TCRLA_Public/161107.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

            Monday, November 7, 2016, Vol. 17, No. 220


                            Headlines



A R G E N T I N A

ARGENTINA: Macri Out to Boost Exports of Value-Added Products


B R A Z I L

BRAZIL: To Improve Solid Waste Mngt Quality with $100MM IDB Loan
SAMARCO MINERACAO: Gets BRL500,000 Fines Per Day
SAMARCO MINERACAO: S&P Lowers Rating on Sr. Unsecured Notes to 'D'


C A Y M A N  I S L A N D S

ALL SEASONS: Placed Under Voluntary Wind-Up
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due Nov. 25
BLACKSTONE RE: Commences Liquidation Proceedings
FORMIC MASTER: Placed Under Voluntary Wind-Up
GE CAPITAL: Creditors' Proofs of Debt Due Nov. 24

MW GLOBAL: Creditors' Proofs of Debt Due Nov. 14
PINEHILL PARTNERS: Placed Under Voluntary Wind-Up
RE FUND IV BRAZIL: Creditors' Proofs of Debt Due Nov. 18
RE FUND IV FOREIGN: Creditors' Proofs of Debt Due Nov. 18
RE FUND IV NORTH AMERICA: Creditors' Proofs of Debt Due Nov. 18

VECTOR TIDEL: Commences Liquidation Proceedings
WHITESIDE ENERGY: Commences Liquidation Proceedings
WHITESIDE ENERGY FUND: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: IMF Report a Mixed Bag on Economy


P U E R T O    R I C O

AMERICAN TOOLS: Taps Emily D. Davila as Legal Counsel
BUILDERS HOLDING: Seeks to Hire Nixon Jach as Special Counsel
EL CANO DEVELOPMENT: Seeks to Hire Modesto Mendez as Legal Counsel


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Announces New General Manager


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Raises CCR to 'CCC-', Outlook Negative


X X X X X X X X X

* BOND PRICING: For the Week From Oct. 24 to Oct. 28, 2016


                            - - - - -



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


ARGENTINA: Macri Out to Boost Exports of Value-Added Products
-------------------------------------------------------------
EFE News reports that Argentine President Mauricio Macri called
Friday for an increase in the volume of exports, especially of
value-added products, so that what is "made in Argentina reaches
the entire world."

During a speech he made at the 61st National Peanut Festival in
the town of Hernando, Cordoba province, President Macri gave an
example of this dried fruit as one of the products most exported
by Argentina, and whose export sales volume, he recalled, is
greater than that of India, according to EFE News.

For President Macri, this fact shows the potential of Argentine
workers, who, he believes, will help build a better country over
the coming years, the report notes.

In that sense, he praised the measures taken by his government
since he took power last December to reduce the heavy tax burden
that the previous government imposed on agricultural producers,
the report relays.

President Marci said the measures being considered to stimulate
regional economies and to refund tax payments to agricultural
producers who export their products will contribute significantly
to increasing exports, the report discloses.

"We want to export more, to export value-added products made in
Argentina and make sure that what is made in Argentina gets to the
rest of the world," the report quoted President Marci as saying.

The president said that these measures, plus the efforts of the
Argentine people, will help produce "quality work" and
"systematically reduce poverty and attain zero poverty," one of
the commitments highlighted in the electoral campaign and in the
first months of the President Macri government, the report notes.

"We Argentines know how, we Argentines are able. I believe in you,
I deeply believe in you," President Macri told the residents of
Hernando, a city known as the International Peanut Capital, the
report relays.

Speaking to a large group of students of the area, the president
expressed his "concern" that youngsters have the "tools to get an
education" so that tomorrow "they'll be able to get good
employment that allows them to be leaders of society," the report
says.

"Every day, we're going to improve a little more the quality of
public education and guarantee that all of you will have the work
you dream of doing," the president said, adding that schools are
"the factories of dreams," the report discloses.

President Macri said that only by "working together" will the
country be "truly great" and added that "together we're going to
write the great story of Argentina."

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2016, Fitch Ratings has affirmed Argentina's sovereign
ratings as:

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;
   -- Senior unsecured Foreign Currency bonds at 'B';
   -- Country Ceiling at 'B';
   -- Short-Term Foreign and Local Currency IDRs at 'B'.



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


BRAZIL: To Improve Solid Waste Mngt Quality with $100MM IDB Loan
-----------------------------------------------------------------
Brasilia will improve solid waste management and overall
environmental conditions through the implementation of urban
infrastructure services and restoration of degraded areas with
help from a $100 million loan from the Inter-American Development
Bank (IDB).

The loan, the second of its kind for the Territorial Master Plan
for the capital of Brazil, home to 2.7 million people, will set
aside $35 million to finance the rehabilitation and enhancement of
two composting plants and construction or rehabilitation of seven
solid waste separation plants.

The project will also more than double -- to 4,500 -- the number
of homes with access to drinking water, sanitation and wastewater
treatment services, while 2,500 homes will benefit from access to
a new storm sewer system and another 2,500 to paved roads.

A $14 million of the program's funds will be used to build 560 new
homes for low-income families currently living in informal
settlements, particularly those located in the Por do Sol
Condominium, considered a priority area for property-titling
regularization.

Its goals include supporting the final closure and environmental
recovery of the Joquei Club disposal area, which receives nearly
95 percent of the federal district's solid waste despite not
meeting landfill standards and being widely considered a mere
controlled dumpsite. It will also finance a social and productive
inclusion program for recyclers, with a special focus on
empowering and promoting professional associations of women, in
particular heads of households, which represent 52 percent of the
Joquei Club recyclers, by creating job opportunities at the
separation plants and providing other benefits.

Additionally, the program will train 2,000 recyclers and generate
1,627 positions at the waste separation plants.

Other goals of the five-year plan include:

-- Taking the total federal district's municipal solid waste
    under adequate treatment and/or final disposal from the
    current 200 to 3,000 tons a day.

-- Raising total compost production in the district from 150 to
    600 tons a day.

-- Increasing separated solid waste for commercialization from 60
    to 400 tons a day.

-- Taking the number of new jobs created at the solid waste
    separation plants from 370 to 1,630.

-- Planting 5,000 trees.

The $100 million loan, from the Ban's Ordinary Capital, is of a
25-year term, with a 5.5-year grace period and LIBOR-based
interest. It will include an extra $50 million in local
counterpart funds.


SAMARCO MINERACAO: Gets BRL500,000 Fines Per Day
------------------------------------------------
Stephen Eisenhammer at Reuters reports that Brazil's federal
environmental agency IBAMA said it is fining Samarco Mineracao, an
iron ore joint venture between Vale SA and BHP Billiton, 500,000
reais (US$154,693) per day for not complying with directives
related to a 2015 tailings dam spill at their mine.

IBAMA said Samarco will be fined daily until it increases the
height of the "S3 dike" that was built to contain the continuing
run off from the dam spill and effectively treats the mining
waste, known as tailings, that lies upstream of the dike,
according to Reuters.


SAMARCO MINERACAO: S&P Lowers Rating on Sr. Unsecured Notes to 'D'
------------------------------------------------------------------
S&P Global Ratings has lowered its issue-level rating on Samarco
Mineracao S.A.'s (D/--/--) senior unsecured notes due 2022 to 'D'
from 'CC'.  The company has missed interest payments on the notes
that were due on Nov. 1, 2016.  S&P don't expect Samarco to amend
the payment during the 30-day cure period, given it already failed
to do so for the 2024 notes, whose 30-day cure period ended on
Oct. 26, 2016, and the company's finances are not likely to
improve in the upcoming weeks.  S&P has lowered its corporate
credit rating on Samarco to 'D' on Sept. 28, 2016, after it failed
to make payments on its 2024 senior unsecured notes' interests,
reflecting S&P's view that the company would not amend payments
during the notes' cure period, and would fail to make payments on
other financial obligations, including other senior unsecured
notes.  Following the 30-day cure period of the first bond,
Samarco failed to amend the interest payment, the creditors can
file the company on a general default due to a cross default
clause among all obligations.

RATINGS LIST

Samarco Mineracao S.A.
  Corporate credit rating            D/--/--


Rating Lowered                       To         From

Samarco Mineracao S.A.
  Sr. unsecured                      D          CC



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


ALL SEASONS: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of All Seasons Special Purpose Vehicle Ltd,
on Oct. 12, 2016, 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:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd. Shedden Road
          P.O. Box 10085 161a Artillery Court
          Grand Cayman KY1 1001
          Cayman Islands
          Telephone: (345) 747 2739


ANTHRACITE BALANCED: Creditors' Proofs of Debt Due Nov. 25
----------------------------------------------------------
The creditors of Anthracite Balanced Company (R-26) Limited are
required to file their proofs of debt by Nov. 25, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 28, 2016.

The company's liquidator is:

          Tammy Fu
          Zolfo Cooper, 38 Market Street,
          Canella Court, 2nd Floor, Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006
          c/o Cassandra Ronaldson
          Telephone: +1 (345) 814 4038


BLACKSTONE RE: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Blackstone Re Offshore (E) Fund Ltd., on
Oct. 11, 2016, 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:

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


FORMIC MASTER: Placed Under Voluntary Wind-Up
---------------------------------------------
The sole shareholder of Formic Master Opportunities Fund
(Offshore) Ltd., on Oct. 12, 2016, 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:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          PO Box 10085 Grand Cayman KY1 1001
          161a Artillery Court, Shedden Road
          Cayman Islands
          Telephone: (345) 747 2739


GE CAPITAL: Creditors' Proofs of Debt Due Nov. 24
-------------------------------------------------
The creditors of GE Capital Trade Holding, Ltd. are required to
file their proofs of debt by Nov. 24, 2016, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 12, 2016.

The company's liquidator is:

          Simon Conway
          c/o Andrew Nembhard
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8779
          Facsimile: (345) 945 4237


MW GLOBAL: Creditors' Proofs of Debt Due Nov. 14
------------------------------------------------
The creditors of MW Global Emerging Market Fund SPC Limited are
required to file their proofs of debt by Nov. 14, 2016, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2016.

The company's liquidator is:

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


PINEHILL PARTNERS: Placed Under Voluntary Wind-Up
-------------------------------------------------
The sole shareholder of Pinehill Partners Fund, on Oct. 12, 2016,
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:

          Kenneth Stewart
          c/o Apex Fund Services (Cayman) Ltd.
          PO Box 10085 Grand Cayman KY1 1001
          161a Artillery Court, Shedden Road
          Cayman Islands
          Telephone: (345) 747 2739


RE FUND IV BRAZIL: Creditors' Proofs of Debt Due Nov. 18
--------------------------------------------------------
The creditors of RE Fund IV Brazil Investment Corp. are required
to file their proofs of debt by Nov. 18, 2016, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 10, 2016.

The company's liquidator is:

          Jean Ebanks
          c/o Jane Fleming or Jean Ebanks
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197


RE FUND IV FOREIGN: Creditors' Proofs of Debt Due Nov. 18
---------------------------------------------------------
The creditors of RE Fund IV Foreign Investment Corp. are required
to file their proofs of debt by Nov. 18, 2016, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 10, 2016.

The company's liquidator is:

          Jean Ebanks
          c/o Jane Fleming or Jean Ebanks
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197


RE FUND IV NORTH AMERICA: Creditors' Proofs of Debt Due Nov. 18
---------------------------------------------------------------
The creditors of RE Fund IV North America Investment Subsidiary
Corp. are required to file their proofs of debt by Nov. 18, 2016,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 10, 2016.

The company's liquidator is:

          Jean Ebanks
          c/o Jane Fleming or Jean Ebanks
          P.O. Box 30464 Grand Cayman KY1-1202
          Cayman Islands
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197


VECTOR TIDEL: Commences Liquidation Proceedings
-----------------------------------------------
The shareholders of Vector Tidel Holdings (Cayman), Ltd., on Oct.
14, 2016, 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:

          James Murray
          c/o Matt Bernardo
          Telephone: +1 (345) 914 4268


WHITESIDE ENERGY: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Whiteside Energy Offshore Ltd., on Oct.
14, 2016, 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:

          Carey Morrison Metz
          256 Hedwig Road
          Houston
          Texas 77024
          United States of America
          Telephone: (713) 355-5700


WHITESIDE ENERGY FUND: Commences Liquidation Proceedings
--------------------------------------------------------
The sole shareholder of Whiteside Energy Offshore Fund, Ltd., on
Oct. 13, 2016, 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:

          Carey Morrison Metz
          256 Hedwig Road
          Houston
          Texas 77024
          United States of America
          Telephone: (713) 355-5700



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


DOMINICAN REPUBLIC: IMF Report a Mixed Bag on Economy
-----------------------------------------------------
Dominican Today reports that the rising debt stymied the
Administration's overall balance from  2005 to 2014, when the Non-
Financial Public Sector Liabilities (NFPS) tripled, to 53% of GDP
by 2014, by related to the losses derived from the local financial
crisis of 2003 and loans to finance the fiscal deficit.

According to documents prepared by International Monetary Fund
(IMF) technicians, that makes the government "currently the most
vulnerable sector of the economy," the report notes.

The IMF report, which does not necessarily represents the IMF
position, was presented by Joseph Saboin and Svetlana Cerovic, one
of the economists who's part of the IMF mission currently in the
country assessing the economy.

                      State Pension Fund

The IMF report notes that commercial banks and the pension fund
have been the government's main sources of funding, according to
Dominican Today.

Loans in the local market jumped between 2008 and 2009, when
external conditions were unfavorable for the international
financial crisis, the report notes.

The government's net financial position improved between 2010 and
2011, but worsened again in 2012 with a notable increase in the
deficit, which led to an expansion of foreign currency funding,
the report relays.

The IMF report suggests that in addition to foreign loans, the
country has attracted significant resources through government
bonds, so much so that by that date, non-residents held 55% of the
total government debt, Dominican Today adds.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.



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


AMERICAN TOOLS: Taps Emily D. Davila as Legal Counsel
-----------------------------------------------------
American Tools, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire legal counsel in
connection with its Chapter 11 case.

The company proposes to hire the Law Offices of Emily D. Davila
and pay the firm an hourly rate of $200.

The services to be provided by the firm include advising American
Tools regarding its rights and duties under the Bankruptcy Code,
and assisting the company in the formulation of a bankruptcy plan.

Emily Davila, Esq., disclosed in a court filing that her firm does
not represent any interest adverse to the company's bankruptcy
estate.

The firm can be reached through:

     Emily D. Davila, Esq.
     Law Offices of Emily D. Davila
     420 Ponce de Leon
     Midtown Building, Suite 311
     San Juan, PR 00918
     Tel: 759-8090/759-9620
     Email: davilalawe@prtc.net

                      About American Tools

American Tools, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 16-08071) on October 7,
2016.  The petition was signed by Jimmy Cepeda Benavides, vice
president and treasurer.

The case is assigned to Judge Brian K. Tester.

At the time of the filing, the Debtor estimated assets of less
than $1 million and liabilities of $1 million to $10 million.


BUILDERS HOLDING: Seeks to Hire Nixon Jach as Special Counsel
-------------------------------------------------------------
Builders Holding Co. Corp. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Nixon Jach Hubbard,
PLLC as its special counsel.

The firm will provide legal assistance in connection with the
complaints filed by suppliers against the company for unpaid
construction materials.

Nixon will bill the company for the services of its attorneys
based on these hourly rates:

     Years of Experience     Hourly Rates
     -------------------     ------------
     1 Year                      $145
     2 to 3 Years                $195
     4 to 5 Years                $235
     6 to 10 Years               $275
     More Than 10 Years       $295 - $385

Anthony Jach, Esq., the attorney designated to represent the
company, disclosed in a court filing that his firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Anthony Jach, Esq.
     Nixon Jach Hubbard, PLLC
     JP Morgan International Plaza III
     14241 Dallas Parkway, Suite 575
     Dallas, TX 75254
     Tel: 972-503-7000

                   About Builders Holding Co.

Builders Holding Co., Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 16-06643) on August
20, 2016. The petition was signed by Ismael Carrasquillo Sanchez,
president. Fausto David Godreau, Esq., at Godreau & Gonzales Law,
as bankruptcy counsel.

At the time of the filing, the Debtor disclosed $9.72 million in
assets and $10.53 million in liabilities.

The Debtor hired Monge Robertin & Asociados, Inc. as insolvency
and restructuring advisors.

No official committee of unsecured creditors has been appointed in
the case.


EL CANO DEVELOPMENT: Seeks to Hire Modesto Mendez as Legal Counsel
------------------------------------------------------------------
El Cano Development Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire legal counsel in
connection with its Chapter 11 case.

The company proposes to hire Modesto Bigas Mendez, Esq., and pay
him an hourly rate of $250 for his legal services.

Mr. Mendez disclosed in a court filing that he is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code.

Mr. Mendez's contact information is:

     Modesto Bigas Mendez, Esq.
     Modesto Bigas Law Office
     P.O. Box 7462
     Ponce, PR 00732-7462
     Phone: (787) 844-1444
     Email: modestobigas@yahoo.com

                    About El Cano Development

El Cano Development Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-08122) on October 11,
2016.  The petition was signed by Adrian J. Hilera Vidal,
president.

At the time of the filing, the Debtor estimated assets of less
than $1 million and liabilities of less than $500,000.



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


CARIBBEAN CEMENT: Announces New General Manager
-----------------------------------------------
RJR News reports that Caribbean Cement Company Limited (CCC) has
advised that effective November 7, 2016, Mr. Peter Donkersloot
Ponce will replace Mr. Alejandro Vares Leal as the Company's
General Manager.

In a previously published notice to stakeholders, TCL (the Parent
Company of CCC) had advised that Mr. Alejandro Vares Leal would
assume the position of General Manger of CCC, pursuant to the
Technical and Managerial Services Agreement, dated April 23, 2015,
according to RJR News.

CCC has advised, however, that Mr. Vares Leal has subsequently
been offered a promotion within CEMEX Mexico, as Vice President of
Infrastructure and Government Sales, and in accordance with the
Agreement, CEMEX has proposed a new candidate -- Mr. Peter
Donkersloot Ponce -- to replace Mr. Vares Leal as General Manager
of CCC, the report notes.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2014, RJR News disclosed that company said it racked up a
loss of $89 million in the three months to the end of June,
compared to a $359 million profit in the corresponding period a
year ago.  The report noted that Caribbean Cement said the loss
was due to the shutdown of a clinker line to facilitate
maintenance work.

According to a TCRLA report on Aug. 7, 2013, RJR News said that
Caribbean Cement Company Limited suffered a consolidated loss of
J$137 million for the first six months of 2013 down from J$1.2
billion during the corresponding period last year, according to
RJR News.  The report related that the loss resulted from J$701
million of non-cash foreign exchange losses compared to J$136
million in 2012.



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


PETROLEOS DE VENEZUELA: S&P Raises CCR to 'CCC-', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on Petroleos
de Venezuela S.A. (PDVSA) to 'CCC-' from 'SD'.  The outlook is
negative.

At the same time, S&P raised its issue-level ratings on the
remaining outstanding amount of the company's 5.25% senior
unsecured notes due April 2017 and on 8.5% senior unsecured notes
due November 2017 to 'CCC-' from 'D'.

S&P also lowered the issue-level rating on the company's senior
unsecured debt to 'CCC-' from 'CCC'.

The upgrade follows the exchange of PDVSA's outstanding 5.25% and
8.5% senior unsecured notes.  The exchange extends the maturity
date of the company's debt until 2020, which improved its
financial flexibility.  However, PDVSA still has amortization of
about $1.1 billion in November 2016 on its 5.25% senior unsecured
notes and amortization of $2.0 billion in April 2017, and S&P
believes that an exchange on these notes is likely.  The corporate
credit rating on the company reflects that a default, distressed
exchange, or redemption appears to be inevitable in the next six
months, absent unanticipated significantly favorable changes in
the company's circumstances.

The company's business risk profile continues to reflect the
government's heavy intervention and PDVSA's difficulty to increase
production.  It also considers that the company operates in a
country that continues to suffer from an economic contraction,
very high inflation, and increasing scarcities, largely resulting
from stringent import restrictions.  Additionally, lower oil
prices have shrunk PDVSA's profitability.  For 2015, the company
reported an EBITDA of about $7.8 billion, which represents an
EBITDA shortfall of about 70% when compared to 2014.  The business
risk profile also considers the company's leading position as an
integrated oil company with large proven reserves of around 300
billion of barrels.

The ratings also reflect a continuing rise in PDVSA's debt, the
challenges to finance the very high capital expenditures needed to
develop reserves and increase production, and considerable
contributions to the government's social programs.  They also
reflect the company's projected debt to EBITDA of about 10x and a
negative funds from operations (FFO) to debt in 2016 and 8.8x in
2017.



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


* BOND PRICING: For the Week From Oct. 24 to Oct. 28, 2016
----------------------------------------------------------

Issuer Name                  Cpn   Price   Maturity  Country  Curr
-----------                  ---   -----   --------  -------   ---
Andino Investment Holding     11   70.85  11/13/2020   PE     USD
Andino Investment Holding     11   68.88  11/13/2020   PE     USD
Anton Oilfield Services G     7.5  69.03   11/6/2018   CN     USD
Anton Oilfield Services G     7.5     66   11/6/2018   CN     USD
BA-CA Finance Cayman 2 Lt   0.719   38.5               KY     EUR
BA-CA Finance Cayman Ltd    0.749  38.93               KY     EUR
Banco do Brasil SA/Cayman    6.25  62.84               KY     USD
Banco do Brasil SA/Cayman    6.25  59.51               KY     USD
BPI Capital Finance Ltd      2.29     40               KY     EUR
CA La Electricidad de Car     8.5  43.75   4/10/2018   VE     USD
Chile Government Internat   3.625   15.7  10/30/2042   CL     USD
CSN Islands XI Corp         6.875  61.25   9/21/2019   KY     USD
CSN Islands XI Corp         6.875  61.13   9/21/2019   KY     USD
CSN Islands XII Corp            7   48.8               BR     USD
CSN Islands XII Corp            7  47.75               BR     USD
Decimo Primer Fideicomiso    4.54  59.75  10/25/2041   PA     USD
Decimo Primer Fideicomiso       6  71.38  10/25/2041   PA     USD
Ecuador Government Domest    8.45   70.8    2/6/2034   EC     USD
Ecuador Government Domest    8.45  69.35   9/10/2034   EC     USD
Ecuador Government Domest    8.45  70.42    4/2/2034   EC     USD
Ecuador Government Domest    8.45  69.72   7/17/2034   EC     USD
Ecuador Government Domest    8.45  69.71   5/30/2034   EC     USD
Ecuador Government Domest    8.45  69.23   9/30/2034   EC     USD
Ecuador Government Domest    8.45  70.52   3/19/2034   EC     USD
Ecuador Government Domest    7.75  74.84  12/19/2028   EC     USD
Ecuador Government Domest    8.45  69.94   6/12/2034   EC     USD
Ecuador Government Domest    8.45  69.95   6/11/2034   EC     USD
Ecuador Government Domest    8.45  69.82    7/1/2034   EC     USD
Ecuador Government Domest     7.7  73.56    7/1/2029   EC     USD
Ecuador Government Domest     7.7  72.94   9/10/2029   EC     USD
Ecuador Government Domest    7.75  74.95   11/8/2028   EC     USD
Ecuador Government Domest     7.7  73.74   6/11/2029   EC     USD
Ecuador Government Domest     7.7  73.73   6/12/2029   EC     USD
Ecuador Government Domest     7.7  72.77   9/30/2029   EC     USD
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
Empresa de Telecomunicaci       7  71.24   1/17/2023   CO     COP
ESFG International Ltd      5.753  0.883               KY     EUR
General Exploration Partn    11.5  36.75  11/13/2018   CA     USD
General Shopping Finance       10  60.55               KY     USD
General Shopping Finance       10  60.63               KY     USD
Global A&T Electronics Lt      10  70.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10  71.88    2/1/2019   SG     USD
Global A&T Electronics Lt      10   50.5    2/1/2019   SG     USD
Global A&T Electronics Lt      10     54    2/1/2019   SG     USD
Glorious Property Holding   13.25  74.56    3/4/2018   HK     USD
Gol Finance Inc              9.25  47.35   7/20/2020   BR     USD
Gol Finance Inc              8.75  37.75               BR     USD
Gol Finance Inc               7.5     61    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc               7.5  59.38    4/3/2017   BR     USD
Gol Finance Inc              9.25  43.38   7/20/2020   BR     USD
Gol Finance Inc              8.75  36.88               BR     USD
Green Dragon Gas Ltd           10  63.75  11/20/2017   HK     USD
Greenfields Petroleum Cor       9  11.35   5/31/2017   US     CAD
Honghua Group Ltd            7.45  58.25   9/25/2019   CN     USD
Honghua Group Ltd            7.45     58   9/25/2019   CN     USD
Inversora Electrica de Bu     6.5   59.5   9/26/2017   AR     USD
MIE Holdings Corp             7.5  67.25   4/25/2019   HK     USD
MIE Holdings Corp             7.5  68.58   4/25/2019   HK     USD
NB Finance Ltd/Cayman Isl    3.38  60.22    2/7/2035   KY     EUR
Newland International Pro     9.5  24.13    7/3/2017   PA     USD
Newland International Pro     9.5  25.13    7/3/2017   PA     USD
Noble Holding Internation     6.2  65.42    8/1/2040   KY     USD
Noble Holding Internation    6.05  66.38    3/1/2041   KY     USD
Noble Holding Internation    5.25  64.71   3/15/2042   KY     USD
Ocean Rig UDW Inc            7.25  57.75    4/1/2019   CY     USD
Ocean Rig UDW Inc            7.25     55    4/1/2019   CY     USD
Odebrecht Drilling Norbe     6.35     27   6/30/2021   KY     USD
Odebrecht Drilling Norbe     6.35   28.5   6/30/2021   KY     USD
Odebrecht Finance Ltd         7.5     40               KY     USD
Odebrecht Finance Ltd       4.375  37.23   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125   33.5   6/26/2042   KY     USD
Odebrecht Finance Ltd        5.25   34.5   6/27/2029   KY     USD
Odebrecht Finance Ltd       5.125     36   6/26/2022   KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd           7   53.5   4/21/2020   KY     USD
Odebrecht Finance Ltd           6  41.51    4/5/2023   KY     USD
Odebrecht Finance Ltd        5.25     36   6/27/2029   KY     USD
Odebrecht Finance Ltd       4.375     36   4/25/2025   KY     USD
Odebrecht Finance Ltd       7.125  33.75   6/26/2042   KY     USD
Odebrecht Finance Ltd         7.5   42.5               KY     USD
Odebrecht Finance Ltd        8.25     35   4/25/2018   KY     BRL
Odebrecht Finance Ltd       5.125  35.38   6/26/2022   KY     USD
Odebrecht Finance Ltd           6  38.88    4/5/2023   KY     USD
Odebrecht Finance Ltd           7     44   4/21/2020   KY     USD
Odebrecht Offshore Drilli    6.75     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625     17   10/1/2022   KY     USD
Odebrecht Offshore Drilli    6.75  17.38   10/1/2022   KY     USD
Odebrecht Offshore Drilli   6.625  17.38   10/1/2022   KY     USD
Petroleos de Venezuela SA    5.25   67.5   4/12/2017   VE     USD
Petroleos de Venezuela SA   12.75   56.1   2/17/2022   VE     USD
Petroleos de Venezuela SA       9  49.38  11/17/2021   VE     USD
Petroleos de Venezuela SA    9.75  44.57   5/17/2035   VE     USD
Petroleos de Venezuela SA       6   38.5   5/16/2024   VE     USD
Petroleos de Venezuela SA       6  36.75  11/15/2026   VE     USD
Petroleos de Venezuela SA   5.375     37   4/12/2027   VE     USD
Petroleos de Venezuela SA     5.5  36.75   4/12/2037   VE     USD
Petroleos de Venezuela SA       6  32.13  10/28/2022   VE     USD
Petroleos de Venezuela SA       6   36.4  11/15/2026   VE     USD
Petroleos de Venezuela SA       6  35.35   5/16/2024   VE     USD
Petroleos de Venezuela SA    9.75   41.7   5/17/2035   VE     USD
Petroleos de Venezuela SA       9  45.25  11/17/2021   VE     USD
Petroleos de Venezuela SA   12.75  46.15   2/17/2022   VE     USD
Polarcus Ltd                  5.6  44.93   3/30/2022   AE     USD
Provincia de Rio Negro     1.6148     62    5/4/2024   AR     ARS
PSOS Finance Ltd            11.75  60.13   4/23/2018   KY     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.22   9/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.39   9/10/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis     7.7   73.6    7/1/2029   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis    8.45  69.98   6/11/2034   EC     USD
Republic of Ecuador Minis     7.7  73.77   6/12/2029   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.88  12/19/2028   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis     7.7  72.81   9/30/2029   EC     USD
Republic of Ecuador Minis    8.45  69.75   7/17/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis    8.45  69.97   6/12/2034   EC     USD
Republic of Ecuador Minis    7.75  74.99   11/8/2028   EC     USD
Republic of Ecuador Minis    8.45  69.85    7/1/2034   EC     USD
Republic of Ecuador Minis    8.45  70.45    4/2/2034   EC     USD
Republic of Ecuador Minis    8.45  69.74   5/30/2034   EC     USD
Republic of Ecuador Minis     7.7  73.78   6/11/2029   EC     USD
Republic of Ecuador Minis    8.45  70.84    2/6/2034   EC     USD
Republic of Ecuador Minis     7.7  72.99   9/10/2029   EC     USD
Republic of Ecuador Minis    8.45  70.55   3/19/2034   EC     USD
Samarco Mineracao SA        4.125  37.25   11/1/2022   BR     USD
Samarco Mineracao SA         5.75   36.6  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  35.38   9/26/2024   BR     USD
Samarco Mineracao SA        4.125  37.38   11/1/2022   BR     USD
Samarco Mineracao SA         5.75  39.63  10/24/2023   BR     USD
Samarco Mineracao SA        5.375  37.25   9/26/2024   BR     USD
Siem Offshore Inc            5.69  52.25   1/30/2018   NO     NOK
Siem Offshore Inc            5.49  51.75   3/28/2019   NO     NOK
Transocean Inc               5.05  74.75  10/15/2022   KY     USD
Transocean Inc                6.8  63.66   3/15/2038   KY     USD
Transocean Inc                7.5  65.78   4/15/2031   KY     USD
Transocean Inc                9.1  70.41  12/15/2041   KY     USD
Transocean Inc               7.45   74.9   4/15/2027   KY     USD
Transocean Inc                  8  73.55   4/15/2027   KY     USD
Uruguay Notas del Tesoro     5.25  61.99  12/29/2021   UY     UYU
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
US Capital Funding IV Ltd 0.99305  43.92   12/1/2039   KY     USD
Venezuela Government Inte    9.25  49.03   9/15/2027   VE     USD
Venezuela Government Inte   11.75   49.5  10/21/2026   VE     USD
Venezuela Government Inte   11.95   49.5    8/5/2031   VE     USD
Venezuela Government Inte    7.75  47.38  10/13/2019   VE     USD
Venezuela Government Inte  13.625  65.25   8/15/2018   VE     USD
Venezuela Government Inte   9.375  45.85   1/13/2034   VE     USD
Venezuela Government Inte       7  52.85   12/1/2018   VE     USD
Venezuela Government Inte       7     42   3/31/2038   VE     USD
Venezuela Government Inte       9   45.5    5/7/2023   VE     USD
Venezuela Government Inte    9.25   45.5    5/7/2028   VE     USD
Venezuela Government Inte    8.25  44.38  10/13/2024   VE     USD
Venezuela Government Inte       6   43.5   12/9/2020   VE     USD
Venezuela Government Inte  13.625   56.5   8/15/2018   VE     USD
Venezuela Government Inte    7.65  43.25   4/21/2025   VE     USD
Venezuela Government Inte  13.625  59.69   8/15/2018   VE     USD
Venezuela Government Inte   12.75   53.5   8/23/2022   VE     USD
Venezuela Government TICC    5.25  53.23   3/21/2019   VE     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
VRG Linhas Aereas SA        10.75  25.63   2/12/2023   BR     USD
XLIT Ltd                      6.5     70               IE     USD


                            ***********


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, Ivy B. Magdadaro, Julie Anne L.
Toledo, and Peter A. Chapman, Editors.

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

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

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

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


                   * * * End of Transmission * * *