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

            Tuesday, February 2, 2016, Vol. 17, No. 22


                            Headlines



B E R M U D A

BERMUDA COMMERCIAL: Moody's Lowers Rating to Ba3; Outlook Stable


B R A Z I L

BTG PACTUAL: Lays Off 18% of its Workforce
COMPANHIA SIDERURGICA: S&P Lowers CCR to 'B+'; Outlook Negative
USINAS SIDERURGICAS: Fitch Cuts Issuer Default Ratings to 'B-'
USINAS SIDERURGICAS: S&P Cuts Rating to CCC+ & Puts on Watch Neg.

* BRAZIL: A Bright Spot for Debt Restructuring Advisors


C A Y M A N  I S L A N D S

ADM CREDIT: Shareholder Receives Wind-Up Report
BINEC LIMITED: Shareholders Receive Wind-Up Report
BINJAI HILL: Shareholders Receive Wind-Up Report
CANCALE INVESTMENTS: Shareholders Receive Wind-Up Report
CARNAC LIMITED: Shareholders Receive Wind-Up Report

CHAUSEY LIMITED: Shareholders Receive Wind-Up Report
CHEYNE MALACCA: Members Receive Wind-Up Report
CHI WAVE: Shareholders Receive Wind-Up Report
ESKE CAPITAL: Members Receive Wind-Up Report
MOBIUS COMPANY: Shareholder Receives Wind-Up Report

PD STAR: Shareholders Receive Wind-Up Report
R OVERSEAS: Members Receive Wind-Up Report
SIDERA CAPITAL: Members Receive Wind-Up Report
SNOW PETREL: Shareholders Receive Wind-Up Report
SPK 23 (CAYMAN): Members Receive Wind-Up Report


C U B A

CUBA: El Nino Causing Huge Losses in Agriculture


E L  S A L V A D O R

BANCO DAVIVIENDA: S&P Affirms 'B+' ICR; Outlook Stable


J A M A I C A

NATIONAL COMMERCIAL BANK: Cuts Non-Performing Loans in 2015


M E X I C O

CEMEX SAB: S&P Affirms 'B+' Global Scale Rating; Outlook Positive
FINCOMUN SERVICIOS: S&P Affirms 'B+' LT ICR; Outlook Stable


P U E R T O    R I C O

PUERTO RICO: Morgan Stanley Paid New Jersey Widow Over Losses


U R U G U A Y

* URUGUAY: Must Craft Long-term Oil & Gas Policy, President Says


                            - - - - -


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


BERMUDA COMMERCIAL: Moody's Lowers Rating to Ba3; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded the long term deposit and
issuer ratings of Bermuda Commercial Bank Limited (BCB) to Ba3,
from Ba2, the bank's standalone baseline credit assessment (BCA)
and adjusted BCA to ba3 from ba2, and counterparty risk (CR)
assessment to Ba2(cr) from Ba1(cr).  The bank's short term ratings
and counterparty risk assessment of Not Prime and Not Prime(cr),
respectively, were affirmed.  The outlook for the ratings is now
stable.

This action concludes the rating review initiated on Sept. 28,
2015, following BCB's acquisition of 75% of UK-based finance house
Private and Commercial Finance Group PLC (PCFG) from its parent
holding, Somers Limited (unrated), a financial services investment
holding company, see press release at:

https://www.moodys.com/research/Moodys-Reviews-for-Downgrade-
Bermuda-Commercial-Banks-Ba2-ratings--PR_335324)

RATINGS RATIONALE

The ratings downgrade reflects Moody's view that BCB has taken on
increased asset risk through its acquisition of PCFG that has
raised the bank's overall risk profile despite its strong
capitalization.

Moody's notes that the increased asset risk reflects the nature of
PCFG's loan portfolio, consisting of high yield, high loan-to-
value consumer auto finance and small and medium-sized enterprise
business and leasing finance.  These loans carry a much higher
level of delinquent and impaired loans and a higher loss content
than do BCB's commercial loans in Bermuda.  While the PCFG
portfolio offers diversification within the UK's stronger market
as well as new asset classes, the venture brings higher risk costs
and management challenges.  The company's high growth profile and
the cyclical nature of the auto lending business also expose the
bank to asset quality deterioration during an economic downturn,
said Moody's.

Moody's noted that although the acquisition reduces the
comparative dominance of the investment portfolio in BCB's balance
sheet, the bank still maintains a significant concentration in a
portfolio of non-investment grade or unrated securities,
comprising almost one third of its securities holdings or 1.4
times tangible common equity as of September 2015.  While the
securities continue to provide income benefits, they also expose
the bank to credit and market risks.

Regarding funding, BCB's deposit base is highly concentrated in
large wholesale deposits that tend to be less stable than retail
deposits.  To help mitigate this concern, and given that Bermudan
banks do not have a lender of last resort, Moody's expects BCB to
maintain its comparatively high level of liquid assets.  Moody's
noted that BCB's capital ratios are relatively high and expects
the liquidity pool to remain strong.

WHAT COULD CHANGE THE RATING UP

Upward movement of the ratings is unlikely in the near term
because of BCB's higher risk profile.  Over the medium term,
ratings could be revised upward with substantial improvement in
the asset risk profile coupled with sustainable core earnings and
strong capitalization.

WHAT COULD CHANGE THE RATING DOWN

Further downward pressure on the ratings could arise if asset
quality, capital or liquidity weaken substantially from current
levels.  Further acquisition activity could also put downward
pressure on the ratings.


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


BTG PACTUAL: Lays Off 18% of its Workforce
------------------------------------------
EFE News reports that Brazilian investment bank BTG Pactual has
laid off 305 employees, or 18 percent of its workforce, as part of
a scandal-triggered cost-cutting plan.

The bank said in a securities filing that its goal was to reduce
total costs by 25 percent, although it added that despite the
layoffs it had no plans to discontinue any of its business lines,
according to EFE News.

The report notes that BTG Pactual has divested several assets
since the November arrest of its then-chairman and Chief Executive
Officer, Andre Esteves, who was accused in connection with a wide-
ranging corruption scheme centered on Brazilian state-controlled
oil company Petrobras.

After his arrest, Mr. Esteves stepped down as chairman and chief
executive and ceded financial control over BTG Pactual to a
holding company made up of the group's top seven partners, the
report notes.

The billionaire banker was detained in the course of an operation
that also led to the arrest of Sen. Delcidio Amaral, the report
relays.

Prosecutors say that Mr. Esteves provided financial assistance to
Sen. Amaral so the senator could offer hush money to convicted
former Petrobras executive Nestor Cervero, notes the report.
The banker and the senator purportedly wanted to dissuade Mr.
Cervero from testifying about bribes they allegedly paid him.

The main focus of the Petrobras investigation has been on an
alleged cartel of construction and engineering companies that
purportedly overcharged the oil giant for contracts, splitting the
extra money with corrupt Petrobras officials while setting aside
some of the loot to pay off politicians who provided cover for the
graft, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 9, 2015, Fitch Ratings has downgraded Banco BTG Pactual
S.A.'s (BTG Pactual) Issuer Default Ratings (IDRs) to 'BB-' from
'BBB-' and maintained it on Rating Watch Negative.


COMPANHIA SIDERURGICA: S&P Lowers CCR to 'B+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its global
scale corporate credit and issue-level ratings on Companhia
Siderurgica Nacional (CSN) to 'B+' from 'BB-'.  At the same time,
S&P lowered its Brazil national scale corporate credit rating on
the company to 'brBBB-' from 'brA-'.  The outlook on the corporate
ratings remains negative.  S&P's recovery rating of '4', with
average recovery prospects of 30%-50%, in the high range of the
band, remains unchanged.

At the same time, S&P is lowering its ratings on National Steel
S.A. to 'B' from 'B+'.  The outlook on that rating is also
negative.

The downgrade reflects S&P's expectations that market conditions
in Brazil will remain weak, while global steel prices will
continue to reflect the supply and demand imbalances, resulting in
pressured margins and cash generation for CSN.  The company's
limited ability to adjust prices in such a difficult environment
resulted in significant margin decline, which has weakened S&P's
view of CSN's overall business risk profile from "satisfactory" to
"fair".

The negative outlook reflects the chances of a further downgrade
if weak domestic and international steel markets and the company's
high interest burden continue to pressure CSN's ability to
generate cash and deleverage, gradually depleting its "strong"
liquidity.  Furthermore, the slow economic activity in Brazil and
generally negative environment may affect the company's ability to
conclude, and/or the timing and final value of any potential asset
sales, which can result in more persistent cash burn.  Although
S&P sees little pressure from short term debt coming due, CSN's
liquidity may deteriorate if the company is not able to improve
working capital.  S&P still expects debt to EBITDA to remain above
8.0x in 2016 and neutral cash generation due to high interest
expenses.

Although an upgrade is unlikely in the short term, S&P could
revise CSN's outlook back to stable if the company is able to
capture any upside from a potential improvement in market
conditions, or if its strategy of focusing on higher value-added
products and plants results in stronger cash generation and some
improvement in financial metrics.  S&P would expect to see debt to
EBITDA close to 5.0x and FFO to debt of about 12%, alongside
"strong" liquidity.

USINAS SIDERURGICAS: Fitch Cuts Issuer Default Ratings to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) of Usinas Siderurgicas de Minas Gerais S.A.
(USIMINAS) to 'B-' from 'B+' and downgraded the national rating to
'BBB-(bra)' from 'BBB+(bra)'. Fitch has also placed the foreign
and local IDRs of Usiminas on Rating Watch Negative.

The downgrade reflects Usiminas' unsustainable credit profile
amidst a scenario of weakening steel sector fundamentals in both
the domestic and global markets. Factored into the downgrade is
Usiminas' decision to suspend its primary steel production
activities at its Cubatao Plant, which has a crude steel nominal
capacity of 4.5 million tons. The downsizing of the company's
steel production will result in some initial cash outlays related
to the shutdown of its blast furnace, but should lower fixed costs
thereafter.

Fitch took into consideration Usiminas' vertically integrated
steel operations coupled with its historically strong presence in
the Brazilian flat steel market. While sector conditions will
likely remain poor in both the domestic and export markets, Fitch
believes Usiminas' degree of operating leverage is high and its
low position on the steel cost curve would likely result in swift
deleveraging under more normal market conditions.

Usiminas was placed on Rating Watch Negative due to high cash flow
burn and upcoming maturities due in 2016. The liquidity situation
at Usiminas is dismal. Absent a refinancing of its short-term
maturities the company will have extreme difficulty servicing its
debt. Fitch believes Usiminas has strong relationships with its
banks and will be successful in extending maturities. Fitch also
believes shareholder support could be forthcoming.

KEY RATING DRIVERS

Dire Liquidity Position: Fitch believes Usiminas' current cash on
hand as of Dec. 31, 2015 cannot cover maturities through 2016.
Usiminas will have difficulty meeting its financial obligations
during 2016 unless the company is successful in refinancing its
bank debt, which constituted approximately 79% of total debt as of
Sept. 30, 2015. Usiminas breached its net debt/EBITDA covenant of
3.5x at year-end 2015. Fitch does not believe Usiminas will be
able to meet this covenant requirement over the next two years,
resulting in additional waivers required.

Leverage to Rise: Fitch projects Usiminas to report net leverage
well above 10.0x for 2015 and to further decline over the coming
quarters due to deteriorating operating cash flow and sustained
free cash flow burn. Weakening credit metrics will go unabated
unless Usiminas receives a significant equity injection and/or
completes asset sales during 2016. Fitch expects Usiminas to have
difficulty raising cash through asset sales, as the company has
very limited non-strategic assets it could dispose of coupled with
the inability to monetize any asset sales at maximum value given
the current market conditions. The company's current credit
profile is unsustainable as Fitch expects EBITDA generation to
remain dismal in 2016.

Cash flow To Remain Under Pressure: Fitch projects Usiminas' funds
from operation (FFO) to be around BRL340 million and negative free
cash flow (FCF) in 2015 compared to FFO and FCF of BRL1.2 billion
and BRL110 million in 2014. Declining international steel prices,
increased energy prices, high tax and interest rate burdens, and
higher raw material costs have put downward pressure on the
company's cash flow generation which will persist in 2016. The
company's expectations of lower capex requirements and improved
working capital management will likely not lead to any material
changes in cash flow generation in the short term.

Progressive Deterioration of Domestic and Worldwide Steel Markets:
Usiminas' operating performance was negatively impacted by the
continued decline for domestic steel in Brazil. Flat steel
consumption in Brazil was down 18% for the first nine months of
2015 with limited expectations of recovery over the near term.
Brazil's industrial sector has declined for the 18th consecutive
month with continued weakening in the automotive, household
appliances, and civil construction sectors. The excess supply of
global steel production capacity was approximately 735 million
tons as of September 2015, putting downward pressure on
international market prices and making high cost producers
economically unfeasible. China alone exported 130 million tons of
steel annualized through September 2015, a key driver of the
lowest global steel prices seen in a decade.

Brutal Operating Environment to Continue to Challenge
Profitability: Usiminas reported a material decline in financial
results during the first nine months of September 2015, which
Fitch expects to persist during 2016. Domestic steel sales volumes
declined 24% as weaker demand levels were experienced across many
of Usiminas' end markets. Partially offsetting the decline in
domestic demand was an increase in steel exports, particularly to
the U.S. and Argentina. Steel volumes exported represented 27% of
total volumes sold during the nine months ended September 2015, an
increase from 17% from the prior year period. However, the offset
in volumes sold in the domestic market compared to the export
market will likely further lead to profitability deterioration due
to lower pricing power and increased working capital needs for
exports.

Unprofitable Iron Ore Business: Usiminas' has no ability to
generate positive cash flow from its iron ore business due to lack
of port access. Usiminas cancelled its contract with the Sudeste
Port during June 2015 after the port failed to open after more
than three years of delays. Other major ports are owned by Vale
and CSN which export their own iron ore. Usiminas' cash cost per
ton for iron ore was BRL51.3 in the third quarter of 2015 (3Q15),
still well above current iron ore prices. Fitch believes it is not
likely that Usiminas will gain port access in the near term.

KEY ASSUMPTIONS
-- 35% drop in steel volumes in 2016;
-- 5% increase in domestic prices;
-- 0% increase in export prices;
-- 2016 EBITDA margin between 3%-5%.

RATING SENSITIVITIES

Fitch could downgrade Usiminas' ratings further if the company is
unable to extend its debt maturities due in 2016 and 2017 to
beyond 2018 and/or is unable to receive an equity injection in the
next three months.

An upgrade of the ratings for Usiminas is not likely in the near
term. Fitch could remove the Rating Watch Negative if the company
refinances its maturities due over the next two years,
successfully receives an equity injection, performs asset sales,
and/or there is material improvement in domestic steel demand in
Brazil during 2017.

LIQUIDITY

Usiminas' liquidity position has declined to BRL2.4 billion as of
Sept. 30, 2015 compared to BRL2.9 billion as of Dec. 31, 2015,
which Fitch expects to further erode. The company's cash-to-short
ratio was 1.3x as of Sept. 30, 2015 compared to 1.7x as of Dec.
31, 2015. Usiminas will face refinancing issues for its
amortization profile during 2016 and beyond if it does not
lengthen its maturity schedule. Usiminas breached its net
debt/EBITDA covenant of 3.5x at year end on its bank debt, but
received covenant waivers.

FULL LIST OF RATING ACTIONS

Fitch has downgraded Usiminas' ratings as follows:

-- Foreign currency long-term IDR to 'B-' from 'B+';
-- Local currency long-term IDR to 'B-' from 'B+';
-- National scale long-term rating to 'BBB-(bra)' from
    'BBB+(bra)';
-- $US 400 million notes due 2018 to 'B-/RR4' from 'B+/RR4'.


USINAS SIDERURGICAS: S&P Cuts Rating to CCC+ & Puts on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services downgraded Usinas Siderurgicas
de Minas Gerais S.A. (Usiminas) to 'CCC+' from 'B+' on global
scale and to 'brCCC+' from 'brBBB-' on national scale.  S&P also
placed the ratings on CreditWatch negative.  At the same time, S&P
revised its recovery rating to '5H' from '3L', which reflects
recovery prospects of 10% to 30%, in the high end of the band.
The weaker recovery prospects prompted S&P to lower the unsecured
debt ratings on the company to 'CCC' from 'B-' and to 'brCCC' from
'brBBB-'.

The downgrade follows Usiminas' very weak operating results in the
second half of 2015, which combined with higher leverage and
interest burden, sharply weakened credit metrics and liquidity.
S&P don't expect the Brazilian steel market to improve in 2016,
which will continue to pressure Usiminas' cash flows.

The CreditWatch placement reflects S&P's perception that risk of
debt payment acceleration is increasing because free cash flow
remains negative and the company consistently breached its
financial covenants.  Waiver negotiation tends to be more
restrictive amid more expensive borrowing costs and weak steel
market.  Even if the company's covenants get waived in the next
few weeks, the financial flexibility would remain pressured due to
subpar operating performance and tepid operating cash flow
generation.  As a result, S&P changed its assessment of Usiminas'
liquidity to weak and assigned a negative score to the company's
capital structure.

S&P believes Usiminas may miss debt payments in the next 12-18
months if market conditions don't sharply improve or if it doesn't
refinance the term structure of its debt.  Nevertheless, the
company has a sound long-term relationship with banks.

The poor operating performance in the mining and steel business,
amid a soft demand in the domestic market, contracted Usiminas'
EBITDA margins by 60% in 2015, with no clear signs of improvement
in 2016.  Therefore, S&P changed its assessment of Usiminas'
business risk profile to weak from fair.

S&P currently assess Usiminas' liquidity as weak.  Although its
cash position might cover most of cash needs in the next 12
months, refinancing risks for 2017 are mounting, with cash
shortfalls totaling almost R$2 billion amid negative funds from
operations and almost R$4 billion of debt maturing in the next 24
months.  Furthermore, the company is likely to continue breaching
financial covenants at least in the next 18 months, facing risks
of debt acceleration.


* BRAZIL: A Bright Spot for Debt Restructuring Advisors
-----------------------------------------------------
Tatiana Bautzer and Guillermo Parra-Bernal at Reuters report that
debt restructuring firms are poised to pull in record amounts of
business in Brazil this year as the country's worst recession in
decades and a corruption probe that has cast a shadow over dozens
of companies leads to a surge in defaults.

While a slump in prices is squeezing commodities producers -- from
sugar mills to oil producers and miners -- the "Operation Car
Wash" investigation into political kickbacks at state oil firm
Petroleo Brasileiro SA is also hitting many of its suppliers,
according to Reuters.

The report notes that soaring consumer delinquencies as Brazil's
interest rates hit their highest levels for nearly a decade are
also putting some major retailers and homebuilders in line for
painful reorganizations.  Scenting an opportunity, U.S.
restructuring shops including FTI Consulting Inc, Houlihan Lokey
Inc, and Moelis & Co have set up shop in Brazil over the past
three years to vie for mandates with local banks and independent
advisors, the report relays.

Last year, a record 1,287 Brazilian companies -- most of them oil
equipment, construction and manufacturing firms -- requested court
protection from creditors, about 55 percent more than in 2014, the
report discloses.  Fitch Ratings said last month that the risk of
more firms facing cash crunches has risen a lot.

"This will be a record year" for debt restructuring, said
Salvatore Milanese, a former head of Latin America debt
restructuring at KPMG International who recently set up his own
advisory firm, Pantalica Partners, the report notes.  "The biggest
construction companies are restructuring, as are many in the oil
and gas industry, and most of the ethanol sector."

The report relays that Mr. Milanese said problems extended to
mining firms, medium-sized banks and even soy producers.  Mr.
Milanese estimated Brazilian companies were preparing to
renegotiate a total BRL150 billion ($37 billion) in debt, the
report notes.

To handle the workload, banks and law firms are boosting their
corporate restructuring teams, the report discloses.  Some shops
are taking equity as payment, or charging higher retainers and
success fees -- payable when they manage to pull a client out of
bankruptcy or restructure debt without having to file for
bankruptcy, the report relays.

The average fee for a restructuring deal in Brazil is around $10
million, bankers said, the report relays.  Raising capital can be
particularly lucrative -- the advisors can charge a fee of up to
10 percent of the new funds, experts said, the report notes.

"Moelis came to Brazil partly because of restructuring mandates,"
said Otavio Guazzelli, the local joint head of the boutique bank,
which opened its office in Sao Paulo last year, the report relays.
"It's natural that, with commodity prices going south, these
companies will go through a process of readjustment."

                       Avoiding Depression

Ricardo Knoepfelmacher, one of Brazil's top restructuring
advisors, says he believes out-of-court reorganizations are
essential to revive ailing companies and prevent the ailing
economy slipping further -- possibly even into a depression, the
report discloses.

After shrinking nearly 4 percent last year, Brazil's $2 trillion
economy could contract a further 3.5 percent in 2016, according to
the International Monetary Fund, putting it on track for its worst
recession since 1901, the report relays.

The Brazilian Corporate Recovery Institute estimates that half of
the 1,287 companies that requested court protection last year may
go bankrupt during their turnaround attempts, the report says.
Part of the problem is the ineffectiveness of the formal
bankruptcy process in Brazil for creditors and debtors alike, adds
the report.

A new law designed to spur faster turnarounds by emulating the
Chapter 11 bankruptcy filing process in the United States was
enacted in 2005, but it has not worked as expected, the report
relays.

Reuters says that debts to the tax authorities and to workers,
including wages, take priority over other obligations, and court
rulings can be easily appealed, meaning a bankruptcy can drag on
for years.  Making matters worse is the lack of bankruptcy courts
outside the states of Sao Paulo and Rio de Janeiro, the report
notes.

U.S. law encourages new lending to companies in bankruptcy, with
so-called "debtor-in-possession" loans, by guaranteeing lenders
priority over other creditors, the report discloses.  As these
safeguards are hard to enforce in Brazil, lending to firms during
bankruptcy remains virtually non-existent -- starving them of
capital and making it far harder for them to recover, the report
relays.

Only a handful of the firms that have sought creditor protection
under the law have managed to obtain DIP loans, said Renato
Franco, founder of restructuring boutique Integra, the report
notes.  Last month, existing creditors foiled a plan by Canada's
Brookfield Asset Management Inc. to lend BRL800 million to
engineering conglomerate Grupo OAS SA.  The money would have
allowed it to emerge faster from bankruptcy, adds the report.

Knoepfelmacher, who helped negotiate Brazil's largest ever
restructuring -- the BRL46 billion in debt that was owed by former
billionaire Eike Batista's Grupo EBX, said he avoids bankruptcy
filings as much as possible, the report says.

"Banks, bondholders, companies are all singing the same tune:
don't to go to court," the report quoted Mr. Knoepfelmacher, who
has overseen 44 major restructurings over the past two decades, as
saying.  Only six of his deals ended up in court.

The report relays that bondholders of several companies that went
through debt restructurings in formal bankruptcies in recent years
lost almost all the value of their holdings after court rulings
ordered that government-led creditors be repaid in full.

When Equatorial Energia SA acquired electricity distribution firm
Celpa SA during bankruptcy proceedings in 2012, state development
bank BNDES received full payment for a 234 million-real debt
through an equity issue while bondholders were forced to take a 83
percent haircut, the report says.

Like many restructuring firms, Mr. Knoepfelmacher's RK Partners is
expanding. It has moved to larger premises in Sao Paulo's upmarket
Itaim neighborhood, and in the last year its workforce more than
doubled to 41 from 17, with the number of partners rising by two
to six, the report notes.  Among those it is currently advising
are engineering firms UTC Engenharia SA and Galvao Engenharia SA,
which had access to bank lending cut because of the Car Wash
scandal, the report relays.

Legal firms are also boosting their staffing.  Thomas Felsberg,
who has worked on more than 100 restructurings, doubled the number
of lawyers in his firm dealing with restructuring to 25 over the
past couple of years, the report discloses.

Debtors' concerns about major banks' potential conflicts of
interest have opened the door to independent firms like Rothschild
Group to oversee turnarounds, the report says.  The bank clinched
some of the largest mandates last year and is currently advising
homebuilder PDG Realty SA and cement maker Tupi SA, the report
relays.

Lazard Ltd, Mr. Knoepfelmacher's RK Partners and Virtus BR
Partners have also won dozens of mandates over competition from
large banks.

                        Uncharted Territory

Fears of a full-blown crisis are encouraging banks to voluntarily
rework loan terms to protect their balance sheets, bankers said,
notes the report.

Last year, the nation's banking system increased loan-loss
provisions by 24 percent after defaults hit their highest levels
in six years, central bank data showed, the report relays.

Creditors helped steelmaker Cia Siderurgica Nacional SA refinance
6 billion reais in bank loans last year, the report notes.  Port
operator Log-In Logistica Intermodal SA and Odebrecht
Agroindustrial SA, the ethanol unit of engineering conglomerate
Grupo Odebrecht SA, are trying to extend their loan terms and get
grace periods, adds the report.

Bondholders are giving debtors a break too, worried that the
highest borrowing costs in any major economy in the world may
asphyxiate more companies, the report discloses.

Concerns about an inflation rate that is running at the fastest
pace in almost 13 years, led the central bank to keep its
benchmark lending rate steady at 14.25 percent this month, the
report notes.  But with debt levels in some sectors running at 8
or 9 times operating profits, companies are fast draining their
cash reserves, the report relays.  "We're in uncharted territory
because leverage is currently at levels not seen in prior crises,"
said Luiz Muniz, head of Latin America at Rothschild Group, 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'.



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


ADM CREDIT: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of ADM Credit Investments Limited received on
Jan. 4, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Alexander Shaik
          c/o Suite 1008 ICBC Tower
          3 Garden Road, Central
          Hong Kong
          Telephone: (852) 2536 4567
          Facsimile: (852) 2147 2813


BINEC LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Binec Limited received on Dec. 30, 2015, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Helier Pirouet
          Ross Collins
          Citron 2004 Limited
          23-25 Broad Street St Helier, Jersey JE4 8ND
          Telephone: +44 1534 282276
          Facsimile: +44 1534 282400


BINJAI HILL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Binjai Hill Capital Limited received on
Dec. 30, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Justin Murray Guy Kendrick
          4 Binjai Hill, 589921
          Singapore


CANCALE INVESTMENTS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Cancale Investments Limited received on
Dec. 30, 2015, the liquidators' report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Helier Pirouet
          Ross Collins
          Citron 2004 Limited
          23-25 Broad Street St Helier, Jersey JE4 8ND
          Telephone: +44 1534 282276
          Facsimile: +44 1534 282400


CARNAC LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Carnac Limited received on Dec. 30, 2015, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Helier Pirouet
          Ross Collins
          Citron 2004 Limited
          23-25 Broad Street St Helier, Jersey JE4 8ND
          Telephone: +44 1534 282276
          Facsimile: +44 1534 282400


CHAUSEY LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Chausey Limited received on Dec. 30, 2015, the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Helier Pirouet
          Ross Collins
          Citron 2004 Limited
          23-25 Broad Street St Helier, Jersey JE4 8ND
          Telephone: +44 1534 282276
          Facsimile: +44 1534 282400


CHEYNE MALACCA: Members Receive Wind-Up Report
----------------------------------------------
The members of Cheyne Malacca Asia Equity Fund Inc. received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


CHI WAVE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of Chi Wave Limited received on Dec. 30, 2015,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Helier Pirouet
          Ross Collins
          Citron 2004 Limited
          23-25 Broad Street St Helier, Jersey JE4 8ND
          Telephone: +44 1534 282276
          Facsimile: +44 1534 282400


ESKE CAPITAL: Members Receive Wind-Up Report
--------------------------------------------
The members of Eske Capital Ltd 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


MOBIUS COMPANY: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Mobius Company received on Jan. 11, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


PD STAR: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of PD Star 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


R OVERSEAS: Members Receive Wind-Up Report
------------------------------------------
The members of R Overseas Ltd. 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


SIDERA CAPITAL: Members Receive Wind-Up Report
----------------------------------------------
The members of Sidera Capital LLC 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


SNOW PETREL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Snow Petrel Limited received on Dec. 30, 2015,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Helier Pirouet
          Ross Collins
          Citron 2004 Limited
          23-25 Broad Street St Helier, Jersey JE4 8ND
          Telephone: +44 1534 282276
          Facsimile: +44 1534 282400


SPK 23 (CAYMAN): Members Receive Wind-Up Report
-----------------------------------------------
The members of SPK 23 (Cayman) Inc. received on Dec. 29, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


=======
C U B A
=======


CUBA: El Nino Causing Huge Losses in Agriculture
------------------------------------------------
EFE News reports that the El Nino weather phenomenon is causing
millions of dollars in losses in Cuban agriculture, affecting the
island's crops of sugar cane, tobacco, rice, coffee and
vegetables, local experts are reporting in state-run media.

El Nino-Southern Oscillation, or ENSO, which was categorized as
"very strong" between November 2015 and January 2016 -- a level
reached only in 1982-1983 and 1997-1998 over the past 50 years --
has been adversely affecting the island since last summer with
episodes of severe drought and heavy rains at the wrong times, the
science supplement for the daily Juventud Rebelde said, according
to EFE News.

Although no specific value to the agricultural losses has been
established, "they could amount to hundreds of millions of pesos,"
the article said, EFE News relays.

As an example, the paper cites losses of almost 90,000 tons of
rice in 2015 due to the drought affecting the rice fields, along
with ironically heavy losses in vegetable and grain crops due to
too much rain in recent months, EFE News discloses.

The head of the agrometeorology information service with the
island's Weather Institute, engineer Eduardo Perez Valdes, warned
of the "great risk" posed by the weather during the early part of
the year, the report notes.

EFE News relays that Mr. Valdes told Juventud Rebelde that El Nino
is at its "most capricious" from January to April, often dumping a
huge amount of rain in Cuba that negatively affects the sugar cane
and tobacco harvests, along with vegetables such as potatoes.

Mr. Rebelde also said that the island's agricultural situation
will not get back to normal quickly and the spring-summer period
this year will, in all likelihood, be very hot with more drought,
EFE News adds.


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


BANCO DAVIVIENDA: S&P Affirms 'B+' ICR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+' long-
term and 'B' short-term global scale issuer credit rating on El
Salvador-based bank Banco Davivienda Salvadoreno S.A.  The outlook
is stable.

S&P subsequently withdrew the ratings at the issuer's request.

At the time of the withdrawal, the ratings on Banco Davivienda
Salvadoreno S.A reflected its "adequate" business position,
"adequate" capital and earnings, "adequate" risk position,
"average" funding, and "adequate" liquidity.  The bank's stand-
alone credit profile was 'bb'.


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


NATIONAL COMMERCIAL BANK: Cuts Non-Performing Loans in 2015
-----------------------------------------------------------
RJR News reports that there was a reduction in non-performing
loans at Jamaica's National Commercial Bank (NCB) in 2015.

At the end of the year, non-performing loans amounted to J$8.4
billion, compared to $9.1 billion as at December 31, 2014,
according to RJR News.

This represented 4.8% of the gross loans, versus 5.6% in the
previous year, the report notes.

As reported in the Troubled Company Reporter-Latin America on
June 8, 2015, Standard & Poor's Ratings Services raised its long-
term issuer credit rating on National Commercial Bank Jamaica Ltd.
to 'B' from 'B-'.  S&P also affirmed its short-term 'B' issuer
credit rating on the bank.  The upgrade follows the same rating
action on the sovereign, which in turn reflects the country's
ability to meet its fiscal targets in the past two years, which
has led improved fiscal credibility and stabilized its debt
trajectory. NCBJ's 'b+' SACP remains unchanged.



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


CEMEX SAB: S&P Affirms 'B+' Global Scale Rating; Outlook Positive
-----------------------------------------------------------------
Standard & Poor's Ratings affirmed its 'B+' global scale and
'mxBBB' national scale ratings on CEMEX and its subsidiaries,
CEMEX Espana S.A., CEMEX Mexico S.A. de C.V., and CEMEX Inc.

S&P is affirming its '3H'recovery rating, which indicates that
bondholders can expect a meaningful (50% to 70%, in the higher
band of the range) recovery in the event of a payment default.
The outlook remains positive.

The ratings on CEMEX continue to reflect S&P's view that the
company has the capacity to continue improving credit metrics in
the next 12 months, in line with an "aggressive" financial risk
profile.  During 2015, the company faced increasing difficulties
delivering top-line growth and cash flow generation because of a
volatile exchange rate environment in emerging markets,
infrastructure spending cuts in Mexico, and lower oil prices that
reversed cement demand for energy projects in the U.S.  However,
CEMEX still managed to improve its key credit metrics close to
S&P's previous expectations.  In S&P's opinion, the performance of
CEMEX in the U.S. market during 2016 is a critical trigger for a
potential rating upgrade to materialize.  S&P considers that
sustained volume growth and incremental capacity utilization in
the U.S. would boost free cash flow generation to at least $600
million and EBITDA margins above 20%, which would lead to a
reassessment of the company's financial risk profile.  In
addition, the company has announced plans to implement asset
divestments, which would result in additional cash for debt
repayment that would further accelerate the deleveraging
trajectory.

The positive outlook on CEMEX continues to reflect S&P's belief
that it could raise the ratings in the next 12 months, if the
company continues to capture the positive momentum of demand
fundamentals across the markets where it participates.
Ultimately, its ability to do so will to improve cash flow
generation, which would be used for debt repayment purposes.  In
S&P's opinion volume growth and incremental capacity utilization
in the U.S. are most likely to trigger an upgrade.  Under such a
scenario, EBITDA margins improve to more than 20% for 2016, and
contribute to a strengthening of the company's credit metrics.

S&P could raise the ratings on CEMEX by one-notch if the positive
industry trend in the U.S. holds, and demand growth in emerging
markets maintains low to mid-single digit top-line growth.  S&P
also considers that an effective asset divestment plan that helps
CEMEX raise additional cash to repay debt would further improve
credit metrics and, eventually, contribute to a rating upgrade.
More specifically, S&P would raise the ratings on CEMEX if
incremental EBITDA and free operating cash flow (FOCF) accelerate
deleveraging, and result in a debt to EBITDA ratio of 5.0x and FFO
to debt in excess of 10%, consistent with an "aggressive"
financial risk profile.

S&P would revise the outlook back to stable within next 12 months
if CEMEX is unable to capture its growth potential, and if it
fails to successfully execute its asset divestment plan, leading
to credit metrics that fall short of an "aggressive" financial
risk profile.  A debt to EBITDA ratio consistently above 5.0x
would pose downside risks for CEMEX.


FINCOMUN SERVICIOS: S&P Affirms 'B+' LT ICR; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long- and 'B'
short-term global scale issuer credit ratings on FinComun
Servicios Financieros Comunitarios S.A. de C.V. Sociedad
Financiera Popular (Fincomun).  At the same time, S&P affirmed its
'mxBBB' long- and 'mxA-3' short-term national scale issuer credit
ratings on the company.  The outlook remains stable.

The issuer credit ratings on Fincomun continue to reflect S&P's
opinion about the company's business position as "moderate"
because it's operating only two business lines.  S&P also views
its capital and earnings as "moderate" based on its forecasted RAC
ratio of 5.4% on average for 2016 and 2017.  In addition, S&P
assess its risk position "weak" due to high credit losses that--
although have slightly improved in the past two years--have
remained subpar.  The ratings also incorporate S&P's assessment of
its funding as "below average" and its liquidity as "adequate".
The stand-alone credit profile (SACP) remains at 'b+'.


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


PUERTO RICO: Morgan Stanley Paid New Jersey Widow Over Losses
-------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Morgan Stanley paid
a New Jersey widow $95,632 to compensate for her losses on Puerto
Rico securities, in what may be the first case of its kind
involving mainland investors and commonwealth debt.

A Financial Industry Regulatory Authority arbitration panel
decided in October that the bank must pay Morrisa Schiffman for
compensatory damages, according to Bloomberg News.  Ms. Schiffman
asked for $157,267.17 for unsuitable recommendations, failure to
disclose and negligent supervision, according to the case
document, Bloomberg News notes.

Seth Lipner, a lawyer at Deutsch & Lipner in Garden City, New
York, who represented Schiffman, said that he knows of no other
case where a mainland investor won compensation for Puerto Rico
bond losses, Bloomberg News relays.

"She's a widow who was using the income to supplement her
retirement," Mr. Lipner said in a telephone interview.  "I do
anticipate seeing more people complaining as they come to realize
that these bonds are not coming back to par," Mr. Lipner added.

Commonwealth securities, which attracted investors because they're
tax-exempt in all U.S. states, lost about 19 percent since the
start of 2013, while the broader municipal-bond market gained
nearly 11 percent, according to S&P Dow Jones Indices, Bloomberg
News notes.  Puerto Rico bonds fell in value and began trading at
distressed levels in 2013 on investor concern that the island
wouldn't be able to repay all of its obligations on time and in
full, Bloomberg News relays.

The commonwealth and its agencies racked up $70 billion by
borrowing for years to fix budget shortfalls, Bloomberg News
relays.

                         UBS Settlement

"Morgan Stanley is disappointed with the panel's decision, but has
paid the award," Christy Jockle, a spokeswoman at the bank, said
in a statement obtained by Bloomberg News.  "The firm believes it
has made appropriate disclosures regarding Puerto Rico. The
arbitration involved a bond purchased in 2008," Mr. Jockle added.

Bloomberg News relays that UBS Group AG agreed in September to pay
about $34 million to settle regulatory claims that a Puerto Rico
unit allowed a broker to sell risky municipal bond investments to
conservative customers.

Ray Pellecchia, a Finra spokesman, was unable to confirm if the
Shiffman case is the first of its kind.

Bloomberg News notes that Mr. Lipner said that he has filed for
arbitration in three more cases of individual investors who've
lost money on their Puerto Rico securities and involving Bank of
America Merrill Lynch, Stifel Nicolaus & Co. and Hennion & Walsh
Inc.

                           Restructuring Talks

"People didn't need the investments that they were put into," Mr.
Lipner said, Bloomberg News notes.  "Representatives need to know
what they're recommending.  And what we're finding across the
board in the states is that they didn't," Mr. Lipner added.

Puerto Rico is seeking to lower its debt stack by asking investors
to accept less than the full value on their holdings or waiting
longer to be repaid, Bloomberg News relays.  The commonwealth is
expected to present its first debt-restructuring proposal to
advisers and lawyers for creditors, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2015, Moody's Investors Service has downgraded $1.09
billion of Puerto Rico appropriation bonds issued by the Public
Finance Corporation (PFC) to C from Ca, while maintaining other
ratings assigned to the US territory's debt.



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


* URUGUAY: Must Craft Long-term Oil & Gas Policy, President Says
----------------------------------------------------------------
EFE News reports that Uruguay's government must develop a long-
term policy for managing oil and gas discoveries, President Tabare
Vazquez said.

Vazquez plans to meet with four former presidents to discuss
potential oil finds in the South American country, according to
EFE News.

In March, France's Total, U.S.-based ExxonMobil and Norway's
Statoil will start drilling in Uruguay's continental shelf,
located some 400 kilometers (249 miles) off Montevideo, the report
notes.

The project will drill what will be the world's deepest offshore
well at a cost of $200 million, the report relays.

"If gas and oil are found, handling the situation will be a task
not just for the current administration but also for future
governments and, therefore, a policy should be implemented that
goes beyond one administration and one political party," President
Vazquez told reporters during an appearance in the northern city
of Artigas, the report discloses.

"Consulting with those who have been presidents" during the
current democratic process in Uruguay and "who have known from the
inside what it is to handle very important responsibilities, was
the best first step" toward an inclusive strategy, the president
said, the report notes.

The meeting at the Suarez y Reyes presidential residence in
Montevideo will be attended by former Presidents Julio Maria
Sanguinetti, who governed from 1985-1990 and 1995-2000; Luis
Alberto Lacalle, who was in office from 1990-1995; Jorge Batlle,
who served from 2000-2005; and Jose Mujica, who governed from
2010-2015, the report adds.


                            ***********


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 * * *