TCRLA_Public/160310.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, March 10, 2016, Vol. 17, No. 49


                            Headlines



A R G E N T I N A

IRSA PROPIEDADES: Fitch Rates Proposed US$300M Notes 'B-/RR3'(EXP)
IRSA PROPIEDADES: S&P Assigns 'B-' Rating to Proposed 7-Yr. Notes


B R A Z I L

PETROLEO BRASILEIRO: Odebrecht Ex-CEO Sentenced to 19 Years


C A Y M A N  I S L A N D S

ALYDAR FUND: Shareholders Receive Wind-Up Report
AQR GLOBAL: Shareholders Receive Wind-Up Report
AQR STYLE: Shareholders Receive Wind-Up Report
BLACKSTONE ZS: Shareholders Receive Wind-Up Report
COLOMBIA SPECIAL: Shareholder Receives Wind-Up Report

DYNAMIC DRAGONS II: Shareholders Receive Wind-Up Report
GS MOUNT: Shareholders Receive Wind-Up Report
GS PEP 2002: Shareholders Receive Wind-Up Report
GSV HEYDEN: Shareholders Receive Wind-Up Report
ISQ JAPAN: Shareholders Receive Wind-Up Report

KROM RIVER: Shareholders Receive Wind-Up Report
KROM RIVER GENERAL: Shareholders Receive Wind-Up Report
PEC MAMMOTH: Shareholders Receive Wind-Up Report
PRIVATE EQUITY: Shareholders Receive Wind-Up Report
SERENGETI CAPENSIS: Shareholders Receive Wind-Up Report

SILVER CREEK: Shareholders Receive Wind-Up Report
SOCIETE GENERALE: Shareholders Receive Wind-Up Report
SPROTT GLOBAL: Shareholder Receives Wind-Up Report
TCW/CRESCENT MEZZANINE: Shareholder Receives Wind-Up Report
TCW/CRESCENT MEZZANINE IVB: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

ROSARIO DOMINICANA: Gold Mine 'Toxic Waste' Dam Ready to Drain


J A M A I C A

JAMAICA: Exchange Rate to Remain Stable, BOJ Says


P U E R T O    R I C O

ALONSO & CARUS: Seeks Confirmation of Consensual Plan
ALONSO & CARUS: Reaches Deal with Lender on Plan Treatment
PUERTO RICO: Governor Meets Key U.S. House Member on Crisis
PUERTO RICO AQUEDUCT: S&P Retains 'CCC-' Ratings on Watch Neg.


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Jobless Rate Increases in Country


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Moody's Affirms Caa3 Rating; Outlook Neg.


                            - - - - -


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A R G E N T I N A
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IRSA PROPIEDADES: Fitch Rates Proposed US$300M Notes 'B-/RR3'(EXP)
------------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B-/RR3' (EXP) to
IRSA Propiedades Comerciales S.A.'s (IRSA PC) proposed notes in
the expected amount around US$300 million. Proceeds from the
issuance would be used to refinance existing debt, primarily the
company's $US 120 million unsecured notes due in 2017 and a $US
240 million intercompany loan with Inversiones y Representaciones
S.A. (IRSA). IRSA owns 95.2% of IRSA CP as of Dec. 31, 2015. Also,
IRSA intends to use the proceeds for the payment by IRSA CP of the
$US 240.0 million intercompany loan to pay the total consideration
for all IRSA's $US 150 million unsecured notes due in 2017 and up
to $US 76.5 million of IRSA's $US 150 million unsecured notes due
in 2020. Fitch views the proposed notes transaction as positive to
IRSA PC's credit quality as it will be used primarily to refinance
debt, adding financial flexibility by the improvement of its debt
payment schedule.

KEY RATING DRIVERS

Exposure to Argentina's Business Conditions Incorporated

IRSA PC's ratings reflect the company's exposure to Argentina's
business climate, economic conditions, credit profile, and the
credit linkage with its parent company, IRSA. IRSA CP's foreign
currency (FC) IDR continues to be constrained at 'CCC' by the
country ceiling assigned to Argentina by Fitch. Fitch has assigned
a country ceiling of 'CCC' to the Republic of Argentina, which
limits the foreign currency rating of most Argentine corporates to
'CCC'. Country ceilings are designed to reflect the risks
associated with sovereigns placing restrictions upon private
sector corporates, which may prevent them from converting local
currency (LC) to any foreign currency (FC) under a stress
scenario, and/or may not allow the transfer of FC abroad to
service FC debt obligations.

The company's local currency (LC) IDR remains at 'B+' due to the
risk of operating in Argentina's real estate industry. The 'RR3'
Recovery Rating reflects above average recovery prospects in the
event of default. The notching above the soft cap of 'RR4' for
bonds issued by Argentine corporates reflects the company's solid
credit profile and high level of unemcumbered assets.

Leading Real Estate Player, Diversified Portfolio

The rating reflects IRSA PC's solid business position as one of
the largest owners and managers of shopping centers and office and
other commercial properties in Argentina in terms of gross
leasable area and number of rental properties. IRSA CP owns and
operates 15 shopping centers in Argentina. The company manages a
total gross leasable area (GLA) of 333,719 square meters (sq. m.)
as of December 31, 2015. IRSA PC's tenants' sales in the shopping
centers segment totaled ARS8.3  ($US 640 million) during the
October - December 2015 period. The company's occupancy level in
the shopping centers segment was solid at 99% as of December 31,
2015. Also, the company owns and manages six premium office
buildings in the City of Buenos Aires and owns certain properties
for future development in Buenos Aires and several provincial
cities.

Low Leverage, High and Stable Margins

IRSA PC's leverage is low for a real estate company. During the
last twelve months ended December 31, 2015 (LTM Dec. 2015), the
company's leverage was 2.7x. IRSA PC had ARS2.9  - $US 308 million
- in sales and generated ARS2 s of EBITDA - $US  214 million. The
company has consistently kept its EBITDA margin around 75% over
the last several years. The company's total debt as of Dec. 31,
2015, was ARS5.4  - $US 420 million, which consists primarily of
the $US 120 million unsecured notes and the $US 240 million
intercompany loan with its parent company. Fitch links the credit
quality of IRSA PC with its higher leveraged parent company
(IRSA). As of Sept. 30, 2015, IRSA had ARS6.1  - $US 646 million -
of consolidated total debt, resulting in a total net debt-to-
EBITDA ratio of 3.3x in LTM September 2015.

Liquidity to Improve Post Transaction, High Unencumbered Assets

Liquidity post issuance is viewed as adequate considering the
company's capacity to cover interest expenses, manageable debt
schedule - with no material debt principal payment due during the
three years ended June 2018, and significant levels of
unencumbered assets. The company's financial strategy is to shift
toward an asset base primarily unencumbered through the issuance
of the proposed unsecured notes to replace a portion of its
current secured debt. The company's debt structure after the
execution of the proposed transaction will be almost entirely
unsecured. The company's asset value is estimated at around $US 2
, which will mostly unencumbered post refinancing.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for IRSA PC
include:

-- EBITDA margin for full-year 2016 around 75%;
-- Total adjusted net leverage for full-year 2016 around 3x;
-- Consolidated occupancy levels around 95% during 2016 - 2017; -
-Interest coverage (EBITDA/gross interest expenses) consistently
around 4x during 2016 - 2017.

RATING SENSITIVITIES

The ratings are expected to be driven primarily by developments in
Argentina's business climate and economic conditions.

Negative: Future developments that could, individually or
collectively, lead to negative rating actions in the short term:

-- Further economic deterioration and the Republic of Argentina's
    inability to convert and transfer foreign exchange for
    corporates;
-- Given high dependence on subsidies by various Argentine
    corporates, any further weakening of Argentina's fiscal
    accounts could have a negative impact on the companies'
    collections / cash flow;
-- A significant deterioration of IRSA PC's credit metrics.

Positive: A positive rating action could be the result of an
upgrade of the sovereign rating.

LIQUIDITY

Liquidity post issuance is viewed as adequate considering the
company's capacity to cover interest expenses, manageable debt
schedule - with no material debt principal payment due during the
three years ended June 2018, and significant levels of
unencumbered assets. The company's liquidity position, measured as
readily available cash, was ARS163 million ($US 13 million) as of
Dec. 31, 2015. The company's interest coverage ratio, measured as
total EBITDA-to-gross interests, is forecasted to be in the 4x to
4.5x range during 2016 - 2017. Post proposed issuance, the
company's debt principal payments due in the next 12 and 24 months
is viewed as manageable at levels around ARS423 million and ARS407
million, respectively.

The company's financial strategy is to shift toward an asset base
primarily unencumbered through the issuance of the proposed
unsecured notes to replace a portion of its current secured debt.
The company's debt structure after the execution of the proposed
transaction will be almost entirely unsecured. The company's asset
value is estimated at around $US 2 , which will mostly
unencumbered post refinancing.

FULL LIST OF RATING ACTIONS

Fitch Ratings has assigned an expected rating of 'B-/RR3' (EXP) to
IRSA PC's proposed notes in the expected amount around $US 300
million.

Fitch currently rates IRPC as follows:

-- Foreign currency Issuer Default Rating (IDR) 'CCC';
-- Local currency IDR 'B+';
-- $US 120 million notes due in 2017 'B-/RR3'.

The Rating Outlook is Stable.

Fitch also rates Inversiones y Representaciones S.A. (IRSA) as
follows:

-- Foreign currency Issuer Default Rating (IDR) 'CCC';
-- Local currency IDR 'B+';
-- $US 150 million notes due in 2017 'B-/RR3';
-- $US 150 million notes due in 2020 'B-/RR3';


IRSA PROPIEDADES: S&P Assigns 'B-' Rating to Proposed 7-Yr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue-level
rating to IRSA Propiedades Comerciales's (IRCP) proposed senior
unsecured seven-year notes.  S&P also affirmed its 'B-' corporate
credit and issue-level ratings on IRSA Inversiones y
Representaciones (IRSA) and IRCP.  The outlook remains stable.

The rating affirmation follows IRSA's and IRCP's announcement of
an offer to buy back all of their outstanding notes due 2017 ($120
million of IRCP and $150 million of IRSA) and up to $76.5 million
of IRSA's outstanding 11.5% notes due 2020 subject to a possible
increase of the 2020 notes tender by an aggregate principal amount
of up to $73.5 million.  The tender will be financed through
IRCP's issuance of new long-term senior unsecured notes.  In S&P's
view, this transaction, which will be carried out at par plus a
premium--which considers accrued interest--and about a year prior
to final maturities, represents an opportunistic offer.
Therefore, S&P don't consider the cash tender offer as distressed
restructuring.  Also, S&P believes that accepting the offer is
voluntary, and the bondholders will have ability to choose to
participate or not.  If they don't accept the offer, IRSA will
still have a call option alternative on the 2017 notes, which is
part of the original security package.  Standard & Poor's believes
that IRSA will seek to improve its financial flexibility with
longer debt maturity through the new issuance.

The 'B-' transfer and convertibility (T&C) on Argentina constrains
the foreign currency ratings on IRSA and IRCP.  Although IRSA has
investments in other countries, it mostly operates in the shopping
mall and office sectors in the city of Buenos Aires, where it
generates the bulk of its EBITDA.  High inflation and uncertainty
about future economic trends hurt IRSA's long-term financing and
limit its investments.  Therefore, although S&P believes that a
successful issuance will improve IRSA's capital structure, the
rating is still limited at Argentina's T&C assessment.


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B R A Z I L
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PETROLEO BRASILEIRO: Odebrecht Ex-CEO Sentenced to 19 Years
-----------------------------------------------------------
Marla Dickerson, Luciana Magalhaes and Jeffrey T. Lewis at The
Wall Street Journal reports that a Brazilian judge sentenced
Marcelo Odebrecht, the former chief executive officer of South
America's biggest construction company, to 19 years in prison for
his involvement in a sprawling corruption scandal centered on
Brazil's state oil company, Petroleo Brasileiro S.A. (Petrobras).

The scion of a billionaire family, 47-year-old Mr. Odebrecht was
convicted of money laundering, corruption and organized crime,
according to The Wall Street Journal.  He was CEO of Odebrecht SA
when he was arrested and jailed last June.  He later resigned from
the company founded by his grandfather.

Prosecutors allege that some of Brazil's largest construction
firms, including Odebrecht, skimmed billions of dollars from
Petrobras through inflated contracts, then channeled some of the
funds to the ruling Workers' Party and its allies as part of a
yearslong pay-to-play scheme, the report notes.

The WSJ relays that Mr. Odebrecht's stiff sentence, along with the
lengthy prison terms meted out to other executives and political
figures in the scandal, marks a shift within Brazil's justice
system.  In the past, it was common for elites to evade conviction
and escape punishment, the report says.

Nabor Bulhoes, Mr. Odebrecht's attorney, called the sentence
"unfair and unjust" and said the defense team would appeal to
higher courts, the report notes.

The executive's conviction has raised speculation that he could
cut a deal with prosecutors to reduce his sentence, a practice
allowed under Brazilian law, and potentially implicate others in a
scandal that now threatens to engulf the government of President
Dilma Rousseff, the report discloses.

"It's a tough sentence . . . . and could encourage him to accept a
deal," said Pierre Moreau, a partner in Sao Paulo's Moreau
Advogados law firm, the report relays.

In recent months, a number of prominent defendants have either
signed or are in talks with prosecutors to turn state's evidence,
accelerating the probe. Defense lawyers for Mr. Odebrecht said he
hasn't made any deal with the court, the report notes.

The developments come at a tense time in Brazilian politics.
Anger over the revelations of corruption threatens to destabilize
the government of the deeply unpopular Ms. Rousseff, who is facing
a growing number of calls for her ouster, the report notes.

In the sentencing document, Federal Judge Sergio Moro described
Mr. Odebrecht as one of the ringleaders of the scam and urged his
company to accept responsibility as a step toward repairing his
reputation, the report discloses.

"The admission of responsibility doesn't eliminate the wrongdoing,
but it's a decent way to get past it," the report quoted Mr. Moro
as saying.

The conviction of Mr. Odebrecht, dubbed "Prince of the
Contractors," is the biggest yet for Mr. Moro, who has worked with
a tightknit group of prosecutors in a widening probe that has
shaken the highest levels of Brazilian business and government,
the report says.  In contrast to the U.S., federal judges in
Brazil play an active role in investigations, approving key
warrants and reviewing evidence in addition to meting out
sentences, the report relays.

Ms. Rousseff hasn't been implicated in the sprawling corruption
investigation at Petroleo Brasileiro SA, as the oil company is
officially known, and has denied knowledge of the graft ring, the
report notes.  But the scandal has moved ever closer to her door
as one high-profile figure after another has been ensnared in the
probe, the report says.

Former Brazilian President Luiz Inacio Lula da Silva, Ms.
Rousseff's political mentor, was taken in for questioning by
police who suspect he was involved in the bid-rigging-and-bribery
scheme, the report notes.  The Odebrecht company figures
prominently in the probe and has denied wrongdoing, the report
notes.

Prosecutors suspect that Mr. da Silva benefited from extensive
renovations made by Odebrecht to a country ranch used by the
former president and his family, the report relays.

Authorities said they are also looking into millions of dollars of
donations made in recent years by several large Brazilian
companies, including Odebrecht, to Mr. da Silva's nonprofit
foundation, the Sao Paulo-based Instituto Lula, the report
discloses.

Prosecutors allege that Mr. da Silva helped organize an elaborate
scheme to divert funds from Petrobras to fund campaigns for the
Workers' Party and its political allies and that his think tank
might be a conduit for the dirty money, the report says.  Mr. da
Silva and the Workers' Party have denied wrongdoing.

Separately, Mr. da Silva is under investigation for influence
peddling on behalf of Odebrecht, which has snagged major public
works contracts across Latin America and Africa, the report notes.

Officials are trying to determine whether the popular Mr. da Silva
used his clout upon leaving office to convince international
leaders to award contracts to Odebrecht and to push Brazil's
development bank, known as BNDES, to finance those deals with
subsidized loans, the report relays.

The alleged offenses occurred between 2011 and 2014, after Mr. da
Silva left office, and involved a series of big infrastructure
deals that Odebrecht won in nations including Ghana, Angola, the
Dominican Republic and Cuba, notes the report.

Judge Moro also sentenced other former Odebrecht executives for
money laundering and bribing Petrobras executives, among other
crimes, and added new sentences for Petrobras executives who have
already been convicted of other crimes related to the case, the
report says.

Petrobras had no immediate comment.  It has said that it is a
victim of the scheme and that it is cooperating with authorities,
says WSJ.

As reported in the Troubled Company Reporter-Latin America on Feb.
26, 2016, Moody's Investors Service downgraded all ratings for
Petroleo Brasileiro S.A. - PETROBRAS ("Petrobras")'s and ratings
based on Petrobras' guarantee, including the company's senior
unsecured debt and Corporate Family Rating to B3 from Ba3. The
company's baseline credit assessment (BCA) was lowered to caa2
from b3. At the same time, Moody's downgraded Petrobras Argentina
S.A. ("PESA")'s ratings, including its senior unsecured medium
term note program and Corporate Family Rating to B3 from B2, in
line with the senior unsecured rating of Petrobras.



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


ALYDAR FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Alydar Fund Limited received on Jan. 27, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alydar Partners, LLC
          c/o John A. Murphy
          222 Berkeley Street, 17th Floor
          Boston Massachusetts 02116
          United States of America
          Telephone: +1 (617) 807-7110
          e-mail: jmurphy@jaminvestment.com


AQR GLOBAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholder of AQR Global Asset Allocation Offshore Fund (GBP)
II, Ltd. received on Jan. 26, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          AQR Capital Management, LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


AQR STYLE: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of AQR Style Premia Offshore Fund II Ltd.
received on Jan. 26, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          AQR Capital Management, LLC
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


BLACKSTONE ZS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Blackstone ZS Offshore Fund Ltd. received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


COLOMBIA SPECIAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Colombia Special Investments Fund received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Matias Rodriguez Arnal
          c/o Jody Powery-Gilbert
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


DYNAMIC DRAGONS II: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Dynamic Dragons II SPC received on Jan. 26,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


GS MOUNT: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of GS Mount Kellett Capital Partners Access
Offshore Advisors, Inc. received on Jan. 27, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


GS PEP 2002: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of GS PEP 2002 Offshore Holdings Advisors, Inc.
received on Jan. 27, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


GSV HEYDEN: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of GSV Heyden Holdings Advisors, Inc. received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


ISQ JAPAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of ISQ Japan Feeder GP Limited received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jun Asaki
          Room 401, 198-3 Yamamoto-cho 5-chome
          Naka-ku; Yokohoma-shi 231-0851
          Japan
          Telephone: +81-3-3210-2292
          e-mail: isqjapanfeederlp@japan-infra.com


KROM RIVER: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Krom River Commodity Fund Inc. received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David McGeough
          Piccadilly Centre, 2nd Floor
          28 Elgin Avenue, George Town
          P.O. Box 697GT Grand Cayman
          Cayman Islands


KROM RIVER GENERAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Krom River General Partner Inc. received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David McGeough
          Piccadilly Centre, 2nd Floor
          28 Elgin Avenue, George Town
          P.O. Box 697GT Grand Cayman
          Cayman Islands


PEC MAMMOTH: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of PEC Mammoth Advisors, Inc. received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


PRIVATE EQUITY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Private Equity Holdings VA Offshore, Inc.
received on Jan. 27, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


SERENGETI CAPENSIS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Serengeti Capensis Associates Ltd received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          J.L. Serengeti Management LLC
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SILVER CREEK: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Silver Creek Early Advantage Fund, Ltd.
received on Jan. 27, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Silver Creek Capital Management LLC
          c/o Eric E. Dillon
          1301 Fifth Avenue
          40th Floor
          Seattle
          Washington 98101
          United States of America
          Telephone: +1 (206) 774 6000
          e-mail: eric@silvercreekcapital.com


SOCIETE GENERALE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Societe Generale Real Estate Fund SPC received
on Jan. 26, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SPROTT GLOBAL: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Sprott Global Resources Fund, Ltd. received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Samgenpar, Ltd.
          c/o Joanne Huckle
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TCW/CRESCENT MEZZANINE: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of TCW/Crescent Mezzanine Partners IV (Cayman),
Ltd. received on Jan. 28, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          TCW Management Company International Limited
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


TCW/CRESCENT MEZZANINE IVB: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The shareholder of TCW/Crescent Mezzanine Partners IVB (Cayman),
Ltd. received on Jan. 28, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          TCW Management Company International Limited
          c/o Jody Powery-Gilbert
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


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


ROSARIO DOMINICANA: Gold Mine 'Toxic Waste' Dam Ready to Drain
--------------------------------------------------------------
Dominican Today reports that Energy and Mines minister Antonio Isa
said all needed studies have been done to start draining the
Mejita toxic waste dam near Cotui (central), calling it "a major
step" to eliminate the environmental risk.

Minister Isa said the project start is at the level of details,
but affirmed that he already has the necessary resources, the
report notes.

The report discloses that the dam holds the toxic sediments since
the Rosario Dominicana mining company, now operated by Barrick
Pueblo Viejo.

Minister Isa said the ministries of Energy and Mines and the
Environment, the canals and dams agency (INDRHI) and Barrick
Pueblo Viejo collaborated in the technical study, the report
relays.

Minister Isa said president Danilo Medina administration has
implemented mechanisms to monitor mining activities after the
concession agreement with Barrick Pueblo Viejo was renegotiated to
increase revenue, the report notes.

"The country has made progress, there is permanent work by
Internal Taxes, Customs, the Ministry itself, because we have a
mining supervision protocol," the official said, interviewed on
Matinal channel 5, the report adds.


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


JAMAICA: Exchange Rate to Remain Stable, BOJ Says
-------------------------------------------------
RJR News reports that Bank of Jamaica Governor Brian Wynter is
forecasting that the country's exchange rate will remain stable.

Mr. Wynter, speaking at the Central Bank's quarterly media
briefing, itemized three conditions which, he said, will
contribute to the stability of  the Jamaican dollar: " . . . the
Jamaican dollar no longer over-valued, the improving inflation
outlook, and the resulting narrowing of the inflation differential
between Jamaica and the United States," according to RJR News.

Mr. Wynter cautioned, nevertheless, that "some correction may
become necessary, if the US dollar continues its . . . . trend of
strengthening against third currencies," the report relays.

                           *     *     *

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


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


ALONSO & CARUS: Seeks Confirmation of Consensual Plan
-----------------------------------------------------
Alonso & Carus Iron Works, Inc., reached an agreement with the
Official Committee of Unsecured Creditors on the terms of a
proposed reorganization plan that's mutually acceptable, and has
scheduled confirmation hearing for a plan that will pay unsecured
creditors in full in 6 years.

On May 28, 2015, Debtor filed its original Plan of Reorganization
and Disclosure Statement.  A hearing on the approval of the
adequacy of the Disclosure Statement was scheduled for Oct. 9,
2015.  An objection to the approval of the Disclosure Statement
was filed by the Official Committee of Unsecured Creditors.

The Debtor and the Committee's representatives have been
discussing and negotiating a plan of reorganization and disclosure
that would be mutually acceptable.  Those negotiations have
resulted in Debtor's First Amended Disclosure Statement and
Debtor's First Amended Plan of Reorganization, both of which have
been filed Jan. 11, 2016.

Since the Plan and Disclosure Statement are consensual in nature,
and considering that there are no other pending objections to the
Original Disclosure Statement other than that of the Committee,
the Debtors sought an order approving the Disclosure Statement
without scheduling a new hearing on the approval of the Disclosure
Statement.  The motion was unopposed by parties.

The Court approved the Disclosure Statement on Feb. 1, 2016, and
scheduled a March 8 hearing to consider confirmation of the
Amended Plan.

No objections to confirmation of the Plan have been filed.

As of March 8, 2016, the Court has not yet entered an order
confirming the Plan.

                          Terms of the Plan

The Debtor's reorganization plan proposes to pay unsecured
creditors in full, without interest, in 72 months and let current
management and owners retain control of the company.

According to the First Amended Disclosure Statement describing the
Debtor's First Amended Plan:

   * Holders of administrative expense claims totaling $341,200.

   * Holders of allowed priority tax claims totaling $632,000 will
be paid in full by either (i) payment on the later of the
Effective Date or the date the claims would have been due if the
bankruptcy case had not been commenced (ii) monthly payments of
$11,615 over a 60-month period to pay off the full amount of the
claims plus the statutory rate of interest, estimated at 4
percent.

   * The secured claims of Banco Popular de Puerto Rico in the
amount of $11.1 million will be paid in full including interest at
5.25% per annum, in the form of equal monthly payments of $67,007
over a 300 month period (25 years), with a balloon payment due on
June 30, 2021.

   * Holders of allowed general unsecured claims greater than or
equal to $2,000, with claims estimated to total $3.21 million,
will receive promissory notes providing for payment in full of
their claims without interest in the form of equal installments
over 72 months from the Effective Date.  Effective on Dec. 15,
2015, and on the 15th day of each month thereafter until March 15,
2016, the Debtor will deposit into an escrow account with Debtor's
counsel, the sum of $30,900, which shall be used exclusively to
fund a distribution to Holders of allowed general unsecured
claims.  Aside from Department of the Treasury of Puerto Rico's
proof of claim number 44, which is pending review by Debtor, and
any Claims filed after the Bar Dates, Debtor shall not object to
any other General Unsecured Claim and all such other Claims shall
be allowed as filed or as otherwise listed in Debtor's Schedule F.

   * Holders of general unsecured claims that are less than $2,000
estimated to aggregate $45,600 will be paid in full on the
Effective Date.

   * Equity Holders will be entitled to retain their shares in the
Debtor unaltered.

Eng. Jorge Ramos Viruet, is Debtor's president with 70% of
Debtor's common shares.  Eng. Jorge Ramos Ortiz holds the
remaining 30% of Debtor's shares.

After confirmation of the Plan, Debtor will continue with its
current management, consisting of its President, Eng. Jorge Ramos
Viruet, and others members of its management team in fundamental
positions for Debtor's operations.  Effective as of November 2015
and continuing through the date that the Notes are paid in full,
Jorge L. Ramos Viruet's annual salary has been reduced from
$217,200 to $188,400. Mr. Ramos Viruet will not receive any
bonuses, additional compensation or perquisites during this
period. Jorge Ramos, Jr.'s total compensation will remain at
$99,580 during this period.

The Debtor and the Committee believe that the Plan provides the
quickest recovery and will maximize the return to creditors on
their Claims.

A copy of the First Amended Disclosure Statement is available for
free at:

    http://bankrupt.com/misc/Alonso_Carus_196_1st_Am_DS.pdf

                        About Alonso & Carus

Alonso & Carus Iron Works, Inc., is the largest integrated
structural steel and tank builder in Puerto Rico.  The Company
provides a full range of design, engineering, construction and
erection services through an innovative, responsive and customer
focused organization.  The Company has participated in the
construction of hundreds of demanding and challenging projects,
including many landmarks in Puerto Rico and the Caribbean that
showcase the superior capabilities of steel.

Alonso & Carus Iron Works sought Chapter 11 protection (Bankr.
D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March
27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debt.

The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.

The Official Committee of Unsecured Creditors in the Chapter 11
case retained Javier Vilarino, Esq., at Vilarino & Associates LLC,
serves as Puerto Rico counsel; and Jeffrey D. Prol, Esq., at
Lowenstein Sandler LLP, as general bankruptcy counsel; and
Glassratner Advisory & Capital Group, LLC, as financial advisors.


ALONSO & CARUS: Reaches Deal with Lender on Plan Treatment
----------------------------------------------------------
Alonso & Carus Iron Works, Inc., and secured creditor Banco
Popular de Puerto Rico have presented a stipulation regarding the
treatment of BPPR's claim under the Debtor's plan of
reorganization.

Prior to the Petition Date, the Debtor entered into various loan
agreements with BPPR's predecessor Westernbank, pursuant to which
the Debtor was provided certain credit facilities.

The Loans are secured by, among other things, certain real
property located at Palmas Ward, Catano, Puerto Rico, and at
Candelaria Ward, Toa Baja, Puerto Rico -- Real Estate Collateral -
- as well as a lien over certain assets. As of the Petition Date,
the amounts due under the Loans, prior to certain reconciliations
made during the reorganization period, amounted to $11,285,200.

The Debtor filed a Disclosure Statement and Chapter 11 Plan of
Reorganization on May 28, 2015, later amended on January 11, 2016.

In order to quickly and expeditiously resolve the outstanding
issues among them, the Debtor and BPPR have reached an agreement
providing that BPPR will have a fixed allowed reconciled secured
claim of $10,228,162.

The Secured Claim will be paid with equal monthly payments of
$67,007, including principal and interests, at 5.25% per annum.
The Secured Claim will be paid by the Debtor in monthly payments
of $67,007 with a final balloon payment for the outstanding amount
then due for the Claim on or before Feb. 1, 2021.

The Debtor's failure to make any of the payments in accordance
with the terms of the stipulation constitutes as an Event of
Default.

Upon the occurrence of any Event of Default, all of the Loans,
Collateral, BPPR Claim and the Debtor's obligations with BPPR
shall revert to their original, prepetition state, and the
indebtedness shall become immediately due and payable without
further notice by BPPR.

Attorneys for Banco Popular de Puerto Rico:

         O'NEILL & BORGES, LLC
         Luis C. Marini-Biaggi
         Nayuan Zouairabani
         American International Plaza
         250 Munoz Rivera Ave., Ste. 800
         San Juan, PR 00918-1813
         Tel.: (787) 764-8181
         Fax: (787) 753-8944
         E-mail: luis.marini@oneillborges.com
                 nayuan.zouairabani@oneillborges.com

Attorneys for the Debtor:

         CHARLES A CUPRILL, PSC LAW OFFICE
         Charles A. Cuprill
         356 Calle Fortaleza
         Second Floor San Juan, Puerto Rico 00901
         Tel: (787) 977-0515
         Fax: (787) 977-0518
         E-mail: ccuprill@cuprill.com

                        About Alonso & Carus

Alonso & Carus Iron Works, Inc., is the largest integrated
structural steel and tank builder in Puerto Rico.  The Company
provides a full range of design, engineering, construction and
erection services through an innovative, responsive and customer
focused organization.  The Company has participated in the
construction of hundreds of demanding and challenging projects,
including many landmarks in Puerto Rico and the Caribbean that
showcase the superior capabilities of steel.

Alonso & Carus Iron Works sought Chapter 11 protection (Bankr.
D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March
27, 2015.  The case is assigned to Judge Enrique S. Lamoutte
Inclan.

The Catano, Puerto Rico-based debtor has filed schedules of assets
and liabilities, disclosing $23,028,113 in total assets and
$14,919,146 in total debt.

The Debtor on the Petition Date filed applications to employ
Charles A Curpill, PSC Law office, as counsel; and CPA Luis R.
Carrasquillo & Co, PSC as financial consultant.

The Official Committee of Unsecured Creditors in the Chapter 11
case retained Javier Vilarino, Esq., at Vilarino & Associates LLC,
serves as Puerto Rico counsel; and Jeffrey D. Prol, Esq., at
Lowenstein Sandler LLP, as general bankruptcy counsel; and
Glassratner Advisory & Capital Group, LLC, as financial advisors.


PUERTO RICO: Governor Meets Key U.S. House Member on Crisis
-----------------------------------------------------------
Nick Brown at Reuters reports that U.S. Representative Rob Bishop
met with Puerto Rico Governor Alejandro Garcia Padilla to discuss
the island's financial crisis ahead of legislative rescue plans
expected from Congress in the coming weeks as huge debt payments
loom.

Puerto Rico is battling $70 billion in debt and a 45 percent
poverty rate, and Garcia Padilla has said the U.S. territory would
consider a moratorium on debt payments in May and July to avoid a
government shutdown, according to Reuters.

Mr. Bishop, a Utah Republican, chairs the House Committee on
Natural Resources, which has held hearings on Puerto Rico's
dilemma and figures to play a key role in a potential resolution,
the report notes.

Reuters says that Garcia Padilla spokesman Jesus Manuel Ortiz told
reporters that the governor hosted Bishop in his San Juan office,
where he stressed the effects of the financial crisis, which
include delays in tax refunds, and the need for any rescue package
to preserve Puerto Rico's autonomy.

The terms of any potential Puerto Rico legislation, however, are
contested in Washington, Reuters relays.  Majority Republicans in
Congress generally favor protecting creditors as much as possible
and bringing Puerto Rico's finances under strict federal
oversight, the report notes.

Democrats, as well the Obama administration and Garcia Padilla
himself, support financial oversight only if it ensures Puerto
Rico's autonomy, and only with the added provision of giving
Puerto Rico the right to file bankruptcy and cut its debt, the
report discloses.

Mr. Bishop expressed support for the idea that any fiscal control
board "needs to respect Puerto Rico's autonomy and self-
governance," Mr. Ortiz said, the report notes.

Parish Braden, a spokesman for the Natural Resources Committee,
told Reuters after the meeting that "protecting the principle of
self-governance is central to any path forward," adding that
Bishop plans to "ensure this is the outcome" of legislative
efforts, the report discloses.

In a statement to Reuters, Bishop added that "any new oversight
authorities created through this process will work with the
island's institutions."

During the meeting, Bishop also reaffirmed House Speaker Paul
Ryan's call on congressional committees to propose Puerto Rico
legislation this month, Mr. Ortiz said, the report relays.

"Bishop reaffirmed Speaker Ryan's commitment to have draft
legislation ready to share by March 31, so we can be able to hold
talks with a draft ready," Reuters quoted Mr. Ortiz as saying.

Mr. Bishop was planning to meet with several other groups and
individuals on the island on and into the weekend, including
elected officials, Mr. Braden added.

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


PUERTO RICO AQUEDUCT: S&P Retains 'CCC-' Ratings on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said its 'CCC-' ratings on
Puerto Rico Aqueduct & Sewer Authority's (PRASA or the authority)
senior-lien revenue bonds and commonwealth-supported debt remain
on CreditWatch with negative implications.

"Our position is based on the likelihood that the Commonwealth of
Puerto Rico could default on its obligations, and the uncertainty
as to whether PRASA will continue to remain insulated from such
events as it has thus far," said Standard & Poor's credit analyst
Theodore Chapman.  S&P placed the ratings on CreditWatch on
Aug. 18, 2015.

PRASA's recent disclosure of prioritizing its senior-lien (gross
pledge) revenue bonds and aging accounts payable over debt to
which its net revenues are pledged--but backstopped by the
commonwealth--also lends itself to the uncertainty.  The revenue
bonds are higher in priority in the flow of funds, but by practice
PRASA has been self-supporting all its financial obligations since
implementing a very large rate increase in 2013.  It has been
represented to Standard & Poor's that a selective default on the
commonwealth-backstopped obligations would not constitute a
default under the 2008 master agreement of trust (MAT).

Furthermore, S&P views proposed changes to the MAT as neutral to
credit quality, given PRASA's more consistent cash from operations
relative to other public corporations and agencies.  Currently,
PRASA is satisfying its operating reserve requirement with a $180
million committed line of credit with the Puerto Rico Government
Development Bank (GDB); the line expires on June 30, 2016, and GDB
is not expected to renew it.  Instead, the most salient of the
proposed amendments would allow PRASA to cash-fund the operating
reserve requirement over sixty equal monthly payments.  There are
currently no draws against the GDB line, and, historically, use of
the line has been extremely limited.  S&P views the rest of the
proposed changes to the MAT as providing better clarity to the
intent of the original language and having no impact on the credit
profile.

"Our analysis also acknowledges that PRASA's cash reserve and cash
flow concerns have not been as pronounced as elsewhere in the
commonwealth, despite ongoing issues with its vendors and accounts
payable.  PRASA management estimated that its fiscal 2015 year-end
unaudited working capital was $110.4 million.  These reserves
proved useful, as $90 million of that later went into escrows that
on Feb. 29, 2016, were used to extinguish $90 million in draws
between two separate credit lines.  Furthermore, unaudited
estimates for fiscal 2015 point to all-in debt service coverage of
1.34x, showing that PRASA still has reasonable financial capacity,
even more impressive given severe water restrictions throughout
the commonwealth until October 2015 due to a profound drought.  We
understand that if PRASA is able to access capital by way of a
bond offering, management could in fact choose to reimburse itself
from a portion of bond proceeds, since the credit lines were
originally used to provide funds for approved system improvements.
These projects comprise much of which is currently at the center
of the accounts payable headlines.  We have observed that it is a
normal accounting practice for municipal utilities to pay for
system improvements from the capital budget; typically these
projects are capitalized when the total investment is above a
certain dollar threshold.  In our view, the vendor payables issue
is more reflective of PRASA's lack of market access and a depleted
capital budget, and less so from problematic cash from operations.
Still, the disclosure means that Standard & Poor's will continue
to monitor events as the July 1, 2016, debt service payment date
draws nearer to determine if a default, including a selective
default, seems increasingly likely," S&P said.

To date, the GDB has represented that neither it nor the
commonwealth currently have plans to include PRASA in any
restructuring negotiations with Puerto Rico's creditors.  The
January 2016 distressed debt exchange offered by the commonwealth,
for example, did not include any PRASA senior-lien revenue bonds,
and PRASA has remained outside of other proposed measures such as
a fiscal control board and even recent defaults by the
commonwealth on its other debt instruments.  However, both the
governor and the Puerto Rican legislature made overtures that
nothing can ultimately be ruled out of any potential
restructuring--such as interagency loans or other emergency
measures--and the government would weigh public health and safety
over creditor obligations.

S&P will continue to monitor events to follow to what extent, if
any, the commonwealth views PRASA as a possible source of
liquidity, although the lines of credit paydown makes PRASA a less
attractive target in the immediate term.  Despite PRASA's enabling
act containing language that the commonwealth will not act to
impair the rights and remedies of PRASA's bondholders, S&P also
views the current liquidity and fiscal distress of the
commonwealth as potentially affecting all Puerto Rico obligations
that have not already defaulted, including PRASA; the authority's
market access remains limited, including thus far being shut out
of attempts to issue a traditional municipal bond of $750 million
since 2015.


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


TRINIDAD & TOBAGO: Jobless Rate Increases in Country
----------------------------------------------------
Trinidad Express reports that the Central Statistical Office (CSO)
released its latest Labor Force Bulletin for the third quarter of
2015.

It shows the overall unemployment rate for Trinidad and Tobago
increasing from 3.2 per cent in the second quarter 2015 to 3.4 per
cent for the third quarter of last year, according to Trinidad
Express.

The report notes that from a gender perspective, the unemployment
rate among males increased from 2.3 per cent to 2.8 per cent.

But the rate for women decreased from 4.4 per cent to 4.2 per cent
during the same period, the report relays.

The CSO said when compared to the similar quarter a year earlier
the data showed that the overall unemployment rate increased from
3.3 per cent to 3.4 per cent with the male unemployment rate
increasing from 2.6 per cent to 2.8 per cent and the female
unemployment rate decreasing from 4.4 per cent to 4.2 per cent,
the report discloses.

The labor force of the country registered 642,100 people at the
end of the third quarter 2015, the report notes.

This represented a decrease of 7,000 or 1.1 per cent when compared
to the second quarter 2015, the report says.

From a gender perspective, this decrease in the labor force was
reflected among males which fell by 5,400 or 1.4 per cent and
females which fell by 1,600 or 0.6 per cent, the CSO said, the
report discloses.

The overall labor force participation rate for Trinidad and Tobago
decreased to 60.3 per cent in the third quarter of last year, down
from 62 per cent in the corresponding period in 2014, the report
says.

The survey data showed a decrease of 8,400 or 1.3 per cent in the
number of people with jobs, in the quarter under review.

From a gender perspective, the number of employed men decreased by
7,400 or two per cent while the number of employed women decreased
by 1,000 or 0.4 per cent, the report notes.

When compared to the corresponding quarter a year earlier, the
data showed a decrease of 17,700 or 2.8 per cent in the total
number of employed people in Trinidad and Tobago, the CSO
reported, the report relays.


=================
V E N E Z U E L A
=================



PETROLEOS DE VENEZUELA: Moody's Affirms Caa3 Rating; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service changed the outlook on Petroleos de
Venezuela (PDVSA)'s ratings to negative from stable.  Moody's also
affirmed PDVSA's Caa3 issuer rating and lowered the company's
baseline credit assessment (BCA) to caa3 from caa1.  These rating
actions follow Moody's decision on March 4, 2016, to change the
outlook on the Government of Venezuela's bond ratings to negative
from stable.

Outlook Actions:

Issuer: Petroleos de Venezuela, S.A.

  Outlook, Changed To Negative From Stable

Affirmations:

Issuer: Petroleos de Venezuela, S.A.
  Issuer Rating (Local Currency), Affirmed Caa3
  Backed Senior Unsecured Regular Bond/Debenture due 2035,
   Affirmed Caa3

                         RATINGS RATIONALE

"Moody's rating actions were triggered by the sharp decline in oil
prices that put pressure both on the company's credit profiles and
the finances of the government, hindering their ability to provide
extraordinary support to its company and heightening risks for
creditors" said Nymia Almeida, a Senior Credit Officer in Moody's.

The ratings of the government related issuers combine: (i) their
underlying baseline credit assessments (BCA), which represent the
issuers' intrinsic credit risks regardless of government support
and (ii) Moody's assumptions about the willingness and the ability
of their respective governments to provide extraordinary support
in a distressed situation.

PDVSA's ratings change in outlook to negative from stable follows
the sovereign's rating action and reflects the inextricable
relationship between PDVSA and the Government of Venezuela as well
as the company's status as a driver of Venezuela's economy, a key
source of the government's revenues and the country's primary
source of foreign exchange.  The lowering of PDVSA's BCA to caa3
from caa1 reflects Moody's view of a higher probability of default
or debt restructure in the next twelve to eighteen months, on the
back of low cash generation related to depressed oil prices and
lack of visibility regarding the company's investing and
refinancing plans over the short to medium term.  This negatively
compares to the company's material maturities of USD5.6 billion in
2016 and around USD7 billion in 2017.  The rating agency's
assumptions for support and dependence are high and very high,
respectively.  The equalization of the caa3 BCA and the Caa3
issuer rating reflects Moody's view of a symbiosis between PDVSA
and the Government of Venezuela and the rating agency's
expectation that in a continued fiscal and economic deterioration,
the government will become even more dependent on PDVSA and the
company's access to capital will continue to be hurt by sovereign
risk concerns.

PDVSA, the state oil company of Venezuela, is one of the world's
largest integrated petroleum companies.  Virtually all of its
upstream exploration and production and most of its downstream
refining and marketing operations are located in Venezuela.  It
also owns Citgo Petroleum Corporation, a large US refining and
marketing company, as well as other downstream assets in Europe.

The principal methodology used in these ratings was Global
Integrated Oil & Gas Industry published in April 2014.


                            ***********


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 comillionercial use, resale
or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                   * * * End of Transmission * * *