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        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, January 5, 2016, Vol. 17, No. 2


                            Headlines



B E R M U D A

KEYTECH GROUP: Records BM$3.1 Million Loss


B R A Z I L

BRAZIL: Reports Worst Primary Budget Deficit of 2015 in November
BRAZIL: Rousseff Vetoes Social-Welfare Item in Budget Bill
QGOG ATLANTIC: Fitch Cuts Senior Secured Notes Rating to 'BB-'


C A Y M A N  I S L A N D S

ACM EAGLE: Commences Liquidation Proceedings
ALTITUDE GLOBAL: Placed Under Voluntary Wind-Up
BEVI 2: Commences Liquidation Proceedings
CHINA GLOBAL: Commences Liquidation Proceedings
COI PROPERTY: Commences Liquidation Proceedings

EUROPEAN RETAIL: Commences Liquidation Proceedings
FINANCE HOUSE: Commences Liquidation Proceedings
FRAMLINGHAM (CAYMAN): Commences Liquidation Proceedings
GTPT CAYMAN: Placed Under Voluntary Wind-Up
H&F SOFTWARE: Commences Liquidation Proceedings

INTER-INDUSTRY: Placed Under Voluntary Wind-Up
M SQUARE: Placed Under Voluntary Wind-Up
M SQUARE MASTER: Placed Under Voluntary Wind-Up
SIGNUM VERDE 2006-02: Fitch Cuts Rating on CLP5.3BB Notes to BB+
WMG CONCENTRATED: Placed Under Voluntary Wind-Up

YPF ECUADOR: Placed Under Voluntary Wind-Up


J A M A I C A

JAMAICA: BOJ Forced to Increase Money in circulation for Christmas


M E X I C O

HIPOTECARIA SU CASITA: Moody's Puts Caa3(sf) Rating on Review
HSBC MEXICO: Moody's Puts Ba1(sf) Rating Under Review


P U E R T O    R I C O

PUERTO RICO: Begins to Make Payments on Debt Due in Early January


U R U G U A Y

ADMINISTRACION NACIONAL: Government Forgives $580 Million Debt


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Won't Begin Gas Exports to Colombia Jan. 1


                            - - - - -


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B E R M U D A
=============


KEYTECH GROUP: Records BM$3.1 Million Loss
------------------------------------------
The Royal Gazette reports that KeyTech Group of Companies made a
loss of BMD$3.1 million for the six-month period that ended on
September 30.  This compared with a loss of BM$19.9 million for
the same period in 2014, according to The Royal Gazette.  When
normalized for the loss on the sale of Bermuda Telephone Company,
the result was an improvement of BM$$0.1 million.

In a statement, KeyTech said the loss for the period was related
to one-time costs associated with the merger of Bermuda
CableVision Limited and Logic Communications Ltd, redundancies and
increased finance costs, The Royal Gazette notes.

"KeyTech continues to execute its strategy to strengthen its
market position through acquisitions, mergers and investment in
fibre networks in both Bermuda and Cayman," the report quoted
Lloyd Fray, chief executive officer of KeyTech, as saying.

"The telecommunications market in Bermuda has undergone a major
transformation as the industry embraces technological advancements
as well as growing consumer demand for bandwidth, while operating
in a challenging economic climate," Mr. Fray added.

The report notes that KeyTech's long-term debt was reduced by
BM$3.2 million during the period.

Earnings per share for the six-month period was a loss of BM$0.20
compared to a loss per share of BM$1.20 for the same period last
year, the report notes.  The company intends to declare a special
dividend of $0.75 per share to shareholders of record immediately
prior to the closing of its transaction with Atlantic Tele-
Networks (ATN), which is subject to regulatory approvals in
Bermuda and Cayman, the report says.  US-based ATN's total stake
in KeyTech will be 51 per cent once the transaction is approved,
the report adds.


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


BRAZIL: Reports Worst Primary Budget Deficit of 2015 in November
----------------------------------------------------------------
Mario Sergio Lima at Bloomberg News reports that Brazil reported
the biggest primary budget deficit of 2015 in November, as the
deepening recession erodes tax revenue and dissent in Congress
thwarts government efforts to cut spending.

The budget gap before interest payments, which includes states,
cities and government-run companies, was BRL19.6 billion ($5.1
billion) in November, compared to the median forecast of 14
analysts surveyed by Bloomberg for a 19.8 billion-real deficit.
Investors and credit rating companies use Brazil's so-called
primary budget result to gauge the country's fiscal health,
according to Bloomberg News.

Congress in December passed legislation that relaxes the
government's primary budget target for 2015, allowing it to post a
deficit rather than a surplus, Bloomberg News notes.  Analysts
surveyed by the central bank don't expect the government to close
the budget gap until 2017, Bloomberg News relates.

The fiscal deterioration puts Latin America's largest country at
risk of another credit downgrade and threatens to exacerbate the
selloff of Brazilian assets such as the real, the worst performing
emerging-market currency in 2015 after the Argentine peso,
Bloomberg News discloses.

The 12-month primary budget gap as a percentage of gross domestic
product expanded to 0.89 percent in November from 0.7 percent a
month earlier, Bloomberg News notes.  The nominal budget deficit
widened to BRL43.1 billion from BRL29.4 billion a month earlier,
Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has downgraded Brazil's ratings:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) to 'BB+' from 'BBB-', Outlook remains Negative;

   -- Senior unsecured foreign and local currency bonds to 'BB+'
      from 'BBB-';

   -- Short-term foreign currency IDR to 'B' from 'F3'.


BRAZIL: Rousseff Vetoes Social-Welfare Item in Budget Bill
----------------------------------------------------------
EFE News reports that President Dilma Rousseff signed a 2016
budget bill but vetoed more than 40 items, including one that
would have raised individual disbursements to beneficiaries of
Brazil's flagship Bolsa Familia anti-poverty program.

Congress passed the budget bill last month and Rousseff signed it
into law, according to Brazil's official gazette, reports EFE
News.

The text approved by lawmakers would have raised stipends under
the program in line with accumulated inflation between May 2014
and December 2015, the report notes.

But President Rousseff vetoed the item because the increase would
have jeopardized the viability of the program, which provides cash
payouts to the poorest Brazilians, the report relays.

"Had it been authorized, the proposed readjustment, because it was
not compatible with overall spending limits, would have
necessarily meant a reduction in beneficiaries of the 'Bolsa
Familia' program," the government added, the report discloses.

President Rousseff also vetoed a provision in the budget bill that
would have prohibited Brazilian state development bank BNDES from
providing or renewing loans to fund investment projects abroad,
the report notes.

The president decided that a ban would have hindered Brazilian
companies' ability to compete internationally, the report says.

Brazil last year posted its first primary budget deficit since
1997 and in 2015 the recession-hit country continued to struggle
to get its fiscal house in order, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has downgraded Brazil's ratings:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) to 'BB+' from 'BBB-', Outlook remains Negative;

   -- Senior unsecured foreign and local currency bonds to 'BB+'
      from 'BBB-';

   -- Short-term foreign currency IDR to 'B' from 'F3'.


QGOG ATLANTIC: Fitch Cuts Senior Secured Notes Rating to 'BB-'
--------------------------------------------------------------
Fitch Ratings downgrades the senior secured notes issued by QGOG
Atlantic/Alaskan Rigs Ltd. as follows:

-- Series 2011-1 senior secured notes due 2019 to 'BB-' from
    'BB'; Outlook remains Negative.

The notes are backed by the flows related to the charter
agreements signed with Petroleo Brasileiro (Petrobras) for the use
of the moored semi-submersibles Atlantic Star and Alaskan Star.
Queiroz Galvao Oleo e Gas S.A. (QGOG) is the operator of the
vessels and QGOG Constellation S.A. (QGOG Constellation) is the
primary sponsor of the transaction.

The downgrade to the senior secured notes reflects the downgrade
to Petrobras (the offtaker) and Fitch's weakening view of the
strength of the offtaker's payment obligation given continued
pressure on global day-rates and asset values caused by stressed
oil prices and Petrobras' willingness to terminate existing
charter agreements in the event of a contract breach.

The ratings continue to benefit from strong asset performance and
QGOG's position as one of Petrobras' top performing service
providers, the underlying long-term contracts, and the credit
quality of QGOG Constellation. The Negative Outlook reflects the
Negative Outlook on the sponsor's rating and the negative
environment for offshore drillers, specifically less attractive
demand fundamentals for the underlying rigs.

KEY RATING DRIVERS

-- Petrobras' Credit Quality
    On Dec. 17, 2015, Fitch downgraded the foreign and local
    currency Issuer Default Ratings (IDRs) of Petrobras to 'BB+'
    from 'BBB-'. The rating actions follow Fitch's downgrade of
    Brazil's sovereign foreign and local currency IDRs to 'BB+'
    from 'BBB-'. The Rating Outlook on the sovereign is Negative.
    The offtaker's IDR is the starting point for determining the
    strength of the offtaker's payment obligation.

-- Fitch's View of the Strength of the Payment Obligation
    Petrobras has demonstrated a willingness to terminate existing
    charter agreements related to less strategic assets when a
    termination clause is breached. Although the Atlantic Star and
    Alaskan Star have historically performed well, these second-
    generation mid-water vessels are older and less strategic than
    ultra-deepwater (UDW) rigs and equipment related to
    production, and therefore may be more vulnerable to contract
    renegotiation or termination. With current market conditions
    and market day-rates for newer UDW assets close to the
    contracted day-rates for the Alaskan Star and Atlantic Star,
    Petrobras may approach the operator in an attempt to
    restructure certain contracts to reduce expenses over the
    medium term. Continued pressure on global day-rates and asset
    value caused by stressed oil prices imply a low likelihood
    that the Atlantic Star and Alaskan Star would be re-contracted
    in today's environment outside of Brazil and underline the
    importance of a strong operating performance to avoid any
    performance-related contract termination.

-- Strong Asset Performance
    Both the Atlantic Star and Alaskan Star have returned to
    normal operations in line with strong historical performance
    after suffering idiosyncratic downtime during the first half
    of 2015. Uptimes for the Atlantic and the Alaskan averaged 95%
    and 92%, respectively, during the first three quarters of
    2015. During 2013 and 2014, performance of both was excellent,
    with both vessels recording average uptime levels near 99%.
    Although both assets have performed well and QGOG is one of
    the best operators in Petrobras' fleet, Fitch believes that
    given the nature of the assets and the contracted day-rates,
    these charter and services agreements are exposed to early
    termination in the event of poor performance.

-- Credit Quality of QGOG Constellation
    Fitch rates QGOG Constellation 'BB-' with a Negative Outlook.
    The transaction is directly and indirectly exposed to the
    credit quality of QGOG Constellation as the charter and
    service agreements have termination clauses relating to
    bankruptcy and performance, and therefore are linked to the
    credit quality of this entity. Positively, on Nov. 30, 2015,
    the company announced that the Brazilian Comptroller General's
    Office (CGU; Controladoria Geral de Uniao) decided to exclude
    QGOG from the administrative procedure that the CGU initiated
    in connection with the Petrobras investigations.

-- Decreasing Leverage Limits Exposure to Stressed Market
    Exposure to market day-rates and depressed asset values is
    mitigated, since the transaction maintains cash reserves and
    continues to de-lever at a relatively fast pace.

RATING SENSITIVITIES
The ratings are sensitive to changes in the credit quality of
Petrobras as offtaker, changes in the credit quality of QGOG
Constellation, and the operating performance of the underlying
assets. Additionally, the ratings are sensitive to changes in
Brazilian oil and gas industry dynamics and overall market
dynamics for midwater assets, and Fitch's perception of the
strength of the payment obligation.



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


ACM EAGLE: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 4, 2015, the sole shareholder of ACM Eagle Growth Fund,
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:

          David La Valle
          e-mail: dmlavalle@amcapmgt.com
          Telephone: +1 (212) 344-3300
          Facsimile: +1 (212) 344-2045
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002


ALTITUDE GLOBAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 11, 2015, the sole shareholder of Altitude Global Strategy
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Roy Dackus
          Lisdoddelaan 78
          Amsterdam 1087KA
          Netherlands
          Telephone: +31 20 670 41 00


BEVI 2: Commences Liquidation Proceedings
-----------------------------------------
On Oct. 30, 2015, the sole shareholder of Bevi 2 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:

          David Griffin
          c/o Kieran Linton
          FTI Consulting (Cayman) Limited
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 743 6830
          e-mail: kieran.linton@fticonsulting.com


CHINA GLOBAL: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 11, 2015, the sole shareholder of China Global
Opportunities Limited 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:

          Erhfei Liu
          Central Building, Room 1010 Level 10 1-3
          Pedder Street Central
          Hong Kong


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

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

The company's liquidator is:

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


EUROPEAN RETAIL: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 28, 2015, the sole shareholder of European Retail Property
Fund Ltd resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Nov. 25, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Sporagnium Limited
          c/o Maitland Luxembourg S.A.
          58, Rue Charles Martel
          L-2134 Luxembourg
          Telephone: +352 402 505 489


FINANCE HOUSE: Commences Liquidation Proceedings
------------------------------------------------
On Oct. 28, 2015, the sole shareholder of Finance House Sukuk
Company I resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Westport Services Ltd.
          c/o Dominique Massias
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920


FRAMLINGHAM (CAYMAN): Commences Liquidation Proceedings
-------------------------------------------------------
On Sept. 30, 2015, the sole shareholder of Framlingham (Cayman)
Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Dec. 24, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J. Barrie
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 949-9710


GTPT CAYMAN: Placed Under Voluntary Wind-Up
-------------------------------------------
On Oct. 28, 2015, the sole member of GTPT Cayman Corporation
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


H&F SOFTWARE: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 6, 2015, the shareholders of H&F Software Holdings
(Cayman), 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:

          Arrie R. Park
          H&F Corporate Investors VI (Cayman), Ltd.
          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


INTER-INDUSTRY: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 23, 2015, the members of Inter-Industry Ltd resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Will Mcpherson
          c/o Campbells
          Willow House, Floor 4
          Cricket Square
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: +1 (345) 949 2648
          Facsimile: +1 (345) 949 8613


M SQUARE: Placed Under Voluntary Wind-Up
----------------------------------------
On Oct. 31, 2015, the sole shareholder of M Square Brazil Value
Long Only Fund, Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          M Square Investimentos Ltda.
          c/o Justin Savage
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


M SQUARE MASTER: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Oct. 31, 2015, the sole shareholder of M Square Brazil Value
Long Only Master Fund resolved to voluntarily wind up the
company's operations.

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

The company's liquidator is:

          M Square Investimentos Ltda.
          c/o Justin Savage
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


SIGNUM VERDE 2006-02: Fitch Cuts Rating on CLP5.3BB Notes to BB+
----------------------------------------------------------------
Fitch Ratings has downgraded these Signum Verde Limited 2006-02
rating.  The rating remains on Rating Watch Negative.

   -- CLP5,300,000,000 credit-linked notes 'BB+' from 'BBB-'.

KEY RATING DRIVERS

The rating action follows Fitch's downgrade of the reference
entity, Vale S.A.  Fitch monitors the performance of the
underlying risk-presenting entities and adjusts the rating
accordingly through application of its credit-linked note (CLN)
criteria, 'Global Rating Criteria for Single- and Multi-Name
Credit-Linked Notes' dated March 9, 2015.

The rating considers the credit quality of Vale S.A.'s current
Issuer Default Rating (IDR) of 'BBB', Rating Watch Negative as the
reference entity and Goldman Sachs Group, Inc.'s Issuer Default
Rating (IDR) of 'A' with a Stable Outlook as the swap counterparty
and issuer of the qualified investment.  The Rating Watch reflects
the Watch on the main risk driver, Vale S.A., which is the lowest-
rated risk-presenting entity.

RATING SENSITIVITIES

The rating remains sensitive to rating migration of each risk
presenting entity.  A downgrade of Vale S.A. would likely result
in a downgrade to the notes.

Signum Verde 2006-02 is a single name credit-linked note structure
linked to the credit risk of Vale, S.A. as the underlying
reference entity and to the Goldman Sachs Group, Inc. as issuer of
the collateral and as guarantor to the swap counterparty.  At
closing, the issuer entered into an interest rate and credit
default swap with the swap counterparty, and used the CLP5.3
billion proceeds from the sale of the notes to purchase
approximately USD10 million of collateral to fund the swaps.  The
collateral is senior unsecured floating-rate notes issued by the
Goldman Sachs Group, Inc., and due is in 2034.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.



WMG CONCENTRATED: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 10, 2015, the sole member of WMG Concentrated Fund Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 1, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Richard Fear
          c/o Ryan Charles
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands
          Telephone: (345) 814 7364
          Facsimile: (345) 945 3902


YPF ECUADOR: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 4, 2015, the sole shareholder of YPF Ecuador, Inc.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Carlos Alberto San Juan
          c/o Macacha Guemes 515
          Buenos Aires
          Argentina C1106BKK


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


JAMAICA: BOJ Forced to Increase Money in circulation for Christmas
------------------------------------------------------------------
RJR News reports that the Bank of Jamaica has revealed that it had
to put more currency in the system than planned last month, as
consumers demanded more money than anticipated to finance spending
over the Christmas holiday.

The BOJ said its forecast was for an increase of J$12 billion in
the system during December, according to RJR News.

Demand turned out to be 20 per cent higher, at more than J$15
billion dollars, the central bank revealed, the report notes.

The J$15 billion it put into the market was 22 per cent higher
than the amount disbursed in December last year, the report adds.

                          *     *     *

As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches.  The first tranche is for up to US$1,350 million due in
2028.  The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.



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


HIPOTECARIA SU CASITA: Moody's Puts Caa3(sf) Rating on 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)

This rating action follows Moody's implementation of the
monitoring approach described in its primary credit rating
methodology, "Moody's Approach to Rating RMBS Using the MILAN
Framework" (the MILAN approach).

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.

The period of time covered in the financial information used to
determine the deal's rating is between January 1, 2004 and October
30, 2015 (sources: periodic collections and remittances reports
sent by the servicers, trustees and common representative agents).


HSBC MEXICO: Moody's Puts Ba1(sf) Rating Under Review
-----------------------------------------------------
Moody's de Mexico placed on review for downgrade the following
Mexican RMBS transactions:

Issuer: Banorte - BNORCB 06

BNORCB 06, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 12, 2014 Upgraded to A3 (sf)

BNORCB 06, Aaa.mx (sf) Placed Under Review for Possible Downgrade;
previously on Dec 28, 2006 Assigned Aaa.mx (sf)

Issuer: BBVA Bancomer - BACOMCB 07

BACOMCB 07, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Feb 12, 2014 Upgraded to A3 (sf)

BACOMCB 07, Aaa.mx (sf) Placed Under Review for Possible
Downgrade; previously on Dec 19, 2007 Assigned Aaa.mx (sf)

Issuer: HSBC Mexico - HSBCCB 07-3

HSBCCB 07-3, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on May 23, 2012 Downgraded to Ba1 (sf)

HSBCCB 07-3, A1.mx (sf) Placed Under Review for Possible
Downgrade; previously on May 23, 2012 Downgraded to A1.mx (sf)

Issuer: Proyectos Adamantine - MXMACCB 04U

MXMACCB 04U, B3 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 5, 2013 Downgraded to B3 (sf)

MXMACCB 04U, B2.mx (sf) Placed Under Review for Possible
Downgrade; previously on Aug 5, 2013 Downgraded to B2.mx (sf)

Issuer: Proyectos Adamantine - MXMACCB 05U

MXMACCB 05U, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 5, 2013 Downgraded to Ba1 (sf)

MXMACCB 05U, A1.mx (sf) Placed Under Review for Possible
Downgrade; previously on Aug 5, 2013 Downgraded to A1.mx (sf)

Issuer: Proyectos Adamantine - MXMACCB 05-2U

MXMACCB 05-2U, Caa1 (sf) Placed Under Review for Possible
Downgrade; previously on May 29, 2013 Assigned Caa1 (sf)

MXMACCB 05-2U, Caa1.mx (sf) Placed Under Review for Possible
Downgrade; previously on May 29, 2013 Assigned Caa1.mx (sf)

Issuer: Patrimonio - PATRICB 06U

PATRICB 06U, Ba2 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 5, 2013 Downgraded to Ba2 (sf)

PATRICB 06U, A2.mx (sf) Placed Under Review for Possible
Downgrade; previously on Aug 5, 2013 Downgraded to A2.mx (sf)

Issuer: Patrimonio - PATRICB 07

PATRICB 07, Baa2 (sf) Placed Under Review for Possible Downgrade;
previously on Apr 16, 2009 Downgraded to Baa2 (sf)

PATRICB 07, Aa1.mx (sf) Placed Under Review for Possible
Downgrade; previously on Apr 16, 2009 Downgraded to Aa1.mx (sf)

Issuer: Hipotecaria Su Casita - BRHSCCB 06-2 & BRHSCCB 06-3

BRHSCCB 06-2, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Oct 18, 2011 Confirmed at Baa1 (sf)

BRHSCCB 06-2, Aaa.mx (sf) Placed Under Review for Possible
Downgrade; previously on Oct 18, 2011 Confirmed at Aaa.mx (sf)

Issuer: Hipotecaria Su Casita - BRHSCCB 06U & BRHSCCB 06-2U

BRHSCCB 06U, Ba3 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 5, 2013 Downgraded to Ba3 (sf)

BRHSCCB 06U, Baa1.mx (sf) Placed Under Review for Possible
Downgrade; previously on Aug 5, 2013 Downgraded to Baa1.mx (sf)

Issuer: Hipotecaria Su Casita - BRHSCCB 06-5U & BRHSCCB 06-6U

BRHSCCB 06-5U, Ba1 (sf) Placed Under Review for Possible
Downgrade; previously on Aug 5, 2013 Downgraded to Ba1 (sf)

BRHSCCB 06-6U, B3 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 11, 2011 Downgraded to B3 (sf)

BRHSCCB 06-5U, A1.mx (sf) Placed Under Review for Possible
Downgrade; previously on Aug 5, 2013 Downgraded to A1.mx (sf)

BRHSCCB 06-6U, B1.mx (sf) Placed Under Review for Possible
Downgrade; previously on Jan 11, 2011 Downgraded to B1.mx (sf)

Issuer: Metrofinanciera - METROCB 05U

METROCB 05U, B1 (sf) Placed Under Review for Possible Downgrade;
previously on Sep 10, 2013 Confirmed at B1 (sf)

METROCB 05U, Baa1.mx (sf) Placed Under Review for Possible
Downgrade; previously on Sep 10, 2013 Confirmed at Baa1.mx (sf)

Issuer: Metrofinanciera - METROCB 06U

METROCB 06U, Caa2 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 5, 2013 Downgraded to Caa2 (sf)

METROCB 06U, Caa2.mx (sf) Placed Under Review for Possible
Downgrade; previously on Aug 5, 2013 Downgraded to Caa2.mx (sf)

This rating action follows Moody's implementation of the
monitoring approach described in its primary credit rating
methodology, "Moody's Approach to Rating RMBS Using the MILAN
Framework" (the MILAN approach).


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


PUERTO RICO: Begins to Make Payments on Debt Due in Early January
-----------------------------------------------------------------
EFE News reports that Puerto Rico's government began making
payments on debt due in the first few days of January, defaulting
on just a portion of the $757 million total and paying the full
amount owed on general obligation, or GO, debt.

Puerto Rican Gov. Alejandro Garcia Padilla said that the island
would not make debt payments totaling $37 million, most of which
is due on Infrastructure Financing Authority bonds that offer
little legal protection to their holders, according to EFE News.

The U.S. commonwealth, however, will make full payment of around
$335 million on its constitutionally guaranteed GO bonds, coming
up with around half of the necessary cash by shifting around money
that had originally been intended to pay holders of bonds issued
by different government agencies, the report notes.

Puerto Rico's financial liabilities total nearly $73 billion, a
sum Garcia Padilla has declared "unpayable," the report relays.

The governor's administration is appealing to the U.S. Congress to
extend Chapter 9 bankruptcy protections to Puerto Rico, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2015, 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.


=============
U R U G U A Y
=============


ADMINISTRACION NACIONAL: Government Forgives $580 Million Debt
--------------------------------------------------------------
EFE News reports that Uruguay's government has announced a
recapitalization of Administracion Nacional de Combustibles,
Alcoholes y Portland (ANCAP) through the forgiveness of the state-
owned oil company's $580 million debt to the Economy and Finance
Ministry.

The recapitalization is part of a package announced by Industry,
Energy and Mining Minister Carolina Cosse and Economy Minister
Danilo Astori, who said the move was intended "to improve the
equity situation" of ANCAP, according to EFE News.

Along with debt forgiveness, Astori announced a $250 million loan
from the Andean Development Corporation, or CAF, as part of an
effort to obtain multilateral resources for ANCAP and reduce the
oil company's dependence on bank loans, the report notes.

ANCAP's debt to private banks stands at $500 million, the minister
said, the report relays.

The government must "de-dollarize ANCAP's debt" since "it is
heavily denominated in foreign currency while its assets are
valued in local currency," Astori said, the report adds.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Won't Begin Gas Exports to Colombia Jan. 1
------------------------------------------------------------------
EFE News reports that Petroleos de Venezuela will not begin
natural gas exports to neighboring Colombia on Jan. 1, as earlier
agreed, but instead will prioritize domestic demand due to the
impact of "climate variability" on power production, Colombia's
Mines and Energy Ministry said in a statement.

"According to a notice sent by PDVSA on Dec. 30, the company will
not begin delivering gas to Colombia starting Jan. 1, 2016, due
'to the impact of climate variability on electricity generation,'"
the ministry said, according to EFE News.

The statement did not elaborate on the climate fluctuations, but
Venezuela -- along with Colombia -- has been hard hit by an El
Nino-triggered drought in recent months that has reduced reservoir
levels at hydroelectric dams, the report relays.

Colombia exported gas to Venezuela for eight years under a
bilateral agreement that calls on the roles to be reversed
starting Jan. 1, once power projects in the latter country have
come online, the report discloses.

The contract specifies that Venezuela is to export 39 million
cubic feet of natural gas per day, or slightly more than 3 percent
of Colombia's daily supply of that fossil fuel, the report notes.

Colombian state-controlled energy company Ecopetrol met the
necessary regulatory, commercial, technical and operational
requirements for receiving the gas at the start of 2016, the
statement added, the report notes.

"Given the new situation, Ecopetrol has asked PDVSA GAS to
promptly inform it of the new date on which this operation might
commence," the ministry said, the report relays.

The contract provides for situations in which priority is given to
meeting domestic demand, and therefore "Ecopetrol is attentive to
how the dialogue with PDVSA GAS evolves and will duly report on
any new development," the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has affirmed Petroleos de Venezuela,
S.A.'s (PDVSA) foreign and local currency Issuer Default Ratings
(IDRs) at 'CCC'.  Fitch has also affirmed the rating for
approximately USD30 billion of senior unsecured debt outstanding
at 'CCC/RR4'.  Concurrently, Fitch has affirmed PDVSA's national
long-term rating at 'AA(ven)'.


                            ***********


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
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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