TCRLA_Public/161128.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 28, 2016, Vol. 17, No. 235


                            Headlines



A N G U I L L A

CARIBBEAN COMMERCIAL: Seeks US Bankruptcy Protection


B E L I Z E

BELIZE: S&P Lowers Sovereign Credit Ratings to 'CC'


B R A Z I L

BR MALLS: Fitch Affirms 'BB+' Issuer Default Rating
LOCALIZA RENT A CAR: Fitch Affirms 'BB+' Issuer Default Rating


C A Y M A N  I S L A N D S

ANCHOR6 OFFSHORE: Shareholder to Hear Wind-Up Report on Nov. 29
BLUEBAY MULTI-SELECT: Shareholders' Final Meeting Set for Dec. 9
BLUEBAY (MASTER): Shareholders' Final Meeting Set for Dec. 9
BLUEBAY MULTI-STRATEGY: Shareholders' Final Meeting Set for Dec. 9
BLUEBAY VALUE: Shareholders' Final Meeting Set for Dec. 9

BLUEBAY VALUE (MASTER): Shareholders' Final Meeting Set for Dec. 9
CHINA TRAVEL: Shareholders' Final Meeting Set for Nov. 29
CORDOBA CAPITAL: Shareholder to Hear Wind-Up Report on Dec. 14
LOS ANGELES: Shareholders' Final Meeting Set for Dec. 14
NORDIC EMERGING: Shareholder to Hear Wind-Up Report on Dec. 14

PEREGRINE 1: Shareholders' Final Meeting Set for Nov. 30
TAIWAN PARTNERS: Shareholders' Final Meeting Set for Dec. 1
WILTON CAPITAL: Shareholders' Final Meeting Set for Dec. 14


C H I L E

CODELCO: Posts $18MM Loss for First 9 Months of 2016


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: S&P Raises CCR to 'BB-' on Performance
DOMINICAN REPUBLIC: US$2BB in Debt Papers Okayed to Fix Deficit


E L   S A L V A D O R

* EL SALVADOR: Magnitude 7.0 Earthquake in Rattles Nation


H O N D U R A S

HONDURAS: Headline Inflation Decelerated to 2.4% in 2015, IMF Says


J A M A I C A

UC RUSAL: Alpart Production to Resume in Six Months


M E X I C O

FINCOMUN SERVICIOS: S&P Affirms 'B+' LT ICR; Outlook Still Stable


X X X X X X X X X

* BOND PRICING: For the Week From Nov. 21 to Nov. 25, 2016


                            - - - - -


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A N G U I L L A
===============


CARIBBEAN COMMERCIAL: Seeks US Bankruptcy Protection
----------------------------------------------------
Caribbeannewsnow.com reports that William Tacon, a court-appointed
administrator of the Anguillan offshore bank, Caribbean Commercial
Investment Bank Ltd, owned by the failed National Bank of
Anguilla, filed chapter 11 proceedings in US Bankruptcy Court in
New York.

Although much of the legal action is taking place in Anguilla, the
money is, however, in New York, Mr. Tacon said, and that is why
he's using the investigatory powers of US bankruptcy, The Wall
Street Journal reported, according to Caribbeannewsnow.com.

The report notes that Mr. Tacon has taken issue with the handling
of the troubled banks by local regulators.  He is seeking US court
aid in tracking and reclaiming funds he says belong to depositors,
the report notes.

In 2013, the Eastern Caribbean Central Bank took over the
Caribbean Commercial Bank (Anguilla) and National Bank of
Anguilla, citing declines in tourism and construction in the wake
of the global recession as the reason bank finances were shaky,
the report recalls.

In April, the operations of both institutions were handed over to
a new government-owned bank, National Commercial Bank of Anguilla
Ltd, the report says.

Caribbean Commercial Investment Bank has 333 depositors, court
papers say. National Bank of Anguilla (Private Banking & Trust)
Ltd., an offshore institution that catered to wealthy Americans
and filed for bankruptcy in June, has 819 depositors, the report
notes.

Mr. Tacon, a restructuring professional, was appointed
administrator of Caribbean Commercial Investment Bank in February
by the Eastern Caribbean Supreme Court in the High Court of
Justice Anguilla Circuit, the report relays.

Mr. Tacon said the $5.9 million in investment bank depositor funds
were transferred to its parent, while the parent was under the
control of regulators. Under US bankruptcy law, the transfer
should be reversed, Tacon contends, but he can't get any answers
about the fate of the funds from regulators, the report adds.


===========
B E L I Z E
===========


BELIZE: S&P Lowers Sovereign Credit Ratings to 'CC'
---------------------------------------------------
S&P Global Ratings lowered its long-term foreign and local
currency sovereign credit ratings on Belize to 'CC' from 'CCC+'.
The outlook on both long-term ratings is negative.  At the same
time, S&P affirmed its 'C' short-term foreign and local currency
ratings.  S&P also lowered its transfer and convertibility (T&C)
assessment to 'CC' from 'CCC+'.

                             RATIONALE

The rating action follows the announcement by Belize's government
in November 2016 that it intends to commence discussions with
holders of the sovereign's US$526.5 million bonds due in 2038 (the
"2038 Bonds") about, in its words, "measures necessary to place
the 2038 Bonds on a fully sustainable basis."  S&P lowered its
ratings to 'CC' to reflect S&P's opinion that the bonds are
currently highly vulnerable to nonpayment.  In S&P's view, the
government's announcement is tantamount to an intention to
undertake an exchange offer or similar restructuring that S&P
would classify as distressed, even though it has not yet proposed
specific details or completed the transaction.

The government made no mention of its intention to approach
holders of its local-currency-denominated debt, much of which is
held by public-sector institutions.  However, given that Belize
has limited monetary policy and exchange rate flexibility, S&P's
local currency rating is the same as S&P's foreign currency
rating.

Over the coming weeks, the government plans to consult the holders
of the 2038 Bonds about possible amendments to the terms of the
bonds.  In addition, a representative group of holders of the
bonds has formed a coordinating committee to negotiate with the
government.  The government aims to finalize an agreement with
bondholders before the 2017 fiscal year budget is submitted to the
Parliament in February 2017.  S&P, however, believes this
timeframe may prove challenging, and S&P will factor that into its
investment and growth outlook for Belize.  The government hopes to
remain current on its February 2017 and August 2017 interest
payment (US$13.2 million and US$17.8 million, respectively) on the
2038 Bonds.  Nevertheless, financing conditions are tight, and
this, in S&P's view, may affect its willingness and ability to pay
these coupons in a timely manner.

                             OUTLOOK

The negative outlook on the long-term ratings reflects the very
high likelihood that the government will restructure its 2038
Bonds within the next six months.  S&P would lower the ratings to
selective default ('SD') upon completion of an exchange S&P views
to be distressed, according to its criteria.  S&P would
incorporate the impact of the restructuring of the 2038 Bonds on
Belize's debt dynamics following the announcement of the final
terms of any exchange offer.  S&P could also lower the ratings if
the government fails to pay its seminannual interest coupons in a
timely manner.  On the contrary, the ratings could stabilize
following an unforeseen change in the government's fiscal
strategy.

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

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

The committee agreed that all key rating factors were unchanged.

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

RATINGS LIST

Downgraded; Ratings Affirmed
                                      To                 From
Belize
Sovereign Credit Rating              CC/Neg./C      CCC+/Neg./C

Downgraded

Belize
Transfer & Convertibility Assessment   CC                 CCC+
Senior Unsecured                       CC                 CCC+

Ratings Affirmed

Belize
Short-Term Debt                        C


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


BR MALLS: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed the ratings of BR MALLS Participacoes
S.A. as:

   -- Foreign currency Issuer Default Rating at 'BB+';
   -- Local currency IDR at 'BB+';
   -- Long-term national scale rating at 'AA+(bra)';
   -- BRL400 million local debentures, first and second tranches
      due in 2017 and 2019, at 'AA+ (bra)'.

Fitch has also affirmed this rating of BR Malls International
Finance Limited (Finco):

   -- USD405 million perpetual notes at 'BB+'.

The Rating Outlook for the Foreign Currency IDR remains Negative.
The foreign currency ratings of BR Malls could be negatively
impacted by a negative rating action on the sovereign rating of
Brazil and/or a downgrade of its country ceiling.  The Outlook for
Brazil's foreign currency rating is currently Negative.

Fitch has revised the Rating Outlook for the Local Currency IDR
and National Long-Term Rating to Stable from Positive.  The
Positive Outlook reflected Fitch's former expectations of
continued improvement in the company's credit profile with net
adjusted debt/EBITDA ratio consistently below 4x, sustained
interest coverage ratio at or above 2.5x, and stable EBITDA margin
around 80%.  Fitch no longer expects these improvements to occur
during 2016-2017.

                      KEY RATING DRIVERS

Negative-to-Flat 2016 Revenue Growth:

Fitch expects the company's revenue to decline in 2016 around -4%
driven by lower levels of owned Gross Leasable Area (GLA) and
slightly weakening in operational performance.  This decline in
revenues is due to a combination of some assets being sold, and
some weakening in the company's operational metrics.  BR Malls'
EBITDA margin is expected to remain around 77% during the 2016-
2017 period.  During the LTM ending Sept. 30, 2016, EBITDA was
BRL1.1 billion, which is flat when compared with the prior year
period.  Fitch expects BR Malls' annual average EBITDA to be
around BRL1.2 billion during 2016 to 2018.  The company is
projected to maintain healthy occupancy rates of around 96%, while
late payments are expected to remain at manageable levels in the
3% to 5% range despite some weakness in tenant sales and SSS
observed during 2016.

Adequate Liquidity, Moderate Leverage:

The company is expected to maintain adequate levels of liquidity
considering its manageable three-year debt payment maturity
schedule, anticipated levels of available cash, stable interest
coverage ratio, unencumbered asset level, and credit access.  BR
Malls' interest coverage was 2x during the LTM ending Sept. 2016,
and is expected to remain in the 1.6x to 2.3x range during 2016 to
2018.  BR Malls' total debt was BRL5 billion as of Sept. 30, 2016.
The company's U.S. dollar-denominated debt (perpetual notes)
represents approximately 25% of the company's total debt.  BR
Malls' net adjusted debt/EBITDA ratio declined to 4.5x during the
LTM to Sept. 30, 2016.  This net leverage ratio is projected to
continue declining to around 4x during 2017.  No major additional
debt is anticipated during this period.

Weakening Operational Metrics, Manageable:

BR Malls has exhibit a slightly weakening trend in recent quarters
for its same-store sales (SSS), with quarterly variations levels
of 0.9%, 1.2%, -1.7%, and -0.6% during fourth-quarter 2015, first-
quarter 2016, second-quarter 2016, and third-quarter 2016
respectively.  Over the same quarters, the company's same-store
rent (SSR) reached variations of 6.4%, 7.4%, 2.2%, and 2.6%
respectively.  Net late payment ratios were 1.9%, 5.7%, 4.8%, and
3.7% respectively, over the same period, illustrating the
worsening economic difficulties encountered in Brazil.  The
ratings factor in a slow recovery in these metrics as Brazil's
macroeconomic environment improves during 2017.

Focus on Organic Growth:

The company's capital intensity ratio, measured as total
capex/revenue, was 48% and 26% in 2014 and 2015, respectively.
Fitch expects this ratio to remain in the 15% to 20% range during
2016 to 2018.  The company is expected to have a positive single-
digit FCF margin during 2016 to 2018 as it adjusts down its capex
plan.  The company has consistently sustained good levels of cash
flow generation during the last years.  BR Malls generated CFFO of
BRL381 million during the LTM ended Sept. 30, 2016.  The company's
FCF was slightly negative BRL17 million, after capex of BRL293
million and paid dividends of BRL105 million.  BR Malls' FCF
margin, measured as total FCF/Revenues ratio, was -1.2% during LTM
September 2016.

                          KEY ASSUMPTIONS

Key assumptions within Fitch's rating case for BR Malls' ratings
include:

   -- Occupancy levels around 96% during 2016-2018;
   -- Annual revenue growth of -4%, +8% and +12.6%, in 2016, 2017
      and 2018, respectively;
   -- EBITDA margin around 77% during 2016-2018;
   -- Net leverage ratio, measured as Net debt to Adjusted EBITDA
      ratio, in the 4x to 4.5x range during 2016-2017;
   -- No acquisition activity during 2016-2018.

                      RATING SENSITIVITIES

Positive Rating Actions:

Fitch would consider a positive rating action if the company's
financial profile improves due to some combination of the
following: better than expected macroeconomic trends leading to
stronger credit metrics, higher EBITDA margins.

These factors may also have a positive impact on BR Malls'
ratings:

   -- Capacity to consistently maintain EBITDA margin and
      occupancy around 80% and 96%, respectively;
   -- Net leverage consistently in the 3.5x to 4x range;
   -- Interest coverage, measured as adjusted EBITDA to gross cash
      interest exp. paid, trending consistently to levels above
      2.25x;
   -- Capacity to consistently maintain unencumbered assets-to-net
      unsecured debt coverage consistently around 3x.

Negative Rating Actions:

The foreign currency ratings of BR Malls could be negatively
impacted by a negative rating action on the sovereign rating of
Brazil and/or a downgrade of its country ceiling.  The Outlook for
Brazil's foreign currency rating is currently Negative.

Fitch would also consider a negative rating action on BR Malls'
ratings if the company's financial profile deteriorates due to
some combination of the following: aggressive capex, adverse
macroeconomic trends leading to weaker credit metrics, significant
dividend distributions, and higher vacancy rates or deteriorating
lease conditions.

These factors may also have a negative impact on BR Malls'
ratings:

   -- Net leverage consistently trending to levels around 5x;
   -- Deterioration in EBITDA margin, trending to levels below 76%
      toward the end of 2018;
   -- Material increase in secured debt / total debt ratio above
      current levels of 50%;
   -- Deterioration in the company's debt payment schedule from
      current levels;
   -- Unencumbered assets-to-net unsecured debt coverage
      consistently below 2.5x.

                               LIQUIDITY

BR Malls' liquidity is viewed as adequate based on its cash
position, interest coverage ratio, unencumbered assets level, and
access to equity and debt markets, locally and internationally.
BR Malls had BRL405 million and BRL388 million in cash and short-
term debt as of Sept. 30, 2016, while its LTM September 2016
coverage ratio measured as total EBITDA cash interest expenses was
2x, a slight improve from 1.7x and 1.9x in 2015 and 2014,
respectively.

BR Malls faces debt payments of BRL388 million (including
revolving debt) and BRL375 million during the next 12- and 24-
month period ended in September 2017 and September 2018,
respectively.  Fitch views the company's debt payment schedule as
adequate for its cash flow generation, liquidity, and credit
access.  BR Malls also has good access to credit through capital
markets and banks, and financial flexibility resulting from good
quality assets that could be monetized.  BR Malls maintains a
significant pool of unencumbered assets that could provide
alternative sources of financing if required.  The company's level
of unencumbered assets covers approximately 4x its unsecured debt
as of Sept. 30, 2016.


LOCALIZA RENT A CAR: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has taken these rating actions:

Localiza Rent a Car S.A.'s:

   -- Long-Term Foreign-Currency (FC) IDR affirmed at 'BB+';
   -- Long-Term Local-Currency IDR affirmed at 'BBB';
   -- Long-term National Scale Rating affirmed at 'AAA(bra)';
   -- Unsecured sixth, seventh, ninth, 10th debenture issuance
      affirmed at 'AAA(bra)'.

Fitch has also assigned a 'AAA(bra)' rating to Localiza's
Unsecured 11th debentures issuance up to BRL500 million due 2022.

The Rating Outlook for Localiza's Long-Term Foreign-Currency IDR
is Negative due to Brazil's 'BB+' Country Ceiling rating, which
constrains the rating and the Outlook of the sovereign's 'BB'
Long-Term Foreign-Currency IDR.

Localiza's operations are essentially in Brazil.  The company does
not have assets or substantial amounts of cash held abroad.  The
Rating Outlooks for Localiza's Local-Currency IDR and its National
Scale Rating are Stable.

Localiza's ratings reflect its dominant business position within
the car and fleet rental industry in Brazil, strong operational
efficiency, robust liquidity, and continued commitment to a
conservative capital structure.  Localiza's business model allows
the company to adjust operations to economic cycles, which has
limited the negative impact from Brazil's historic economic
downturn.

Fitch expects Localiza's performance to gradually improve during
2017, as inflation and interest rates are on declining trends.
Localiza's sizable pool of unencumbered fleet vehicles is
considered a source of liquidity and further bolsters its
financial flexibility.  Negatively, the competition from its
competition is becoming more intense, as these companies have
improved their financial profiles.

                         KEY RATING DRIVERS

Competitive Advantages Support Strong Business Profile

Localiza has a very strong competitive position in the Brazilian
market.  The company's leadership gives it a strong negotiating
power with the automobile manufacturers and enables it to
efficiently dilute fixed costs while maintaining healthy operating
margins.  Localiza's used car sales distribution channel further
supports its competitive advantages and enhances its financial
flexibility.  The company has a low cost of financing and strong
access to credit markets, which further enhances its
competitiveness.

Profitability and Operating Cash Flow Under Pressure

Localiza's desire to grow its market-share in this negative
environment, marked by high inflation and elevated interest rates
has pressured its profitability.  During the LTM ended Sept. 30,
2016, consolidated rental revenues grew 7% from 2015, reaching
BRL4.1 billion, while operating fleet growth was 9%.  In the same
period, EBITDAR and funds from operations (FFO) were relatively
stable at BRL1.1 billion and BRL2.6 billion, respectively.  During
2015, these figures were BRL1.1 billion and BRL2.5 billion.
Localiza's EBITDAR margin declined to 27.1% during the LTM, which
compares unfavorably with the historical range of 29% and 31%.

Modern Fleet

The car and fleet rental industry demands significant investments
in fleet to support business growth.  The company has successfully
developed an asset sales strategy that allows it to sell around
75,000 used vehicles per year.  This has enabled Localiza to sell
vehicles consistently, including during the negative cycles of the
industry and difficult economic environment.  While light vehicle
sales in Brazil dropped 14.4% through the first 9 months of 2016,
Localiza's sales declined by only 3.4%; average prices were up
8.6%.  Its strategy to operate with a modern fleet allows it to
postpone fleet renewal, while its strong sales channel helps it to
maximize sales prices.  The proceeds from car sales have largely
funded fleet renewal, given the significant discounts obtained
from auto manufacturers for new vehicles.

Fleet Growth Pressured Free Cash Flow

During the LTM ended Sept. 30, 2016, capex for fleet renewal
totaled BRL2.6 billion, and capex for growth reached BRL456
million.  Helping to offset these disbursements, proceeds from
used car sales totaled BRL2.1 billion.  Localiza reported negative
FCF of BRL445 million during this period after distributing
dividends of BRL40 million.  During difficult scenarios for the
industry, Localiza has had the flexibility to improve its FCF
generation by lowering its capex expenditures, as most of its
capital investments are geared toward increasing the size of its
fleet.  Nevertheless, during 2016 Localiza's strategy was to
continue to grow and maintain its leadership position in the
Brazilian market.

Strong Credit Metrics

Localiza has a track record of strong credit protection measures.
From 2012 through the LTM ended Sept. 30, 2016, Localiza's FFO
Adjusted Leverage averaged 1.2x, while its net adjusted
debt/EBITDAR ratio averaged 2.0x.  Fitch expects Localiza to keep
FFO Adjusted Leverage below 1.3x in the long term.  For 2016 and
2017, Fitch forecasts FFO Adjusted Leverage ratios for the company
of 1.4x and 1.3x.  The potential market value of Localiza's
relatively modern vehicle fleet is about 1.9x the value of its net
debt.  Localiza could monetize these assets in the event of a cash
flow crisis, since they have not been used to secure the company's
existing debt.

                         KEY ASSUMPTIONS

   -- Increase of owned vehicles by 15,000-17,000 in 2016 and by
      10,000 to 12,000 per year in 2017, 2018 and 2019
   -- EBITDAR margins in the 26%-29% range;
   -- FCF negative by approximately BRL400 million in 2017;
   -- Cash balance remains sound compared to short-term debt;
   -- Dividends at 25% of net income;

                      RATING SENSITIVITIES

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

   -- Change in management commitment to a strong liquidity
      position;
   -- Continued focus on market share at the expense of credit
      protection measures
   -- Aggressive competition that continues to lead to declining
      margins
   -- Deterioration in leverage ratio, measured by FFO Adjusted
      Leverage, to more than 1.8x on sustained basis;
   -- Deterioration of the coverage ratio fleet value to net value
      to below 1.5x;

Also, a further negative rating action on Brazil's sovereign
ratings and country ceiling could result in negative rating action
for the company's foreign currency IDR.

Conversely, positive rating actions for the FC IDR are limited by
Brazil's country ceiling of 'BB+'.  The inherit risk of the fleet
and car rental industry limit the upward rating potential of the
company's BBB LC IDR.

                            LIQUIDITY

Localiza's management has adopted a conservative and proactive
financial strategy to limit the risks associated with its exposure
to the cyclical and capital intensive nature of its business.  On
Sept. 30, 2016, the company had total adjusted debt of BRL3.7
billion and cash of BRL1.2 billion.  Localiza shows a quite strong
debt amortization schedule, with cash sufficient to cover all debt
coming due until mid-2019.  As of Sept. 30, 2016, Localiza
reported BRL1.2 billion as cash and marketable securities against
BRL591 million of short term debt, resulting in cash/short-term
debt coverage of 2.0x and cash + CFFO/ short-term debt ratio of
6.3x.  Localiza has shown proven ability to access local capital
market.

Localiza's sizable pool of unencumbered fleet is also considered a
source of liquidity.  As of Sept. 30 2016, the company reported a
fleet market value of approximately BRL4.3 billion, which
corresponded to net debt coverage of 1.9x.


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


ANCHOR6 OFFSHORE: Shareholder to Hear Wind-Up Report on Nov. 29
---------------------------------------------------------------
The shareholder of Anchor6 Offshore Fund Limited will hear on
Nov. 29, 2016, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Tatiana Collins
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


BLUEBAY MULTI-SELECT: Shareholders' Final Meeting Set for Dec. 9
----------------------------------------------------------------
The shareholders of The Bluebay Multi-Select Fund Limited will
hold their final meeting on Dec. 9, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 815-4555


BLUEBAY (MASTER): Shareholders' Final Meeting Set for Dec. 9
------------------------------------------------------------
The shareholders of The Bluebay Multi-Strategy (Master) Fund
Limited will hold their final meeting on Dec. 9, 2016, at
8:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 815-4555


BLUEBAY MULTI-STRATEGY: Shareholders' Final Meeting Set for Dec. 9
------------------------------------------------------------------
The shareholders of The Bluebay Multi-Strategy Fund Limited will
hold their final meeting on Dec. 9, 2016, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 815-4555


BLUEBAY VALUE: Shareholders' Final Meeting Set for Dec. 9
---------------------------------------------------------
The shareholders of The Bluebay Value Recovery Fund Limited will
hold their final meeting on Dec. 9, 2016, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 815-4555


BLUEBAY VALUE (MASTER): Shareholders' Final Meeting Set for Dec. 9
------------------------------------------------------------------
The shareholders of The Bluebay Value Recovery (Master) Fund
Limited will hold their final meeting on Dec. 9, 2016, at
8:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Russell Smith
          c/o Derek Larner
          BDO CRI (Cayman) Ltd.
          Governors Square, Floor 2 - Building 3
          23 Lime Tree Bay Ave
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: (345) 815-4555


CHINA TRAVEL: Shareholders' Final Meeting Set for Nov. 29
---------------------------------------------------------
The shareholders of China Travel Holdings Limited will hold their
final meeting on Nov. 29, 2016, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Thomas Nebel is the company's liquidator.


CORDOBA CAPITAL: Shareholder to Hear Wind-Up Report on Dec. 14
--------------------------------------------------------------
The sole shareholder of Cordoba Capital will hear on Dec. 14,
2016, at 11:30 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Transcontinental Fund Administration, Ltd.
          c/o Claudia Woerheide
          Governors Square Office Suite 4-213-6
          23 Lime Tree Bay Ave.
          West Bay, Grand Cayman
          Cayman Islands B.W.I.
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654


LOS ANGELES: Shareholders' Final Meeting Set for Dec. 14
--------------------------------------------------------
The shareholders of Los Angeles Capital will hold their final
meeting on Dec. 14, 2016, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Transcontinental Fund Administration, Ltd.
          c/o Claudia Woerheide
          Governors Square Office Suite 4-213-6
          23 Lime Tree Bay Avenue
          West Bay, Grand Cayman
          Cayman Islands B.W.I.
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654


NORDIC EMERGING: Shareholder to Hear Wind-Up Report on Dec. 14
--------------------------------------------------------------
The sole shareholder of Nordic Emerging Markets Debt Ltd. will
hear on Dec. 14, 2016, at 11:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Transcontinental Fund Administration, Ltd.
          c/o Claudia Woerheide
          Governors Square Office Suite 4-213-6
          23 Lime Tree Bay Ave.
          West Bay, Grand Cayman
          Cayman Islands B.W.I.
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654


PEREGRINE 1: Shareholders' Final Meeting Set for Nov. 30
--------------------------------------------------------
The shareholders of Peregrine 1 Limited will hold their final
meeting on Nov. 30, 2016, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350, Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 640 0556


TAIWAN PARTNERS: Shareholders' Final Meeting Set for Dec. 1
-----------------------------------------------------------
The shareholders of Taiwan Partners, Ltd. will hold their final
meeting on Dec. 1, 2016, at 11:30 a.m., to receive 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


WILTON CAPITAL: Shareholders' Final Meeting Set for Dec. 14
-----------------------------------------------------------
The shareholders of Wilton Capital Ltd. will hold their final
meeting on Dec. 14, 2016, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Transcontinental Fund Administration, Ltd.
          c/o Claudia Woerheide
          Governors Square Office Suite 4-213-6
          23 Lime Tree Bay Avenue
          West Bay, Grand Cayman
          Cayman Islands B.W.I.
          Telephone: (345) 949-5013
          Facsimile: (345) 946-4654


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


CODELCO: Posts $18MM Loss for First 9 Months of 2016
----------------------------------------------------
EFE News reports that Chilean state-owned copper giant Codelco
turned a profit for the second straight quarter but still posted
an $18 million loss for the first nine months of 2016.

The loss contrasts with the company's performance in 2015, when it
posted net income of $1.2 billion for the same nine-month period,
Codelco CEO Nelson Pizarro said in presenting its latest quarterly
report, according to EFE News.

The result was due in large part to the drop in global copper
prices, the executive said, the report notes.

After losing $151 million in the first quarter, Codelco said it
had posted a profit for two straight quarters -- including
recording net income of $79 million between July and September --
thanks to a plan to boost productivity and reduce costs, the
report discloses.

"We're putting the bad results behind us. But we believe there's
no room to get off track in terms of production nor our
rigorousness in controlling expenses," Mr. Pizarro said, the
report relays.

The chief executive said the company had reduced its direct
production costs by 8 percent to $1.27 per pound of copper, a
figure that is 11 percent lower than the Chilean mining industry's
average, the report says.

Codelco's productivity, meanwhile, rose 6 percent in the first
nine months of the year, while its production climbed to 1.27
million tons, up 1.2 percent from the same period of last year,
the report notes.

But that was not enough to offset a 17 percent drop in copper
prices, which between January and September averaged $2.14 per
pound, the report adds.


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


AEROPUERTOS DOMINICANOS: S&P Raises CCR to 'BB-' on Performance
---------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating on
Aeropuertos Dominicanos Siglo XXI S.A. (Aerodom) to 'BB-' from
'B+'.  At the same time, S&P raised its debt rating on the
company's $550 million senior secured notes due 2019 ($484 million
of which are outstanding) to 'BB-' from 'B+'.  The outlook on
Aerodom is stable.

The upgrade of Aerodom reflects S&P's view of the improvement in
the company's overall credit quality after a stronger traffic
performance and cost reduction in 2016, which S&P expects to
continue.  Therefore, S&P expects that the company is now in a
better position to address the refinancing on its bullet notes due
2019.

In the first nine months of 2016, Aerodom's passenger traffic
increased 5.8% compared with the same period last year, raising
both the passenger specialized tariff and commercial revenue,
which depends on passenger volume.  This translated into an
overall 9.8% revenue increase, which combined with an operating
cost reduction of about 5%, improved S&P's prospects on the
company's financial performance.  As a result, S&P expects Aerodom
to close 2016 with EBITDA of approximately $110 million and an
EBITDA margin of about 75%, compared with S&P's previous
projections of $94 million and 70%, respectively.  S&P considers
that higher traffic in 2016, in line with the 2015 growth pace, is
due to the likely growth of the Dominican Republic's economy of
5.5% this year, the opening of new routes, and additional flight
frequencies.  For example, the Aeromexico airline has been
operating a new direct route from Mexico City to Las Americas
since March 2016, the Eurowings airline has added a route between
Cologne, Germany, and Puerto Plata in late 2015, and the Sunwing
airline has increased its flights to Puerto Plata from Montreal to
five times per week and from Toronto to four times per week--from
three times per week--in the winter 2015-2016 season.

Given S&P's reassessment of the mechanism that Aerodom uses to
collect its revenue, about 76% of which are in dollars (the same
currency as the company's debt) and held offshore, S&P is now
revising its assessment on the company's outstanding cash balance
that would be immediately accessible for debt repayment and
netting that cash from gross debt for the calculation of S&P's
credit metrics.  S&P previously didn't consider the cash position
because of the country risk of the Dominican Republic, where
Aerodom's assets are located.  This treatment constituted a
misapplication of our criteria, which S&P has now corrected.  Such
a correction didn't impact the ratings on Aerodom.

The combination of an improved operating and financial
performance, together with S&P's revised treatment of the
company's cash balance, prompts S&P to expect net debt to EBITDA
of 3.5x-4.0x and funds from operations to debt of 13%-15% in 2016
and 2017.  As a result, S&P revised its financial risk profile on
the company to aggressive from significant, which in turn prompted
S&P to revise upwards its stand-alone credit profile on Aerodom to
'bb-' from 'b-'.  S&P still views Aerodom as a moderately
strategic subsidiary to its ultimate parent, VINCI S.A.
(A-/Stable/--), which provided an additional notch to Aerodom's
SACP in S&P's previous review.  However, Aerodom's credit quality
is currently limited by that of the Dominican Republic
(BB-/Stable/B), although S&P still expects VINCI to provide
support to Aerodom under a financial stress scenario.


DOMINICAN REPUBLIC: US$2BB in Debt Papers Okayed to Fix Deficit
---------------------------------------------------------------
Dominican Today reports that the Chamber of Deputies approved a
bill that authorizes the Finance Ministry to issue public debt
papers for up to RD$122.9 billion(US$2.6 billion) to counter the
deficit in the 2016 State budget.

The initiative was approved in a first roll call with 113 votes of
the 138 deputies present, according to Dominican Today.

The lawmakers of the opposition PRM party requested that the bill
be sent to a commission, claiming that one of the supports in next
year Budget, which president Danilo Medina has yet to sign into
law, but the request was rejected by the majority, under the
control of the ruling PLD party, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B';

   -- Country Ceiling affirmed at 'BB-'.


=====================
E L   S A L V A D O R
=====================


* EL SALVADOR: Magnitude 7.0 Earthquake in Rattles Nation
---------------------------------------------------------
Associated Press reports that a magnitude 7.0 earthquake rattled
El Salvador's Pacific coast, but the country's civil defense
agency said there were no immediate reports of damages or
injuries.

Lina Pohl, the country's environment minister, said there was a
tsunami alert, with the possibility of waves 6 feet high along the
coast. But authorities later lifted the alert, according to
Associated Press.

The U.S. Geological Survey said the epicenter of the quake, which
occurred at 1:43 p.m. ET (12:43 p.m. local time), was about 92
miles (149 kilometers) south-southwest of the port of El Triunfo,
El Salvador, the report notes.

El Triunfo is located about 50 miles southeast of San Salvador,
the capital, where the quake was felt strongly.



===============
H O N D U R A S
===============


HONDURAS: Headline Inflation Decelerated to 2.4% in 2015, IMF Says
------------------------------------------------------------------
On October 26, 2016, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV Consultation with
Honduras.

In 2015, real output grew at 3.6 percent, slightly higher than
projected. From the demand side, growth was supported by the
recovery in private consumption -- which responded positively to a
reduction in gasoline prices and strong remittances inflows -- and
a boost in investment. On the supply side, the recovery in
manufacturing and agriculture supported greater activity. At the
same time, headline inflation decelerated to 2.4 percent from 5.8
percent in the previous year, well below the inflation target of
4.5 percent -- owing to strong demand management policies and
lower fuel prices. The fiscal position also improved, as the
primary balance moved into surplus, implying an impressive fiscal
adjustment of 6.5 percentage points of GDP relative to 2013.  This
fiscal adjustment, along with lower oil imports, helped to narrow
the external current account deficit to 6.3 percent of GDP in
2015. As a result, net international reserves increased by US$307
million, supported by private capital inflows. Together, these
favorable developments have contributed to a systematic
improvement in Honduras' international sovereign debt credit
ratings.

The outlook for 2016 remains favorable. Real GDP through 2016 Q2
grew by 4.1 percent (y/y) broadly consistent with staff's
projection of 3.6 percent for the year. This projected growth
performance is supported by scaled up public infrastructure
investment and a supportive monetary policy stance. Inflation
through August 2016 was 2.5 percent (y/y), and is projected to
remain low. In line with the existing program and the Fiscal
Responsibility Law (FRL), the nonfinancial public sector deficit
is expected to widen to 1.5 percent of GDP from 1.0 percent to
accommodate planned investment in infrastructure. At the same
time, consistent with expanding real sector activity and greater
private sector confidence, credit to the private sector is
expected to grow by 10 percent in nominal terms, in line with a
sustainable pace of financial deepening.

Program performance remains satisfactory. The authorities have
advanced important reforms to help create the conditions for
sustained medium-term economic performance and poverty reduction.
These reforms include, most notably, the adoption of caps on
expenditure and the prioritizing of public investment under the
FRL, reforms to tax administration, a social protection framework,
and an overhaul of the electricity sector. In addition, the
authorities have embarked on a comprehensive reform of the
framework for bank resolution, comprising extensive legal
amendments and a significant strengthening of the authorities'
capacity for dealing with financial sector distress.

                Executive Board Assessment

Executive Directors commended the authorities' improved
macroeconomic policy mix under their Fund-supported program, which
has stabilized the economy and has resulted in higher economic
growth, low inflation, stronger fiscal and external positions, and
progress in implementing social policies. Noting that important
economic and social challenges remain ahead, Directors encouraged
the authorities to press forward with their prudent policies and
reform momentum to achieve stronger and more inclusive growth
while safeguarding macroeconomic and financial stability.

Directors welcomed the authorities' fiscal consolidation efforts
and the recent adoption of the fiscal responsibility law (FRL).
They encouraged the authorities to work assiduously to quickly
operationalize the law's provisions and clarify its implications
for extra-budgetary programs. While also welcoming the
authorities' decision not to renew ineffective tax exemptions once
they have expired, Directors urged a more proactive approach to
rationalizing tax exemptions in general. On the spending side,
they supported the authorities' plan to adopt a results-based
approach to spending programs in health and education, which is an
initial step to increase spending efficiency. Directors called for
additional reforms in the electricity sector to strengthen public
finances and foster competition in the electricity market.

Directors agreed that the supportive monetary policy stance
remains appropriate. Given a more neutral policy rate, the closing
output gap, and the planned recovery of the real electricity
costs, they urged the Central Bank of Honduras (BCH) to be
cautious against further easing in the near term. Directors called
on the BCH to remain vigilant and be ready to tighten policy if
inflation or credit growth were to accelerate and signs of
overheating were to emerge.

Directors welcomed the authorities' decision to move toward a more
flexible exchange rate regime and an inflation targeting
framework. To support these decisions, they encouraged the
authorities to press ahead with plans to develop domestic and
foreign exchange markets, reform the central bank law to give the
BCH a clear mandate to achieve price stability, and speed up the
de-dollarization process.

Directors recommended focusing on key medium-term reform
priorities to achieve higher growth and employment now that the
economy has stabilized. They encouraged the authorities to press
ahead with efforts to improve the rule of law, competitiveness,
and the business climate. Directors welcomed the recently launched
new medium-term economic development strategy Honduras 2020.

As reported in the Troubled Company Reporter-Latin America on July
20, 2016, S&P Global Ratings revised its outlook on the Republic
of Honduras to positive from stable.  S&P also affirmed its 'B+/B'
long-and short-term sovereign credit ratings on Honduras.  In
addition, S&P affirmed its 'BB-' transfer and convertibility
assessment.


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


UC RUSAL: Alpart Production to Resume in Six Months
---------------------------------------------------
RJR News reports that Alumina production at Alpart in St.
Elizabeth is now scheduled to resume in six months following the
sale and reopening of the plant at Nain.

At a function at the plant the former owner of Alpart, Russia-
based UC Rusal, handed over the facility to its new operator
Chinese firm JISCO, according to RJR News.

Addressing the ceremony, Mining Minister Mike Henry said Alpart's
reopening will boost economic activity in St. Elizabeth and
Manchester, the report notes.

Mr. Henry said the recruitment of workers will begin and by the
time full production resumes, one thousand jobs will be available,
the report notes.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2016, UC RUSAL, a leading global aluminium producer, has
been assigned a corporate family rating of Ba3 and probability of
default rating of Ba3-PD by Moody's. The outlook on the ratings is
stable and is the first RUSAL has been assigned.


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


FINCOMUN SERVICIOS: S&P Affirms 'B+' LT ICR; Outlook Still Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long- and 'B' short-term
global scale issuer credit ratings on FinComun Servicios
Financieros Comunitarios S.A. de C.V. Sociedad Financiera Popular
(Fincomun).  At the same time, S&P affirmed its 'mxBBB' long- and
'mxA-3' short-term national scale issuer credit ratings on the
company.  The outlook remains stable.

The issuer credit ratings on Fincomun continue to reflect S&P's
view of its business position as moderate based on operations
concentrated in only two business lines.  S&P also views its
capital and earnings as moderate, based on its forecasted RAC
ratio of 5.7% on average for 2017 and 2018. In addition, S&P
considers the entity as having a weak risk position with subpar
asset quality metrics.  The ratings also incorporate S&P's
assessment of its funding as below average, given the lack of
access to central bank window, and its liquidity as adequate.  The
stand-alone credit profile (SACP) remains at 'b+'.  The credit
rating on Fincomun is the same as its SACP because the latter
doesn't factor external support either from the government or
parent.


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


* BOND PRICING: For the Week From Nov. 21 to Nov. 25, 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, 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.


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