TCRLA_Public/160104.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, January 4, 2016, Vol. 17, No. 1


                            Headlines



A R G E N T I N A

ARGENTINA: Looks for 2nd Law Firm to Resolve Lawsuit Over Debt


B R A Z I L

BRAZIL: November Budget Deficit 9.3% of GDP
BRAZIL: Government Settles $18.2 Billion Owed to State Banks
PETROLEO BRASILEIRO: Meets Divestment Target of $700MM for 2015


C A Y M A N  I S L A N D S

CFIP MASTER: Commences Liquidation Proceedings
CFIP ULTRA: Commences Liquidation Proceedings
COI PROPERTY: Commences Liquidation Proceedings
EDWARDS INTERNATIONAL: Commences Liquidation Proceedings
GHISOLFA INVESTMENT: Placed Under Voluntary Wind-Up

GRAND PENINSULA: Commences Liquidation Proceedings
GRAND PENINSULA INVESTMENTS: Commences Liquidation Proceedings
INDOCHINA INDUSTRIAL: Placed Under Voluntary Wind-Up
LANGARA CAPITAL: Placed Under Voluntary Wind-Up
LINK_A_MEDIA: Commences Liquidation Proceedings

MAZU ASIA: Commences Liquidation Proceedings
MAZU CAPITAL: Commences Liquidation Proceedings
OV GROUP: Commences Liquidation Proceedings
ROSSLYN ASSET: Placed Under Voluntary Wind-Up
SAFI CONSULTANTS: Creditors' Proofs of Debt Due Jan. 5


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Tax Hike to Affect Food Products in Jan. 2016


M E X I C O

CASA DE BOLSA: Moody's Withdraws Ba3 Local Currency Issuer Rating


T R I N I D A D  &  T O B A G O

PETROLEUM CO: S&P Affirms 'BB' Rating; Outlook Stable
SUPER INDUSTRIAL: $180MM Court Action v. Firm to Start This Week


X X X X X X X X X

* BOND PRICING: For the Week From Dec. 28 to Jan. 1, 2016


                            - - - - -


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


ARGENTINA: Looks for 2nd Law Firm to Resolve Lawsuit Over Debt
--------------------------------------------------------------
Jorge Otaola at Reuters reports that Argentina's new government is
shopping around for a second law firm to help resolve the
country's longstanding battle with creditors suing it over its
unpaid debt, a source in the economy ministry said.

The center-right government of Mauricio Macri will publicly launch
its search for a new firm based in New York City to work together
with Cleary Gottlieb Steen & Hamilton LLP, said the source, who
spoke on the condition of anonymity, according to Reuters.

The report notes that Argentina and the so-called "holdout"
bondholders plan to meet in the second week of January to start
talks toward settling the legal dispute that stems from the
country's $100 billion default in 2002.

The source said the government expects the negotiations with
bondholders to be tough, the report relays.

The report notes that President Macri has expressed confidence
that a deal can be reached in 2016.  Doing so would allow
Argentina, a financial markets pariah, to regain access to global
credit markets and ease an acute shortage of hard currency in
Latin America's third biggest economy, the report adds.

                        *     *     *

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

On Aug. 1, 2014, the TCR-LA 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, 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', reported the TCR-LA on Aug. 1.

On Aug. 4, 2014, the TCR-LA 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'.

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: November Budget Deficit 9.3% of GDP
-------------------------------------------
Paulo Trevisani at The Wall Street Journal reports that Brazil's
government accounts remained weak in November, with a budget
deficit equal to 9.3% of gross domestic product, the central bank
said last week.

The result is slightly improved from October's 9.5%-of-GDP budget
gap, according to The Wall Street Journal.

The report notes that the primary budget deficit, which excludes
interest payments, was 0.89% of GDP, versus 0.7% of GDP in
October.

Brazil's gross debt was 65.1% of GDP, versus 64.9% of GDP in
October, revised down from 66.1%, the central bank said, the
report relays.

The government has given up plans set earlier this year to achieve
a primary surplus of 1.1% of GDP in 2015, as a deep recession
weakened tax revenue and offset spending cuts, the report notes.
Instead of a surplus, the government can now end the year with a
primary deficit as large as 2% of GDP, analysts say, the report
discloses.  Full-year results are to be released in late January.

The government said it will pay in full a total of BRL57 billion
Brazilian ($14.75 billion) in debt it has with Brazil's large
state-controlled banks, a move likely to increase the country's
budget hole, the report adds.


BRAZIL: Government Settles $18.2 Billion Owed to State Banks
------------------------------------------------------------
Carla Simoes at Bloomberg News reports that Brazil's government is
repaying obligations to state-run banks that stem mostly from
budget maneuvers that are the basis for impeachment proceedings
against the president.

The Treasury last year was paying BRL72.4 billion ($18.3 billion)
it owed state banks such as Banco do Brasil, it said in a
statement obtained by Bloomberg News.

Bloomberg News notes that the bulk of the amount had already been
included in the 120 billion-real primary budget deficit authorized
by Congress last month.  The primary budget excludes payments on
interest.

The government was eager to settle the account last year in an
effort to start 2016 with a clean slate, improving its chances of
meeting the primary budget surplus target of 0.5 percent of gross
domestic product, Bloomberg News relays.

Bloomberg News says that the decision to settle the full amount
last year rather than stagger payments was a positive surprise,
said Solange Srour, chief economist at investment-management
company ARX Investimentos.

"Everybody thought it wouldn't be fully paid," she said, Bloomberg
News notes.

                             Bond Sale

Bloomberg News discloses that the bulk of the funds used to pay
banks comes from the Treasury's single account, which is financed
by bond sales and other sources.  In addition, the Treasury will
issue BRL1.5 billion in bonds to pay Banco do Brasil, Bloomberg
News notes.

Bloomberg News says that Brazil's primary budget deficit ended the
year at 2 percent of gross domestic product, but could improve to
a 1 percent deficit this year, from a previous forecast of a 1.3
percent gap, Ilan Goldfajn, chief economist at Itau Unibanco
Holding SA, wrote in a research note.

"However, we see rising risks of a stronger decline in tax
collection, with negative impacts on the 2016 primary result," he
wrote, Bloomberg News relays.

Settling accounts also may undermine an opposition-led impeachment
process against President Dilma Rousseff in the lower house of
Congress, Bloomberg News discloses.  One of the main arguments for
her ouster is that she broke financial responsibility laws by
using accounting tricks such as running up debt with state banks
to hide a growing budget gap, notes the report.

"The government wanted to make the full 2015 payment to avoid
future questioning," ARX Investimentos's Srour said, Bloomberg
News relays.

                         Excess Liquidity

The operation will be reflected in the country's public debt
figures and the central bank will issue repurchase agreements to
soak up excess liquidity, Interim Treasury Secretary Otavio
Ladeira told reporters after the announcement, Bloomberg News
notes.

Bloomberg News discloses that the country's audit court, which had
recommended Congress reject Rousseff's 2014 accounts, must still
approve the government's payment plan.

On Dec. 9, it said the government must settle the balance owed as
soon as possible, Bloomberg News says.

Brazil's finances have deteriorated sharply as a recession erodes
tax revenue and dissent in Congress complicates efforts to cut
spending, Bloomberg News recalls.  The nominal budget deficit
expanded to 9.3 percent of GDP in November from 5.3 percent of GDP
in 2014.  Rating companies Standard & Poor's and Fitch have
stripped the country of its investment-grade rating as a result,
while Moody's Investors Service has threatened to do the same,
Bloomberg News adds.


PETROLEO BRASILEIRO: Meets Divestment Target of $700MM for 2015
---------------------------------------------------------------
EFE News reports that Brazilian state-controlled oil giant
Petrobras achieved its 2015 divestment target of $700 million
after selling its 49 percent stake in Petrobras Gas S.A., or
Gaspetro, to Japan's Mitsui & Co Ltd.

Petrobras announced the sale of its Gaspetro stake to Mitsui Gas
and its subsidiary in Brazil Energia do Brasil Ltda in a statement
obtained by EFE News.

The report notes that Gaspetro is the holding company that
controls Petrobras shares in regional natural gas distributors.

The deal was sealed with the payment of $499.8 million by Mitsui-
Gas and the final and unrestricted approval from Brazil's
Administrative Council for Economic Defense, the report relays.

With this sale, part of the Divestment Program outlined in the oil
giant's Business and Management Plan 2015-2019, the company has
now fulfilled the target it had set for 2015, the report
discloses.

Petrobras Chief Executive Officer Aldemir Bendine said recently,
the divestment plan begun in 2015 and valued at $15 billion, will
end in 2016 with the sale of further assets both within the
country and abroad, the report relays.

The state corporation has been hit by a massive corruption scandal
centering on allegations that leading domestic engineering and
construction groups overcharged the oil giant for contracts,
splitting the extra money with corrupt Petrobras officials while
setting aside some of the loot to pay off politicians who provided
cover for the graft, the report adds.

                      About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

The Troubled Company Reporter-Latin America reported on Dec. 22,
2015, 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-'.

On Dec. 11, 2015, reported that Moody's Investors Service
("Moody's") downgraded all ratings for Petroleo Brasileiro S.A.
("Petrobras") and ratings based on Petrobras' guarantee, including
the company's senior unsecured debt rating, to Ba3 from Ba2.
Simultaneously, Moody's placed the ratings on review for possible
further downgrade. The company's baseline credit assessment (BCA)
was lowered to b3 from b2. The rating and outlook for the
unguaranteed ratings of Petrobras Argentina are unchanged,
including the (P)B2 senior unsecured, positive.

TCRLA reported that on March 6, 2015, that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

On March 12, 2015, the TCR-LA reported that Moody's Investors
Service said the corruption investigation into Petrobras will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

Moody's Investors Service has downgraded all ratings for
Petrobras, including a downgrade of the company's senior unsecured
debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating
to the company, the TCRLA reported on Feb. 27, 2015.  Its failure
to estimate its losses from the alleged corruption scheme and
produce audited third-quarter results prompted Moody's to cut its
rating to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


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


CFIP MASTER: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 2, 2015, the members of CFIP Master Fund, Ltd resolved to
voluntarily liquidate the company's business.

Only creditors who were able to their proofs of debt by Dec. 21,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Casey Mcdonald
          KRYS Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


CFIP ULTRA: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 2, 2015, the members of CFIP Ultra Master Fund, Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to their proofs of debt by Dec. 21,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Casey Mcdonald
          KRYS Global VL Services Limited
          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 947 4700


COI PROPERTY: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 5, 2015, the members of COI Property GP Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to their proofs of debt by Dec. 22,
2015, will be included in the company's dividend distribution.

The company's liquidators are:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


EDWARDS INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 6, 2015, the sole shareholder of Edwards International
Holdings Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to their proofs of debt by Dec. 21,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Ian Phillips
          Suite 4210 Canella Court
          48 Market Street, Camana Bay
          P.O. Box 32203 Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 749-3340
          Facsimile: (345) 749-2230


GHISOLFA INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 10, 2015, the sole shareholder of Ghisolfa Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to their proofs of debt by Dec. 21,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


GRAND PENINSULA: Commences Liquidation Proceedings
--------------------------------------------------
On Nov. 10, 2015, the sole shareholder of Grand Peninsula Funding,
Ltd. resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Abdulla Al-Essa
          Khaled Albaijan
          c/o Sophie Kassam
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +971 4 363 7919
          Facsimile: +971 4 363 7033


GRAND PENINSULA INVESTMENTS: Commences Liquidation Proceedings
--------------------------------------------------------------
On Nov. 10, 2015, the sole shareholder of Grand Peninsula
Investments, Ltd. resolved to voluntarily liquidate the company's
business.

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

The company's liquidators are:

          Abdulla Al-Essa
          Khaled Albaijan
          c/o Sophie Kassam
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +971 4 363 7919
          Facsimile: +971 4 363 7033


INDOCHINA INDUSTRIAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Nov. 3, 2015, the sole shareholder of Indochina Industrial
Quang Nam Properties resolved to voluntarily wind up the company's
operations.

Only creditors who were able to their proofs of debt by Dec. 14,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Michael Paul Piro
          06 Thai Van Lung street, 10th Floor, District 1
          Ho Chi Minh City, Vietnam
          Telephone: 84 8 3520 2030
          Facsimile: 84 8 3520 2036


LANGARA CAPITAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
The members of Langara Capital Partners Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to their proofs of debt by Dec. 15,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Alric Lindsay
          Artillery Court
          Shedden Road
          P.O. Box 11371, George Town
          Grand Cayman KY1-1008
          Cayman Islands
          Telephone: (345)-926-1688


LINK_A_MEDIA: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 4, 2015, the sole shareholder of Link_A_Media Devices
International resolved to voluntarily liquidate the company's
business.

Only creditors who were able to their proofs of debt by Dec. 15,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


MAZU ASIA: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 9, 2015, the sole shareholder of Mazu Asia Fund resolved
to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Lanny Lim
          Mirror Marina, Flat B, 9th Floor
          47 Conduit Road; Mid-Levels
          Hong Kong


MAZU CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 2, 2015, the sole shareholder of Mazu Capital Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Lanny Lim
          Mirror Marina, Flat B, 9th Floor
          47 Conduit Road; Mid-Levels
          Hong Kong


OV GROUP: Commences Liquidation Proceedings
-------------------------------------------
On Oct. 27, 2015, the shareholder of OV Group (Cayman) Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to their proofs of debt by Dec. 14,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Tammy Fu
          c/o Joel Edwards
          Zolfo Cooper, 38 Market Street
          Canella Court, 2nd Floor, Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006
          Telephone: +1 (345) 814 4017


ROSSLYN ASSET: Placed Under Voluntary Wind-Up
---------------------------------------------
On Nov. 4, 2015, the sole shareholder of Rosslyn Asset Management
Greater Asia Fund resolved to voluntarily wind up the company's
operations.

Only creditors who were able to their proofs of debt by Dec. 14,
2015, will be included in the company's dividend distribution.

The company's liquidator is:

          Lynne Margaret Ross
          The River House, 17 Ward Street
          Tewantin Queensland 4565, Australia
          Telephone: (61) 7 5442 4298
          Facsimile: (61) 7 5442 4298


SAFI CONSULTANTS: Creditors' Proofs of Debt Due Jan. 5
------------------------------------------------------
The creditors of Safi Consultants Limited are required to file
their proofs of debt by Jan. 5, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Nov. 10, 2015.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


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


DOMINICAN REPUBLIC: Tax Hike to Affect Food Products in Jan. 2016
-----------------------------------------------------------------
Dominican Today reports that the Internal Taxes (DGII) announced
that starting January 2016 the Tax on the Transfer of
Industrialized Goods and Services (ITBIS) increase from 13% to 16%
will be applied to mass consumption products such as coffee,
chocolate, edible oils, yogurt, sugar and butter.

The measure, which is included in the tax increases ordered by Law
253-12, will cause increases in the prices of those products,
starting in the first days of January or as soon as merchants
start to transfer the tax increase to consumers, according to
Dominican Today.

The report notes that Grupo Ramos, owner of La Sirena, Pola and
Ole supermarkets, has already announced that it would absorb the
increase during January. Other supermarkets are expected to
follow.

The ITBIS increase and the extension of its base are some of the
measures included in the 2012 fiscal reform, the report relays.
ITBIS collections totaled RD$78 billion in 2015, the report adds.


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


CASA DE BOLSA: Moody's Withdraws Ba3 Local Currency Issuer Rating
-----------------------------------------------------------------
Moody's de Mexico has withdrawn all ratings assigned to Casa de
Bolsa Ve por Mas, S.A. de C.V. (CB BX+).  The ratings withdrawn
include CB BX+'s long- and short-term global local currency (GLC)
issuer ratings of Ba3 and Not-Prime, respectively, and long- and
short-term Mexican National Scale issuer ratings of A3.mx and MX-
2, respectively.  The brokerage house's stable outlook has also
been withdrawn.

RATINGS RATIONALE

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

LIST OF RATINGS AFFECTED

These ratings of Casa de Bolsa Ve por Mas, S.A. de C.V. were
withdrawn:

   -- Long-term global local currency issuer rating: Ba3
   -- Short-term global local currency issuer rating: Not-Prime
   -- Long-term Mexican National Scale issuer rating: A3.mx
   -- Short-term Mexican National Scale issuer rating: MX-2

The principal methodology used in these ratings was Global
Securities Industry Methodology published in May 2013.

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

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


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


PETROLEUM CO: S&P Affirms 'BB' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
The National Gas Co. of Trinidad & Tobago Ltd. (NGC) to negative
from stable and affirmed the 'A-' rating on it.  At the same time,
S&P affirmed its 'BB' rating on Petroleum Co of Trinidad & Tobago
Ltd. (Petrotrin).  The outlook on Petrotrin remains stable.

The outlook revision on NGC reflects the similar action on T&T and
is in line with S&P's criteria for GREs.  S&P views the likelihood
of extraordinary government support to NGC as "very high," which,
under S&P's criteria, allowed it to assign three notches of
support to its stand-alone credit profile (SACP).  S&P currently
expects that it would downgrade NGC if S&P took a similar action
on the sovereign.

On the contrary, absent a reassessment of the likelihood of
extraordinary government support or a downgrade on the ratings on
T&T to 'BB+' or lower--which S&P don't expect in the short to
intermediate term--S&P would downgrade Petrotrin only if its SACP
were to fall to the 'ccc' category.

For NGC, the negative outlook indicates that S&P would downgrade
it following a similar rating action on the sovereign in the next
12-24 months.  In addition, a one-notch downward revision of the
company's SACP would lead to a similar action on the ratings on
NGC.  Given that S&P don't expect fundamental changes in its
assessment of the company's business risk profile, S&P could lower
the SACP as a result of a revision of the financial risk profile
assessment to "intermediate" or lower.  Although this is unlikely
in the near term, given NGC's ample room for additional debt, S&P
could lower the profile assessment if the company takes on
significant debt.

S&P could revise the outlook to stable on NGC if S&P was to do so
for T&T.  In addition, and although unlikely in the next to two to
three years, S&P would upgrade NGC if S&P raised the ratings on
T&T to 'AA-' and revised the company's SACP to 'a-'.

For Petrotrin, the stable outlook reflects S&P's expectation that
it will maintain its good competitive position in the Caribbean
market for refined oil products, S&P's expectation for ongoing and
extraordinary government support if needed, an improvement in the
company's refinery operations, and higher oil prices for the next
few years.  Even if S&P was to downgrade T&T, S&P don't expect a
ratings change on Petrotrin, all else being equal.

S&P could downgrade Petrotrin in the next six months to one year
if oil prices continue to decrease, leading S&P to assess the
company's capital structure as unsustainable, and/or if S&P
perceives a decline in government support that leads S&P to
believe liquidity could contract further.  A deterioration of the
SACP would also trigger a downgrade.

Although unlikely in the near term, S&P could upgrade Petrotrin if
its credit metrics strengthen within the next 12 months and if it
considerably improves its liquidity position.  Such a scenario
would require debt to EBITDA below 5x and free operating cash flow
to debt above 10%, which would mean an improvement in the
company's core operations.


SUPER INDUSTRIAL: $180MM Court Action v. Firm to Start This Week
----------------------------------------------------------------
Trinidad Express reports that the court action brought against
Super Industrial Services (SIS) and Rain Forest Resorts Ltd by the
National Gas Company (NGC), which saw the granting of an ex-parte
injunction to NGC that effectively put a freeze on $180 million of
SIS's assets, is expected to begin this week.

A case management conference was held before Justice Margaret
Mohammed at the Hall of Justice in Port of Spain as the judge and
attorneys representing the parties sought to set out a timetable
on how the matter should proceed, according to Trinidad Express.

However, the court is yet to set the next hearing date which,
attorneys involved in the matter said, is expected to be sometime
this week, the report relays.

Justice Frank Seepersad granted the ex-parte injunction during an
emergency sitting, the report adds.



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


* BOND PRICING: For the Week From Dec. 28 to Jan. 1, 2016
---------------------------------------------------------

Issuer Name      Cpn    Bid Price  Maturity Date  Country  Curr
-----------             ---  ---------  ----------    ----   ----
Anton Oilfield Servi     7.5       49    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 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


                   * * * End of Transmission * * *