TCRLA_Public/160209.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

           Tuesday, February 9, 2016, Vol. 17, No. 27


                            Headlines



A R G E N T I N A

ARGENTINA: Solar Power Plant to Be Built in Northern Location
BANCO HIPOTECARIO: S&P Hikes Issuer Credit Ratings to 'B-'
BUENOS AIRES: S&P Hikes GS Issuer Credit Ratings to 'B-'


B R A Z I L

ANDRADE GUTIERREZ: Fitch Cuts Issuer Default Ratings to 'B+'
BANCO MERCANTIL: Moody's Cuts Deposit Ratings to B3; Outlook Neg.
CONCESSAO METROVIARIA: Moody's Affirms Ba2 Issuer Rating
GEOPARK LATIN: Likely to Avoid Default in 2016 Says Fitch
GERDAU TRADE: Moody's Lowers Rating on FC Debt Issues to Ba3

GOL LINHAS: S&P Puts 'B-' CCR on CreditWatch Negative
GOL LINHAS: Fitch Cuts Issuer Default Ratings to 'CCC'
INVESTIMENTOS E PARTICIPACOES: Peruvian Asset Draws Interest
LINHA AMARELA: Moody's Affirms Ba2 Rating on BRL386.70M Debentures
PARANAPANEMA SA: Moody's Lowers CFR to B3; Outlook Negative


C A Y M A N  I S L A N D S

3G BRAZIL: Commences Liquidation Proceedings
ACHIEVEMENT CONCENTRATED: Commences Liquidation Proceedings
ALABAMA RISK: Commences Liquidation Proceedings
EP PARTNERS: Commences Liquidation Proceedings
ETON PARK 1: Commences Liquidation Proceedings

ETON PARK CLO 2: Commences Liquidation Proceedings
GENUITY MASTER: Commences Liquidation Proceedings
LARICE INTERNATIONAL: Placed Under Voluntary Wind-Up
MOWBRAY INVESTMENTS: Commences Liquidation Proceedings
RIO CAPITAL: Commences Liquidation Proceedings

ROCKLEDGE INSURANCE: Commences Liquidation Proceedings
SMITH BREEDEN: Commences Liquidation Proceedings
TE CALEL INVESTORS: Commences Liquidation Proceedings
TE CALEL PORTFOLIO: Commences Liquidation Proceedings
TOMMY COMPANY: Placed Under Voluntary Wind-Up

VISTA HERMOSA: Commences Liquidation Proceedings


C H I L E

MASISA SA: S&P Affirms 'B+' Rating & Revises Outlook to Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Natural Falls to Record RD$23.22; Others Unchanged
DOMINICAN REPUBLIC: Partial Lifting of US Agro Ban Buoys Farmers
DOMINICAN REPUBLIC: Border Market Normal Amid Haiti's Turmoil


P A R A G U A Y

BANCO CONTINENTAL: S&P Affirms 'BB' ICR; Outlook Negative


P U E R T O    R I C O

CORDERO CORDERO: Case Summary & Largest Unsecured Creditor
EL PIEX PUERTORRIQUENO: Case Summary & 20 Top Unsecured Creditors
LAS AMERICAS: Plan Disclosure Hearing Continued to May 20
LAWYERS SPECIALISTS: Case Summary & 2 Largest Unsecured Creditors
SAN MIGUEL LABEL: Case Summary & 20 Largest Unsecured Creditors

SPANISH BROADCASTING: Gets Noncompliance Notice From NASDAQ
WOMETCO DE PUERTO RICO: PREPA Granted $95K Admin. Claim


V I R G I N   I S L A N D S

HOVENSA LLC: Has Until April 12 to Decide on Unexpired Leases
HOVENSA LLC: Liquidation Plan Gets Backing from Creditors Panel
HOVENSA LLC: Has Until March 14 to File Plan


U R U G U A Y

NAVIOS SOUTH AMERICAN: S&P Lowers Corp. Credit Rating to 'B-'


                            - - - - -


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


ARGENTINA: Solar Power Plant to Be Built in Northern Location
-------------------------------------------------------------
EFE News reports that a solar power plant will be built in Jujuy,
bringing renewable energy to this province in northern Argentina,
President Mauricio Macri said.

"Energy is a vital issue, a central issue.  A country cannot grow
without energy," President Macri said during a ceremony to present
the project in Purmamarca, a city located about 1,557 kilometers
(967 miles) north of Buenos Aires, according to EFE News.

A solar power plant is also planned in the western province of
Mendoza, President Macri said, the report notes.

Projects like these will allow Argentines to have their energy
needs met, ending the outages that now occur "if there are peaks
of heat or cold," the president said, the report relays.

"This happened because of the poor energy policy that we had in
the past 10 years," President Macri said, referring to the
administrations of former Presidents Nestor Kirchner and his wife,
Cristina Fernandez, the report notes.

"Bad energy policy led us to believe that energy is something
that's there and is to be wasted. Energy is essential, but it's
also the maximum generator of the problem the world is
experiencing with climate change," the president said, 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.


BANCO HIPOTECARIO: S&P Hikes Issuer Credit Ratings to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign and local
currency issuer credit ratings on Banco Hipotecario S.A., Banco
Patagonia S.A., and Banco Galicia to 'B-' from 'CCC-' and to 'B-'
from 'CCC+', respectively.  The outlook on these ratings is
stable, mirroring the outlook on the sovereign's local currency
rating.

At the same time, S&P raised its foreign and local currency issuer
credit ratings on Banco Provincia de la Buenos Aires S.A. to 'B-'
from 'CCC-'.  The outlook is stable, reflecting the outlook on the
province of Buenos Aires.

The higher local currency ratings of Banco Hipotecario, Banco
Patagonia, and Banco Galicia reflect the sovereign's higher local
currency rating, stemming from the government's recent steps to
address some of the substantial economic imbalances prevailing in
Argentina.  The recently elected President Mauricio Macri aims to
reduce these imbalances in 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.

The higher foreign currency ratings on these banks reflect the
revision of the T&C assessment after the rapid and successful
liberalization of the exchange-rate market.  This has lowered risk
of the government intervening in the domestic entities' ability to
meet foreign-currency denominated obligations under original terms
and conditions.

The global scale foreign and local currency ratings on Banco de la
Provincia de Buenos Aires reflect the Buenos Aires province's
higher ratings, which primarily reflect S&P's 'B-' global scale
long-term local currency issuer credit rating and T&C assessment
on Argentina.  According to S&P's criteria, the local currency
ratings on the province could be above the sovereign ratings if
there's a measurable likelihood that any of credit characteristics
on this entity will remain stronger than those of the sovereign in
a scenario of economic or political stress.  However, S&P don't
consider the province meet the criteria under which it would rate
it higher than the sovereign.  This is mostly due to insufficient
liquidity to cover all debt obligations.  S&P's liquidity
assessment on the province incorporates its cross-default clauses
and debt market volatility.  S&P consequently caps its local and
foreign currency ratings on the province at the Argentina's local
currency rating level.

"We're maintaining our economic risk and industry risk scores at
'9'.  In addition, we have revised our economic risk trend to
stable from negative and maintained our industry risk trend as
stable.  The revised trend on economic risk reflects our view of
the new administration's focus on addressing Argentina's
significant economic imbalances.  However, we consider that
economic agents will face challenging conditions as the new
government implements the new measures, which will heighten the
credit risk in the economy.  However, our current assessment of
credit risk under our BICRA is still consistent with weaker credit
risk metrics," S&P said.

"We believe economic risks for banks operating in Argentina are
high.  Argentina remains in selective default (SD) since July 30,
2014, after it failed to make a $539 million interest payment on
its discount bonds due 2033.  Our economic risk assessment
reflects the country's continuing weak economy in 2016.  Although
the new administration's economic program seems to address
Argentina's the urgent economic imbalances, political challenges
will be significant.  This will occur amid Brazil's recession and
a steep depreciation of its currency, lower agricultural
commodities prices, and uncertainty over China's growth prospects
and the U.S. monetary tightening.  Therefore, we expect no GDP
growth for 2016 and 2.0% rise for 2017.  We expect inflation will
remain high in 2016, but the authorities expect to gradually
reduce it to single digits in the next four years.  The removal of
the controls on the foreign exchange market, although smooth and
with no major volatilities, has resulted in peso's depreciation,
further pushing up inflation," S&P said.

"Industry risks for banks operating in Argentina are also high.
Although the new administration is removing some of the
restrictions imposed by the former government, the industry
continues to be exposed to significant market distortions
including an expected still high inflation and lack of diversified
and long-term funding.  We expect the central bank to regain
independence, which we believe will bolster the regulator's
authority and capacity to effectively address potential problems
in the sector.  For example, the central bank has relaxed
regulations, which introduced caps on interest rates, minimum
rates on time deposits, and limits on foreign exchange operations.
However, quotas on certain types of lending and regulatory
approvals for fee increases still remain, which hamper banks'
profitability and capital cushioning.  We also believe a
historically weak retail depositor confidence increases industry
risks.  Furthermore, in our opinion, the country has a narrow
capital market and limited access to foreign capital markets,
resulting in a lack of funding diversification for banks," S&P
noted.


BUENOS AIRES: S&P Hikes GS Issuer Credit Ratings to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign and local
currency global scale issuer credit ratings on the city of Buenos
Aires, and the provinces of Cordoba, Buenos Aires, and Mendoza to
'B-' from 'CCC-'.  The outlook on the four LRGs is stable.  S&P
also raised its global scale issue-level ratings on the provinces
of Neuquen and Salta to 'CCC+' from 'CCC-' and placed them on
CreditWatch positive.

                             RATIONALE

The global scale foreign and local currency ratings on these four
LRGs primarily reflect S&P's 'B-' global scale long-term local
currency issuer credit rating and T&C assessment on Argentina.
According to S&P's criteria, the local currency ratings on
Argentinean LRGs could be above the sovereign ratings if there's a
measurable likelihood that any of credit characteristics on these
entities will remain stronger than those of the sovereign in a
scenario of economic or political stress.  However, S&P don't
consider these LRGs meet the criteria under which it would rate
them higher than the sovereign.  This is mostly due to
insufficient liquidity to cover all debt obligations.  S&P's
liquidity assessments on these LRGs incorporate their cross-
default clauses and debt market volatility.  S&P consequently caps
their local and foreign currency ratings at the Argentina's local
currency rating level.

The local currency rating on the city of Buenos Aires is one notch
below its 'b' stand-alone credit profile (SACP).  The SACPs of the
provinces of Buenos Aires, Cordoba, and Mendoza are 'b-'.  The
SACP is not a rating but a means of assessing the intrinsic
creditworthiness of an LRG under the assumption that there is no
sovereign rating cap.

The SACP results from the combination of S&P's assessment of an
LRG's individual credit profile and the institutional framework in
which it operates.  All Argentinean LRGs operate under a very
volatile and unbalanced institutional framework.  However, S&P
considers that the individual credit profile of the city of Buenos
Aires is stronger than those of its domestic peers.  According to
the latest data, GDP per capita of the city of Buenos Aires is
2.7x greater than that of Argentina.  In addition, the city has
consistently posted operating surpluses above 10% of operating
revenues, which it's likely to do in 2016.  Such high operating
surpluses have allowed the city to maintain higher capital
expenditures (capex) than those of its domestic peers.  High
capex, budgetary flexibility thanks to own-source revenues that
will likely account for more than 75% of total revenues in 2016,
and a strong credit culture support the city's creditworthiness.
In addition, the strong political ties between the city government
under a new mayor, Horacio Larreta, and the new national
government led by a former mayor of Buenos Aires, Mauricio Macri,
will also enhance the city's credit quality, in S&P's opinion.

"All Argentinean LRGs share critical links with the central
government through its significant revenue distribution, direct
financing of infrastructure projects, and authorization for the
LRGs to issue new debt.  The recently elected national government
under Mauricio Macri has promised to tackle the economic, fiscal,
and financing challenges.  The new president's agenda to address
the fiscal obstacles for LRGs--coparticipation transfers, and
financing pensions or infrastructure needs--is not without
political conflicts.  However, we believe that the federal
government's renewed attention on these issues is a positive
indicator, and demonstrates political willingness to address LRGs'
long-term demands to ensure fiscal sustainability over time," S&P
said.

LRGs' fiscal performance has weakened in 2015, mostly as a result
of limited leeway to increase revenues while their operating
expenditures (mostly public-sector employee salaries) jumped due
to agreements with the unions to raise salaries in early 2015.
Additionally, LRGs' liquidity has remained weak amid volatile
capital markets, which further inhibited their ability to balance
their budgets and/or refinance existing debt obligations.  S&P
expects salary negotiations in the first half of 2016 to have a
significant drain on the LRGs' budgets if the resulting increases
surpass the inflation rate, as seen in fiscal 2015.

Additionally, S&P raised its foreign currency debt ratings to
'CCC+' on:

   -- The province of Salta's secured amortizing notes for
      $185 million, backed by oil and gas royalties, due 2022; and

   -- The province of Neuquen's secured amortizing notes for
      $260 million, backed by oil royalties, due 2021.

   -- S&P will resolve the CreditWatch listing after assessing the
      hydrocarbon industry's performance risk in these two
      provinces and their overall credit profile for the next
      three months.

                             OUTLOOK

The stable outlook on the four LRGs mirrors the stable outlook on
the sovereign's local currency rating.  The outlook reflects the
renewed dialogue between the LRGs and the federal government on
how to tackle their various fiscal and economic challenges in the
short and medium term.  If S&P was to raise the sovereign's T&C
and local currency rating, an upgrade of the four LRGs would be
possible within the next 12 months.  On the other hand, S&P could
downgrade these entities if the T&C assessment deteriorates or if
S&P was to lower the sovereign's local currency rating.  However,
this is not in S&P's base case for 2016.  Additionally, S&P could
downgrade the four LRGs if Argentina's negotiations with the
holdout creditors amid capital market volatility dampen their
willingness to meet their debt service payments or their capacity
to refinance existing debts in foreign and local currency.

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's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

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; CreditWatch/Outlook Action
                               To                 From
Buenos Aires (City of)
Issuer Credit Rating          B-/Stable/--       CCC-/Negative/--
Senior Unsecured              B-                 CCC-

Mendoza (Province of)
Issuer Credit Rating          B-/Stable/--       CCC-/Negative/--
Senior Unsecured              B-                 CCC-

Cordoba (Province of)
Issuer Credit Rating          B-/Stable/--       CCC-/Negative/--
Senior Unsecured              B-                 CCC-

Buenos Aires (Province of)
Issuer Credit Rating          B-/Stable/--       CCC-/Negative/--
Senior Unsecured              B-                 CCC-
                               To                 From
Salta (Province of)
Senior Secured                CCC+/Watch Pos     CCC-

                               To                 From
Neuquen (Province of)
Senior Secured                CCC+/Watch Pos     CCC-


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


ANDRADE GUTIERREZ: Fitch Cuts Issuer Default Ratings to 'B+'
------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) of Andrade Gutierrez Engenharia S.A. (AGE)
to 'B+' from 'BB+', as well as its long-term National Scale Rating
to 'A-(bra)' from 'AA-(bra)'. These rating actions affect
approximately $US 500 million of issued debt by Andrade Gutierrez
International S.A. (AGI) due April 2018, which AGE unconditionally
and irrevocably guarantees. The Rating Outlook remains Negative. A
complete list of ratings follows at the end of this press release.

KEY RATING DRIVERS

The rating downgrades reflect the high deterioration of the
business environment for AGE due to the challenging macroeconomic
scenario and scarce and costly credit lines in Brazil. The
company's credit profile is also affected by the weakness of oil
prices, as an important part of AGE's clients depend on the
commodity exports to fund their infrastructure projects. Fitch
expects that backlog consumption will continue to pressure EBITDA
and cash flow generation and push leverage up. The downgrades also
factor in the difficulty the company will have collecting
receivables from Brazilian state governments, whose finances are
under pressure, and foreign governments, whose ability to develop
projects is being hindered by low oil prices. Fitch incorporates a
BRL1 billion fine from the Lava-Jato investigation, according to
the press to be paid over the next several years in its base case
scenario.

The ratings of AGE are supported by its scale as one of the
largest contractors in Latin America with 38% of revenues
generated abroad, and cash position of BRL2.3 billion in September
2015. The market value of the AG groups investments in Companhia
Energetica de Minas Gerais (Cemig; 'AA-(bra)'; Outlook Negative)
and CCR S.A. ('AA(bra)'; Rating Watch Negative) are also positive
considerations; estimated at around BRL5 billion.

The Rating Outlook is Negative due to the uncertainties regarding
the performance of the Brazilian economy in 2016 and 2017, along
with the recovery of oil prices. Fitch also expects a continued
more limited and expensive access to debt markets.

Pressured and Concentrated Backlog

Fitch forecasts AGE's backlog to decline in the coming years,
negatively impacting revenues, cash flow generation and credit
metrics. A key reason has been the lack of new projects in Brazil
due to the adverse macroeconomic conditions and the political
crisis in the country, which has ground most infrastructure
investments to a halt. AGE international backlog is also under
pressure due to falling oil markets.

In September 2015, AGE's backlog totaled BRL27.5 billion,
equivalent to 3.8 years of operation. This unfavorably compares to
BRL30 billion in December 2014. Abroad, the backlog reached $US
5.2 billion, down 25% year-to-date. The crude oil closer to $US 30
per barrel limits the ability of some of AGE's clients that depend
on oil exports to launch new infrastructure projects, affecting
future backlog.

AGE's backlog is concentrated in several ways, which pressures its
credit quality. The portfolio of contracts is exposed to a small
number of projects, to public clients, and to countries that
depend on oil exports. In September 2015, AGE's 10 largest
projects represent 66% of its backlog, which unfavorably compares
to 62% in December 2014. At the same time, public clients, which
tends to have erratic payment behavior were 84% compared to 78% in
December 2014. Projects in countries known for the oil export
dependency, such as Venezuela, Angola, Guinea Equatorial, among
others were 58% of the total backlog compared to 53% at the end of
2014.

Increasing Leverage

Fitch forecasts AGE's adjusted net leverage to range between 3.0x-
3.5x over the next three years. This is weaker than Fitch's
previous expectations of an adjusted net debt below 1.0x. As of
the last 12 months (LTM) ended Sept. 30, 2015, AGE's adjusted net
leverage reached 2.0x. In 2015, AGE's EBITDA was impacted by a
one-time BRL150 million charge from the cancellation of the Angra
3 project. In September 2015, total adjusted debt reached BRL3
billion, mostly composed of AGI's bonds of BRL2 billion and
working capital lines of BRL753 million. Cash flow from operations
(CFFO) should decline gradually to BRL350 million in 2017, with a
negative free cash flow of BRL50 million in the same year.

KEY ASSUMPTIONS

-- Backlog falls 50% in Brazil and 28% abroad in $US  terms in
    2015. It declines 25% domestically and grows 0.5% in foreign
    markets in 2016;
-- Net revenues decline 24% in 2015 and 15% in 2016, and recovers
    as of 2017;
-- EBITDA margins at a negative 5% in Brazil and positive at 22%
    abroad in 2015. As of 2016, domestic margins recover to 2.5%
    and the international margins returns to historical levels of
    12%.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Continued deterioration of AGE's business in Brazil;
-- Difficulties to replace backlog abroad, mainly to continuing
    low oil prices;
-- Material problems collecting receivables, which can affect its
    working capital needs.

An upgrade is unlikely in the short term. Future developments that
may, individually or collectively, lead to a positive rating
action include:

-- Recovery on its business profile in Brazil and abroad,
    benefitting its backlog;
-- Lower debt service challenges for AGE, which can occur through
    capital injections.

LIQUIDITY

Fitch believes AGE's robust liquidity will be pressured over the
next three years. On Sept. 30, 2015, the company's cash and
marketable securities totaled BRL2.3 billion, equivalent to 4.6x
its short-term debt of BRL497 million. Liquidity has been
pressured by higher interest rates and AGE's refinancing capacity
will be tested in April 2018 when AGI's $US 500 million notes
expire.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings:

Andrade Gutierrez Engenharia S.A. (AGE)
-- Foreign and local currency long-term IDRs to 'B+' from 'BB+';
-- National long-term rating to 'A-(bra)' from 'AA-(bra)'.

Andrade Gutierrez International S.A. (AGI)
Fitch has assigned a 'RR4' to AGI's debt:

-- $US 500 million senior unsecured bonds due 2018 to 'B+/RR4'
    from 'BB+'.


BANCO MERCANTIL: Moody's Cuts Deposit Ratings to B3; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local- and
foreign-currency deposit ratings of Banco Mercantil do Brasil S.A.
(BMB) to B3 from B2.  Moody's also downgraded BMB's long-term
Brazilian national scale deposit rating to B1.br from Ba2.br, the
long-term foreign currency senior unsecured medium term note
program to (P)B3 from (P)B2, and the long-term foreign currency
subordinated debt rating to Caa1 from B3.  At the same time,
Moody's downgraded BMB's baseline credit assessment (BCA) and
adjusted BCA to b3 from b2, and its long-term Counterparty Risk
Assessment (CRA) to B2(cr) from B1(cr).  Moody's affirmed all
short-term ratings and assessments assigned to BMB.  The outlook
on all ratings remains negative.

These ratings and assessments of BMB were downgraded:

  Long-term global local-currency deposit rating: to B3 from B2,
   with negative outlook;
  Long-term global foreign-currency deposit rating: to B3 from B2,
   with negative outlook;
  Long Term foreign-currency Senior Unsecured Medium-Term Note
   Program , to (P)B3 from (P)B2
  Long-term foreign currency subordinated debt rating: to Caa1
   from B3;
  Long-term Brazilian national scale deposit rating: to B1.br from
   Ba2.br;

Baseline credit assessment: to b3 from b2;
Adjusted baseline credit assessment: to b3 from b2;
Long-term counterparty risk assessment: to B2(cr) from B1(cr);
The following ratings and assessments of BMB were affirmed:
Short-term global local-currency deposit rating of Not Prime;
Short-term global foreign-currency deposit rating of Not Prime;
Short-term Brazilian national scale deposit rating of BR-4;
Short-term counterparty risk assessment of Not Prime(cr).

                         RATINGS RATIONALE

The downgrades reflect Banco Mercantil do Brasil S.A. (BMB)'s
persistent weak adjusted levels of capitalization, high asset
risk, and declining liquidity.  BMB continues to report high
delinquency ratios, which reflect the poor quality of a loan book
centered on small and medium-sized companies (SMEs) that has been
highly vulnerable to the slow economic activity of the past years.
In 2015, BMB's delinquency ratios remained above 8% mostly because
of the poor performance of SME loans, which accounted for 40% of
total loans, despite efforts to improve the quality of that
portfolio.  Moody's anticipates further deterioration in BMB's
loan book in 2016 as a result of additional strain on borrowers'
repayment capacity caused by Brazil's prolonged recession period.
The bank's still unseasoned consumer lending product could
increase asset risk further.

BMB's capitalization -- measured by Moody's ratio of tangible
common equity (TCE) to risk weighted-assets (RWA) -- barely
exceeded a 4.0% as of 3Q15, despite modest recovery in the
preceding nine months.  While the bank's regulatory common equity
tier 1 ratio is considerably higher at 8.3%, it incorporates a
high volume of deferred tax assets (DTAs) associated with loan
loss provisions, which Moody's discounts because of the high
degree of uncertainty that the bank will be able to utilize them.

Although BMB achieved positive results in the first three quarters
of 2015 after reporting net losses in five of the six preceding
quarters, Moody's does not believe this recovery is sustainable.
The improvement was mainly associated with revenues from a new,
high yield but high risk product offered to individuals.  Together
with the poor performance of SMEs in this environment, however,
this new product is likely to result in an increase in credit
costs in the coming quarters.  In turn, these increased
provisioning requirements, coupled with weak loan demand, are
expected to drive a decline in profitability.

Lastly, the downgrade also considered the steady decline in liquid
resources, which dropped to 17% of tangible banking assets as of
September 2015 from 23% a year earlier.  These credit challenges
notwithstanding, however, BMB continues to benefit from a
relatively strong funding profile that compares favorably to other
B-rated banks in Brazil.  Supported by its retail footprint,
demand, savings and time deposits from individuals accounted for a
significant 34% of total funding in September 2015.  Time deposits
from institutions and mid-size companies contributed another 40%.

BMB's ratings remain on negative outlook to reflect the pressures
of challenging market conditions and slow business activity, which
can increase non-performing loans in the SME portfolio or in the
bank's unseasoned retail lending product.

BMB's ratings do not benefit from any uplift from either affiliate
or government support.  Moody's assesses a low likelihood of
government support for the bank, reflecting its small deposit
market share.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The ratings could move down if the bank reports increased
provision expenses and a further decline of already thin capital
levels.  While positive pressure on the bank's ratings is highly
unlikely because of the negative outlook on ratings, the outlook
could stabilize if the bank is able to maintain positive operating
results and delinquencies start to decline.

                        LAST RATING ACTION

Moody's took its last rating action on BMB on June 12, 2015, when
the rating agency downgraded the bank's long-term global local and
foreign currency deposit ratings to B2, from B1, the senior
unsecured debt rating to (P)B2, from (P)B1, the subordinated debt
rating to B3, from B2, and the Brazilian national scale deposit
ratings to Ba2.br and BR-4, from Baa3.br and BR-3, in the long-
and short-term, respectively.  The short-term local and foreign
currency deposit ratings were affirmed.  Moody's also downgraded
BMB's baseline credit assessment to b2, from b1, and assigned
Counterparty Risk Assessments (CR Assessments) of B1(cr) and Not
Prime(cr), long- and short-term, respectively, to BMB.

Banco Mercantil do Brasil S.A. is headquartered in Belo Horizonte,
Brazil, and had total assets of BRL12.4 billion ($3.11 billion)
and total equity of BRL715 million ($179.6 million) as of
Sept. 30, 2015.


CONCESSAO METROVIARIA: Moody's Affirms Ba2 Issuer Rating
--------------------------------------------------------
Moody's America Latina affirmed the issuer ratings of Concessao
Metroviaria do Rio de Janeiro S.A. (METRORIO) at Ba2 on the global
scale, and at Aa2.br on the Brazilian National Scale.  At the same
time, Moody's changed the outlook to stable from positive.

RATINGS RATIONALE

The affirmation of the ratings reflects our expectation that
METRORIO will continue to register a continuous improvement in the
company's financial and operating performance in the context of
much lower CAPEX needs going forward.  The rating action is
further supported by the relatively stable and predictable
operating cash flows provided under METRORIO's concession
contract.  Additional considerations for the affirmation include a
robust liquidity profile coupled with the strong commitment from
its controlling shareholder, INVEPAR (Ba3/A2.br; stable) and its
ultimate shareholders.  Moody's decision to change the outlook to
stable is driven primarily by Brazil's deteriorating macroeconomic
environment, which could pressure the positive financial trends
registered so far.

However, the ratings continue to be somewhat constrained by: (i)
the potential political interference that could negatively impact
fare adjustments granted by the State of Rio de Janeiro; and (ii)
the potential modifications to the current expansion plans of the
mass transportation system in the City of Rio de Janeiro (Baa3 on
review for downgrade) which could affect METRORIO's operating and
financial performance.

                          RATING OUTLOOK

The stable outlook reflects Moody's views that: (i) METRORIO's
completed expansion program will continue to offer more
transportation capacity with enhanced quality; (ii) the company's
credit metrics will continue to improve, albeit at a more modest
pace given the more challenging economic environment; (iii) the
company's ultimate shareholders will continue to provide financial
support, if needed; (iv) the company will continue to successfully
access long-term financing from public banks such as BNDES and CEF
as well as from private banks and the capital markets at adequate
terms; and (v) there will be no material political interference
that could affect the economic equilibrium of METRORIO's
concession contract.

WHAT COULD CHANGE THE RATING - UP / DOWN

The ratings or outlook could be upgraded if ridership exceeds
Moody's forecast resulting in stronger credit metrics and
liquidity coupled with a gradual deleveraging.  Also, Moody's
would upgrade the rating if the RCF / Net Debt stays above 12%,
and interest coverage as measured by (FFO plus interest expense) /
interest expense exceeds 3.0x on a sustainable basis.

A downgrade of the ratings or outlook could occur in case the
financial support and commitment from INVEPAR's ultimate
shareholders is perceived to have diminished, the Company's
liquidity position deteriorates, or if there is political
interference that could impact the ability to adjust tariffs
according to the concession contract.  Quantitatively, a rating
downgrade could occur if RCF/ Net Debt stays below 7%, and
interest coverage remains below 2.0x for an extended period.

Concessao Metroviaria do Rio de Janeiro S.A. -- MetroRio is an
urban railway passenger transportation company, which has the
concession rights to operate Lines 1 and 2 of the subway system in
the City of Rio de Janeiro with an extension of 42 km and 36
stations.  The Concession was granted by the State Government of
Rio de Janeiro in 1998 for a 20-year period.  In December 2007,
MetroRio agreed to undertake an expansion and modernization
program with capital expenditures (CAPEX) of BRL 1.2 billion that
resulted in the extension of the Concession for an additional
period of 20 years, until January 2038.  At the end of the
Concession period, the assets will revert to the State Government
of Rio de Janeiro.  In the last twelve months (LTM) ended on 30
September 2015, according to Moody's standard adjustments,
MetroRio reported net operating revenues of BRL764 million, EBITDA
of BRL385 million, and net distributable income (after unusual and
non-recurring items) of BRL117 million, as compared to net
operating revenues of BRL702 million, EBITDA of BRL305 million,
and net income of BRL61 million in FY2014.

MetroRio is fully owned by Investimentos e Participacoes em
Infraestrutura S.A. - INVEPAR, is controlled by the three largest
Brazilian pension funds (PREVI, FUNCEF and PETROS) and the
engineering and construction group OAS, which includes its
subsidiaries OAS Infraestrutura S.A. (not rated), Construtora OAS
S.A. (not rated) and OAS S.A. (not rated).  In addition to
Concessao Metroviaria do Rio de Janeiro - MetroRio, the subway
concessionaire in the city of Rio de Janeiro, INVEPAR's current
portfolio of concessions consists of several toll roads, such as:
Linha Amarela S.A. - LAMSA (Ba2/Aa3.br; stable), Concessionaria
Auto Raposo Tavares S.A. -- CART (Ba3 stable), Concessionaria
Litoral Norte S.A. -- CLN (unrated), Concession ria Rio -
Teresopolis S.A. -- CRT (unrated), in which INVEPAR holds a 24.9%
stake, Concessionaria Rota do Atlantico -- CRA (unrated) and
Concessionaria Bahia Norte -- CBN (B1 stable), a joint-venture
with Odebrecht Transport Participacoes S.A.  In February 2012,
INVEPAR won the auction for the concession of the International
Airport of Guarulhos (GRU Airport; unrated), the busiest airport
in Latin America, which is located in the metropolitan area of the
City of Sao Paulo.  In March 2012, INVEPAR acquired 100% ownership
of V.P.R. Brasil Participacoes S.A., which through a special
purpose entity (Linea Amarilla S.A.C. or LAMSAC; unrated) controls
the 40-year concession of, a 25-km urban toll road in the city of
Lima, Peru.  In addition, the Consortium led by INVEPAR (33.34%),
Odebrecht Transport Participacoes S.A. (33.33%; unrated) and CCR
SA (33.33%; Ba1 stable), was declared the winner of the bidding
for the Transolimpica Expressway, now called ViaRio, which is part
of a set of investments in preparation to the 2016 Olympic Games.
In addition, in 2012 INVEPAR created Metrobarra S.A. (unrated), a
company that will provide rolling stock material and systems to
the line 4 of Rio de Janeiro's subway network.  MetroBarra also
signed a put option agreement, which contains certain precedent
conditions.  In that year, Invepar also created PEX S.A. (unrated)
  - a company that provides automatic toll collection services for
some of its toll roads, such as LAMSA, CBN, CLN, CRT, and CRA as
well as for other third-party concessionaries such as Via Lagos
(Ba1 stable) and the Rio-Niteroi bridge (unrated).

In 2013, INVEPAR added two new concessions to its growing
portfolio: (i) VLT Carioca (unrated): In May 2013 the VLT Carioca
consortium, in which INVEPAR has a 24.8% stake, was awarded a 25-
year concession to develop a light rail transit system that will
connect the Rio de Janeiro port area with the financial district
and the Santos Dumont airport in downtown Rio de Janeiro; (ii) Via
040 (unrated): in December 2013, INVEPAR won the bid for the 30-
year concession to expand, operate and maintain BR-040/DF/GO/MG, a
936.8 km highway that connects the capital city Brasilia to Juiz
de Fora, in the State of Minas Gerais (Ba1 under review for
downgrade).

The principal methodology used in these ratings was Global
Passenger Railway Companies published in March 2013.


GEOPARK LATIN: Likely to Avoid Default in 2016 Says Fitch
---------------------------------------------------------
GeoPark Latin America Limited Agencia en Chile (GeoPark) should
retain sufficient liquidity to forestall a default scenario in
2016 based on oil at $45/bbl, according to the latest report in
Fitch Ratings' 10-report series titled '10 Most Distressed LatAm
Corporates.'

One report will be released each day through Feb. 12 per the
schedule found at the bottom of this release.

'With the EBITDA interest coverage ratio at 3x, and its cash burn
approximately $25 million, GeoPark would be left with cash
reserves of approximately $55 million at the end of 2016 -- an
improvement over the $50 million cash burn seen in 2015,' said
Xavier Olave, Associate Director. 'GeoPark also has sufficient
liquidity to meet its short-term debt obligations.'

The largest concern for GeoPark is an oil price decline to $35/bbl
or below, resulting in year-end cash holdings under $30 million
which, in Fitch's view, would put the company in a distressed
position unless it could access other sources of liquidity.

If GeoPark's liquidity finds itself threatened by sustained oil
prices below $40/bbl, the company can draw additional funds from
an offtake agreement with commodity trading firm, Trafigura Beheer
BV.

Fitch's 10 Most Distressed LatAm Corporates series will be
released one report per day as follows:

Feb. 1st: Samarco Mineracao S.A.
Feb. 2nd: Companhia Siderurgica Nacional
Feb. 3rd: Pacific Exploration and Production Corporation
Feb. 4th: GOL Linhas Aeresas S.A.
Feb. 5th: Oi S.A.
Feb. 8th: GeoPark Latin America Limited Agencia en Chile
Feb. 9th: Ajecorp B.V.
Feb. 10th: TV Azteca, S.A.B. de C.V.
Feb. 11th: QGOG Constellation S.A.
Feb. 12th: Odebrecht Offshore Drilling Finance Ltd.


GERDAU TRADE: Moody's Lowers Rating on FC Debt Issues to Ba3
------------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Baa3 the ratings
of the foreign currency debt issues of Gerdau Trade Inc
(guaranteed by Gerdau S.A. and its operating subsidiaries in
Brazil) and of the local currency debt issues of GTL Trade Finance
Inc (guaranteed by Gerdau S.A. and its operating subsidiaries in
Brazil), as well as the industrial revenue bonds issued by
Jacksonville Economic Development Commission (guaranteed by Gerdau
S.A.) and the solid waste disposal bonds issued by St. Paul Port
Authority, MN (guaranteed by Gerdau S.A.).  At the same time,
Moody's has withdrawn Gerdau S.A.'s issuer rating and assigned a
Ba3 corporate family rating.  The outlook for the ratings is
negative.

Ratings downgraded:

Issuer: Gerdau Trade Inc.:

  USD750 million senior unsecured notes due 2023: to Ba3 from Baa3

Issuer: GTL Trade Finance Inc.

  USD1,250 million senior unsecured notes due 2024: to Ba3 from
   Baa3
  USD500 million senior unsecured notes due 2044: to Ba3 from
   Baa3

Issuer: Jacksonville Economic Development Comm., FL

  USD23 million industrial revenue bonds due 2037: to Ba3 from
   Baa3

Issuer: St Paul (City of) MN, Port Authority

  USD51 million solid waste disposal revenue bonds due 2037: to
   Ba3 from Baa3

Ratings withdrawn:

Issuer: Gerdau S.A.
  LT Issuer Rating: previously rated Baa3

Ratings assigned:

Issuer: Gerdau S.A

  LT Corporate Family Ratings: Ba3

The outlook for the ratings is negative.

RATINGS RATIONALE

The downgrade reflects the severity of the global steel industry
downturn, the continued weakness of the steel industry in Brazil,
a key market for Gerdau, and Moody's expectations that the
company's credit metrics, particularly margins, leverage and
interest coverage will remain pressured in the next 12-18 months.
In the current operating environment, we believe credit metrics
need to be stronger than in a more normal cycle.  At this point,
we have little visibility as to how long it will take for the
steel industry to improve in Gerdau's main markets (Brazil and the
US) and for the company's credit metrics to recover.

Gerdau's large exposure to the Brazilian domestic market (32% of
revenues and 43% of EBITDA in the LTM ending September 2015) and
the sharp deterioration of the country's macroeconomic
fundamentals will continue to materially impact the company's
operating and financial performance at least throughout 2016.  In
the US, global overcapacity in the steel industry and the strong
dollar will continue to attract imports, and steel-consuming
industries have mixed trends, with automotive and commercial
construction improving, but mining and oil and gas hit by the
lower level of investments.  Therefore, Moody's should see
volatility in this market as well.  Besides, uneven economic
growth in Europe and lower global growth expectations will
continue to pressure the company's overall results.

Gerdau's Ba3 ratings continue to be supported by the company's
historically solid cash generation, which reflects its strong
market position in the several markets where it operates, its good
operational and geographic diversity, its cost-driven management,
as well as its conservative financial policies.  While Gerdau's
variable cost structure, high integration level and large scale
provide good operating flexibility, reducing downside risk, the
economic slowdown in Brazil should keep volumes and margins for
steel under pressure at least across 2016.  Notwithstanding,
Gerdau's liquidity position remains healthy based on a robust cash
position (BRL 6.7 billion at the end of September 2015) and
comfortable debt amortization schedule.

The negative outlook incorporates the deterioration in market
fundamentals for the steel industry in Brazil and in the US, and
the continued challenges for the global steel industry, which will
keep Gerdau's metrics pressured in the next 12-18 months.

Additional negative pressure on the rating could result from
weaker liquidity or from persistently high leverage, with total
debt to Ebitda above 4.0x on a sustainable basis over the long-
term.  Further deterioration in volumes and margins in Gerdau's
main markets (namely Brazil and the US), affecting its ability to
generate positive free cash flow or limited flexibility for capex
reduction could trigger a downgrade.  A sharp deterioration in the
controlling shareholders' (Metalurgica Gerdau) financial position
and an increase in dividends at levels such that the cash flow
from operations less dividends to debt ratio remains below 15% for
a prolonged period could also precipitate a downgrade.

The ratings could be upgraded if Gerdau is able to sustain
profitability at current levels during the industry's down cycle,
while maintaining an adequate liquidity profile and reduce debt
levels, with total adjusted debt to Ebitda below 3.5x and EBIT to
interest expense above 3.0x on a sustained basis.

Based in Brazil, Gerdau S.A. is the leading producer of long steel
in the Americas , with total annual capacity of over 25.7 million
tons of crude steel.  The group has operations in 14 countries
with relevant market shares in many of them, including Brazil,
USA, Canada, Chile, Peru, Uruguay, Argentina, Mexico, Venezuela,
Colombia, Spain, India, Guatemala and the Dominican Republic.  In
the last twelve months ended September 30, 2015, Gerdau reported
consolidated annual revenues of approximately BRL 43.9 billion
(USD 14.6 billion converted by the average exchange rate).


GOL LINHAS: S&P Puts 'B-' CCR on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' global scale
corporate credit and issue-level ratings on Gol Linhas Aereas
Inteligentes S.A. (GOL) on CreditWatch with negative implications.
At the same time, S&P lowered its national scale corporate credit
rating on the company to 'brB-' from 'brB' and placed them on
CreditWatch negative.

S&P's '4L' recovery ratings on GOL's senior unsecured debt, which
reflects its expectations of average recovery (30%-50%; the lower
end of the range), remain unchanged.  S&P has also affirmed its
'BB' rating on GOL's term loan, Delta Air Lines Inc. guarantees.
S&P's '5L' recovery rating on this loan, which reflects its
expectations of modest recovery (10%-30%; the lower end of the
range), remains unchanged.

The CreditWatch placement reflects the increasing risks of weak
operating performance, which would continue to deplete GOL's cash
position.  Such scenario could raise concerns of GOL's failure of
meeting its financial obligations in the next 12-18 months.  The
company's concentrated operations in the Brazilian market expose
it to currently weak demand, intense competition, and currency
mismatch, which have increased its costs and foreign currency
denominated debt level.  GOL's high-interest expense continues to
weigh on its ability to generate cash and deleverage.  Therefore,
the company relies on the industry's and its own capacity
adjustment to increase prices and improve profitability, which S&P
believes already started.  However, the extent of the adjustments
can be limited due to Brazil's recession amid decreasing
consumption power, and high interest rates and inflation.  In
addition, ongoing market pressures, including the seasonally weak
second quarter, will likely offset most benefits from potential
adjustments, which may increase cash burn and weaken liquidity.


GOL LINHAS: Fitch Cuts Issuer Default Ratings to 'CCC'
------------------------------------------------------
Fitch Ratings has downgraded the ratings for Gol Linhas Aereas
Inteligentes S.A. (GOL) and its fully owned subsidiaries as
follows:

Gol Linhas Aereas Inteligentes S.A. (GOL):
-- Long-term foreign and local currency Issuer Default Ratings
    (IDRs) to 'CCC' from 'B-';
-- Long-term national rating to 'CCC(bra)' from 'BBB-(bra)';
-- $US 200 million perpetual bonds to 'CCC-/RR5' from 'B-/RR4'.

VRG Linhas Aereas S.A. (VRG):
-- Long-term foreign and local currency IDRs to 'CCC' from 'B-;
-- Long-term national rating to 'CCC(bra)' from 'BBB-(bra)';

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:
-- $US 225 million ($US 84 million outstanding) of senior
    unsecured notes due 2017 to 'CCC-/RR5' from 'B-/RR4';
-- $US 300 million ($US 154 million outstanding) of senior
    unsecured notes due 2020 to 'CCC-/RR5' from 'B-/RR4'.

GOL LuxCo S.A.:
-- $US 200 million ($US 35 million outstanding) of senior
    unsecured notes due 2023 to 'CCC-/RR5' from 'B-/RR4';
-- $US 325 million of senior unsecured notes due 2022 to 'CCC-
    /RR5' from 'B-/RR4'.

The downgrades reflect expectations of continued deterioration in
GOL's credit profile driven primarily by weak operational results
under Brazil's macro and business environment. Fitch considers
trends in GOL's critical areas such as net revenues, cost
expenses, and capital expenditures (capex) will lead to negative
free cash flow (FCF) generation and liquidity deterioration during
2016.

GOL's principal credit risk is demand deterioration in Brazil,
with negative trends observed in traffic and yields during the
last months of 2015 continuing and worsening in 2016. Absent
capital injections, Fitch views GOL's credit risk as substantial
and a default or debt restructuring scenario occurring in the next
12-24 months as a real possibility.

The 'CCC-/RR5' rating of the company's unsecured public debt
reflects below-average recovery prospects in the event of a
default, due to the subordination of the unsecured debt to secured
debt related to aircraft finance.

KEY RATING DRIVERS

Negative Trend in Revenues and Expenses:

The deterioration in Brazil's economic scenario is expected to
impact the company's top line through the weakening of key
variables such as total transported passengers, revenue per
kilometer (RPK) and yield levels in 2016. The devaluation of the
Brazilian real against the U.S. dollar narrowed GOL's capacity to
benefit from lower oil prices in 2015. Fitch believes the
company's operating cost per available seat kilometer (CASK)
excluding fuel expenses will continue its upward trend in 2016. It
will be difficult for the company to maintain expenses such as
salaries and aircraft rent at current levels due to likely upward
pressure on these expense lines from inflation and exchange rate
trends.

Expectations on 2016 Operational Margin Revised:

In 2016, Fitch expects GOL to have a negative EBIT margin of
around 3.5%. This view is supported by prospects of GOL's
weakening trend in net revenues and limited capacity to keep its
costs under control. GOL's operational results are highly
correlated with the domestic economy. The company's business model
has limited product and geographic diversification as it is
primarily oriented toward Brazil's domestic passenger market.
Fitch revised its Brazil growth forecasts for 2016 to negative
2.5%, with a mild recovery possible in 2017. The company's FX
exposure is high. GOL generates about 90% of its revenue in
Brazilian reals, while about 50% of its total costs and 80% of its
total debt are denominated in U.S. dollars.

Liquidity under Pressure, High Leverage:

The company's readily available cash, measured as total cash plus
marketable securities, was BRL2.2 billion as of Sept. 30, 2015.
GOL's liquidity position as of Sept. 30, 2015 represents 22% of
the company's LTM September 2015 revenue. GOL's 2016 FCF is
expected to be negative, with an FCF margin of around negative 10%
resulting in a material reduction of its cash position. GOL's
gross adjusted leverage (measured as total gross adjusted
debt/EBITDAR ratio) is forecast to be around 13x by year-end 2015.
Further increase in GOL's gross adjusted leverage, primarily
driven by weaker operational performance, is anticipated during
2016.

Capacity Reduction Key Factor in 2016:

Fitch expects GOL to reduce its total capacity, measured in
available seat kilometers (ASK), during 2016 to high-single-digit
levels. The company's 2016 guidance indicates a negative 4%-6%
variation in capacity in Brazil's domestic market during the first
half of the year. The company's capex during the first nine months
of 2015 totaled BRL528 million. GOL has announced several measures
for 2016, including a decline in capacity, adjustments in its
aircraft delivery schedule and the sublease of some aircraft,
which, if executed, should be helpful in sustaining the company's
liquidity. Its capacity to manage critical areas such as traffic,
yield environment, costs, and capex levels could help it to
minimize cash burn during 2016.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for GOL's ratings
include:

-- 2016 consolidated RPK declines of around 3.5%;
-- 2016 consolidated ASK declines in the 5% to 6% range;
-- 2016 EBIT margin negative of around 3.5%;
-- 2016 FCF margin negative of around 10%;
-- Capital expenditure levels below BRL200 million in 2016;
-- Short-term debt consistently below BRL1.75 billion;
-- Interest coverage, measured as EBITDA/ gross interest expenses
    ratio, below 0.3x in 2016;
-- Gross adjusted financial leverage (total adjusted
    debt/EBITDAR) at levels around 15x by the end of 2016.

RATING SENSITIVITIES

Negative Rating Action: Future actions that may individually or
collectively cause Fitch to take a negative rating action include:

-- Weaker than expected operational performance in 2016 causing
    EBIT margin to be notably below Fitch's expectations;
-- 2016 FCF margin persistently below negative 13%;
-- Readily available cash, measured as total cash plus marketable
    securities, consistently below 10% of the company's annual
    revenue;
-- Increase in short-term debt notably above levels incorporated
    in Fitch's expectations

Positive Rating Action: Fitch could consider a positive rating
action if GOL generates operational and FCF margins consistently
above than those levels incorporated in the ratings, resulting in
lower financial adjusted gross leverage while keeping current
liquidity profile.

LIQUIDITY

The company's readily available cash, measured as total cash plus
marketable securities, was BRL2.2 billion as of Sept. 30, 2015.
GOL's liquidity position as of Sept. 30, 2015 represents 22% of
the company's LTM September 2015 revenue. The company's exposure
to Venezuela is estimated at BRL433 million, which is excluded
from Fitch's readily available cash calculation as of Sept. 30,
2015. Fitch considers trends in GOL's critical areas such as net
revenues, cost expenses, and capex will result in negative FCF
generation and liquidity deterioration during 2016.


INVESTIMENTOS E PARTICIPACOES: Peruvian Asset Draws Interest
------------------------------------------------------------
Cristiane Lucchesi, Scott Deveau and Jonathan Levin at Bloomberg
News report that a Peru road concession owned by Brazilian company
Investimentos e Participacoes em Infraestrutura SA has drawn
interest from suitors including Brookfield Asset Management Inc.
and Canada Pension Plan Investment Board, people with knowledge of
the matter said.

Invepar, as the company is known, is working with Banco Santander
SA and Banco do Brasil to sell Lima-based Linea Amarilla SAC, said
the people, who asked not to be identified because the information
is private, according to Bloomberg News.  Invepar is seeking a
price of about BRL2.3 billion (US$584 million) for the Peru asset,
the people said, the report notes.

Invepar said in a Jan. 22 regulatory filing it hired advisers to
analyze asset sales, without specifying advisers or assets, the
report relays.  The money from the sales will be used for
investments in Brazil, Invepar said in the filing, the report
notes.  The company acquired the Linea Amarilla project in March
2012 from OAS SA, which became a shareholder in Rio de Janeiro-
based Invepar, the report discloses.  OAS is under bankruptcy
protection against creditors.

                         Lima Expressway

The city of Lima awarded Sao Paulo-based OAS a 30-year concession
in 2009 to build and operate the expressway, Bloomberg News
recalls.  Linea Amarilla investments include a 2-kilometer tunnel
under Lima's city center and 9 kilometers of new toll road
connecting the Callao port area with the Pan-American Highway,
Bloomberg News says.

Invepar said it's always evaluating options to buy and sell assets
to maximize returns for its shareholders, Bloomberg News notes.
The company said the Peruvian asset was selected for possible
divestment as part of a plan to increase investment in Brazil, but
nothing has been defined thus far and the company will inform the
market of any future developments, Bloomberg News discloses.  It
declined to comment on other details, including possible buyers.

Representatives for Santander, Banco do Brasil, Brookfield and
CPPIB declined to comment.

As reported in the Troubled Company Reporter-Latin America on
Sept. 30, 2015, Standard & Poor's Rating Services affirmed its
'BB' global scale and 'brAA-' national scale rating on
Investimentos e Participacoes em Infraestrutura S.A. - Invepar.
The outlook on both ratings is stable.

At the same time, S&P affirmed its 'brAA-' national scale
corporate credit and issue-level ratings on Invepar's toll road,
Concessionaria Auto Raposo Tavares S.A. (CART).


LINHA AMARELA: Moody's Affirms Ba2 Rating on BRL386.70M Debentures
------------------------------------------------------------------
Moody's America Latina has affirmed the ratings of the BRL386.70
million senior secured debentures issued by Linha Amarela S.A. --
LAMSA at Ba2 on the global scale and Aa3.br on the Brazilian
National Scale.  At the same time, Moody's changed the outlook to
stable from positive.

                         RATINGS RATIONALE

The affirmation of the ratings reflects primarily: (i) Moody's
view that LAMSA, as a mature concession, will continue to present
strong and stable operating cash flows, supported by the company's
robust asset features and traffic profile; (ii) strong credit
metrics for the rating category given the strong economic
fundamentals of the concession; (iii) the long remaining
concession life; (iv) relatively healthy liquidity profile given
the continuing access to funding; and (v) the continuing positive
track record of payments by Concessao Metroviaria do Rio De
Janeiro S.A. -- METRORIO (Ba2/Aa2.br; stable), the concessionaire
of the subway system in the city of Rio de Janeiro (Baa3 on review
for downgrade), on the intercompany loan provided by LAMSA.  The
indicated rating provided by Moody's Privately Managed Toll Roads
Methodology maps to an A3 global scale rating, considering
historical credit metrics, and Baa1 on a 12-18 month forward
looking basis.  LAMSA's Aa3.br national scale rating reflects the
standing of the company relative to its domestic peers.

Moody's decision to change the outlook to stable is supported by
Brazil's deteriorating macroeconomic environment that could
materially affect the positive financial trends registered so far,
notwithstanding LAMSA's robust asset features and traffic profile,
which have historically resulted in resilient operating cash
flows.  In such context, the ratings are somewhat constrained by:
(i) the potential political interference that could negatively
impact tariff adjustments granted by the City of Rio de Janeiro;
(ii) the credit risk related to the intercompany loan that has
been extended to METRORIO; (iii) the track record of relatively
high dividend payments; (iv) the financial covenants embedded in
the rated debentures.

LAMSA's amortizing debentures, which were issued in one single
tranche on May 31, 2012, have a 15-year tenor including a 3-year
grace period, The debentures were placed with the Carteira
Administrada de Transporte Urbano (the Urban Transportation Fund),
which is managed by the Caixa Economica Federal, a bank controlled
by the Brazilian Federal Government (Baa3 on review for
downgrade).  The largest portion of the debentures' proceeds (up
to BRL 232.6 million) were used to finance LAMSA's CAPEX program,
and the payment, in full, of the outstanding debt of BRL180
million, which was previously raised to finance CAPEX investments.
The remaining portion (BRL154.2 million) was used to partially
finance the CAPEX program of its sister company, METRORIO, which
is also controlled by INVEPAR.  METRORIO borrowed this amount from
LAMSA by issuing senior unsecured debentures, which were fully
underwritten by LAMSA.

LAMSA's debentures are secured by a pledge of 40% of its present
and future toll receivables.  In addition, METRORIO provided a
corporate guarantee to Caixa Economica Federal (CEF) to back
LAMSA's repayment obligation in the amount owed by METRORIO to
LAMSA (BRL154.2 million).  Also, METRORIO will subrogate to the
rights of LAMSA's debenture holders in case METRORIO's guarantee
is called by CEF.

LAMSA's debentures require that it comply with a 1.3x minimum debt
service coverage ratio (DSCR) covenant, and maintain an EBITDA /
Net Financial Expenses ratio equal to or higher than 1.5x, and Net
Debt / EBITDA (Net Debt excludes cash and liquid investments)
equal to or lower than 2.0x.  Dividend distributions above the
minimum threshold required by Brazilian Corporate Law are subject
to the compliance by LAMSA with the debentures' covenants, which
include meeting a DSCR equal or higher than 1.3x.  As of Sept. 30,
2015, LAMSA was in compliance with the debentures' financial
covenants, and we project that the company will continue to comply
with the covenants in Moody's five-year projections, adjusting
dividend payments accordingly, if needed, to comply with said
financial covenants.

INVEPAR has in the past extended intercompany loans to provide
liquidity to its subsidiaries with the objective of reducing the
average cost of debt on a consolidated basis.  Despite LAMSA's
loan to METRORIO, INVEPAR's risk management policy, which was
implemented in 2013, restricts future intercompany loans among its
subsidiaries.  Therefore, LAMSA cannot provide or receive
financing, except when it is the recipient of funds from the
parent, INVEPAR.  The debentures also restrict LAMSA and METRORIO
from providing fiduciary guarantees, individually or in the
aggregate, above BRL1 million.

WHAT COULD CHANGE THE RATING UP / DOWN

An upgrade of the ratings will depend mainly on the satisfactory
financial and operational performance of METRORIO, including the
timely scheduled principal and interest payments of LAMSA's
intercompany loan to METRORIO.  A sustainable improvement of the
macroeconomic environment in Brazil could also justify an upgrade
in the outlook.

Conversely, the ratings could be downgraded if: (i) LAMSA's
liquidity deteriorates; (ii) METRORIO's credit metrics weaken
and/or METRORIO does not make scheduled principal and interest
payments; (iii) the ultimate shareholders decide to leverage LAMSA
in order to invest in new projects; and (iv) LAMSA's does not
comply with the financial covenants of the rated debentures.  A
rating downgrade could also be triggered if there is a perceived
deterioration in the level of supportiveness of the concession and
regulatory framework to private concessionaires as well as a
weaker perceived level of support from LAMSA's ultimate
shareholders.  Quantitatively, a downgrade is highly unlikely
given the company's strong credit metrics for the rating category.
The further deterioration of the domestic macroeconomic
environment could also trigger a change in the outlook.

Linha Amarela S.A. -- LAMSA has the concession to operate the toll
road services of a 20-km urban route in the city of Rio de
Janeiro.  The concession was granted by the City Government of Rio
de Janeiro in 1998 for a 25-year period.  In May 2010, LAMSA
committed to additional investments, which resulted in the
concession being extended for an additional 15 years, until
December 2037.  At the end of the concession period, the assets
will revert to the City of Rio de Janeiro.

LAMSA is wholly owned by Investimentos e Participacos em
Infraestrutura S.A. -- INVEPAR (Ba3/A2.br; stable), holding
company controlled by the three largest Brazilian pension funds
(PREVI, FUNCEF and PETROS) and the engineering and construction
group OAS (not rated).  INVEPAR was established in March 2000 to
invest in companies operating in the transport infrastructure
sector.


PARANAPANEMA SA: Moody's Lowers CFR to B3; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Paranapanema S.A.'s Corporate
Family Rating to B3 from B1.  The outlook remains negative.

Ratings downgraded:

  Paranapanema S.A.
  Corporate Family Rating: to B3 from B1

The outlook for the ratings is negative

RATINGS RATIONALE

The downgrade of Paranapanema's CFR to B3 reflects the expectation
that weak market fundamentals in Brazil will persist for a
prolonged period, which will lead to further contraction in the
main consuming industries for the company's products (energy,
construction, refrigeration, industrial machinery, automotive),
and continue to limit the company's profitability in the domestic
market.  Moody's acknowledges that Paranapanema's ongoing strategy
of increasing the share of exports in its sales revenues limits
the impact of the local market downturn in credit metrics, but we
also see risks arising from the uneven economic growth in major
economies in Europe, in the US and in China, as well as in Latin
America.  Still, the weak operating landscape, tighter liquidity
in the Brazilian financial system and the high level of short term
debt on the company's capital structure (based on September 2015
financials) are all factors that increase the company's liquidity
risk.

Paranapanema's B3 rating is constrained by the economic downturn
in the domestic market, which is expected to be deep and long,
directly affecting industrial activity and impacting
Paranapanema's domestic sales.  On the other hand, the ratings
continue to be supported by the company's leading position in the
Brazilian copper market, as well as its large scale and partially-
integrated operations that include access to high-grade copper,
its efficient logistics, and its long-term relationship with
copper suppliers and clients.

The ratings also incorporate our expectations that challenging
fundamentals in the copper industry may pressure smelters' and
copper products' premiums and Paranapanema's credit metrics.  The
high concentration of debt in the short term (56% of total
reported debt at the end of 3Q2015) poses an additional risk to
Paranapanema's credit profile.  Although Moody's acknowledges the
export financing nature of the majority of these lines and the
company's strategy of extending debt maturities, refinancing risk
exists.

The ratings could be upgraded if Paranapanema is able to improve
its liquidity profile by reducing the concentration of debt in the
short term.  The ratings could be upgraded if the company is able
to sustain operating performance at current levels and leverage
metrics (measured by total debt to ebitda) below 5.25x.  All
ratios incorporate Moody's standard adjustments.

On the other hand, the ratings could be downgraded if
Paranapanema's liquidity profile deteriorates or if its capital
structure weakens, with adjusted Total Debt to Ebitda above 6.25x
for a continued period.  Performance falling below our
expectations, indicated by negative free cash flow to debt could
also lead to negative rating actions.
Paranapanema S.A. is the sole refined copper producer in Brazil,
with an annual smelting production capacity of 280,000 tons.  The
company is also a leading producer of semi-finished copper
products, including wires, tubes, rolling, rods and bars.  In the
last twelve months ended September 2015, Paranapanema reported
consolidated revenues of BRL 5.2 billion (USD 1.8 billion
converted by the average foreign exchange rate for the period).
The company has three industrial facilities in Brazil -- one in
the state of Bahia, one in Espirito Santo and one in the state of
Sao Paulo.


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


3G BRAZIL: Commences Liquidation Proceedings
--------------------------------------------
On Dec. 4, 2015, the sole shareholder of 3G Brazil International
Fund Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 11, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Stuarts Walker Hersant Humphries
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888


ACHIEVEMENT CONCENTRATED: Commences Liquidation Proceedings
-----------------------------------------------------------
On Dec. 2, 2015, the sole shareholder of Achievement Concentrated
Fund Ltd. resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Achievement Asset Management LLC
          c/o Donna MacDonald
          141 West Jackson Boulevard
          Suite 800, Chicago
          Illinois 60604
          United States of America
          Telephone: +1 (312) 444 8707


ALABAMA RISK: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 8, 2015, the sole shareholder of Alabama Risk Solutions
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Graham Robinson
          c/o Tanya Armstrong
          P.O. Box 2499, George Town
          Grand Cayman KYl-1104
          Cayman Islands
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864


EP PARTNERS: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 7, 2015, the sole shareholder of EP Partners SPC resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


ETON PARK 1: Commences Liquidation Proceedings
----------------------------------------------
On Dec. 1, 2015, the sole shareholder of Eton Park CLO Management
1 resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


ETON PARK CLO 2: Commences Liquidation Proceedings
--------------------------------------------------
On Dec. 1, 2015, the sole shareholder of Eton Park CLO Management
2 resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GENUITY MASTER: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 4, 2015, the sole shareholder of Genuity Master Fund SPC
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 12, 2016, will be included in the company's dividend
distribution.

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


LARICE INTERNATIONAL: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 7, 2015, the sole shareholder of Larice International Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 19, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          Telephone: +1 (345) 949-9808
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MOWBRAY INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 8, 2015, the shareholders of Mowbray Investments Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 13, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Christopher Tushingham
          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P.O. Box 10147 Grand Cayman KY1-1002
          Cayman Islands


RIO CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Dec. 3, 2015, the members of
Rio Capital Fund Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2016, will be included in the company's dividend
distribution.

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


ROCKLEDGE INSURANCE: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 1, 2015, the sole shareholder of Rockledge Insurance
Company (Cayman), Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 18, 2015, will be included in the company's dividend
distribution.

The company's liquidator is:

          Claire Loebell
          c/o Joe Gaastra
          Telephone: (345) 814 9052
          Facsimile: (345) 814 8529
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands


SMITH BREEDEN: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 3, 2015, the members of
Smith Breeden Investment Grade Core Bond Master Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Amundi Smith Breeden LLC
          c/o 280 South Mangum St.,
          Suite 301 Durham NC 27701
          USA
          Telephone: +1 (345) 914 6365


TE CALEL INVESTORS: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 3, 2015, the sole shareholder of Te Calel Investors, Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


TE CALEL PORTFOLIO: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 3, 2015, the sole shareholder of Te Calel Portfolio, Ltd.
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


TOMMY COMPANY: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 2, 2015, the shareholders of Tommy Company Limited
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Avalon Ltd.
          Reference: GL
          Landmark Square, 1st Floor, 64 Earth Close
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Telephone: (+1) 345 769 4422
          Facsimile: (+1) 345 769 9351


VISTA HERMOSA: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 7, 2015, the sole member of Vista Hermosa Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 2, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG 1110
          British Virgin Islands
          c/o Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, 9 Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


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


MASISA SA: S&P Affirms 'B+' Rating & Revises Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Masisa
S.A. to stable from negative. At the same time, S&P affirmed its
'B+' ratings on the company.

The outlook revision follows Masisa's Feb. 4, 2016, announcement
of its cash tender offer for $100 million on its 9.5% $300 million
senior unsecured bond due 2019.  The company financed the tender
offer with proceeds from non-core asset sales of $82 million and
new debt of $18 million.  As a result of the debt reduction, S&P
now expects Masisa's net debt to EBITDA to drop to about 4x in the
next two years from 5.1x in the 12 months ended Sept. 30, 2015.
The rating constraint is the company's less-than-adequate
liquidity, as a result of limited headroom under its covenants.

S&P continues to observe some stagnation in Masisa's operations
due to the current economic slowdown and currency depreciation in
the countries where the company operates.  S&P expects Masisa's
recurring annual EBITDA generation to range between $150 million
and $160 million in 2016 and 2017, compared with $154 million in
the 12 months ended Sept. 30, 2015.  S&P expects higher production
and revenues from Mexico, stemming from the ramp-up of the medium-
density fiberboard plant, which will start operating in the first
quarter of 2016, to cushion the downturns in some of Masisa's
markets, particularly in Brazil.  Excluding Venezuela, S&P expects
the company's recurring EBITDA generation between $130 million and
$140 million in the next two years.


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


DOMINICAN REP: Natural Falls to Record RD$23.22; Others Unchanged
-----------------------------------------------------------------
Dominican Today reports that fuel prices except natural gas will
remain unchanged during the week from February 6 to 12, when
premium gasoline will remain at RD$175.30 and regular will
continue at RD$157.50 per gallon.

Optimum diesel remains at RD$127.40; regular diesel at RD$117.00,
avtur will cost RD$76.10; kerosene RD$ 98.30 and fuel oil at
RD$57.73 per dollar, according to Dominican Today.

Propane gas remains at RD$78.50 per gallon while natural gas falls
RD$1.00 to RD$23.22 per cubic meter, the lowest recorded since the
fuel came into wide use, the report notes.

The Central Bank's posted average exchange rate of RD$45.71 per
dollar was used to calculate all fuel prices, the report relays.

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


DOMINICAN REPUBLIC: Partial Lifting of US Agro Ban Buoys Farmers
----------------------------------------------------------------
Dominican Today reports that the partial lifting of the nine
months long ban that halted access to its main market has buoyed
domestic producers' future prospects, as containers full of fruits
and vegetables again head to the US.

Agriculture minister Angel Estevez said export avocados, peppers
and other affected products resumed as soon as the US authorities
lifted the ban on January 7, which had been placed on concerns
over the medfly in 23 of the country's 32 provinces, according to
Dominican Today.

"One exporter said 26 containers have been shipped just to Puerto
Rico," the report quoted Mr. Estevez said.

Mr. Estevez said the problem with exporting now is the lack of
supply to meet the demand for those agro products, which had
skyrocketed since the US imposed a similar ban on Spanish peppers
last month, the report relays.

"Demand is so great that they lack the capacity to supply it,
because the same ban they applied to us was also imposed on Spain
and are now demanding all the peppers, tomatoes, avocados from the
Dominican Republic," the official said, 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'.


DOMINICAN REPUBLIC: Border Market Normal Amid Haiti's Turmoil
-------------------------------------------------------------
Dominican Today, citing EFE News, reports that the violence in the
north and other parts of Haiti in the heels of the twice-suspended
presidential election didn't affect the bilateral market held
Mondays and Fridays at the Dominican northwest border town of
Dajabon.

Hundreds of Haitians crossed the border to stock up on various
products, mostly food, which they took back to their country
unimpeded, as confirmed by merchants of both nations, according to
Dominican Today.

"We are scared because there are many protests in Haiti; I
borrowed money to buy a higher proportion of products because
there is a shortage and demand has increased," EFE quoted Haitian
merchant Christiany Moningo Montolio of Fort Liberte Dept., as
saying.

Several Haitians said there were protests near Fort Liberte and
other towns in Haiti's northeast Thursday night, but Haiti's
National Police moved quickly to disperse the protesters and were
able to control traffic, the report relays.

Quoted by local media, Dajabon Market Merchants Union President
Freddy Morillo said the situation in their country has prompted
many Haitians to stock up on essential goods to avert shortages,
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'.


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


BANCO CONTINENTAL: S&P Affirms 'BB' ICR; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit and senior unsecured debt ratings on Banco
Continental SAECA.  The outlook remains negative.

The ratings on Banco Continental reflect S&P's assessment of its
strong business position as a largest bank in Paraguay; moderate
capital and earnings due to S&P's estimate for its risk-adjusted
capital (RAC) ratio and good quality of capital and earnings;
adequate risk position incorporating healthy asset quality profile
despite the slumping industry, average funding, and adequate
liquidity.  The rating on the bank is at the same level as S&P's
'bb' stand-alone credit profile (SACP) because it excludes
notching from external support, either from the government or
group.


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


CORDERO CORDERO: Case Summary & Largest Unsecured Creditor
----------------------------------------------------------
Debtor: Cordero, Cordero & Asociados-Asesores Legales, P.S.C.
        P.O. Box 994
        Arecibo, PR 00613-0994

Case No.: 16-00828

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
                  MS LOZADA LAW OFFICE
                  PO Box 9023888
                  San Juan, PR 00902
                  Tel: 787 520 6002
                  Fax: 787 520 6003
                  Email: lcdamslozada@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Ramon Cordero Rodriguez,
president.

The Debtor listed the Treasury Department as its largest unsecured
creditor holding a claim of $279,607.

A copy of the petition is available for free at:

           http://bankrupt.com/misc/prb16-00828.pdf


EL PIEX PUERTORRIQUENO: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: El Piex Puertorriqueno, Inc.
           dba A La Orden Discount
        #75 Calle Frank Becerra
        Tres Monjitas
        San Juan, PR 00918-1318

Case No.: 16-00805

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carmen D Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  Email: notices@condelaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Omar Guzman, vice-president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-00805.pdf


LAS AMERICAS: Plan Disclosure Hearing Continued to May 20
---------------------------------------------------------
Following a hearing on the disclosure statement explaining Las
Americas 74-75, Inc.'s Chapter 11 plan on Jan. 29, 2016, Judge
Edward A. Godoy in Puerto Rico ruled that:

     -- the debtor is to amend the disclosure statement and
        chapter 11 plan by Feb. 29, 2016;

     -- the hearing on disclosure statement is continued to
        May 20, 2016 at 9:30 a.m. at Courtroom #3 in Old San
        Juan; and

     -- the debtor is to notify all creditors of the hearing date
        when it files its amended disclosure statement and
        chapter 11 plan and file a certificate of service with
        the court.

The judge also ordered that a non-evidentiary hearing on the
jurisdictional issue as to the Debtor's motion for sanctions for
violation of the automatic stay and request for damages, as
supplemented is also scheduled for May 20, 2016, at 09:30 a.m.

The hearing on the Disclosure Statement has been adjourned several
times.  Secured creditor ALD Acquisitions, LLC, opposes the
approval of the Disclosure Statement, citing that the Disclosure
Statement contains misleading and false financial information.

                        The Chapter 11 Plan

According to the Disclosure Statement, the Debtor has filed a
Chapter 11 plan that proposes a 100% payment to creditors.

The Debtor says that through its bankruptcy proceeding, it will be
able to maximize the return of its assets while providing
distribution to all creditors, including payment to its secured
creditor ALD Acquisition, LLC.

ALD's claim secured with a first rank lien in the amount of
$4,380,000 over Lot No. 74 will be paid in full within 90 days
from the Effective Date.  ALD's allowed claim secured with a
second rank note in the amount of $3,250,000 over Lot No. 74 will
be paid within 90 days from the Effective Date.  General unsecured
claims of the Debtor will be paid in full within 24 months from
the Effective Date.  Holders of equity interests will not receive
distribution under the Plan until all senior classes are paid in
full.

The Debtor filed its plan of reorganization and its disclosure
statement on July 13, 2015.  A copy of the Disclosure Statement is
available for free at:

    http://bankrupt.com/misc/Las_Americas_55_DS.pdf

A copy of the first supplement to the Disclosure Statement filed
on August 11, 2015, is available for free at:

    http://bankrupt.com/misc/Las_Americas_72_DS_Supplement.pdf

                     About Las Americas 74-75

Las Americas 74-75, Inc., was incorporate in 2004 by Porfirio
Guzman and Maria M. Benitez, and is the owner of certain real
estate property located at the Hato Rey Ward, in San Juan, Puerto
Rico, right next to the reorganized area of Plaza Las Americas.

Las Americas 74-75, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 15-01527) on March 2,
2015.

The petition was signed by Omar Guzman Benitez, vice president.

The case is assigned to Judge Edward Godoy.

Las Americas 74-75 tapped Carmen Conde Torres, Esq., at C. Conde &
Associates, in San Juan, Puerto Rico, as counsel; and Albert
Tamarez Vasquez as accountant.

Las Americas disclosed total assets estimated at $21.2 million and
total debt estimated at $18.7 million.


LAWYERS SPECIALISTS: Case Summary & 2 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Lawyers Specialists in Social Security Benefit Claims and
        Other Federal Cases, P.S.C.
        P.O. Box 996
        Arecibo, PR 00613-00996

Case No.: 16-00829

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Brian K. Tester

Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
                  MS LOZADA LAW OFFICE
                  PO Box 9023888
                  San Juan, PR 00902
                  Tel: 787 520 6002
                  Fax: 787 520 6003
                  Email: lcdamslozada@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Susan M. Cordero Ladner, president.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-00829.pdf


SAN MIGUEL LABEL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: San Miguel Label Mfg. Inc.
        PO Box 1401
        Ciales, PR 00638

Case No.: 16-00820

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Nilda M. Gonzalez Cordero, Esq.
                  GONZALEZ CORDERO LAW OFFICES
                  PO Box 3389
                  Guaynabo, PR 00970
                  Tel: 787-721-3437
                  Email: ngonzalezc@ngclawpr.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Moises San Miguel Lorenzana, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-00820.pdf


SPANISH BROADCASTING: Gets Noncompliance Notice From NASDAQ
-----------------------------------------------------------
Spanish Broadcasting System, Inc., disclosed in a Form 8-K filed
with the Securities and Exchange Commission it received a written
notice from The Nasdaq Stock Market, advising the Company that the
market value of its Class A common stock for the previous 30
consecutive business days had been below the minimum $15,000,000
required for continued listing on the NASDAQ Global Market
pursuant to NASDAQ Listing Rule 5450(b)(3)(C).

Pursuant to NASDAQ Listing Rule 5810(c)(3)(D), the Company has
been provided an initial grace period of 180 calendar days, or
until July 26, 2016, to regain compliance with the Rule. The
Notice further provides that NASDAQ will provide written
confirmation stating that the Company has achieved compliance with
the Rule if at any time before July 26, 2016, the market value of
the Company's publicly held shares closes at $15,000,000 or more
for a minimum of 10 consecutive business days. If the Company does
not regain compliance with the Rule by July 26, 2016, NASDAQ will
provide written notification to the Company that the Company's
common stock is subject to delisting from the Nasdaq Global
Market, at which time the Company will have an opportunity to
appeal the determination to a NASDAQ Hearings Panel.

The Company intends to use all reasonable efforts to maintain the
listing of its common stock on the NASDAQ Global Market, but there
can be no guarantee that the Company will regain compliance with
the Market Value of Publicly Held Shares Requirement.

                     About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


WOMETCO DE PUERTO RICO: PREPA Granted $95K Admin. Claim
---------------------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for
the District of Puerto Rico granted the motion for allowance of an
administrative payment to Puerto Rico Electric Power Authority.

On June 23, 2015, PREPA filed the motion requesting $94,932 for
electricity sold to the Wometco de Puerto Rico Inc. during the
20-day period prior to the Petition Date.

Judge Tester agreed with PREPA in considering electricity as a
"good" for purposes of Section 503(b)(9) of the Bankruptcy Code.
The judge concluded that electricity falls within the definition
of
"good" under the Uniform Commercial Code because it is movable at
the time of identification of the contract for sale.  Judge Tester
thus held that PREPA should be entitled to an administrative
expense claim for the value of the electricity sold to the debtor.

The case is IN RE: WOMETCO DE PUERTO RICO INC MANTECADOS WOMETCO
INC, Chapter 11, Consolidated Debtor(s), Case No. 15-02264 (Bankr.
D.P.R.).

A full-text copy of Judge Tester's January 12, 2016 opinion and
order is available at http://is.gd/XjLSOXfrom Leagle.com.

Wometco de Puerto Rico Inc. is represented by:

          Phillip W. Bohl, Esq.
          GRAY PLANT MOOTY
          80 South 8th Street
          500 IDS Center
          Minneapolis, MN 55402
          Tel: (612)632-3000
          Fax: (612)632-4444
          Email: phillip.bohl@gpmlaw.com

            -- and --

          Charles Alfred Cuprill, Esq.
          CHARLES A CURPILL, PSC LAW OFFICE
          356 Calle Fortaleza, Second Floor
          San Juan, PR 00901
          Tel: (787)977-0515
          Email: cacuprill@cuprill.com

            -- and --

          Ubaldo M. Fernandez Barrera, Esq.
          O'NEILL & BORGES
          250 Munoz Rivera Avenue, Suite 800
          San Juan, PR 00918-1813
          Tel: (787)764-8181
          Fax: (787)753-8944
          Email: ubaldo.fernandez@oneillborges.com

Wometco de Puerto Rico, Inc., aka Baskin Robbins, aka Dunkin
Donuts, sought protection under Chapter 11 of the Bankruptcy Code
on March 27, 2015 (Bankr. D.P.R., Case No. 15-02264).  The
Debtor's counsel is Charles Alfred Cuprill, Esq.  The petition was
signed by Michael S. Brown, president.



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


HOVENSA LLC: Has Until April 12 to Decide on Unexpired Leases
-------------------------------------------------------------
The District Court for the Virgin Islands extended until April 12,
2016, Hovensa L.L.C.'s time to assume or reject unexpired leases
of nonresidential real property.

Richard H. Dollison, Esq., as local bankruptcy counsel, submitted
a certificate of no objection regarding the Debtor's extension
motion.

                         About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HOVENSA LLC: Liquidation Plan Gets Backing from Creditors Panel
---------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that U.S. Virgin
Islands-based oil refinery Hovensa received support for its
liquidation plan on Jan. 14, 2016, from its official committee of
unsecured creditors, a deal the committee said came after
financial stakeholders resolved more than $2 billion in claims
against the Debtor.

In a filing in federal bankruptcy court, the committee said
Hovensa's plan will allocate $30 million from the sale of the oil
refinery's assets for unsecured creditors and offers the best
possible recovery under the circumstances.


                      About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HOVENSA LLC: Has Until March 14 to File Plan
--------------------------------------------
The District Court of the Virgin Islands Bankruptcy Division
extended Hovensa, L.L.C.'s exclusive period to file a Chapter 11
plan until March 14, 2016, and solicit acceptances for that Plan
until May 13.

The Troubled Company Reporter, citing Bankruptcy Law360,
previously reported that the Hess-linked oil refinery at the
center of a U.S. Virgin Islands bankruptcy tangle will maintain
control of its bankruptcy for a bit longer, a federal judge ruled
on Jan. 4, 2015, extending Hovensa LLC's exclusivity period to
March 14.

Hovensa filed for bankruptcy in September, citing poor economic
conditions, "intense competition," and approximately $1.3 billion
in losses between 2009 and 2011, according to first-day filings.
The St. Croix refinery, which processed crude oil from Venezuela
and other places, is dually owned by Hess Corp. and Petroleos de
Venezuela.

                         About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).



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


NAVIOS SOUTH AMERICAN: S&P Lowers Corp. Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating of Navios South American Logistics Inc. (Navios Logistics)
to 'B-' from 'B'.  At the same time, S&P lowered its issue-rating
on Navios Logistics Finance (US) Inc.'s senior unsecured notes to
'B-' from 'B'.

The downgrade of Navios Logistics follows the similar recent
rating action on its controlling company, Navios Maritime Holdings
Inc. (B-/Negative/--).  The downgrade of the parent company
reflects S&P's reassessment of its management and governance to
satisfactory from strong.  S&P believes that the protracted
downturn in the drybulk shipping industry has diminished Navios
Holdings' ability to maintain its credit metrics and deliver
better operating performance than peers.

S&P continues to assess Navios Logistics as a strategically
important subsidiary of Navios Holdings.  Navios Logistics should
generate about 65% of the group's EBITDA in 2016, mainly as a
result of the poor performance of the group's other businesses.
According to S&P's group rating methodology, along with Navios
Logistics' strategically important status, and its higher stand-
alone credit profile (SACP) than the parent's rating, the
subsidiary's final rating is capped at the group's level due to
rising pressures on its leverage or dividends to support the
parent company.

Navios Logistics' SACP remains unchanged at 'b+' because S&P still
expects it to generate fairly stable cash flows and to improve its
EBITDA to $140 million in 2017 from about $80 million in 2015,
resulting from expansion of its port operations in the next few
quarters.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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