TCRLA_Public/160113.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

            Wednesday, January 13, 2016, Vol. 17, No. 8


                            Headlines



A R G E N T I N A

FIDEICOMISO FINANCIERO PVCRED: Moody's Rates Class A Securities B1


B R A Z I L

BRAZIL: Analysts Expect Economy to Contract Almost 3% in 2016
BRAZIL: Cans Carnival as Recession Bites
EMPRESA DE ENERGIA: Moody's Rates BRL532MM Debentures Ba2/Aa3.br


C A Y M A N  I S L A N D S

BLUEBAY ASSOCIATES: Shareholders Receive Wind-Up Report
BLUEBAY EMERGING MARKET: Shareholders Receive Wind-Up Report
BLUEBAY EMERGING MARKET FUND: Shareholders Receive Wind-Up Report
BLUEBAY EMERGING FIXED: Shareholders Receive Wind-Up Report
BLUEBAY EMERGING INCOME: Shareholders Receive Wind-Up Report

BLUEBAY EMERGING OPPORTUNITY: Shareholders Receive Wind-Up Report
BLUEBAY MACRO GENERAL: Shareholders Receive Wind-Up Report
BLUEBAY MACRO FUND: Shareholders Receive Wind-Up Report
BLUEBAY MACRO (MASTER): Shareholders Receive Wind-Up Report
COMCEL TRUST: Fitch Affirms BB+ LT Currency Issuer Default Ratings

FINANCE HOUSE: Shareholders Receive Wind-Up Report
M SQUARE BRAZIL LONG: Member to Hear Wind-Up Report on Dec. 21
M SQUARE BRAZIL VALUE: Member to Hear Wind-Up Report on Dec. 21
ODEBRECHT OFFSHORE: Fitch Cuts Sr. Secured Notes Rating to 'CCC'
PRENTICE LONG/SHORT: Members Receive Wind-Up Report

WMG CONCENTRATED: Shareholders Receive Wind-Up Report
YPF ECUADOR: Shareholder Receives Wind-Up Report


C H I L E

SOCIEDAD DE INVERSIONES: S&P Lowers CCR to 'B-'; Outlook Stable


C O L O M B I A

El QUIMBO: Hydro-Power Plant Back in Operation


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Official Admits High Fuel Taxes, Offers Little Hope
DOMINICAN REPUBLIC: Eyes Energy Pact Years in the Making


E L  S A L V A D O R

REGAL FOREST: Fitch Affirms 'BB-' Long-term FC and LC IDR


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Hikes LT FC IDR to 'BB+'


P U E R T O    R I C O

GOODMAN AND DOMINGUEZ: Files for Chapter 11 Bankruptcy Protection
MANUEL MEDIAVILLA: Directed to File Amended Joint Plan


                            - - - - -



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A R G E N T I N A
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FIDEICOMISO FINANCIERO PVCRED: Moody's Rates Class A Securities B1
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Pvcred Serie XXV.  This transaction will be
issued by TMF Trust Company (Argentina) S.A. -- acting solely in
its capacity as issuer and trustee.

As of Jan. 11, the securities for this transaction have not yet
been placed in the market.  The transaction is pending approval
from the Comision Nacional de Valores, if any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

   -- ARS 87,325,000 in Class A Floating Rate Debt Securities
      (VRDA TV) of "Fideicomiso Financiero Pvcred Serie XXV",
      rated Aaa.ar (sf) (Argentine National Scale) and B1 (sf)
      (Global Scale, Local Currency)

   -- ARS 2,729,000 in Class B Floating Rate Debt Securities (VRDB
      TV) of "Fideicomiso Financiero Pvcred Serie XXV", rated
      B2.ar (sf) (Argentine National Scale) and Caa2 (sf) (Global
      Scale, Local Currency)

   -- ARS 46,391,000 in Certificates (CP) of "Fideicomiso
      Financiero Pvcred Serie XXV", rated Caa3.ar (sf) (Argentine
      National Scale) and Caa3 (sf) (Global Scale, Local
      Currency).

RATINGS RATIONALE

The rated securities are payable from the cashflow coming from the
assets of the trust, which is an amortizing pool of approximately
7,976 eligible personal loans denominated in Argentine pesos,
bearing fixed interest rate, originated by Pvcred, a financial
company owned by Comafi's Group in Argentina.  Only the
installments due after April 30, 2016, will be assigned to the
trust.

The VRDA TV will bear a floating interest rate (BADLAR plus
400bps).  The VRDA TV's interest rate will never be higher than
40% or lower than 22%.  The VRDB will also bear a floating
interest rate (BADLAR plus 500bps).  The VRDB TV's interest rate
will never be higher than 42% or lower than 24%.

Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.

The transaction has initial subordination levels of 34.1% for the
VRDA TV and 32.0% for the VRDB TV, calculated over the pool's
principal balance as of April 30, 2016.  The subordination levels
will increase overtime due to the turbo sequential payment
structure.  The transaction will have a grace period for principal
and interest payment until June 2016.

The transaction also benefits from an estimated 41.0% annual
excess spread, before considering losses, taxes or prepayments and
calculated at the caps of 40% for the VRDA TV and 42% for the VRDB
TV.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.  Although Moody's analyzed the
historical performance data of previous transactions and similar
receivables originated by Pvcred, the actual performance of the
securitized pool may be affected, among others, by the economic
activity, high inflation rates compared with nominal salaries
increases and the unemployment rate in Argentina.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Pvcred
portfolio.  In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities.  Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

Moody's analyzed the historical performance data of previous
transactions and similar receivables originated by Pvcred, ranging
from January 2012 to November 2015.  Moody's has observed a weaker
performance of loans in the unregulated segments compared to total
portfolio of pvcred loans.  As a result, and due to the
uncertainty in the macroeconomic environment, Moody's has
increased some of the default assumptions in the securitized
pools.  Moody's notes that there is significant uncertainty around
key macroeconomic variables in Argentina, including inflation
rates, salary increases compared to inflation, and economic
activity, which have an impact on future performance of this
transaction.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution of losses for each one of the different
securitized subpools: for the PVCred loans, a mean of 22% and a
coefficient of variation of 60% and for the "Refinanciados" loans,
a mean of 41% and a coefficient of variation of 60%.  Also,
Moody's assumed a lognormal distribution for prepayments with a
mean of 35% and a coefficient of variation of 70%.

Servicer default was modeled by simulating the default of Banco
Comafi as the servicer consistent with its current rating of
Caa1/Baa1.ar.  In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 3.6% expected loss for Class A Floating
Rate Debt Securities, a 22.9% for the Class B Floating Rate Debt
Securities and 41.9% for the Certificates.

Moody's also evaluated the back-up servicing arrangements in the
transaction.  If Pvcred is removed as collection agent, Banco
Comafi will be appointed as the back-up collection agent.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions.  If default rates were increased by 2%
from the base case scenario, the ratings of the Class A Floating
Rate Securities, the Class B Floating Rate Securities and of the
Certificates would likely be downgraded to B2 (sf), Caa3 (sf) and
Ca (sf) respectively.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.


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


BRAZIL: Analysts Expect Economy to Contract Almost 3% in 2016
-------------------------------------------------------------
EFE News reports that analysts expect Brazil's economy to contract
by 2.99 percent this year, with the outlook worsening slightly
from last week's 2.95 percent estimate, the Central Bank said.

The gross domestic product (GDP) figures come from the Boletin
Focus, a weekly Central Bank survey of analysts from about 100
private financial institutions on the state of the national
economy, according to EFE News.

The government started using the survey in preparing its own
forecasts last year, the report notes.

Analysts estimate that Brazil's economy contracted by 3.71 percent
in 2015, marking the biggest drop in economic output in 25 years,
the report relays.

The South American country's economy, according to analysts, will
resume growing in 2017, when the GDP is projected to grow 0.86
percent, the report discloses.

The projection in the previous survey called for 1 percent growth
next year, the report notes.

Analysts are also more pessimistic about the inflation rate for
this year, with the estimate rising from 6.87 percent to 6.93
percent, the report says.

The government expects inflation to end the year within its target
range of 4.5 percent, with a 2 percent band that would put the top
end rate at 6.5 percent, the report notes.

Brazil had an inflation rate of 10.67 percent in 2015, the highest
level in 13 years, the report relays.

Brazil, in a technical recession with GDP contracting for three
consecutive quarters, has had its sovereign debt lowered to junk
status by Standard & Poor's and Fitch Ratings in recent months,
EFE News says.

The South American giant's economic growth has been hampered by
spending cuts implemented by President Dilma Rousseff's
administration to reduce the budget deficit and control inflation,
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'.


BRAZIL: Cans Carnival as Recession Bites
----------------------------------------
Samantha Pearson at the Financial Times reports that towns and
cities across Brazil are being forced to scrap the annual carnival
parade as the country is braced for what is expected to be the
worst recession since at least the 1930s.

The traditional five-day celebration, set for early February this
year, normally offers respite from Brazil's troubles -- even the
2008 global financial crisis failed to damp spirits and spending,
according to Financial Times.

But with the country stuck in a deep recession, unemployment and
inflation rising, and President Dilma Rousseff's government mired
in the biggest corruption scandal in the country's history,
Brazilians are in no mood to party, the report notes.

Campinas, home to 3 million people in Sao Paulo state, is among
the cities that has been forced to rein in the festivities,
including withdrawing public funding for its much-loved parade by
local samba schools, the report discloses.  Gabriel Rapassi, the
city's director of culture, said the local government could not
afford this year's carnival bill of BRL1.3 million ($322,000) due
to a sharp drop in sales tax revenues from struggling local
businesses, the report notes.

"Non-essential services are the first to suffer," the report
quoted Mr. Rapassi as saying.  "2015 was already a very difficult
year for us and now we are hearing that 2016 will be even worse,"
Mr. Rapassi added.

The report notes that Carnival has also been cancelled in Porto
Ferreira two hours' drive away -- the first time the parade had
been called off since the city began organizing the event more
than 30 years ago.  Porto Ferreira's mayor said the decision was
taken to help save the BRL120,000 needed to buy a new ambulance,
the report says.

Macapa, capital of the northern state of Amapa, and Lavras do Sul
in the south have also put festivities on hold, with more
municipalities expected to follow suit in the next couple of
weeks, notes the report.

While unofficial street parties are likely to go ahead, the
celebrations are set to be more muted, the report relates.
The hedonistic carnival celebration is considered the most
important holiday across Brazil, with Rio de Janeiro's spectacular
parades attracting close to 1 million tourists last year.  While
parties fill the streets, the highlight in most cities is the
official parade organized by samba schools with the financial
backing of the local government, the report relays.

Olga Valles, owner of Condal, one of Rio de Janeiro's largest
producers of carnival masks, says sales are down almost a third
ahead of the year's festivities, notes the report.  Ms. Valles
admits that she cannot recall a worse year for the business since
she arrived from Spain in 1994, the report says.

"The economic situation here is even worse than most people
imagine.  Shops that were spending R$40,000-R$50,000 with us are
now placing orders for BRL3,000," the report quotes Ms. Valles as
saying.

Claudia Sakuraba, who runs the Carnaval Store in Sao Paulo that
supplies fabric for more than 90,000 costumes a year, said 2016
looked like being the toughest year since she set up more than a
decade ago, with sales 15 per cent lower, the report relays.

"So many shops near me have gone bust because of the recession,"
Ms. Sakuraba said, the report notes.

As well as uncertainty over Brazil's economic and political
future, the falling real has also made imported fabric more
expensive, the report discloses.

The gloom is evident in the Getulio Vargas Foundation's consumer
confidence index, which has fallen to new lows in recent months,
the FT notes.  Ms Rousseff's approval ratings have shown a similar
trajectory.

The report relays that Alberto Ramos, chief Latin America
economist at Goldman Sachs, said: "The anxiety is created by a
dysfunctional macro picture where growth continues to contract,
unemployment is going up and inflation remains in double digits."

Brazil's economy contracted 3.7 per cent in 2015, according to
economists polled by the central bank, the report discloses.  They
predict it will shrink by a further 2.99 per cent this year, the
report says.

The public sourness is all the more acute because many Brazilians
believe the economic problems were self-inflicted, FT relays.

The report notes that Ms. Rousseff's ruling Workers' party,
emboldened by the proceeds of the commodities boom, spent much of
its past 13 years in power pursuing populist and expansionary
fiscal policies, but ignoring what economists say are the wider
structural reforms needed for sustainable growth.

While this fiscal largesse helped to lift millions out of poverty
and empowered poorer Brazilians, it also paved the way for the
current crisis by leaving the economy vulnerable to the collapse
in commodities prices, the report notes.

Fitch became the second credit rating agency to cut Brazil's debt
to junk status amid concerns over its growing fiscal deficit, the
report notes.  Ms. Rousseff also faces impeachment proceedings,
while a vast corruption scandal at Petrobras, the state-controlled
oil company, has implicated many in her ruling coalition, the
report relays.

Poorer Brazilians have on carnival days traditionally worn masks
of some of their heroes -- including Ms Rousseff and her
predecessor Luiz Inacio Lula da Silva, the report relays.  But
even they are not popular with revellers this time, according to
Ms. Valles, the report says.

"Only our witch and monster masks are doing well," Ms. Valles
said, notes FT. "Politicians are not having a good year," Ms.
Valles added.

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'.


EMPRESA DE ENERGIA: Moody's Rates BRL532MM Debentures Ba2/Aa3.br
----------------------------------------------------------------
Moody's America Latina Ltda. assigned Ba2/Aa3.br ratings to the
12-month unsecured BRL532 million debentures with maturity on Dec.
30, 2016, to be issued by Empresa de Energia Sao Manoel S.A. in
the local market.

RATINGS RATIONALE

EDP -- Energias do Brasil S.A. (EDB; Ba2/Aa3.br) will guarantee
66.67% of the debentures and China Three Gorges Brasil Energia
Ltda. (CTG Brasil unrated) will guarantee the debentures in
proportion to its 33.3% participation in the capital of Sao Manoel
through the fiduciary assignment of Banco do Brasil (Baa3 ratings
under review for downgrade) deposit certificates with daily
liquidity.

The credit risk of the fiduciary assignment of Banco do Brasil
deposit certificates is ultimately associated with the Baa3 under
review for downgrade rating of Banco do Brasil.

Moody's views that the debenture rating should reflect the lowest
rating among the two guarantees, which is the Ba2/Aa3.br ratings
of EDB.  The negative outlook reflects EDB's negative outlook.
Please refer to the press release for EDB dated June 2, 2015 for
further details.

Moody's has examined the documentation sent by Sao Manoel mainly
consisting of the debenture indenture and guarantees.  Moody's
understands that based on its best knowledge the corporate
guarantee as described in the debenture indenture and the
fiduciary assignment of bank deposit certificates, provided by CTG
Brasil are legally valid, binding and enforceable.  The documents
contain language that specifically addresses the irrevocable and
irreversible nature of the guarantees provided by EDB and the
fiduciary assignment provided by CTG Brasil as described above.
Any changes in the guarantee structure could affect the ratings.

Sao Manoel will use the debenture proceeds to pay-off the existing
BRL 532 million debenture maturing on Jan. 15, 2016.  BNDES is
expected to take out the BRL 532 million debentures by granting
long-term debt within the next 12 months.  Sao Manoel will pay
interest on a semiannual basis and principal only at the maturity
date or when BNDES disburses the funding from the long-term debt
before the maturity date of Dec. 30, 2016.

What Could Change the Rating-Up

In light of EDB's negative outlook, a rating upgrade is unlikely
over the near term.

What Could Change the Rating-Down

A downgrade rating action of EDB's corporate family rating would
trigger a downgrade of Sao Manoel's debenture rating.  Any changes
in the guarantee structure could also trigger a downgrade.

The consortium Terra Nova initially formed by EDP - Energias do
Brasil (EDB) with a 66.7% participation and Furnas Centrais
El‚tricas S.A (Furnas not rated), a full subsidiary of Centrais
El‚tricas Brasileiras S.A. (Eletrobras, Ba2 under review for
downgrade), with a 33.3% participation won the energy auction
coordinated by the Regulator ANEEL on Dec. 13, 2013, to construct
and operate the Sao Manoel 700 MW hydro-power project.  The
consortium was awarded a 30-year concession contract to sell on
average 409.5 MW in the regulated market at BRL 83.49 per megawatt
hour as of December 2013 to be annually adjusted by the consumer
price inflation index (IPC-A).  The consortium is committed to
start delivering electricity in May 2018.

In November 2014, EDB announced it had divested 50% of its 66.7%
participation in the capital of Sao Manoel to CWEI Brasil
Participacoes Ltda. (CWEI unrated), which had its name changed to
China Three Gorges Brasil Energias Ltda. (CTG Brasil unrated) on
July 28 2015, a full subsidiary of China Three Gorges Corporation
(Aa3 stable).

Moody's estimates that Sao Manoel will post annual revenues of
around BRL 340 million starting in 2018 as measured by the
Brazilian currency's present value.  Management estimates that the
power project will require around BRL 2.7 billion in total capital
expenditures, of which 66% will be funded by long-term financing.
BNDES will take out the BRL 532-million bridge loan.

The principal methodology used in these ratings was Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts published in December
2015.


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



BLUEBAY ASSOCIATES: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Bluebay Associates Limited received on
Dec. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY EMERGING MARKET: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of The Bluebay Emerging Market Enhanced
Opportunity (Master) Fund Limited received on Dec. 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY EMERGING MARKET FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------------------------
The shareholders of The Bluebay Emerging Market Fixed Income
Opportunity Fund Limited received on Dec. 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY EMERGING FIXED: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of The Bluebay Emerging Market Fixed Income
Opportunity (Master) Fund Limited received on Dec. 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY EMERGING INCOME: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of The Bluebay Emerging Market Fixed Income
Opportunity General Partner Limited received on Dec. 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY EMERGING OPPORTUNITY: Shareholders Receive Wind-Up Report
-----------------------------------------------------------------
The shareholders of The Bluebay Emerging Market Enhanced
Opportunity Fund Limited received on Dec. 16, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY MACRO GENERAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of The Bluebay Macro General Partner Limited
received on Dec. 16, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY MACRO FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of The Bluebay Macro Fund Limited received on
Dec. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


BLUEBAY MACRO (MASTER): Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of The Bluebay Macro (Master) Fund Limited
received on Dec. 16, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Governor's Square, 2nd Floor-Building 3
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


COMCEL TRUST: Fitch Affirms BB+ LT Currency Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign currency and
local currency Issuer Default Ratings (IDRs) for Comcel Trust
(Comcel) at 'BB+'. The Rating Outlook is Stable. Fitch has also
affirmed Comcel's USD800 million senior unsecured notes at 'BB+.'

Comcel Trust (Comcel) is a special-purpose vehicle (SPV) created
in Cayman Island to issue USD 800 million senior unsecured notes
on behalf of Comcel Group (Comcel), a group of several legal
entities providing primarily mobile telecommunication services
under the Tigo brand. The ratings of the trust are based on the
combined credit profile of Comcel, of which entities jointly and
severally guarantee the note on a senior unsecured basis.

While the company's operational fundamentals and key financial
metrics are stable, the ongoing investigation regarding the
improper payment on behalf of Comcel, as disclosed in October 2015
by its parent company, Millicom International Cellular S.A. (MIC,
rated 'BB+'/Stable Outlook) is credit negative. The timeline or
the magnitude of the potential impact stemming from this issue
remains largely uncertain at the current juncture. Fitch will
closely monitor and take an immediate action, if necessary, when
details become available.

KEY RATING DRIVERS

Leading Market Position

Comcel is the largest mobile operator in Guatemala, with a
subscriber and EBITDA market share of 55% and 64%, respectively,
as of Sept. 30, 2015. The company's entrenched market position is
supported by its extensive network coverage, stable quality of
service and strong brand recognition under the "Tigo" name. The
company is 55% owned by MIC. Fitch Ratings expects Comcel's
competitive advantage, partly supported by MIC's industry
expertise, to remain intact and help ward off competitive
pressures to an extent over the medium term.

Slow Mobile Revenue Growth

Fitch forecasts that Comcel's top-line growth could be slow, in
the low single digits over the medium term, given the maturity of
the Guatemalan mobile industry with a penetration rate of 124% as
of December, 2015. While continued erosion in its traditional
voice revenues is unlikely to be curbed, the strong demand for
mobile data, and resultant steady growth in data revenues should
help offset this negative impact. Fitch expects that growth in
data revenues will continue to be supported by increasing
smartphone and data plan adoption rates, estimated to be about 53%
and 57% at the end of 2015, respectively. During 2015, the company
generated over 83% of total revenues from their mobile segment.

Fixed Line Growth

Revenue contribution from Tigo Home segment, mainly fixed
broadband and cable TV, is likely to undergo strong double digits
revenue growth over the medium term given Comcel's increasing
network coverage expansion and strategy to consolidate the market
by acquiring smaller players. The segment remains relatively
underpenetrated and highly fragmented which should provide Comcel
with ample room to pursue both organic and inorganic growth. Fitch
expects the revenue proportion of Tigo Home segment out of the
total sales to increase to above 7% over the medium term, from
about 4.2% in 2015.

Margins Falling but Still Strong

Comcel boasts one of the highest operating margins among the
telecom operators in the region with its EBITDA margin of 51% in
the LTM ended Sept. 30, 2015. Fitch forecasts the company's EBITDA
margin to trend down toward 48% over the long term due to ongoing
ARPU erosion and competitive pressures, as well as a revenue mix
change with an increasing contribution from lower margin fixed-
line and equipment sales. Despite the decline, Fitch acknowledges
that the forecasted EBITDA margin, in the range of 48% - 50%
during 2015 - 2018, still compares favorably to its regional
peers.

Moderately Low Leverage

Fitch expects Comcel to maintain moderately low leverage for the
rating category, with its net debt to EBITDAR at around 1.6x over
the medium term, backed by solid operational cash generation.
Fitch does not foresee any material improvement in the company's
financial profile due to the aggressive shareholder return policy
in the medium term. Despite solid cash flow from operations
(CFFO), estimated to be above USD500 million which fully covers
annual capex of about USD175 million, dividend payments could
continue to pressure Comcel's FCF generation into the negative
territory.

Benign Regulatory Environment

The Guatemalan telecom industry has limited regulation, as
evidenced by the absence of material intervention in market
competition, and/or asymmetrical regulation imposed by the
regulatory body. Tariff policies are not subject to the regulatory
review, and the interconnection rates are set by private
contracts, all of which benefit the incumbent operator. In
addition, there is no regulation on number portability. Fitch sees
no indication of an adverse change in the regulatory stance that
could materially affect operational landscape of Comcel in the
near term, which would allow the company to continue to develop
business strategies utilizing its largest-scale benefit to
maintain its market position.

KEY ASSUMPTIONS

-- Low single digit revenue growth over the medium term;
-- Fixed broadband and cable TV to undergo strong double digits
    revenue growth over the medium term given Comcel's increasing
    network coverage expansion and strategy to consolidate the
    market by acquiring smaller players;
-- EBITDA margin to decline towards 48% by 2018 due to margin
    erosion; increasing contribution from lower margin fixed-line
    and equipment sales;
-- Capex-to-sales ratio estimated to be at around 14% in the
    short to medium term;
-- Negative FCF generation to remain in the short- to medium term
    given high dividends;
-- Net leverage to remain at around 1.6x-1.7x over the medium
    term.

RATING SENSITIVITIES

Comcel's rating is closely linked to that of MIC given its strong
financial and strategic linkage with the parent. As such, any
negative rating action on MIC would also negatively affect
Comcel's ratings. Also, a negative rating action could be
considered if net debt-to-EBITDAR increases to above 3.0x without
a clear path to deleveraging due to any of the following:
deterioration in MIC's financial profile leading to more
aggressive shareholder distributions, weaker cash generation due
to competitive or regulatory pressures on its operations, and M&A
activity.

Also, any potential material financial impact from the ongoing
investigation regarding the improper payment would pressure the
ratings.

Any positive rating action is unlikely given the aforementioned
linkage with MIC, which is also rated at 'BB+', while its foreign
currency rating is capped by the country ceiling of Guatemala.

LIQUIDITY

Comcel has a solid liquidity profile backed by its stable cash
flow from operation (CFFO) and well-spread debt maturities. The
company refinanced all of its bank loans with the proceeds of
USD800 million senior unsecured notes issued during 2014. During
2015, the company also issued a 10 year local currency bank loan
for an equivalent of US200 million to improve liquidity, and to
fund its capex working capital requirements. Comcel does not face
any debt maturity until 2024.


FINANCE HOUSE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Finance House Sukuk Company I received on
Dec. 31, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


M SQUARE BRAZIL LONG: Member to Hear Wind-Up Report on Dec. 21
--------------------------------------------------------------
The member of M Square Brazil Value Long Only Master Fund will
hear on Dec. 21, 2015, at 11:10 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          M Square Investimentos Ltda.
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


M SQUARE BRAZIL VALUE: Member to Hear Wind-Up Report on Dec. 21
---------------------------------------------------------------
The member of M Square Brazil Value Long Only Fund, Ltd. will hear
on Dec. 21, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          M Square Investimentos Ltda.
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ODEBRECHT OFFSHORE: Fitch Cuts Sr. Secured Notes Rating to 'CCC'
---------------------------------------------------------------
Fitch Ratings has downgraded the senior secured notes issued by
Odebrecht Offshore Drilling Finance Ltd. (OODFL) to 'CCC', RE80
from 'B-' and affirmed the senior secured notes issued by
Odebrecht Drilling Norbe VIII/IX Ltd. at 'B'. Additionally, Fitch
removes the ratings from Rating Watch Negative and assigns
Odebrecht Drilling Norbe VIII/IX Ltd. a Negative Rating Outlook. A
full list of rating actions follows at the end of this release.

Fitch's downgrade of the OODFL notes reflects the following: (i)
liquidity challenges caused by the cancellation of the Tay IV
contracts, resulting in a decrease in the balance of the reserve
accounts, (ii) continued deterioration of the environment for
offshore drillers, and (iii) the sponsor's ongoing discussions
with the OODFL noteholders that have increased Fitch's concerns
regarding a potential restructuring of the notes. The rating also
considers reduced risk of acceleration of the notes that could
have impacted the sponsor's financial profile.

A restructuring or exchange of the notes, resulting in a material
reduction in economic terms compared with existing contractual
terms for the noteholders, in an effort to avert a probable
payment default would result in a downgrade of the rating to 'D'.
This would reflect the occurrence of a distressed debt exchange
according to Fitch's report 'Global Structured Finance Distressed
Debt Exchange Criteria'.

The affirmation of the Odebrecht Drilling Norbe VIII/IX Ltd notes
reflects the following: (i) the reduced risk of a potential
acceleration of the OODFL notes, as a result of the forbearance
agreement entered with investors, that could have impacted the
sponsor's financial profile, (ii) the adequate performance of the
underlying assets, and (iii) Fitch's view of the strength of the
payment obligation.

The Negative Outlook reflects the negative environment for
offshore drillers in Brazil.

KEY RATING DRIVERS

Increased Liquidity Pressure on OODFL

As previously noted by Fitch, cancellation of the Tay IV contracts
resulted in reduced cashflows to OODFL and increased dependence on
cash reserves and sponsor support to make debt service payments.
Transaction natural debt service coverage ratios (DSCR) have
decreased below 1.0x. OODFL partially used funds from the offshore
sinking fund retention account to meet its December's debt
payment, reducing the balance of this reserve account to
approximately $22 million. The issuer must rely on reserves and
any sponsor support to make timely debt service payments. As of
September 2015, the total balance of the reserve accounts is
approximately $208 million. Continued depletion of cash reserves
will also increase the size of the balloon payment, heightening
refinancing risk.

Reduced Risk of Contagion

The sponsor entered into a forbearance agreement with the OODFL
noteholders to avoid the acceleration of those notes, reducing the
risk of an accelerated deterioration of the sponsor's credit
profile which could have potentially affected the sponsor's
ability to support the Norbe VIII/IX transaction if needed. The
charter and services agreements have termination clauses that
include bankruptcy of the sponsor; this risk may be heightened if
the credit quality of the sponsor deteriorates.

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 remaining underlying
assets have had an average performance, recurrent periods of
downtime would make the contracts more vulnerable for a potential
early termination. With current market conditions and market day-
rates for UDW assets close to the contracted day-rates for the
rigs within the sponsor's fleet, 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 values caused by stressed oil prices imply a low
likelihood that the underlying assets 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.

RATING SENSITIVITIES

The ratings are sensitive to changes in the credit quality of
Petrobras as offtaker, implications of the ongoing investigations
on the Odebrecht Group and resolution of Petrobras' temporary ban
review, changes in the credit quality of Odebrecht, and the
operating performance of the underlying assets. The ratings are
also sensitive to a potential restructure of the OODFL notes.

Additionally, the ratings are sensitive to changes in the
Brazilian oil and gas industry dynamics and on Fitch's perception
of the strength of the payment obligation.

DUE DILIGENCE USAGE

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

TRANSACTION SUMMARY

The Odebrecht Drilling Norbe VIII/IX Ltd notes are backed by the
flows related to the charter and services agreements signed with
Petrobras for the use of the dynamically positioned UDW drillships
Norbe VIII and Norbe IX. The transaction also benefits from a
naval mortgage over the vessels.

The OODFL notes are currently backed by the flows related to the
charter and services agreements signed with Petrobras for the use
of the dynamically positioned UDW drillships ODN I and ODN II and
the UDW semi-submersible Norbe VI. The transaction also benefits
from a naval mortgage over the vessels, including the ODN Tay IV.

OOG is the operator of the drilling rigs and primary sponsor of
the transactions. OOG is the largest Brazilian operator of UDW
rigs chartered to Petrobras, with seven operating UDW rigs in its
fleet.

Odebrecht Oleo e Gas (OOG, NR), the transaction's sponsor, may
approach the OODFL noteholders to renegotiate the terms of the
notes. Fitch notes that any potential exchange or restructure of
the notes to avert probable payment default and that may affect
the economic terms of the notes, even if agreed upon by the
noteholders, may be considered by Fitch as a Distressed Debt
Exchange as described in Fitch's 'Global Structured Finance
Distressed Debt Exchange Criteria'.

RECOVERY ESTIMATES

Fitch assigns a recovery estimate (RE) of RE80 to the OODFL notes.
Fitch assigns REs to all classes rated 'CCC' or below. REs are
forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.
Fitch's RE considers estimated cash reserves and underlying asset
values as reflected by a discounted cash flow analysis of net
revenues generated during the remaining useful life of the
contracted vessels (including cashflows generated under the
Petrobras' contracts) and potential liquidation of Tay IV. REs are
not intended to represent the actual recovery noteholders may get
upon sale of the underlying vessels or potential restructuring of
the notes.

Fitch has taken the following rating actions:

OODFL
-- Series 2013-1 senior secured notes downgraded to 'CCC', RE80
    from 'B-'
-- Series 2014-1 senior secured notes downgraded to 'CCC', RE80
    from 'B-'

Odebrecht Drilling Norbe VIII/IX Ltd.
-- Series 2010-1 senior secured affirmed at 'B'.

The Rating Outlook is Negative.


PRENTICE LONG/SHORT: Members Receive Wind-Up Report
---------------------------------------------------
The members of Prentice Long/Short Equity Master, LP received on
Dec. 16, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John Sutlic
          P.O. Box 30902 Grand Cayman KY1-1204
          Cayman Islands
          Telephone: (345) 938-2707


WMG CONCENTRATED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of WMG Concentrated Fund Limited received on
Dec. 2, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          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: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of YPF Ecuador, Inc. received on Nov. 23, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Carlos Alberto San Juan
          Macacha Guemes 515, C1106BKK
          Buenos Aires
          Argentina


=========
C H I L E
=========


SOCIEDAD DE INVERSIONES: S&P Lowers CCR to 'B-'; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and issue-level ratings on Pampa [Sociedad de Inversiones Pampa
Calichera S.A] to 'B-' from 'B'.  The outlook is stable.

Additionally, S&P removed the UCO identifier from the ratings
following the Jan. 5, 2016 publication of the NCEI criteria.

The downgrade reflects S&P's review of Pampa's credit quality
after the implementation of the new criteria for NCEIs.

The ratings on Pampa reflect the company's limited ability to
liquidate investments.  Even though Sociedad Quimica y Minera de
Chile S.A. (SQM; BBB/Negative/--), Pampa's unique underlying
asset, is public and there is a relatively deep market for its
shares, Pampa's reluctance to lose control of SQM limits its
willingness to divest.  In addition, because SQM's business is in
commodities, its net income is inherently volatile, as are its
dividend payments, given that net income is the basis for
calculating dividends.

The stable outlook incorporates the group's manageable debt
maturity profile in the next 12 months and Pampa's track record of
refinancing maturities in the domestic market.

S&P could lower the ratings in the next 12 months if the company's
liquidity weakens and its refinancing risk increases, particularly
in light of its upcoming maturities, totaling $200 million, most
of which will come due by the end of 2017.  If S&P forecasts an
imminent risk of covenant breach, it could also take a negative
rating action.

S&P could raise the ratings if the company's interest coverage
ratio improves to above 1.5x on a sustained basis, which S&P sees
as unlikely in the short term.


===============
C O L O M B I A
===============


El QUIMBO: Hydro-Power Plant Back in Operation
----------------------------------------------
EFE News reports that El Quimbo, a hydroelectric power plant in
the southern Colombian province of Huila and the second-largest
facility of its kind in South America, is functioning normally
after temporarily restarting over the weekend, plant operator
Emgesa said.

"Having completed the first 24 hours of operation, the result is
positive, both in technical and environmental terms, and the
preventive measures taken by the company to start operations
proved to be effective and no unforeseen impacts occurred," Emgesa
said in a statement obtained by the news agency.

El Quimbo, which generates 5 percent of the electricity consumed
in Colombia, had been shut down by a court on the grounds that the
failure to remove wood and biomass from the dam before refilling
would harm the environment, the report notes.

President Juan Manuel Santos called on the courts several times to
allow the hydroelectric power plant to operate due to the drought
caused by the El Nino weather phenomenon, which has lowered river
and reservoir levels, the report discloses.

"No fish kills were registered in the reservoir in Betania (Huila)
as a result of the power plant's operation," Emgesa, a unit of
Italian energy company Enel, said, the report relays.

Water releases were kept at maximum and permanent flows to
"control the oxygen levels of the water" that was retained for
several days, "allowing this water to mix with cycled water,
reaching oxygen levels above those considered acceptable under
Colombian environmental legislation," Emgesa said, the notes.

The Emergency Fish Rescue Program was reactivated and the
"presence of odors was not detected" during the first 24 hours,
the company said, EFE News says.

A court in Neiva, the capital of Huila, allowed the power plant to
be restarted in response to an appeal filed by the Santos
administration, the report discloses.

El Quimbo, a project that required an investment of more than $1.2
billion, was awarded in March 2008 to Bogota-based Emgesa, adds
EFE News.


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


DOMINICAN REP: Official Admits High Fuel Taxes, Offers Little Hope
------------------------------------------------------------------
Dominican Today reports that industry and Commerce minister Jose
del Castillo admitted the country's fuel taxes are among the
world's highest, and should be a topic to discuss in next fiscal
pact.

Mr. del Castillo said taxes and profit margins on fuels, which
together surpass 60 percent, circumvent significant falls in local
prices despite the collapse in global oil prices, according to
Dominican Today.

Mr. del Castillo acknowledged citizens' concerns and complaints
against high local prices on oil derivatives, but noted that taxes
pay the foreign debt which he affirms dates back to the mid-1990s,
the report notes.

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'.


DOMINICAN REPUBLIC: Eyes Energy Pact Years in the Making
--------------------------------------------------------
Dominican Today reports that the meetings leading to a national
pact over the electricity sector will resume, after the work
sessions were suspended for the holidays.

Representatives from labor unions, businesses and civil society
are expected to work with government officials in groups on a
number of proposals to discuss the proposed pact, according to
Dominican Today.

A number of preliminary agreements have already been hammered out
during discussions by a number of teams from the various sectors,
including that government representatives must provide a range of
information required by the Economic and Social Council (CES), the
report notes.

Government officials say all the information required thus far is
available on the electricity pact website, the report says.

Around five work sessions have been held thus far in which a
number of the points of consensus have been addressed toward
establishing a roadmap for the agreement years in the making, the
report adds.

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


REGAL FOREST: Fitch Affirms 'BB-' Long-term FC and LC IDR
---------------------------------------------------------
Fitch Ratings has affirmed Regal Forest Holding Co. Ltd ratings
(Grupo Unicomer) as follows:

-- Long-term Local currency Issuer Default Rating (IDR) at 'BB-';
-- Long-term Foreign currency IDR at 'BB-'.

The Rating Outlook is Stable.

The ratings reflect the company's leading business position in
most of the countries where it operates. The ratings incorporate
Grupo Unicomer's geographic and format diversification that have
contributed to positive consolidated cash flows from operations
throughout economic cycles. The ratings incorporate Grupo
Unicomer's track record of stable operational results based on a
business model that targets low-income to middle-income segments,
which represent the majority of the population in those countries
where the company operates, through several retail formats. The
ratings also consider the operating experience, track record and
solid financial position of its shareholders Milady Group (Milady)
from El Salvador and El Puerto de Liverpool, S.A.B. de C.V.
(Liverpool) from Mexico (rated 'BBB+'/Outlook Positive).

Grupo Unicomer's ratings are limited by its operating environment
considering the countries where it operates and its growth
strategy through acquisitions, funded mainly with debt. The
ratings also factor the company's credit risk from its consumer
finance unit with around 37% overdue accounts receivable (1+ days
overdue) as of last 12 months (LTM) Sept. 30, 2015 (past due
accounts for 90 days or more were 7.7%); although this risk is
mitigated somehow by the company's collection procedures and the
portfolio's financial spreads.

KEY RATING DRIVERS

Operating Environment and Geographic & Format Diversification
Incorporated:

Grupo Unicomer has commercial operations in 21 countries around
Central America, South America and the Caribbean. The company
maintains a leading business position in the commercialization of
consumer durables goods in most of the countries where it
operates, supported by economies of scale in terms of purchasing
power and logistics.

Geographic diversification allows Grupo Unicomer to have a broad
revenue base supported by different economic dynamics and somehow
mitigates the company's country risk of most of its markets,
within the B rating category. The company has more than 15 years
of track record in the consumer durables commercialization, which
has enabled to develop long-term relationships with suppliers and
to have competitive advantages in terms of location of its stores
within small countries where prime retailing points of sale are
very limited.

Positive Cash Flow from Operations:

Historically, Grupo Unicomer has consistently maintained positive
cash flow from operations (CFFO) throughout economic cycles. The
company had adjusted its operations well during economic downturns
by restricting credit origination, reducing bank debt and
improving its product mix in order to protect its operating cash
flows. Grupo Unicomer's CFFO has been robust enough to fund capex
and dividend payments during the years. However, new acquisitions
have been financed mostly with debt.

For the LTM ended September 2015, the company generated USD74.5
million of CFFO, which financed capex of USD22.8 million and
dividends of USD16.5 million, resulting in a free cash flow (FCF)
of USD35.2 million.

The company's CFFO is expected to remain positive during 2016-
2019. Grupo Unicomer is executing an important investment plan
during the next four years in order to keep its business position
and recover the profitability margins it had in the past (14% of
EBITDA margin). Capex levels should be around USD36.7 million per
year during the medium term excluding potential acquisitions.

Shareholders' Sound Financial Position:
The ratings consider the sound financial position of Grupo
Unicomer's shareholders Milady (50%) and Liverpool (IDR
'BBB+'/Outlook Positive; 50%), with a proven track record in
retail since 1847. Milady's operations include real estate
developments, department store chains and all Inditex's franchises
in Central America. Liverpool, a department store with 109 units
and 25 shopping malls in Mexico, had USD5.8 billion in total
revenues in the LTM ended September 2015 with 16.3% of EBITDA
margin. Liverpool's total adjusted debt/EBITDAR was 1.2x for the
same period.

Ambitious Growth Funded Mainly with Debt:

Historically, Grupo Unicomer has expanded its operations through a
combination of organic and inorganic growth. Since its beginnings,
the company has done five important acquisitions that increased
its size and coverage. While organic growth was primarily funded
with internal operating cash flows, acquisitions were funded
mainly with debt.

The last important acquisition was Gollo in Costa Rica (115 stores
by the time of acquisition in 2012), which increased the company's
adjusted leverage to 4.6x from 3.8x. Grupo Unicomer has been
slowly improving this ratio through the years. As of September
2015, lease adjusted debt to EBITDAR was 4.3x and Fitch expects
the company to maintain this ratio in the 3.5x to 4.5x range over
the medium term.

Moderate Level of Overdue Accounts Offset by Financial Spread:
The company's consumer finance strategy includes enough financial
spreads to cover credit risks associated with the portfolio.
During the last four years, the portfolio yield after deducting
uncollectable expenses and write offs has been 40% on average.

As of Sept. 30, 2015, Grupo Unicomer's portfolio had an average of
37% of overdue accounts (more than one day overdue) and 7.7% of
non-performing loans (past due accounts for 90 days or more).
These compare negatively to 34% and 6.7% presented in March 2015,
respectively, due to a reduction in the portfolio as well as the
challenging economic and political conditions in the region. As of
September 2015, the company has reserves equivalent to 93% of
those non-performing loans. The level of overdue accounts is
partially offset by the company's efficient collection program and
portfolio yield.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Grupo Unicomer
include:

-- Revenue growth of 4.4% on average for 2016-2019;
-- EBITDA margin of 12% for year-end 2016 and close to 13% going
    forward;
-- Positive CFFO for 2016 and going forward;
-- Adjusted leverage to EBITDAR of 3.7x-4.5x in the medium term;
-- Dividends payment of 25% of net income for 2016-2019;
-- Stable portfolio credit quality;
-- Acquisition of Electro Facil in Paraguay during December 2015.

RATING SENSITIVITIES
Future developments that may individually or collectively lead to
a positive rating action include: adjusted leverage below 3.5x on
a sustained basis, significant reduction on its current maturities
that result in a consistent ratio of cash plus CFFO-to-short-term
debt of 1.0x.

Future developments that may individually or collectively lead to
a negative rating action include: deterioration in overdue
accounts from the consumer finance business, significant reduction
in cash flow generation, further debt-financed acquisition
activity resulting in an adjusted debt to EBITDAR ratio above 5x
and/or deterioration of liquidity compared to short-term debt.

LIQUIDITY

Liquidity is adequate for the rating category. The company's main
source of liquidity is internal cash generation consisting of
positive CFFO. Cash and equivalents of USDD44 million and a short-
term receivables portfolio of USD529 million further support the
company's liquidity. The company's liquidity ratio, measured as
FCF plus cash and marketable securities over debt service coverage
was 0.4x as of Sept. 30, 2015; including account receivables in
the calculation the ratio increases to 2.2x.

As of Sept. 30, 2015, Grupo Unicomer reported total adjusted debt
of USD1 billion, of which USD250 million was classified as short-
term. This level of current debt compares with USD44.3 million of
cash and marketable securities and USD60 million of uncommitted
undrawn revolving credit facilities. The company benefits from
sales coming during the holiday season (approximately 34% of total
revenues) and from potential liquidity of its USD529 million of
current account receivables from the consumer finance unit.


=================
G U A T E M A L A
=================


BANCO AGROMERCANTIL: Fitch Hikes LT FC IDR to 'BB+'
---------------------------------------------------
Following Bancolombia S.A.'s (Bancolombia) recent acquisition of a
majority stake of Grupo Agromercantil Holding, S.A. (GAH), Fitch
Ratings has upgraded the long-term foreign currency Issuer Default
Ratings (IDRs) of Banco Agromercantil de Guatemala, S.A. (BAM) and
Agromercantil Senior Trust's senior unsecured notes (AST) to 'BB+'
from 'BB' and their long-term local currency IDRs to 'BBB-' from
'BB'.

Also, Fitch has upgraded BAM and Mercom Bank Limited's (Mercom)
long-term national ratings to 'AAA(gtm)' from 'A+(gtm)'. BAM,
Mercom and AST's ratings have been removed from Rating Watch
Positive, which it was placed on Oct. 30, 2015, and assigned a
Stable Rating Outlook. This transaction has no impact on BAM's
Viability Rating (VR) as it reflects the bank's intrinsic credit
profile. See the full list of rating actions at the end of this
release.

The ratings upgrades are based on Fitch's view of Bancolombia's
ability and propensity to support GAH and its subsidiaries if
needed, even in the event of sovereign or macroeconomic stress in
Guatemala (local and foreign currency IDRs of 'BB' with Stable
Outlook). The transaction to increase Bancolombia's stake in GAH
to 60% from 40% was completed on Dec. 30, 2015.

KEY RATING DRIVERS

BAM's IDRs, NATIONAL RATINGS AND SUPPORT RATINGS
BAM's IDRs and national ratings reflect Fitch's opinion that the
support from its ultimate shareholder, Bancolombia ('BBB+'/Stable
Outlook) will be timely and sufficient if needed. In the agency's
opinion, BAM is an important subsidiary for Bancolombia, based on
its role in Bancolombia's expansion and diversification in Central
America. Bancolombia's propensity to support its new subsidiaries
is influenced by the relevant reputational risk that a default
from any of these entities would pose to Bancolombia, resulting in
a Support rating of '3'. According to Fitch estimates, BAM
accounted for approximately 5% of Bancolombia's consolidated
assets (including BAM's assets) and consolidated net income, as of
September 2015.

MERCOM'S NATIONAL RATINGS

Mercom's national ratings are based on the support it would
receive from its ultimate shareholder, Bancolombia, if needed.
Mercom is an important subsidiary for the group in Guatemala given
it operates in complementary market segments enhancing BAM's
business model and reflects a high degree of integration.

AST
AST's rating is aligned with BAM's IDR reflecting that the senior
unsecured obligations rank equally with the bank's unsecured and
unsubordinated obligations.

RATINGS SENSITIVITIES

BAM

BAM's foreign currency IDR is capped by Guatemala's country
ceiling. The bank's long-term local currency IDR is above the
sovereign's local currency IDR and as such would be sensitive to
any sovereign rating action. Downward risk for the bank's IDRs,
national ratings and support rating is limited given its parent
support but the ratings could be downgraded if Fitch's assessment
of Bancolombia's ability or willingness to support its
subsidiaries changes. Currently, there is no upside potential for
the bank's IDRs as these are above the sovereign's IDRs, which
have a Stable Outlook.

MERCOM
A downgrade in Mercom's ratings is contingent on Bancolombia's
ability and propensity to support its operations if needed.

AST
Changes in the notes' rating would derive from changes in the same
direction in BAM's IDR.

Fitch has taken the following rating actions:

Banco Agromercantil de Guatemala, S.A.
-- Long-term foreign currency IDR upgraded to 'BB+' from 'BB';
-- Short-term foreign currency IDR affirmed at 'B';
-- Long-term local currency IDR upgraded to 'BBB-' from 'BB';
-- Short-term local currency IDR upgraded to 'F3' from 'B';
-- Support rating upgraded to '3' from '5';
-- Support rating floor of 'NF' was withdrawn.
-- National scale long-term rating upgraded to 'AAA(gtm)' from
    'A+(gtm)';
-- National scale short-term rating upgraded to 'F1+(gtm)' from
    'F1(gtm)'.

Agromercantil Senior Trust
-- Long-term foreign currency loan participation notes upgraded
    to 'BB+' from 'BB'.

Mercom Bank Limited
-- National scale long-term rating upgraded to 'AAA(gtm)' from
    'A+(gtm)';
-- National scale short-term rating upgraded to 'F1+(gtm)' from
    'F1(gtm)'.

The ratings were removed from Rating Watch Positive and assigned a
Stable Outlook.

The following rating is unaffected:

Banco Agromercantil de Guatemala, S.A.

-- Viability Rating of 'bb'.


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


GOODMAN AND DOMINGUEZ: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------------------
Goodman and Dominguez, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Fla. Case No. 16-10056) on Jan. 4, 2016,
estimating its assets and liabilities at between $1 million and
$10 million each. The petition was signed by David Goodman,
president.

Emon Reiser at South Florida Business Journal reports that the
Company filed for bankruptcy, citing increasing pressure from
online shopping. The Company's owner seeks to close stores and
restructure operational costs, the report states.

According to Business Journal, the Company's 608 workers are owed
$300,000 in wages. Business Journal adds that the Company also
owes:

-- Forever Link Int'l Inc., which holds an unsecured claim
of $2.4 million;

-- Hana Financial Inc., which has an unsecured claim of
$524,184; and

-- Yoki Fashion International LLC, which has an unsecured
claim of $226,036.

Judge Robert A Mark presides over the case.

Peter D. Russin, Esq., at Meland Russin & Budwick, P.A., serves as
the Company's bankruptcy counsel.

Goodman and Dominguez, Inc. -- dba Traffic, Traffic Shoe, Goodman
& Dominguez, Inc., Traffic Shoes, and Traffic Shoe, Inc. -- is a
retailer headquartered in Medley, Florida. It operates 83 stores
in malls across nine states and Puerto Rico. It also sells its
teen fashion products at trafficshoe.com.


MANUEL MEDIAVILLA: Directed to File Amended Joint Plan
------------------------------------------------------
PRLP 2011 Holding, LLC, the individual and corporate debtors,
Manuel Mediavilla, Maydin G. Melendez and Manuel Mediavilla, Inc.,
filed cross motions for partial reconsideration of the Opinion and
Order entered on June 16, 2015, denying the Joint Plan's
confirmation for failure to provide for the Debtors' substantive
consolidation of the two cases.

In an Opinion and Order dated December 30, 2015, which is
available at http://is.gd/cpsqThfrom Leagle.com  Judge Mildred
Caban Flores of the United States Bankruptcy Court for the
District of Puerto Rico denies PRLP's motion for partial
reconsideration and grants the Debtors' motion for reconsideration
in part.

The Debtors are ordered to file an amended Joint Plan to provide
for post-petition interest paid to PRLP's secured claim classified
under Classes 4A and 4B of the Joint Plan subject to conditions
within 30 days.

The cases are IN RE: MANUEL MEDIAVILLA, INC., Chapter 11, Debtor;
IN RE: MANUEL MEDIAVILLA AND MAYDIN G. MELENDEZ, Chapter 11,
Debtors, Case Nos. 13-2800 (MCF), 13-2802 (MCF)(Bankr. D.P.R.).
Manuel Mediavilla, Inc., aka Muebleria Mediavill, sought
protection under Chapter 11 of the Bankruptcy Code on April 11,
2013 (Bankr. D.P.R., Case No. 13-02800). The case is assigned to
Judge Mildred Caban Flores.


                            ***********


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
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
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