TCRLA_Public/160201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

             Monday, February 1, 2016, Vol. 17, No. 21


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Drops Fare as Oil Price Crashes


B R A Z I L

BRAZIL: Posts Largest-Ever Primary Budget Deficit in 2015
BRAZIL REALTY: Moody's Affirms Ba2 Global Scale Rating of Certs.
CIMENTO TUPI: S&P Affirms 'D' Corporate Credit Rating
ISOLUX PROJETOS: Parent Rating Unaffected by Scheme of Arrangement
OAS GROUP: Court Upholds Bankruptcy, Paving Way for Asset Sales


C A Y M A N  I S L A N D S

AFRICA EQUITY: Members Receive Wind-Up Report
BRAMSHOTT GENERAL: Members Receive Wind-Up Report
CIAVARRA LTD: Members Receive Wind-Up Report
DEXONE FUND: Shareholders Receive Wind-Up Report
DOVER OFFSHORE: Shareholders Receive Wind-Up Report

FCM FUND: Shareholders Receive Wind-Up Report
GOLD NICK: Members Receive Wind-Up Report
GRSTF LIMITED: Members Receive Wind-Up Report
INFINITY CAPITAL: Shareholders Receive Wind-Up Report
MASCALL GLOBAL: Shareholders Receive Wind-Up Report

NOMAD INVESTMENT: Members Receive Wind-Up Report
SILVERMORE 2 LTD: Members Receive Wind-Up Report
SINOSUN HOLDING: Shareholders Receive Wind-Up Report
SOPHIAN VENTURE: Shareholders Receive Wind-Up Report
YAYOS INVESTMENT: Members Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Central Bank Keeps Steady Policy Rate at 5%

* DOMINICAN REP: Gas Prices Rise, Natural Gas Stays Put


M E X I C O

MEXICO: 2015 Public-Sector Deficit Equivalent to 3.5% of GDP


P E R U

PESQUERA EXALMAR: S&P Lowers CCR to 'B'; Outlook Stable


P U E R T O    R I C O

HUB HOLDINGS: Moody's Affirms 'B3' Corporate Family Rating
PUERTO RICO INFRASTRUCTURE: S&P Revises Rating on Bonds to 'CC'


X X X X X X X X X

LATAM: Moody's Says HY Issuance Among Firms Hit Record Low in 2015

* BOND PRICING: For the Week From Jan. 25 to Jan. 29, 2015


                            - - - - -


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


LIAT: Drops Fare as Oil Price Crashes
--------------------------------------
Trinidad Express reports that LIAT, operating as Leeward Islands
Air Transport, announced the complete removal of fuel surcharges
on all new tickets booked, effective 1st March 2016.

Chief Executive Officer David Evans said oil is now trading at a
12-year low, ending a decade of high jet fuel costs, which has
impacted the price of tickets, according to Trinidad Express.

"We are committed to offering our customers the most affordable
fares so our Finance team regularly reviews the fuel surcharge
levels and whenever changes are decided upon we announce them to
the market," Mr. Evans said, notes the report.  "In this vein, we
reduced the fuel surcharge by 50 percent at the beginning of 2015
and it will now be completely removed from March 2016.  This will
mean that fares will fall by an average of 5 percent.  So,
beginning 1st March, customers will only have to pay the airfare
and any applicable airport and government taxes when they book a
flight."

The report discloses that while the price of oil has been trending
downwards, Mr. Evans explained that the effects of crude oil price
reductions take some time to impact on the cost of aviation fuel.

"The jet fuel price to LIAT is on average 90 percent higher than
the crude price and it takes on average three to six months for
the crude oil price reductions to be applied in the region," he
said, the report relays.

Mr. Evans said the surge in oil prices since 2003 had turned fuel
into one of LIAT's largest costs, the report adds.


                            About LIAT

LIAT, operating as Leeward Islands Air Transport, is an airline
headquartered on the grounds of V. C. Bird International Airport
in Antigua.  It operates high-frequency inter-island scheduled
services serving 21 destinations in the Caribbean.  The airline's
main base is VC Bird International Airport, Antigua and Barbuda,
with bases at Grantley Adams International Airport, Barbados and
Piarco International Airport, Trinidad and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on May
8, 2015, the Daily Observer reports that LIAT, operating as
Leeward Islands Air Transport, is attempting to lose excess
baggage as part of measures to make the carrier "a smaller airline
in 2015."  In a document, signed by Director of Human Resources
Ilean Ramsey, eligible employees were asked to opt to apply for
voluntary separation or early retirement packages to avoid being
made redundant, according to The Daily Observer.

TCRLA reported on Dec. 2, 2014, Caribbean360.com said that
chairman of the shareholder governments of the financially
troubled regional airline LIAT, Dr. Ralph Gonsalves said while he
is unaware of the details regarding any possible retrenchment of
employees, the airline needs to deal with its high cost of
operations.

The TCR-LA on March 10, 2014, citing Caribbean360.com, reported
that LIAT said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially viable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, David Evans
replaced Mr. Brunton as chief executive officer


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


BRAZIL: Posts Largest-Ever Primary Budget Deficit in 2015
---------------------------------------------------------
EFE News reports that Brazil posted a primary budget deficit in
2015 of BRL111.25 billion (roughly $27.29 billion), the biggest
since the data series began in 2001, the Central Bank said.

The primary budget deficit (before interest payments), equivalent
to 1.88 percent of gross domestic product, was more than triple
the primary budget gap in 2014 (BRL32.5 billion, or 0.57 percent
of GDP), according to EFE News.

Including interest payments, Brazil's budget deficit amounted to
BRL613 billion ($150.36 billion), equivalent to 10.34 percent of
GDP, the report notes.

Brazil's primary budget deficit of BRL71.7 billion ($17.59
billion) in December contributed heavily to the annual result, the
report relays.

The 12-month reading also was adversely affected by the
government's decision in late December to pay back its outstanding
debt of more than BRL72 billion with state-owed banks, the report
notes.

That debt grew because the government stopped depositing with
those banks, used as paying agents, a portion of the total
budgeted for items such as unemployment benefits and assistance
for low-income families, the report discloses.

Those budget maneuvers were the justification used by Congress in
launching impeachment proceedings against President Dilma Rousseff
last month, the report relays.

In a bid to get its fiscal house in order, Brazil's government
launched an austerity plan in early 2015, the report says.  Still
not fully approved by Congress, it has included tax hikes and
spending cuts that have cooled the domestic economy, the report
notes.

The austerity measures, however, have been unsuccessful in
bringing down the deficit, which has continued to grow, the report
relays.

The government repeatedly modified its primary budget target in
2015, acknowledging that a deficit was unavoidable, the report
discloses.

But it has thus far been more optimistic about 2016, forecasting a
primary budget surplus equivalent to 0.5 percent of GDP, 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 REALTY: Moody's Affirms Ba2 Global Scale Rating of Certs.
----------------------------------------------------------------
Moody's America Latina Ltda. has affirmed the Ba2 global scale
rating and the Aa2.br national scale rating of the 1st series of
the 2nd issuance of certificates issued by Brazil Realty
Securitizadora (CRI or certificates), following the affirmation of
the underlying CCBs global scale ratings at Ba2 and national scale
ratings at Aa2.br (negative outlook).

The real estate certificates are backed by two CCBs (cedula de
credito bancario) issued by Cyrela Brazil Realty S.A. Empreend E
Part (Cyrela)

This rating action follows Moody's affirmation of Cyrela's ratings
on 27 January 2016.

Issuer: Brazil Realty Companhia Securitizadora de Creditos
Imobiliarios

1st Series / 2nd Issuance of Certificates: Affirmed global scale
rating at Ba2; Affirmed national scale rating at Aa2.br

RATINGS RATIONALE

Moody's views the certificates as full pass-through securities of
the underlying CCBs. Given that the ratings of the 1st series of
certificates are primarily based on Cyrela's ability to make
payments under the bank loan agreements (CCBs), any changes in
ratings of the underlying CCBs will cause a change in the ratings
of the CRIs.

The ratings of the underlying CCBs, which Moody's affirmed at Ba2
(global scale) and Aa2.br (national scale) on January 27 2016,
remain supported by Cyrela's significant position in the Brazilian
homebuilding market and its strong brand name, good diversity in
terms of product offering and experienced management team.
Additional credit strengths include: (i) the company's strong
liquidity position, as indicated by an unrestricted cash
availability to cover short term debt of approximately 1.7 times (
as of 3Q15); (ii) stable gross margins in the 33% to 35% range and
(iii) relatively low leverage as measured by the gross debt to
total capitalization ratio, which has recently decreased below
40%. On the other hand, the challenging industry outlook for
homebuilders in Brazil will likely translate into softer revenue
growth, reduced business opportunities and limit further
improvement in Cyrela's credit metrics through at least mid-2017.
This has triggered the change on Cyrela's corporate and underlying
CCBs ratings' outlook to negative. Another credit concern has been
Cyrela's strategy to directly finance homebuyers for a part or the
entirety of the remaining balance on their loan, which exposes the
company to client delinquency risk.

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

Any changes to the CCB ratings will lead to a change in the
ratings assigned to the certificates.

A change in Brazil's sovereign rating (Baa3, under review for
downgrade) or a change in methodology that alters the current
mapping for national scale ratings could also trigger a rating
action or recalibration to reposition of the underlying CCBs
national scale ratings.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".


CIMENTO TUPI: S&P Affirms 'D' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D' global and
national scale corporate credit ratings on Cimento Tupi S.A.  At
the same time, S&P revised its recovery rating on the company's
debt to '6' from '4H'.

After the June 10, 2015, announcement of missing interest payment
on its 2018 notes, S&P downgrades the company 'D'.  Cimento Tupi
is still working on the restructuring of its defaulted
obligations.  Once its debt restructuring is completed, S&P will
reassess company's credit quality.


ISOLUX PROJETOS: Parent Rating Unaffected by Scheme of Arrangement
------------------------------------------------------------------
Fitch Ratings says that there is no immediate rating impact on
Isolux Corsan SA (B/Rating Watch Negative) from its Brazilian
subsidiaries' application for an out-of-court scheme of
arrangement.  The "recuperacao extrajudicial" affects Corsan
Corviam Construccion SA do Brasil, Isolux Ingenieria SA do Brasil,
Isolux Projetos e Instalacoes Ltda and Isolux Projetos,
Investimentos e Participacoes Ltda and has been agreed with the
required percentage of creditors, including bank funding and
suppliers.

Isolux has confirmed to Fitch that this process has not triggered
an event of default under its bond and syndicated loan
documentation, particularly cross-default provisions (since
Brazilian creditors have not called a default) or the clause that
refers to "certain events of bankruptcy and insolvency" with
respect to defined types of group subsidiaries.

Following the maturity of the scheme's agreement on deferring
payments, unless extended, amounts involved could be a liquidity
call on the company.  Fitch is closely monitoring the group's
liquidity profile.


OAS GROUP: Court Upholds Bankruptcy, Paving Way for Asset Sales
---------------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that a Brazilian
bankruptcy court upheld a restructuring plan for embattled
engineering conglomerate OAS Group, paving the way for a slew of
asset sales aimed at helping pay over BRL8 billion ($2 billion) in
liabilities.

The Sao Paulo-based group said that bankruptcy judge Daniel Carnio
Costa gave his approval to the plan, which had previously been
voted by an assembly of creditors in December, according to
Reuters.  Under the plan, creditors will take an 80 percent loss
on their debt and accept repayment for as many as 25 years, the
report notes.

OAS now has five business days to publish terms of an auction to
sell a 24.4 percent stake in infrastructure company Invepar, the
statement said, the report relays.  The Invepar sale, whose
minimum auction price creditors set at BRL1.35 billion, is
expected this month, with Brookfield Asset Management Inc.
securing the right to top bids from any other interested party,
the report notes.

The report discloses that Judge Carnio's approval of the plan,
which was presented in June to creditors and the court overseeing
OAS's bankruptcy proceedings, means that the engineering group
will remain operational, keep as many as 100,000 jobs and stay
current with suppliers, the report notes.

Grupo OAS filed for bankruptcy protection in March to facilitate
the debt restructuring.  The filing came after Grupo OAS struggled
with the impact of a corruption probe at state-controlled oil
producer Petroleo Brasileiro SA and other state companies -- the
scandal undercut access to financing and halted potential
government contracts, the report relays.

Creditors also approved in December the sale of Grupo OAS's
interests in a waste management firm and a rig building unit which
may fetch BRL475 million for OAS, the report adds.


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


AFRICA EQUITY: Members Receive Wind-Up Report
---------------------------------------------
The members of Africa Equity Growth Fund received on Dec. 30,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


BRAMSHOTT GENERAL: Members Receive Wind-Up Report
-------------------------------------------------
The members of Bramshott General Partner Inc. received on Jan. 5,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CIAVARRA LTD: Members Receive Wind-Up Report
--------------------------------------------
The members of Ciavarra Ltd received on Jan. 8, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


DEXONE FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Dexone Fund received on Dec. 30, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Rolf Kung
          IFIT Fund Services AG
          Voltastrasse 61,
          P.O. Box 371 CH-8044 Zurich
          Telephone: +41 44 366 4016
          Facsimile: +41 44 366 4039


DOVER OFFSHORE: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Dover Offshore Fund, Ltd. received on Dec. 28,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Peter Goulden
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


FCM FUND: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of FCM Fund SPC received on Dec. 28, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mikhail Pak
          Telephone: +1 (345) 949 8599
          Facsimile: +1 (345) 949 4451
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands


GOLD NICK: Members Receive Wind-Up Report
-----------------------------------------
The members of Gold Nick Holdings received on Jan. 8, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GRSTF LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of GRSTF Limited received on Dec. 29, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Beat Schurch
          c/o Maples and Calder, Attorneys-at-law
          Att Aisling Dwyer
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


INFINITY CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Infinity Capital received on Jan. 15, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100


MASCALL GLOBAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Mascall Global Opportunity Fund received on
Dec. 30, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Rolf Kung
          IFIT Fund Services AG
          Voltastrasse 61,
          P.O. Box 371 CH-8044 Zurich
          Telephone: +41 44 366 4016
          Facsimile: +41 44 366 4039


NOMAD INVESTMENT: Members Receive Wind-Up Report
------------------------------------------------
The members of The Nomad Investment Company Limited received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


SILVERMORE 2 LTD: Members Receive Wind-Up Report
------------------------------------------------
The members of Silvermore 2 Ltd. received on Dec. 30, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SINOSUN HOLDING: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sinosun Holding Corp. received on Jan. 7,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Duff & Phelps (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


SOPHIAN VENTURE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sophian Venture Holdings Limited received on
Dec. 23, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Deon Yee
          Lim Hui Ting
          The R&H Trust Co. Ltd.
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands


YAYOS INVESTMENT: Members Receive Wind-Up Report
------------------------------------------------
The members of Yayos Investment Company received on Jan. 8, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


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


DOMINICAN REPUBLIC: Central Bank Keeps Steady Policy Rate at 5%
---------------------------------------------------------------
Dominican Today reports that the Central Bank said it kept its
policy rate steady at 5%, with inflation expected to gradually
converge towards the center of its target range in the policy
horizon although it still remains below the lower limit.

It also said economic activity continues to grow above the
country's potential, with preliminary data showing Gross Domestic
Product growth of 7% in 2015, improving external accounts and a
current account deficit that should remain around 2% of GDP in
2016, down from 3.1% in 2014, according to Dominican Today.

Consumer price inflation rose to 2.34% in December from 1.54% in
November, still below the Central Bank's target range of 3-5%,
with a midpoint target of 4%, the report notes.

The country's GDP expanded by an annual 7.1% in the third quarter
of last year, up from 6.4% in the second quarter and 6.6% in the
first quarter, the report relays.  According to the financial
institution, private loans in national currency were estimated to
have risen by close to 12% last year, the report says.

The current account of the Dominican Republic is improving in
light of low oil prices, a good performance of tourism,
remittances and exports, the Central Bank said, the report
discloses.

It added that the Dominican peso has been slowly but steadily
depreciating against the U.S. dollar since 2007, with the trend
continuing this year, the report notes.  The peso was trading at
45.7 to the dollar Jan. 30, slightly below 45.5 at the start of
the year and 44.3 at the start of 2015, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2016, Fitch Ratings has assigned a 'B+' rating to the
Dominican Republic's USD1.0 billion bond maturing 2026. The bond
has a coupon of 6.875%.

The proceeds are to partially finance the 2016 budget of the
government.


* DOMINICAN REP: Gas Prices Rise, Natural Gas Stays Put
-------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry
posted the fuel prices for the week from January 30 to February 5,
when premium gasoline will cost RD$175.30 an increase of RD$1.60
and regular gasoline will cost RD$157.50, an increase of RD$1.10
per gallon.

Optimum diesel will cost RD$127.40, an increase of RD$2.10;
regular diesel will sell for RD$117.00, an increase of RD$1.80,
avtur will cost RD$76.10, an increase of RD$1.70, while kerosene
will cost RD$98.30, an increase of RD$2.00 per gallon, according
to Dominican Today.

Fuel oil will cost RD$57.73, an increase of RD$2.72, propane gas
will cost RD$78.50, for a RD$0.70 jump per gallon, while natural
gas remains unchanged at RD$24.22 per cubic meter, the report
notes.

The Central Bank's posted average exchange rate of RD$45.67 per
dollar was used to calculate all fuel prices, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2016, Fitch Ratings has assigned a 'B+' rating to the
Dominican Republic's USD1.0 billion bond maturing 2026. The bond
has a coupon of 6.875%.

The proceeds are to partially finance the 2016 budget of the
government.


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


MEXICO: 2015 Public-Sector Deficit Equivalent to 3.5% of GDP
------------------------------------------------------------
EFE News reports that Mexico's public-sector deficit amounted to
MXN637.63 billion ($35.13 billion) in 2015, equivalent to 3.5
percent of the nation's gross domestic product, according to the
national government, which also reported a 32.9 percent annual
decline in oil revenues.

In its most recent quarterly report on Mexico's economy and public
finances, the Finance and Public Credit Secretariat said that in
2015 public-sector budget revenues totaled MXN4.26 trillion
($234.96 billion), up 4.2 percent in real terms from 2014,
according to EFE News.

Oil revenues, meanwhile, came in at MXN841.51 billion ($46.37
billion), down 32.9 percent in real terms from the amount received
in 2014, the report relays.

"This result reflects the reduction in the dollar price of oil and
natural gas (down 49.3 percent and 34.7 percent, respectively), as
well as lower oil production (down 6.9 percent).  These effects
were partially offset by the exchange-rate depreciation," the
secretariat said, the report notes.

It said the peso continued to depreciate against the dollar in the
fourth quarter of 2015 due to heightened expectations about an
interest-rate hike by the U.S. Federal Reserve and the Fed's
eventual decision to raise its benchmark rate last month, the
report discloses.

The persistent drop in global crude prices also sent the peso
lower relative to the greenback, the report notes.

At the end of December, the peso stood at 17.21 to the dollar, a
1.6 percent decline compared with its value (16.93 to the U.S.
currency) on Sept. 30, says the report.

According to EFE News, Mexico's economy continued to grow during
the fourth quarter even amid a "complex and volatile" external
situation that has extended into 2016, the secretariat said.

"Global volatility is primarily due to uncertainty with respect to
a weakening of global growth, particularly on the part of China,
U.S. monetary policy and the drop in oil prices," it added,
reports EFE.



=======
P E R U
=======


PESQUERA EXALMAR: S&P Lowers CCR to 'B'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Peru-based fishing company Pesquera Exalmar
S.A.A. to 'B' from 'B+'.  The outlook is stable.  S&P also lowered
its issue-level rating on the company's $200 million senior
unsecured notes due 2020 to 'B' from 'B+'.

The downgrade reflects the underperformance of the company's key
credit metrics and cash flow generation amid weaker-than-expected
operating conditions in the Peruvian fishing industry over the
past 12 months.  In particular, the closure of the second fishing
season in 2014 led to an important decline in fishmeal production
volumes and sales during 2015, resulting in S&P's reassessment of
the company's financial risk profile.

Exalmar has a debt incurrence covenant that requires that the
leverage ratio not exceed 3.5x.  The company is currently in
breach of this covenant, and S&P expects this breach to linger in
the next 12 months.  However, the financing documents include a
provision that the company could still incur debt consisting of
receivables financing.  This financing has to be in connection
with its working capital needs in an aggregate principal amount,
which is not to exceed the greater of $70.0 million or 14.5%, of
the company's consolidated assets.  In S&P's view, this continues
to support its financial flexibility and ability to access working
capital debt to fund its operations.

The stable outlook reflects S&P's expectation that a gradual
recovery in volume sales during 2016 would, over time, reverse the
negative trend in credit metrics and prevent further deterioration
in the company's cash flow generation.  S&P expects that the
global fishing quota for 2016 will remain between 3.0 million tons
and 3.5 million tons, resulting in a debt to EBITDA ratio of more
than 4.0x and FFO to debt slightly above 10%.

An upgrade would be triggered by significant improvement in the
operating environment for the Peruvian fishing industry, including
less volatile weather conditions that raise the annual fishing
quotas above 4.0 million tons on a consistent basis.  Under such
conditions, S&P would expect Exalmar's EBITDA generation to exceed
$60 million, and therefore improve the company's debt to EBITDA
ratio to less than 4.0x and FFO to debt to more than 20%.

Downside risks in Exalmar's key credit metrics, stemming from
highly volatile weather conditions along the Peruvian coast that
deteriorate the company's fishmeal production volumes, would
trigger a negative rating action.  A global annual fishing quota
below 2.0 million tons would result in debt to EBITDA above 7.0x
and FFO to debt below 5.0%, which, in S&P's view, would
increasingly pressure the company's liquidity, and therefore
result in a downgrade.


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


HUB HOLDINGS: Moody's Affirms 'B3' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Hub Holdings, LLC (Hub Holdings, and together with its
subsidiaries, Hub) following the announcement that Hub
International Limited (Hub International) will issue $300 million
of second-lien secured notes. The rating agency assigned a B3
rating to the new notes. Net proceeds from the offering will be
used for general corporate purposes, including to fund future
acquisitions and pay down revolving credit loans that were drawn
to fund prior acquisitions.

The pending issuance changes Hub's overall funding mix, resulting
in a one-notch upgrade of Hub International's senior secured term
loan and its US and Canadian revolving credit facilities to Ba3
from B1. Its senior unsecured notes have been downgraded one notch
to Caa2 from Caa1. The senior unsecured notes of Hub Holdings have
been affirmed at Caa2. The outlook for these ratings remains
negative.

RATINGS RATIONALE

Hub's ratings reflect its solid market position in North American
insurance brokerage, good diversification across products and
geographic areas, and strong operating margins. These strengths
are tempered by the company's high financial leverage and limited
interest coverage. Moody's expects that Hub will continue to
pursue a combination of organic growth and acquisitions, the
latter giving rise to integration and contingent risks (e.g.,
exposure to errors and omissions), although Hub has a favorable
track record of absorbing small and mid-sized brokers.

The negative outlook reflects Moody's concern that Hub has not
reduced its appetite for financial leverage relative to rating
expectations. The high leverage leaves the company vulnerable to
market challenges such as a depreciating currency and slower
economic growth in Canada and a downward trend in commercial
property and casualty insurance rates in the US. The current
ratings are predicated on Moody's expectation that Hub will reduce
its debt-to-EBITDA ratio below 8x by the end of 2016. The ratings
could be downgraded if leverage is not reduced, particularly with
revolving credit facilities maturing in 2018 and significant debt
maturities beginning in 2019.

Moody's estimates that Hub's pro forma debt-to-EBITDA ratio,
giving effect to the proposed debt issuance and related
acquisitions, will be around 8.5x, with (EBITDA - capex) interest
coverage in the range of 1.5x-1.7x.

Factors that could lead to stable rating outlook include: (i)
debt-to-EBITDA ratio below 8x on a sustained basis, (ii) (EBITDA -
capex) coverage of interest consistently exceeding 1.5x, and (iii)
free-cash-flow-to-debt ratio consistently exceeding 3%.

Factors that could lead to a rating downgrade include: (i) debt-
to-EBITDA ratio remaining above 8x, (ii) (EBITDA - capex coverage
of interest below 1.2x, or (iii) free-cash-flow-to-debt ratio
below 2%.

Moody's has affirmed the following ratings (with loss given
default
(LGD) assessments):

Hub Holdings, LLC:

Corporate family rating B3;

Probability of default rating B3-PD;

$380 million senior unsecured notes due July 2019 at Caa2 (LGD6).

Moody's has upgraded the following ratings:

Hub International Limited:

$225 million senior secured revolving credit facility maturing
October 2018 to Ba3 (LGD2) from B1 (LGD2);

$1.9 billion senior secured term loan maturing October 2020 to Ba3
(LGD2) from B1 (LGD2).

Hub International Canada West ULC:

C$50 million senior secured revolving credit facility maturing
October 2018, guaranteed by Hub International Limited, to Ba3
(LGD2) from B1 (LGD2).

Moody's has downgraded the following rating:

Hub International Limited:

$1.2 billion senior unsecured notes due October 2021 to Caa2
(LGD5) from Caa1 (LGD5).

Moody's has assigned the following rating:

Hub International Limited:

$300 million second-lien secured notes due January 2021 at B3
(LGD4).

Based in Chicago, Illinois, Hub is a major North American
insurance brokerage firm providing property and casualty, life and
health, employee benefits, investment and risk management products
and services through offices located in the US, Canada and Puerto
Rico. The company generated total revenue of $1.4 billion for the
12 months through September 2015.


PUERTO RICO INFRASTRUCTURE: S&P Revises Rating on Bonds to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services has corrected by lowering its
rating to 'CC' from 'B-' on Puerto Rico Infrastructure Financing
Authority's series 2011B and series 2011C (port authority project)
revenue bonds.

The rating is based on a letter of credit (LOC) provided by
Government Development Bank for Puerto Rico (GDB).  GDB was
downgraded to 'CCC' from 'B-' on April 24, 2015; to 'CCC-' from
'CCC' on June 30, 2015; and to 'CC' from 'CCC-' on July 14, 2015.

Certain terms used in this report, particularly certain adjectives
used to express S&P's view on rating relevant factors, have
specific meanings ascribed to them in S&P's criteria, and should
therefore be read in conjunction with such criteria.


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


LATAM: Moody's Says HY Issuance Among Firms Hit Record Low in 2015
------------------------------------------------------------------
High-yield issuance among Latin American corporates hit a record
low in 2015 as global and regional macroeconomic headwinds led to
deteriorating credit conditions and increased investor caution,
according to the new "High Yield Interest: Latin America Edition"
from Moody's Investors Service.

Collapsing commodity prices, slowing economic growth in the
region, a recession in Brazil, decelerating growth in China and
tightening monetary policy in the US all constrained high-yield
issuance.

"Issuance in the fourth quarter of 2015 was the weakest in a year
where issuance was driven by refinancing needs rather than capital
spending," says Cristiane Spercel, a Moody's Vice President and
Senior Analyst. "The lack of spending reflects investor caution as
declining commodity prices and slowing industrial activity in
Latin America exacerbate these headwinds."

The oil and gas sector drove issuance in 2015, but there were only
two new transactions in the fourth quarter totaling $140 million.
Both were Argentinean companies, YPF S.A. (Caa1 positive) and
Electroingenier¬°a S.A. (Caa1 stable).

Moody's notes that weakening credit quality in the region will
cause funding conditions to tighten, with access for companies in
Brazil in particular severely restricted as the recessionary
environment, political volatility and currency devaluation
pressure companies' profitability.

"It will be tougher for speculative-grade companies to tap the
markets to refinance, with around $8 billion in rated debt for
companies in our high-yield group maturing in 2016," says Spercel.
"We expect companies to seek alternative sources of financing this
year, such as issuing collateralized and guaranteed debt
instruments."

The downgrade-to-upgrade ratio in 2015 also reached the highest
level of the last five years at six to one, reflecting the global
and regional uncertainties. Moody's downgraded the ratings of 27
companies in Brazil alone, where 30% of the speculative-grade
companies are domiciled.

The construction sector in Brazil remains weak as continuing
corruption investigations relating to the Lava Jato scandal in
Brazil continue to delay projects.

However, the homebuilding sector in Mexico improved and reforms in
the telecom sector will spur the industry to grow faster than GDP,
with room for further growth given the low penetration in wireless
and broadband.

Other highlights in this edition of the newsletter also include
Moody's assessment of covenant quality in Latin America.


* BOND PRICING: For the Week From Jan. 25 to Jan. 29, 2015
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP


                            ***********


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.


                   * * * End of Transmission * * *