TCRLA_Public/160205.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

            Friday, February 5, 2016, Vol. 17, No. 25


                            Headlines



A R G E N T I N A

ARGENTINA: Aims to Settle Debt With Hedge Funds
ARGENTINA: S&P Ups Unsolicited Sovereign Credit Ratings to 'B-/B'
METROGAS SA: S&P Ups Local and Foreign Currency Ratings to 'CCC'
TOYOTA COMPANIA: Moody's Assigns B1 LC Global Sr. Debt Rating


B R A Z I L

BRAZIL: Real Advances With Emerging Markets as Commodities Rally
COMPANHIA SIDERURGICA: Moody's Cuts Global Scale Rating to 'Caa1'
CSN ISLANDS: Moody's Cuts FC Rating on Sr. Unsec. Notes to Caa1
PETROLEO BRASILEIRO: S&P Affirms 'BB' Corporate Credit Rating
SAMARCO MINERACAO: S&P Lowers CCR to 'B'; Outlook Negative


C A Y M A N  I S L A N D S

ABSAS INVESTMENTS: Members Receive Wind-Up Report
AMASIA WATER: Shareholders Receive Wind-Up Report
ARKADY COMPANY: Members Receive Wind-Up Report
ASEEL REAL: Shareholders Receive Wind-Up Report
ASIA WATER: Shareholders Receive Wind-Up Report

AWF PROJECT: Shareholders Receive Wind-Up Report
BAROSSA VALLEY: Members Receive Wind-Up Report
BROOKLANE LIMITED: Members Receive Wind-Up Report
EG HEMEL: Creditors Hold Meeting
EG HEMEL PROJECT: Creditors Hold Meeting

EGYPTAIR CAPITAL: Shareholders Receive Wind-Up Report
ELMWOOD HOLDINGS: Members Receive Wind-Up Report
GREAT HAPPINESS: Members Receive Wind-Up Report
HARBERT VALUE: Shareholders Receive Wind-Up Report
HARVESTON GREATER: Shareholders Receive Wind-Up Report

IB FARNBOROUGH: Creditors Hold Meeting
IB FARNBOROUGH PROJECT: Creditors Hold Meeting
ISOLA GROUP: Shareholders Receive Wind-Up Report
LIPIZZANER LDC: Shareholders Receive Wind-Up Report
MARQUIS LIMITED: Members Receive Wind-Up Report

MASTER GOAL: Members Receive Wind-Up Report
MC CITATION: Shareholders Receive Wind-Up Report
OPTIMA FOCUS: Shareholders Receive Wind-Up Report
SP BRUCHSAL: Creditors Hold Meeting
SP BRUCHSAL: Creditors Hold Meeting

TR SOLIHULL: Creditors Hold Meeting
TR SOLIHULL PROJECT: Creditors Hold Meeting
TT AMSTERDAM: Creditors Hold Meeting
VALUE STREAM: Members Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: To Get Part of US$2.5BB Regional IDB Aid


M E X I C O

FINANCIERA INDEPENDENCIA: S&P Raises ICR to 'BB-'; Outlook Stable


N I C A R A G U A

NICARAGUA: Dev't in 2015 Have Been Broadly Positive, IMF Says


P U E R T O    R I C O

PUERTO RICO: Argentina-Like Debt Gambit Comes With a Big Catch


V I R G I N  I S L A N D S

CREATIVE FINANCE: Court Denies Recognition Under Sec. 1517


                            - - - - -


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


ARGENTINA: Aims to Settle Debt With Hedge Funds
-----------------------------------------------
Alexandra Stevenson at The New York Times reports that after a
bitter face-off for more than a decade between Argentina and a
group of disgruntled New York hedge funds, both sides have come to
the negotiating table with fresh hopes of a resolution.

But the dispute, which has left Argentina largely cut off from
international markets, still promised a few twists as a new round
of talks took place in Manhattan, according to The New York Times.

The New York Times, citing news reports, notes that Argentina
struck a deal to pay $1.35 billion to a group of Italian investors
whose bonds the country defaulted on in 2001.

The deal is the first settlement with so-called holdout creditors
who have not participated in earlier restructurings over debt from
nearly 15 years ago, the report relays.  But Argentina has yet to
come to an agreement with the New York hedge funds -- holdouts led
by the billionaire Paul E. Singer's Elliott Management, the report
notes.

A stalemate involving the creditors and Argentina's last
president, Cristina Fernandez de Kirchner, led the country to
default on its debt again in 2014, the report recalls.  The new
administration of President Mauricio Macri has indicated that it
wants to resolve the debt as part of a bigger move to reform
Argentina's economy, the report says.

Luis Caputo, the newly appointed finance secretary, and other
senior government representatives met with principals at the hedge
funds -- including Mr. Elliott's NML Capital unit, Aurelius
Capital, Montreux Partners, Dart Management and Davidson Kempner -
- in Manhattan, according to a court-appointed arbiter Daniel A.
Pollack, the report discloses.  The group is seeking a resolution
for claims totaling around $9 billion, he added.

In dispute is how much Argentina should pay in interest.

At a news conference in Buenos Aires announcing the deal with
Italian bondholders, Argentina's economic minister, Alfonso Prat-
Gay, touched on the question of interest payments, the report
relays.  "We have said that we will respect the bond principal and
that we are going to be firm in negotiating the interest, and in
this particular agreement we have achieved just that," the report
quoted Mr. Prat-Gay as saying.

But, Mr. Prat-Gay added, "The difficulty that we have right now is
that some bondholders want to be paid an interest rate that, under
any type of judicial criteria, is unacceptable," the report notes.

The battle between Argentina and its holdout creditors stems from
2001, when the country defaulted on billions of dollars in debt,
the report recalls.  Argentina offered to exchange the bonds it
defaulted on for new bonds worth significantly less, a move that
holdouts rejected, the report notes.  NML Capital sued Argentina
seeking full repayment -- principal and interest -- and a
Manhattan district court judge ruled that whenever Argentina paid
one group of bondholders, it would also have to pay the holdouts,
the report relays.

This ruling could complicate Argentina's deal with Italian holdout
creditors, says the report.  As part of the deal, Argentina will
pay 150 percent of the original $900 million that the Italian
bondholders hold from Argentine debt issued more than a decade
ago.  These details were reported by Bloomberg and Reuters, citing
Task Force Argentina, the representative for the bondholders.

There are other issues that stand to complicate negotiations, the
report further notes.  Mr. Caputo is expected to publicly announce
a proposal for the New York hedge funds. But these holdouts have
requested that Argentina sign a nondisclosure agreement promising
not to discuss the negotiations publicly, the report notes.

Under President Macri, who was sworn in as president in December,
the government has already taken steps to reform the economy,
removing capital controls on its currency, the peso, the report
discloses.  It has also made efforts to rebuild relationships with
the financial community, the report relays.  Representatives from
Argentina held meetings with members of the International Monetary
Fund during the World Economic Forum in Davos, Switzerland,
seeking to reset frayed relations under Ms. Ferandez de Kirchner.

"I want to insist that after so many years of conflict, we are
ready to reach a settlement agreement in fair conditions," Mr.
Macri said at a news conference during the forum in Davos on Jan.
22, the report notes.

The negotiations between Argentina and its creditors are being
watched closely by the investment world.  Another New York hedge
fund, Gramercy, filed a $1.3 billion claim against Peru over what
Gramercy claimed is that government's refusal to properly repay
defaulted debt, the report adds.

                          *     *     *

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.


ARGENTINA: S&P Ups Unsolicited Sovereign Credit Ratings to 'B-/B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B-/B' from 'CCC+/C'
its unsolicited local currency long-term and short-term sovereign
credit ratings on the Republic of Argentina.  The unsolicited
foreign currency sovereign credit ratings remain at 'SD',
reflecting the default in July 2014.  The outlook on the long-term
local currency rating is stable.

In addition, S&P raised its transfer and convertibility assessment
(T&C) to 'B-' from 'CCC-' and its national scale rating to 'raBBB'
from 'raB+' with a stable outlook.

RATIONALE

S&P's selective default ('SD') foreign currency ratings on
Argentina stem from the sovereign's nonpayment of part of its
external debt.  On July 30, 2014, Argentina failed to make a
$539 million interest payment on its discount bonds due in
December 2033.  Since then, Argentina has not been able to service
its external bonds under foreign law.

Raising the local currency rating reflects recent steps to address
some of the substantial economic imbalances prevailing in
Argentina.  The recently elected President Mauricio Macri aims to
reduce these imbalances over the next four years, reaching a
balanced budget by 2019.  After moving quickly to eliminate
foreign-exchange restrictions and shifting to a more flexible
exchange rate, the government plans to reduce inflation to single
digits by 2019.  Unofficial estimates suggest that inflation was
about 25% in 2015 (official inflation numbers lack market
credibility).  The inflation rate could spike to about 35% this
year based on the depreciation of the Argentine peso in December
2015 and higher regulated energy prices in 2016, among other
factors.

"We estimate the fiscal deficit for 2015 at about 7.5% of GDP
(excluding one-off financing from government agencies).  We expect
that the fiscal deficit may decline modestly in 2016.  The
government announced on Jan. 27, 2016, a rapid reduction in energy
subsidies that could save about 1.5% of GDP.  However, some other
recent actions, such as the reduction of export duties and a
narrowing of the income tax base, could actually reduce tax
revenues.  We expect that continued, although declining, fiscal
deficits are likely to contribute to a rising debt burden in
coming years.  We expect Argentina's net general government debt
to gradually increase to 51% of GDP at year-end 2016 from 50% in
2015 and 41% in 2014.  Nonetheless, between 50% and 60% of that
debt stock is held by government-owned agencies--mainly the social
security agency and the central bank--diminishing the roll-over
risk on that debt," S&P said.

The Macri Administration has started negotiations with the holdout
creditors.  It is difficult to foresee how long the process will
take and what the key parameters of a settlement would be.  In any
case, regaining access to international capital markets is very
important for the government to fulfill its strategy of correcting
Argentina's main macroeconomic imbalances.  An enhanced inflow of
external funding would boost liquidity for the sovereign, as well
as for Argentine provinces and the private sector, helping to
stabilize the economy.  S&P expects that greater access to
commercial and multilateral borrowing will be reflected in likely
growing current account deficits in the next two years.  As a
result, Argentina's narrow net external debt will likely reach
109% of current account receipts by the end of 2016, compared with
107% last year.  S&P expects gross external financing needs to
equal 115% of current account receipts plus usable reserves in
2016, up from 101% in 2015.

The Macri Administration is likely to face important political
challenges to implementing its ambitious plans.  Macri won the
election with only 51% of the votes.  A relatively high level of
employment in recent years, despite the economic imbalances
created by the policies of the previous government, has sustained
substantial political support for the opposition Peronist Party,
which holds a majority in the Senate and the largest minority in
the lower house.  The new president may be able to negotiate with
different factions of the opposition, along with provincial
governors who exert influence over members of Congress from their
province.  However, a polarized political landscape could block or
delay the president's legislative plans.

Success in gradually stabilizing the economy will depend, in large
part, on containing salary increases for government and private-
sector employees within levels consistent with a declining
inflation trajectory.  Salary negotiations that are beginning now
in Argentina will represent the first and probably most important
political test for the Macri Administration.  With that, the
government expects to reach a single-digit inflation level by
2019.  The new leadership in Argentina's central bank has set an
ambitious goal of shifting toward an inflation-targeting monetary
policy over the term of the Administration.

"We expect a slow economic recovery for Argentina, in part because
of external factors such as recession and major currency
depreciation in Brazil, lower agricultural prices, uncertainty
related to China's growth prospects, and the U.S. raising interest
rates.  We expect 0% GDP growth for 2016 and 2.0% for 2017.
However, economic growth could surprise if government policies
succeed more rapidly than we expect in regaining investor
confidence and boosting investment.  On the other hand, renewed
political polarization could impair the government's ability to
pursue its economic agenda, weakening growth prospects.  Over the
long term, one of Argentina's main challenges is to avoid its
historical pattern of very volatile economic performance, with
periods of rapid growth followed by crises and low growth," S&P
said.

The rapid and successful recent liberalization of the exchange-
rate market supports the improvement in our transfer and
convertibility assessment.  While this is only the beginning of a
long process, S&P believes the sovereign is now unlikely to
interfere with access to and transfer of foreign exchange.

OUTLOOK

The stable outlook on the local currency rating balances the
improvement of economic policies with the political challenges
facing the new Administration.  S&P expects the government to
implement policies that gradually contain inflationary pressures
and reduce its fiscal deficit, slowly strengthening the
macroeconomic pillars of the economy.

The foreign currency ratings will remain 'SD' until Argentina
cures the 2014 default, either through payment, exchange, or other
settlement.  If and when that happens, S&P will reassess the
sovereign's general credit standing, most likely raising the
foreign currency rating to the 'CCC' or low 'B' categories,
depending to a large extent on our assessment of the government's
ability to implement its economic reforms and on any possible
lingering legal threats that could impair its ability to service
future debt.

Conversely, a combination of continued default on foreign currency
debt, along with an unexpected deterioration in economic policy
and political stability, could reverse the recent increase in
investor confidence.  The resulting higher risk could put pressure
on the local currency rating and lead to a downgrade.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "monetary risk" had improved and that
the "external risk" had deteriorated.  All other key rating
factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Upgraded
                               To                 From
Argentina (Republic of)
Sovereign Credit Rating
  Local Currency |U            B-/Stable/B        CCC+/Negative/C
Argentina National Scale |U   raBBB/Stable/--    raB+/Negative/--
Transfer & Convertibility Assessment   B-              CCC-

Ratings Affirmed

Argentina (Republic of)
Sovereign Credit Rating
  Foreign Currency |U            SD/--/SD

|U   Unsolicited ratings.


METROGAS SA: S&P Ups Local and Foreign Currency Ratings to 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its local and foreign
currency ratings on these companies and utilities to 'B-'.  The
outlook on these ratings is stable:

   -- Aeropuertos Argentina 2000 S.A. (AA2000);

   -- IRSA Propiedades Comerciales S.A. (IRCP);

   -- IRSA Inversiones y Representaciones S.A. (IRSA);

   -- CLISA-Compania Latinoamericana de Infraestructura &
      Servicios S.A.;

   -- Mastellone Hermanos S.A.;

   -- CAPEX S.A.; and

   -- Transportadora de Gas del Sur S.A.(TGS).

S&P placed its 'B-' local currency rating on Arauco Argentina S.A
on CreditWatch with positive implications.  In addition, S&P
raised its foreign currency rating on the company to 'B-' from
'CCC-'.  The outlook on this rating is stable.

S&P raised its foreign currency rating on Petrobras Argentina S.A.
(PESA) to 'B-' from 'CCC-'.  The outlook is stable.

S&P also raised its local and foreign currency ratings on these
utilities to 'CCC' from 'CCC-':

   -- Metrogas S.A.;

   -- Compania de Transporte de Energia Electrica en Alta Tension
      Transener S.A. (Transener); and

   -- Empresa Distribuidora Y Comercializadora Norte S.A.
      (EDENOR).

The outlook on Metrogas and EDENOR is stable, while the outlook on
Transener is positive.

The rating actions follow the raising of the sovereign's local
currency rating to 'B-' from 'CCC+' and the revision of S&P's T&C
assessment on Argentina to 'B-' from 'CCC-'.  The sovereign
foreign currency ratings on Argentina remain at 'SD/SD'.

The rating action on the sovereign reflects recent steps to
address some of the substantial economic imbalances prevailing in
Argentina.  The recently elected President Mauricio Macri aims to
reduce these imbalances over the next four years, reaching a
balanced budget by 2019.  The revision of the T&C assessment
reflects the rapid and successful liberalization of the exchange
rate market in the country.  While this is only the beginning of a
long process, S&P believes the sovereign is now unlikely to
interfere with access to and transfer of foreign exchange.  The
new leadership at Argentina's central bank has also set an
ambitious goal of implementing an inflation targeting regime
throughout the term of the administration.  The outlook revision
on the sovereign's local currency rating balances the improvement
of economic policies with the political challenges facing the new
Administration.  S&P expects the government to implement policies
that gradually contain inflationary pressures and reduce its
fiscal deficit, slowly strengthening the macroeconomic pillars of
the economy.

S&P raised the local currency ratings on the seven Argentine
companies, reflecting lower risks of the government actions
exacerbating operating conditions for these entities.  Their
individual credit profiles wouldn't allow them to have a higher
rating than the sovereign's local currency rating.

S&P raised the foreign currency ratings on these entities because
the lower risk of the government's intervention in the foreign
currency exchange market has reduced the risk of these entities
not meeting their foreign-currency denominated obligations
according to original terms and conditions.  This in turn lowers
the risk of local currency creditors accelerating their lending
due to the entities' inability to meet their commitments.  S&P
continues to believe that the T&C assessment is the key risk for
entities operating in the country because none of them would be
able to continue honoring their foreign currency obligations under
potential restrictions to access to foreign currency and/or
restrictions on the ability to transfer money abroad.

The upgrade of PESA reflects the lower T&C risk.

The rating action on Arauco Argentina reflects the lower risk of
the government intervening in the company's ability to meet
foreign-currency denominated obligations under original terms and
conditions.  The local currency rating on this company is now at
the same level of the sovereign's long-term local currency rating,
reflecting our view of the former's ability to generate local
currency to meet all its financial obligations, regardless the
currency denomination.  The CreditWatch positive listing on this
rating reflects at least a 50% chance for an upgrade in the next
90 days.  In resolving this CreditWatch, S&P will be incorporating
additional information related to potential macroeconomic risks
associated with a further stressed scenario for the sovereign to
determine if Arauco Argentina can have a higher rating than the
sovereign's local currency rating.  S&P sees the upgrade potential
limited to one notch.

The upgrade of Transener, EDENOR, and Metrogas reflects S&P's view
of a less imminent path to default due to the recently announced
measures in the country's energy sector.  Nevertheless, the
ratings continue to reflect the current delicate and weak credit
standing of these entities, which would likely default if
structural market conditions don't change.

"Despite the positive rating actions, our credit perception of
risks remains high for these entities.  Furthermore, we believe
sustainable growth for the domestic corporate sector depends on
greater regulatory certainty and improving business climate for
long-term investment.  The upgrade potential for Argentine
companies remains limited due to the institutional environment in
the country and the exposure of certain companies and sectors to
specific factors such as regulatory uncertainty, discretional
political interference, high inflation, and debt-revenue currency
mismatch.  All of these factors affect, in varying degrees, both
the local and foreign currency ratings on Argentine companies.  In
addition, the ratings on regulated companies are heavily
influenced by our view of regulatory risk.  Most of the concession
contracts of rated utilities are still pending a full
renegotiation, which is a major credit concern, in our view," S&P
said.

The stable outlook on AA2000, IRCP, IRSA, CLISA, Mastellone,
CAPEX, EDENOR, PESA, Metrogas and TGS now mirrors that on the
sovereign's local currency rating.  It also reflects the new
policy approach that addresses Argentina's main economic
imbalances.  It also recognizes the political challenges the new
administration will still have to face.  Addressing economic
dislocations-amid Brazil's recession and its currency's steep
depreciation, lower agricultural commodity prices, and uncertainty
about China's growth prospects and the U.S. monetary tightening --
will slow Argentina's economic recovery.

The positive outlook on Transener reflects S&P's expectation of
one-in-three chances of an upgrade following the likely
improvement in business conditions due to the Ministry of Energy's
recent announcements of changes in the sector and a gradual
strengthening of the regulatory framework, which should help
bolster the company's credit metrics and liquidity.

S&P could further upgrade AA2000, IRSA, IRCP, CLISA, Mastellone,
CAPEX, EDENOR, Metrogas, and TGS if the T&C is further positively
reviewed.  In addition, an improvement in the economic environment
for the corporate sector in the country could lead to more
predictable and favorable business conditions for Argentine
companies, which would also translate to stronger business risk
profile assessments that in turn could also benefit the credit
quality of the entities.

S&P could upgrade EDENOR, Transener, and Metrogas if S&P perceives
that the changes in regulations are effective in promoting more
sustainable capital structures, which would reduce exposure to
foreign exchange fluctuations--due to their dollar-denominated
debt--and boost cash flow generation.

A downward change in S&P's T&C assessment would most likely result
in a downgrade of all 12 companies because S&P believes that the
corporate sector's ability to honor its foreign currency
obligations is related to this assessment.  In such scenario, S&P
would analyze the companies' ability to cope with the sovereign
preventing them from accessing and transferring foreign currency
abroad.


TOYOTA COMPANIA: Moody's Assigns B1 LC Global Sr. Debt Rating
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned a B1 local currency global senior debt rating and a
Aaa.ar national scale debt rating to Toyota Compania Financiera de
Argentina S.A.(TCFA)'s expected issuance up to ARS120 million of
senior notes. The issuance, which will be due in 24 months, is
under Toyota's ARS800 million senior unsecured medium term note
program.

All the ratings have stable outlook.

The following ratings were assigned to Toyota Compania Financiera
de Argentina:

ARS120 million Senior Unsecured Debt Issuance:

B1 Global Local Currency Senior Unsecured Debt Rating

Aaa.ar Argentina National Scale Local Currency Senior Unsecured
Debt Rating

RATINGS RATIONALE

The B1 global local currency senior debt and deposit ratings are
constrained by Argentina's local currency country ceiling of B1,
and reflect the very high probability that Toyota's ultimate
parent, Toyota Motor Corporation (Japan) (Aa3 stable), will
support the issuer, whose standalone credit quality is reflected
by its caa1 BCA. Moody's assessment of a very high probability of
parental support considers TCFA's key role as the financial agent
for Toyota Corporation in Argentina and its strong commercial and
strategic importance to the corporation. Thanks to parental
support, the company remains one of the strongest credits in
Argentina despite significant credit challenges that constrain
TCFA's BCA and its debt ratings relative to global peers.

While non-performing loans remain low given the company's focus on
middle and high-income individuals, we foresee a potential
increase in the market's delinquency levels given the current
economic situation. However, the company's loans are well
collateralized due to generally conservative underwriting
standards as well as the impact of the high rate of inflation, as
a consequence of which cars hold their value in nominal terms. The
ratings also include the risk associated with a liability
structure mainly reliant on market funds, as is the case of other
automobile finance companies. These challenges outweigh credit
strengths that include strong capitalization levels in addition to
low delinquency levels and strong collateralization.

WHAT COULD CHANGE THE RATING UP/DOWN

The entity's rating could face upward pressure if Argentina's bond
rating is upgraded or if Argentina's macro profile rises due to an
improvement in the country's economic or institutional strength or
a reduction in its susceptibility to event risk. On the other
hand, the rating could go down if the probability of affiliate
support declines, or if the operating environment deteriorates
affecting the entities' business prospects.

Toyota Compania Financiera de Argentina S.A. is headquartered in
Buenos Aires, Argentina, with assets of ARS1.85 billion and equity
of ARS215 million as of September 2015



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


BRAZIL: Real Advances With Emerging Markets as Commodities Rally
----------------------------------------------------------------
Paula Sambo at Bloomberg News reports that the real gained along
with emerging-market currencies as commodities advanced,
offsetting speculation the country is set to be cut to junk by a
third rating company.

The real rose 0.7 percent to 3.9632 per dollar at 10:07 a.m. in
Sao Paulo on Feb. 3.  A gauge of 20 emerging-market currencies
gained 0.3 percent, Bloomberg News discloses.

Bloomberg News relays that the real, the best-performing currency
in the region this year, led gains in Latin America as West Texas
Intermediate crude rallied after the steepest two-day drop in
seven years and an index of industrial metals rose.  Commodities,
which account for about half of Brazil's exports, rebounded on
speculation that cuts in supply will boost prices, bolstering the
currencies of exporters such as Canada and Russia as well as
Brazil, Bloomberg News notes.

"Stabilization in commodities, but also in oil, seem to lend
support to the real," said Ipek Ozkardeskaya, an analyst at London
Capital Group, Bloomberg News relays.  "Still, Rousseff has to
play a very delicate game.  She is under domestic and
international pressure to strengthen her financial position,"
Bloomberg News quoted Mr. Ozkardeskaya as saying.

Bloomberg News notes that legislators booed President Dilma
Rousseff as she urged Congress to approve the revival of the CPMF,
a financial transaction tax.  The president also proposed caps on
spending and cuts in pensions, Bloomberg News relays.  While
efforts to oust her lost momentum during Congress's end-of-the-
year recess, the legislators' reaction to her proposals suggest
she faces stiff opposition to measures designed to cut the
nation's deficit, Bloomberg News notes.

The report recalls that the currency has fallen 32 percent in the
past year as Brazil's economy shrank and Fitch Ratings and
Standard & Poor's cut the country to junk.  Some government
officials believe a downgrade by Moody's Investors Service is
inevitable, according to a report in O Estado de S. Paulo.
Moody's is scheduled to meet Finance Minister Nelson Barbosa.

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'.


COMPANHIA SIDERURGICA: Moody's Cuts Global Scale Rating to 'Caa1'
-----------------------------------------------------------------
Moody's America Latina downgraded Companhia Siderurgica Nacional
S.A. - CSN's global scale ratings to Caa1 from B1 and the National
Scale Rating (NSR) to B2.br from Baa3.br. The outlook remains
negative.

Ratings downgraded:

-- Issuer: Companhia Siderurgica Nacional S.A. - CSN

Corporate Family Rating (local currency): to Caa1 from B1 in the
global scale and to B2.br from Baa3.br in the national scale

The outlook for all ratings remains negative.

For further information on related ratings and Global Scale
Rating, please see the ratings tab on the issuer/entity page for
the respective issuer on www.moodys.com.

RATINGS RATIONALE

The downgrade reflects primarily the low likelihood that CSN's
operations and credit metrics will recover in the next 12 to 18
months and its unsustainable capital structure. Accordingly, the
company will need to rely either on asset sales, a capital
increase or a debt restructuring to reduce debt levels. CSN's free
cash flow generation will remain limited by the current weak steel
market conditions in Brazil and global iron ore market, combined
with a heavy interest burden given CSN's current capital structure
and debt levels. In addition, global oversupply of steel will
continue to constrain expansion of exports and the low price
outlook for iron ore will limit results from this segment as well.

Although we believe that the company is better-positioned than
most of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint, CSN's ratings are
primarily constrained by its weakened credit metrics, namely high
leverage, low interest coverage and deteriorated cash flow
metrics. In addition, the rating also incorporates the heightened
risks faced by the steel industry in Brazil due to the economic
contraction, tight credit availability and low business
confidence, which directly impact steel consuming industries such
as automotive, construction and consumer durables. Besides, the
deceleration in China's GDP growth and additional iron ore supply
coming online at a lower cost basis will continue to pressure iron
ore prices.

CSN's ratings and credit profile are supported by the company's
adequate liquidity to meet financial obligations over the next
couple of years and by the announced strategy to reduce leverage
and liquidity risks in the medium term, including the
renegotiation of debt maturing in 2016 and 2017 with local banks
and the planned asset divestitures. Nevertheless, the company
still needs to address mid-term debt maturities and very high
leverage in a period of limited cash flow generation.

CSN's ratings continue to reflect its position as a leading
manufacturer of flat-rolled steel in Brazil, with a favorable
product mix focused on value-added products. Historically, the
company has reported a strong EBITDA margin (as defined by
Moody's) in the 20-30% range, supported by its solid domestic
market position, wide range of products through different segments
and globally competitive production costs both in steel and iron
ore. Moreover, margins have been relatively high compared to steel
peers as mining benefited from higher iron prices in the past few
years -- and even though margins have declined, they are still
healthy compared to global peers (adjusted EBITDA margins at 27%
in the last twelve months ended September 2015).

The negative outlook reflects our expectations that market
conditions for steel producers in Brazil and iron ore producers
globally will remain challenging, with further risk to the
downside, and that credit metrics will likely remain pressured for
the next 12 to 18 months.

The ratings could suffer additional negative pressure if the
company enters a debt restructuring process that entails
significant losses to creditors.

An upward rating movement would require that CSN to adequate its
capital structure, with adjusted leverage trending towards 6.0x
total adjusted debt to Ebitda and interest coverage ratios
(measured by EBIT to Interest) remain above 1.5x on a sustainable
basis. An adequate liquidity profile and operating performance
would be further considerations in a rating upgrade or outlook
change.

Companhia Siderurgica Nacional ("CSN") is a vertically integrated,
low-cost producer of flat-rolled steel, long-steel, iron ore and
cement. With an annual capacity of 6.7 million tons of crude
steel, 6.0 million tons of rolled products and 1.6 million tons of
long steel, CSN sells its products to a broad array of industries,
including the automotive, capital goods, packaging, construction
and home appliance sectors. CSN owns and operates cold rolling and
galvanizing facilities in the U.S. and long steel assets in
Germany, besides substantial iron ore, limestone, dolomite and tin
reserves, railroads, port terminals and power generation assets.
In the last twelve months ended September 2015, CSN reported
consolidated net revenues of BRL 15.5 billion ($US 5.2 billion
converted at the average exchange rate).


CSN ISLANDS: Moody's Cuts FC Rating on Sr. Unsec. Notes to Caa1
---------------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B1 the foreign
currency rating assigned to the senior unsecured notes of CSN
Islands XI Corporation, CSN Islands XII Corporation and CSN
Resources S.A. that are guaranteed by Companhia Siderurgica
Nacional (CSN). At the same time, Moody's America Latina
downgraded CSN's global scale rating to Caa1 and the National
Scale Rating (NSR) to B2.br from Baa3.br. The outlook remains
negative.

Ratings downgraded:

-- Issuer: CSN Islands XI Corporation

$US 750 million 6.875% Senior Unsecured Notes Due 2019: to Caa1
from B1

-- Issuer: CSN Islands XII Corporation (Cayman Islands)

$US 1 billion 7.0% Senior Unsecured Perpetual Notes: to Caa1 from
B1

-- Issuer: CSN Resources S.A. (Luxembourg)

$US 1.2 billion 6.5% Senior Unsecured Notes Due 2020: to Caa1 from
B1

The outlook for all ratings remains negative.

RATINGS RATIONALE

The downgrade reflects primarily the low likelihood that CSN's
operations and credit metrics will recover in the next 12 to 18
months and its unsustainable capital structure. Accordingly, the
company will need to rely either on asset sales, a capital
increase or a debt restructuring to reduce debt levels. CSN's free
cash flow generation will remain limited by the current weak steel
market conditions in Brazil and global iron ore market, combined
with a heavy interest burden given CSN's current capital structure
and debt levels. In addition, global oversupply of steel will
continue to constrain expansion of exports and the low price
outlook for iron ore will limit results from this segment as well.

Although we believe that the company is better-positioned than
most of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint, CSN's ratings are
primarily constrained by its weakened credit metrics, namely high
leverage, low interest coverage and deteriorated cash flow
metrics. In addition, the rating also incorporates the heightened
risks faced by the steel industry in Brazil due to the economic
contraction, tight credit availability and low business
confidence, which directly impact steel consuming industries such
as automotive, construction and consumer durables. Besides, the
deceleration in China's GDP growth and additional iron ore supply
coming online at a lower cost basis will continue to pressure iron
ore prices.

CSN's ratings and credit profile are supported by the company's
adequate liquidity to meet financial obligations over the next
couple of years and by the announced strategy to reduce leverage
and liquidity risks in the medium term, including the
renegotiation of debt maturing in 2016 and 2017 with local banks
and the planned asset divestitures. Nevertheless, the company
still needs to address mid-term debt maturities and very high
leverage in a period of limited cash flow generation.

CSN's ratings continue to reflect its position as a leading
manufacturer of flat-rolled steel in Brazil, with a favorable
product mix focused on value-added products. Historically, the
company has reported a strong EBITDA margin (as defined by
Moody's) in the 20-30% range, supported by its solid domestic
market position, wide range of products through different segments
and globally competitive production costs both in steel and iron
ore. Moreover, margins have been relatively high compared to steel
peers as mining benefited from higher iron prices in the past few
years -- and even though margins have declined, they are still
healthy compared to global peers (adjusted EBITDA margins at 27%
in the last twelve months ended September 2015).

The negative outlook reflects our expectations that market
conditions for steel producers in Brazil and iron ore producers
globally will remain challenging, with further risk to the
downside, and that credit metrics will likely remain pressured for
the next 12 to 18 months.

The ratings could suffer additional negative pressure if the
company enters a debt restructuring process that entails
significant losses to creditors.

An upward rating movement would require that CSN to adequate its
capital structure, with adjusted leverage trending towards 6.0x
total adjusted debt to Ebitda and interest coverage ratios
(measured by EBIT to Interest) remain above 1.5x on a sustainable
basis. An adequate liquidity profile and operating performance
would be further considerations in a rating upgrade or outlook
change.

Companhia Sider£rgica Nacional ("CSN") is a vertically integrated,
low-cost producer of flat-rolled steel, long-steel, iron ore and
cement. With an annual capacity of 6.7 million tons of crude
steel, 6.0 million tons of rolled products and 1.6 million tons of
long steel, CSN sells its products to a broad array of industries,
including the automotive, capital goods, packaging, construction
and home appliance sectors. CSN owns and operates cold rolling and
galvanizing facilities in the U.S. and long steel assets in
Germany, besides substantial iron ore, limestone, dolomite and tin
reserves, railroads, port terminals and power generation assets.
In the last twelve months ended September 2015, CSN reported
consolidated net revenues of BRL 15.5 billion ($US 5.2 billion
converted at the average exchange rate).


PETROLEO BRASILEIRO: S&P Affirms 'BB' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
ratings on Petroleo Brasileiro S.A. - Petrobras, including its
corporate credit ratings and the ratings on the senior unsecure
notes issued through Petrobras International Finance Co. and
Petrobras Global Finance B.V.  The issue-level ratings are the
same as Petrobras's corporate credit rating, incorporating the
holding operating nature and its businesses diversification, which
in S&P's view mitigate potential structural subordination to
priority liabilities at the subsidiaries' level, and the still
limited amount of secured debt that accounts for less than 5% of
total debt position.  S&P don't apply recovery analysis on
Petrobras because domestic legislation doesn't provide a clear
path to restructuring for government-related entities (GRE) in
Brazil.  Therefore, S&P is not in a position to assess the timing
or procedures that would be involved in the event of an insolvency
of a GRE.

S&P also lowered the company's SACP to 'b-' from 'b+'.  At the
same time, S&P lowered its Brazilian national scale corporate
credit rating on the company to 'brA+' from 'brAA'.  The outlook
remains negative.

The revised SACP reflects Petrobras' challenges to improve its
capital structure through assets sales, fuels prices parity, cost-
cutting measures, and production growth amid an exchange rate
volatility, depressed oil prices (although the company's revenues
are not fully linked to international oil prices), and contracting
investments.  As a result, S&P expects weaker credit metrics,
particularly in 2016 and 2017, and a slower pace of leverage and
profit improvement afterwards.

"We acknowledge that Petrobras' new management--since February
2014--has taken some steps to improve the company's governance
while prioritizing profitability and liquidity over production
growth.  In addition, we view the recent maintenance of domestic
fuels prices above international ones as a sign of greater
flexibility.  Nevertheless, we note that the exogenous variables
have exacerbated.  As a result, the company has been hampered in
disposing assets and in accessing capital markets, while its debt
has increased significantly and the deleveraging pace is likely to
be much slower, which prompted us to revise our financial risk
profile assessment on Petrobras to highly leveraged.  Exposure to
contingent liabilities, stemming from the class action in the
U.S., and any potential fiscal, labor and other obligations in the
short term, just a small part of which the company has provisioned
for, could also further weaken its liquidity, and these
uncertainties are incorporated in our negative comparable rating
analysis," S&P said.


SAMARCO MINERACAO: S&P Lowers CCR to 'B'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit and debt ratings on Samarco Mineracao S.A. to 'B'
from 'BB-'.  S&P also lowered its national scale ratings on the
company to 'brBB-' from 'brA-'.  At the same time, S&P removed all
ratings from CreditWatch negative, where it placed them on
Nov. 23, 2015.  In addition, S&P revised its SACP on the company
to 'ccc' from 'b-'.  The outlook is negative.

Also, S&P revised its recovery ratings on Samarco's senior
unsecured debt to '4L' from '4H', which reflects S&P's
expectations of average recovery (30%-50%; the lower end of the
range).

The ratings on Samarco mainly reflect the uncertainties regarding
the timing of operations resumption, increasing liquidity
pressures as fines and contingent liabilities pile up, and the
risk of covenant breaches.  The rating also reflects potential
financial support from Samarco's shareholders.  S&P continues to
view Samarco as a strategically important subsidiary to Vale S.A.
(BBB-/Negative/--).  S&P believes Samarco remains a valuable asset
for its shareholders, with meaningful potential future cash flow
contribution.  In addition, S&P believes that Vale has an
incentive to provide some sort of support to Samarco, given the
proximity of their assets and the potential reputational risk
stemming from the spill at the subsidiary's dam.  In this sense,
S&P continues to apply three notches of uplift to Samarco's credit
ratings.

Samarco continues to negotiate with federal and state governments
to reach a final settlement amount, as well as a credible plan to
clean up affected areas, rebuild and reinforce the damaged dams,
and agree on terms and conditions for the company to resume
operations.  There are currently uncertainties over the latter,
while the company already agreed to preliminary commitments
totaling R$1.3 billion, which S&P considers as restricted cash to
meet contingent obligations.

S&P's base-case scenario assumes the company would only resume
operations in 2017, at about a 50% capacity, producing close to 15
million tons of pellets.  S&P believes that the company will be
able to generate enough cash to service its debt of about R$750
million in 2016, mainly through the sale of some remaining
inventory, and of electricity and logistics services liabilities.


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


ABSAS INVESTMENTS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Absas Investments Limited received on Dec. 21,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


AMASIA WATER: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Amasia Water Management (GP) Ltd received on
Dec. 31, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Penner
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


ARKADY COMPANY: Members Receive Wind-Up Report
----------------------------------------------
The members of Arkady Company Limited received on Dec. 21, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


ASEEL REAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Aseel Real Estate 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:

          Walkers Liquidations Limited
          190 Elgin Avenue
          George Town Grand Cayman KY1-9005
          Cayman Islands
          Telephone: +1 (345) 949 0100


ASIA WATER: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Asia Water Fund-Benxi Limited received on
Dec. 31, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Penner
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


AWF PROJECT: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of AWF Project Investments Limited received on
Dec. 31, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Penner
          c/o Lillieth McLaughlin
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 3320
          Facsimile: +1 (345) 949 8258


BAROSSA VALLEY: Members Receive Wind-Up Report
----------------------------------------------
The members of Barossa Valley Investments Limited received on
Dec. 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


BROOKLANE LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Brooklane Limited received on Dec. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


EG HEMEL: Creditors Hold Meeting
--------------------------------
The creditors of EG Hemel Funding Company, Ltd. met on Jan. 8,
2016, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


EG HEMEL PROJECT: Creditors Hold Meeting
----------------------------------------
The creditors of EG Hemel Project Company, Ltd. met on Jan. 8,
2016, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


EGYPTAIR CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Egyptair Capital Services 2004 received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          Royal Bank House, 3rd Floor
          24 Shedden Road, George Town
          P.O. Box 10632, Grand Cayman KY1-1006
          Cayman Islands


ELMWOOD HOLDINGS: Members Receive Wind-Up Report
------------------------------------------------
The members of Elmwood Holdings Limited received on Dec. 21, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


GREAT HAPPINESS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Great Happiness Company Limited received on
Dec. 21, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


HARBERT VALUE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Harbert Value Class L Holdings (Cayman), 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:

          Harbert Value Fund GP, LLC
          c/o Madeleine Welham
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


HARVESTON GREATER: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Harveston Greater China Special Opportunity
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:

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


IB FARNBOROUGH: Creditors Hold Meeting
--------------------------------------
The creditors of IB Farnborough Funding Company, Ltd. met on
Jan. 8, 2016, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


IB FARNBOROUGH PROJECT: Creditors Hold Meeting
----------------------------------------------
The creditors of IB Farnborough Project Company, Ltd. met on
Jan. 8, 2016, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


ISOLA GROUP: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Isola Group Ltd. received on Dec. 29, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

Mike Rafford is the company's liquidator.


LIPIZZANER LDC: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Lipizzaner LDC received on Dec. 29, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Michael Palmer
          c/o Ben Gillooly
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


MARQUIS LIMITED: Members Receive Wind-Up Report
-----------------------------------------------
The members of Marquis Limited received on Dec. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MASTER GOAL: Members Receive Wind-Up Report
-------------------------------------------
The members of Master Goal Limited received on Dec. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


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


OPTIMA FOCUS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of The Optima Focus Master 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:

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


SP BRUCHSAL: Creditors Hold Meeting
-----------------------------------
The creditors of SP Bruchsal Funding Company, Ltd. met on Jan. 8,
2016, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


SP BRUCHSAL: Creditors Hold Meeting
-----------------------------------
The creditors of SP Bruchsal Project Company, Ltd. met on Jan. 8,
2016, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


TR SOLIHULL: Creditors Hold Meeting
-----------------------------------
The creditors of TR Solihull Funding Company, Ltd. met on Jan. 8,
2016, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


TR SOLIHULL PROJECT: Creditors Hold Meeting
-------------------------------------------
The creditors of TR Solihull Project Company, Ltd. met on Jan. 8,
2016, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


TT AMSTERDAM: Creditors Hold Meeting
------------------------------------
The creditors of TT Amsterdam Funding Company, Ltd. met on Jan. 8,
2016, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Christopher Kennedy
          c/o Barry Lynch
          RHSW (Cayman) Limited
          P.O. Box 897 Windward 1 Grand Cayman KY1-1103
          Regatta Office Park
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


VALUE STREAM: Members Receive Wind-Up Report
--------------------------------------------
The members of Value Stream Limited received on Dec. 21, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


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


DOMINICAN REPUBLIC: To Get Part of US$2.5BB Regional IDB Aid
------------------------------------------------------------
Dominican Today, citing EFE News, reports that the Inter-American
Development Bank (IDB) will provide at least US$2.5 billion to
Central America and Dominican Republic in 2016 for sustainable
development projects, an official said.

The IDB pledged support to various projects of infrastructure,
logistics, health, education, social safety networks and
improvements in tax administration, said at a news conference the
bank's general manager for Mexico, Central America and Dominican
Republic, Gina Montiel, whose office operates in Panama since
2015, according to Dominican Today.

The report notes that Ms. Montiel accompanied bank representative
in Panama, Fidel Jaramillo, who announced that for the 2015-2019
period the IDB provides financing for $2 billion for projects of
sustainable development and social inclusion.

The general manager for the region also said the IDB "is ready" to
financially support the programs and priorities approved by the
Pan American Health Organization (PAHO) to combat zika but urged
the population to engage in the elimination of the breeding sites
of the vector Aedes Aegyptus mosquito, the report relays.

The IDB also has a strategy, especially for Mesoamerican maternal
health, and supports joint public security agendas to address the
problem at the regional level, with private sector involvement,
the report notes.

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


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


FINANCIERA INDEPENDENCIA: S&P Raises ICR to 'BB-'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term, global
scale issuer credit rating on Financiera Independencia S.A.B. de
C.V. SOFOM E.N.R. (Financiera Independencia) to 'BB-' from 'B+'.
At the same time, S&P also raised its national scale ratings to
'mxBBB+/mxA-2' from 'mxBBB/mxA-3'.  The outlook is stable.

Finally, S&P raised its issue-level rating on the company's
$200 million senior unsecured notes to 'BB-' from 'B+'.  The
rating on its senior unsecured debt incorporates that, as of
Sept. 30, 2015, secured debt represented less than 30% of adjusted
assets; unencumbered assets completely covered unsecured debt.
Consequently, S&P don't apply any notches of subordination to this
issuance.

The issuer credit ratings on Financiera Independencia reflect
S&P's opinion of the company's adequate business position, with a
stable revenue base and competitive market position in the
microfinance industry in Mexico.  S&P now views its capital and
earnings as adequate, based on its expected risk-adjusted capital
(RAC) ratio, which S&P anticipates will hover around 8.3% over the
next 12-24 months.  In addition, S&P assess its risk position as
weak due to still-high credit losses--a subpar metric compared to
its peers.  The ratings also incorporate its adequate funding and
liquidity scores.  S&P is revising its stand-alone credit profile
(SACP) to 'bb-' from 'b+'.

Liquidity remains adequate in S&P's opinion.  Of the company's
total market debt, MXN1,500 million is due in February 2018 and
MXN3,409.8 million is due in June 2019, so refinancing risk at the
moment is somewhat limited.  Despite some concentration of
maturities in 2019--46.8% of total maturities-- S&P remains
confident that the company will be able to refinance them.  Also,
Financiera Independencia's liquidity position could potentially
benefit from the short-term nature of its loan portfolio, as it
could turn it into cash relatively easily in the event of a market
or economic downturn.  Under S&P's stress liquidity scenario, loan
collections might drop as a result of higher delinquencies.
Nonetheless, S&P would expect the company to slow the pace of new
originations and to have positive cash flow.  Under this scenario,
S&P expects the company would also benefit from credit lines from
development banks, which have long-term maturities.

The stable outlook on Financiera Independencia over the next 12-18
months reflects S&P's baseline expectation that it will continue
to face the challenge of materially improving its credit losses
and asset quality, while enhancing internal capital generation and
profitability levels to better reflect its risk profile.  The
outlook also incorporates S&P's expectation that the RAC ratio
will remain comfortably in the adequate category, and that the
high credit losses will continue to limit S&P's risk position
assessment.

S&P could lower the ratings or revise the outlook to negative over
the next 12-18 months if the improvements in its RAC ratio are
reversed.  This can happen if Financiera Independencia, contrary
to S&P's baseline expectations, is not able to maintain its
current asset quality ratios, yielding higher LLPs that would
hamper its bottom-line results and internal capital generation--or
if the company shows aggressive loan growth above our current
base-case scenario.  These two situations could, in turn, result
in a RAC ratio consistently below 7%.  Also, if NCOs deteriorate
beyond S&P's expectations, this is NCOs significantly higher than
18%, S&P could revise its lending and underwriting standards and
risk position assessments and, consequently, downgrade the
ratings.

S&P currently do not see conditions that would lead it to upgrade
the company in the next 12 months.


=================
N I C A R A G U A
=================


NICARAGUA: Dev't in 2015 Have Been Broadly Positive, IMF Says
-------------------------------------------------------------
On January 28, 2016, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation1 with
Nicaragua.

Economic developments in 2015 have been broadly positive.  Growth,
after reaching 4.7 percent in 2014, is expected to moderate owing
to the effects of a drought and the decline in commodity prices;
real GDP grew by 3.9 percent in the first half of the year.
Inflation declined to 3 percent in October, mainly reflecting
declines in food and transportation costs.  Core inflation
remained stable at around 6.5 percent.

The consolidated public sector deficit widened to 2 percent in
2014 (1.3 percent of GDP in 2013), largely due to a decline in
grants originating from the oil collaboration with Venezuela.

Nevertheless, the public debt ratio declined to about 41 percent
of GDP in 2014 from 43 percent in 2013.  The fiscal position
through August 2015 improved relative to the same period in 2014.
This is largely explained by a better performance at the central
government level that has compensated for the deterioration in the
fiscal balance of state-owned enterprises.

The current account deficit improved to 7.1 percent of GDP in
2014, largely due to a smaller oil bill.  However, the current
account deficit deteriorated in the first half of 2015 as the
country faced a less favorable external environment.  In
particular, export performance weakened as a result of the
softening of commodities prices and the expiration of the
preferential trade agreement with the United States in late 2014.

The financial sector appears to remain robust despite still high
credit growth.  As of August 2015, capital adequacy ratios (13.3
percent) were above the 10 percent regulatory level, and the non-
performing loan ratios, including restructured loans, remained
below 3 percent.  Private sector credit growth has slowed but
remains high (20 percent), in particular for consumer and
commercial credit, and continues to exceed the growth rate of
deposits.

Poverty has fallen sharply and there has been progress in gender
equality, but education attainment remains a drag on growth.  The
2014 household survey reveals that 29.6 percent of the population
lives in poverty (42.5 percent in 2009), and 8.3 percent in
extreme poverty (14.6 percent in 2009).  Per capita consumption
increased by 33 percent, helped by a fall in the average household
size and a rise in per capita remittances.  Nicaragua has made
inroads in improving gender equality.  However, despite some
improvement in primary school completion rates (from 74 percent in
2005 to 80.4 percent in 2010), surveys of private firms suggest
that labor skills remain a bottleneck to growth.

The medium-term outlook remains broadly favorable.  Growth is
expected to moderately accelerate in 2016, owing to the projected
recovery in foreign demand and an increase in election-related
spending, which would result in a more expansionary fiscal policy.
In the medium term, staff estimates that growth will converge to
its potential of 4 percent.  The current account deficit is
expected to widen to 81/2 percent of GDP as terms of trade are
projected to deteriorate.  To address large infrastructure and
social needs, the government plans to step up spending by over 3
percentage points of GDP over the medium term.  As a result, the
public debt ratio is projected to stabilize around 41 percent of
GDP by 2020.

                     Executive Board Assessment

Directors commended the Nicaraguan authorities' sound policies,
which have enhanced macroeconomic stability and led to strong
economic growth and poverty reduction.  They noted, however, that
risks to the outlook are tilted to the downside, particularly due
to external factors.  Against this backdrop, Directors emphasized
that, while the policy mix is broadly appropriate to maintain
stability over the near term, the country needs to fortify its
policy framework to sustain strong growth over the medium term.

Directors noted that the fiscal stance will be moderately
expansionary in 2016, but that it remains consistent with the
authorities' plans to stabilize the debt-to-GDP ratio by 2020.
They considered, however, that building additional fiscal buffers,
following the forthcoming elections, will be essential to insure
against potential risks and to put public finances on a more solid
footing.  This consolidation could be attained by reducing tax
exonerations and exemptions and improving the targeting of fiscal
subsidies, which in turn would strengthen the efficiency and
equity of public finances.  From a longer-term perspective,
Directors stressed the importance of improving the financial
viability of the social security institute and loss-making state-
owned enterprises.

Directors welcomed the authorities' continued interest in
strengthening the fiscal accounts.  They emphasized the importance
of increasing the institutional coverage of the public sector,
improving the quality of fiscal and public debt statistics, and
publishing the public institutions' financial statements to
enhance transparency.

Directors agreed that rapid credit expansion amid high
dollarization warrants close monitoring, especially in light of
possible currency mismatches, persistent U.S. dollar strength, and
the likely increase in U.S. interest rates.  In this regard, they
noted that macro-prudential policies could help mitigate some of
these risks. Directors also called for additional efforts to
strengthen banking supervision and enhance regional financial
regulatory cooperation.  They encouraged full implementation of
the 2009 Safeguards Assessment's recommendations and further
strengthening the framework for anti-money laundering and
combating the financing of terrorism.

Directors agreed that improvements in competitiveness would reduce
the economy's vulnerability to external shocks, support its
diversification, and spur its structural transformation.  In this
context, they recommended further improving infrastructure,
enhancing trade networks, investing in human capital, and reducing
barriers to entry. Such reforms would also serve to reduce the
size of the informal economy, unemployment, and poverty.

Directors called for continued improvements in the timeliness,
quality, and reliability of statistics, which will help enhance
economic decision-making and transparency.  They also recommended
following a consistent communication strategy when methodological
changes are introduced.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has assigned first-time ratings to
Nicaragua as:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) 'B+', Outlook Stable;
   -- Country Ceiling 'B+';
   -- Short-term foreign currency IDR 'B'.


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


PUERTO RICO: Argentina-Like Debt Gambit Comes With a Big Catch
--------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico is
turning to a novel, yet increasingly popular, approach to lighten
its crippling $70 billion debt load.

Pioneered by Argentina in the mid-2000s, and used by Greece and
Ukraine in debt restructurings in recent years, the proposal is
part of a plan to cut the island's obligations by 46 percent and
avert a default that would be the biggest of its kind, according
to Bloomberg News.  The novel part is a sweetener -- in the form
of "Growth Bonds" -- that could potentially help creditors get all
their money back, Bloomberg News notes.

But there's a catch: the bonds only pay out if Puerto Rico can
collect enough taxes over the next 35 years, Bloomberg News
relays.  And for the commonwealth, that's a big if.

Bloomberg News discloses that while it worked in Argentina because
the commodities boom helped the nation quickly recover from its
fiscal crisis, Puerto Rico faces a very different set of
circumstances.  Not only has the economy contracted in the past
decade, its prospects remain bleak, Bloomberg News relays.  That's
raising questions about whether the offer is credible enough to
win over bondholders as they kick off negotiations over how to
restructure its debt, Bloomberg News notes.

"It's hard to see any meaningful economic growth coming out of
Puerto Rico in the foreseeable future," Bloomberg News quoted Matt
Fabian, a partner at Municipal Market Analytics, a research firm
based in Concord, Massachusetts, as saying.  "Those securities
would essentially have no value.  The most likely outcome is that
they never receive a payment," Mr. Fabian added.

The stakes are high.  After years of borrowing to fix budget
shortfalls, Puerto Rico warned creditors that it may stop debt-
service payments if it fails to renegotiate its debt before May 1,
when a $422 million Government Development Bank payment comes due,
Bloomberg News relays.  Two commonwealth authorities have already
defaulted on payments to investors, the report adds.

Puerto Rico's proposal, announced on Feb. 1, would reduce its
obligations to $26.5 billion from $49.2 billion, Bloomberg News
notes.  Bondholders would swap their securities for new notes that
delay principal and interest payments.

The plan consists of two types of securities: so-called Base Bonds
that begin paying interest in 2018 and the aforementioned growth
bonds, which repay principal after 10 years only if Puerto Rico's
revenue collections surpass targeted levels, Bloomberg News
relays.  Creditors have a chance to recoup all of their money if
revenue growth exceeds the estimated annual rate of inflation.

Puerto Rico estimates it will begin repaying the growth bonds in
2029, if the island's economy begins to grow at 2.5 percent by
2022, according to the restructuring plan, says Bloomberg News
notes.  That might be an optimistic assumption, it further notes.

"It's difficult to come up with economic scenarios where Puerto
Rico grows at 2.5 percent in the near future," said Orlando
Sotomayor, a professor of economics at the University of Puerto
Rico, Bloomberg News relays.  "All economic fundamentals point in
the opposite direction and include declining population, workforce
participation, reduced investment, and education."

The proposal also doesn't detail how the commonwealth will support
its largest pension fund, which owes current and future retirees
$30.2 billion -- a big question mark for Lyle Fitterer, the head
of tax-exempt debt at Wells Capital Management, which oversees $39
billion of municipal bonds, including Puerto Rico securities,
Bloomberg News relays.

"That's a big unknown," Mr. Fitterer said.  "That obviously will
impact bondholders' ability to get paid back," he added, notes the
report.

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.


==========================
V I R G I N  I S L A N D S
==========================


CREATIVE FINANCE: Court Denies Recognition Under Sec. 1517
----------------------------------------------------------
In this Chapter 15 case commenced by the foreign representative
liquidator of Creative Finance Ltd. and Cosmorex Ltd., the Court
has before it a contested motion for Section 1517 of the
Bankruptcy Code recognition, and a related motion by creditor
Marex Financial Ltd., the Debtors' only non-insider creditor, for
dismissal by reason of the Debtors' bad faith.

The case presents two issues as to which the underlying caselaw
law is thin.  First, are Chapter 15's statutory requirements for
recognition of a foreign main proceeding satisfied when -- by the
debtors' design -- the foreign representative's activities before
his chapter 15 filing have been so minimal that the Court cannot
find that the Debtors' "Center of Main Interests" ("COMI") ever
changed from the nations where the Debtors actually did business
to the different nation in which the foreign representative was
appointed?

And second, must a U.S. Bankruptcy Court tolerate debtor bad faith
in a chapter 15 case that a U.S. court would never tolerate in a
case under any other chapter of the Code?

In a Decision and Order dated January 13, 2016, which is available
at http://is.gd/OM0MdSfrom Leagle.com, Judge Robert E. Gerber of
the United States Bankruptcy Court for the Southern District of
New York concluded that the Liquidator has failed to meet the
requirements of Section 1517(a)(1) of the Bankruptcy Code, by
reason of his inability to show sufficient activity in the British
Virgin Islands (BVI)to cause the Debtors' COMI to shift from
Spain, Dubai or the U.K. to the BVI or to show even an
establishment in the BVI.  The court, accordingly, denied the 1517
Recognition, as either a foreign main proceeding or a foreign
nonmain proceeding.

Marex's cross motion for dismissal under section 305 is moot.

The case is In re: CREATIVE FINANCE LTD. (IN LIQUIDATION), et al.,
Chapter 15, Debtors in a Foreign Proceeding, Case No. 14-10358
(REG) (Jointly Administered).

Creative Finance Ltd. (In Liquidation), Foreign Representative, is
represented by Anne Marren Bahr, Esq. -- abahr@rctlegal.com --
Reid Collins & Tsai LLP, William T. Reid, IV, Esq. --
wreid@rctlegal.com -- Reid Collins & Tsai LLP, Angela Jennifer
Somers, Esq. -- asomers@rctlegal.com -- Reid Collins & Tsai LLP,
Randall Adam Swick,  -- Esq. -- rswick@rctlegal.comReid Collins &
Tsai LLP.

Creative Finance Ltd. (In Liquidation) sought protection under
Chapter 15 of the Bankruptcy Code on Feb. 19, 2014 (Bankr.
S.D.N.Y., Case No. 14-10358).  The Chapter 15 Debtor's Counsel is
William T. Reid, IV, Esq., at Reid Collins & Tsai LLP, in New
York.


                            ***********


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 * * *