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

            Thursday, December 10, 2015, Vol. 16, No. 244


                            Headlines



B R A Z I L

BRAZIL: Alternative Energy Projects Threatened by Abengoa's Woes
SAMARCO MINERACAO: Bill for Brazil Dam Failure Could Grow


C A Y M A N  I S L A N D S

BLACKSTONE CGFI: Commences Liquidation Proceedings
COBRA CAYMAN: Commences Liquidation Proceedings
CRABEL MAC 4: Commences Liquidation Proceedings
EQUITYPROTECT LIMITED: Commences Liquidation Proceedings
FRONT STREET: Commences Liquidation Proceedings

GLOBAL ACTIVIST: Creditors' Proofs of Debt Due Today
GLS OFFSHORE: Commences Liquidation Proceedings
MAN PORTFOLIO: Commences Liquidation Proceedings
NITON FUND: Chapter 15 Case Summary
RABAR MAC 6: Commences Liquidation Proceedings

RGSAF MAC: Commences Liquidation Proceedings
SUPER BB: Commences Liquidation Proceedings
THAMES FUND: Commences Liquidation Proceedings
TRACTMANAGER CAYMAN: Placed Under Voluntary Wind-Up


C H I L E

CHILE: Fitch Says Challenges Persist for Chilean Corporates


D O M I N I C A N   R E P U B L I C

BANCO DE RESERVAS: Fitch Affirms 'B+' Issuer Default Ratings


J A M A I C A

JAMAICA: More Unrest in the Petroleum Distributive Trade


P A R A G U A Y

PARAGUAY: IDB OKs $62 Million Loan for Rural Road Projects


P U E R T O    R I C O

BTB CORP: Exit Plan Proposes to Pay Off Unsecureds in 5 Years


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Recession May Last Awhile, Says Energy Chamber
* TRINIDAD & TOBAGO: Opposition Questions Borrowing Limit Increase


V E N E Z U E L A

VENEZUELA: Fitch Says Election Won't Resolve Policy Uncertainty


X X X X X X X X X

LATAM: Fitch Sees Increasing Divergence in Credit Quality in 2016


                            - - - - -


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


BRAZIL: Alternative Energy Projects Threatened by Abengoa's Woes
----------------------------------------------------------------
Marcelo Teixeira and Luciano Costa at Reuters report that spanish
conglomerate Abengoa SA, teetering on the verge of bankruptcy, has
halted construction of power transmission lines in Brazil, a
potential setback for the South America nation's bid to emerge
from its worst energy crisis in 14 years.

Unions representing construction workers, a wind power industry
group and Abengoa SA's sub-contractor on the new power lines said
the Spanish company informed them of the interruption in recent
days, according to Reuters.

The report relays that Abengoa SA, which opened pre-insolvency
proceedings last month in Spain, holds concessions to build and
operate 6,300 kilometers of transmission lines in Brazil that are
vital to connecting dozens of wind farms to the grid.

It is also due to construct a line to transport power from the
word's third-largest hydroelectric power dam, Belo Monte, in the
Amazon state of Para to Brazil's power-hungry Northeast region
starting in August, the report discloses.

"Work was suspended suddenly and we don't have any information at
this point about a possible resumption," said Janaina Voltolini, a
director at ETS Energia, a company providing services for Abengoa
on four out of 11 new lines under construction, the report notes.

Abengoa declined to comment on the matter.  Sources familiar with
its restructuring in Spain said the company plans to stop all
projects that are not yet operational and require additional
investment, the report says.

That decision would also affect Abengoa's operations in Chile,
where the company won a $180 million contract last month to build
two new power transmission cables, extend existing lines and
construct a substation, the report discloses.

In Brazil, years of below-average rains have sharply reduced power
output from the country's extensive network of hydropowered dams,
forcing the government to seek new sources of energy, from thermal
to solar and wind, the report notes.

Roberto Brandao, a power sector researcher at Rio de Janeiro
Federal University (UFRJ), said Abengoa was the largest player in
construction of power lines to connect to these power sources,
alongside China's State Grid, the report relays.

"We can expect all of them to be delayed," Mr. Brandao said, notes
Reuters. "And possible solutions will be found on a line-by-line
basis."

The report notes that Elbia Gannoum, chief executive at Brazilian
wind power lobbying group Abeolica, said the situation is
worrying.

"There is around 1.5 gigawatt of new power capacity from wind
farms depending on those lines," Ms. Gannoum,  said, an amount
that could supply 3 million people with electricity in Brazil --
or roughly 1.5 percent of the population.

The Brazilian transmission lines will require around 1 billion
euros in investment, Abengoa executives said in a September
presentation, notes the report.

Reuters discloses that Brazil's electricity regulator Aneel held
an emergency meeting to discuss the situation with Abengoa
representatives but it later said no obvious solution had been
found.

Robertson Emerenciano, a lawyer who specializes in restructuring
power companies in Brazil, said Abengoa would probably want to
sell its concessions, an outcome local governments are likely to
support, the report notes.

"For the government it is very important to maintain those
investments," the report quoted Mr. Emerenciano as saying.

The bad news for Abengoa is that the timing for such sales could
hardly be worse, the report relays.  Available credit in Brazil
has shrunk amid a harsh economic crisis, making infrastructure
investments tough to finance, the report discloses.

In a Nov. 18 auction for concessions to build and operate power
lines, the government sold only four out of 12 lots on offer, the
report says.


SAMARCO MINERACAO: Bill for Brazil Dam Failure Could Grow
---------------------------------------------------------
Paul Kiernan at The Wall Street Journal reports that Samarco
Mineracao SA's bill for a catastrophic dam failure last month
could be growing by the day, as it struggles to formulate an
emergency plan demanded by local prosecutors in case of additional
accidents.

On Nov. 28, a judge in Minas Gerais state gave Samarco, a joint
venture between mining giants Vale SA and BHP Billiton Ltd., three
days to fulfill the requirement or else pay a fine of BRL1 million
Brazilian a day ($262,536), according to the WSJ.  Prosecutors
asked the company to forecast potential scenarios of what could
happen if the remaining dams at its mining complex were to break,
and to provide "concrete emergency measures" to be adopted in each
scenario, the report notes.

The report notes that a Samarco spokeswoman said in an email that
the company had hired a contractor to produce the emergency plan
but had requested a deadline extension from prosecutors, citing
the "extreme complexity" of the studies involved.  She declined to
comment on the fines, and the public prosecutors' office in Minas
Gerais couldn't be reached because of a local holiday, the report
relays.

Samarco didn't respond to a request for additional details on its
existing dam-break studies and contingency plans, the report
notes.  But Carlos Eduardo Ferreira Pinto, a member of the task
force of Brazilian prosecutors that is working on the case, said
that Samarco's dam-break analysis of the structure that failed was
"conceptual and very precarious," the report discloses.

The company's inability to formulate an emergency plan on time has
added to concerns about the safety of its Germano and Santarem
tailings dams, which were damaged when the nearby Fundao dam
collapsed on Nov. 5, the report relays.  The accident unleashed an
avalanche of mud that killed at least 15 people, destroyed
villages downstream, and polluted hundreds of miles of waterways
in the Rio Doce basin, the report says.

The larger Germano dam was built using a similar design to Fundao,
prosecutors said, the report notes.  As the reservoirs behind the
dams filled up, Samarco raised both structures by building
successive dikes on top of mine detritus known as tailings, the
report notes.  Engineers say this technique, known as the
"upstream" method, is the cheapest way to build dams but is also
the most prone to failure, the report discloses.

Samarco said on Nov. 17 that it was taking emergency measures to
stabilize the Germano and Santarem dams.  The company said that it
had installed sirens in communities that could be affected by a
second dam break, the report notes.

In addition to the contingency plans, a judge also ordered Samarco
to cover the costs of preventively emptying a hydroelectric
reservoir downstream from its tailings dams in case of another
accident, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 9, 2015, Moody's Investors Service has downgraded to Caa1
from Ba1 the corporate family rating of Samarco Mineracao S.A. and
the ratings of its senior unsecured notes due 2022, 2023 and 2024.
The outlook was changed to negative.  This rating action concludes
the review for downgrade initiated on Nov. 10, 2015, following the
accident at the Germano site in Minas Gerais.


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


BLACKSTONE CGFI: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 29, 2015, the sole shareholder of Blackstone CGFI Offshore
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:

          Patrick Agemian
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


COBRA CAYMAN: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 30, 2015, the sole shareholder of Cobra Cayman Fund
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


CRABEL MAC 4: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 30, 2015, the sole shareholder of Crabel Mac 4 Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


EQUITYPROTECT LIMITED: Commences Liquidation Proceedings
--------------------------------------------------------
On Oct. 30, 2015, the sole shareholder of Equityprotect Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


FRONT STREET: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 30, 2015, the sole shareholder of Front Street Resources
Mac 78 Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


GLOBAL ACTIVIST: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of The Global Activist Fund, Ltd. are required to
file their proofs of debt today, Dec. 10, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 30, 2015.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


GLS OFFSHORE: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 30, 2015, the sole shareholder of GLS Offshore Global
Opportunities Mac 30 Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


MAN PORTFOLIO: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 30, 2015, the sole shareholder of Man Portfolio
Innovations SPC resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


NITON FUND: Chapter 15 Case Summary
-----------------------------------
Chapter 15 Petitioner: Matthew James Wright, Christopher Barnett
                       Kennedy

Chapter 15 Debtor: Niton Fund SPC
                   R&H Trust Co., Ltd.
                   West Bay Road
                   897, Windward 1, Regatta Officer Park
                   KY1-1103
                   Grand Cayman, Cayman Islands

Chapter 15 Case No.: 15-13252

Chapter 15 Petition Date: December 7, 2015

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

Chapter 15 Petitioners' Counsel: Warren E. Gluck, Esq.
                                 Barbra R. Parlin, Esq.
                                 HOLLAND & KNIGHT LLP
                                 31 West 52 nd Street
                                 New York, NY 10019
                                 Tel: 212-513-3200
                                 Fax: 212-385-9010
                                 warren.gluck@hklaw.com
                                 barbra.parlinu@hklaw.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


RABAR MAC 6: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 30, 2015, the sole shareholder of Rabar Mac 6 Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


RGSAF MAC: Commences Liquidation Proceedings
--------------------------------------------
On Oct. 30, 2015, the sole shareholder of RGSAF Mac Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


SUPER BB: Commences Liquidation Proceedings
-------------------------------------------
On Oct. 30, 2015, the sole shareholder of Super BB Macro (Cayman)
Limited resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


THAMES FUND: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 30, 2015, the sole shareholder of Thames Fund Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 8, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Keiran Hutchison
          c/o Steve Bull
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 9060
          Facsimile: (345) 814 8529


TRACTMANAGER CAYMAN: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Oct. 30, 2015, the sole shareholder of Tractmanager Cayman GP
Inc. resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Tractmanager Global, Inc.
          c/o Justin Savage
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


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


CHILE: Fitch Says Challenges Persist for Chilean Corporates
-----------------------------------------------------------
Chilean corporates face challenging conditions due to weak GDP
growth, low commodity prices, and cash flow pressures from
corporates with exposure to Brazil, according to Fitch Ratings'
Chilean Corporate Outlook Report.

'Credit metrics are expected to remain under pressure;
nevertheless, downgrades should be limited in 2016 as most of
these credits continue to improve their cost structures',
according to Alejandra Fernandez, a Director at Fitch.

Leverage has increased for the majority of the 28 Chilean
corporates with international ratings over the past few years. The
median adjusted net debt-to-EBITDAR ratio as of June 2015 was
3.9x, a decline when compared with 2.3x in December 2011. Negative
operating cash flow trends have been a key driver of higher
leverage.

An important contributor to rising debt levels has been debt-
funded M&A activity, which has expanded the presence of many
corporates in Peru, Colombia and Brazil. Investments in Brazil
remain as pressure points for Chilean corporates, with 10 issuers
operating in that country.

Positively, foreign exchange risk is largely manageable for the 28
Chilean corporates in aggregate. Derivatives are common and
issuers can find instruments that match the terms of the bonds.
Issuers have done a reasonable job balancing the currency of their
debt versus the currency of their cash flow.


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


BANCO DE RESERVAS: Fitch Affirms 'B+' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Banco de Reservas de la Republica
Dominicana, Banco de Servicios Multiples (Banreservas), and Banco
Multiple BHD Leon, S.A.'s (BHD Leon) long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'B+'. The Rating
Outlooks on the Long-Term IDRs were revised to Positive from
Stable.

These actions follow Fitch's revision of the Dominican Republic's
sovereign Rating Outlook to Positive from Stable, reflecting the
continued favorable economic performance relative to peers, the
reduction of external vulnerabilities, and progress on gradual
fiscal consolidation. For additional details, see 'Fitch Revises
Dominican Republic's Outlook to Positive; Affirms 'B+' Ratings',
available on www.fitchratings.com. Fitch expects the current
improvement in the Dominican operating environment to benefit the
financial profiles of the banks.

KEY RATING DRIVERS

IDRs AND VRs

Banreservas' IDRs ratings reflect Fitch's expectations of the
support the bank would receive from its sole shareholder, the
Dominican government (IDR rated 'B+'/Positive Outlook), if needed.
The bank's Viability Rating (VR) reflects its weak, albeit
improving capitalization, and still-high asset concentrations.
Banreservas' VR also considers trends in profitability and private
sector loan quality.

BHD Leon's VR, or standalone creditworthiness, drives its long-
term IDR. The bank's VR is highly influenced by the operating
environment and asset quality. Additionally, BHD Leon's VR
reflects its resilient profitability, adequate capitalization,
reserve cushion, improving funding base, and strengthened
franchise.

SUPPORT AND SUPPORT RATING FLOOR

Banreservas' systemic importance - its role as the government's
main paying agent and provider of domestic loans - results in an
equalization of its Support Rating Floor with the sovereign's LT
IDR of 'B+'. Additionally, Fitch believes the government's
willingness to support Banreservas should it be required is
substantial given its 100% stake in the bank. However, the
Dominican Republic's speculative-grade rating limits the
sovereign's capacity of support, resulting in a Support rating of
'4'.

Despite BHD Leon's systemic importance, the government's
inconsistent history of banking sector support for private sector
institutions and the sovereign's speculative-grade rating result
in a Support Floor of 'NF' and a Support Rating of '5'.

SUBORDINATED DEBT

Banreservas' international subordinated note rating is one notch
below its supported IDR, reflecting one notch for loss severity,
but no notches for incremental non-performance risk relative to
the bank's IDR. In Fitch's view, given the gone concern
characteristics of the security, the anchor rating is the IDR,
even though there is no explicit government guarantee on the
security. According to Fitch's methodology, the subordinated notes
do not receive equity credit.

RATING SENSITIVITIES

IDRS AND VRs

Banreservas' IDRs are sensitive to a change in Fitch's assumptions
on potential sovereign support. Changes in the IDRs are also
contingent on sovereign rating actions.

A stabilization of private sector loan quality indicators, a
stronger capital base, as well as a more established track record
of meeting strategic objectives could lead to an upgrade of the
Banreservas' VR. An unexpected deterioration in asset quality or
profitability, or dividend disbursements to the government that
pressures Banreservas' equity/assets ratio below 5.5%, could
trigger a downgrade of its viability rating.

BHD Leon's IDRs and VRs are contingent upon actions on the
Dominican Republic's sovereign ratings, as its ratings are
constrained by the sovereign's IDRs. If the bank sustains its
current strong financial performance and adequate capitalization,
this would be positive for BHDL's IDRs in the event of a sovereign
upgrade. A deterioration in profitability or asset quality metrics
that causes the bank's Fitch core capital to risk-weighted assets
ratio to fall below 8% would be negative for creditworthiness.

SUPPORT AND SUPPORT RATING FLOOR

The SRs and SRFs for both banks are potentially sensitive to any
change in assumptions around the propensity or ability of the
Dominican government to provide timely support. In the case of
Banreservas, this might arise in the event of a sovereign rating
action.

SUBORDINATED DEBT

Banreservas' subordinated debt rating is sensitive to the same
considerations that affect the banks IDR.

Fitch has taken the following rating actions:

Banreservas
-- Foreign and local currency IDRs 'B+'; Outlook Revised to
    Positive from Stable;
-- Short-term foreign and local currency IDRs affirmed at 'B';
-- Viability Rating affirmed at 'b';
-- Support Rating affirmed at '4';
-- Support Floor affirmed at 'B+';
-- Long-term subordinated notes affirmed at 'B'.

BHD Leon
-- Foreign and local currency long-term IDR 'B+', Outlook Revised
    to Positive from Stable
-- Foreign and local currency short term IDR affirmed at 'B';
-- Viability Rating affirmed at 'b+';
-- Support Rating affirmed at '5';
-- Support Floor Rating affirmed at 'NF'.

These ratings were unaffected:

Banreservas
-- National long-term rating 'AA+(dom)'; Outlook Stable;
-- National short-term rating 'F1+(dom)';
-- National subordinated debt rating 'AA(dom)'.

BHD Leon
-- Long-term National rating 'AA+(dom)'; Outlook Stable;
-- Short-term National rating 'F1+(dom)'.


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


JAMAICA: More Unrest in the Petroleum Distributive Trade
--------------------------------------------------------
RJR News reports that there appears to be more unrest in the
petroleum distributive trade.

The Jamaica Gasolene Retailers Association (JGRA) disclosed that
it is consulting with stakeholders in the sector to garner support
for its fight against marketing companies, according to RJR News.

The report notes that it has described the marketing companies'
position as unfair and "strong-armed".

According to the JGRA, the issue of contracts has also surfaced
again, as the multi-national oil marketers have been putting
dealers under duress to sign one-sided contracts, the report
relays.

The JGRA has declared that it is prepared to fight the marketing
companies, 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 A R A G U A Y
===============


PARAGUAY: IDB OKs $62 Million Loan for Rural Road Projects
----------------------------------------------------------
Paraguay will improve the connectivity of rural areas in the
eastern region, and the access by productive zones to consumers,
with a loan of $62 million approved by the Inter-American
Development Bank (IDB).  This loan will finance a program to
restore and maintain rural roads and replace old wooden bridges
with reinforced concrete.

The program is specifically designed to reduce the costs of
operating vehicles on rural roads in the area, cut the travel
times required, allow all-weather transit and increase the average
daily traffic.

"This program will contribute in an important way to one of
Paraguay's key priorities -- reducing poverty -- because it is an
important tool for enhancing the infrastructure in rural areas and
thereby improving connectivity and access to social services and
reducing the logistical costs of products in the region," said IDB
project team leader Rafael Acevedo.

Paraguay has about 43,900 km of rural roads.  The great majority
is made up of dirt roads that lack proper drainage, and only about
23 percent is covered by any sort of maintenance or improvement
program.  The lack of adequate standards and maintenance, combined
with the frequent rains and soil conditions in the eastern region,
contribute to the fact that more than 65 percent of the dirt roads
are in bad condition and frequently become impassable.

The program is designed to improve 165 km of rural roads in five
departments of the eastern region in order to guarantee all-
weather transit and safety; replace 600 meters of wooden bridges
with reinforced concrete; and perform routine maintenance on 713
km of roads already improved with previous IDB financing.

Those programs, among other actions, have improved 1,570 km of
rural roads, maintained another 2,780 km, built 1,420 meters of
bridging and put in place new road safety standards.

The new program will secure those advances and contribute to
meeting the goals established in the National Plan for Rural
Roads, reduce rural poverty and promote jobs with a focus on
gender.

The IDB loan for $62 million is for 25 years, with a grace period
of 6.5 years and an interest rate based on LIBOR.

Paraguay will improve the connectivity of rural areas in the
eastern region, and the access by productive zones to consumers,
with a loan of $62 million approved by the Inter-American
Development Bank (IDB). This loan will finance a program to
restore and maintain rural roads and replace old wooden bridges
with reinforced concrete.

The program is specifically designed to reduce the costs of
operating vehicles on rural roads in the area, cut the travel
times required, allow all-weather transit and increase the average
daily traffic.

"This program will contribute in an important way to one of
Paraguay's key priorities -- reducing poverty -- because it is an
important tool for enhancing the infrastructure in rural areas and
thereby improving connectivity and access to social services and
reducing the logistical costs of products in the region," said IDB
project team leader Rafael Acevedo.

Paraguay has about 43,900 km of rural roads. The great majority is
made up of dirt roads that lack proper drainage, and only about 23
percent is covered by any sort of maintenance or improvement
program. The lack of adequate standards and maintenance, combined
with the frequent rains and soil conditions in the eastern region,
contribute to the fact that more than 65 percent of the dirt roads
are in bad condition and frequently become impassable.

The program is designed to improve 165 km of rural roads in five
departments of the eastern region in order to guarantee all-
weather transit and safety; replace 600 meters of wooden bridges
with reinforced concrete; and perform routine maintenance on 713
km of roads already improved with previous IDB financing.

Those programs, among other actions, have improved 1,570 km of
rural roads, maintained another 2,780 km, built 1,420 meters of
bridging and put in place new road safety standards.

The new program will secure those advances and contribute to
meeting the goals established in the National Plan for Rural
Roads, reduce rural poverty and promote jobs with a focus on
gender.

The IDB loan for $62 million is for 25 years, with a grace period
of 6.5 years and an interest rate based on LIBOR.

As reported in the Troubled Company Reporter-Latin America on June
18, 2015, Standard & Poor's Ratings Services revised its outlook
on the Republic of Paraguay to positive from stable.  At the same
time, S&P affirmed its 'BB/B' long- and short-term foreign and
local currency sovereign credit ratings on Paraguay.  S&P also
affirmed its 'BB+' transfer and convertibility assessment.


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


BTB CORP: Exit Plan Proposes to Pay Off Unsecureds in 5 Years
-------------------------------------------------------------
BTB Corporation has filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a proposed Chapter 11 Plan that offers to
pay non-insider unsecured creditors in full within 5 years.

Judge Mildred Caban Flores will convene a hearing to consider
approval of the explanatory Disclosure Statement on Jan. 20, 2016,
at 9:00 a.m.  Objections to the form and content of the Disclosure
Statement are due not less than 14 days prior to the hearing.

According to the Disclosure Statement, the Debtor proposes to make
payments to creditors through the Plan primarily consisting of:

   1. Payment of all administrative expenses on the later of the
Effective Date or as soon as feasible after the date any such
claim
becomes an allowed Administrative Claim.

   2. Payment of 100% of allowed priority tax claims in the amount
of $2,910 to be on the Effective Date.

   3. Secured creditor Banco Santander will be paid in full from
the payment of the accounts receivables that were foreclosed
pre-petition and the sale of the inventory.  The Debtor will
continue to make monthly interest payments on the outstanding
balance of the line of credit computed at the contractually agreed
rate of 3.75% over the 30-day LIBOR.  Also, as part of the
agreement with the bank, Petroleum Products Supply, LLC, will make
payments directly to the bank in order to cover the mortgage
payments over the premises, which are owned by Debtor's subsidiary
and guaranteed by Debtor. Debtor's affiliates will continue to
make payments under their lines of credit to the bank and Debtor
will continue to guarantee these lines of credit.  Lastly, Debtor
will continue to support the bank in the collection of the
receivables that were foreclosed by the bank prepetition.  All of
the aforementioned will be subject of a stipulation and/or a plan
supplement to be executed within the next 30 days.

   4. Payment of the non-dischargeable debt owed to the United
States under the same terms and conditions of the settlement
agreement reached with the United States.

   5. Payment of in full, plus an annual interest rate of 4%, of
allowed unsecured claims of more than $3,000 in 60 equal monthly
installments.

   6. Payment in full of allowed unsecured claims of less than
$3,000 on or before the Effective Date.

   7. Unliquidated and contingent claims will not receive any
distribution from Debtor but will retain their rights to continue
their claims against Debtor's insurance company and if any of the
objections to said claims is unsuccessful, said claim shall be
deemed as a general unsecured claim.

   8. All unsecured claims of Debtor's insiders will not receive
any dividend under the Plan but will be considered as new equity
value and shall receive common shares of the Debtor in the same
proportion.

   9. All equity interests in Debtor will be cancelled and equity
holders will receive no distribution. However, as aforementioned,
new common shares of the Debtor will be issued to the insiders
holding unsecured claims in the same proportion of their claims.

The Plan is to be funded by the Lease and Sub-Lease agreement
reached with Petroleum Products Supply, LLC, which will produce
$150,000 per month for a period of five years.

According to the Debtor, a Chapter 7 liquidation of the Debtor's
assets would produce 100% distribution to non-contingent unsecured
creditors but without interest and after the successful sale of
all assets.

A copy of the Disclosure Statement filed Nov. 20, 2015, is
available for free at:

           http://bankrupt.com/misc/BTB_Corp_211_DS.pdf

                      About BTB Corporation

BTB Corporation was organized in 2003 to be engaged in bitumen
supply activities and the rendering of any other services which
maybe complementary to such activities. Debtor initiated
operations from a leased terminal and storage facility located in
Penuelas, Puerto Rico.

In 2007, BTB acquired 100% of the stock of The Placco Company of
Puerto Rico, Inc., ("PLACCO"), a corporation organized under the
laws of Puerto Rico on May 10, 1988 primarily to manufacture,
produce, process and sell bitumen and other related or similar
products.  PLACCO became a wholly owned subsidiary of BTB, and is
the owner of the bitumen terminal leased by BTB from where BTB
operates its business in Guaynabo, Puerto Rico.

In 2012, the current majority shareholders acquired BTB from IOTC
Asphalt, LLC, retaining Mr. Juan Vazquez as President of the
Company.

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.



================================
T R I N I D A D  &  T O B A G O
================================


TRINIDAD & TOBAGO: Recession May Last Awhile, Says Energy Chamber
-----------------------------------------------------------------
Trinidad and Tobago Newsday reports that while there are things
that the country can do to alleviate the effects of the recession,
it is likely that it will last a while given that global oil
prices are likely to remain low for a while, according to chief
executive officer and president of the Energy Chamber of Trinidad
and Tobago, Thackwray Driver.

Mr. Driver did not give a specified time for how long he thinks
the recession will last, saying he did not want to speculate,
according to Trinidad and Tobago Newsday.

The report notes that Mr. Driver also commented on the recent
layoff of hundreds of workers from ArcelorMittal, saying that
though unfortunate, the layoffs were the reality of plummeting
global steel prices.  "With steel, with ArcelorMittal, what
happened is that global steel prices have plummeted and that
happened because China has moved from the best steel going into
infrastructural development in China to them exporting steel to
the rest of the world," Mr. Driver said, the report notes.

"So that has pushed the price of steel all around the world
downwards," Mr. Driver said.

As a result, Mr. Driver added, you're seeing closure of steel
parks all around the world, the report notes.  "Obviously, for
ArcelorMittal, its stock production is in Trinidad, so they have
low revenue coming in.  So they would have to obviously look at
how they're going to restructure their plant," Mr. Driver said,
the report relays.

"They're taking that out of production. It's a terrible situation
for people, but that's just the reality of the global economy at
the moment," Mr. Driver said, the report notes.  "Trinidad has
traditionally been a low cost producer because of our low
electricity prices, but there have been problems which all the
plants at Point Lisas in terms of delivery of gas . . . . So that
when they don't have that security of production, the labor
productivity rates in Trinidad are not good; that means that
Trinidad and Tobago will become one of the locations which they
(ArcelorMittal Global) look to close.  If we're not competitive,
people are not going to invest in Trinidad.  It has an impact on
government revenue and foreign currency coming into the country as
well."

The report notes that Mr. Driver addressed the recession,
reiterating that low oil prices and low productivity in the oil
sector created the recession the country now finds itself in.

Mr. Driver affirmed that the energy sector has been shrinking for
a while. Furthermore, it is unlikely there will be a sudden spike
in the oil price, which suggests a lengthy recession, the report
relays.

"I think that we're in a low oil price environment for a while,
that's what all the indications are pointing to.  So there are
things which the country can do, but I don't think we should fool
ourselves that there's going to be a sudden jump in prices and
everything is going to be fine.  I don't want to speculate times,"
Mr. Driver assured, notes the report.


* TRINIDAD & TOBAGO: Opposition Questions Borrowing Limit Increase
------------------------------------------------------------------
Caribbean360.com reports that a plan by government to increase its
borrowing limit by TT$50 billion (US$7.8 billion) has sparked a
furor.

Opposition leader Kamla Persad-Bissessar has declared this a cause
for serious concern, according to Caribbean360.com.

"This is most alarming, to increase borrowing limits to such a
huge amount exceeding this fiscal year's budget," the report
quoted Ms. Persad-Bissessar as saying. "Government needs to
explain what specifically they will be using this money for and
how they intend to manage this further proposed indebtedness."

The report notes that the measure would be facilitated by three
motions that are up for debate in Parliament.

The report discloses that Minister of Finance Colm Imbert defended
the move, saying it had become necessary.

Minister Imbert had earlier warned that the country's development
program would likely be affected by falling oil prices, the report
relays.

"Because of the borrowing done over the last five years, we are
very close to the limits in all three (Acts) and without these
increases, we would be unable to pursue T&T's Development Program
or finalize a number of loan arrangements entered into by the
previous government," Minister Imbert explained, the report notes.

However, economist Indera Sagewan-Alli told local media that
borrowing was the only option left for Government in light of its
TT$63 billion (US$9.9 billion) budget, falling energy prices and
declining revenue, the report discloses.

"Government's cash cow of sorts, the National Gas Company, has
instituted a wage freeze and that, to me, is an indication of how
bad things are," Ms. Sagewan-Alli noted, the report relays.
"Also, there's the worsening foreign exchange situation and TT
currency depreciation. If you are at the lower end of the band,
you will know the dollar has depreciated."

However, while Ms. Sagewan-Alli said borrowing for development
purposes was not necessarily bad, she was concerned about
borrowing that involved incurring new expenditure, the report
adds.


=================
V E N E Z U E L A
=================


VENEZUELA: Fitch Says Election Won't Resolve Policy Uncertainty
---------------------------------------------------------------
The majority obtained by the Venezuelan opposition's Mesa de
Unidad (MUD) in the National Assembly will not dispel uncertainty
regarding the timing and nature of the government's policy
response to the current economic crisis or reduce the risk of
social instability and further political polarization, Fitch
Ratings says.

According to results released, MUD may have obtained between 107
(a qualified majority) and 112 seats (a two-thirds majority). A
qualified majority allows for the introduction of Enabling Laws,
removal of Ministers, and potentially the appointment of new
members to the electoral court. A two-thirds majority would give
MUD the power to introduce and change some laws, submit laws for
referendum, make changes to the constitution, call a constituent
assembly, remove members of the Supreme Justice Tribunal and
appoint electoral court members.

The Venezuelan opposition coalition's victory on Sunday represents
a milestone in the recent history of Venezuelan's politics, as the
Chavista government has lost a ruling majority in the legislative
body for the first time in 15 years.

The risk of increased political tension and polarization is
material. While the government has acknowledged the electoral
outcome, it remains to be seen whether the executive will work
with the new National Assembly on a common agenda or maintain the
level of confrontation seen in recent years. The challenge for the
opposition is to use its electoral mandate to effectively address
voters' concerns, especially on economic matters, maintain a
united front within National Assembly and consolidate its
political position to prepare for the next electoral cycle. It is
also unclear whether the electoral outcome will prompt the Maduro
Administration to undertake long-needed policy changes to adjust
FX policy to the current oil price, address deepening
macroeconomic distortions and increase fresh sources of FX
financing for the economy. Political considerations in terms of
internal government policy disagreements and the electoral cycle
have delayed a comprehensive and credible policy response.

Fitch's average (Brent) oil price forecast for 2015 is USD55/b and
2016. If oil prices stay in that range, Venezuela's FX liquidity
position is likely to remain tight, in the absence of additional
sources of FX. Reserves have declined by USD7.4 billion this year
to USD14.6 billion, their lowest level since 2003. Moreover, the
operational liquidity of international reserves is limited as they
are mostly held in gold at Venezuela's central bank, which
constrains the speed of reserve liquidity.

The sovereign's sources of FX financing are also limited.
Venezuela last issued a global bond in 2011, and significant
multilateral funding is not expected in 2016. Bilateral loans from
China beyond the roll-over of existing oil financing facilities
are unlikely.

The outcome of the election does not have an impact on Venezuela's
LTFC IDR of 'CCC', which incorporates the real possibility of
default. Key factors for the sovereign's creditworthiness continue
to be its willingness to service debt, oil prices and access to FX
financing sources.

Venezuela has historically serviced its debt through periods of
high political and financial stress. Sovereign FX debt
amortizations are manageable at USD1.5 billion in 2016 with no
external market payments in 2017. Nevertheless, contingent
liabilities such as rulings from International Centre for
Settlement of Investment Disputes could increase FX commitments.


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


LATAM: Fitch Sees Increasing Divergence in Credit Quality in 2016
-----------------------------------------------------------------
Overall credit quality of rated infrastructure assets in Latin
America should continue to exhibit a steady performance in an
increasingly divergent region, according to a Fitch Ratings
report.

"The 2016 outlook for Latin America infrastructure is stable for
all sectors, with the exception of airports," said Senior Director
Glaucia Calp. 'Mexico, Central America and the Caribbean's growth
prospects are favored by ties with the U.S. economy, while
deteriorated macroeconomic conditions in Brazil represent
significant challenges to demand."

The severe devaluation experienced by many countries' currencies
has not had a significant effect in projects' performance, as
unhedged FX exposure is not material.

With toll roads consisting of mature roads, financial performance
is generally not dependent upon high traffic growth rates. Toll
roads in Mexico are likely to maintain favorable growth in line
with the country's positive economic dynamics. Conversely, in
Brazil, rated toll roads should continue to exhibit weak traffic
performance for the following 12 to 18 months, pushing concessions
into the trough of the economic cycle.

With the exception of Brazil, rated airports are expected to
continue exhibiting robust performances. The negative outlook on
rated Brazilian airports reflects the potential for continued
sluggish growth beyond 2016.

Thermal power plants and wind farms in the region have performed
in line with expectations, while, in Brazil, the enduring drought
has led to negative operating cash flow in hydro projects, with
ratings supported by corporate or financial guarantees.


                            ***********


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 * * *