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

            Monday, December 7, 2015, Vol. 16, No. 241


                            Headlines



B R A Z I L

BANCO PAN: S&P Revises Watch to Neg. on 'BB-/B' LT Credit Ratings
BTG PACTUAL: Funds Lose One Half Net Assets After Founder's Arrest


C A Y M A N  I S L A N D S

20TH CENTURY: Creditors' Proofs of Debt Due Dec. 10
ALCAZAR INVESTMENT: Creditors' Proofs of Debt Due Dec. 7
CIVIC CAPITAL: Creditors' Proofs of Debt Due Dec. 10
CIVIC CAPITAL MASTER: Creditors' Proofs of Debt Due Dec. 10
ELBA COMPANY: Creditors' Proofs of Debt Due Dec. 22

EQUITEK CAPITAL: Placed Under Voluntary Wind-Up
EQUITEK GLOBAL: Placed Under Voluntary Wind-Up
LIFE COMPANY: Creditors' Proofs of Debt Due Dec. 22
MAKO COMPANY: Creditors' Proofs of Debt Due Dec. 22
NORTHCAP MANAGEMENT: Commences Liquidation Proceedings

PRIDE REVELATION: Placed Under Voluntary Wind-Up
SEBAGO DOMINICAN: Placed Under Voluntary Wind-Up
TOKIO MARINE: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Senate Okays US$2.6BB Bond to Boost Budget


J A M A I C A

* JAMAICA: Hendrickson Pushes for Lower Bank Rates


P U E R T O    R I C O

COLT DEFENSE: Seeks to Modify Retiree Benefits as Talks Continue
PUERTO RICO: Walmart Unit Sues Government Over Tax Hike


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 30 to Dec. 4, 2015


                            - - - - -


===========
B R A Z I L
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BANCO PAN: S&P Revises Watch to Neg. on 'BB-/B' LT Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on its 'BB-/B' foreign and local currency long-term
credit ratings on Banco Pan S.A. to negative from developing.  At
the same time, S&P lowered its national scale rating on the bank
to 'brA-' from 'brA'.  S&P also revised CreditWatch implications
on this rating to negative from developing.

Banco Pan is a joint venture between Banco BTG Pactual S.A. (BTG;
BB-/Watch Neg/B) and Caixa Economica Federal (CEF; foreign
currency: BB+/Negative/B; local currency: BBB-/Negative/A-3).  BTG
holds 51% of Banco Pan's voting shares and CEF holds the remainder
and shares the control of the bank.  Currently, the ratings on
Banco Pan reflect its 'bb-' stand-alone credit profile (SACP),
which doesn't benefit from additional notching of support from its
main shareholder, BTG.

The CreditWatch implications revision on Banco Pan reflects the
similar action on parent, BTG.  S&P currently believes that a
downgrade of BTG could trigger similar action on Banco Pan, which
CreditWatch negative on it reflects.  S&P will continue evaluating
whether BTG's liquidity constraints or reputational risks may
jeopardize Banco Pan's SACP and its group status under current
conditions.

The CreditWatch action on BTG follows S&P's revision of its
liquidity position to "weak" from "adequate."  The revision is
based on S&P's analysis of the bank's liquidity since the arrest
of its former CEO and Chairman.  In S&P's opinion, BTG has a
material liquidity gap in meeting its financial obligations in the
next 60 days.  Moreover, the "weak" liquidity assessment on BTG
reflects large and unusual liquidity needs in the next 60 days
that increased amid the rising reputational risk.

"Despite recent events, we continue to view the Banco Pan's
funding and liquidity as "adequate."  Even though the bank lacks
an ample retail deposit base, we incorporate ongoing funding
support mostly from CEF, which we consider a stable funding source
given that these funding lines are committed.  In this sense, we
also consider Banco Pan's liquidity as "adequate."  In a stressed
liquidity scenario, we believe the bank would benefit from having
CEF as a shareholder.  Banco Pan can increase its cash position
materially either by raising interbank deposits or through the
sale of its credit portfolio to CEF.  However, we believe
liquidity constraints on BTG may weaken Banco Pan's funding base
and reputational links between the banks could jeopardize the
latter's credit fundamentals," S&P said.

The CreditWatch negative reflects necessity to assess the extent
to which Banco Pan could be affected by potential negative
intervention from its parent.  The CreditWatch resolution will
depend on Banco Pan's ability to raise debt or have its business
impaired in any other way due to its link to BTG.  S&P aims to
resolve the CreditWatch within the next 90 days.  S&P will
continue to observe any potential deterioration of Banco Pan's
credit fundamentals in light of recent events.  Furthermore, S&P
could have a negative rating action on the bank following a
revision of Brazil's Banking Industry Country Risk Assessment
score.


BTG PACTUAL: Funds Lose One Half Net Assets After Founder's Arrest
------------------------------------------------------------------
Ney Hayashi Cruz at Bloomberg News reports that some of Grupo BTG
Pactual SA's fixed-income funds have lost about half of their net
assets in the week that followed the arrest of the firm's
billionaire founder, Andre Esteves.

Clients pulled a net BRL6.7 billion ($1.8 billion) in the week
after Mr. Esteves was jailed as part of a corruption probe in
Brazil, according to the latest available data compiled by
Bloomberg.

That represents more than half of the combined net assets of the
10 fixed-income funds listed on the bank's website, which totaled
BRL12.7 billion the day before the arrest, according to Bloomberg
News.

Withdrawals have slowed, falling to BRL210 million on Dec. 2 from
as much as BRL2.28 billion on Nov. 25, when the billionaire was
detained in Rio de Janeiro, Bloomberg News relays.

Mr. Esteves is accused of trying to interfere with testimony from
a former Petroleo Brasileiro SA executive in the so-called Carwash
case, the largest-ever corruption probe in Brazil, Bloomberg News
relates.  Mr. Esteves, who has denied wrongdoing through his
lawyer, stepped down from his posts at the bank after his arrest
was extended for an indefinite amount of time.

BTG's press office declined to comment on fund withdrawals, notes
the report.

Partners including new co-Chief Executive Officers Marcelo Kalim
and Roberto Sallouti used a share swap with Esteves to take
control of the company, Sao Paulo-based BTG said in a regulatory
filing, Bloomberg News discloses.  The announcement came within
hours of BTG saying it sold a stake in Rede D'Or Sao Luiz SA for
BRL2.38 billion as it seeks to shore up cash, Bloomberg News
relays.

Bloomberg News says that the founder's jailing has taken a broader
toll on BTG.  While the lender's shares joined a rally in
Brazilian markets on Dec. 4 -- gaining 1 percent in the stock's
first advance since the arrest -- the company's $1 billion of
bonds due 2020 fell another 2.4 cents to a new low of 52.6 cents
on the dollar, Bloomberg News adds.



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


20TH CENTURY: Creditors' Proofs of Debt Due Dec. 10
---------------------------------------------------
The creditors of 20th Century Holdings Limited are required to
file their proofs of debt by Dec. 10, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 23, 2015.

The company's liquidator is:

          Michel Clemence
          c/o 14, rue Charles-Bonnet
          1206 Geneve-Suisse
          Telephone: +41-22-818-6161


ALCAZAR INVESTMENT: Creditors' Proofs of Debt Due Dec. 7
--------------------------------------------------------
The creditors of Alcazar Investment 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. 28, 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


CIVIC CAPITAL: Creditors' Proofs of Debt Due Dec. 10
----------------------------------------------------
The creditors of Civic Capital Currency Offshore Fund 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 liquidation proceedings on Oct. 20, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


CIVIC CAPITAL MASTER: Creditors' Proofs of Debt Due Dec. 10
-----------------------------------------------------------
The creditors of Civic Capital Currency Master Fund 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 liquidation proceedings on Oct. 20, 2015.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre, 1st Floor
          802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


ELBA COMPANY: Creditors' Proofs of Debt Due Dec. 22
---------------------------------------------------
The creditors of Elba Company Ltd. are required to file their
proofs of debt by Dec. 22, 2015, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Oct. 26, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


EQUITEK CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Oct. 27, 2015, the sole shareholder of Equitek Capital Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 4, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197


EQUITEK GLOBAL: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 27, 2015, the sole shareholder of Equitek Global
Technology Fund (Cayman) resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 4, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jane Fleming
          c/o Jane Fleming or Jean Ebanks
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197


LIFE COMPANY: Creditors' Proofs of Debt Due Dec. 22
---------------------------------------------------
The creditors of Life Company Limited are required to file their
proofs of debt by Dec. 22, 2015, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


MAKO COMPANY: Creditors' Proofs of Debt Due Dec. 22
---------------------------------------------------
The creditors of Mako Company Limited are required to file their
proofs of debt by Dec. 22, 2015, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


NORTHCAP MANAGEMENT: Commences Liquidation Proceedings
------------------------------------------------------
On Oct. 12, 2015, the sole shareholder of Northcap Management 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:

          Zenith Trust reg.
          Herrengasse 21
          FL-9490 Vaduz
          Telephone: 00423 237 5858
          Facsimile: 00423 237 5868


PRIDE REVELATION: Placed Under Voluntary Wind-Up
------------------------------------------------
On Oct. 27, 2015, the members of The Pride Revelation 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
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902


SEBAGO DOMINICAN: Placed Under Voluntary Wind-Up
------------------------------------------------
On Oct. 20, 2015, the sole shareholder of Sebago Dominican Limited
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 liquidators are:

          Brendan M Gibbons
          Krause Global B.V.
          Beursplein 37, Ruimte 504
          3011AA Rotterdam Netherlands
          Telephone: (616)-866-7331
          Facsimile: (616)-866-5625


TOKIO MARINE: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 22, 2015, the sole shareholder of Tokio Marine Asset
Management (Cayman) 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:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


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


* DOMINICAN REPUBLIC: Senate Okays US$2.6BB Bond to Boost Budget
----------------------------------------------------------------
Dominican Today reports that the Senate approved in two
consecutive roll calls the bill authorizing the Executive Branch
to issue RD$114.5 billion (US$2.6 billion) bond on public debt, to
be managed by the Finance Ministry.

The funds derived from the money markets would be used to finance
the 2016 Budget of RD$663.6 billion, according to Dominican Today.

The bill submitted September 29 by the Executive was passed after
the bicameral commission rendered its report on November 25 and
was placed on Dec. 2's agenda.

All of the 23 senators present in the upper chamber voted to pass
the legislation, 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'.


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J A M A I C A
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* JAMAICA: Hendrickson Pushes for Lower Bank Rates
--------------------------------------------------
RJR News reports that the push for banks to start cutting interest
rates at a faster rate has taken on new dimensions with
businessmen joining the Bank of Jamaica in making the call for
financial entities to act.

The latest to add his voice to the cause is Gary "Butch"
Hendrickson, Chairman of Continental Baking Company, according to
RJR News.

The report notes that Mr. Hendrickson has taken it on himself to
help small manufacturers market their products in an effort to
transform them into large enterprises.  Mr. Hendrickson believes
that if that is to work, adequate financing is needed and the
government may have to help in the process to get the cost of
money lower, the report says.

Conceding, in a recent interview with RJR News, that lending to
small businesses constitutes "a higher risk than blue chip
companies," Mr. Hendrickson nevertheless said he hoped the Finance
Minister would be able to encourage the banks to lend at a lower
rate and a higher risk."

Bank of Jamaica Governor Brian Wynter has urged banks under his
supervision to cut interest rates, the report relays.

The central bank reduced rates twice this year, 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.



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


COLT DEFENSE: Seeks to Modify Retiree Benefits as Talks Continue
----------------------------------------------------------------
Colt Defense LLC and the United Auto Workers Union have issued the
following joint statement on Dec. 3 concerning the filing by Colt
of a motion with the Court in the Company's Chapter 11 bankruptcy
proceedings seeking modifications in retiree insurance benefits:

Over the course of the Colt's restructuring process, Colt and the
UAW have worked together productively and cooperatively to ensure
that Colt successfully emerges from Chapter 11 by the end of this
month as a reorganized company with strong prospects for the
future.

"Working together, Colt and the UAW have resolved the great bulk
of employee issues, arriving at solutions that the Company and the
Union are confident will mean the continuation of good-paying Colt
manufacturing jobs in Connecticut," said Mike Holmes, the chair of
the UAW bargaining unit at Colt.

"Over the course of our restructuring efforts, we have worked
closely with our Union leaders and employees to design a strategic
plan that will enable Colt to emerge from bankruptcy and succeed
going forward.  We are confident that we will successfully execute
our plan in large part because of the world class craftsmanship
and skills of our Union employees," added Dennis Veilleux, CEO of
Colt.

The filing of Colt's retiree benefits motion reflects that
negotiations are still ongoing on the issue of healthcare benefits
for several hundred Colt UAW retirees.  These negotiations are not
uncommon in bankruptcy proceedings.  Both Colt and the UAW are
confident that a mutually agreeable resolution can be presented to
the Court for its approval to avoid any delay in confirmation of
the plan of reorganization scheduled for December 16th.

"These negotiations have been professional and respectful and will
continue to be so," said Julie Kushner, Director of UAW's Region
9A in Hartford.  "Both sides understand the importance of reaching
agreement."

Kushner, Holmes and Veilleux stated their shared belief that
"working together, Colt and the UAW will not be deterred from
their common goal: a strong Company that provides both good jobs
and fair treatment to the Colt retirees who helped build this
iconic company.  Colt and UAW fully expect that result here and
are determined to build a strong Colt for the future."

                           About UAW

UAW Region 9A represents 50,000 workers in diverse occupations
throughout eastern New York (including the New York City
metropolitan area, the Hudson Valley and the Capital District
area), Connecticut, Massachusetts, Rhode Island, New Hampshire,
Vermont, Maine and Puerto Rico.

                       About Colt Holding

Colt Defense LLC is one of the world's oldest and most iconic
designers, developers, and manufacturers of firearms for military,
law enforcement, personal defense, and recreational purposes and
was founded over 175 years ago by Samuel Colt, who patented the
first commercial successful revolving cylinder firearm in 1836 and
began supplying U.S. and international military customers with
firearms in 1847.  Colt is incorporated in Delaware and
headquartered in West Hartford, Connecticut.

In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions (Bankr. D. Conn.).  An
investment by Zilkha & Co. allowed CMC to confirm a chapter 11
plan and emerge from Bankruptcy in 1994.

Sometime after 1994, majority ownership of the Company
Transitioned from Zilkha & Co. to Sciens Capital Management.

Colt Holding Company LLC and nine affiliates, including Colt
Defense LLC, on June 14, 2015, filed voluntary petitions (Bankr.
D. Del. Lead Case No. 15-11296) for relief under Chapter 11 of the
Bankruptcy Code to pursue a sale of the assets as a going concern.

Colt Defense estimated $100 million to $500 million in assets and
debt.

On June 16, 2015, the Court directed the joined administration of
the assets.

The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny
& Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as
claims and noticing agent.  Perella Weinberg Partners L.P. is
acting as financial advisor of the Company, and Mackinac Partners
LLC is acting as its restructuring advisor.

Wilmington Savings Fund Society, FSB, as agent under the $13.3
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.

Cortland Capital Market Services LLC, as agent under the $6.67
million Senior DIP Credit Agreement, is represented by Holland &
Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan
LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's
Richard Borins, Esq., and Tracy Sandler, Esq.

The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors.  MagPul Industries Corp. has resigned from
the committee leaving only four Committee members.

Sciens Capital is represented by Skadden, Arps, Slate, Meagher &
Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq.


PUERTO RICO: Walmart Unit Sues Government Over Tax Hike
-------------------------------------------------------
EFE News reports that the Puerto Rican unit of Wal-Mart Stores,
Inc., the world's largest company by revenue, sued the island's
treasury secretary over a sharp rise in a tax on goods flowing
from the group's distribution centers in the mainland United
States to its subsidiary in the U.S. commonwealth.

The biggest private employer in Puerto Rico alleged that Act 72
contravened the U.S. Constitution's Commerce Clause, among other
violations, and warned that the current levy would make it very
difficult for the retailer to maintain its operations in the U.S.
territory, according to EFE News.

The report notes that the 36-page lawsuit, which was filed in the
United States District Court for the District of Puerto Rico and
names Puerto Rican Treasury Secretary Juan Zaragoza as the
defendant, noted that the law, enacted earlier this year, sharply
raised a tax on Wal-Mart Puerto Rico's purchases of goods from
Wal-Mart distribution centers located in the mainland United
States.

The retailer said Act 72 had hammered its operations by increasing
"the tangible property component of the corporate Alternative
Minimum Tax -- the component that taxes the value of property
transferred to an entity doing business in Puerto Rico from a
related party outside of Puerto Rico," the report relays.

It said that in its case the tax was raised from 2 percent to 6.5
percent because it has gross revenues of more than $2.75 billion
from a trade or business on the island, thus raising Wal-Mart PR's
estimated income tax to "an astonishing and unsustainable 91.5
percent of its net income," the report says.

It added that Wal-Mart PR was "the only entity in Puerto Rico that
bears this heavy tax burden, as it is the only company that falls
into the new AMT's highest tax bracket," the report notes.

"No business can operate for long in an environment where 91.5
percent of its net income is confiscated through taxes.  No
government should be permitted to drive a company -- the largest
private employer -- out of business through a special tax
applicable at its highest rate only to that company," the lawsuit
read, the report relays.

The company said it was aware of the severe financial crisis
facing Puerto Rico, which has been in recession for nearly a
decade and has a $72 billion public debt load that Gov. Alejandro
Garcia Padilla has said is unpayable, but it insisted it was part
of the solution in alleviating the government's liquidity woes,
the report discloses.

Garcia Padilla signed the tax bill into law in May in an attempt
to increase revenues for debt servicing, the report notes.

Walmart Puerto Rico, which operates in the commonwealth under the
brands Walmart Supercenter, Walmart, Sam's Club, Super Ahorros and
Supermercados Amigo, has 55 retail outlets on the island and
employs nearly 15,000 people.

Wal-Mart PR said in the lawsuit that it "collects more sales tax
on behalf of the commonwealth than any other company or entity"
and "purchases $1.6 billion of products from Puerto Rican vendors
and suppliers" annually, 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.


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


* BOND PRICING: For the Week From Nov. 30 to Dec. 4, 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 * * *