TCRLA_Public/151218.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

            Friday, December 18, 2015, Vol. 16, No. 250


                            Headlines



A R G E N T I N A

ARGENTINA: Announces Lifting of Currency Controls


B A H A M A S

ULTRAPETROL (BAHAMAS): S&P Lowers CCR to 'CC' & Puts on Watch Neg.
ULTRAPETROL (BAHAMAS): Moody's Cuts Corp Family Rating to Caa3


C A Y M A N  I S L A N D S

ARHAMMAR CAYMAN: Shareholders Receive Wind-Up Report
EDGEFIN FUND: Shareholders Receive Wind-Up Report
EMM PTC: Sole Member to Hear Wind-Up Report on Dec. 22
ICHIBAN CORPORATION: Shareholders Receive Wind-Up Report
PHILIPPINE NEW: Shareholder Receives Wind-Up Report

PLAKA LTD: Shareholders Receive Wind-Up Report
RIVERSIDE FRONTIER: Shareholders Receive Wind-Up Report
SEABISCUIT HOLDINGS: Shareholder to Hear Wind-Up Report Today
SUBIC BAY: Shareholders Receive Wind-Up Report
TBG MASTER: Shareholders Receive Wind-Up Report

TEOREMA ALTERNATIVE: Members Receive Wind-Up Report
UB FUNDS: Shareholders to Receive Wind-Up Report on Jan. 21
WOLVERINE NEWCO: Shareholders Receive Wind-Up Report


C H I L E

AUTOMOTORES GILDEMEISTER: Extends Forbearance Deal w/ Ad Hoc Group


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Banker Downplays Impact of Fed's Expected Rate Rise


J A M A I C A

* JAMAICA: TAJ Reports Favorable Responses to RAiS


M E X I C O

ACAPULCO: Moody's Withdraws B3/B1.mx Issuer Ratings
BANCO INTERACCIONES: Moody's Raises Rating to Ba1; Outlook Stable
BANCO VE POR: Moody's Withdraws (BX+) Global Deposit Ratings
GENWORTH SEGUROS: Moody's Cuts Global IFS Rating to Ba1


P E R U

COMPANIA DE MINAS: Moody's Cuts Long-term Issuer Rating to Ba1


P U E R T O    R I C O

PUERTO RICO: Will Default in January or May, Governor Says
UNIVERSAL INDUSTRIAL: Case Summary & 20 Top Unsecured Creditors


                            - - - - -


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


ARGENTINA: Announces Lifting of Currency Controls
-------------------------------------------------
Taos Turner at The Wall Street Journal reports that Argentina's
new government lifted currency controls, allowing its citizens to
buy dollars freely for the first time in four years and setting
the stage for a sharp depreciation of the peso.

The move, which officials hope will kick-start the faltering
economy, is the strongest President Mauricio Macri has yet made in
his bid to roll back the government interference that marked the
country's economy under the previous presidencies of Nestor and
Cristina Kirchner, according to the WSJ.

"Ending the currency controls is the starting point for getting
the economy back on its feet," Finance Minister Alfonso Prat-Gay
told a news conference, the report notes.

The decision carries significant short-term risks but equally big
long-term rewards if it triggers greater investment and lifts the
country's sagging export sector, economists said, the report
relays.

In the short term, the move is likely to spark the biggest
currency depreciation since Argentina's messy economic meltdown in
2002, says the report.  Economists expect the peso to fall from
its current official price of 9.8 to the dollar to the black-
market rate of between 14 and 15 per dollar, losing a third of its
value.

Underscoring the risks, the step came on the same day the U.S.
Federal Reserve raised its benchmark short-term interest rate for
the first time in eight years, making it relatively harder for
other countries, including Argentina, to attract investment, the
report notes.

A weaker peso will make imports more expensive and add to the
country's already high inflation rate of 25%, the WSJ says.  To
keep the lid on price hikes and attract investment, Argentina's
central bank on Dec. 15 raised its benchmark rate as high as 38%.

Argentina has precious little money with which to defend its
currency in an open market: In the past four years, the central
bank's listed foreign currency reserves have plummeted from more
than $52 billion to around $24 billion, the report relays.
Economists say the bank's real net reserves are far lower
considering liabilities like money owed to importers and
outstanding bond payments, the report notes.

"In the end, nobody knows how fast the depreciation is going to
be, if it will occur in a matter of days, or it may take a little
longer.  And, of course, that is going to depend on the
intervention of the central bank," Goldman Sachs economist Mauro
Roca said from New York, WSJ relates.

To address those fears, says the report, Mr. Prat-Gay said
Argentina is on track to obtain between $15 billion and $25
billion in fresh cash from a combination of agreements with
international banks, grain exporters and China's central bank.
Mr. Prat-Gay said grain exporters have agreed to turn over $400
million a day in coming weeks from farm sales, the report notes.

That amount of available dollars is greater than expected and
should provide a short-term cushion for the central bank, said
Siobhan Morden, the head of Latin America fixed-income strategy
for Nomura Securities, the report relays.

"It is not in itself a solution, but it certainly buys them time
to resolve the main problem which is the high fiscal deficit," Ms.
Morden said, the report notes.

Argentina's fiscal shortfall is about 7% of annual economic
output, a gap that has largely been bridged in the past few years
by the central bank printing money, and thus fueling inflation,
the report discloses.  Mr. Macri has promised to narrow the gap,
and has already announced cuts to fuel subsidies, the report
relays.

According to WSJ, the cheaper peso will hit multinational
companies differently. Some may have to take an accounting write-
down, but the vast majority are likely to welcome the policy U-
turn, the report notes.

"We are extremely encouraged by what's happening in the country,"
said Alexander Nickolatos, chief financial officer of Eco-Stim
Energy Solutions, Inc., a Houston-based oilfield services company,
the report notes.  Mr. Nickolatos said the company's contracts are
dollar-denominated and that it kept a low amount of pesos on hand
in anticipation of a depreciation.

Freeing currency controls was the latest in a dizzying series of
moves Mr. Macri has made since he took office, reports WSJ.

Mr. Macri's administration has eliminated most farm export taxes,
cut personal income taxes, begun re-staffing Argentina's
discredited statistics agency, replaced the central bank
president, and appointed two Supreme Court justices, the report
notes.

While many Argentines want to overhaul the sickly economy, they
also fear the changes, notes WSJ.  Retailers and their suppliers
have been marking up prices in anticipation of a decrease in the
peso's value, the report says.

"We raised our prices by 40% before the exchange-rate changes so
we wouldn't lose money," said Marcela Ledesma, 48, who runs a
retail store selling imported orthopedic equipment such as
wheelchairs and walkers, notes the report.

Prices rose 1.2% in the first week of December alone, the fastest
clip since Argentina devalued the peso by 20% in January 2014,
according to Elypsis, an economic research firm, the report
relays.

The WSJ notes that Mr. Roca at Goldman Sachs said inflation will
likely rise and economic activity will remain subdued in the
short-term.  "When you take the medicine, you are going to have
some side effects at the beginning," the report quoted Mr. Roca as
saying.  "But the trade-off is that you will get better economic
prospects in the medium and long term."

The report relays that amid rampant inflation and a lack of faith
in the peso, Argentines have for years sought refuge in dollars.

The demand for greenbacks, combined with rising demand from the
government -- which itself needed dollars to make debt payments
and pay for energy imports -- acted like a pressure cooker on
Argentina's financial system, eventually leading to a scarcity of
hard cash, the report notes.

To stanch the bleeding, former President Cristina Kirchner largely
banned the sale of dollars in 2011.

To police the strict measures, Argentina's tax agency trained dogs
to patrol the borders and sniff out dollar bills carried by
travelers in and out of the country, the report says.  The agency
often arrested people crossing the border with rolls of dollar
bills taped to their legs or hidden in automobile compartments,
the report discloses.

But the currency controls merely fueled more demand for dollars,
leading to the creation of a vast underground currency market
where people paid a 50% premium to buy greenbacks, the report
notes.  Illegal money changers popped up across the country and
individual traders -- known as "little trees" for the dollars they
figuratively sprouted -- became commonplace in certain sectors of
Buenos Aires, the report discloses.

Mrs. Kirchner let the peso depreciate very slowly, in the belief
that a strong exchange rate boosted people's purchasing power, the
report relays.  But that approach devastated Argentina's real-
estate market, where transactions are done in cash using dollars.
It also hurt exporters whose goods became less competitive abroad,
the report notes.

The measures also failed to contain inflation, which was among the
world's highest throughout Mrs. Kirchner's eight years in office,
the report says.

Companies, meanwhile, struggled to obtain dollars to buy parts and
equipment, stifling growth and sometimes causing critical
shortages at places like hospitals, which depend on imported
supplies and equipment, the report relays.  In January, Argentina
faced a national tampon shortage, prompting women here to take to
Twitter to ask friends traveling abroad to bring back supplies,
the report says.

Now, Argentina is entering uncharted territory.

Exporters would benefit from depreciation, obtaining up to 50%
more pesos for the same product from one day to the next, the
report notes.  The housing market could also rebound if people can
again buy dollars needed for transactions, the report discloses.

But many ordinary Argentines are anxious.

"Last week, my wholesaler raised prices by 50% on headphones,"
said Moises Grinberg, 45, who runs a cellphone and audio
accessories shop in Almagro, a middle-class neighborhood in Buenos
Aires, the report discloses.  "If I raise prices that much on my
clients before the holidays they won't buy anything. So I have to
absorb the cost. I'm afraid the devaluation will bankrupt my
business," Ms. Grinberg added.

                   *     *     *

The Troubled Company Reporter-Latin America reported in Nov. 27,
2015, 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.

On Aug. 1, 2014, reported 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.


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


ULTRAPETROL (BAHAMAS): S&P Lowers CCR to 'CC' & Puts on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and issue-level ratings on Ultrapetrol (Bahamas) Ltd. to 'CC' from
'B-'.

The downgrade reflects Ultrapetrol's announcement that it failed
to meet the $10 million interest payments on its senior notes due
Dec. 15, 2015, and on the $6.5 million interest and principal
payments on other loan facilities related to Ultrapetrol's river
business.  S&P haven't downgraded the company to 'D' because there
is a likelihood that it could meet the payments within the 30-day
cure period, depending on restructuring negotiations.

The CreditWatch negative listing reflects that S&P would lower the
ratings to 'D' or 'SD' if Ultrapetrol doesn't make the payments in
the cure period of 30 days.  Also, if S&P considers the terms of
the debt restructuring as distressed, it would also lead to a
downgrade.


ULTRAPETROL (BAHAMAS): Moody's Cuts Corp Family Rating to Caa3
--------------------------------------------------------------
Moody's Investors Service downgraded Ultrapetrol (Bahamas) Ltd.
("Ultrapetrol")'s Corporate Family Rating ("CFR") and $225 million
8.875% notes due 2021 rating to Caa3 from Caa1 due to the
company's announcement that it had decided to not make its $10
million notes interest payment due December 15, 2015 as well as
the interest and principal payments on its other loan facilities
as the company continues negotiations with noteholders and bank
lenders. Concurrently, the company's liquidity rating was affirmed
at SGL-4 reflecting a continued weak liquidity profile given near-
term debt maturities in 2016. The ratings outlook remains
negative.

Ultrapetrol has a thirty day grace period under its notes
indentures to make the missed interest payment before it triggers
an event of default. If the notes payment is not made within the
30 day cure period and/or the interest and principal payments on
the company's other loan facilities are not made within their
applicable grace periods, we note that Moody's will likely
consider these events a default or limited default.

The following ratings were downgraded:

Corporate family rating, to Caa3 from Caa1

$200 million Ship Mortgage Notes due 2021, to Caa3 from Caa1

$25 million Sr Secured Notes due 2021, to Caa3 from Caa1

The following ratings were affirmed:

Speculative Grade Liquidity Rating, at SGL-4

Outlook, Negative

RATINGS RATIONALE

Ultrapetrol's Caa3 Corporate Family Rating ("CFR") reflects the
likelihood of missed interest and/or principal payments on its
debts as it is in the midst of negotiations with debt holders
combined with the company's highly leveraged capital structure and
weak interest coverage primarily stemming from lower soybean and
iron ore prices affecting its River business. The bank loan
balloon payments the company has coming due in 2016-2017 also
underlie the rating. In addition, we have viewed the concentration
of business in Ultrapetrol's offshore supply segment with
Petrobras (comprising over half of the company's year-to-date
EBITDA) as a credit risk given concerns about both corruption
investigations and negative free cash flow (partially arising from
continued weak international oil prices) at Petrobras. Petrobras'
CFR was downgraded to Ba3 on December 9 with ratings on review for
possible further downgrade.

Of note, the company continues to have 6 PSVs under contract with
Petrobras and importantly, its RSV ("remote supply vessel") UP
Coral started operating in Brazil in August of this year. The RSV
is under a 6-year contract and is expected to be a larger EBITDA
contributor versus the company's PSVs. This should partially
offset the loss in EBITDA contribution from the company's three
vessels whose contracts were terminated in September of this year.

The affirmation of Ultrapetrol's SGL rating at SGL-4 reflects
Moody's view of weak liquidity and our expectation that if an
acceleration occurs due to an event of default, the company would
likely be unable to repay debt at par.

The negative outlook and ratings downgrade reflects Moody's view
that there is a high probability of a default event in the form of
a distressed exchange or missed interest payment past the
stipulated grace period in its debt agreements.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.

The ratings are unlikely to be upgraded without a refinancing of
the company's debt or a meaningful reduction of its debt balances.

Ultrapetrol's ratings could be downgraded if liquidity
deteriorates further or its probability of default increases.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a publicly-traded, diverse international marine transportation
company. The company operates in three segments: River, Offshore
Supply, and Ocean. Last twelve months ended September 30, 2015
revenues totaled $355 million. The company is 85% owned by Sparrow
Capital Investments Ltd., a subsidiary of Southern Cross Latin
America Private Equity Funds III and IV.


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


ARHAMMAR CAYMAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Arhammar Cayman Limited received on Dec. 3,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          K.D. Blake
          c/o Giji Alex
          Telephone: 345-914-4350/ 345-949-4800
          Facsimile: 345-949-7164
          Century Yard, 2nd Floor
          Cricket Square, Elgin Avenue
          Grand Cayman, Cayman Islands


EDGEFIN FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Edgefin Fund 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:

          Matthew Wright
          c/o Barry Lynch
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949-7576
          Facsimile: (345) 949-8295


EMM PTC: Sole Member to Hear Wind-Up Report on Dec. 22
------------------------------------------------------
The sole member of EMM PTC 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


ICHIBAN CORPORATION: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of The Ichiban Corporation 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.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


PHILIPPINE NEW: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Philippine New Growth Fund received on Dec. 3,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Koji Sugitomo
          c/o Charlotte Bradshaw
          Telephone: +852 3656 6034


PLAKA LTD: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Plaka Ltd. received on Nov. 24, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RIVERSIDE FRONTIER: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Riverside Frontier Opportunities Allocation
Fund received on Dec. 4, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


SEABISCUIT HOLDINGS: Shareholder to Hear Wind-Up Report Today
-------------------------------------------------------------
The shareholder of Seabiscuit Holdings Limited will hear today,
Dec. 18, 2016, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Fiona Crellin
          Samantha Powell
          c/o Equitas Limited
          Clifton House 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


SUBIC BAY: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Subic Bay Energy Company Ltd. received on
Nov. 17, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Wisarn Chawalitanon
          Telephone: (084) 932 9972
          555 Vibhavadi Rangsit Rd Bangkok 10900
          Thailand
          e-mail: wisarn.c@pttplc.com


TBG MASTER: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of TBG Master Trading Fund SPC received on
Dec. 4, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


TEOREMA ALTERNATIVE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Teorema Alternative Strategies Fund 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.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


UB FUNDS: Shareholders to Receive Wind-Up Report on Jan. 21
-----------------------------------------------------------
The shareholders of UB Funds SPC Ltd. will receive on Jan. 21,
2016, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Koji Sugitomo
          c/o Charlotte Bradshaw
          Telephone: +852 3656 6034


WOLVERINE NEWCO: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Wolverine Newco Cayman, Ltd. received on
Dec. 8, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


=========
C H I L E
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AUTOMOTORES GILDEMEISTER: Extends Forbearance Deal w/ Ad Hoc Group
------------------------------------------------------------------
Automotores Gildemeister S.A. disclosed that it and an ad hoc
group of holders of over 70% of the aggregate principal amount of
the Company's Existing Notes, including more than two-thirds of
the principal amount of the Company's 8.250% Senior Notes due 2021
and more than two-thirds of the principal amount of the Company's
6.750% Senior Notes due 2023 have agreed to extend the forbearance
agreement entered into on November 24, 2015 until up to December
14, 2015.  The extension of the Forbearance Agreement will allow
the parties to complete the negotiation and documentation of the
agreement in principle that the Company reached with the Ad Hoc
Group, as previously announced on November 24, 2015, as well as
the related restructuring documents.

As reported in the Troubled Company Reporter-Latin America on
Nov. 30, 2015, Moody's Investors Service downgraded Automotores
Gildemeister S.A. ("AG") global scale corporate family rating to
Ca from Caa1. At the same time, Moody's downgraded its Senior
Unsecured Notes due 2021 and 2023 to Ca from Caa1. The outlook for
the ratings is stable.


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


DOMINICAN REP: Banker Downplays Impact of Fed's Expected Rate Rise
------------------------------------------------------------------
Dominican Today reports that Central banker Hector Valdez Albizu
said he agrees with other economic forecasts from specialists
worldwide that the US Federal Reserve (Fed) will raise interest
rates at its meeting last Dec. 16.

"All economists are expecting the Fed to move the interest rate,
and has been properly internalized by economic agents and by the
central banks because US inflation is below expectations and also
virtually achieved full employment with growth," Mr. Valdez said
regarding the various forecasts that US interest rates will rise,
the report relays.

The official said since the Fed's objectives are being fulfilled,
"its decision is expected to be a sensible slight increase in
interest rates," the report notes.

Mr.  Valdez reiterated that the expected move didn't take the
economic agents or the central banks including Dominican
Republic's by surprise.

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'.


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


* JAMAICA: TAJ Reports Favorable Responses to RAiS
--------------------------------------------------
RJR News reports that Tax Administration Jamaica (TAJ) has
announced that there have been favorable responses from taxpayers
to its Revenue Administration Information System (RAiS).

Ainsley Powell, Commissioner General of TAJ, disclosed that
approximately 20,000 clients have registered; up from 4,000,
according to RJR News.

With the implementation of the RAiS, taxpayers are able to access
a wide range of services online, the report notes.  These include:
viewing their filing and payment history, generating statement of
accounts, requesting a refund, and tracking its status, as well as
creating a payment plan, the report relays.

TAJ has also promised to continue providing training in the use of
its Revenue Administration Information System, the report says.

Mr. Powell told JIS News that the agency has implemented
strategies to educate taxpayers on the use of the web-based
facility, the report notes.

At the Constant Spring tax collectorate, there is a dedicated room
where clients are exposed to the system, the report says.

The RAiS project began in May 2014, with phase one being
implemented in February, and phase two last December 7, the report
notes.

It is expected that the project will be fully implemented in June
2016, 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.


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


ACAPULCO: Moody's Withdraws B3/B1.mx Issuer Ratings
---------------------------------------------------
Moody's de Mexico has withdrawn the municipality of Acapulco's
B3/B1.mx issuer ratings.  Prior to withdrawal, the ratings had a
stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine Acapulco's rating is between 01/01/2010 and 31/12/2014.


BANCO INTERACCIONES: Moody's Raises Rating to Ba1; Outlook Stable
-----------------------------------------------------------------
Moody's de Mexico upgraded Banco Interacciones, S.A.'s long-term
global local and foreign currency deposit ratings, and long-term
global local currency (GLC) senior unsecured debt rating by one
notch to Ba1.  At the same time, Moody's upgraded Interacciones's
standalone baseline credit assessment (BCA) and adjusted BCA to
ba2 from ba3, as well as its long- and short-term counterparty
risk assessments (CR Assessment) to Baa3(cr) and Prime-3(cr) from
Ba1(cr) and Not Prime (cr), respectively.

Moody's affirmed all other existing ratings on Interacciones,
including the short-term global local and foreign currency deposit
ratings of Not Prime, the long- and short-term Mexican National
Scale deposit ratings of A1.mx/MX-2, and A1.mx long-term Mexican
National Scale senior unsecured debt rating.  The outlook is
stable.

LIST OF AFFECTED RATINGS

These ratings were upgraded:

  Standalone baseline credit assessment: ba2 from ba3
  Adjusted baseline credit assessment: ba2 from ba3
  Long-term global local currency deposit rating: Ba1 from Ba2,
   stable
  Long-term foreign currency deposit rating: Ba1 from Ba2, stable
  Long-term global local currency senior unsecured debt rating:
   Ba1 from Ba2, stable
  Long-term counterparty risk assessment: raised to Baa3(cr) from
   Ba1(cr)
  Short-term counterparty risk assessment: raised to Prime-3(cr)
   from Not Prime(cr)

These ratings were affirmed:

  Short-term global local currency deposit rating: Not Prime
  Short-term foreign currency deposit rating: Not Prime
  Long-term Mexican National Scale deposit rating: A1.mx
  Short-term Mexican National Scale deposit rating: MX-2
  Long-term Mexican National Scale senior unsecured debt rating:
   A1.mx
  Outlook: stable

RATINGS RATIONALE

Interacciones's ratings take into account the bank's niche
business model focused on collateralized lending to Mexican states
and municipalities, and their suppliers.  The bank has one of the
largest shares of this market along with Banco Mercantil del
Norte, S.A. (Banorte, baa1/A3 stable), and BBVA Bancomer, S.A.
(baa1/A3 stable).  Financing to these borrowers is repaid directly
from trusts that capture cash-flows from federal fiscal transfers
to which states and municipalities are entitled.  According to
Moody's Senior Credit Officer David Olivares, "this loan repayment
mechanism has proven effective in containing credit risks, as
reflected by the bank's very low delinquency ratios and credit
losses to date." In addition, the low regulatory risk weighting
assigned to the bank's secured lending to sub-sovereign entities
supports a strong capitalization ratio, with tangible common
equity equal to 11.6% of risk-weighted assets.

The ratings also incorporate the bank's consistent earnings
generation, driven by its expertise and long-standing
relationships in the sub-sovereign segment that favor steady
interest and fee-based income as reflected by a strong pre-
provision income to risk weighted assets ratio of 6% in average.
Nevertheless, Interacciones' narrow focus on a single market
segment raises the risk of significant earnings volatility should
that market be disrupted.

Other credit challenges include the high industry and borrower
loan concentrations and heavy reliance on wholesale funding.
Despite some improvement in the past three years, the 20 largest
borrowers still represent a significant 5.9 times Tier 1 capital
and 14.5 times core earnings.  However, concentration risks are
mitigated by the fact that most of the bank's largest borrowers
are states and municipalities whose loans are secured by the
aforementioned federal transfers.

In addition, the ratings consider the bank's very high level of
depositor concentration and its heavy reliance on short-term
wholesale funding.  "Given the relatively long duration of its
loan book, this creates asset and liability mismatches that
exposes the bank to refinancing risks", Moody's Olivares noted.
Lastly, the ratings also capture the bank's closely-held
ownership, which could raise governance risks and challenge the
bank's corporate governance bodies.

Interacciones's global scale local currency deposit rating
incorporates one notch of uplift from its BCA reflecting a
moderate probability of government support owing to the bank's
importance in the financing of local governments.

NATIONAL SCALE RATINGS

The A1.mx long-term Mexican National Scale rating, the weaker of
the two options corresponding to its Ba1 global scale rating,
considers that Interacciones is not as diversified as, and faces
greater funding risks than, peers with the same global scale
rating.

RATINGS OUTLOOK

The stable outlook reflects Moody's expectation that management
will successfully execute its expansion plans without a
significant deterioration of capital or asset quality, and that
earnings will remain consistent over time.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

Continued business expansion and diversification coupled with
further improvements in corporate governance and risk practices
could put further upward pressure on the bank's rating.  The
ratings could also benefit from a meaningful increase of stable
and more granular customer deposits and a larger component of
longer-tenor funding.  By contrast, the ratings could face
downward pressure if loan concentrations increase further or if
asset risks increase significantly due to the bank's expansion
into SME and infrastructure lending.

The principal methodology used in this rating was Banks published
in March 2015.

The period of time covered in the financial information used to
determine Banco Interacciones, S.A.'s rating is between Jan. 1,
2010 and Sept. 30, 2015.

The sources and items of information used to determine the rating
include 2014 and 2015 interim financial statements.


BANCO VE POR: Moody's Withdraws (BX+) Global Deposit Ratings
------------------------------------------------------------
Moody's de Mexico has withdrawn all ratings assigned to Banco Ve
por Mas, S.A. (BX+) and Arrendadora Ve por Mas, S.A. (Arrendadora
BX+). The ratings withdrawn include BX+'s long- and short-term
global local and foreign currency deposit ratings of Ba3 and Not-
Prime, respectively, and long- and short-term Mexican National
Scale deposit ratings of A3.mx and MX-2, respectively. At the same
time, Moody's withdrew Arrendadora BX+'s issuer ratings, including
its Ba3/Not-Prime long- and short-term local currency issuer
rating, and long-term corporate family rating of Ba3. Moody's also
withdrew Arrendadora BX+'s Mexican National Scale A3.mx/MX-2
issuer ratings. BX+'s and Arrendadora BX+'s stable outlooks have
also been withdrawn.

A detailed list of ratings and assessments withdrawn is provided
below.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.
Please refer to the Moody's de M‚xico Policy for Withdrawal of
Credit Ratings, available on its website, www.moodys.com.mx.

LIST OF RATINGS AFFECTED

The following ratings of Banco Ve por Mas, S.A. were withdrawn:

Baseline Credit Assessment and Adjusted Baseline Credit
Assessment: ba3 / ba3

Long-term local currency bank deposits: Ba3

Short-term local currency bank deposits: Not-Prime

Long-term foreign currency bank deposits: Ba3

Short-term foreign currency bank deposits: Not-Prime

Long-term Mexican National Scale deposits: A3.mx

Short-term Mexican National Scale deposits: MX-2

Long and short-term counterparty risk assessment: Ba2(cr) / Not
Prime(cr)

The following ratings of Arrendadora Ve por M s, S.A. were
withdrawn:

Long-term local currency issuer: Ba3

Short-term local currency issuer: Not-Prime

Long-term corporate family: Ba3

Long-term Mexican National Scale issuer: A3.mx

Short-term Mexican National Scale issuer: MX-2

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".

The period of time covered in the financial information used to
determine the rating is between 1 January 2010 and 30 September
2015 (source: Moody's and issuer's annual audited and quarterly
unaudited financial statements).

The sources and items of information used to determine ratings on
Banco Ve por M s include 2015 interim financial statements
(sources: Moody's and issuer's quarterly unaudited financial
statements); year-end 2014 and 2013 audited financial statements
(sources: Banco Ve por M s, audited Galaz, Yamazaki, Ruiz Urquiza,
S.C. Miembro de Deloitte Touche Tohmatsu Limited); and regulatory
capital information (source: Comisi¢n Nacional Bancaria y de
Valores). In turn, sources and items of information used to
determine ratings on Arrendadora Ve por M s include include 2015
interim financial statements (sources: Moody's and issuer's
quarterly unaudited financial statements); year-end 2014 and 2013
audited financial statements (sources: Arrendadora Ve por M s,
audited Galaz, Yamazaki, Ruiz Urquiza, S.C. Miembro de Deloitte
Touche Tohmatsu Limited).


GENWORTH SEGUROS: Moody's Cuts Global IFS Rating to Ba1
-------------------------------------------------------
Moody's de Mexico has downgraded the insurance financial strength
(IFS) rating of Genworth Seguros de Credito a la Vivienda
("Genworth Mexico") to Ba1/A1.mx (global and national scale,
respectively) with negative outlook, from Baa3/Aa3.mx, review for
downgrade.

This action concludes the review for downgrade of Genworth
Mexico's ratings initiated on November 6, 2014.

RATING RATIONALE

Moody's stated that the rating action is as a result of Genworth
Mexico's decision not to proceed with obtaining a supplemental
guarantee from a financially strong international development
finance institution, following the downgrade of the company's
ultimate parent, Genworth Holdings Inc. (Genworth, Ba1 negative)
on February 11.

Moody's noted that Genworth Mexico's Ba1 IFS rating, with negative
outlook, reflects the company's good capitalization relative to
its insured exposures, the steps the company is taking to
reestablish its market position in the Mexican housing finance
environment, and its status as the only remaining private mortgage
insurer in a market that is expected to benefit from government
initiated reforms. Partially offsetting these strengths are the
company's small size relative to global and local insurance peers,
weak historical profitability exacerbated by the limited volume of
new business production to date, and concentrated exposure to a
small number of clients.

The rating agency said Genworth Mexico benefits from a guarantee
from Genworth, that undertakes to pay its policyholder claims, up
to the limit of the guarantee, in the event of the company not
being able to make payment. However, because Genworth is currently
rated at the same level as the stand-alone credit profile of
Genworth Mexico, the company's rating receives no uplift due this
guarantee. That notwithstanding, Moody's believes the presence of
the parental guarantee -- being from a US life insurer with
exposures that are only moderately correlated with Genworth Mexico
- provides some enhancement to Genworth Mexico's market position,
in the assessment of its mortgage insurance counterparties. In
addition to the guarantee, Moody's noted the Genworth name and to
a lesser extent, shared management and operational capability,
indicate that a moderate level of linkage remains between the
credit profiles of Genworth Mexico and its ultimate parent. As a
result, the negative outlook of Genworth Mexico is aligned with
the negative outlook of its ultimate parent company.

Commenting on Genworth Mexico's capital adequacy, Moody's noted
that the company maintains capital comfortably in excess of
regulatory requirements. Included in capital is a regulatory
mandated contingency reserve - to which the company is required to
transfer 50% of its net earned risk premiums - to be used to
offset potential future catastrophic losses. However, Moody's
noted that the absolute level of capital was modest relative to
global and local insurance peers, and that an additional capital
buffer would better position the company to handle potential
volatility in performance of new mortgage insurance policies that
the company expects to write if the market for high loan-to-value
lending in Mexico returns.

Genworth Mexico has written very little new business post-
financial crisis, and the majority of the business it has written
has been bulk insurance on a limited number of mortgage lenders'
portfolio loans. Recently, the Mexican government has started
implementing financial sector reforms, that amongst other
objectives, seek to stimulate increased origination of high loan-
to-value mortgages. In addition, the government has also amended
regulations that would allow for Infonavit, a large government-
owned mortgage originator, to use insurance to offset certain of
its mortgage exposures. The company expects the developments in
the housing finance environment to increase demand for mortgage
insurance, and lead to higher new business volume for the company.
While Moody's considers these developments to be positive, the
reforms and possible new market opportunities are at an early
stage, with market acceptance and awareness of mortgage insurance
still low.

RATING OUTLOOK

Moody's stated that the negative outlook reflects uncertainty
about Genworth Mexico's ability to strengthen its position in the
housing finance market in Mexico, and meaningfully increase its
new business volume, especially with potential clients that
require regulatory capital relief as part of the value
proposition. In addition, while Genworth Mexico's Ba1 IFS rating
does not specifically include uplift for parental support, Moody's
notes that the company's credit profile is to a moderate extent
linked to that of its parent, and as such, the negative pressure
on Genworth's credit profile creates has a similar impact on the
company.

WHAT COULD CHANGE THE RATING UP OR DOWN

Moody's noted that the following factors could lead to an upgrade
of Genworth Mexico or a change in outlook to stable or positive
from negative: (1) upgrade of rating of ultimate parent company or
move to stable/positive outlook from negative, (2) increased
volume of new business from multiple sources of origination,
including bank lenders, (3) an increase in net income sufficient
to cover the company's cost of capital and operating expense on a
sustainable basis, and (4) contribution of additional capital that
would meaningfully increase the company's equity base. Conversely,
the following factors could lead to a downgrade of the rating: (1)
deterioration in credit quality of insured mortgage loans, (2) a
10% decline in shareholders' equity over a 12-month period (from
underwriting losses and/or capital management activity), (3)
inability to gain meaningful market traction and increase the
volume of new business production, and (4) a downgrade in the
rating of its ultimate parent.

Genworth Seguros de Cr‚dito a la Vivienda is based in Mexico City,
Mexico. As of September 30, 2015, the insurer reported total
assets of MXN 684 million and shareholders' equity of MXN 362
million. The company reported gross premiums written for the first
nine months of 2015 of MXN 74 million, and net loss of MNX 47
million.

The principal methodology used in these ratings was Mortgage
Insurers published in April 2015. Please see the Credit Policy
page on www.moodys.com.mx for a copy of this methodology.

The sources and items of information used to determine Genworth
Seguros de Cr‚dito a la Vivienda's ratings include December 2014
financial statements (source: Comisi¢n Nacional de Seguros y
Fianzas (CNSF)).

The period of time covered in the financial information used to
determine Genworth Seguros de Cr‚dito a la Vivienda's ratings are
between 1 January 2010 and 31 December 2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit Rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


=======
P E R U
=======


COMPANIA DE MINAS: Moody's Cuts Long-term Issuer Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service downgraded Compania de Minas
Buenaventura S.A.A. ("Buenaventura")'s issuer rating to Ba1 from
Baa3, and placed the rating on review for further downgrade.

Rating Actions:

Issuer: Compania de Minas Buenaventura S.A.A.

LT Issuer rating: downgraded to Ba1 from Baa3

The rating is on review for further downgrade

RATINGS RATIONALE

The downgrade of Buenaventura's rating to Ba1 incorporates the
deterioration in market fundamentals for precious and base metals
due to pressuring commodity prices and weakening demand,
especially in China. The company's credit metrics will continue to
be challenged, and weak market fundamentals are already reflected
in lower margins (adjusted EBIT margins of 8.5% in the LTM ended
September 2015) and weaker interest coverage (measured by adjusted
EBIT/interest expense), dropping to 1.8x in the LTM ended
September 2015 from levels above 7x until 2014.

Buenaventura's Ba1 rating is supported by its diversified product
base and competitive cost position in gold, its diversity in terms
of mines (directly operated and affiliates), track record of
prudent financial policies and strong corporate governance
practices. Constraining the rating are its geographic
concentration in Peru, its relatively modest revenue size and
challenges faced to maintain profitability in tough market
conditions.

Buenaventura's rating is placed on review for further downgrade,
reflecting continued concerns about the company's operational
performance and liquidity pressures coming from the increased
reliance on short-term debt. The combination of lower than
expected production output, challenging market environment and
substantial capex, in addition to weaker results from affiliates,
has driven total leverage (measured by total adjusted debt/Ebitda)
from 0.4x at the end of 2013 to 1.8x in the last twelve months
ended in September 2015, and we expect this trend to remain.

The review process will focus on Buenaventura's ability to
complete the negotiations to refinance its debt maturing in 2016,
and to present an improvement in its liquidity position, reducing
its reliance on short-term debt. The review will also consider the
company's leverage trend, operating performance and potential for
recovery in earnings, supported by higher ore grades and low cost
basis as investments mature.

Additional rating actions can be considered if Buenaventura faces
deterioration in its liquidity position or increase its short-term
debt balance, or if the weak operating performance continues
without expectations on near-term recovery, impacted by further
weakening of precious and base metals prices and/or increase in
production costs, impairing the company's ability to generate cash
flows from its operations. A material deterioration in the
affiliates performance can also lead to additional rating actions.

Headquartered in Lima Peru, Buenaventura is a mining company
engaged in the exploration, mining and processing of gold, silver
and copper in Peru. The company has a stake of around 19.58% in
Cerro Verde, one of the world's largest copper mines, and a 43.65%
stake in Yanacocha, the largest gold mine in Latin America.
Buenaventura is controlled by the Benavides family (27% owned) and
is listed in the New York Stock Exchange (NYSE) and in the Lima
Stock Exchange. In the LTM ended September 2015, the company had
USD 983 million in revenues.


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


PUERTO RICO: Will Default in January or May, Governor Says
----------------------------------------------------------
Kasia Klimasinska and Michelle Kaske at Bloomberg News report that
Puerto Rico will default on debt payments in January or May,
Governor Alejandro Garcia Padilla said, as Congress failed to
provide the Caribbean island with the help it was seeking to cope
with an escalating debt crisis.

The lapse will probably come on Jan. 1, when its next bond
payments are due, Garcia Padilla said during an appearance at the
National Press Club in Washington, according to Bloomberg News.
Mr. Padilla said that's because the island's government may not
have enough cash to pay essential services and creditors.

"If they make me choose between Puerto Ricans and creditors, I
will choose Puerto Ricans, always," the report quoted Mr. Padilla
as saying.  "There's no money. I don't have a printing machine,"
Mr. Padilla added.

Bloomberg News notes that Puerto Rico and its agencies owe $70
billion and the island faces $957 million of interest payments due
Jan. 1, including $357 million on general obligations.  The
commonwealth this month narrowly averted a default on government-
guaranteed debt for the first time, and Garcia Padilla said it's
inevitable that Puerto Rico will have to restructure debt amassed
from years of borrowing to pay bills, Bloomberg News relays.

Mr. Padilla didn't specify which securities may default as soon as
next month.  Three agencies have already said they'll use reserve
funds to make the Jan. 1 payments after the government began
diverting revenue that's earmarked to cover their bonds, Bloomberg
News discloses.  Since August, Puerto Rico has failed to pay
owners of bonds backed only by legislative appropriations,
securities that have weak legal safeguards, the report relates.

                        What's Priced In?

Investors have been anticipating that some Puerto Rico agencies
would miss debt payments, said Mikhail Foux, head of municipal
strategy at Barclays Plc, Bloomberg News notes.  Mr. Foux said
they haven't been expecting an imminent default on general
obligations, which are given top priority under Puerto Rican law.

"That's not priced in at all," Mr. Foux said, notes the report.
"At this point, most likely, people think that G.O. guaranteed-
debt will be made on Jan. 1."

Puerto Rico general obligations with an 8 percent coupon and
maturing July 2035 traded Dec. 16 at an average price of 72.9
cents on the dollar, little changed from Dec. 15, data compiled by
Bloomberg show.  The average yield was 11.5 percent.

Garcia Padilla, who won't seek re-election and will leave office
in January 2017, has urged Congress to allow some public
corporations to file for bankruptcy, as cities on the U.S.
mainland can, Bloomberg News notes.  Bondholders have opposed
extending bankruptcy protection to Puerto Rico because they were
assured that couldn't happen when they bought its securities,
Bloomberg News discloses.

Bloomberg News discloses that U.S. lawmakers opted to not include
such a provision in the $1.1 trillion spending bill it's set to
pass to avoid a government shutdown.  Instead, the federal
legislation increases Puerto Rico's health funding by $900 million
over a decade.  That bill may be the last chance for the
commonwealth to receive help from the federal government before
lawmakers leave for the Christmas holiday, says Bloomberg News.

That additional federal funding won't help Puerto Rico address its
debt crisis, Garcia Padilla said.

"I am extremely disappointed," Mr. Padilla said, notes the report.
"Hedge funds proved more persuasive over Congress than the well-
being of 3.5 million American citizens living in Puerto Rico."

Asked about the probability of a Jan. 1 default during an
interview after the speech, he said that's something that will be
determined soon, Bloomberg News relays.  "There is a very high
chance," Mr. Padilla said.

                         *       *       *

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.


UNIVERSAL INDUSTRIAL: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Universal Industrial Supplies Inc.
        Box 7003
        Ponce, PR 00732

Case No.: 15-09895

Chapter 11 Petition Date: December 15, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Judge: Hon. Edward A. Godoy

Debtor's Counsel: Modesto Bigas Mendez, Esq.
                  BIGAS & BIGAS
                  P.O. BOX 7462
                  Ponce, PR 00732
                  Tel: 787 844-1444
                  Fax: 787-842-4090
                  Email: modestobigas@yahoo.com

Estimated Assets: Not Indicated

Estimated Liabilities: Not Indicated

The petition was signed by Javier Bustillo Gonzalez, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-09895.pdf


                            ***********


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
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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,
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202-362-8552.


                   * * * End of Transmission * * *