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


POLEKA LIMITED: Members Receive Wind-Up Report
----------------------------------------------
The members of Poleka Limited received on Nov. 27, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


QUNA CAPITAL: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Quna Capital received on Nov. 27, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RAB MARKET: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of RAB Market Cycles (Master) Fund Limited
received on Nov. 18, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


RICKY ADVISORS: Members Receive Wind-Up Report
----------------------------------------------
The members of Ricky Advisors Limited received on Nov. 27, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SILCO LTD: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Silco, 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:

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


VITA CAPITAL IV: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Vita Capital IV 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


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


DOMINICAN REPUBLIC: Commonwealth Nations Are 'Major' Investors
-----------------------------------------------------------
Dominican Today reports that the president of the Roundtable of
Commonwealth Countries in the Dominican Republic said the
Commonwealth countries are currently Dominican Republic's major
foreign investors.

Fernando Gonzalez Nicolas said the investments are in the mining
and beverage sectors, free zones, banking industry and cinema
production among others, according to Dominican Today.

Speaking in the Business Forum at the Commonwealth Summit of Heads
of State taking place in Valletta, Malta, Mr. Gonzalez urged more
companies to consider Dominican Republic to invest and do
business, the report notes.  "The private sector works closely
with the Dominican Government to encourage and guarantee foreign
investment," Mr. Gonzalez added.

The report relays that Mr. Gonzalez participated in the panel on
opportunities available in the Caribbean Region.

The prime minister of Barbados, Freundel Stuart, of Trinidad and
Tobago, Keith Rowley, of Bahamas, Perry Christie, and Timothy
Harris of St. Kitts also took part in the panel, the report adds.

                            *     *     *

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

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



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


ABENGOA MEXICO: Misses Interest Payments to Noteholders
-------------------------------------------------------
Rodrigo Orihuela and Luca Casiraghi at Bloomberg News report that
Abengoa SA, the Spanish renewable energy company that has filed
for creditor protection, missed interest payments to noteholders
in Mexico.

Abengoa de Mexico SA investors were due MXN1.16 million ($70,000)
on Nov. 26, financial advisory Monex Casa de Bolsa SA said in two
regulatory filings with BMV, the Latin American nation's
securities exchange, according to Bloomberg News.  Monex
represents holders of the notes, it said.

Seville, Spain-based Abengoa filed for preliminary creditor
protection with a court in its home city on Nov. 25 and is seeking
to restructure about EUR9 billion ($9.5 billion) of debt,
Bloomberg News says.  In August, Abengoa announced plans to raise
EUR650 million through a rights issue, which hasn't yet occurred,
Bloomberg News discloses.

Under Spanish law, Abengoa may suspend payments and keep
negotiating with lenders for a maximum of four months, Bloomberg
News relay.  If Abengoa hasn't reached a deal by the end of March
it will have to apply for full-blown creditor protection,
Bloomberg News discloses.  In Spain, more than 90 percent of
companies that reach that stage end in liquidation, according to
rating company Axesor, Bloomberg News adds.


ABENGOA MEXICO: Parent's Share Price Drops After Bankruptcy News
-----------------------------------------------------------------
RJR News reports that the price of shares in Spanish firm Abengoa
fell by 25 per cent on Nov. 26, after it emerged that the
renewable energy company was close to bankruptcy, with debts
piling up in the billions.

Abengoa is the preferred bidder to build the 190 megawatt power
plant in Old Harbour, St. Catherine.

The company announced that a deal with Spanish engineering group
Gestamp -- which had been due to inject much-needed cash into the
firm -- had fallen through, according to RJR News.

Gestamp subsidiary, Gonvarri, had planned to buy up 28 per cent of
Abengoa for EUR350 million, which would have made it the renewable
energy firm's biggest shareholder, the report relays.  But
according to a statement, Gestamp felt the necessary conditions
had not been met to seal the deal, which stipulated that Abengoa's
creditors also provide substantial financial support, the report
notes.

A spokeswoman for the energy firm said the company now had four
months to negotiate a solution with its creditors, the report
notes.


ABENGOA MEXICO: Moody's Lowers Issuer Rating to 'Caa2'
------------------------------------------------------
Moody's de Mexico has downgraded Abengoa Mexico, S.A. de C.V.'s
issuer rating to Caa2 / Caa2.mx from B3/B1.mx.  Concurrently,
Moody's affirmed the NP short term rating and confirmed the MX-4
national scale rating of its up to MXN3 billion short term
certificados bursatiles (local notes) program.  The outlook is
negative.

Issuer: Abengoa Mexico, S.A. de C.V.

Downgrades:

  Issuer Rating, Downgraded to Caa2 from B3
  Issuer Rating, Downgraded to Caa2.mx from B1.mx

Affirmations:

  Senior Unsecured Commercial Paper, at NP

Confirmations:

  Senior Unsecured Commercial Paper at, MX-4

RATINGS RATIONALE

The downgrade on Abengoa Mexico's ratings mirrors the downgrade to
Caa2 from B3 of the ratings of Abengoa S.A., Abengoa Mexico's
parent company on Nov. 26, 2015, and follows the announcement on
Nov. 26, 2015, that Abengoa Mexico missed coupon payments on its
outstanding commercial papers.  Cure period for coupon payments is
five days after which all outstanding amount under its local
commercial paper program (around MXN 2 billion) could be
accelerated.  The downgrade on Abengoa S.A.'s ratings reflects the
announcement on Nov. 25, 2015, regarding the withdrawal of
Gonvarri Corporacion Financiera (Gonvarri)'s intention to inject
at least EUR250 million new equity into Abengoa S.A. and become
the company's largest single investor, given that it sees the
condition of a substantial financial package unfulfilled; and that
Abengoa S.A. has made a formal filing under article 5 bis of the
Spanish Insolvency Law (Ley Concursal), which though not a default
in itself, reflects the precarious liquidity absent the equity
raising and may be a likely precursor to a formal restructuring
proceeding.

The very tight liquidity position of Abengoa S.A. threatens
Abengoa Mexico's access to its surplus in the group's centralized
treasury.  Accordingly, recovery for commercial paper creditors
will depend on the ability of the Mexican subsidiary to recover
cash at the centralized treasury and on whether the parent's
restricted cash considers payments for the Mexican subsidiary
commitments.

As of the end of September 2015, Abengoa Mexico's net position in
the centralized treasury was MXN7.4 billion.  For the same period,
cash on hand was MXN 103 million, which is not enough to cover
short term maturities amounting MXN 2.1 billion.  Upcoming
payments include commercial paper maturities of MXN264 million in
Dec. 2015.

Moreover, Abengoa Mexico is one of the subsidiaries guaranteeing a
large portion of the group's debt.  As of the end of 2014, Abengoa
S.A. estimated that the group of guarantors accounted for around
75% of consolidated EBITDA.  Moody's estimates guaranteed debt as
of the end of 2014 at around EUR 3.8 billion.  Moody's do not
adjust Abengoa Mexico's leverage to account for guaranteed debt as
the subsidiary is only a small contributor to the guarantor group.
However, these instruments rank at the same level as Abengoa
Mexico's commercial papers, which recovery prospects would be
therefore very low in a liquidation scenario.

The rating outlook is negative given the high likelihood of a
default following the 5-day grace period for the company's
commercial paper coupon payment.  Moreover, even if Abengoa Mexico
is able to make the coupon payment before the end of the cure
period, the negative outlook still reflects the ongoing
uncertainty as the parent company enters this new phase of
negotiations with its creditors; payment risk on upcoming interest
and 2016 debt maturity payments; and the possibility that the 5bis
filing may be followed by a more formal filing.

Abengoa Mexico's ratings could be upgraded if the company improved
its liquidity situation to sufficient levels.  The improvements
could come from full access of Abengoa Mexico's surplus in the
group's centralized treasury.  At the parent level, in order to be
considered material, improvements in liquidity, apart from
financing its ongoing operations, should also allow the
realization of the company's initial plan to execute the EUR650
million equity capital increase, and thus de-lever the company and
support its liquidity situation.  A liquidity improvement to
sufficient levels at Abengoa S.A. would need to include the
refinancing of the short-term debt maturities and increasing
short-term credit lines, as well as substantial progress in the
existing EUR1.2 billion asset disposal programme.

The ratings of Abengoa Mexico could be further downgraded if its
access to the group's funding sources continue restricted such
that they cannot cover coupon payments in the cure period,
resulting in the acceleration of all the debt under its commercial
paper program.  A downgrade could also be triggered if the
existing 5bis process at Abengoa S.A. would be unsuccessful, and
result in a subsequent formal insolvency procedure and/or if the
company formally defaulted on its debt obligations, such as by a
distressed exchange on its outstanding bonds, or by the inability
of Abengoa S.A. to pay bond coupons and/or redeem its March 2016
bond maturities.

Headquartered in Mexico City, Abengoa Mexico is a fully owned
subsidiary of Abengoa S.A.  The company was founded in 1981 to
conduct Abengoa S.A.'s business in Mexico.  The company is well
integrated into its parent's operation, with its main activity
being the engineering & construction (E&C) of projects related
with the energy industry.  For the last twelve months ended in
Sept. 2015, Abengoa Mexico's revenue and Moody's-adjusted EBITDA
margin were USD 254 million and 24.7% respectively.

The principal methodology used in these ratings was Construction
Industry published in November 2014.

The period of time covered in the financial information used to
determine Abengoa Mexico, S.A. de C.V.'s rating is between
1/1/2012 and 9/30/2015 (source: Audited Financial Statements and
quarterly reports filed with BMV).

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


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


FIRSTBANK PUERTO RICO: Ct. Wipes Out Bank's $62MM Claim v. LBI
--------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a New York
bankruptcy judge on Nov. 23, 2015, wiped out FirstBank Puerto
Rico's $61.5 million claim against Lehman Brothers Inc. over a
soured interest rate swap agreement, ruling that the bank doesn't
qualify as a customer under a federal law designed to protect
securities investors.

U.S. Bankruptcy Judge Shelly Chapman granted the LBI trustee's
motion to expunge FirstBank's claim, ruling that the bank doesn't
qualify as the failed broker-dealer's customer under the
Securities Investor Protection Act. FirstBank's claim is tied to
government securities.

The Troubled Company Reporter - Latin America on November 30,
2015, reported that Fitch Ratings has affirmed the long-term
Issuer Default Ratings (IDRs) at 'B-' and short-term IDRs at 'B'
for FirstBank Puerto Rico and its parent First Bancorp (FBP). The
Rating Outlook is Stable.


PUERTO RICO: Development Bank Says Creditor Meeting is 'Positive'
----------------------------------------------------------------
Reuters reports that Puerto Rico's Government Development Bank
presented some of the island's creditors with more details on a
forthcoming plan to consolidate their bonds into a single bond
exchange, in a meeting the GDB's president called "very positive
and productive."

Melba Acosta, the president, spoke to reporters after a meeting
between the GDB and advisers to some of the U.S. territory's
financial creditors in New York, according to Reuters.

The report relays that GDB has said it plans to offer creditors a
universal debt exchange, or "superbond," which in essence would
allow bondholders across several Puerto Rican credits to exchange
their debt for a single new bond.

But with existing bonds backed by different revenue streams from
the various issuing authorities, such as the GDB itself and Puerto
Rican sales tax authority COFINA, Mr. Acosta said revenue streams
might be consolidated to support the new bond.

"If we have different credits that have different repayment
sources. .  .  . there will most probably be a consolidation of
repayment sources," the report quoted Mr. Acosta as saying.

The bond offer may also include variations to accommodate the
details of different bond agreements, rather than a strict one-
size-fits-all approach, said Mr. Acosta, who did not attend the
meeting but was briefed on it, the report relays.

The report notes that Puerto Rico is in the midst of an economic
crisis, facing a 45 percent poverty rate, heavy emigration to the
mainland United States and $72 billion in debt.

Its governor, Alejandro Garcia Padilla, has called for concessions
from bondholders but has faced resistance, with creditors
demanding his administration do more to reform spending, the
report relays.

The meeting in New York was open to creditor advisers who had
signed nondisclosure agreements, only about 15 percent, according
to a note by Height Securities Puerto Rico analyst Daniel Hanson,
the report relays.

The report notes that Mr. Acosta said attendees included lawyers
and financial advisers to holders of general obligation bonds,
which carry constitutional protections; bonds issued by the GDB;
COFINA bonds; and cooperatives and mutual funds with exposure to
Puerto Rican debt.

The meeting comes ahead of today's hearing about Puerto Rico
before the U.S. Senate Judiciary Committee, as Congressional
Republicans mull whether to support legislation that could help
Puerto Rico restructure its debt.

Today is also the day when Puerto Rico owes $355 million in bond
payments on which some analysts have said it is likely to default,
the report relays.

Mr. Hanson said the creditor meeting might have been an attempt to
"demonstrate to the U.S. Congress that the GDB is serious" about
government reforms, the report adds.

                       *       *       *

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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