TCRLA_Public/160204.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

            Thursday, February 4, 2016, Vol. 17, No. 24


                            Headlines



A R G E N T I N A

ARGENTINA: Agrees to Pay Italian Holdout Creditors


B R A Z I L

BANCO BRADESCO: Cancels $757MM Capital Increase Amid Brazil Slump
COMPANHIA SIDERURGICA: Fitch Cuts Issuer Default Rating to B-
OAS CONSTRUTORA: Highway Contractors Meet Firm on Money Owed


C A Y M A N  I S L A N D S

BLACKSTONE PARTNERS: Shareholders Receive Wind-Up Report
DELLACAMERA DISTRESSED: Shareholders Receive Wind-Up Report
DELLACAMERA DISTRESSED MASTER: Shareholders Receive Wind-Up Report
ELEDONE SPC: Shareholder Receives Wind-Up Report
JPMP ASIA: Shareholders Receive Wind-Up Report

LIBERTYVIEW ALTERNATIVE: Shareholders Receive Wind-Up Report
LIQUIDATION OPPORTUNITIES: Member Receives Wind-Up Report
LIQUIDATION OPPORTUNITIES MASTER: Member Receives Wind-Up Report
LISTON FUNDING: Shareholder Receives Wind-Up Report
MC CITATION: Shareholders Receive Wind-Up Report

ORYX STRUCTURED: Shareholder Receives Wind-Up Report
PIPER JAFFRAY: Shareholders Receive Wind-Up Report
UBS EQUITY: Shareholders Receive Wind-Up Report
UBS EQUITY TECHNOLOGY: Shareholders Receive Wind-Up Report
VECTOR OPPORTUNITIES: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Direct Foreign Investment Tops US$21.1BB in 9Yrs


J A M A I C A

JAMAICA: Trade Deficit With CARICOM Falls


M E X I C O

DEUTSCHE BANK: Moody's Lowers Currency Deposit Rating to Ba1


P U E R T O    R I C O

PEDRO LOPEZ: Court Rejects Bid for Ch. 11 Trustee Appointment


X X X X X X X X X

* Caribbean Sovereigns Face a Silent Debt Crisis, Moody's Says


                            - - - - -


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


ARGENTINA: Agrees to Pay Italian Holdout Creditors
--------------------------------------------------
BBC News reports that Argentina has agreed for the first time to
pay investors who have been holding out for full repayment of
bonds which were defaulted on in 2002.

If the deal is approved by the Argentine Congress, the 50,000
Italian investors will receive 150% of the face value of the debt
of $900m (GBP625 million), according to BBC News.

The deal comes as negotiations restart with hedge funds in a US
court, the report notes.

Argentina is trying to settle with all its creditors in order to
be able to borrow again on international markets, the report
relays.

Finance Minister Alfonso Prat-Gay said the Italian investors'
holdings accounted for around 15% of the country's defaulted debt
that had not been restructured in 2005 and 2010, the report
discloses. The Italians were paid $1.35 billion but had been
asking for $2.5 billion.

According to attorneys representing the Italian bondholders quoted
by Bloomberg, of the 180,000 Italians who bought Argentine debt,
about 70% had entered into exchange agreements or had died, BBC
News says.

Most of the survivors are between 60 and 80 years old and invested
between $25,000 and $50,000 in Argentine debt, the report relays.

President Mauricio Macri, who took office in December, has
promised to resolve the litigation with bondholders and help the
country return to the international capital markets, the report
notes.

Former president Christina Fernandez de Kirchner had refused the
demands of investors who had held out for better terms than those
offered in two debt restructurings in 2005 and 2010, adds the
report.

                       *     *     *

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

On Aug. 1, 2014, reported that Argentina defaulted on some of its
debt late July 30 after expiration of a 30-day grace period on a
US$539 million interest payment.  Earlier that day, talks with a
court- appointed mediator ended without resolving a standoff
between the country and a group of hedge funds seeking full
payment on bonds that the country had defaulted on in 2001.  A
U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed.  The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.

The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.

Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.

On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.

The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD).  The short-term foreign
currency rating has been downgraded to Default (D), from R-5.  The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively.  The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.

On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30.  According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'.  In addition, Fitch
has affirmed:

   -- Foreign Currency Issuer Default Rating (IDR) at 'RD';
   -- Local Currency IDR at 'CCC';
   -- Short-term Foreign Currency IDR at 'RD';
   -- Country Ceiling at 'CCC'.
   -- Performing Foreign Law Exchanged Securities (Global 17) at
      'C';
   -- Local Currency exchanged bonds under Argentine Law at 'CCC';
   -- Foreign and Local Currency non-exchanged securities under
      Argentine Law at 'CCC';
   -- Discount Bonds issued under Foreign Law at 'D'.

On April 22, 2015, Moody's Investors Service expanded the portion
of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating
reflects the higher risk of default for both Argentina's
restructured foreign legislation debt (as before) and,
additionally now, its restructured local legislation foreign
currency obligations, as compared with the risk of default on
other debt instruments issued by Argentina.  Argentina's local
currency debt and its non-restructured foreign currency debt are
rated Caa1. The debt that remains in default since Argentina's
2001 default is rated Ca.


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


BANCO BRADESCO: Cancels $757MM Capital Increase Amid Brazil Slump
-----------------------------------------------------------------
Julia Leite and Francisco Marcelino at Bloomberg News report that
Banco Bradesco SA said that its board canceled a BRL3 billion-real
($757 million) capital raising due to market volatility.

The decision comes a day after Brazilian equities tumbled the most
since 2011, with lenders leading the drop amid increased concern
about higher provisions for bad loans and rising delinquency
rates, according to Bloomberg News.  Bradesco's voting shares fell
4.2 percent on Feb. 2 to BRL19, while the preferred shares lost 4
percent to BRL17.85.

Itau Unibanco Holding SA, the region's largest bank by market
value, slumped 8.7 percent.

Bloomberg News says that Banco Bradesco had planned to sell
BRL82.6 million new common shares at BRL19.20 each, and BRL82.2
million preferred shares at BRL17.21 apiece, a move that was
approved by shareholders on Dec. 17.  Investors still need to
approve the plan to cancel the sale, the bank said in a regulatory
filing obtained by the news agency.

Last week, the lender reported a 27 percent jump in provisions for
bad loans in the fourth quarter and said the total would rise
again this year, Bloomberg News relays.   Bradesco said lending
would increase between 1 percent and 5 percent this year, after
expanding 4.2 percent in 2015, below the bank's forecast,
Bloomberg News discloses.

In August, Bradesco agreed to buy HSBC Holdings Plc's unit in
Brazil for $5.2 billion, a transaction the nation's antitrust
authority said will need a deeper review, Bloomberg News adds.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- serves low-and medium-
income individuals in Brazil since the 1960s.  Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2010, Fitch Ratings affirmed ratings of Banco Bradesco
S.A.'s Support Rating Floor at 'BB'.


COMPANHIA SIDERURGICA: Fitch Cuts Issuer Default Rating to B-
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Foreign and Local
currency Issuer Default Ratings (IDRs) for Companhia Siderurgica
Nacional (CSN) to 'B-' from 'B+'. In addition, Fitch downgrades
the company's National scale rating to 'BBB-(bra)' from 'A-(bra)'.
The Rating Outlook remains Negative.

Factored into the rating downgrade is Fitch's view that CSN's
capital structure is unsustainable under current market
conditions. Asset sales will prove challenging and likely to plug
the cash flow gap in 2016 and 2017. With approximately 35% of its
total debt attributed to capital market liabilities, CSN could
struggle to refinance this debt before it comes due in 2019 and
2020.

Fitch doesn't envision CSN generating consolidated EBITDA at its
historic levels of BRL4.5 billion - 6.0 billion in the near term.
Iron ore fundamentals are likely to deteriorate further with
additional supply coming online from major low cost producers
coupled with a slowdown in economic activity in China, and further
depreciation in the Chinese yuan. CSN's iron ore operations have
benefited from the depreciation of the Brazilian real and the sale
of higher grade ore products. However, weakening in the sector
going forward will continue to put downward pressure on CSN's
mining operations. Based on Fitch's mid-cycle iron ore price
assumptions, CSN will generate BRL1.1 billion in iron ore EBITDA
in both 2016 and 2017 compared to BRL4.2 billion in 2011 when
average iron ore prices were $US 170 per ton.

Fitch expects CSN to face a further decline in domestic steel
volumes during 2016. CSN will likely continue to compensate for
its lost domestic volumes by continuing to export its products
overseas. However, the oversupply of steel globally will continue
to weigh heavily on the sector resulting in limited domestic price
recovery and poor profitability from exports. CSN's decision to
temporarily shut down its primary steel making activities at its
Presidente Vargas blast furnace should provide some relief to the
company's working capital drain in 2016.

KEY RATING DRIVERS

Challenges to Persist
Headwinds faced by CSN have materially impacted the company's
credit profile to an unprecedented level. The sharp drop in iron
ore prices, collapse in Brazilian steel demand, and rising
benchmark interest rates have all contributed to the multiple
downgrades in CSN's Issuer Default Rating. These three variables
are not expected to improve materially in 2016, hindering CSN's
ability to generate significant operating cash flow and will
ultimately reduce debt levels.

Cash Flow Under Pressure

Negative pressures on CSN's cash flow are not expected to abate in
2016. CSN generated operating cash flow of BRL4.2 billion in 2011,
BRL2.5 billion in 2012 and BRL2.2 billion in 2013 when average
iron ore prices per ton were $US 170, $US 130, and $US 135,
respectively. Fitch's revised iron ore price assumption for 2016
of $US 45 per ton results in a situation where CSN will have
difficulty generating positive cash flow from operations absent a
turnaround in domestic steel volumes going forward.

Asset Sales Paramount to Survival

CSN's decision to divest several of its noncore assets is crucial
in order to avoid a debt restructuring. Potential divestments by
CSN include its Tecon container terminal, hydroelectric generation
assets, equity holdings of Usiminas (14.13% of common shares and
20.68% of preferred shares) and nonvoting shares in MRS Logistica.
Fitch estimates the combined value of these assets to be BRL4.0
billion - BRL6.0 billion. Fitch believes monetizing these assets
for maximum value will be extremely challenging in the current
environment.

Drowning in Debt Service

Fitch projects CSN's interest coverage ratios to remain below 1.0x
the next three years, as the company will be unable to avoid the
impact of high-cost local-market debt. Approximately 43% of CSN's
debt is tied to the SELIC rate, which is currently at 14.25% and
unlikely to decline in 2016. To offset some of this interest-rate
exposure, CSN transferred $US 1.2 billion in cash to Brazil to
take advantage of higher interest income. However, the interest
income generated will not significantly reduce its debt service
burden.

Previous Steps Taken

CSN renegotiated its bank debt of BRL4.8 billion maturing in 2016
- 2017 to maturities beyond 2018. The renegotiated debt maturities
are significant as CSN seeks to preserve its large cash balance.
CSN was also able to conclude its Congonhas joint venture (JV)
with an Asian consortium, resulting in CSN having an 87.52% stake
in the JV and full access to BRL3.5 billion of cash at the Namisa
iron ore mine.

KEY ASSUMPTIONS

-- 2% increase in steel volumes sold during 2015; -6% in 2016.
-- 10% decline in iron ore volumes sold during 2015 and 27%
    increase in 2016.
-- 20% EBITDA margin in 2016.
-- EBITDA of BRL2.9billion in 2016 and BRL3.7billion in 2017.
-- $45 iron ore in 2016 and 2017 with a $50 long-term price
    estimate.
-- BRL2.5 billion of asset sales in 2016 and BRL500 million in
    2017 and 2018.
-- No dividends paid in 2016 and 2017.

RATING SENSITIVITIES

Fitch could downgrade CSN's ratings if its credit metrics and cash
flow generation further deteriorate and the company is unable to
maintain its liquidity position during 2016.

A ratings upgrade is unlikely in 2016. A change in the Rating
Outlook to Stable could occur if CSN is successful in all of its
asset sales, reduces its high level of cash flow burn, and
preserves its liquidity during the year.

LIQUIDITY

CSN has historically maintained a robust cash position. As of
Sept. 30, 2015, CSN had BRL8.2 billion of cash and marketable
securities and BRL34.3 billion of total debt. CSN's debt primarily
consists of senior notes, perpetual bonds, bank loans, and
prepayment financings. The company was successful in extending
BRL4.8 billion of debt previously due in 2016 and 2017 to between
2018 and 2022.

CSN transferred approximately $US 1.2 billion of cash from the
U.S. to Brazil during 3Q15 to take advantage of high domestic
interest rates. The additional passive interest income generated
will provide some relief to CSN's SELIC rate based debt.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

-- CSN Long-term Foreign and Local currency IDRs to 'B-' from
    'B+';
-- CSN Long-Term rating to 'BBB-(bra)' from 'A-(bra)';
-- CSN Islands XI senior unsecured Long-Term rating guaranteed by
    CSN to 'B-/RR4' from 'B+/RR4';
-- CSN Islands XII senior unsecured Long-Term rating guaranteed
    by CSN to 'B-/RR4' from 'B+/RR4';
-- CSN Resources S.A. Senior unsecured $US  Note Long-Term rating
    guaranteed by CSN to 'B-/RR4' from 'B+/RR4'.



OAS CONSTRUTORA: Highway Contractors Meet Firm on Money Owed
------------------------------------------------------------
Trinidad Express reports that OAS Construtora S.A., the Brazilian
firm contracted by the People's Partnership government to
construct the Solomon Hochoy Highway extension to Point Fortin,
met local contractors to discuss outstanding payments.

The meeting followed threats by the 60-plus contractors to block
the company's administrative offices gates at Golconda, near San
Fernando, according to Trinidad Express.

As reported in the Troubled Company Reporter-Latin America on
Jan. 28, 2016, Trinidad and Tobago Guardian said that OAS
Construtora S.A. has been ordered to pay over TT$6 million to a
sub-contractor for the Point Fortin Highway.

KJS Enterprise Company Limited, of Small Trace, Siparia, obtained
a default judgment against the firm after it had failed to file a
defense against the company's lawsuit seeking to recover
outstanding fees for services it rendered in the construction of
the La Brea segment of the over TT$7 billion project, which is
still incomplete, according to Trinidad and Tobago Guardian.

Construtora OAS S.A., together with its subsidiaries, provides
heavy-duty civil engineering and construction services to the
private and public sectors in Brazil and internationally.  The
company undertakes various oil and gas projects, including
refineries, petrochemical projects, logistic terminals, LPG ducts,
and gas pipelines in the on-shore area, as well as drillship
production platforms in the off-shore area.  It also builds
hydroelectric and thermal power plants in the energy sector; and
various infrastructure projects, such as highways, subways, dams,
water mains, tunnels, bridges, ports, airports, sporting
complexes, and general buildings.


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


BLACKSTONE PARTNERS: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Blackstone Partners Offshore Feeder Fund 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:

          Sean Flynn
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


DELLACAMERA DISTRESSED: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Dellacamera Distressed Realty Ltd. received on
Jan. 21, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


DELLACAMERA DISTRESSED MASTER: Shareholders Receive Wind-Up Report
------------------------------------------------------------------
The shareholders of Dellacamera Distressed Realty Master Fund Ltd.
received on Jan. 21, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


ELEDONE SPC: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Eledone SPC 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


JPMP ASIA: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of JPMP Asia Fund Holdings Company received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Martin Griffin
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street, Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          Cayman Islands


LIBERTYVIEW ALTERNATIVE: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Libertyview Alternative Blend Fund, Ltd.
received on Jan. 21, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


LIQUIDATION OPPORTUNITIES: Member Receives Wind-Up Report
---------------------------------------------------------
The member of Liquidation Opportunities Fund (Cayman), 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:

          Alden Global Capital LLC
          c/o Tim Cone
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


LIQUIDATION OPPORTUNITIES MASTER: Member Receives Wind-Up Report
----------------------------------------------------------------
The member of Liquidation Opportunities Master GP, 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:

          Alden Global Capital LLC
          c/o Tim Cone
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


LISTON FUNDING: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Liston Funding 2009-2 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:

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


MC CITATION: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of MC Citation 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


ORYX STRUCTURED: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Oryx Structured Notes Limited received on
Jan. 8, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PIPER JAFFRAY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Piper Jaffray Municipal Opportunities Fund
(Offshore), 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


UBS EQUITY: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of UBS Equity Financials Long/Short Fund 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:

          UBS Asset Management (Americas) Inc.
          Barnaby Gowrie
          One North Wacker Drive
          Chicago IL 60606
          USA
          Telephone: +1 (345) 914 6365


UBS EQUITY TECHNOLOGY: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of UBS Equity Technology Long/Short Fund 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:

          UBS Asset Management (Americas) Inc.
          Barnaby Gowrie
          One North Wacker Drive
          Chicago IL 60606
          USA
          Telephone: +1 (345) 914 6365


VECTOR OPPORTUNITIES: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Vector Opportunities Fund received on Dec. 29,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


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


DOMINICAN REP: Direct Foreign Investment Tops US$21.1BB in 9Yrs
---------------------------------------------------------------
Dominican Today reports that the flow of foreign direct investment
(DFI) into Dominican Republic exceeded US$21.14 billion during the
past nine years (2006-2015), mainly in tourism; with just eight
European countries accounting for more than US$3.32 billion of
that.

Spain, the UK, Switzerland, Netherlands, Italy, France, Denmark
and Germany are the European countries which have contributed the
highest DFI for the Dominican economy, according to figures from
the Dominican Republic Export and Investment Center (CEI RD),
reports Dominican Today.

The agency also notes that Spanish investments totaled 52.2% of
all DFI by eight European countries, which to September 2015
topped US$1.73 billion, the report relays.  The UK ranks as the
second major investor among the EU countries, with 23.7% and a
balance of US$786.4 million just in the first nine months of 2015,
followed by Denmark and the Netherlands, the report notes.

The highest DFI flows from 2006 to September 2015 were retail and
industry (US$4.6B); mining (US$3.83B); real estate (US$3.7B);
tourism (US$2.6B), rounded out by electricity, finance, telecoms,
free zones and transport, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'.  The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.



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


JAMAICA: Trade Deficit With CARICOM Falls
-----------------------------------------
RJR News reports that Jamaica's trade deficit with the Caribbean
Community (CARICOM) fell by almost a fifth in the first ten months
of last year.

The Statistical Institute of Jamaica (STATIN) said the trade
deficit fell on lower prices of fuel imported from Trinidad and
Tobago, according to RJR News.

At the end of October the deficit was US$480 million, the report
notes.

Jamaica's exports to CARICOM also fell 40 per cent to US$45
million, the report relays.

                          *     *     *

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


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


DEUTSCHE BANK: Moody's Lowers Currency Deposit Rating to Ba1
------------------------------------------------------------
Moody's de Mexico downgraded the long-term local and foreign
currency deposit ratings of Deutsche Bank Mexico, S.A. (Deutsche
Bank Mexico) to Ba1 from Baa3, with a stable outlook.  The short-
term local and foreign currency deposit ratings were downgraded to
Not Prime from Prime-3, respectively, and the long-term Mexican
National Scale (NSR) deposit rating was downgraded to A1.mx from
Aa2.mx.  The short-term NSR was affirmed at MX-1.  In addition,
Deutsche Bank Mexico's adjusted baseline credit assessment (Adj.
BCA) was lowered to ba1 from baa3.  Its ba2 standalone BCA was not
affected by this rating action.  At the same time, the bank's
long- and short-term Counterparty Risk Assessments (CRAs) were
lowered by one notch to Baa3(cr)/Prime-3(cr), from Baa2(cr)/Prime-
2(cr).

Moody's de Mexico also downgraded the long- and short-term local
currency issuer ratings of Deutsche Securities Mexico, S.A. de
C.V.'s (Deutsche Securities Mexico) to Ba1/Not Prime from
Baa3/Prime-3.  At the same time, the long-term Mexican National
Scale issuer rating was downgraded to A1.mx from Aa2.mx, and the
short-term rating was affirmed at MX-1.  The outlook is stable.

RATINGS RATIONALE

The downgrades of Deutsche Bank A.G.'s (Deutsche Bank; deposits
A2/senior unsecured Baa1 negative, BCA baa3) Mexican subsidiaries
reflect Moody's revised view of the likelihood that Deutsche Bank
would provide extraordinary support to these entities in the
unlikely event they face severe financial stress.  In light of
Deutsche Bank's announced intention to exit these operations along
with others in various countries, as part of its 2020 strategic
plan, Moody's has reduced its assessment of the likelihood of
support from Deutsche Bank to High from Very High.  Given that
Deutsche Bank no longer considers the Mexican banks' limited
franchises core, Moody's believes there is a reduced likelihood of
Deutsche Bank supporting them in a stress situation,
notwithstanding their high degree of integration into Deutsche
Bank's global operations.

Moody's continues to assume a High likelihood of parent support
given our expectation of an orderly de-risking and wind down of
the Mexican entities, which are not currently under stress and are
very small relative to their parent.  Even if Deutsche Bank
intends to exit the Mexican market, the cost for its global
business of allowing these entities to fail should their situation
unexpectedly deteriorate before Deutsche Bank can finish winding
them down, could very well outweigh the costs of bailing them out.
The assessment of high support results in one notch of uplift in
the adjusted BCA and deposit ratings of Deutsche Bank Mexico from
its standalone BCA of ba2.  The rating action does not reflect a
view that the likelihood that the Mexican banks will find
themselves in need of support has increased.

The ratings have a stable outlook despite the negative outlook on
their parent because the ratings are not likely to change even if
Deutsche Bank is downgraded.  Moreover, Moody's expects the
entities to continue to de-risk themselves as they are wound down.

WHAT COULD MOVE THE RATINGS UP/DOWN

Currently, there is no upward pressure on the standalone and the
long-term deposit ratings of Deutsche Bank Mexico.

Deutsche Bank Mexico's and Deutsche Securities Mexico's ratings
would face downward pressure if the parent's rating were to
decline by at least two notches, or if there is any evidence of a
further reduction in its willingness to provide support to its
Mexican units.

LIST OF AFFECTED RATINGS

Deutsche Bank Mexico, S.A.

These ratings and assessments were downgraded:

   -- Adjusted baseline credit assessment lowered to ba1
   -- Long-term global local currency deposits downgraded to Ba1,
      stable outlook
   -- Long-term foreign currency deposits downgraded to Ba1,
      stable outlook
   -- Short-term global local currency deposits downgraded to Not
      Prime
   -- Short-term foreign currency deposits downgraded to Not Prime
   -- Long-term Mexican National Scale deposits downgraded to
      A1.mx, stable outlook
   -- Long-term Counterparty Risk Assessment lowered to Baa3(cr)
   -- Short-term Counterparty Risk Assessment lowered to Prime-
      3(cr)

This rating was affirmed:

   -- Short-term Mexican National Scale deposits of MX-1
      Deutsche Securities Mexico, S.A. de C.V.

These ratings were downgraded:

   -- Long-term global local currency issuer downgraded to Ba1,
      stable outlook
   -- Short-term global local currency issuer downgraded to Not
      Prime
   -- Long-term Mexican National Scale issuer downgraded to A1.mx,
      stable outlook

This rating was affirmed:

   -- Short-term Mexican National Scale issuer of MX-1

The long-term Mexican National Scale ratings of A1.mx indicate
issuers or issues with above-average creditworthiness relative to
other domestic issuers.  The short- term Mexican National Scale
ratings of issuers rated MX-1 indicate the strongest ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

The principal methodologies used in these ratings were Banks
published in March 2015 and Global Securities Industry Methodology
published in May 2013.

The period of time covered in the financial information used to
determine the rating is between Jan. 1, 2011, and Dec. 31, 2015.

The sources and items of information used to determine the rating
include 2015 interim financial statements (source: Moody's,
Deutsche Bank Mexico and Deutsche Securities Mexico); year-end
2012, 2013 and 2014 audited financial statements (source: Moody's,
Deutsche Bank Mexico and Deutsche Securities Mexico, audited by
KPMG C rdenas Dosal, S. C. member of KPMG International).

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.

Deutsche Bank Mexico is headquartered in Mexico City, Mexico.  As
of Dec. 31, 2015, it had total assets of Mx$49.2 billion and total
shareholder's equity of Mx$3.8 billion.

Deutsche Securities Mexico is headquartered in Mexico City,
Mexico.  As of Sept. 30, 2015 it had total assets of
Mx$2.0 billion and total shareholder's equity of Mx$1.6 billion.


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


PEDRO LOPEZ: Court Rejects Bid for Ch. 11 Trustee Appointment
-------------------------------------------------------------
United Surety & Indemnity Company asked the United States
Bankruptcy Court for the District of Puerto Rico to appoint a
Chapter 11 trustee for Pedro Lopez Munoz.

In an Opinion and Order dated January 15, 2016, which is available
at http://is.gd/qkl0eOfrom Leagle.com, Judge Edward A. Godoy of
the United States Bankruptcy Court for the District of Puerto Rico
denied USIC's request for appointment of a chapter 11 trustee.

The court said it is not persuaded by the several grounds raised
by USIC.  They either were not material or do not rise to the
level of misconduct requiring the appointment of a chapter 11
trustee, Judge Godoy held.  In many instances, the debtor was able
to provide an acceptable explanation for his actions, Judge Godoy
further held.

The case is IN RE: PEDRO LOPEZ MUNOZ, Chapter 11, Debtor, Case
No. 13-08171 EAG (Bankr. D.P.R.).

PEDRO LOPEZ MUNOZ, Debtor, represented by Carmen D. Conde-Torres,
Esq. -- condecarmen@microjuris.com -- C CONDE & ASSOCIATES, Luisa
S. Valle-Castro, Esq. -- ls.valle@condelaw.com -- C CONDE &
ASSOCIATES.


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


* Caribbean Sovereigns Face a Silent Debt Crisis, Moody's Says
--------------------------------------------------------------
The Caribbean region has become one of the most indebted in the
world as a slow and steady build-up of debt has left the region's
economies vulnerable to external shocks and the heightened risk of
sovereign defaults, says Moody's Investors Service.

Unlike elsewhere, the build-up of debt in the Caribbean region has
been neither sudden, nor caused by the global financial crisis.
Instead, it happened gradually over many years.  Currently, 12 of
the 20 Caribbean economies for which data is available have
government debt-to-GDP ratio of over 60% and four have debt-to-GDP
in excess of 100%.

While Moody's expects that growth in the region will recover from
its recent lows, average growth in the Caribbean has declined
materially over time, according to the report "Caribbean
Sovereigns: The Silent Debt Crisis."  The report reviews the
historical experience of Caribbean countries since 1980, focusing
on their economic performance, fiscal and debt developments, and
sovereign default history.

"If history is to serve as a guide, more defaults are very likely
by the highly-indebted countries in the region," said Elena
Duggar, a Senior Vice President at Moody's.  "Most economies in
the region are reliant on cyclical industries that are susceptible
to external shocks.  Large exposure to natural disasters only
makes the situation more challenging.  As a result, these
economies have not succeeded in achieving fiscal adjustment or
sustained decline in debt-to-GDP ratios without a debt
restructuring."

The Caribbean region has undergone three waves of sovereign
defaults so far; the first wave was part of the Latin American
Debt Crisis of the 1980s and was concentrated among the commodity
exporters.  The second wave in the early 2000s included a diverse
group of countries.  The third wave since 2008 was concentrated
among the Eastern Caribbean Currency Union member states and the
services-intensive economies.

The region is one of the most prone to natural disasters.  During
the period between 1980 and 2015, Caribbean countries suffered 390
documented natural disasters, most of them tropical cyclones and
hurricanes.  They have inflicted severe economic damage, and have
caused GDP losses of over 2% each year.  These disasters have been
typically associated with deterioration in fiscal balances, as tax
revenues shrink due to the decline in economic activity, while
government expenditures rise due to emergency assistance and
reconstruction efforts.


                            ***********


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 * * *