TCRLA_Public/151202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, December 2, 2015, Vol. 16, No. 238


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): Taps Sebastian Villa to Board of Directors


B R A Z I L

BRAZIL: Plans Additional Budget Cuts
BRAZIL: Analysts See Economy Contracting 3.19%
CENTRAIS ELETRICAS: Fitch Affirms 'BB' LT Issuer Default Ratings


C A Y M A N  I S L A N D S

BRETT HOLDINGS: Creditors' Proofs of Debt Due Today
DOVER OFFSHORE: Commences Liquidation Proceedings
HALO HOLDINGS: Creditors' Proofs of Debt Due Dec. 7
IEM VALUE: Creditors' Proofs of Debt Due Dec. 10
MARIGOLD ENTERPRISES: Creditors' Proofs of Debt Due Dec. 7

MASCALL GLOBAL: Creditors' Proofs of Debt Due Dec. 8
MIDWAY HARBOUR: Creditors' Proofs of Debt Due Dec. 7
MRV ASIA: Placed Under Voluntary Wind-Up
NEW RUSSIA: Commences Liquidation Proceedings
PICTON INTERNATIONAL: Commences Liquidation Proceedings

SATURN (CAYMAN): Commences Liquidation Proceedings
SHUBH (CAYMAN): Commences Liquidation Proceedings
YKS HOLDINGS: Creditors' Proofs of Debt Due Dec. 2


J A M A I C A

JAMAICA MORTGAGE: Makes Financial Turnaround After 2 Yrs of Losses
JAMAICA PUBLIC: Pushing Ahead w/ 2018 Timetable for LNG Plant


P E R U

CHINA FISHERY: Fitch Lowers IDR to 'C' & Removes from Watch Neg.
CHINA FISHERY: Moody's Lowers CFR to Ca; Outlook Still Negative
CHINA FISHERY: S&P Lowers CCR to 'SD' on Missed Payment
CHINA FISHERY: KPMG Appointed as Provisional Liquidators


X X X X X X X X X

LATAM: Fitch Sees Stable 2016 Outlook for Protein Sector


                            - - - - -


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B A H A M A S
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ULTRAPETROL (BAHAMAS): Taps Sebastian Villa to Board of Directors
-----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited appointed of Mr. Sebastian Villa to
the Company's Board of Directors.  The addition of Mr. Villa will
increase the Board's membership to six.

Mr. Sebastian Villa is a Member of the Executive Committee of
Southern Cross Group.  He has served as a Board Member of HotelDO,
MMCinemas, Planigrupo, Javer, MorePharma, and the Port of
Barranquilla.  Prior to joining Southern Cross, Mr. Villa held
positions at Three Cities Research, a New York-based private
equity firm, at Boston Consulting Group's Buenos Aires and
Santiago offices, and at Royal Dutch Shell in Buenos Aires. Mr.
Villa holds an Economics degree from the Universidad de San
Andres, Buenos Aires and an MBA from Columbia University.

Horacio Reyser, Chairman of Ultrapetrol, commented, "We are proud
to welcome Sebastian Villa to Ultrapetrol's Board of Directors,
where we expect to greatly benefit from his extensive experience
throughout the region, and particularly in South American maritime
trade.  We believe that there is a great deal of value in
Ultrapetrol, and the addition of Sebastian Villa to the Company's
Board of Directors will support our efforts to unlock that value
for the benefit of all shareholders."

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a publicly-traded, diverse international marine transportation
company. The company operates in three segments: River, Offshore
Supply, and Ocean. Last twelve months ended December 31, 2014
revenues totaled $364 million. The company is 85% owned by Sparrow
Capital Investments Ltd., a subsidiary of Southern Cross Latin
America Private Equity Funds III and IV.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 16, 2015, Standard & Poor's Ratings Services said it lowered
its ratings on Ultrapetrol (Bahamas) Ltd. to 'B-' from 'B'.  At
the same time, S&P lowered the issue-level rating on the company's
senior secured notes to 'B-' from 'B'.  The outlook on the issuer
credit rating remains negative.


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B R A Z I L
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BRAZIL: Plans Additional Budget Cuts
------------------------------------
EFE News reports that the Brazilian government said in an
executive order in the Official Daily that it was cutting spending
by an additional BRL11 billion ($2.82 billion) this year.

The move is part of an effort by the government to a budget
deficit target of 1 percent of the gross domestic product, a goal
agreed to during the last budget review, according to EFE News.

Economists, however, say the goal is out of reach even with the
additional spending cuts, the report notes.

The report relays that the cuts will affect current spending in
many areas in December since the government will postpone paying
for different services, including water and electricity, until
next year.

The Central Bank, meanwhile, said that Brazil posted a primary
budget deficit of BRL20 billion (about $5.24 billion) in the
January-October period, the report notes.

The report discloses that the deficit during the first 10 months
of this year was larger than in the same period last year, when
the figure came in at BRL11.6 billion (about $3.04 billion).

The primary budget deficit, which excludes interest payments on
the public debt, was BRL11.5 billion (nearly $3.02 billion) in
October, marking the worst performance for the tenth month of a
year in 13 years, the report relays.

On a year-on-year basis through Oct. 31, the primary budget
deficit totaled BRL40.9 billion (nearly $10.72 billion), or 0.71
percent of GDP, the report notes.

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

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

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


BRAZIL: Analysts See Economy Contracting 3.19%
----------------------------------------------
EFE News reports that analysts expect Brazil's economy to contract
by 3.19 percent this year, with inflation hitting 10.38 percent,
the Central Bank said.

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

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

Analysts said they expected Brazil's economy to contract by 3.15
percent this year and 2.01 percent in 2016, the report relays.

Analysts revised their inflation estimates upward from 10.33
percent to 10.38 percent in the latest report, EFE News notes.

In 2016, analysts now expect Latin America's largest economy to
contract by 2.04 percent, with the inflation rate falling to 6.64
percent, the report discloses.

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


CENTRAIS ELETRICAS: Fitch Affirms 'BB' LT Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Centrais Eletricas Brasileiras S.A. (Eletrobras) and its
wholly owned subsidiary, Furnas Centrais Eletricas S.A. (Furnas)
at 'BB'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Eletrobras' IDRs continue to reflect some linkage with the Federal
Republic of Brazil's sovereign rating ('BBB-', Outlook Negative).
The sovereign holds 51% of company voting shares and guarantees
15% of its consolidated debt at the end of September 2015.
Eletrobras is also considered as strategic to the country because
of its prominent position within the Brazilian power sector due to
its relevant market share in electricity generation, transmission
and distribution.

On a standalone basis, Eletrobras' IDRs would be lower, due to its
still weak consolidated operational cash generation, high capital
expenditures program, and deteriorated credit metrics for the
current rating category. The decision to accept the early renewal
of all of its generation and transmission power concessions
expiring between 2015 and 2017 severely affected Eletrobras'
consolidated credit profile. Positively, the group has been
successful in reducing operational costs, while additional
compensation for the renewed transmission and generation
concessions, expected at BRL17 billion-BRL25 billion, will be
added to its cash flow generation. Eletrobras' financial profile
benefits from a strong liquidity position and an extended debt
maturity profile.

Eletrobras is exposed to political interference risks given its
status as an entity controlled by the Brazilian government. The
government can use the company to help it achieve certain
macroeconomic and social objectives through price controls and/or
subsidies and as manager of sector funds. Regulatory risk for the
power sector is considered moderate in Brazil, while the
hydrological risk is currently above average.

Furnas' ratings are linked with its parent company (Eletrobras).
Furnas is one of Eletrobras' largest subsidiaries, representing
approximately 24% of the group's installed generation capacity and
32% of its transmission coverage in kilometers. Eletrobras has a
centralized cash management policy and is the primary funding
provider for Furnas. Furthermore, Eletrobras sets the company's
strategic targets, such as corporate governance standards and
investment plans.

CASH GENERATION TO IMPROVE

Eletrobras' EBITDA generation should achieve an annual average of
BRL2.8 billion in the next three years, according to Fitch
projections. The company's operational cash generation should
benefit from a tariff increase to incorporate investments that are
being made on the renewed concessions, additional compensations
for the transmission concessions renewed, efficiency gains, and
divestment of the distribution business. Eletrobras' current weak
operational cash generation continues to reflect the highly
negative impact of its decision to accept the early renewal of all
of its generation and transmission power concessions. In the last
12 months (LTM) ended Sept. 30, 2015, recurring EBITDA was BRL1.8
billion, which excludes a BRL3.4 billion non-recurring impairment
provision at the Eletronuclear subsidiary.

CAPEX TO PRESSURE FCF

Eletrobras' free cash flow (FCF) generation is expected to remain
negative, even though capex and investment have been revised and
reduced as part of a new business strategy. Fitch views as
positive that the company's subsidiaries did not participate in
the recent transmission and generation bids promoted by the
government. Eletrobras' Strategic Plan for 2016-2019 considers
BRL37.1 billion of capex and capital injection in subsidiaries.
Expansion plans pose a challenge and will need to be funded
through new debt and cash generation. Fitch does not expect
Eletrobras to pay dividends until 2017.

The company's consolidated cash flow from operations (CFFO) of
BRL4.3 billion during the LTM Sept. 30, 2015 was not sufficient to
cover capex of BRL8.7 billion and dividends of BRL24 million,
leading to negative FCF of BRL4.4 billion. CFFO saw a positively
impact in the last quarter of 2014 from a suppliers credit of
BRL7.2 billion from Amazonas Distribuidora de Energia S.A.
(Amazonas Energia) with Petroleo Brasileiro S.A. (Petrobras) for
fuel supply.

MANAGEABLE DEBT MATURITY PROFILE

Eletrobras' consolidated risk profile benefits from an extended
debt maturity schedule. Total adjusted debt, excluding the Reserva
Global de Reversao (RGR), increased to BRL44.8 billion as of
September 2015. The company's consolidated financial obligations
are composed of international bonds (28%), BNDES loans (17%),
funds raised from international multilateral agencies (7%) and by
Federal Government Banks (BNDES, Banco do Brasil and CEF; 33%) and
others. The federal government has supported the company through
guarantees to part of the latter debts, reducing Eletrobras' cost
of funds and benefitting its cash flow. As of September 2015,
Eletrobras guaranteed BRL405 million of the debt of its
subsidiaries.

APPROVAL OF RENEWAL COMPENSATION VALUES

Fitch sees the recent approval by Agencia Nacional de Energia
Eletrica (ANEEL) of the claimed compensation values for
Eletrobras' transmission assets existing before 2000, after the
concessions renewal as positive. The company is claiming
approximately BRL20.3 billion for its transmission subsidiaries
and ANEEL has already approved BRL10 billion. Eletrobras expects
ANEEL to approve a total of approximately BRL 17 billion-19
billion until the end of 2015. Claims for generation assets in the
amount of BRL 6 billion may be approved only after 2016.

DIVESTMENT OF DISTRIBUTION COMPANIES POSITIVE

Fitch believes the divestment of Eletrobras' distribution
companies (DisCos) is positive for its cash flow generation. CELG
D should be privatized during 1H16 and the remaining six DisCos by
2018. Eletrobras expects to sell its stake/control at CELG D for a
minimum BRL1.4 billion. However, although privatization of the
other six DisCos may not bring any significant cash to Eletrobras,
it will avoid approximately BRL2 billion/year of cash disbursement
on CAPEX and OPEX.

HIGH IMPORTANCE TO BRAZIL

Eletrobras has a strong position as the largest electricity
generation and transmission company in Brazil, with 32% of
installed generation capacity and 48.6% of transmission lines as
of September 2015. Its size and active presence in the most
relevant energy projects under construction in Brazil makes it
strategically important to the country's economy and development.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for Eletrobras
include:

-- Receipt of BRL17 billion as compensation value for the
    transmission concession renewal over 10 years, starting in
    2016;
-- Receipt of BRL1.4 billion from the divestment of CELG D in
    2016;
-- Capex (including capital injection in subsidiaries) of BRL26
    billion from 2016 to 2019;
-- Dividends: no payment in 2015 and 2016; 25% of net profit
    after 2017;
-- No capital injection from the government.

RATING SENSITIVITIES

Factors that could potentially lead to a negative rating action
are:
-- A downgrade of the sovereign;
-- Weakening of Brazilian government support;
-- The inability to conclude divestment of the DisCos;
-- Deterioration on the company's liquidity position.

Factors that could potentially lead to a positive rating action
are:
-- Sustained recovery of the group's operational cash flow
    generation;
-- The Brazilian government's continuous support in order to
    strengthen the linkage between the group and the Federal
    Republic of Brazil.

LIQUIDITY

Eletrobras has historically maintained a strong liquidity
position. As of Sept. 30, 2015, the company's consolidated
liquidity ratios, as measured by cash/short-term debt and cash
plus CFFO/short-term debt, were robust, at 1.5x and 2.2x,
respectively, while net leverage was negative. Eletrobras'
liquidity of BRL9 billion at the end of 3Q15, compared with BRL6.1
of short-term debt, may be reinforced by an additional BRL17
billion-BRL19 billion of complimentary compensation for the early
renewal of the transmission concessions and the sale of CELG D.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following:

Eletrobras
-- Foreign Currency LT IDR at 'BB';
-- Local Currency LT IDR at 'BB';
-- National Scale LT rating at 'AA-(bra)';
-- USD1 billion senior unsecured notes due 2019 at 'BB';
-- USD1.75 billion senior unsecured notes due 2021 at 'BB'.

Furnas
-- Foreign Currency LT IDR at 'BB';
-- Local Currency LT IDR at 'BB';
-- National Scale LT rating at 'AA-(bra)'.


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


BRETT HOLDINGS: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Brett Holdings Limited are required to file their
proofs of debt today, Dec. 2, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 28, 2015.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


DOVER OFFSHORE: Commences Liquidation Proceedings
-------------------------------------------------
On Sept. 30, 2015, the sole shareholder of Dover Offshore Fund,
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 21, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          Attorneys-at-Law for the Company
          Reference: NDL
          94 Solaris Avenue Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or


HALO HOLDINGS: Creditors' Proofs of Debt Due Dec. 7
---------------------------------------------------
The creditors of Halo Holdings Ltd. are required to file their
proofs of debt by Dec. 7, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 19, 2015.

The company's liquidator is:

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


IEM VALUE: Creditors' Proofs of Debt Due Dec. 10
------------------------------------------------
The creditors of IEM Value Generation Capital Ltd are required to
file their proofs of debt by Dec. 10, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 19, 2015.

The company's liquidator is:

          Trinity Fund Administration (Cayman) Ltd
          c/o Angela Nightingale
          Telephone: (345) 946 6620
          Facsimile: (345) 946 6720
          Harbour Place, 2nd Floor
          P.O. Box 10364 Grand Cayman KY1-1004
          Cayman Islands


MARIGOLD ENTERPRISES: Creditors' Proofs of Debt Due Dec. 7
----------------------------------------------------------
The creditors of Marigold Enterprises Inc. are required to file
their proofs of debt by Dec. 7, 2015, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 19, 2015.

The company's liquidator is:

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


MASCALL GLOBAL: Creditors' Proofs of Debt Due Dec. 8
----------------------------------------------------
The creditors of Mascall Global Opportunity Fund are required to
file their proofs of debt by Dec. 8, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 15, 2015.

The company's liquidator is:

          Rolf Kung
          IFIT Fund Services AG
          Voltastrasse 61
          P.O. Box 371 CH-8044, Zurich
          Switzerland
          Telephone: +41 44 366 4016
          Facsimile: +41 44 366 4039


MIDWAY HARBOUR: Creditors' Proofs of Debt Due Dec. 7
----------------------------------------------------
The creditors of Midway Harbour Corp. are required to file their
proofs of debt by Dec. 7, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 19, 2015.

The company's liquidator is:

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


MRV ASIA: Placed Under Voluntary Wind-Up
----------------------------------------
On Oct. 19, 2015, the members of MRV Asia Capital Fund resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


NEW RUSSIA: Commences Liquidation Proceedings
---------------------------------------------
On Oct. 21, 2011, the sole shareholder of The New Russia Growth
Fund, Ltd resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Pavel Nazariyan
          3, Boulevard du Price Henri
          L-1724
          Luxembourg
          Telephone: +011 (352) 2647 0623


PICTON INTERNATIONAL: Commences Liquidation Proceedings
-------------------------------------------------------
On Oct. 16, 2015, the shareholder of Picton International Corp.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 6, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          c/o Nicole Ebanks-Sloley
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          Telephone: (345) 943-6055


SATURN (CAYMAN): Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 19, 2015, the shareholders of Saturn (Cayman) Holdings
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SHUBH (CAYMAN): Commences Liquidation Proceedings
-------------------------------------------------
On Oct. 19, 2015, the shareholders of Shubh (Cayman) Holding
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

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


YKS HOLDINGS: Creditors' Proofs of Debt Due Dec. 2
--------------------------------------------------
The creditors of YKS Holdings Limited are required to file their
proofs of debt by Dec. 2, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 19, 2015.

The company's liquidator is:

          Xiao Siqing
          c/o Richard Gordon
          Appleby (Cayman) Ltd.,
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


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J A M A I C A
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JAMAICA MORTGAGE: Makes Financial Turnaround After 2 Yrs of Losses
------------------------------------------------------------------
RJR News reports that Jamaica Mortgage Bank has made a financial
turnaround after two years of consecutive losses.

According to its 2015 annual report, it made $25.7 million net
profit, the report relates.  It said the focus is on its
delinquent loan portfolio to recover more than $644 million of
non-performing loans.

This will be used to strengthen the Mortgage Bank's liquidity in
order to meet project funding demands, according to RJR News.

The entity is responsible for mobilizing funds to lend to
developers and other institutions for the development of housing
island-wide, the report notes.


JAMAICA PUBLIC: Pushing Ahead w/ 2018 Timetable for LNG Plant
-------------------------------------------------------------
RJR News reports that the Jamaica Public Service Company (JPS) has
expressed confidence that the timeline for construction of its 190
megawatt LNG plant is still likely to be met despite the preferred
bidder facing financial challenges.

JPS wants the plant built and commissioned by 2018, but with
Spanish firm Abengoa, which is the preferred bidder to build the
plant in Old Harbor, St. Catherine, recently filing for bankruptcy
protection, questions have arisen as to whether this target can be
met, according to RJR News.

Kelly Tomblin, JPS President, told RJR News, however, that every
effort will be made to keep construction plans on schedule.

Reiterating that it was only recently that the Abengoa SA was
announced as the preferred bidder to construct the power plant,
she said some of the other bidders continue to express keen
interest in the project, the report relates.

"In fact, when we announced the preferred bidder, the other
bidders have kept writing us letters, saying they believe they can
build the power plant, better, cheaper, faster," she revealed,
notes the report.

The company is, therefore, on standby to activate an alternative
plan if the arrangement with Abengoa SA falls through, with a
decision to be made as early as this week, says RJR News.

Headquartered in Kingston, Jamaica, Jamaica Public Service Company
Limited is an integrated electric utility company and the sole
distributor of electricity in Jamaica.  The company is engaged in
the generation, transmission and distribution of electricity, and
also purchases power from five Independent Power Producers.



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P E R U
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CHINA FISHERY: Fitch Lowers IDR to 'C' & Removes from Watch Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded China Fishery Group Limited's Issuer
Default Rating to 'C' from 'B-'.  It has also downgraded the
senior unsecured rating and the rating on the USD300 mil. senior
unsecured notes issued by CFG Investment S.A.C. to 'C' from 'B-',
with Recovery Ratings of 'RR4'.  All the ratings have been removed
from Rating Watch Negative.

The downgrade follows HSBC's application to the High Court of Hong
Kong to appoint provisional liquidators to China Fishery and China
Fisheries International Ltd.  This winding-up petition, if
successful, will result in the liquidation of China Fishery and
its ratings will then be downgraded to 'D'.

RATING SENSITIVITIES

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

   -- Approval of the winding up petition by the Hong Kong court
      will result in the IDR being downgraded to 'D'.

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

   -- Rejection by the Hong Kong court of the winding-up petition

   -- China Fishery has secured sufficient bank facilities for
      refinancing and its operational needs

   -- Redemption of USD300 mil. notes due 2019 and other debt is
      not accelerated

China Fishery is a producer of fishmeal and fish oil through its
processing plants located along Peru's coastal areas.  China
Fishery makes over 60% of its total revenue from operations in
northern Peru, Moody's said in a press release in October.


CHINA FISHERY: Moody's Lowers CFR to Ca; Outlook Still Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa2 China
Fishery Group Limited's corporate family rating and the rating on
the senior unsecured bonds issued by its subsidiary -- CFG
Investment S.A.C. -- and guaranteed by China Fishery.

The outlook on the ratings remains negative.

RATINGS RATIONALE

"The downgrade reflects the consideration that the recovery
prospects for senior unsecured bondholders could fall further
after actions taken by a lender for the group," says Lina Choi, a
Moody's Vice President and Senior Credit Officer.

On Nov. 26, 2015, Pacific Andes International Holdings Limited
(unrated), the parent of China Fishery, suspended trading in its
shares and announced that one of the lenders of China Fishery had
taken certain actions.

At the same time, Moody's notes from the auditing firm KPMG's
website that Edward Middleton, Fergal Power, and Kris Beighton --
all KPMG employees -- have been appointed by the High Court of
Hong Kong as joint and several provisional liquidators of China
Fishery.

While the appointment of the provisional liquidators is intended
to preserve the assets of the company, it also indicates that the
process of debt restructuring has become more challenging.

In addition, the appointment of the provisional liquidators has
triggered the acceleration of the repayment of its senior
unsecured bonds due July 2019.

Looking ahead, China Fishery's debt restructuring will likely
involve its lending banks, bond holders and potentially any other
creditors which would be admitted to the negotiations on the basis
that they sought an acceleration in payments.

With the increased complexity and lengthening of the debt-
restructuring process, the company will be deprived of normal
credit.  Its cash flow will also weaken substantially and its
assets will erode.  As a result, the recovery rate for bond
holders will likely fall further.

The negative ratings outlook reflects the risk of a further
decline in recovery prospects for bondholders.

Further downward ratings pressure could emerge if the company goes
into receivership or commences liquidation.

Upward ratings pressure could arise if it takes measures to
significantly improve its liquidity position or enters into a
satisfactory debt restructuring that provides improved recovery
prospects for bond holders.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.

China Fishery Group Limited is headquartered in Hong Kong and
listed in Singapore.  It is engaged in the Peruvian fishmeal and
fish oil business and fishing fleet operations.  China Fishery is
46.5% effectively owned by the Pacific Andes group, through
Pacific Andes International Holdings Limited (PAIH, unrated), a
Hong Kong-listed integrated fish and seafood products processor.
The Carlyle Group, a global alternative asset management firm,
holds a 6.02% stake in China Fishery Group.


CHINA FISHERY: S&P Lowers CCR to 'SD' on Missed Payment
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China Fishery Group Ltd. to
'SD' from 'CCC+'.  At the same time, S&P lowered its issue rating
on the senior unsecured notes due 2019 issued by CFG Investment
S.A.C. to 'CC' from 'CCC+'; China Fishery guarantees the notes.
S&P also lowered its Greater China regional scale ratings on China
Fishery to 'SD' from 'cnCCC+' and on the outstanding notes to
'cnCC' from 'cnCCC+'.  S&P removed all the ratings from
CreditWatch, where they were placed with negative implications on
Oct. 19, 2015.  China Fishery is a Singapore-listed fishing
company with operations or business in Peruvian, Russian, and
African waters.

"We downgraded China Fishery to 'SD' (selective default) because
we believe the company failed to repay a US$31 million principal
installment on its US$650 million club loan facility due earlier
this month," said Standard & Poor's credit analyst Lillian Chiou.

The missed payment resulted in one of the lenders filing a
petition in the Hong Kong high court to liquidate China Fishery.
The court has appointed provisional liquidators and is seeking to
wind up the company.  S&P views China Fishery's failure to repay
the principal installment as a default on the club loan.  However,
the company has serviced all interest payments on its guaranteed
senior unsecured bonds to this point.

The missed principal installment was originally due on Sept. 28,
2015, according to the amortization schedule of the club loan.
The company has been able to obtain multiple, successive waivers
from its lenders.  However, S&P believes that the company has
missed such a payment, and one of the lenders is no longer willing
to participate in further discussions and filed a liquidation
petition with the court in Hong Kong.

"The missed payment and appointment of provisional liquidators may
trigger events of default on the company's guaranteed US$300
million senior unsecured notes due 2019," said Ms. Chiou.
Principal and unpaid interest payments may be accelerated if the
company fails to obtain a waiver from a majority of the
noteholders in time.  S&P believes the company currently does not
have the means to repay the outstanding notes if they become due
immediately.  Therefore, such an event may trigger a general
default whereby the ratings on the notes may be lowered to 'D'
from 'CC' and the issuer to 'D' from 'SD'.

China Fishery's liquidity position is vulnerable, in S&P's
opinion.  S&P understands the company was already in the process
of amending the installment schedule of its club loan.  S&P
expects China Fishery will not meet the installments in the next
12 months.  S&P's view is based on the company's low cash balance
and weak operating performance at its Peruvian operation, which
accounts for 55%-60% of its total revenues and most of its EBITDA.
A meaningful recovery in China Fishery's operating cash flows is
unlikely because the total allowable catch in Peru is low for this
season, less than half of the amount in the prior season.

China Fishery and its parent companies are also under
investigation by financial regulators in both Hong Kong and
Singapore.  Information on the direction and scale of the
investigation is not transparent.  Any material and negative
rulings from such regulators may lead to business disruptions for
China Fishery and could result in further weakening in the
company's prospects.


CHINA FISHERY: KPMG Appointed as Provisional Liquidators
--------------------------------------------------------
Lianting Tu at Bloomberg News reports China Fishery Group Ltd.
failed to repay a $31 million installment due earlier this month
on a $650 million loan, according to Standard & Poor's.

"As a result, one of the lenders successfully applied for
provisional liquidators, indicating that the lender is unwilling
to negotiate for further extensions or waivers," Bloomberg quotes
S&P as saying in a statement on Nov. 26. Moody's Investors Service
cut its rating by two levels to Ca on Nov. 27 as a
Hong Kong court appointed three executives from KPMG as
provisional liquidators, Bloomberg relates.  The grade indicates
the company is likely in, or very near default, the report notes.

According to Bloomberg, HSBC Holdings Plc, one of the lenders to
the loan, has filed an application to the High Court of Hong Kong
to appoint provisional liquidators to the Singapore-listed fishing
group.

China Fishery, with operations in Peru, has seen a decline in
profits since the beginning of this year. Its cash position
dwindled to $41.3 million as at June 28 from $170.5 million half a
year earlier, Bloomberg notes. Its 9.75 percent notes due 2019
fell 0.18 cent to a record 31.85 cents on the dollar as of
4:53 p.m. [Nov. 27] in Hong Kong, on Bloomberg-compiled prices
show.

                      Singapore Investigation

In August, China Fishery and its parent Pacific Andes
International Holdings Ltd. said they had received notices from
the Monetary Authority of Singapore and the Commercial Affairs
Department stating they were being investigated for an offense
under the Securities and Futures Act, Bloomberg recalls.

"We believe creditor banks might have found it difficult to roll
over the maturing debt given a lack of transparency of the
investigations and the potential impact of El Nino," Bloomberg
quotes JPMorgan Chase & Co. analyst Daniel Fan as saying in a Nov.
26 research note. "The key focus is more about whether China
Fishery's rights-to-catch in Peru is being affected on the latest
round of negative developments, which is more important than asset
coverage."

The process of debt restructuring at China Fishery has become more
challenging after KPMG employees Edward Middleton, Fergal Power
and Kris Beighton were appointed provisional liquidators, Moody's
said in a statement, citing information posted on the accounting
firm's website, Bloomberg relays.

"With the increased complexity and lengthening of the debt
restructuring process, the company will be deprived of normal
credit," Moody's said. "Its cash flow will also weaken
substantially and its assets will erode. As a result, the recovery
rate for bond holders will likely fall further."The process of
debt restructuring at China Fishery has become more challenging
after KPMG employees Edward Middleton --
edward.middleton@kpmg.com.hk -- Fergal Power --
fergal.power@kpmg.com -- and Kris Beighton -- krisbeighton@kpmg.ky
-- were appointed provisional liquidators, Moody's said in a
statement, citing information posted on the accounting firm's
website.

"With the increased complexity and lengthening of the debt
restructuring process, the company will be deprived of normal
credit," Moody's said. "Its cash flow will also weaken
substantially and its assets will erode. As a result, the recovery
rate for bond holders will likely fall further."



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


LATAM: Fitch Sees Stable 2016 Outlook for Protein Sector
--------------------------------------------------------
Fitch Ratings says the outlook for the Latin American Protein
sector in 2016 is stable for both the sector and for issuer
ratings.  This reflects our expectation that Fitch-rated Latin
American protein operators' credit profiles are expected to remain
broadly stable in 2016. Exporters will capture the benefit of the
weak real and higher demand from the resumption of beef imports
from countries such as China, Saudi Arabia and the U.S. Domestic
players will continue to struggle due to the subdued local
consumption and higher cost of funding in Brazil.


                            ***********


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
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Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                   * * * End of Transmission * * *