TCRLA_Public/151216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, December 16, 2015, Vol. 16, No. 248


                            Headlines



A R G E N T I N A

ARGENTINA: Macri to Raise Frozen Utility Bills to Close Deficit


B R A Z I L

BRAZIL: Analysts See Deeper Recession, Faster CPI, Higher Rates
BR MALLS: Fitch Keeps 'BB+' Rating on $US405MM Perpetual Notes


C A Y M A N  I S L A N D S

CHEYNE LONG/SHORT: Members Receive Wind-Up Report
COI INVESTMENT: Members Receive Wind-Up Report
DAJUCA COMPANY: Member to Hear Wind-Up Report Dec. 22
ELBA COMPANY: Member to Hear Wind-Up Report Dec. 22
JAMES ALPHA: Member to Hear Wind-Up Report Dec. 29

NEW HOPE: Member to Hear Wind-Up Report Dec. 22
STRATHCLYDE INVESTMENTS: Member Receives Wind-Up Report
TOKIO MARINE: Shareholders Receive Wind-Up Report
VEFAR INVESTMENTS: Members Receive Wind-Up Report
VENTURI INVESTMENT: Members Receive Wind-Up Report

VILLAGE INN: Members Receive Wind-Up Report
ZELI INVESTMENTS: Member to Hear Wind-Up Report Dec. 22


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Big Business Wants Judicial Overhaul Now


H O N D U R A S

HONDURAS: To Get $40MM-IDB Loan for Energy Sector Program


J A M A I C A

JAMAICA PUBLIC: Needs More Time to Decide on Abengoa SA


T R I N I D A D   A N D   T O B A G O

ARCELORMITTAL POINT: Disagrees With Union's Figure on Cut Jobs


                            - - - - -



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


ARGENTINA: Macri to Raise Frozen Utility Bills to Close Deficit
---------------------------------------------------------------
Pablo Rosendo Gonzalez and Charlie Devereux at Bloomberg News
report that Argentina's energy tariffs, which have been frozen for
more than a decade, will be allowed to increase as new President
Mauricio Macri's government attempts to close the largest fiscal
deficit in more than 30 years.

Tariffs on electricity and natural gas will be raised after
mandatory public hearings in the next few weeks, Energy & Mining
Minister Juan Jose Aranguren told reporters, according to
Bloomberg News.  Utility company Edenor's shares in New York
jumped 3.2 percent after the announcement on Dec. 14.

"Those who can pay the real price of energy must start paying it,"
Bloomberg News quoted Mr. Aranguren as saying.  "For those who
can't, we will open a registry so they can keep paying a
subsidized bill."

Bloomberg News relays that utility tariffs have been largely
frozen since the country's economic crisis of 2002 after the
previous administration prohibited companies from raising prices,
saying that lower bills benefited the economy by boosting
consumption.  Tariffs in Argentina are about a 10th of the average
in Latin America, Livio Gallo, a director of Enel SpA, which runs
Edesur electricity distributor in Buenos Aires, said at a
conference on Dec. 3. Macri took office on Dec. 10, notes the
report.

                         Subsidized Prices

Bloomberg News notes that subsidies on utility bills are the main
contributor to the country's budget shortfall, which the Auditor
General's office expects to widen to 7.2 percent of gross domestic
product, the largest since 1982.  Electricity bills in upper-
middle class homes in Buenos Aires are as low as 40 pesos ($4.09)
every two months, Bloomberg News says.  A monthly electricity bill
in Buenos Aires costs about the equivalent of a coffee and
croissant.

Utilities have operated in a zombie-like state for years, with
Cristina Fernandez de Kirchner's government propping them up just
enough to continue providing services while controlling how they
use funds for investment, Bloomberg News relays.  Ms. Fernandez
limited power companies losses by subsidizing electricity prices
charged by wholesale electricity seller Cammesa SA, which is
controlled by the state, and by forgiving debt and fines owed to
the government, Bloomberg News relays.

Bloomberg News notes that Mr. Aranguren said Argentina's current
$75 a barrel oil price will be "reviewed to favor consumers."
Since August 2012, state-run oil company YPF SA's fuel prices have
been boosted 131 percent.  Argentina motorists pay about 42
percent more to fill their gas tanks than their Brazilian
neighbors, says the report.

For oil producers, a price higher than the international price of
crude will be maintained to keep domestic output at current levels
until the two prices converge sometime in the future, Bloomberg
News relays.  Argentina's $75 a barrel is more than 50 percent
higher than WTI, which dropped below $35 in New York earlier Dec.
14 for the first time since 2009, Bloomberg News notes.

Faced with a $6-billion energy trade deficit in 2014, Ms.
Fernandez's government kept the price of oil high as international
prices collapsed in order to boost domestic production, Bloomberg
News adds.

                          *     *     *

The Troubled Company Reporter-Latin America on Nov. 27, 2015,
reported that Moody's Investors Service has changed the outlook on
Argentina's Caa1 issuer rating to positive from stable.  The
outlook on Argentina's (P)Caa2 foreign legislation and
restructured local legislation foreign currency obligations is
also changed to positive from stable.  The outlook change is based
on Moody's view that the accession of president-elect Mauricio
Macri of the Cambiemos ("Let's Change") coalition will raise the
probability of credit positive policies being implemented,
including arriving at a resolution with holdout creditors, one of
Argentina's key credit constraints.

TCRLA reported on Aug. 1, 2014, that Argentina defaulted on some
of its debt late July 30 after expiration of a 30-day grace period
on a US$539 million interest payment.  Earlier that day, talks
with a court- appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed.  The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


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


BRAZIL: Analysts See Deeper Recession, Faster CPI, Higher Rates
---------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil analysts
forecast the central bank will be forced to raise borrowing costs
next year even as Latin America's largest nation enters a worse
recession than previously expected.

Policy makers will increase the benchmark rate to at least 14.5
percent next year, compared to the previous week's forecast of
14.25 percent, according to the Dec. 11 central bank survey of
about 100 economists, according to Bloomberg News.  Analysts
expect the economy in 2016 to shrink 2.67 percent, versus a 2.31
percent contraction seen in last week's survey, Bloomberg News
relays.

Bloomberg News notes that Brazil is caught between accelerating
inflation and contracting output, which is complicating policy
makers' response to the crisis.  Congress has focused on
impeachment proceedings, which are sidelining fiscal austerity
proposals that President Dilma Rousseff's government says would
help tame inflation and spur growth, the report says.  That has
left the onus for reining in above-target price increases squarely
on monetary policy, Bloomberg News discloses.

Brazil is heading toward its first two-year contraction since
1931, according to the government's economic research institute,
Bloomberg News relays.  Still, economists' outlook for inflation
is also worsening, adds the report.  Analysts forecast that
inflation will finish 2016 at 6.8 percent, faster than their
previous forecast 6.7 percent, Bloomberg News notes.

The central bank says it plans to bring inflation to its 4.5
percent target in 2017, and in its Nov. 24-25 monetary policy
meeting held the Selic rate at 14.25 percent -- the highest level
since 2006, Bloomberg News notes.  Rising political and economic
uncertainties threaten to keep consumer price increases above
target for longer than initially expected, the central bank said
in the minutes of the meeting, Bloomberg News adds.


BR MALLS: Fitch Keeps 'BB+' Rating on $US405MM Perpetual Notes
--------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'AA(bra)' (EXP)
to BR Malls Participacoes S.A.'s (BRMALLS) proposed debentures in
the expected amount of BRL200 million. Proceeds from the issuance
would be used to refinance existing debt and for general corporate
purposes.

Fitch currently rates BRMALLS as follows:

-- Foreign currency Issuer Default Rating (IDR) 'BB+';
-- Local currency IDR 'BB+';
-- Long-term national scale rating 'AA(bra)';
-- BRL400 million local debentures, first and second tranches due
    in 2017 and 2019 'AA (bra)';
-- BRL400 million local debentures due in 2016 'AA (bra)';
-- BRL270 million local debentures due in 2016 'AA(bra)'.

Fitch also currently rates BR Malls International Finance Limited
(Finco)'s perpetual notes as follows:

-- $US405 million perpetual notes 'BB+'.

The Rating Outlook is Positive.

The Positive Outlook reflects Fitch's expectations of continued
consistent operational performance during 2015 - 2016 despite
Brazil's challenging operational environment. BRMALLS' ratings
incorporate its business position as the largest Brazilian
shopping center operator, stable and predictable cash flow
generation, geographical and property revenue base
diversification, and low working capital requirements with renters
responsible for most maintenance expenses. The ratings also factor
in BRMALLS' growth strategy, stable capital structure, a large
pool of unencumbered assets, and successful track record in
growing the business. The company's consistent use of a balance of
equity and debt to fund its organic and inorganic growth during
the past five years has kept leverage levels low relative to the
value of its assets.

KEY RATING DRIVERS

Resilient Operational Performance Despite Brazil's Environment:
The company is projected to maintain healthy occupancy rates of
around 96% while net late payments should remain manageable in the
3% to 5% range. Despite some weakness in tenant sales and same-
store sales, EBITDA margins are expected to remain stable at
around 80%.

Modest Revenue Growth: Fitch expects BRMALLS to reach moderate
annual revenue growth rates during 2015 - 2016 in the 4% - 7%
range. This view incorporates the company's current revenue trend
in the context of Brazil's current macro business environment.
BRMalls' net revenue grew 5.2% during the first nine months of
2015 against 2014's same period.

Moderate Leverage: The company's total debt as of Sept. 30, 2015,
was BRL5.6 billion, which includes BRL2.3 billion in public debt.
The company's U.S.-dollar-denominated debt - perpetual notes -
represents approximately 26% of its total debt. BRMalls' net
leverage has been stable at around 4.5x during the last five
years. Net leverage is expected to trend below 4x in 2016 - 2017.
No significant additional debt is anticipated during this period.

Focus on Organic Growth: The company's capital intensity ratio,
measured as total capital expenditures (capex) to revenue ratio,
was 89%, 53%, and 48%, respectively, in 2012, 2013 and 2014. Fitch
projects this ratio to remain in the 20%-30% range during 2015 -
2017. The company is expected to be free cash flow (FCF) negative
during 2015 - 2016 as it executes its capex plan. BR Malls'
negative FCF during this period is anticipated to be covered
primarily by proceeds generated from recent asset divestures.

KEY ASSUMPTIONS

Key assumptions within Fitch's rating case for BRMalls' ratings
include:

-- Total owned gross leasable area (GLA) of 969,000), 978,000;
    and 1.054 million square meters (sm) by year-end 2015, 2016
    and 2017, respectively.
-- Occupancy levels around 97% during 2015 - 2017. Annual revenue
    growth of 4.2%, 6.5% and 15.7%, in 2015, 2016 and 2017,
    respectively.
-- EBITDA margin remains at historical levels around 80%.
-- Capital intensity, measured as the total capex to revenue
    ratio, at 25%, 20% and 20% in 2015, 2016 and, 2017,
    respectively.
-- Main developments: Shopping Estacao Cuiaba (35,235 sm owned
    GLA) and Catuai Shopping Cascavel (20,668 sm owned GLA) to be
    opened during 2017 - 2018.
-- No acquisition activity during 2015 - 2017.
-- Net proceeds around BRL320 million from asset divestures
    received in 2015.

RATING SENSITIVITIES

Positive Rating Actions: BRMALLS' ratings currently have a
Positive Rating Outlook. The Outlook reflects Fitch's expectations
of continued consistent operational performance despite Brazil's
current business environment. The combination of the following may
have a positive impact on BRMalls' ratings:

-- Capacity to consistently maintain EBITDA margin and occupancy
    around 80% and 96%, respectively during 2015-2016;
-- Net leverage trending to levels at or below 4x during
    2015 - 2016;
-- Improvement in the company's debt payment schedule reflected
    in lower debt due during the next 24 months relative to the
    company's cash position;
-- Interest coverage trending consistently to levels above 2.25x
    toward 2017 upon current capex plan execution;
-- Capacity to consistently maintain unencumbered assets-to-net
    unsecured debt coverage consistently around 3x.

Negative Rating Actions: Fitch would consider a negative rating
action if the company's financial profile deteriorates due to some
combination of the following: aggressive capex, adverse
macroeconomic trends leading to weaker credit metrics, significant
dividend distributions, and higher vacancy rates or deteriorating
lease conditions.

The following factors may also have a negative impact on BRMalls'
ratings:

-- Net leverage consistently trending to levels around 5x;
-- Deterioration in EBITDA margin (trending to levels around 76%)
    and occupancy below expected levels;
-- Material increase in secured debt / total debt ratio above
    current levels of 50%;
-- Fitch's expectation of limited improvement in the company's
    debt payment schedule from current levels;
-- Unencumbered assets-to-net unsecured debt coverage
    consistently below 2.5x.

LIQUIDITY

Adequate Liquidity: The company is expected to maintain sound
levels of liquidity considering its expected levels of available
cash, stable interest coverage ratio, unencumbered asset level,
and credit access. The company's interest coverage was 2x during
the last 12-month period ended on Sept. 30, 2015 (LTM September
2015), and it is expected to remain stable at this level during
2015 - 2016. The company's debt payment schedule is manageable and
it is expected to improve post-refinancing in 2016.


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


CHEYNE LONG/SHORT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Cheyne Long/Short Credit Fund Inc. received on
Dec. 4, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COI INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------
The members of Coi Investment Management (Cayman Islands) Limited
received on Dec. 11, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay, Grand Cayman
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


DAJUCA COMPANY: Member to Hear Wind-Up Report Dec. 22
-----------------------------------------------------
The member of Dajuca Company Ltd. will hear on Dec. 22, 2015, at
12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


ELBA COMPANY: Member to Hear Wind-Up Report Dec. 22
---------------------------------------------------
The member of Elba Company Ltd. will hear on Dec. 22, 2015, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


JAMES ALPHA: Member to Hear Wind-Up Report Dec. 29
--------------------------------------------------
The member of James Alpha Global Real Estate Fund, Ltd. will hear
on Dec. 29, 2015, at 4:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NEW HOPE: Member to Hear Wind-Up Report Dec. 22
-----------------------------------------------
The member of New Hope Company Limited will hear on Dec. 22, 2015,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STRATHCLYDE INVESTMENTS: Member Receives Wind-Up Report
-------------------------------------------------------
The member of Strathclyde Investments Limited received on Dec. 2,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Caroline Riou
          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P.O. Box 10147 Grand Cayman KY1-1002
          Cayman Islands


TOKIO MARINE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Tokio Marine Asset Management (Cayman) Ltd.
received on Dec. 3, 2015, the liquidator's report on the company's
wind-up proceedings and property disposal.

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


VEFAR INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Vefar Investments Holding received on Dec. 7, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


VENTURI INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Venturi Investment Ltd. received on Dec. 7, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

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


VILLAGE INN: Members Receive Wind-Up Report
-------------------------------------------
The members of Village Inn Ltd. received on Dec. 11, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CDL Company Ltd.
          89 Nexus Way, Camana Bay, Grand Cayman
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


ZELI INVESTMENTS: Member to Hear Wind-Up Report Dec. 22
-------------------------------------------------------
The member of Zeli Investments Ltd. will hear on Dec. 22, 2015, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


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


* DOMINICAN REPUBLIC: Big Business Wants Judicial Overhaul Now
--------------------------------------------------------------
Dominican Today reports that the National Business Council (CONEP)
said the judiciary has to undergo a thorough reform, to generate
the "needed levels of trust, credibility and respect."

It said for some time it has been increasingly receiving
complaints and concerns from several of the country's economic
agents on the actions by important courts, agencies and the
judiciary, according to Dominican Today.

"In its role as promoter of a strong and transparent institutions
CONEP calls for a profound internal reform of the justice system,
taking the necessary measures to ensure an independent judiciary,
which only acts according to law and justice, to generate the
levels of trust, credibility and respect necessary, and that is
transparent, accessible, efficient and effective," CONEP said, the
report relays.

It said for employers the situation of Dominican justice has
regressed and has become a big headache, because in many cases
rather than applying justice and law enforcement actions are
committed at odds with the legal system itself, especially ethics,
the report notes.

In a statement, the CONEP said the judicial system is a constant
decline, despite all the reforms implemented, such as the creation
of the Judicial Council, the report discloses.

It notes that at this late stage justice has been prey to an
internal corporatism patronage and with high populist overtones
that have given way to influence peddling, "which threatens the
stability of this important branch of government," the report
relays.

"This picture is particularly worrying when you start to notice,
with increasing strength, political influence in the decisions of
justice," CONEP said, the report adds.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings has affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.

The Rating Outlooks on the long-term IDRs are revised to Positive
from Stable. The issue ratings on the Dominican Republic's senior
unsecured foreign and local currency bonds are affirmed at 'B+'.
The Country Ceiling is affirmed at 'BB-' and the short-term
foreign currency IDR at 'B'.


===============
H O N D U R A S
===============


HONDURAS: To Get $40MM-IDB Loan for Energy Sector Program
---------------------------------------------------------
The electricity sector in Honduras will improve its financial
sustainability, efficiency and safety with a loan of $40 million
approved by the Inter-American Development (IDB).

The operation will finance a program that will help the Honduran
power sector also continues to operate with regime of efficient
tariffs and subsidies in a competitive market and Honduras' active
participation in the Central American Electricity Market.

The program will support the electricity reform initiated by
Honduras in 2014, with the aim of strengthening the institutional
capacity and sectoral regulatory framework; improving the
financial sustainability and operational efficiency; and adopting
policies oriented to ensure the security of electricity supply.

Specifically, the program will help to strengthen the financial
sustainability and operational efficiency, generating reductions
in the sector's contribution to the consolidated public sector
deficit and the level of commercial losses.

Moreover, the reforms that are being promoted will stimulate the
creation of incentives to increase the participation of renewable
energies and will benefit the process of power integration in
Central America through more competitive price levels for the
regional system compared with thermal energy. Likewise, they will
promote the harmonization of the regulatory framework for the
tender of regulations for purchasing power in the system.

It is estimated that the program will produce to Honduras benefits
associated with generation avoided by reducing losses; the
generation avoided, given the response in reducing consumption by
lower subsidy; financial income increased by reducing losses and
subsidies; and an increase in the share of renewable energies in
energy production resulting in reduced cost of generation.

The IDB loan is a blend of 60 percent of Ordinary Capital to 30
years with a grace period of 5.5 years and a LIBOR-based interest
rate, and 40 percent of the Fund for Special Operations to 40
years with a grace period of 40 years and/or 25 percent interest.

As reported in the Troubled Company Reporter-Latin America on
July 22, 2015, Standard & Poor's Ratings Services raised its long-
term foreign and local currency sovereign credit ratings on the
Republic of Honduras to 'B+' from 'B'.  The outlook is stable.
S&P affirmed its short-term foreign and local currency sovereign
credit ratings on Honduras at 'B'.  S&P also raised the transfer
and convertibility assessment to 'BB-'.


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


JAMAICA PUBLIC: Needs More Time to Decide on Abengoa SA
-------------------------------------------------------
RJR News reports that Jamaica Public Service Company (JPS) has
declared that it will need more time to decide whether it will
proceed with Spanish firm Abengoa as the preferred bidder to
construct the 190 megawatt plant in Old Harbour, St. Catherine.

A decision had been expected last week.

JPS President Kelly Tomblin told RJR's Financial Report that it
will take a few more days for a determination as the company is
still in discussions with Abengoa, seeking more information, and
is also in contact with the Electricity Sector Enterprise Team.

The report notes that Abengoa, which is on the verge of becoming
the biggest Spanish bankruptcy ever, recently presented a new
viability plan to creditor banks.  It is seeking EUR450 million,
says the report.

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



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


ARCELORMITTAL POINT: Disagrees With Union's Figure on Cut Jobs
--------------------------------------------------------------
The Daily Observer reports that ArcelorMittal Point Lisas, a
subsidiary of the world's leading steel and mining company, is
disagreeing with the figures provided by the Steel Workers Union
of Trinidad and Tobago (SWUTT) regarding the number of workers
laid off.

ArcelorMittal has said "it was completely untrue and misleading"
that it had sent home workers without any financial assistance
during the holiday period and that more than "have already signed
up to receive vacation encashment," according to The Daily
Observer.

The report notes that the steel and mining company said it wanted
to clarify "that it has laid off 480 workers of 533 bargaining
unit workers" and not the figures quoted by the union.

The SWUTT said it denounced the decision of the ArcelorMittal
Point Lisas, to lay off 600 employees with immediate effect, the
report relays.

The SWUTT said that the company, which is listed on the New York
Stock Exchange, had sent letters to "all it workers" laying them
off "with immediate effect," the report discloses.

The union said that only a few workers would remain on the pant
for maintenance purposes from the period December 7 to January 15
next year, the report notes.

The action of the company has been criticized by the Joint Trade
Union Movement (JTUM) and Prime Minister Dr. Keith Rowley said his
administration would seek to hold talks with the company and the
union on the matter, the report relays.

In a statement, ArcelorMittal said managers with accrued vacation
leave and knowing the company's position in the international
steel market had taken up the offer to proceed on paid vacation
leave while managers without accrued vacation leave have been
engaged to do alternative work at the Point Lisas plant, the
report discloses.

The company said that over the last 10 years of its operations, it
has suffered major financial losses for seven of those years and
that with uncertainties in the international steel market it has
not laid off or retrenched any of its permanent work force in
recent times and only laid off workers in December as a last
resort, the report relays.

The company said that challenges became critical at the start of
this year when it initiated discussions with SWUTT on possible
revisions to its footprint, the notes report.

The report discloses that Arcelor Mittal said the lay-offs "came
only after the SWUTT was asked to present to workers a proposal
from the company to proceed on accrued vacation days till mid-
January with pay as they are entitled to in their industrial
agreement and any worker without sufficient holidays would be
employed in alternative duties".

It said in spite of continuing decline in the production of steel
products over the last year due to uncompetitive costs and a slow-
down in production, ArcelorMittal said, it "never once laid off
and retrenched its permanent workforce this year," but engaged
SWUTT in discussions every step of the way, the report relays.

The company said that labor costs per ton at the Point Lisas plant
over the last five years have been in the highest percentile of
companies within the ArcelorMittal Group, the report relays.

It said the figures "give a true picture of the operations of
ArcelorMittal at Point Lisas and erase the false picture being
painted by the Union that the Company has been making large
amounts of profit and exploiting labor," the report notes.

The report says that the company said the difficult financial
situation at ArcelorMittal has been caused by oversupply of steel
on the international market by China and the crash in prices for
steel.

It added that this is compounded by the soft prices and major
reduction in the number of orders received for products at Point
Lisas which have impacted severely on the financial and production
operations of the company, the report adds.


                            ***********

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.

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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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202-362-8552.


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