TCRLA_Public/151228.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

            Monday, December 28, 2015, Vol. 16, No. 254


                            Headlines



A R G E N T I N A

ARGENTINA: ABS Show Weak Performance in October, Moody's Says
ARGENTINA: To Hold January Debt Talks With Bondholders


B R A Z I L

BRAZIL: Economy Will Contract 3.6% in 2015, Central Bank Says
CESP-COMPANHIA: S&P Lowers Global Scale Rating to 'BB+'
HYPERMARCAS SA: S&P Raises CCR to 'BB+', Off Watch Negative


C A Y M A N  I S L A N D S

AMAHARDWOODS LIMITED: Shareholder Receives Wind-Up Report
BLACKSTONE CGFI: Members Receive Wind-Up Report
BULLION LTD: Shareholders Receive Wind-Up Report
GLG EMERGING: Members Receive Wind-Up Report
GLOBAL ACTIVIST: Members to Hear Wind-Up Report on Dec. 29

NOLA LTD: Shareholder Receives Wind-Up Report
SANITAS GLOBAL: Shareholder Receives Wind-Up Report
SELECTINVEST ALTERNATIVE: Shareholder Receives Wind-Up Report
SELECTINVEST ARV: Shareholder Receives Wind-Up Report
SELECTINVEST ARV 1.25X: Shareholder Receives Wind-Up Report

SELECTINVEST EVENT: Shareholder Receives Wind-Up Report
SELECTINVEST MULTISTRATEGY: Shareholder Receives Wind-Up Report
SURREY LTD: Shareholder Receives Wind-Up Report
TRACTMANAGER CAYMAN: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Deputies OK US$360MM Loans for Several Sectors


E C U A D O R

ECUADOR: Makes History With $650-Mil. Payment to Bondholders


M E X I C O

EMPRESAS ICA: S&P Lowers Rating to 'D', Off Watch Negative
FINANCIERA FINCA: S&P Affirms 'BB-/B' Counterparty Credit Ratings
GRUPO GICSA: Moody's Withdraws B1 Currency Issuer Rating
HIPOTECARIA SU: Moody's Puts Caa3(sf) Rating Under Review
URUAPAN: Moody's Affirms Ba2 Rating & Changes Outlook to Negative


P U E R T O    R I C O

PUERTO RICO ELECTRIC: Strikes Deal With 70% of Creditors
PUERTO RICO: Governor Avoids Scrooge Epithet by Paying Bonuses
PUERTO RICO: Moody's Lowers Rating on $1.09BB Bonds to 'C'


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 21 to Dec. 25, 2015


                            - - - - -


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


ARGENTINA: ABS Show Weak Performance in October, Moody's Says
-------------------------------------------------------------
The performance of the Argentine asset-backed securities (ABS)
market deteriorated slightly during the three-month period ended
October 2015, according to the latest indices published by Moody's
Investors Service.

The 90-plus delinquency rate increased slightly, to 5.31% in
October 2015 from 4.58% in July 2015.  The 30-plus delinquency
rate also increased slightly, to 5.90% in October 2015 from 5.38%
in July 2015.

Securitized portfolios have performed within Moody's original
expectations.  Moreover, the credit quality of most Argentine
securitizations remains strong due to their robust structural
features, including high initial subordination levels, high excess
spread levels and turbo sequential payment structures that capture
any available excess spread to repay the rated debt.

The prepayment rate for the Argentine index decreased to 31.44% in
October 2015 from 32.05 % in July 2015, while Supervielle
CrÇditos/Banex rose to 52.27% in October from 47.71% in July.

Overall, Moody's has rated 100 Argentine ABS transactions since
2010, of which 34 are outstanding, with a total outstanding pool
balance of ARS1.290 billion as of October 2015, down from ARS1.723
billion in July 2015.  In the three-month period ended October
2015, Moody's rated two new transactions, and three transactions
were fully repaid.


ARGENTINA: To Hold January Debt Talks With Bondholders
------------------------------------------------------
Tariro Mzezewa, Nate Raymond and Nicolas Misculin at Bloomberg
News report that Argentina's new government and holdout
bondholders are to meet in the second week of January to start
"substantive" talks toward settling a more than decade-old
sovereign debt dispute, the U.S. court-appointed mediator said.

The talks would mark a major breakthrough in the dispute, which
has caused Argentina to be shut out of the international capital
markets and encouraged the prior governments of both Cristina
Fernandez and Nestor Kirchner to adopt unorthodox economic
policies, according to Bloomberg News.

Mauricio Macri, the first non-Peronist president in more than a
decade, was sworn into office on Dec. 10.  Mr. Marci has moved to
start reversing some of the populist policies of the prior
governments and said it was a priority to settle the debt issue,
Bloomberg News notes.

Daniel Pollack, a New York lawyer who is the mediator, said in a
statement that he met in his office with Argentina's newly
installed finance secretary, Luis Caputo, and the vice chief of
the cabinet, Mario Quintana, Bloomberg News relates.

"The meeting was constructive, covering a range of issues, and it
was agreed that they will return to New York City in the second
week of January to commence substantive negotiations with the
Bondholders," Mr. Pollack said in a statement released through his
law firm, McCarter & English, Bloomberg News discloses.

U.S. District Judge Thomas Griesa, who has long overseen the
litigation, urged in a hearing that Argentina and its creditors
resolve the dispute stemming from the $100 billion default on
sovereign bonds in early 2002, Bloomberg News notes.  The case is
being heard in the United States because the bonds were issued
under U.S. law, Bloomberg News discloses.

"The government will start negotiating now and once they have the
blueprint of a deal it will be brought to Congress.  It should all
be settled by the middle of the year," said Senate leader Federico
Pinedo, who is a close ally of Mr. Macri, Bloomberg News relays.

Bloomberg News notes Mr. Pinedo said there a chance that Congress
will be presented with the outline of a deal as soon as next
month.

"It may happen that the president decides to raise it in a special
in January or February. That would be doable," Bloomberg News
quoted Mr. Pinedo as saying.

Holdout investors led by Elliott Management's NML Capital Ltd and
Aurelius Capital Management have a judgment in their favor of
$1.33 billion, plus interest, which has brought their total closer
to $2 billion, sources with direct knowledge of the situation say,
Bloomberg News relays.

Meeting between Mr. Caputo and Mr. Pollack was the second since
the new Argentine government took office.

Solving the sovereign debt dispute between Argentina and
investors, who rejected two prior restructurings in 2005 and 2010,
is seen as critical to getting the Latin American nation's economy
on a more stable growth path, Bloomberg News discloses.

Bloomberg News notes that Mr. Pollack has said the total amount of
debt held by bondholders with judgments against Argentina is
approximately $10 billion.  These judgments are based upon the
principal of equal treatment, referred to in the bond agreement
document as the pari passu clause, Bloomberg News notes.

In addition to NML and Aurelius, bondholders who did not
participate in prior restructurings filed "me too" claims before
Griesa on the same pari passu principle and were recognized by the
court in October, Bloomberg News discloses.

Over the course of the two restructurings, 92 percent of
bondholders accepted the terms offered by Argentina, which left
them on the whole being paid less than 30 cents on the dollar,
Bloomberg News says.

Argentina defaulted again in July 2014 after it refused to honor
Griesa's order to pay NML and Aurelius at the same time it paid
these bondholders their principal and interest, Bloomberg News
adds.

                          *     *     *

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
===========


BRAZIL: Economy Will Contract 3.6% in 2015, Central Bank Says
-------------------------------------------------------------
EFE News reports that Brazil's economy will shrink 3.6 percent
this year and inflation will come in at 10.8 percent, according to
a Central Bank report released.

The monetary authority expects a continued recession in 2016,
albeit with a less severe contraction of 1.9 percent, and an
inflation rate of 6.2 percent, according to EFE News.

The report notes that Brazil will suffer its worst recession since
shrinking 4.35 percent in 1990 if this year's forecast, which is
similar to that of private-sector analysts and international
organizations, proves to be accurate.

In its report, the Central Bank attributed Brazil's economic woes
to external factors, domestic "imbalances" and "uncertainty
associated with non-economic events," EFE News discloses.

That latter observation appeared to allude to the country's severe
political crisis and the possibility that President Dilma Rousseff
could be impeached for alleged fiscal maneuvers to disguise a
budget deficit last year, the report relays.

Impeachment proceedings were opened against Rousseff in the lower
house of Congress on Dec. 2 and will restart on Feb. 2 after the
traditional year-end recess, which began Dec. 22, the report adds.


CESP-COMPANHIA: S&P Lowers Global Scale Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services downgraded the global scale
ratings on CESP-Companhia Energetica de Sao Paulo to 'BB+' from
'BBB-' and cut the national scale ratings to 'brAA+' from 'brAAA'.
S&P also removed the ratings from CreditWatch negative, where it
placed them on Sept. 14, 2015.  The outlook on the corporate
credit ratings is negative.

S&P continues to assess the stand-alone credit profile (SACP) on
CESP as 'bbb-' a result of its "fair" business risk profile,
"minimal" financial risk profile, "adequate" liquidity, and "low"
probability of extraordinary government support from the State of
Sao Paulo (global scale: BB+/Negative; national scale:
brAA+/Negative/--).  The issuer credit rating reflects the low
likelihood that the company would withstand a sovereign default
stress scenario.  It further incorporates a ratings cap at the
level of the State of Sao Paulo.

Under S&P's hypothetical sovereign foreign currency default
scenario, it considers, among other factors, the negative impact
of a 50% local currency devaluation against the U.S. dollar over
its $239 million bonds in foreign currency and an EBITDA reduction
of 60%, due to the negative effect of stress inflation on costs,
while considering a freeze on tariffs applied to regulated
contracts to distributors.  This would lead CESP's liquidity to be
less than 1.0x.  Therefore, the ratings on CESP are limited by
those on the sovereign.

The company is a government-related entity of the state of Sao
Paulo, and S&P continues to expect a "low" likelihood of
government extraordinary support to CESP.  Even though the ratings
on State of Sao Paulo are lower than those on the Brazilian
sovereign (global scale: foreign currency: BB+/Negative/--; local
currency: BBB-/Negative/A-3; national scale: brAAA/Negative/--),
S&P believes that the ratings on CESP are also limited by those on
the State, due to the absence of a legal framework that would
protect the company from the risk of "negative intervention" in
the case of a the state's default, or other financial stress Sao
Paolo may come under.


HYPERMARCAS SA: S&P Raises CCR to 'BB+', Off Watch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit and
debt ratings on Hypermarcas S.A. to 'BB+' from 'BB' on global
scale and to 'brAA+' from 'brAA-' on Brazilian national scale.
S&P also removed the ratings from CreditWatch positive, where it
placed them on Nov. 3, 2015.  The recovery rating on Hypermarcas's
debt remains at '3' which reflects S&P's expectations of
substantial recovery (70%-90%), in the higher band of the range.
The outlook on the corporate ratings is stable.

The upgrade reflects S&P's expectation that Hypermarcas will
considerably reduce its leverage and improve liquidity following
the completion of the sale of its cosmetics assets to Coty Inc.
(BB+[Prelim]/Stable/--) for R$3.8 billion.  In S&P's forecast, the
company will end 2016 with a net cash position, which enables it
to have enough liquidity cushion to pass the stress test to be
rated above the foreign currency sovereign rating of Brazil
(BB+/Negative/B).

While the sale of cosmetics, which has been already approved by
the Brazilian antitrust authority, will reduce the company's net
revenues by about R$ 1 billion and narrow somewhat its business
diversification, S&P's business risk profile assessment remains
"fair."  This is because the company's leading positions in OTC
and consumer health products and the ongoing sound growth prospect
for the generic products support our expectation of revenue growth
and the higher EBITDA margins.

Despite currently weak consumption in Brazil, S&P expects
Hypermarcas to present a solid cash flow generation in 2016,
thanks to the growing demand in the pharmaceutical market and amid
a significant reduction of interest burden as it reduces debt.
This, absent large acquisitions, should lead to a gradual increase
in free operating cash flow (FOCF) in the next few years.



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


AMAHARDWOODS LIMITED: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Amahardwoods 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:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


BLACKSTONE CGFI: Members Receive Wind-Up Report
-----------------------------------------------
The members of Blackstone CGFI Offshore Fund Ltd. received on
Dec. 3, 3015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BULLION LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Bullion Ltd. received on Dec. 2, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Carrie B. Kingsley
          M. Safra & Co., Inc.
          499 Park Avenue, 11th Floor
          New York NY 10022
          USA
          c/o Niall Hanna
          Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 345 914 4201


GLG EMERGING: Members Receive Wind-Up Report
--------------------------------------------
The members of GLG Emerging Equity Fund received on Dec. 3, 3015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GLOBAL ACTIVIST: Members to Hear Wind-Up Report on Dec. 29
----------------------------------------------------------
The member of The Global Activist Fund, Ltd. will hear on Dec. 29,
2015, at 4:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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


NOLA LTD: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of Nola 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SANITAS GLOBAL: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Sanitas Global Opportunity Fund, Ltd. received
on Dec. 2, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Crestone Asset Management LLC
          c/o Ridhiima Kapoor
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SELECTINVEST ALTERNATIVE: Shareholder Receives Wind-Up Report
-------------------------------------------------------------
The shareholder of Selectinvest Alternative Balanced Fund 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:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1(345) 949 7500
          Facsimile: +1 (345) 949 8258


SELECTINVEST ARV: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Selectinvest ARV MC 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:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1(345) 949 7500
          Facsimile: +1 (345) 949 8258


SELECTINVEST ARV 1.25X: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Selectinvest ARV Plus 1.25X 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:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1(345) 949 7500
          Facsimile: +1 (345) 949 8258


SELECTINVEST EVENT: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Selectinvest Event Driven Fund 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:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1(345) 949 7500
          Facsimile: +1 (345) 949 8258


SELECTINVEST MULTISTRATEGY: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The shareholder of Selectinvest Multistrategy Advantage 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:

          Stuart Sybersma
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue
          George Town KY1-1109
          Cayman Islands
          Telephone: +1(345) 949 7500
          Facsimile: +1 (345) 949 8258


SURREY LTD: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Surrey 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:

          Elian Fiduciary Services (Cayman) Limited
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TRACTMANAGER CAYMAN: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Tractmanager Cayman GP Inc. received on Dec. 2,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Tractmanager Global, Inc.
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877



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


DOMINICAN REPUBLIC: Deputies OK US$360MM Loans for Several Sectors
------------------------------------------------------------------
Dominican Today reports that the Chamber of Deputies approved two
loans -- one for US$300 million from the Inter-American
Development Bank (IDB) to finance a support program to make the
Dominican Republic's Health and Social Security sectors stronger;
and the other, US$60 million is from the International Bank for
Reconstruction and Development (IBRD), to finance development
policies to manage public finances.

The Senate, according to the report, already approved both
contracts in early December and now go to President Danilo Medina
who's expected to sign them into law.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings 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'.



=============
E C U A D O R
=============


ECUADOR: Makes History With $650-Mil. Payment to Bondholders
------------------------------------------------------------
Nathan Gill at Bloomberg News reports that Ecuador repaid $650
million of its foreign debt due Dec. 15, marking the first time in
the South American nation's more than 180-year history that it's
repaid global bonds on time, even as a collapse in the OPEC
country's crude prices saps liquidity needed to keep the
government operating normally.

President Rafael Correa, who led the nation's default on $3.2
billion of overseas debt seven years ago, said on his Twitter
account that the government would also meet public workers'
December salary payments without problems, according to Bloomberg
News.  Ecuador announced a pact with Houston-based Schlumberger
Ltd.

On Dec. 14, granting the oil-services provider a 20-year contract
to pump oil at one of its biggest oil fields in return for a $1
billion payment in the "coming days," Bloomberg News says.  The
company pledged to invest a total of $4.9 billion over the life of
the contract, according to a statement published on the vice
presidency's Web site, Bloomberg News relays.

By honoring the 2015 bond payment, Ecuador has said it can help
restore investor confidence and lower future borrowing costs,
Bloomberg News discloses.  Still, the government is having
problems meeting payments to local contractors and has asked for
more time to find enough cash to repay its overdue debts, Correa
said Dec. 12, Bloomberg News notes.  The Finance Ministry has said
it plans to borrow more than $5.86 billion next year to cover
budgeted outlays, Bloomberg News relays. Finding the money to pay
the nation's creditors in December "was a very serious problem,"
Correa said in his weekly speech to the nation. "You can't imagine
all of the things that we've done."

Yields on the nation's bonds due in 2020 were little changed at
16.3 percent as of 11:29 a.m., Dec. 16 in New York, according to
data compiled by Bloomberg.  Yields on the government's notes due
in 2024 fell 14 basis points, or 0.14 percentage point, to 12.6
percent, the data show.

Bloomberg News discloses that Finance Minister Fausto Herrera and
Economic Policy Minister Patricio Rivera told reporters in Quito
on Nov. 4 that they've been working with credit-rating companies,
the International Monetary Fund and foreign investors to help
lower the perceived risk of investing in Ecuador.  President
Correa, who's criticized past governments for paying foreign
bondholders before Ecuadorean citizens, won praise from the IMF in
October for taking measures to shore up the nation's finances,
Bloomberg News relays.

President Correa's trimmed government spending, halted some
infrastructure investments and cut fuel subsidies this year,
Bloomberg News notes.

President Correa decision to stop paying foreign debt seven years
ago earned the country the distinction of being the most frequent
defaulter in Latin America, eclipsing Argentina and Paraguay,
Bloomberg News notes.

Bloomberg News says that Ecuador first fell into default in 1832,
according to the book "Debt Defaults and Lessons from a Decade of
Crises" by Federico Sturzenegger, a former secretary of economic
policy in Argentina, and Jeromin Zettelmeyer, a former assistant
to the Western Hemisphere Department director at the IMF.

At the time, the two-year-old nation was saddled with debts
accumulated during its wars of independence, Bloomberg News notes.
Decades of internal revolt and weak government institutions kept
the nation's early leaders from meeting payments on time,
according to university professor Carlos Espinosa's book "Historia
del Ecuador," Bloomberg News adds.



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


EMPRESAS ICA: S&P Lowers Rating to 'D', Off Watch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale rating
on Empresas ICA S.A.B. de C.V. to 'D' from 'CC' and its national
scale rating to 'D' from 'mxCC'.  At the same time, S&P lowered
its issue-level ratings to 'D' from 'C'.  The '5' recovery rating
on the company's senior unsecured notes due 2017, 2021, and 2024
remains unchanged, which indicates a "modest" (10% to 30%; the
lower band of the range) expectation for recovery in the event of
a payment default.  S&P is also taking the ratings off CreditWatch
with negative implications.

The 'D' ratings reflect Empresas ICA's decision that it will not
make the $31 million interest payment which was due Nov. 30, 2015
on its 8.875% senior notes due 2024, prior to expiration of the
grace period on Dec. 29, 2015.  S&P believes that the default will
be a general default and the company will fail to pay all or
substantially all of its obligations as they come due.

S&P's conclusion is based on the company's announcement that it is
working on a restructuring plan and has begun the process of
engaging with its creditors and other stakeholders.  The company
expects that the initial restructuring plan will be finalized by
mid-February 2016.


FINANCIERA FINCA: S&P Affirms 'BB-/B' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' global
scale and 'mxBBB+/mxA-2' Mexican national scale counterparty
credit ratings on Financiera Finca S.A. de C.V SOFOM E.N.R.  The
outlook remains stable.

S&P's ratings on FINCA reflect its "weak" business position based
on its focus on the microfinance sector which is sensitive to
economic downturns, resulting in fluctuating results as S&P has
seen during 2014 and 2015, "strong" capital and earnings
considering its estimated RAC ratio 13.8%-14.4% for 2016,
"moderate" risk position based on FINCA's lending and underwriting
standards that S&P considers as relaxed, and "adequate" funding
and "adequate" liquidity.


GRUPO GICSA: Moody's Withdraws B1 Currency Issuer Rating
--------------------------------------------------------
Moody's de Mexico has withdrawn the Baa1.mx national scale, B1
global scale local currency issuer rating of Grupo GICSA, S.A.B.
de C.V.

RATINGS RATIONALE

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

The period of time covered in the financial information used to
determine Grupo GICSA, S.A. de C.V.'s rating is between Jan. 1,
2008 and Sept. 30, 2015.


HIPOTECARIA SU: Moody's Puts Caa3(sf) Rating Under Review
--------------------------------------------------------
Moody's Investors Service placed on review for downgrade the
following RMBS transaction:

Issuer: Hipotecaria Su Casita - Cross-border, Class A Insured
Residential Mortgage Backed Floating Rate Notes

Cl. A, Underlying Rating: Caa3 (sf) Placed Under Review for
Possible Downgrade; previously on Aug 5, 2013 Downgraded to Caa3
(sf)

Financial Guarantor: MBIA Insurance Corporation (Affirmed at B2,
Outlook Negative on Mar 3, 2015)

RATINGS RATIONALE

Moody's analyzed overcollateralization, future losses, credit
enhancement and cash availability for the deal.

Under the MILAN approach, Moody's first perform a portfolio
analysis of the securitized collateral pool. The results of this
analysis are the portfolio's expected losses (Portfolio EL) and
Moody's Individual Loan Analysis Credit Enhancement (MILAN CE).
The Portfolio EL captures our expectations of performance
considering the current economic outlook, while the MILAN CE
captures the loss we expect the portfolio to suffer in the event
of a severe recession scenario. Moody's uses the two outputs from
the portfolio analysis to determine a probability loss
distribution. In the structural analysis, Moody's uses a cash flow
model in order to assess the structural features of the RMBS
transaction. The structure is assessed using each scenario in the
loss distribution. Finally, Moody's assesses the counterparty
default risk and the legal risk to derive the final ratings.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

Factors that would lead to a downgrade are the expected loss
levels, the cash availability in the transaction and deterioration
of loss coverage.


URUAPAN: Moody's Affirms Ba2 Rating & Changes Outlook to Negative
-----------------------------------------------------------------
Moody's de Mexico affirmed the issuer ratings of the municipality
of Uruapan at Ba2/A2.mx and changed the outlook to negative from
stable.  Moody's will withdraw all ratings due to insufficient
information on the next business day.

RATINGS RATIONALE

The change in outlook to negative from stable highlights the lack
of transparency Uruapan has demonstrated over the past 12 months.
Detailed financial information has not been available since the
2013 financial statements.  The new administration of Uruapan has
been unable to assess the true state of the municipality's
financial status, and has not provided a clear indication of when
reliable financial information will be available.

At the same time, Moody's considers the low long-term debt burden
of the municipality as of September, 2015, confirmed through the
Ministry of Finance, is consistent with the Ba2/A2.mx rating.

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

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 the Municipality of Uruapan's rating is between Jan. 1,
2010 and Dec. 31, 2013.



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


PUERTO RICO ELECTRIC: Strikes Deal With 70% of Creditors
--------------------------------------------------------
EFE News reports that the Puerto Rico Electric Power Authority,
the U.S. commonwealth's largest public corporation, has struck a
deal with creditors representing nearly 70 percent of its more
than $8 billion in debt.

PREPA said in a statement that an earlier restructuring deal was
modified to bring on board the bond insurance subsidiaries of
Assured Guaranty and National Public Finance Guarantee, according
to EFE News.

The report notes that PREPA's chief restructuring officer, Lisa
Donahue, said the corporation had made substantial progress in its
efforts to transform itself and that the deal marked a key step
forward in achieving a sustainable financial structure for the
utility.

Ms. Donahue added that the agreement would give PREPA the
liquidity to make key infrastructure investments that will help
stabilize electricity rates, the report relays.

Upon implementation of the deal, which requires implementing
legislation and is aimed at enabling the utility to avoid
defaulting on an interest payment due Jan. 1, creditors will swap
their outstanding bonds for new "securitization" bonds with an
investment grade rating, receiving 85 percent of their existing
bond claims, the report says.

Under the agreement, the bond insurers are to provide a $462
million surety bond that will support the investment grade rating.

The agreement is designed to provide PREPA with five-year debt
service relief totaling more than $700 million and a permanent
reduction of more than $600 million in its principal debt burden,
the utility said in announcing a preliminary debt restructuring
deal in November, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Standard & Poor's Ratings Services maintained its
'CC' long-term and underlying ratings (SPURs) on Puerto Rico
Electric Power Authority's (PREPA) electric revenue bonds.
However, the ratings remain on CreditWatch, where they were
originally placed with negative implications on June 18, 2014.

As of June 30, 2015, PREPA had about $8.44 billion of long-term
debt outstanding, and an additional $730 million due to
noteholders.


PUERTO RICO: Governor Avoids Scrooge Epithet by Paying Bonuses
--------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico Governor
Alejandro Garcia Padilla will likely avoid comparisons to Ebenezer
Scrooge by paying Christmas bonuses due to public employees as the
commonwealth contemplates defaulting on bond payments at the start
of the year.

The 44-year-old governor, who won't seek re-election when his term
expires in January 2017, will begin paying about $120 million that
workers were owed as of Dec. 20, according to an announcement
posted on the administration's website, Bloomberg News says.

Bloomberg News discloses that the administration had said it
wasn't sure whether it had enough money to make the bonus
payments, which economists say have a multiplier effect on the
island's struggling economy.  Garcia Padilla also faces a $957
million interest payment on commonwealth and agency debt due Jan.
1, including $357 million on general-obligations, Bloomberg News
relays.  Puerto Rico's constitution requires that officials must
first pay general-obligation debt before other bills, Bloomberg
News notes.

A 1969 commonwealth law requires the government to pay its workers
a Christmas bonus if they work at least 700 hours that year,
according to Jose Alameda, an economist and professor at the
University of Puerto Rico at Mayaguez, Bloomberg News notes.
Instead of implementing a raise at that time, lawmakers
established the bonus to increase public-employees' salaries,
according to Sergio Marxuach, public-policy director at the Center
for a New Economy, a research group in San Juan, Bloomberg News
says.

"I have to do everything in my powers to pay that money," Garcia
Padilla said during a Dec. 9 press conference in Washington,
Bloomberg News says.  "If I have the funds, I have no option but
to pay that money," Mr. Padilla added.

Bloomberg News discloses that the average salary of a central-
government employee is $28,000, with most workers receiving a
holiday bonus of about $600, according to Barbara Morgan, a
spokeswoman who represents the Government Development Bank at
SKDKnickerbocker in New York.  The bank oversees the island's
finances and is in talks with bondholders to cut its debt load,
Bloomberg News relays.

Officials project an economic impact of $150 million if the
government pays its employees $120 million in bonus cash,
according to Morgan, Bloomberg News notes.  Alameda, the UPR
professor, estimates a combined economic benefit of about $140
million from central-government, municipal and private-company
bonuses, Bloomberg News says.

Garcia Padilla is seeking to cut the island's $70 billion debt
load by asking bondholders to accept less than full price on their
investments, Bloomberg News discloses.  The bonus announcement
follows the governor's unsuccessful bid to Congress to include a
provision in a $1.1 trillion spending bill to allow commonwealth
agencies to file for bankruptcy protection, Bloomberg News notes.
President Barack Obama signed the measure, Bloomberg News adds.


PUERTO RICO: Moody's Lowers Rating on $1.09BB Bonds to 'C'
----------------------------------------------------------
Moody's Investors Service has downgraded $1.09 billion of Puerto
Rico appropriation bonds issued by the Public Finance Corporation
(PFC) to C from Ca, while maintaining other ratings assigned to
the US territory's debt.  The commonwealth's general obligation
(GO) rating is Caa3.  The PFC bonds' downgrade factors in the
diminishing recovery prospects for these securities compared with
other commonwealth obligations, given the repeated missed payments
since this summer, and bondholders' limited legal recourse.  The
path to resolution of the commonwealth's debt and liquidity crisis
remains unknown.  Recent events suggest federal intervention of
some type is likely, although implications for bondholders are
unclear.  Widespread losses affecting all of the commonwealth's
debt still appear likely, but GO and certain other obligations
with stronger legal foundations will likely yield substantially
higher principal and interest recovery.

Rating Outlook

The outlook for Puerto Rico and its related debt remains negative,
in view of dwindling liquidity and economic stagnation, which
point to debt service recoveries at the low end of estimates.
Efforts to reduce a debt burden that has become overwhelming after
years of deficit financing and economic contraction may trigger
litigation that further undermines economic growth and, in turn,
reduces overall bondholder recovery prospects.

Factors that Could Lead to an Upgrade

-- Restoration of sufficient liquidity position and fiscal
    operations sufficiently improved to prevent additional
    defaults

-- Any federal government assistance that improves bondholder
    recovery prospects

Factors that Could Lead to a Downgrade

-- Unilateral actions by the commonwealth that point to decreased
    bondholder recoveries

-- Negotiated restructuring efforts that, although agreed to,
    result in reduced recoveries

-- Protracted legal confrontations during which payment of debt
    service is suspended

Legal Security

The bonds are secured by payments from the commonwealth subject to
annual appropriation by the legislature.  The legislature is not
required to enact annual appropriations for payment on the bonds.

Obligor Profile

Puerto Rico is a self-governing territory of the United States.
It operates under a constitution approved in 1952.  The island's
population, now 3.5 million, has been declining as Puerto Ricans
in increasing numbers have moved to the mainland US in search of
job opportunities.  The nature of Puerto Rico's relationship with
the US -- whether to retain its current status as a commonwealth
or to become a state - is a central political issue on the island.
The two dominant Puerto Rican political parties are defined by
their views on statehood: the Partido Nuevo Progresista (PNP)
advocates statehood, while the Partido Popular Democratico is in
favor of continued commonwealth status.  A smaller, third party
favors independence.  Moody's rating does not contemplate a change
in the island's political status with relation to the US.



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


* BOND PRICING: For the Week From Dec. 21 to Dec. 25, 2015
----------------------------------------------------------

Issuer Name      Cpn    Bid Price  Maturity Date  Country  Curr
-----------             ---  ---------  ----------    ----   ----
Anton Oilfield Servi     7.5       49    11/6/2018      CN     USD
Anton Oilfield Servi     7.5   44.125    11/6/2018      CN     USD
Argentina Bocon            2      500     1/3/2016      AR     ARS
Argentina Bocon     21.16875    25.73     1/4/2016      AR     ARS
Automotores Gildemei    6.75    33.66    1/15/2023      CL     USD
Automotores Gildemei    6.75       40    1/15/2023      CL     USD
Automotores Gildemei    8.25    37.65    5/24/2021      CL     USD
Automotores Gildemei    8.25   37.875    5/24/2021      CL     USD
BA-CA Finance Cayman    0.69   56.115                   KY     EUR
BA-CA Finance Cayman    0.99       56                   KY     EUR
Banco Bilbao Vizcaya    6.75  104.787    11/5/2021      PY     USD
Banco BTG Pactual SA       4       74    1/16/2020      KY     USD
Banco BTG Pactual SA    5.75    69.95    9/28/2022      KY     USD
Banco BTG Pactual SA    5.75    84.95    9/28/2022      KY     USD
Banco do Brasil SA/C       9    71.03                   KY     USD
Banco do Brasil SA/C    6.25       55                   KY     USD
Banco do Brasil SA/C       9       73                   KY     USD
Banco do Brasil SA/C    6.25     57.7                   KY     USD
Banco Mercantil do B   9.625     65.6    7/16/2020      BR     USD
Banco Mercantil do B   9.625   60.625    7/16/2020      BR     USD
BCP Finance Co         2.036   57.708                   KY     EUR
CA La Electricidad d     8.5       45    4/10/2018      VE     USD
Caja de Compensacion       6    63.73   11/15/2018      CL     CLP
CFG Investment SAC      9.75    56.25    7/30/2019      PE     USD
CFG Investment SAC      9.75       31    7/30/2019      PE     USD
China Precious Metal    7.25   26.125     2/4/2018      HK     HKD
China Shanshui Cemen     8.5     83.5    5/25/2016      CN     USD
China Shanshui Cemen     8.5     83.5    5/25/2016      CN     USD
Costa Rica Governmen   5.625   74.257    4/30/2043      CR     USD
Costa Rica Governmen   5.625   74.276    4/30/2043      CR     USD
Costa Rica Titulos d    5.06   71.505   11/25/2033      CR     USD
CSN Islands XI Corp    6.875     54.2    9/21/2019      KY     USD
CSN Islands XI Corp    6.875   54.997    9/21/2019      KY     USD
CSN Islands XII Corp       7       41                   BR     USD
CSN Islands XII Corp       7     43.5                   BR     USD
Decimo Primer Fideic       6   68.125   10/25/2041      PA     USD
Decimo Primer Fideic    4.54   56.625   10/25/2041      PA     USD
Ecuador Government D    5.36   72.084     1/1/2020      EC     USD
Ecuador Government D    5.93   67.658     1/1/2022      EC     USD
Ecuador Government D    6.21   67.112     1/1/2023      EC     USD
Ecuador Government D     6.5    67.84     1/1/2024      EC     USD
Ecuador Government D    5.07    75.77    1/29/2019      EC     USD
Ecuador Government D    5.36   73.412    10/1/2019      EC     USD
Ecuador Government D    5.64   70.697    10/1/2020      EC     USD
Ecuador Government D    5.93   68.317    10/1/2021      EC     USD
Ecuador Government D     4.3   75.672   10/29/2018      EC     USD
Ecuador Government D     4.3   76.181    10/4/2018      EC     USD
Ecuador Government D    5.36   72.954    11/1/2019      EC     USD
Ecuador Government D    5.64   70.321    11/1/2020      EC     USD
Ecuador Government D    5.93   68.073    11/1/2021      EC     USD
Ecuador Government D    6.21    67.42    11/1/2022      EC     USD
Ecuador Government D     6.5   67.871    11/1/2023      EC     USD
Ecuador Government D    5.07   71.735   11/25/2019      EC     USD
Ecuador Government D    5.36   68.083   11/25/2020      EC     USD
Ecuador Government D    5.64   65.243   11/25/2021      EC     USD
Ecuador Government D    5.93   67.016   11/25/2022      EC     USD
Ecuador Government D    6.21   67.689   11/25/2023      EC     USD
Ecuador Government D     6.5    68.24   11/25/2024      EC     USD
Ecuador Government D    5.36   72.505    12/1/2019      EC     USD
Ecuador Government D    5.64   69.976    12/1/2020      EC     USD
Ecuador Government D    5.93   67.855    12/1/2021      EC     USD
Ecuador Government D    5.61   64.486    12/1/2022      EC     USD
Ecuador Government D     6.5   67.744    12/1/2023      EC     USD
Ecuador Government D    5.07   72.671   12/30/2019      EC     USD
Ecuador Government D    5.36   68.791   12/30/2020      EC     USD
Ecuador Government D    5.64   66.536   12/30/2021      EC     USD
Ecuador Government D    5.93   68.226   12/30/2022      EC     USD
Ecuador Government D    6.21   66.454   12/30/2023      EC     USD
Ecuador Government D       7     76.3     3/6/2024      EC     USD
Ecuador Government D       7   76.625    5/20/2022      EC     USD
Ecuador Government D    5.07   74.237    5/21/2019      EC     USD
Ecuador Government D    5.07   74.162    5/26/2019      EC     USD
Ecuador Government D     6.4   68.535    6/12/2024      EC     USD
Ecuador Government D    5.07   73.169    7/30/2019      EC     USD
Ecuador Government D    5.36   73.816     9/5/2019      EC     USD
Ecuador Government D    5.64   69.865     9/5/2020      EC     USD
Ecuador Government D    5.93   70.807     9/5/2020      EC     USD
Ecuador Government D    6.21   71.717     9/5/2020      EC     USD
Empresa Generadora d    5.75   74.875    6/11/2025      DO     USD
Empresa Generadora d    5.75   74.875    6/11/2025      DO     USD
ESFG International L   5.753    0.507                   KY     EUR
General Exploration     11.5    51.25   11/13/2018      CA     USD
General Shopping Fin      10    49.75                   KY     USD
General Shopping Fin      10     49.5                   KY     USD
Gol Finance Inc         8.75    44.01                   BR     USD
Gol Finance Inc         8.75   44.125                   BR     USD
Gol Finance Inc         9.25       70    7/20/2020      BR     USD
Gol Finance Inc         9.25       67    7/20/2020      BR     USD
Greenfields Petroleu       9        1    5/31/2017      US     CAD
HC International Inc       5   74.365   11/27/2019      CN     HKD
Honghua Group Ltd       7.45     50.5    9/25/2019      CN     USD
Honghua Group Ltd       7.45    48.75    9/25/2019      CN     USD
Inversiones Alsacia        8       30   12/31/2018      CL     USD
Inversiones Alsacia        8    29.25   12/31/2018      CL     USD
Inversora Electrica      6.5    52.75    9/26/2017      AR     USD
Kaisa Group Holdings   10.25   69.375     1/8/2020      CN     USD
Kaisa Group Holdings       8   65.002   12/20/2015      CN     CNY
Kaisa Group Holdings   6.875   69.017    4/22/2016      CN     CNY
Kaisa Group Holdings       9       72     6/6/2019      CN     USD
MIE Holdings Corp      6.875    56.72     2/6/2018      HK     USD
MIE Holdings Corp        7.5       56    4/25/2019      HK     USD
MIE Holdings Corp        7.5    55.75    4/25/2019      HK     USD
Mongolian Mining Cor   8.875       39    3/29/2017      MN     USD
Mongolian Mining Cor   8.875    35.25    3/29/2017      MN     USD
NB Finance Ltd/Cayma       3   74.083     2/7/2035      KY     EUR
Newland Internationa     9.5    40.75     7/3/2017      PA     USD
Newland Internationa     9.5   23.375     7/3/2017      PA     USD
Noble Holding Intern    6.05       66     3/1/2041      KY     USD
Noble Holding Intern    5.25   61.967    3/15/2042      KY     USD
Noble Holding Intern    6.95   70.088     4/1/2045      KY     USD
Noble Holding Intern     6.2    68.55     8/1/2040      KY     USD
NQ Mobile Inc              4   68.169   10/15/2018      CN     USD
Odebrecht Drilling N    6.35    50.95    6/30/2021      KY     USD
Odebrecht Drilling N    6.35    51.25    6/30/2021      KY     USD
Odebrecht Finance Lt     7.5       61                   KY     USD
Odebrecht Finance Lt     7.5     64.2                   KY     USD
Odebrecht Finance Lt       7       77    4/21/2020      KY     USD
Odebrecht Finance Lt       7   68.955    4/21/2020      KY     USD
Odebrecht Finance Lt    8.25     59.5    4/25/2018      KY     BRL
Odebrecht Finance Lt    8.25     59.5    4/25/2018      KY     BRL
Odebrecht Finance Lt   4.375     63.5    4/25/2025      KY     USD
Odebrecht Finance Lt   4.375       64    4/25/2025      KY     USD
Odebrecht Finance Lt       6       63     4/5/2023      KY     USD
Odebrecht Finance Lt       6     65.5     4/5/2023      KY     USD
Odebrecht Finance Lt   5.125    69.75    6/26/2022      KY     USD
Odebrecht Finance Lt   5.125     72.5    6/26/2022      KY     USD
Odebrecht Finance Lt   7.125    62.75    6/26/2042      KY     USD
Odebrecht Finance Lt   7.125       63    6/26/2042      KY     USD
Odebrecht Finance Lt    5.25    60.25    6/27/2029      KY     USD
Odebrecht Finance Lt    5.25       61    6/27/2029      KY     USD
Odebrecht Offshore D    6.75     31.5    10/1/2022      KY     USD
Odebrecht Offshore D   6.625     32.5    10/1/2022      KY     USD
Odebrecht Offshore D    6.75    33.76    10/1/2022      KY     USD
Odebrecht Offshore D   6.625    33.51    10/1/2022      KY     USD
Odebrecht Oil & Gas        7     28.5                   KY     USD
Odebrecht Oil & Gas        7     29.5                   KY     USD
Offshore Group Inves   7.125     28.5     4/1/2023      KY     USD
Pesquera Exalmar SAA   7.375       65    1/31/2020      PE     USD
Pesquera Exalmar SAA   7.375   69.125    1/31/2020      PE     USD
Petroleos de Venezue       6       38   11/15/2026      VE     USD
Petroleos de Venezue       6     38.5   11/15/2026      VE     USD
Petroleos de Venezue       9    46.75   11/17/2021      VE     USD
Petroleos de Venezue       9       41   11/17/2021      VE     USD
Petroleos de Venezue     8.5       64    11/2/2017      VE     USD
Petroleos de Venezue     8.5     58.9    11/2/2017      VE     USD
Petroleos de Venezue   12.75     54.4    2/17/2022      VE     USD
Petroleos de Venezue   12.75     49.5    2/17/2022      VE     USD
Petroleos de Venezue    5.25     59.3    4/12/2017      VE     USD
Petroleos de Venezue   5.375    37.75    4/12/2027      VE     USD
Petroleos de Venezue     5.5    36.75    4/12/2037      VE     USD
Petroleos de Venezue       6   39.585    5/16/2024      VE     USD
Petroleos de Venezue       6    40.25    5/16/2024      VE     USD
Petroleos de Venezue    9.75     48.5    5/17/2035      VE     USD
Petroleos de Venezue    9.75    41.73    5/17/2035      VE     USD
Polarcus Ltd             5.6   29.917    4/27/2018      AE     USD
Polarcus Ltd               8   13.625     6/7/2018      AE     USD
Polarcus Ltd            8.35   14.125     7/8/2019      AE     NOK
Provincia del Chaco        4    70.66    12/4/2026      AR     USD
Republic of Ecuador     7.75   74.675    4/25/2028      EC     USD
Republic of Ecuador     7.75   74.675    4/25/2028      EC     USD
Republic of Ecuador      6.5   73.859    5/20/2020      EC     USD
Republic of Ecuador      6.4   67.626    6/12/2024      EC     USD
Republic of Ecuador      6.4   67.626    6/12/2024      EC     USD
Republic of Ecuador     7.75   74.946    6/25/2028      EC     USD
Republic of Ecuador     7.75   74.946    6/25/2028      EC     USD
Republic of Ecuador     7.75   75.059    7/24/2028      EC     USD
Republic of Ecuador     7.75   75.059    7/24/2028      EC     USD
Republic of Ecuador     7.75   75.094     8/1/2028      EC     USD
Republic of Ecuador     7.75   75.094     8/1/2028      EC     USD
Samarco Mineracao SA    5.75     47.5   10/24/2023      BR     USD
Samarco Mineracao SA    5.75     45.5   10/24/2023      BR     USD
Samarco Mineracao SA   4.125     47.5    11/1/2022      BR     USD
Samarco Mineracao SA   4.125     46.5    11/1/2022      BR     USD
Samarco Mineracao SA   5.375       46    9/26/2024      BR     USD
Samarco Mineracao SA   5.375     54.5    9/26/2024      BR     USD
Siem Offshore Inc       5.85   72.875    1/30/2018      NO     NOK
Siem Offshore Inc       5.45     68.5    3/28/2019      NO     NOK
Sylph Ltd              3.349   58.262    6/22/2035      KY     USD
Telemar Norte Leste      5.5    65.51   10/23/2020      BR     USD
Telemar Norte Leste      5.5     69.5   10/23/2020      BR     USD
Telemar Norte Leste      5.5   66.125   10/23/2020      BR     USD
Tonon Bioenergia SA     9.25   33.063    1/24/2020      BR     USD
Tonon Bioenergia SA     9.25    33.25    1/24/2020      BR     USD
Transocean Inc           4.3       61   10/15/2022      KY     USD
Transocean Inc          7.85   65.311   12/15/2041      KY     USD
Transocean Inc           6.8   60.143    3/15/2038      KY     USD
Transocean Inc          7.45   72.624    4/15/2027      KY     USD
Transocean Inc             8    72.65    4/15/2027      KY     USD
Transocean Inc           7.5   64.998    4/15/2031      KY     USD
USJ Acucar e Alcool    9.875   41.775    11/9/2019      BR     USD
USJ Acucar e Alcool    9.875     41.5    11/9/2019      BR     USD
Vale SA                5.625   67.849    9/11/2042      BR     USD
Venezuela Government   9.375       44    1/13/2034      VE     USD
Venezuela Government    7.75    44.25   10/13/2019      VE     USD
Venezuela Government    8.25    42.75   10/13/2024      VE     USD
Venezuela Government   11.75     50.5   10/21/2026      VE     USD
Venezuela Government       7    49.85    12/1/2018      VE     USD
Venezuela Government       6    41.25    12/9/2020      VE     USD
Venezuela Government       7    41.25    3/31/2038      VE     USD
Venezuela Government    7.65     41.5    4/21/2025      VE     USD
Venezuela Government       9    43.75     5/7/2023      VE     USD
Venezuela Government    9.25       44     5/7/2028      VE     USD
Venezuela Government  13.625   61.314    8/15/2018      VE     USD
Venezuela Government  13.625   61.314    8/15/2018      VE     USD
Venezuela Government  13.625     61.5    8/15/2018      VE     USD
Venezuela Government   12.75    52.65    8/23/2022      VE     USD
Venezuela Government   11.95     49.5     8/5/2031      VE     USD
Venezuela Government    9.25    46.25    9/15/2027      VE     USD
Venezuela Government    5.25   49.414    3/21/2019      VE     USD
Venezuela Government    6.25    73.52     4/6/2017      VE     USD
Venezuela Government   9.125   71.351    9/15/2017      VE     USD
VRG Linhas Aereas SA   10.75     59.5    2/12/2023      BR     USD
VRG Linhas Aereas SA   10.75     59.5    2/12/2023      BR     USD


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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