TCRLA_Public/151222.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

            Tuesday, December 22, 2015, Vol. 16, No. 252


                            Headlines



A R G E N T I N A

ARGENTINA: Government Plans to Roll Out New Inflation Gauge


B R A Z I L

BANCO DO BRASIL: Fitch Cuts LT FC and LC IDRs to 'BB+'
BANCO DO ESTADO: S&P Affirms 'BB+' ICR; Outlook Negative
BRAZIL: Fitch Predicts Turbulent 2016 for Asset Managers
BRAZIL LOAN: Fitch Lowers Rating on USD661.9MM Notes to 'BB+sf'
OAS SA: Gets Creditor Support For $339 Million Invepar Sale

PETROLEO BRASILEIRO: Fitch Lowers IDR to BB+; Outlook Negative
RUMO LOGISTICA: Fitch Assigns 'BB-' IDR; Outlook Negative
SUL AMERICA S.A: Fitch Cuts Issuer Default Ratings to 'BB-'


C A Y M A N  I S L A N D S

ASHTON-PAULSON: Shareholders Receive Wind-Up Report
B (BV) OFFSHORE: Shareholders Receive Wind-Up Report
BASSETTAKI PROPERTIES: Shareholders Receive Wind-Up Report
CLOAK LANE: Shareholders Receive Wind-Up Report
EAST LANE: Shareholders Receive Wind-Up Report

FRM TAIL: Shareholders Receive Wind-Up Report
H2TR OFFSHORE: Shareholders Receive Wind-Up Report
KREMER LTD: Shareholder Receives Wind-Up Report
LIQUIDITY PASS: Shareholders Receive Wind-Up Report
MOKSHA CAPITAL: Shareholders Receive Wind-Up Report

RIVERSIDE EQUITY: Shareholders Receive Wind-Up Report
RIVERSIDE EQUITY ALLOCATION: Shareholders Receive Wind-Up Report
RIVERSIDE FRONTIER: Shareholders Receive Wind-Up Report


E L  S A L V A D O R

REGAL FOREST: S&P Affirms 'BB-' CCR & Removes from UCO


H O N D U R A S

HONDURAS: Real GDP Growth Projected at 3.5 Percent, IMF Says


J A M A I C A

JAMAICA: IDB OKs US$175MM Loan for Modernization of Container Port


M E X I C O

COBRE DEL MAYO: Fitch Affirms 'C' FC Issuer Default Rating


P U E R T O    R I C O

PUERTO RICO: Doesn't Get Ch. 9 Access in Budget Bill
PUERTO RICO: Indicates Debt Default is On the Horizon


                            - - - - -


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


ARGENTINA: Government Plans to Roll Out New Inflation Gauge
-----------------------------------------------------------
EFE News reports that the government plans to start using a new,
temporary but "believable" inflation indicator in the next two
weeks in Argentina, National Statistics and Census Institute, or
Indec, director Jorge Todesca said.

The statistics agency is "working on some different alternatives"
for the inflation gauge, which has been criticized since 2007, Mr.
Todesca told the Mitre radio network, according to EFE News.

Indec has not been able to "create a transition structure" between
incoming and outgoing officials, Mr. Todesca, who was recently
appointed to his post by new President Mauricio Macri, said, notes
the report.

"We have a legal problem over putting in our own specialists,
people who can be trusted, and that takes time," the report quoted
Mr. Todesca as saying.

Indec's figures have been criticized since 2007, especially the
consumer price index, for underreporting the inflation rate,
compared to gauges prepared by private economic consulting firms,
the report relays.

The statistics agency has not released figures on the poverty rate
in Argentina in some time, with the last reports coming out in the
first half of 2013, the report notes.

The latest Indec report said consumer prices rose 1.1 percent in
Argentina in October, while private economic consulting firms
estimated that prices rose 1.52 percent during the same month,
says the report.

Under former President Cristina Fernandez's administration, the
Indec reported that the year-on-year inflation rate in October was
14.3 percent, while private forecasters put the number at 25.02
percent, notes EFE News.

                          *     *     *

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.


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


BANCO DO BRASIL: Fitch Cuts LT FC and LC IDRs to 'BB+'
------------------------------------------------------
Fitch Ratings has taken various rating actions on these financial
institutions:

   -- Banco Bradesco SA (Bradesco)
   -- Itau Unibanco SA (IU)
   -- Itau Unibanco Holding SA (IUH)
   -- Banco Santander Brasil SA (SanBra)
   -- Banco Safra SA (Safra)
   -- Banco do Brasil SA (BdB)
   -- Banco Votorantim SA (BV)
   -- Banco da Amazonia SA (BdA),
   -- Banco do Nordeste do Brasil SA (BNB),
   -- Banco Nacional de Desenvolvimento Economico e Social
      (BNDES),
   -- Caixa Economica Federal (Caixa),
   -- Banco ABC Brasil SA (ABC)
   -- Banco Daycoval SA (Daycoval)
   -- Banco Industrial do Brasil SA (BIB)
   -- Banco Pine SA (Pine)
   -- Banco Pan SA (Pan)
   -- Brazilian Finance & Real Estate S.A. (BFRE)
   -- Brazilian Mortgages Cia Hipotecaria (BM)
   -- Brazilian Securities Cia de Securitizacao (BS)

The rating actions follow Fitch's recent downgrade of Brazil's
sovereign rating to 'BB+' from 'BBB-'; Negative Outlook and the
revision of the country ceiling to 'BBB-' from 'BBB'.  These
actions also reflect factors considered in Fitch's negative
outlook for the Brazilian banking industry.

In Fitch's view, despite the system's relatively comfortable
capitalization and liquidity ratios as well as adequate loan loss
reserves coverage, the deterioration of the macroeconomic backdrop
resulted in a tough operating environment for Brazilian banks
during the second half of 2015 that is likely to continue during
2016.  The prospects of a prolonged economic recession, higher
unemployment, inflation and interest rates and reduced investments
will undermine the sector's performance and result in an even more
conservative risk appetite.

The Long-term Issuer Default Ratings (IDRs) and Viability Ratings
(VRs) of BIB and Pine were affirmed, while the Outlooks on their
Long-term IDRs were revised to Negative from Stable.  The Long-
term IDRs of the remaining 17 financial institutions mentioned
above were downgraded, and the Negative Outlook (or Negative
Rating Watch) on them, maintained.  The VRs of seven of these
financial institutions (Bradesco, IU, IUH, SanBra, Safra, ABC and
Daycoval) were also downgraded.

KEY RATING DRIVERS - IDRS, SUPPORT RATINGS (SRs), SUPPORT RATING
FLOORS (SRFs), AND DEBT RATINGS

Issuers reviewed in the report are categorized in four groups:

1) Federal government-owned banks, BdB, BdA, BNB, BNDES and Caixa,
whose IDRs are driven by sovereign support and where the federal
government is either the majority or the full owner and the source
of expected support;

2) Issuers whose IDRs are driven by their VRs and that are rated
above or equal to the sovereign rating (IUH, IU, Bradesco, Safra,
ABC, Daycoval);

3) Issuers whose IDRs are driven by their VRs and that are rated
in the 'BB' category (BIB and Pine); and

4) Issuers whose IDRs are driven by institutional support by
parents which are rated above or equal to the sovereign rating
(SanBra, BV, Pan, BFRE, BM and BS).

In the first group, Fitch downgraded all five banks' LT FC and LC
IDRs, and if existing, senior debt ratings to 'BB+' from 'BBB-',
in line with the downgrade of Brazil's IDRs.  All five ratings are
aligned with Brazil's sovereign ratings, due to the banks' either
majority or full federal government ownership, their key policy
role in the implementation of government economic guidelines and,
in the case of BdB and Caixa, their systemic importance.  The
Negative Outlook on the LT IDRs mirrors that on the LT IDRs of
Brazil.  The downgrade of the banks' SRs to '3' from '2' and SRFs
to 'BB+' from 'BBB-' reflect the reduced capacity of the
government to support these banks.

The second group includes issuers with very strong credit profiles
but that are closely linked with the operating environment.  In
the case of Bradesco, IUH and IU, their ratings are driven by
their VRs, which are rated one-notch above the sovereign,
reflecting their very strong credit profile.  The VRs of the banks
in this group were also downgraded following the sovereign rating
downgrade as well as their LT FC, LC IDRs, and debt ratings when
applicable.  The LT IDRs of these banks retain their Negative
Outlook, mirroring the sovereign Outlook.  Fitch downgraded
Bradesco, IUH and IU's SRFs to 'BB' from 'BB+', given the reduced
capacity of the sovereign to provide support should it be
required.

Fitch also downgraded Safra's LT IDRs and senior debt ratings to
'BB+' from 'BBB-' and maintained the Negative Outlooks on its LT
IDRs.

In the third group, BIB and Pine's LT IDRs were affirmed at 'BB'.
The IDRs of these banks are driven by their VRs which were also
affirmed.  The revision of BIB and Pine's Outlooks to Negative
from Stable reflects Fitch's view that the key credit metrics of
these two mid-sized banks are highly influenced by the operating
environment and could come under further pressure considering
Fitch's expectations of continued deterioration of domestic
operating conditions, as evidenced by the negative outlook
assigned to the Brazilian banking sector.

In the fourth group, SanBra's LT LC IDR was downgraded to 'BBB'
from 'BBB+'; Negative Outlook, reflecting the maximum two-notch
uplift from the sovereign IDR for issuers with highly rated
parents.  SanBra's LT FC IDR and senior debt ratings are
constrained by Brazil's Country Ceiling of 'BBB-', and therefore
were downgraded accordingly.

In the same group, BV'd IDRs are driven by expected support from
its minority shareholder - BdB.  Fitch believes that BV is
strategically important for BdB, and maintains a one-notch
difference between these two banks' IDRs.  Therefore, Fitch
downgraded BV's LT IDRs to 'BB' from 'BB+'; Negative Outlook, and
affirmed its VR at 'bb-' and SR at '3'.

Also in this group, Fitch downgraded Pan and its subsidiaries'
(BFRE, BM and BS) LT IDRs to 'BB-' from 'BB' and the Negative
Rating Watch was maintained.  The rating action reflects the
downgrade of Caixa's LT IDRs, as Pan and its subsidiaries' ratings
are based on the extraordinary support they could receive from
Caixa.  Extraordinary support could be provided in the form of
credit lines and long-term funding agreements, as well as a new
strategic orientation, including management proximity, especially
after the difficulties faced by Banco BTG Pactual S.A. (BTG, Long-
term IDR 'BB-'; Watch Negative), which is Pan's co-controlling
shareholder.  Pan's VR was affirmed at 'b'; Negative Watch.

KEY RATING DRIVERS - VIABILITY RATINGS (VRs

The VRs of Sanbra, Safra, ABC and Daycoval are constrained by the
operating environment.  These banks' VRs should move in tandem
with the sovereign rating of Brazil.  For this reason, all these
banks' VRs were downgraded to 'bb+' from 'bbb-', reflecting
Fitch's approach of usually limiting bank ratings to the sovereign
rating level.

The VRs of BIB and Pine were affirmed at 'bb', as their key credit
metrics - although under pressure - are still adequate for their
respective rating levels.  Pressures on the corporate sector may
eventually undermine the asset quality of these two banks.
Bradesco, IU and IUH's VRs remain one-notch above the sovereign
rating due to their strong credit profile.  Both banks count on
diversified franchises, strong liquidity and capitalization,
resilient profitability, satisfactory asset quality and are D-SIBs
with impressive market share in several segments in the Brazilian
financial services industry.

BdB's VR was affirmed at 'bb+' and reflects its leading franchise
in multiple business segments, including lending, insurance, asset
management and debit/credit cards, and solid funding and
liquidity.  BdB's VR is constrained by the operating environment
and should move in tandem with the sovereign rating of Brazil.

BV's VR was affirmed at 'bb-', as its key credit metrics -
although under pressure - are still adequate for its respective
rating level.  Pressures on BV's corporate exposures may
eventually undermine the asset quality of this bank.

Pan's VR is limited by the still volatile operating performance of
the bank, its operating losses, improving but still below-average
asset quality ratios, and relatively weak capitalization.  The
rating was maintained on Rating Watch Negative because of the
potential for material negative effects on its intrinsic profile
due to the difficult situation faced by its co-controller, BTG.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS (SRs), SUPPORT RATING FLOORS (SRFs), DEBT
RATINGS, VIABILITY RATINGS (VRs)

In addition to specific sensitivities for each institution --
please see the individual report of each, available at
www.fitchratings.com.  The IDRs of all banks included in this
release are sensitive to any further changes in Brazil's sovereign
ratings and their Outlook.

The prospects of a prolonged economic recession, high
unemployment, inflation and interest rates, and reduced
investments will undermine the banking sector performance and may
result in an even more difficult operating environment,
particularly for mid-sized banks, which have more concentrated
business models than their larger counterparts, larger asset and
liability concentrations and wholesale funding bases.

Further deterioration in the operating environment could also
negatively affect the VRs of each of the banks included in this
release if and when such deterioration becomes identifiable on
each bank's key credit metrics, such as asset quality,
profitability and capitalization.


BANCO DO ESTADO: S&P Affirms 'BB+' ICR; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
long-term global scale and 'brAA' national scale issuer credit
ratings on Banco do Estado do Rio Grande do Sul S.A. (Banrisul).
The outlook is negative.  The stand-alone credit profile (SACP) is
'bb+'.

The ratings on Banrisul continue to reflect its "adequate"
business position given its strong presence in the state of Rio
Grande do Sul.  Its "moderate" risk position based on
deteriorating asset quality.  Its "adequate" capital and earnings,
which stems from a 7.9% forecasted RAC ratio for the next 18
months and its "above average" funding, and "adequate" liquidity.

The negative outlook on Banrisul for the next 12 months reflects
the outlook on Brazil because S&P rarely rates banks above the
sovereign ratings.  The outlook also reflects the negative trend
in Brazil's BICRA and economic risk.

S&P could lower the ratings following a similar rating action on
the sovereign or if S&P negatively revises the BICRA and economic
risk of Brazil.  S&P could also lower the ratings if Banrisul's
RAC ratio is consistently below 7%, or if its NPLs and charge offs
continue to rise to consistently above 6% and 4%, respectively.
Moreover, a negative rating action would follow significant
deterioration in the bank's funding base as a result of
reputational risks from the potential distress of its shareholder,
the state of Rio Grande do Sul.  S&P could revise its funding
score to below average if the SFR reaches consistently below 80%.

S&P could revise the outlook to stable if there is a similar
rating action on the sovereign, and if S&P revises its trend in
Brazil's economic risk and BICRA to stable.


BRAZIL: Fitch Predicts Turbulent 2016 for Asset Managers
--------------------------------------------------------
Recent regulatory changes, overall market volatility, low growth
of assets under management (AUM), and greater flexibility to
invest abroad should keep Brazilian asset managers alert in the
year ahead, says Fitch Ratings in a special report about the
trends of the industry for 2016.

The deterioration of investor's expectations regarding the
Brazilian economy will likely contribute to continued volatility
over the short term.  Consequently, Fitch expects 2016 to be a
continuation of the very challenging environment for Brazilian
asset managers.

In 2015, the Brazilian Securities and Exchange Commission (CVM)
updated the Brazilian fund industry regulatory framework.  A few
changes were readily incorporated by the participants and have
already changed the industry landscape in a meaningful way.
However, other measures still generate uncertainties and are
likely to lead to intense discussions during the adjustment
period, which goes until June 30, 2016.


BRAZIL LOAN: Fitch Lowers Rating on USD661.9MM Notes to 'BB+sf'
---------------------------------------------------------------
Fitch Ratings downgrades the rating assigned to the senior secured
pass-through notes issued by Brazil Loan Trust I (the issuer) as:

   -- USD661.9 million notes to 'BB+sf' from 'BBB-sf'; Outlook
      Negative.

The transaction is a pass-through securitization of a 10-year
amortizing loan originated by Bank of America N.A. ('A+'/Outlook
Stable) to the Brazilian State of Maranhao ('BB'/Outlook
Negative).  The loan is guaranteed on an unconditional and
irrevocable basis by the Federative Republic of Brazil (Brazil;
'BB+'/Outlook Negative).

Payments on the loan are made to a bank account at Wilmington
Trust N.A. (administrative agent; 'A'/Outlook Stable).  On the
next day, funds are transferred to an issuer account at the Bank
of New York Mellon (indenture trustee; 'AA'/Outlook Stable).
Payments are made on the notes immediately thereafter.

Fitch's rating addresses timely payment of interest and principal.

KEY RATING DRIVERS

The downgrade of the senior secured pass-through notes follows
Fitch's downgrade of Brazil's sovereign long-term Issuer Default
Ratings (IDRs) to 'BB+' from 'BBB-', which reflects the economy's
deeper recession than previously anticipated, continued adverse
fiscal developments and the increased political uncertainty that
could further undermine the government's capacity to effectively
implement fiscal measures to stabilize the growing debt burden.
The Negative Outlook on the notes mirrors the Negative Outlook on
the sovereign IDRs.  Under the transaction, Brazil pledges its
full faith and credit to the loan, and such contingent liability
ranks pari passu with all of its other existing and future foreign
currency debt.

The rating also considers the timely payments of interest and
principal due to date.  All semiannual payments due until July
2015 were made directly by the State of Maranhao.  The next
interest and principal payment date in Jan. 8, 2016.

RATING SENSITIVITIES

The rating assigned to the notes is sensitive to changes in the
credit quality of Brazil as guarantor on an unconditional and
irrevocable basis.  The transaction's rating is equivalent to the
higher of Brazil's long-term or Maranhao's long-term rating.
Brazil's rating remains higher than the long-term rating of
Maranhao.


OAS SA: Gets Creditor Support For $339 Million Invepar Sale
-----------------------------------------------------------
Jonathan Randles at Law360.com reports that Brazilian construction
firm OAS SA said that it had reached a deal with creditors to
reorganize the company, a plan that would include the sale of the
firm's prized stake in airport and infrastructure manager Invepar
for at least BRL1.35 billion ($339 million).

OAS SA said it plans to sell the Invepar stake to global
investment firm Brookfield Asset Management Inc., subject to court
approval, according to Law360.com.  Brookfield had been
negotiating with OAS before the construction firm filed for
bankruptcy in April, the report relays.

                         About OAS S.A.

The OAS Group is among the largest and most experienced
infrastructure companies in Brazil, focusing on heavy engineering
and equity investments in infrastructure projects located in and
outside Brazil and abroad for both public and private clients.
The OAS Group provides services in 22 countries in Latin America,
the Caribbean and Africa.

Based in Sao Paulo, Brazil, OAS S.A. is the holding company at the
apex of the OAS Group.  Its share capital is divided between CMP
Participacoes Ltda. (owned by Mr. Cesar de Araujo Mata Pires),
which has a 90% stake, and LP Participacoes e Engenharia Ltd.
(owned by Mr. Jose Adelmario Pinheiro Filho, which has a 10%
stake.

Amid an investigation into alleged corruption and money
laundering, and missed interest payments, OAS S.A. and its
affiliates Construtora OAS S.A., OAS Investments GmbH, and OAS
Finance Limited on March 31, 2015, commenced judicial
reorganization proceedings before the First Specialized Bankruptcy
Court of Sao Paulo pursuant to Federal Law No. 11.101 of February
9, 2005 of the laws of the Federative Republic of Brazil.

On April 15, 2015, OAS S.A., et al., filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 15-10937) in Manhattan,
in the United States to seek U.S. recognition of the Brazilian
proceedings.  Renato Fermiano Tavares, as foreign representative,
signed the petitions.  The cases are assigned to Judge Stuart M.
Bernstein. White & Case, LLP, serves as counsel in the U.S. cases.

OAS S.A. listed at least US$1 billion in assets and liabilities.


PETROLEO BRASILEIRO: Fitch Lowers IDR to BB+; Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) and outstanding debt ratings for Petroleo
Brasileiro S.A. (Petrobras) to 'BB+' from 'BBB-'.  These rating
actions affect approximately USD50 billion of issued debt,
including debt issued by Petrobras International Finance Company
(PIFCO), Petrobras Global Finance B.V. (PGF), and certain debt
issued by Petrobras Argentina S.A., which Petrobras
unconditionally and irrevocably guarantees.  The Rating Outlook is
Negative.

Fitch has downgraded the Brazilian sovereign's foreign and local
currency IDRs to 'BB+' from 'BBB-' and the country ceiling to
'BBB-' from 'BBB'.  The Rating Outlook for the sovereign is
Negative.

Brazil's rating downgrade reflects the economy's deeper recession
than previously anticipated, continued adverse fiscal developments
and the increased political uncertainty that could further
undermine the government's capacity to effectively implement
fiscal measures to stabilize the growing debt burden.  The
Negative Outlook highlights continued uncertainty and downside
risks related to economic, fiscal and political developments.  The
deteriorating domestic backdrop is increasing challenges for the
authorities to take timely corrective policy actions to support
confidence and improve prospects for growth, fiscal consolidation
and debt stabilization.

RATING SENSITIVITIES

A negative rating action on Petrobras could result from a
downgrade of the sovereign and/or the perception of a lower
linkage between Petrobras and the government.

A positive rating action on Brazil, could lead to a positive
rating action on Petrobras.

The Sovereign rating sensitivities include:

   -- Failure to arrest the pace of increase in the government
      debt burden.  Crystallization of material contingent
      liabilities would also be negative.

   -- A deeper and more prolonged recession which further
      undermines government debt dynamics and stokes political and
      social instability.

   -- Erosion of international reserves and deterioration in
      government debt composition.

The Rating Outlook is Negative.  Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a high
likelihood of leading to a positive rating change.  Future
developments that could individually, or collectively, result in a
stabilization of the Outlook include:

   -- An improvement in the political environment that is
      conducive to improved policy implementation and supports
      confidence, growth and reform prospects.

   -- Fiscal consolidation that leads to greater confidence in the
      capacity of the government to achieve debt stabilization.

   -- Improved investment and growth environment and a reduction
      in macroeconomic imbalances.

LIQUIDITY

FULL LIST OF RATING ACTIONS

Fitch downgrades these:

Petroleo Brasileiro S.A. (Petrobras)

   -- Foreign currency IDR to 'BB+' from 'BBB-'; Outlook Negative;
   -- Local currency IDR to 'BB+' from 'BBB-'; Outlook Negative;

Petrobras International Finance Company (PIFCO)

   -- Foreign currency IDR to 'BB+' from 'BBB-', Outlook Negative,
      and simultaneously withdraws this IDR;
   -- International debt issuances to 'BB+' from 'BBB-'.

Petrobras Global Finance B.V. (PGF)

   -- Foreign currency IDR to 'BB+' from 'BBB-', Outlook Negative,
      and simultaneously withdraws this IDR;
   -- International debt issuances to 'BB+' from 'BBB-'.

Petrobras Argentina S.A.

   -- International debt issuances to 'BB+' from 'BBB-'.


RUMO LOGISTICA: Fitch Assigns 'BB-' IDR; Outlook Negative
---------------------------------------------------------
Fitch Ratings has assigned a first-time rating of 'BB-' to the
foreign and local currency Issuer Default Ratings (IDRs) for Rumo
Logistica Operadora Multimodal S.A. (Rumo) and 'A(bra)' National
Scale long-term rating.  The Rating Outlook is Negative.

Rumo's ratings reflect the company's strongly leveraged capital
structure, coupled with predictable cash flow generation through
the economic cycle and solid business position as a railroad and
logistic operator in the Brazilian infrastructure industry.  Fitch
sees as credit positive Rumo's part of the Cosan Group (Cosan
Limited, Foreign Currency and Long-term Currency IDR 'BB'/Stable
Outlook), which provides reasonable financial flexibility to the
company.  The merger with ALL in April 2015 also brought positive
perspective for the business, as the combined operations will
allow Rumo and ALL to benefit from synergies between the two
companies' logistics business models.

The company's Negative Outlook reflects the challenges Rumo faces
to improve its currently aggressive capital structure and to
finance a huge capex plan amid Brazil's deteriorated macroeconomic
and debt environment.  Another important challenge will be the
company's ability to consistently capture increasing volumes and
present a healthier debt maturity schedule in order to improve
operating profitability and smooth current refinancing pressures.

Rumo's ratings also consider the announcement of a BRL350 million
to BRL650 million capital increase proposal, announced December
3rd.  The proceeds of the transaction will enhance Rumo's
consolidated liquidity, but will not materially change leverage
measures.  Rumo's ability to begin the deleveraging process as of
2017, when the greatest part of the medium-term capex program is
expected to be finished, is crucial for the maintenance of the
rating at the 'BB-' category.

KEY RATING DRIVERS

HIGH LEVERAGE; SLIGHT DECLINE IS EXPECTED BEYOND 2017

Rumo's leverage is high for the rating category.  Fitch expects
the company to post a net adjusted debt-to-EBITDAR ratio,
according to Fitch's methodology, in the 6.3x - 6.5x range during
2015 and 2016 due to the additional debt taken on to finance the
capex plan.  Fitch expects a decline to below 6.0x from 2017
onwards, when the company is expected to fully benefit from
capacity increase and operating margins expansion.  The agency
expects a gradual decline to below 6.0x just after 2017, when the
company will be fully benefiting from the additional capacity and
the expected operating margin expansion.  On a pro forma basis,
considering the latest-12-month (LTM) ended Sept. 30, 2015, the
combined entity's net adjusted debt-to-EBITDAR ratio, according to
Fitch's methodology, peaked at 8.2x.  This figure compares
unfavorably to 6.6x in 2014 and 4.3x in 2013.

FCF WILL REMAIN NEGATIVE IN THE FOLLOWING YEARS

Despite the positive trend in Rumo's funds from operations (FFO)
going forward, the expected substantial expansion capex plan will
prevent the company from generating positive free cash flow (FCF).
Rumo is expected to invest about BRL7.4 billion up to 2019, which
should result in volume increases of 8% - 10% per year, during the
period.  According to Fitch's projections, Rumo's consolidated
free cash flow is not expected to turn positive before 2018, and
will be financed by long term debt.

SOLID BUSINESS POSITION

The ratings incorporate Rumo's solid business position as the sole
railroad transportation operator in the South and Mid-Western
regions of Brazil, areas with high growth potential due to stable
global demand for grains.  Although ALL faced some operating
challenges during 2014 and 2015, the long-term fundamentals of its
businesses remain strong.  The company's operating model has
demonstrated resilience against adverse global economic conditions
through several cycles.  The company has shown an ability to
increase cargo volumes in the last years during diverse economic
scenarios.  Fitch understands that the merger with ALL's operation
will strengthen the consolidated business profile as it will
combine important operational logistics assets and new business
opportunities with Cosan Group's rail operation.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Mid-single digit revenues growth from 2015 to 2018;

   -- EBITDA margin of about 41% in 2015; gradual increase to 49%
      in 2017 considering synergies and scale gains;

   -- Capex of BRL2.8 billion during the second half 2015 and
      2016; and BRL4.6 billion from 2017 to 2019;

   -- Adjusted net debt to EBITDAR, according to Fitch'
      calculation, at the range of 6.0x - 6.5x in 2015 and 2016
      and below 6.0x from 2017 onwards.

RATING SENSITIVITIES

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

   -- Rating upgrades are unlikely in the medium term due to the
      challenges Rumo faces to improve is capital structure while
      financing its capex plan.

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

   -- Inability to improve operational cash flow generation
      through increasing volumes of at least 8% per year and
      EBITDA margin expansion up to 2017;

   -- Failure to roll over short-term debt and finance the huge
      capex in the medium term at competitive credit lines.

LIQUIDITY

On Sept. 30, 2015, Rumo's liquidity was tight, presenting a weak
cash-to-short-term debt (including BRL537 million of rental and
concession obligations) coverage ratio of 0.4x.  The capital
increase proposal of up to BRL650 million should contribute to
improve the debt coverage ratios and reduce the refinancing
pressures.  During this period, consolidated cash and marketable
securities where approximately BRL949 billion and consolidated
total debt was BRL12.8 billion, including BRL1.8 billion of rental
and concession obligations.

Fitch believes Rumo will be able to properly raise medium to long-
term debt during the next 12 months, which will also soften
current refinancing risks.  The ratings incorporate that Rumo will
achieve healthier cash to short-term debt ratios during the
investment period; a large part should be financed by credit lines
at Banco Nacional de Desenvolvimento Economico e Social (BNDES).



SUL AMERICA S.A: Fitch Cuts Issuer Default Ratings to 'BB-'
-----------------------------------------------------------
Fitch Ratings has downgraded Bradesco Seguros S.A.'s (Bradesco
Seguros) Insurer Financial Strength (IFS) rating to 'BBB-' from
'BBB'. At the same time, Fitch has downgraded Sul America S.A.'s
(SASA) long-term local- and foreign-currency Issuer Default
Ratings (IDRs) to 'BB-' from 'BB'. The Rating Outlook on Bradesco
Seguros' IFS and SASA's long-term IDRs is Negative. A full list of
rating actions follows at the end of the release.

KEY RATING DRIVERS
Bradesco Seguros

The downgrade of Bradesco Seguros' IFS rating results from the
downgrade of the long-term Local Currency IDR of its parent Banco
Bradesco S.A. (Bradesco, long-term local currency IDR 'BBB-
'/Outlook Negative; for further information, see Fitch Takes
Actions on Financial Institutions Following Brazilian Sovereign
Downgrade', dated Dec. 17, 2015, at 'www.fitchratings.com'), which
in turn reflects the downgrade of Brazil's sovereign ratings. The
Negative Outlook on Bradesco Seguros' IFS mirrors that on its
parent's long-term local currency IDR. The downgrade reflects the
reduced capacity of Bradesco to support Bradesco Seguros if
needed.

Fitch considers Bradesco Seguros as a 'core subsidiary' of
Bradesco, and therefore its ratings are equalized to those of its
parent. This is based on the strategic importance of the insurance
operations, which are a key and integral part of the group's
business, common branding, and high contribution of Bradesco
Seguros to group profits (29% in the first six months of 2015 and
in 2014, and 31% in 2013). Bradesco Seguros has maintained solid
profitability through the cycles, thanks to good technical results
and solid financial income. Its average operating ratio and
average ROA were 76.0% and 2.5%, respectively, in 2014 and the
first half of 2015.

SASA

SASA's IDRs are constrained by Brazil's ratings, therefore the
downgrade of the sovereign ratings have led to their downgrade.
The close link between the ratings of SASA and the sovereign is a
result of the full concentration of SASA's operations in Brazil
and its very large Brazilian government securities holdings, which
made up almost 67% of its total securities and corresponded to
1.8x its total equity at September 2015. Exceptional notching for
a ring-fenced regulatory environment was applied between the
implied insurance operating company and holding company IDRs.
Notching was compressed by one relative to standard notching, as
sovereign-related risks have so far not affected SASA's key credit
metrics, which remain stable and adequate for its ratings. As of
September 2015, SASA's profitability remained solid, as evidenced
by an average operating ratio and an average ROA of 94.6% and
2.9%, respectively, broadly unchanged from 2014. During the same
period, leverage remained relatively high but stable, with
operating leverage averaging 3.6x, the same as in 2014.

RATING SENSITIVITIES

Bradesco Seguros: Bradesco Seguros' ratings are linked to those of
Bradesco. Therefore, any change in the bank's ratings would affect
the insurer's ratings, as would a change in the bank's willingness
to provide support, which Fitch considers highly unlikely.

SASA: In case of an additional downgrade to Brazil's sovereign
ratings, SASA's IDRs would be subject to a review that could
result in a range of rating actions from affirmation to a two-
notch downgrade based on Fitch's insurance rating criteria that
allows flexibility as to how sovereign considerations are factored
into insurance rating notching. The ultimate decision would be
driven by the rationale for the sovereign rating action and
Fitch's view of how this impacts SASA's operating environment,
investment risk and overall creditworthiness. In addition, a
sustained and material deterioration in profitability,
characterized by an ROA below 0.5%; the deterioration of the
liabilities/equity ratio to above 5.0x; an increase in the
financial leverage (financial debt/equity) to above 25% for a
sustained period; a fall in the interest coverage ratio to below
2.0x; or a significant reduction in the holding's liquidity, could
negatively affect the ratings.

FULL LIST OF RATING ACTIONS

Fitch has taken the following rating actions:

Bradesco Seguros
-- IFS downgraded to 'BBB-' from 'BBB', Outlook Negative.

SASA
-- Foreign and local currency long-term IDRs downgraded to 'BB-'
    from 'BB', Outlook Negative;
-- Foreign- and local-currency short-term IDRs affirmed at 'B'.


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


ASHTON-PAULSON: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Ashton-Paulson Master Fund SPC 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


B (BV) OFFSHORE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of B (BV) Offshore Fund 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:

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


BASSETTAKI PROPERTIES: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Bassettaki Properties Ltd. received on
Dec. 14, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


CLOAK LANE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Cloak Lane Finance (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:

          Claire Loebell
          c/o Steve Bull
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O Box 510 Grand Cayman, KY1-1106
          Cayman Islands


EAST LANE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of East Lane Re IV Ltd. received on Dec. 10,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


FRM TAIL: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of FRM Tail Hedge 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:

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


H2TR OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of H2TR Offshore Fund 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:

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


KREMER LTD: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Kremer Ltd received on Dec. 15, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Cathlin Rossiter
          Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          c/o Neil Montgomery
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


LIQUIDITY PASS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Liquidity Pass Through Holdings SPC received
on Dec. 3, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MOKSHA CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Moksha Capital Partners Re (F) Ltd. received
on Dec. 4, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          Antoine Powell
          Telephone: (345) 815-4558
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2-Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


RIVERSIDE EQUITY: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Riverside Equity Strategies Fund Offshore
Investors 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


RIVERSIDE EQUITY ALLOCATION: Shareholders Receive Wind-Up Report
----------------------------------------------------------------
The shareholders of Riverside Equity Strategies 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


RIVERSIDE FRONTIER: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Riverside Frontier Opportunities Fund Offshore
Investors 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


====================
E L  S A L V A D O R
====================


REGAL FOREST: S&P Affirms 'BB-' CCR & Removes from UCO
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Regal Forest Holding Co. Ltd. (Unicomer).  S&P
also removed the ratings from "under criteria observation" (UCO),
where S&P placed them following the release of its new captive
finance criteria on Dec. 14, 2015.  The outlook remains stable.

Considering the new captive finance criteria in S&P's assessment
of Unicomer's financial risk profile (FRP), S&P expects its debt
to EBITDA will remain below 2.0x.  S&P also expects the company
will post free operating cash flow of about $8.4 million on
average in the next two years, due to the company's high working
capital needs and its expansion program.  A significant portion of
Unicomer's debt is associated with its captive finance division,
which supports more than 60% of the company's sales of products
and services in stores.  The credit quality of Unicomer's captive
finance unit underscores a high-risk asset quality, which is
mitigated by the captive finance division's debt to equity of 3x-
5x, which S&P expects to remain in that range in the next 12
months.  Before the release of the new captive finance criteria,
S&P included the high-risk asset quality in the comparative rating
analysis (CRA) because S&P viewed Unicomer's operations as more
volatile than those of other companies with lower debt-laden
credit divisions.  Given that S&P is already incorporating this
assumption in its FRP, CRA is now "neutral".

S&P assess Unicomer's captive finance risk position as "negative,"
which is a rating weakness for the company.  This assessment
reflects the company's captive finance unit's operation in
countries with a high country risk, which makes Unicomer's assets
more vulnerable.


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


HONDURAS: Real GDP Growth Projected at 3.5 Percent, IMF Says
------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed the second review of Honduras's performance under an
economic program supported by a three-year Stand-By Arrangement
(SBA) and a two-year arrangement under the Stand-By Credit
Facility (SCF).  This blended program was approved on December 3,
2014 in the amount of SDR 129.5 million (then about US$188.6
million), the equivalent of 100 percent of Honduras' quota in the
IMF.  With the completion of the review, the authorities have
access to resources in the total amount of SDR 51.8 million (about
US$71.2 million); however the authorities plan to continue
treating the arrangements as precautionary.  The Board decision
was taken on a lapse of time basis (a process where the Board
agrees that a proposal can be approved without convening formal
discussions) on December 17, 2015.1

Macroeconomic performance continues to be better than envisaged in
the program.  In 2015, real GDP growth is projected at 3.5
percent, led by a broad expansion across sectors and supported by
favorable terms of trade, growth in trading partners and strong
capital inflows.  Inflation through October remained low at 2.5
percent, owing to a better monetary and fiscal policy mix as well
as the effects of lower fuels prices.  In addition, overall
investor confidence, as measured by declining spreads on external
debt, has improved.  For 2016, the outlook remains just as
positive, with inflation low at about 5 percent and real GDP
growth projected at 3.5 percent.

Program implementation for the second review has been strong. All
2015 end-June performance criteria and indicative targets were
met, most with significant margins.  On the structural side, June
and September 2015 benchmarks were broadly observed. The
authorities are pressing ahead with structural reforms, including
the introduction of a Fiscal Responsibility Law (FRL), and an
overhaul of tax administration.

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: IDB OKs US$175MM Loan for Modernization of Container Port
------------------------------------------------------------------
The Inter-American Development Bank (IDB) approved its largest
single non-sovereign guaranteed transaction in Jamaica with a
senior secured loan of up to US$175 million for Kingston Freeport
Terminal Limited, to finance the optimization and expansion of
Kingston's container terminal capacity in Jamaica.

The IDB loan will help finance the deepening of the navigation
channel from 13.5 to 14.2 meters, reinforcing part of the existing
quay and acquiring new equipment to expand the terminal capacity
from 2.8 million to 3.2 million TEU per year.  The upgrades will
increase the Port's competitiveness, enabling it to handle a
growing volume from Asia, North America and Europe.

"The Project will increase the Port's capacity, and its
modernization will enable it to handle larger container ships and
move more cargo.  The improvements will increase Kingston
Terminal's competitiveness and its ability to handle the expected
growing volume of trade once the expansion of the Panama Canal is
finalized," said Jean-Marc Aboussouan, Chief of the Infrastructure
Division in the IDB's Structured and Corporate Finance Department.

The investments will be implemented under a 30-year concession
contract to a French consortium led by CMA CGM, the third largest
container shipping company in the world, and CMA Terminals
Holding, a large worldwide port operator worldwide.  The contract
provides for management of the improvements and operation and
maintenance of the container terminal.

                           *     *     *

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
===========


COBRE DEL MAYO: Fitch Affirms 'C' FC Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Cobre del Mayo S.A. de
C.V. (CdM) following the announcement of an exchange offering for
the 2018 senior notes as follows:

-- Foreign currency Issuer Default Rating (IDR) at 'C';
-- Local currency IDR at 'C';
-- $US217 million 10.75% senior unsecured notes due 2018 at
    'C/RR4';
-- Long-term National Scale Rating at 'C(mex)'.

KEY RATING DRIVERS

The ratings affirmation follows CdM's proposed exchange offering
subsequent to Fitch's expectation that the company would not be
able to meet its next coupon payment due in May 2016. According to
Fitch's methodology, the proposed offering imposes a material
reduction in terms vis-a-vis the original terms of the 2018 notes,
resulting in a distressed debt exchange.

The offering proposes to voluntarily exchange US$217 million
senior notes due 2018 for new USD119.5 million senior secured PIK
toggle notes due 2021 plus additional secured notes in the amount
of accrued and unpaid interest plus USD97.8 million junior non-
interest bearing 2045 notes. The offering is contingent to the
consent of more than 50% of the holders of the existing note.

If successful, the exchange offering will result in a recovery of
approximately 101% of the principal in the form of deeply
subordinated quasi-equity instruments depending on holders'
election to early tender. Note holders validly tendering the
existing notes may, as part of the exchange offer, elect to sell
the junior notes portion of their exchange consideration to a
subsidiary of CdM's parent company, Frontera Copper Corp, equal to
a 2% recovery of this instrument.

Existing note holders that do not participate in the exchange will
remain outstanding and subject to existing terms, but subject to
an as yet unspecified amendment of the existing note indentures.
The ratings continue to reflect pressure on liquidity to service
debt if the exchange is unsuccessful.

RATING SENSITIVITIES

The successful completion of the exchange will result in the IDRs
being downgraded to Restricted Default 'RD'. Shortly after the
distressed debt exchange is completed, the IDRs will be re-rated
and raised to a performing level, which usually is still in the
low speculative grade. The tender expiration date is Jan. 20,
2016.



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


PUERTO RICO: Doesn't Get Ch. 9 Access in Budget Bill
----------------------------------------------------
Carmen Germaine at Law360.com reports that the omnibus spending
bill unveiled by lawmakers ignored Puerto Rico's pleas for access
to Chapter 9 bankruptcy protection or emergency cash to make debt
payments, but it did provide the island with Medicare
reimbursements projected to bring in $900 million over a decade.

The appropriations bill released does not contain any provisions
granting Puerto Rico access to Chapter 9 of the U.S. Bankruptcy
Code, which allows municipalities to restructure their debt
through the courts, nor did it provide any cash to help the
territory make coming payments on its $73 billion debt load or
provide new tax credits, according to Law360.com.

Pedro Pierluisi, the territory's nonvoting congressional
representative, slammed the omissions in a statement, saying that
allowing the territory to access Chapter 9 would not cost
taxpayers, the report notes.  Puerto Rico is currently barred from
accessing the bankruptcy provision under a 1984 amendment to the
Bankruptcy Code, the report relays.

"Honesty requires me to note that the objections to this provision
came exclusively from Republicans," the report quoted Mr.
Pierluisi as saying.  "If members of Congress believe that they
are somehow helping Puerto Rico's creditors by opposing efforts to
enable Puerto Rico to restructure a portion of its debts, I think
they are making a terrible miscalculation," Mr. Pierluisi added.

The bill did, however, incorporate sections that would amend the
Social Security Act to remove language requiring Puerto Rico to
contribute to discharge payments given to hospitals under Medicare
and allow Puerto Rico's hospitals to access bonus payments given
to hospitals that adopt electronic health records to help
modernize services, the report notes.

The report relays that Mr. Pierluisi cited Congressional Budget
Office reports estimating that the discharge reimbursement would
provide the territory with an additional $618 million between 2016
and 2025, and that the bonus payments would provide $266 million,
for a total of nearly $900 million in benefits to Puerto Rican
hospitals over the next decade.

If the Medicare amendments are signed into law with the spending
bill, they would both become effective on Jan. 1, 2016, the report
discloses.

The Obama administration had called for health care reform as part
of a strategy to help the island cope with the mounting debt and
avoid a humanitarian crisis, the report relates.  The
administration's plan also urged Congress to grant Puerto Rico
access to even broader bankruptcy protections than Chapter 9, to
require the territory to implement strong fiscal oversight, and to
extend the earned income tax credit to Puerto Rican citizens.

Bills to allow Puerto Rico access to Chapter 9 are currently
floating in both the House and Senate, but Sen. Orrin Hatch, R-
Utah, blocked a bid by Sen. Charles Schumer, D-N.Y., to take up
and pass the Senate bill, notes the report.

The report says Senate Republicans on Dec. 9 introduced
legislation that would provide financial relief for the territory
in the form of payroll taxes and new authority to borrow funds,
but it didn't include an option pushed by Democrats to allow
Puerto Rico access to a restructuring regime.

Puerto Rico's attempt at creating its own restructuring regime,
the Recovery Act, was invalidated by the First Circuit in July
after a challenge from investment firms holding $2 billion in
bonds issued by the Puerto Rico Electric Power Authority, the
report relays.  The case is currently on appeal to the Supreme
Circuit.

The commonwealth defaulted on its obligations on the debt in
August, but made a scheduled $355 million payment on principal and
interest on certain bonds that came due Dec. 1 to avoid another
default, the report discloses.

Lawmakers have until Dec. 22 to pass the more than 2,000-page
bill, after the U.S. House of Representatives voted to extend
stopgap government spending authority past Dec. 16. Final votes on
the bill are expected Dec. 25, the report adds.


                        *       *       *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2015, Standard & Poor's Ratings Services lowered its
ratings on the Commonwealth of Puerto Rico's tax-backed debt to
'CC' from 'CCC-' and removed the ratings from CreditWatch, where
they had been placed with negative implications July 20.  The
outlook is negative.


PUERTO RICO: Indicates Debt Default is On the Horizon
-----------------------------------------------------
Law360.com reports that Puerto Rico's governor said that the
commonwealth will default on its debt for the second time in the
last five months and ripped congressional lawmakers for not
passing legislation that would give the territory access to the
U.S. bankruptcy system.

Gov. Alejandro Garcia-Padilla said that Congress through its
inaction "had opted for the U.S. commonwealth to default on its
obligations and unfold into chaos," according to Law360.com.

                 *       *       *

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.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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