TCRLA_Public/150728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, July 28, 2015, Vol. 16, No. 147


                            Headlines



A R G E N T I N A

BANCO MACRO: Fitch Affirms 'CCC' LT Issuer Default Ratings
BANCO SANTANDER: Fitch Affirms 'CCC' Local Currency Long-term IDR
BANCO SANTANDER (RIO): Fitch Affirms 'ccc' Viability Rating
BANCO SUPERVIELLE: Fitch Affirms 'CCC' LC Long-Term IDRs
BBVA BANCO: Fitch Affirms 'CCC' LC Long-Term IDRs

MUNICIPALITY OF LA PLATA: Fitch Affirms LT IDRs at 'CCC'
PAN AMERICAN: Fitch Affirms 'B-'/'B+' Foreign/Local Currency IDRs
TARJETA NARANJA: Fitch Affirms 'CCC' FC/LC Currency Long-term IDRs


B R A Z I L

PETROLEO BRASILEIRO: Guarantees Domestic Fuel Supplies Amid Strike
PETROLEO BRASILEIRO: Charged Executives Transferred to Prison


C A Y M A N  I S L A N D S

BOULDER GLOBAL: Sole Member to Hear Wind-Up Report on Aug. 4
CMBI AWR: Shareholders' Final Meeting Set for July 29
COLUMBIA REINSURANCE: Shareholders' Final Meeting Today
CUBIC TRANSPORTATION: Shareholders' Final Meeting Set for Aug. 7
EMPIRIC STRATEGIC: Shareholders' Final Meeting Today

FALCON GROUP: S&P Affirms 'BB-' LT ICR; Outlook Stable
GOLDMAN SACHS PRIVATE: Members' Final Meeting Set for July 31
LIONGATE AFRICAN: Member to Receive Wind-Up Report on Aug. 3
LOOK'S CAPITAL: Member Receives Wind-Up Report
OLYMPIA ENERGY: Shareholders' Final Meeting Set for Aug. 11

WORLD HEALTH: Member to Receive Wind-Up Report on July 31


C O S T A   R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms BB+ Issuer Default Ratings


P U E R T O    R I C O

ALONSO & CARUS: US Trustee Forms Five-Member Creditors' Committee
ALONSO & CARUS: Bank Agrees to Aug. 31 Extension of Cash Use
ANNA'S LINENS: Shewak Lajwanti, Et Al. Oppose DIP Financing Motion
PUERTO RICO: Can Manage Debt, Hedge-Fund Backed Study Finds
PUERTO RICO: Governor Calls for Unity to Overcome Economic Crisis


T R I N I D A D  &  T O B A G O

PETROTRIN: Doing Well Despite Low Oil Prices


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
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BANCO MACRO: Fitch Affirms 'CCC' LT Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed Banco Macro S.A.'s (Macro) Viability
Rating (VR) at 'ccc' and foreign currency (FC) and local currency
(LC) long-term Issuer Default Ratings (IDRs) at 'CCC'.

Fitch has also affirmed the ratings on Macro's senior unsecured
and subordinated debt at 'CCC/RR4' and 'CC/RR6', respectively. A
full list of rating actions follows at the end of this press
release.

KEY RATING DRIVERS
VR, IDRS, AND SENIOR DEBT

Macro's ratings are driven and constrained by the weak and
deteriorating operating environment in Argentina, characterized by
ample economic imbalances, and the risk of increasing political or
regulatory intervention on the banking system. Macro's ratings
also considers the restrictive default of the Argentine sovereign,
which triggered in July, 2014 a downgrade of the country's
sovereign long-term LC IDR and Country Ceiling to 'CCC' from 'B-'.

Macro's ratings factor in the bank's sound and stable franchise,
adequate and resilient earnings, well-controlled asset quality,
high loss absorption capacity, as well as its stable funding and
good liquidity, but the potential of increased sovereign risk
cannot be underestimated.

In Fitch's view, regardless of Macro's overall reasonable
financial condition, its ratings are currently capped by the LC
sovereign rating, due to the weak and worsening operating
environment, and the challenges posed by the sovereign's delicate
position with foreign creditors.

Macro's senior unsecured debt rating is aligned to the bank's
long-term LC IDR, given Fitch's perception that these notes would
have average recoveries in the event of liquidation.

Macro focuses primarily on low- and middle-income individuals and
small- and medium-sized companies. It ranks fourth among private-
sector banks in Argentina by all relevant size figures. Its
strongest presence is within the country, not in the federal
capital, where its franchise is rather moderate. Macro exhibits
good diversification by product, geography, revenues and
customers.

Macro has maintained adequate earnings, underpinned by its ample
and broadly diversified revenue base, well-contained operating
costs and relatively moderate loan loss provisions. However, this
trend will be challenged in 2015 by the slowdown of the economy,
inflationary pressures on operating costs and the likely upward
trend in credit costs.

Macro has a relatively higher risk appetite than its closest peers
due to its focus on the retail business, low- and middle-income
individuals and small- and medium-sized companies. Nonetheless, it
has demonstrated sound capacities to control overall risks.
Impairments remain under control and below 2% of total loans,
while reserve coverage continues ample (above 1.5 times in the
last three years). However, the bank has yet to be tested in the
significantly less benign environment of 2015-2016.

Macro's capitalization has historically been sound, which
historically are above 15% and are supported by its strong
internal capital generation and earnings retention. Moreover,
capital metrics further strengthened in 2012-2014, driven by the
slowdown in loan growth and the exceptionally high earnings
recorded in previous years. While the bank plans to continue
growing over the medium term, either organically or through
acquisitions, Fitch expects Macro's capitalization ratios to
remain sound throughout the cycle.

Macro's main funding source is its ample retail deposit base,
which has continued increasing at a pace relatively similar to
loans, preventing deterioration of the funding mix. As of March
2015, customer deposits accounted for 85% of total liabilities,
while the bank's liquid assets (cash, 30-day loans to banks and
central bank instruments) covered 39.5% of total deposits.

SUBORDINATED DEBT

The 'CC/RR6' rating of Macro's subordinated notes due 2036 are
rated one notch below Macro's VR due to their loss-absorbing
features and reflects that these notes are subordinate to all of
Macro's senior debt and therefore carry low recovery prospects.
The notching factors in both the loss severity in a potential
liquidation scenario and non-performance risk, since coupons of
the notes are deferrable on a non-cumulative basis.

The rating of the notes also considers the high compression
arising from the low VR of the issuer, and Fitch's opinion that
non-performance risk is low despite the non-cumulative coupon
deferrable feature, considering Macro's ample capital cushion
relative to regulatory minimums and its current and expected
earnings generation.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Macro cannot
be relied upon. If Fitch views ample economic imbalances and past
track records towards support shows little willingness to provide
support to local banks despite their size as a consequence support
is highly uncertain, it should be required.

RATING SENSITIVITIES

IDRS, VR AND SENIOR DEBT

Any downgrade of Argentina's sovereign rating could trigger
further downgrades in Macro's ratings.

Also, Macro's ratings could be affected if the worsening operating
environment drives material deterioration in asset quality,
earnings, and/or loss absorption capacity. Material increases in
liquidity and/or refinancing risk could also put downward pressure
on Macro's ratings.

Upside potential of Macro' ratings is heavily contingent upon
positive developments in the sovereign rating dynamics.

SUBORDINATED DEBT

Due to the current compression in the rating of Macro's
subordinated notes, a potential upgrade of the bank's VR will not
necessarily result in a similar action on the 'CC/RR6' rating of
these notes.

SUPPORT RATING AND SUPPORT RATING FLOOR
Changes in the SRs and SRFs of Macro are highly unlikely in the
foreseeable future.

Fitch has affirmed Macro's ratings as follows:

-- FC and LC long-term IDRs at 'CCC';
-- FC and LC short-term IDRs at 'C';
-- Viability Rating at 'ccc';
-- Support at '5';
-- Support Floor at 'NF';
-- USD150 million senior bonds class 2 due 2017 at 'CCC/RR4';
-- USD150 million subordinated debt due 2036 at 'CC/RR6'.


BANCO SANTANDER: Fitch Affirms 'CCC' Local Currency Long-term IDR
-----------------------------------------------------------------
Following its peer review of the Argentine financial institutions,
Fitch Ratings affirmed the rating of five financial institutions.

The ratings of all the companies are driven and constrained by the
weak and deteriorating operating environment in Argentina,
characterized by ample economic imbalances, and the risk of
increasing political or regulatory intervention on the financial
system. The ratings also considers the restrictive default of the
Argentine sovereign, which triggered in July 2014 a downgrade of
the country's Sovereign long-term local currency Issuer Default
Rating (LC IDR) and Country Ceiling to 'CCC' from 'B-'.

In Fitch's view, regardless of the companies' overall reasonable
financial condition, its ratings are currently capped by the LC
Sovereign rating, due to the weak and worsening operating
environment, and the challenges posed by the sovereign's delicate
position with foreign creditors.

Fitch Ratings has affirmed the ratings for the following
companies:

Banco Santander Rio S.A.

-- LC long-term IDR at 'CCC';
-- Viability Rating at 'ccc';
-- Support at '5'.

BBVA Banco Frances S.A.

-- LC long-term IDR at 'CCC';
-- Viability Rating at 'ccc';
-- Support at '5'.

Banco Macro S.A.

-- FC and LC long-term IDRs at 'CCC';
-- FC and LC short-term IDRs at 'C';
-- Viability Rating at 'ccc';
-- Support at '5';
-- Support Floor at 'NF';
-- USD150 million senior bonds Class 2 due 2017 at 'CCC/RR4';
-- USD150 million subordinated debt due 2036 at 'CC/RR6'.

Banco Supervielle S.A.

-- FC and LC long-term IDRs at 'CCC';
-- FC and LC short-term IDRs at 'C';
-- Viability Rating at 'ccc';
-- USD50 million subordinated debt due 2017 at 'CC/RR5'.

Tarjeta Naranja S.A.

-- FC and LC long-term IDRs at 'CCC';
-- FC and LC short-term IDRs at 'C';
-- Viability Rating at 'ccc';
-- USD150 million senior unsecured bonds at 'CCC/RR4'


BANCO SANTANDER (RIO): Fitch Affirms 'ccc' Viability Rating
-----------------------------------------------------------
Fitch Ratings has today affirmed Banco Santander Rio S.A.'s
(Santander Rio) Viability Rating (VR) at 'ccc'. At the same time,
Fitch affirmed Santander Rio's local currency (LC) long-term
Issuer Default Rating (IDR) at 'CCC'.

KEY RATING DRIVERS

VR AND IDR

Santander Rio's ratings are driven and constrained by the weak and
deteriorating operating environment in Argentina, characterized by
ample economic imbalances, and the risk of increasing political or
regulatory intervention on the banking system. Santander Rio's
ratings also consider the restrictive default of the Argentine
sovereign, which triggered in July 2014 a downgrade of the
country's sovereign long-term LC IDR and Country Ceiling to 'CCC'
from 'B-'.

Santander Rio's ratings benefit from the ample experience of its
main shareholder, Spain's Banco Santander S.A. (Santander; rated
'A-'/Stable Outlook by Fitch), as well as from its strong and
growing franchise as the largest private bank in the country. The
bank's ratings also reflect its healthy asset quality, sound and
consistent profitability, its adequate capitalization, as well as
robust liquidity.

In Fitch's view, regardless of Santander Rio's overall reasonable
financial condition, its ratings are currently capped by the LC
sovereign rating, due to the weak and worsening operating
environment, and the challenges posed by the sovereign's delicate
position with foreign creditors.

Santander Rio is a universal commercial bank with a strong
position in the financing of enterprises and individuals. It is
one of the oldest banks in the country and currently is the
largest private bank measured by assets, loans and deposits, and
No. 3 in the financial system after considering the two largest
state-owned banks.

Net income and core profits continue growing at a solid pace,
driven by the bank's transactional business which allows it to
generate stable and recurrent fees. Net fees and commissions are
the key strength of Santander Rio's source of revenue, covering
roughly 65% of non-interest expenses. Fitch expects that in 2015-
2016, the bank, like the rest of the financial system, could be
affected by the volatile environment marked by an election year,
weak credit demand and high inflation.

Like the main banks in the system, delinquency remains at
historically low levels. Thus, Santander Rio's non-performing
loans (NPLs) remain at very satisfactory levels, favored by
conservative lending policies and good risk management. At March
2015, NPLs represented 1.29% of the total loan portfolio, while
loan reserves covered 160% of impairments loans (2.06x the total
loan portfolio). Asset quality is expected to deteriorate in 2015,
although Fitch believes that Santander Rio will contain that
trend.

The bank's capital adequacy metrics stand at adequate levels,
albeit lower than its closest peers. The Fitch core capital-to-
risk-weighted assets ratio stood at 14.3% as of March 2015,
boosted by sound and stable earnings coupled with lower loan
growth and the regulatory restrictions on dividend payment. Fitch
estimated that the bank's capitalization will be maintained at
satisfactory levels, favored by the lower growth in loans and the
bank's good ability to generate sustained earnings.

Santander Rio's main funding source is core customer deposits.
These are growing at a solid pace and comprise 95% of the bank's
total funding. Santander Rio's loan-to-deposits ratio is one of
the strongest among the largest Argentine banks due to its retail-
oriented focus. Historically, such ratios have been below 85%. The
bank's liquidity levels are ample and benefit from lower demand
for credit. At March 2015, the bank's liquid assets (cash plus
central bank securities plus other short-term asset loans) covered
40.5% of their deposits. Given the bank's policies, Fitch
estimates that its liquidity will remain adequate during 2015 but
is expected to decrease slightly as the credit recovery continues.

SUPPORT RATING
Despite the importance of Santander Rio to its parent, their
common brand, and integration levels which normally suggest some
probability of support, country risks in Argentina may limit the
ability to provide support to local subsidiaries of foreign bank
groups. As such, the parent's ability (Santander rated 'A-' by
Fitch) and willingness to support Santander Rio, although
possible, cannot be relied upon.

RATING SENSITIVITIES

VR AND IDR

Any downgrade of Argentina's sovereign rating could trigger
further downgrades in Santander Rio's ratings.

Also Santander Rio's ratings could be affected if the worsening
operating environment drives material deterioration in asset
quality, earnings, and/or loss absorption capacity. Material
increases in liquidity and/or refinancing risk could also put
downward pressure on Santander Rio's ratings.

Upside potential of Santander Rio's ratings is heavily contingent
upon positive developments in the sovereign rating dynamics.

SUPPORT RATING

Changes in the SR of Santander Rio are highly unlikely in the
foreseeable future.

Fitch has affirmed the ratings as follows:

Santander Rio

-- LC long-term IDR at 'CCC';
-- Viability Rating at 'ccc';
-- Support rating at '5'.


BANCO SUPERVIELLE: Fitch Affirms 'CCC' LC Long-Term IDRs
--------------------------------------------------------
Fitch Ratings affirmed Banco Supervielle S.A.'s (Supervielle)
Viability Rating (VR) at 'ccc'. Fitch has also affirmed
Supervielle's foreign currency (FC) and local currency (LC) long-
term Issuer Default Ratings (IDRs) at 'CCC'. A full list of rating
actions follows at the end of this press release.

KEY RATING DRIVERS

VR, IDRS, AND SENIOR DEBT

Banco Supervielle's VR and IDRs are driven by the adverse economic
and operating environment, and the relatively tight loss
absorption capacity in the form of core capital and/or loan loss
reserves, but also consider the bank's strong profitability, sound
and stable asset quality, good funding and liquidity profile, and
gradually strengthening franchise.

In Fitch's view, regardless of its overall reasonable financial
condition, Supervielle's ratings are currently capped by the LC
sovereign rating, due to the weak and worsening operating
environment, and the challenges posed by the sovereign's delicate
position with foreign creditors. The local environment in
Argentina is characterized by ample economic imbalances and the
risk of increasing political or regulatory intervention into the
banking system.

Supervielle remains a medium-sized bank with roughly 2.0% of the
system's loans and 1.7% of deposits, but it is gradually improving
its competitive position in core business lines. It has a strong
presence in factoring, leasing, and retail loans, with a
particularly sound regional franchise in certain provinces.

Sound and stable core earnings are among Supevielle's top
strengths. Margins are wide and increasing due to the high
contribution of retail loans and improving funding mix. While
there is some room for improvement, its efficiency is good for its
size and model. Credit costs have gradually risen as impairments
increase and Fitch expects these to put pressure on the bank's
profitability.

Fitch considers Supervielle's asset quality adequate, since
impairments are moderate (3.43% of consolidated loans) when
considering the large contribution of retail loans, and the
sizeable portion of those coming from relatively riskier segments
of the population through one consumer finance subsidiary. As with
the rest of the financial system, Supervielle's asset quality is
slowly deteriorating due to the worsening operating environment, a
trend Fitch expects to continue in the medium term.

In Fitch's view, Supervielle has sound practices regarding funding
and liquidity. Customer deposits are the main source of funding.
In addition, the bank has a well-diversified mix of local and
foreign bank facilities, local and foreign debt programs, and a
stable and recurring securitization mechanism. As of March 2015,
63.2% of the loan portfolio matures in less than six months (with
43.3% in less than 1 month).

Supervielle's capital adequacy is tight in Fitch's view. As of
March 31, 2015, its tangible common equity to tangible assets
ratio was 8.30%, lower than the Argentine financial system's
average, although gradually increasing over the past four years.
The Fitch core capital to risk-weighted assets ratio (6.98% at the
same date) has also improved along with higher capital
requirements and although is still relatively tight, it is
adequate for the current rating level of the bank. Fitch expects
that capital metrics will continue improving slowly based on
higher capital requirements.

SUBORDINATED DEBT

The 'CCC/RR5' rating of Banco Supervielle's subordinated debt
reflects that these securities are plain-vanilla subordinated
liabilities, without any deferral feature on coupons and/or
principal. Therefore, these are notched only once to reflect the
below average expected recoveries for these bonds in case of bank
liquidation.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and the Support Rating Floor of 'NF'
reflect that, although possible, external support for Supervielle
cannot be relied upon. In Fitch's view, ample economic imbalances
and past track record towards sovereign support show little
willingness by the authorities to provide support to local banks
despite their size. As a consequence, support, should it be
required, is highly uncertain.

RATING SENSITIVITIES

IDRS, VR AND SENIOR DEBT

Any downgrade of Argentina's sovereign rating could trigger
further downgrades in Supervielle's ratings. Supervielle's ratings
could also be affected if the worsening operating environment
drives material deterioration in its financial profile, resulting
in a Fitch core capital ratio falling and remaining below 3%.

Under current circumstances, Fitch considers unlikely that
Argentine banks could be rated above the sovereign. Therefore,
upside potential in Supervielle's ratings is heavily contingent
upon positive developments in the sovereign rating dynamics.

SUBORDINATED DEBT

The rating of the subordinated debt will likely remain one notch
below Banco Supervielle's local currency long-term IDR under most
circumstances, meaning that this issue rating would move
accordingly with any change in the bank's VR.

SUPPORT RATING AND SUPPORT RATING FLOOR

Changes in the SRs and SRFs of Supervielle are highly unlikely in
the foreseeable future.

Fitch has affirmed the ratings as follows:

Supervielle

-- FC and LC long-term IDRs at 'CCC';
-- FC and LC short-term IDRs at 'C';
-- Viability Rating at 'ccc';
-- Support at '5';
-- Support Floor at 'NF';
-- USD50 million subordinated debt due 2017 at 'CC/RR5'.


BBVA BANCO: Fitch Affirms 'CCC' LC Long-Term IDRs
-------------------------------------------------
Fitch Ratings affirmed BBVA Banco Frances S.A.'s (BBVA Frances)
Viability Rating (VR) at 'ccc'. At the same time, Fitch affirmed
BBVA Frances' local currency (LC) long-term Issuer Default Rating
(IDR) at 'CCC'. A full list of rating actions follows at the end
of this press release.

KEY RATING DRIVERS

VR AND IDR

BBVA Frances' ratings are driven and constrained by the weak and
deteriorating operating environment in Argentina, characterized by
ample economic imbalances, and the risk of increasing political or
regulatory intervention on the banking system. BBVA Frances'
ratings also considers the restrictive default of the Argentine
sovereign, which triggered in July, 2014 a downgrade of the
country's sovereign long-term LC IDR and Country Ceiling to 'CCC'
from 'B-'.

BBVA Frances' ratings benefit from the ample experience of its
main shareholder, Spain's Banco Bilbao Vizcaya Argentaria (BBVA;
rated 'A-'/Outlook Stable by Fitch), as well as from its stable
and growing franchise as one of the four largest private banks in
the country. The bank's ratings also reflect its adequate asset
quality, reasonable profitability, as well as its strong capital
adequacy.

In Fitch's view, regardless of BBVA Frances' overall reasonable
financial condition, its ratings are currently capped by the LC
sovereign rating, due to the weak and worsening operating
environment, and the challenges posed by the sovereign's delicate
position with foreign creditors.

BBVA Frances is a universal commercial bank that provides all
traditional financial products and services and has a strong and
leading franchise that has been positioned as the third private
sector bank in the country in terms of loans and in term of
deposits.

The bank's ability to increase net interest income and fee
revenues has steadily enhanced its financial performance in recent
years. Fitch believes that the performance of BBVA Frances will
remain satisfactory, sustained by its capacity to generate
revenues, its good asset quality and well-controlled operating
expenses. However, the bank's results, like the rest of the
financial system, could be affected by the volatile environment
marked by an election year, weak credit demand and high inflation.

Despite a slight increase of non-performing loans (NPLs) since
2013, the bank's asset quality continues as the one of the highest
among Argentine banks. As of March 2013, non-performing loans
remain below 1% of total loans and the loan loss reserves coverage
is above 2.3 times of impaired loans. An increase in impairments
is expected in the near future, due to higher inflation and
mounting challenges in the operating environment. However, Fitch
expects BBVA Frances could maintain asset quality metrics at
healthy levels.

The bank's capital adequacy is sound and primarily supported by
high internal capital generation through strong and sustained
earnings, coupled with the restrictions of dividend payments. BBVA
Frances' Fitch core capital ratio was a comfortable 16.6% as of
March 2015. Fitch estimated that the capitalization of the bank
will be maintained at satisfactory levels, favoured by the lower
growth in loans and the bank's good ability to generate sustained
earnings.

BBVA Frances' main funding source is its ample core customer
deposits that have continued to increase steadily. As of March
2015, these accounted for 89% of total funding showing a growth of
22.9% over March 2014, driven by demand deposits. Demand deposits
represented nearly 60% of the total deposits in the last two
years, a situation that favours the bank's funding cost. Liquidity
is comfortable for most major Argentine banks, despite the short-
term nature of most liabilities usually, since the tenors of
assets are short as well. Therefore BBVA Frances' liquidity ratios
are ample due to highly liquid assets.

SUPPORT RATING

Despite the importance of BBVA Frances to its parent, their common
brand and integration levels which normally suggest some
probability of support; country risks in Argentina may limit the
ability to provide support to local subsidiaries of foreign bank
groups. As such and independent on the parent's ability (BBVA
rated 'A-' by Fitch) and willingness to support BBVA Frances,
although possible, cannot be relied upon.

RATING SENSITIVITIES

VR AND IDR

Any downgrade of Argentina's sovereign rating could trigger
further downgrades in BBVA Frances's ratings.

Also BBVA Frances's ratings could be affected if the worsening
operating environment drives material deterioration in asset
quality, earnings, and/or loss absorption capacity. Material
increases in liquidity and/or refinancing risk could also put
downward pressure on BBVA Frances's ratings.

Upside potential of BBVA Frances' ratings is heavily contingent
upon positive developments in the sovereign rating dynamics.

SUPPORT RATING
Changes in the SR of BBVA Frances are highly unlikely in the
foreseeable future.

Fitch has affirmed the ratings as follows:

BBVA Frances

-- LC long-term IDR at 'CCC';
-- Viability Rating at 'ccc';
-- Support at '5'.


MUNICIPALITY OF LA PLATA: Fitch Affirms LT IDRs at 'CCC'
--------------------------------------------------------
Fitch Ratings has affirmed Municipality of La Plata's (MLP) Long-
term foreign and local currency Issuer Default Ratings (IDRs) at
'CCC'.

The ratings are capped by Argentina's Country Ceiling, which Fitch
last downgraded on July 31, 2014 to 'CCC' from 'B-'.

KEY RATING DRIVERS
The affirmation of MLP's ratings considers its adequate fiscal and
budgetary performance, generating sound operating margins over the
last years despite the pressures on operating expenditures; it
also considers its political and academic relevance.  La Plata
maintains adequate financial flexibility, low leverage and high
sustainability ratios.  Inflationary and wage pressures, its high
infrastructure needs, as well as Argentina's country ceiling, all
constrain the rating.

Historically, MLP has recorded sound operating margins.  In the
last two years, due to higher expenses as a consequence of floods,
inflationary pressure on wages and other administration projects,
the operating margin has decreased.  Nevertheless, it remains at
an adequate level at 12.7%.  Fitch expects a good budgetary
performance in 2015; however, the operating margin is expected to
be below the budget (26.4%), and remain around 16%.

Fitch also views MLP's adequate budgetary flexibility favorably.
The incidence of MLP's third-party-sourced revenue in relation to
its total operating revenue averaged 44.1% during the 2010-2014
period, which indicates the low exposure of MLP's income to
federal and provincial transfers.  Moreover, MLP's personnel costs
during this period represented only 31.5% on average of its
operating revenue, which makes its budget performance less
vulnerable to current pressure from wage hikes than other
municipalities in the country.

Regarding debt, at year-end 2014, MLP's direct debt was ARS41.8
million, representing a decrease of 17.1% against 2013,
maintaining very low short-term obligations.  MLP's indebtedness
is very low at 2% of the operating revenues and equivalent to 0.2x
of the current balance.  The municipal administration does not
plan to take on more debt in 2015; however, Fitch believes - based
on MLP's present level and sustainability of indebtedness - that
MLP still has margin in the event it decides to incur additional
debt in the future.

In the first quarter of 2015, MLP's direct debt was ARS43.4
million, showing a slight increase in short-term debt against
2014.  In terms of short-term pressure, the good budget
performance has allowed the MLP to have an adequate liquidity
position and significantly reduce exposure to short-term
consolidated debt.

As to MLP's solvency, their debt profile is sustainable, although
it is affected at the end of each year due to floating debt
payments, which have been higher in the last two years.

The city of La Plata is the Province of Buenos Aires' capital city
and seat of the provincial government as well as home of the
National University of La Plata (one of the country's leading
universities).  These academic and political strengths imply a
significant floating population which puts pressure on the demand
for municipal services.

RATING SENSITIVITIES
Any change in Argentina's Country Ceiling would result in movement
of MLP's ratings in the same direction.


PAN AMERICAN: Fitch Affirms 'B-'/'B+' Foreign/Local Currency IDRs
-----------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Pan American Energy LLC (PAE) at 'B-
'/'B+'. Fitch has also affirmed PAE's Argentine subsidiary, Pan
American Energy LLC Sucursal Argentina's (PAME), USD500 million
senior unsecured debt rating at 'B', and the Recovery Rating for
the company's international senior unsecured bonds was revised to
'RR4' from 'RR3'. The 'RR4' for the company's senior unsecured
notes outstanding reflects an average expected recovery given
default and is in line with the RR soft cap established for
Argentina.

The Rating Outlook for the company's foreign and local currency
IDR is Negative.

KEY RATING DRIVERS

The primary negative factor impacting PAE and PAME's ratings are
the companies' exposure to political interference in Argentina.
The companies face a volatile domestic business environment and
inflationary pressures on their cost structures. In comparison
with its Argentine peers, PAE/PAME's ratings are supported by the
companies' stronger business position, large reserves base, low
leverage and strong operating performance. The foreign currency
IDR, one-notch higher than Argentina's country ceiling, is also
supported by the companies' reliable and strong cash flow
generation, high level of dollar-denominated export revenues
relative to total debt, strong parent ownership, and a good track
record of payment during stressed sovereign scenarios. Positively,
PAE/PAME possess ample liquidity and have proven access to the
financial markets.

EXPOSURE TO GOVERNMENT INTERFERENCE: The Argentine government has
a history of significant interference in the oil and gas sector.
Via Decree No. 1277, in 2012 the government gained oversight of
investment levels in the oil and gas sector and domestic price
reference points. In 2012, via Law No. 26,741, the Argentine
government nationalized Argentina's largest energy company, YPF
S.A. (Fitch IDR: 'CCC'). Although in recent years, government
regulations maintained domestic crude oil prices significantly
below world prices, these same regulations have been able to keep
Argentine crude oil prices above global prices despite the global
price decline seen during the last year.

Given PAE/PAME's large oil export program, the global oil price
decline has a negative impact on the company's operations. Recent
government moves have been positive in this regard, with the Crude
Oil Production Stimulus Program put in force in February 2015. The
Argentine government agreed to provide an export stimulus and/or
production stimulus for companies participating in the program.
This program provides a payment in Argentine pesos to the
beneficiary companies of up to USD3/bbl when the company's
quarterly production of crude oil is equal to or greater than the
base production level under the program (December 2014 is the
baseline). If the beneficiary companies manage to satisfy all the
demand of all of the domestic refineries, then they can export
this petroleum and can receive an additional payment equivalent to
USD2-USD3/bbl. Furthermore, the government decreased the export
tariff rate to 1% when the price of exported crude oil is less
than USD71/BBL. Previously, the export tariff rate was 10% when
the international price of oil was below USD70/BBL.

PAME is also benefiting from Resolution No. 1/2013, which created
an incentive program for generating incremental natural gas
production. Companies in the Argentine energy sector who qualified
for the program, including PAME, that manage to increase gas
production are entitled to receive compensation between USD7.50
per million BTU (MMBTU) and their invoiced average gas price. This
is a significant incentive program given average natural gas
prices for the company have been in the USD2+/MMBTU levels in
prior years.

HIGH TRANSFER AND CONVERTIBILITY RISK: Following publication of
Decree No. 1722 on Oct. 26, 2011, PAME is obliged to repatriate
100% of its export revenues. Prior to this date, oil and gas
producers could maintain up to 70% of export proceeds abroad,
which provided a shield against transfer and convertibility risk.
This change in regulation highlights an increased intervention by
the government in the oil and gas sector and potential for
increased foreign currency controls.

STRONG BUSINESS POSITION: PAME has a strong business position in
the Argentine market and its credit metrics are expected to remain
strong. Strong parent ownership, reliable cash flow generation,
and significant levels of exports support PAE's foreign currency
Issuer Default Rating (IDR) which is rated one notch above
Argentina's country ceiling. PAE is 60% owned by BP (rated 'A' by
Fitch with a Negative outlook). PAME's export net revenues
totalled USD1.3 billion in 2014 and compare favorably to its long-
term debt maturities. In addition, the company has a track record
of meeting payments during stressed sovereign scenarios.

LARGE RESERVE BASE AND STRONG CAPITAL STRUCTURE: As of Dec. 2014,
PAME was Argentina's largest proved reserves holder, with oil and
gas reserves of 1.418 billion barrels of oil equivalent (boe),
equivalent to 18 years of production (25 years for oil, 11 years
for natural gas). PAME's leverage is low at approximately USD1 of
debt per barrel of proved reserves (as of December 2014). The
company has historically increased reserves and production volumes
sustainably, despite operating in a challenging environment.

SOLID OPERATING PERFORMANCE: PAME has maintained a strong
operating performance during the past year despite a double-digit
inflation rate and a difficult economic climate in Argentina.
During the 2001-2014 period the company increased oil production
in Argentina by 27% from 81kboe/d to 103kboe/d. During this same
period, gas production has increased by 75% to 18 million cubic
meters per day (m3/d) from 11 million m3/d. Proved reserves
increased by 10% during 2012-2014, which is consistent with the
growth seen in 2010-2012. Fitch expects the company to continue to
register growth (though slightly lower than recent trends) going
forward.

FINANCIAL STRENGTH CONTINUES: For the December 2014 full year,
PAME's EBITDA was USD1.523 billion, representing 5% year-over-year
growth. EBITDA margins of 50.4% were up nearly 300 basis points
(bps) during this period and up nearly 1,000 bps versus 2012
margins of 40.9%.

RATING SENSITIVITIES

PAE/PAME's ratings could be negatively affected by a further
economic deterioration in Argentina and the Republic of
Argentina's inability to convert and transfer foreign exchange for
the companies. Catalysts for a negative rating action include a
material increase in the government's negative interference in the
sector, and a significant increase in debt levels without the
associated revenue increase. A total debt:EBITDA ratio greater
than 3.5x and EBITDA-to-interest coverage below 4.5x could be
viewed negatively.

A positive rating action is unlikely in the short- to medium-term
due to the business environment in Argentina and Argentina's
current sovereign Restricted Default rating. An upgrade of the
Argentine Sovereign could potentially result in a positive rating
action.

LIQUIDITY AND DEBT STRUCTURE

ADEQUATE LIQUIDITY: PAME's total cash and equivalents amounted to
approximately USD24 million as of March 31, 2015, which is
equivalent to 4% of short-term debt totalling USD571 million.
Given the company's strong operational track record along with
strong parent company support, Fitch does not anticipate any
difficulties for the company to tap local debt markets in order to
re-finance short-term debt.

KEY ASSUMPTIONS

-- Production growth in the low single-digits per year;
-- Long-term energy prices in Argentina converging with world
    prices over the next five years;
-- PAME's EBITDA expected to be consistent with 2014 EBITDA of
    USD1.5 billion;
-- Annual Capex for PAME going forward consistent with 2014 capex
    of approximately USD1.5 billion;
-- Gross leverage metrics in the 1x-1.5x range in the short- to
    medium-term for PAME.

Fitch has affirmed the following ratings:

Pan American Energy LLC.

-- Foreign currency IDR at 'B-';
-- Local currency IDR at 'B+'.

Pan American Energy LLC Sucursal Argentina

-- International senior unsecured bond ratings at 'B'; Recovery
    Rating revised to 'RR4' from 'RR3'.

The Rating Outlook is Negative.


TARJETA NARANJA: Fitch Affirms 'CCC' FC/LC Currency Long-term IDRs
------------------------------------------------------------------
Fitch Ratings affirmed Tarjeta Naranja S.A.'s (TN) foreign
currency (FC) and local currency (LC) long-term Issuer Default
Ratings (IDRs) at 'CCC'. Fitch has also affirmed the ratings on
TN's senior unsecured 'CCC/RR4'. A full list of rating actions
follows at the end of this press release.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT

TN's ratings are driven and constrained by the weak and
deteriorating operating environment in Argentina, characterized by
ample economic imbalances, and the risk of increasing political or
regulatory intervention on the financial system. TN's ratings also
considers the restrictive default of the Argentine sovereign,
which triggered in July, 2014 a downgrade of the country's
sovereign long-term LC IDR and Country Ceiling to 'CCC' from 'B-'.

TN's ratings also reflects company's strong franchise, robust loss
absorption capacity, its adequate and recurring profitability, its
sound but weakening asset quality, as well as, its sound funding
and liquidity with FX risks.

In Fitch's view, regardless of TN's overall reasonable financial
condition, its ratings are currently capped by the LC sovereign
rating, due to the weak and worsening operating environment, and
the challenges posed by the sovereign's delicate position with
foreign creditors.

TN's senior unsecured debt rating is aligned to the company's LT
LC IDR, given Fitch's perception that these notes would have
average recoveries in the event of liquidation.

TN has built a robust and rapidly growing franchise and business
model over the past 20 years, which makes its direct parent
company, Tarjetas Regionales (TR), the largest credit card issuer
in Argentina and one of the top players in Latin America. The
footprint in the merchant business is also strong and expanding.

Some of TN's main strengths are its ample capital base and sound
capacity to generate equity internally. Capital is mostly composed
of tangible equity and the portion of intangible assets is fairly
limited. As of March 2015, the equity to assets ratio remained at
a sound 18.7%. Fitch's more stringent definition of core capital,
which excludes intangibles and deferred tax assets, was also a
robust 16.7% of total assets. Moreover, dividend pay-out and the
approach for loan loss provisioning were also conservative.

TN maintains an adequate and recurring operating performance,
driven by its wide margins and, more importantly, the ample and
stable fee income sourced from both its acquisitions and merchant
businesses. As of March 2015, TN significantly improved its
profitability ratios (ROAA and ROEA) compared to that shown in
previous years. Such improvement is expected to be sustainable in
the near future due to TN's good and stable profit generation.

Despite the inherently high costs of this model, TN has well
contained both non-interest expenses and loan loss provisions,
driving a robust recurring operating ROAA. Nonetheless, the
possibility of increased intervention and controls in this
business line cannot be ruled out.

TN's non-performing loan (NPL) ratio has been growing over the
past three years, in line with the gradually deteriorating
economic and operating environment. In Fitch's view, the
impairment and charge-offs ratios as of March 2015 remained
reasonable (5.72% and 1.13%, respectively). Despite its monoline
nature, albeit stable, Fitch regards positively TN's approach to
monitor and control systematic risks.

TN has a strong and stable funding profile, which is composed of
payables to merchant businesses, local issues of short- and
medium-term unsecured notes and bank facilities. The overall
duration of liabilities is twice the duration of average loans
(eight versus four months, respectively). However, TN's ability to
repay the principal of its USD200m global notes is heavily reliant
on macroeconomic and political developments. As of today, one-
third of such debt has already been amortized and the remaining is
already hedged with a forward.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

Any downgrade of Argentina's sovereign rating could trigger
further downgrades in TN's ratings.

Also TN's ratings could be affected if the worsening operating
environment drives material deterioration in asset quality,
earnings, and/or loss absorption capacity. Material increases in
liquidity and/or refinancing risk could also put downward pressure
on TN's ratings.

Upside potential of TN' ratings is heavily contingent upon
positive developments in the sovereign rating dynamics.

Fitch has affirmed the ratings as follows:

TN

-- FC and LC long-term IDRs at 'CCC';
-- FC and LC short-term IDRs at 'C';
-- USD200 million senior unsecured bonds at 'CCC/RR4'.


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


PETROLEO BRASILEIRO: Guarantees Domestic Fuel Supplies Amid Strike
------------------------------------------------------------------
EFE News reports that Petroleo Brasileiro S.A. said it took steps
Friday, July 24, to guarantee fuel supplies amid a 24-hour strike
affecting 15 production platforms, as well as refineries and other
plants.

"All measures were taken to guarantee uninterrupted oil and gas
production, as well as (fuel) supplies to the market," Petrobras
said in a statement, although it acknowledged the job action had
disrupted planned shift changes at some installations, according
to EFE News.

The strike that began July 24 morning prevented non-striking
employees from entering some installations and delayed their entry
at others, the company said, adding that it resolved the situation
by extending the hours of rig workers who were to have been
substituted in the first shift change, the report notes.

"Our activities are proceeding normally and without production
being disrupted.  We have also guaranteed the safety of our
installations and workers," Petrobras said, the report relates.

The FUP oil workers federation, which comprises most Petrobras
unions, called the 24-hour strike to protest the company's
decision to slash investment and sell some assets, the report
discloses.

Petrobras has adopted those measures amid a massive price-fixing,
bribery and kickback scandal that has paralyzed some
infrastructure projects and forced the suspension of several
contracts, the report relays.

July 24's strike coincided with a meeting of Petrobras' board,
which is trying to determine which assets to include in a $15.1
billion divestment plan aimed at reducing its debt burden and
freeing up more cash for investment, the report says.

The FUP also objects to a bill now before Congress that would
strip Petrobras of its status as sole operator of fields in the
pre-salt region, a highly promising offshore oil frontier that
could transform Brazil into a major global crude exporter, the
report discloses.

Sources with the workers federation told EFE the strike affected
at least 15 oil platforms in the offshore Campos basin, where
production was being maintained by employees whose shifts end on
July 24.

The job action also targeted refineries, supply terminals and even
thermal power plants and administrative buildings in 10 of
Brazil's 27 states, the report notes.

"This warning strike comes 20 years after the historic May 1995
movement, when we halted work for 32 days to prevent the company
from being privatized," the FUP said in a statement obtained by
the news agency.

                   About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


PETROLEO BRASILEIRO: Charged Executives Transferred to Prison
-------------------------------------------------------------
euronews.com reports that Brazilian executives charged in the huge
Petrobras corruption scandal have been transferred from police
detention to a prison complex at the center of investigations.

More than 20 were formally charged on July 24 with corruption,
money laundering and criminal conspiracy for their alleged role in
the scheme linked to the state-run oil company, according to
euronews.com.

They were arrested in June, the report adds.

                   About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2015, Moody's Investors Service said the corruption
investigation into Petroleo Brasileiro S.A. (Petrobras) will
negatively affect parts of the public and private sectors, but
government support for the company is likely to help contain the
credit-negative impact.

On March 6, 2015, the TCLRA reported that the deepening
investigation into the alleged kickback scheme at Petrobras has
triggered concerns for the Brazilian banks with exposures not only
to the state-controlled oil company, but also to its large base of
suppliers, as well as the broader oil and gas (O&G) and
construction industries, says Moody's Investors Service.

Moody's Investors Service downgraded all ratings for Petrobras,
including a downgrade of the company's senior unsecured debt to
Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the
company, the TCRLA reported on Feb. 27, 2015.  Its failure to
estimate its losses from the alleged corruption scheme and produce
audited third-quarter results prompted Moody's to cut its rating
to junk, the report said.

Rival agency Standard & Poor's delivered a further blow on March
23 when it revised its outlook on the company from stable to
negative, the TCRLA reported on March 26, 2015.

On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the
foreign and local currency Issuer Default Ratings (IDRs) and
outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'.
Concurrently, Fitch has placed all of Petrobras' international and
national scale ratings on Rating Watch Negative.


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


BOULDER GLOBAL: Sole Member to Hear Wind-Up Report on Aug. 4
------------------------------------------------------------
The sole member of Boulder Global Assets Limited will hear on
Aug. 4, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town Tortola VG1110
          British Virgin Islands


CMBI AWR: Shareholders' Final Meeting Set for July 29
-----------------------------------------------------
The shareholders of CMBI AWR Lloyd China Mekong Fund will hold
their final meeting on July 29, 2015, 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:

          Tsui Fung Jack
          c/o CMB International Asset Management
          Bank of America Tower, 7th Floor
          12 Harcourt Road
          Hong Kong


COLUMBIA REINSURANCE: Shareholders' Final Meeting Today
-------------------------------------------------------
The shareholders of Columbia Reinsurance Company, Ltd. will hold
their final meeting today, July 28, 2015, 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:

          Timm G. Johnson
          c/o Global Captive Management Ltd.
          Building 3, 2nd Floor, Governors Square
          23 Lime Tree Bay Avenue
          P.O. Box 1363 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 7966
          Facsimile: +1 (345) 949 8068


CUBIC TRANSPORTATION: Shareholders' Final Meeting Set for Aug. 7
----------------------------------------------------------------
The shareholders of Cubic Transportation Systems Technologies
Holding Company will hold their final meeting on Aug. 7, 2015, at
11:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town,
          Grand Cayman, KY1-1103
          Cayman Islands


EMPIRIC STRATEGIC: Shareholders' Final Meeting Today
----------------------------------------------------
The shareholders of Empiric Strategic Income Offshore Fund, Ltd.
will hold their final meeting on July 28, 2015, 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:

          Appleby Trust (Cayman) Ltd.
          c/o Richard Gordon
          Telephone: +1 (345) 949 4900
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


FALCON GROUP: S&P Affirms 'BB-' LT ICR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its long-
and short-term issuer credit ratings on trade finance provider
Falcon Group Holdings (Cayman) Ltd. at 'BB-' and 'B',
respectively.  The outlook is stable.

Falcon recently decided not to proceed with a planned $250 million
five-year term loan B because it considered the transaction terms
would have been unfavorable.  It currently has no debt and could
continue to fund transactions through non-recourse refinancing
with a range of banks shortly after origination.  However, S&P
considers that it is likely to investigate other debt-raising
options for the same reasons it initially targeted the term loan B
market: to expand and diversify its funding sources, support
international growth, and broaden the client and product base.

S&P's revised base-case assumption is that Falcon will complete a
$150 million three-year debt issue during its current financial
year, which ends on Jan. 31, 2016.  S&P assumes a smaller size and
shorter maturity than the planned term loan B because other
markets offer more flexibility on these terms.

S&P has affirmed the ratings on Falcon after making two offsetting
changes to S&P's assessment of its stand-alone credit profile.
First, reflecting S&P's revised debt assumption, it has improved
its assessment of Falcon's financial risk profile to
"intermediate" from "significant" under S&P's criteria.  Second,
under S&P's comparable ratings analysis, it has introduced a
negative adjustment following comparisons with similarly rated
financial services finance companies and to reflect the company's
transition toward a revised funding strategy that has not yet been
finalized.

The ratings on Falcon continue to reflect S&P's view of its niche
position in the global trade finance market and the leverage and
debt-servicing profiles resulting from its funding strategy.
Founded in 1994, it specializes in financing midsize corporate
clients through short-term transactions that are generally too
bespoke or too small to be a focus for many bank competitors.  S&P
expects that Falcon will continue to generate relatively
predictable, recurring cash flows from its asset-light, low-cost
business model.  It has expanded relatively quickly in the past
three years as the banking sector has faced balance-sheet
constraints, and its gross advances increased by 32% to $3.1
billion in the financial year ending Jan. 31, 2015.  S&P considers
that barriers to entry into this market are relatively low, but
Falcon's track record and established client and counterparty
relationships would be difficult to replicate.

The stable outlook on Falcon reflects S&P's expectation that the
company will expand in a controlled manner and, if it revises its
established financing strategy, will maintain leverage and debt-
servicing metrics consistent with the current ratings.

S&P could lower the ratings if Falcon introduces a more aggressive
financial policy, such as by raising materially more debt than S&P
assumes, with no mitigating factors.  S&P could also lower the
ratings if it considered that Falcon had materially increased its
risk appetite, particularly if it weakened its underwriting
criteria.

A positive rating action is unlikely in the next 12 months but
could occur if Falcon executes its growth strategy successfully,
benefiting its franchise and financial metrics.  In addition, S&P
would consider whether Falcon will continue to enhance its
corporate governance and internal controls as it grows.


GOLDMAN SACHS PRIVATE: Members' Final Meeting Set for July 31
-------------------------------------------------------------
The members of Goldman Sachs Private Equity Opportunities
Advisors, Inc. will hold their final meeting on July 31, 2015, at
1:50 p.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


LIONGATE AFRICAN: Member to Receive Wind-Up Report on Aug. 3
------------------------------------------------------------
The member of Liongate African Frontier Fund will receive on
Aug. 3, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Name: Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          94 Solaris Avenue
          Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LOOK'S CAPITAL: Member Receives Wind-Up Report
----------------------------------------------
The member of Look's Capital Limited received on July 21, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Andrew Look
          1801-02, 18th Floor Onfem Tower
          29 Wyndam Street
          Central
          Hong Kong
          Telephone: +852 2537-1282
          Facsimile: +852 2537-1832


OLYMPIA ENERGY: Shareholders' Final Meeting Set for Aug. 11
-----------------------------------------------------------
The shareholders of Olympia Energy Fund Ltd. will hold their final
meeting on Aug. 11, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: (345) 949 9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman, KY1-1105
          Cayman Islands


WORLD HEALTH: Member to Receive Wind-Up Report on July 31
---------------------------------------------------------
The member of World Health Investment Holding Limited will receive
on July 31, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Yang Weiguang
          2906, West Tower, Wangzuo Center
          No. 1, Jinghua South Street
          Chaoyang District
          Beijing, China
          Telephone: + 86-010-52078025
          Facsimile: + 86-010-52078088


===================
C O S T A   R I C A
===================


INSTITUTO COSTARRICENSE: Fitch Affirms BB+ Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (Grupo ICE) foreign- and local-currency Issuer
Default Ratings (FC/LC IDRs) at 'BB+' as well as its National
Scale ratings at 'AAA(cri)'. The Rating Outlook remains Negative.
A complete list of rating actions follows at the end of this
release.

Grupo ICE's ratings are supported by its linkage to the Sovereign
rating of Costa Rica (FC and LC IDRs rated 'BB+'/Negative Outlook
by Fitch) which stems from the government ownership and
government's implicit and explicit support. ICE's Negative Outlook
reflects the Negative Rating Outlook on Costa Rica's Sovereign
rating. The company has strategic importance for the government
given the growing demand for electricity in the country and the
government's plans to increase renewable generation and reduce
exposure to fluctuations in fossil fuel prices. The ratings also
reflect the company's diversified portfolio of assets, adequate
financial profile, aggressive capital expenditure program oriented
toward increasing renewable generation capacity and maintaining a
strong market share position in the telecommunications business.

KEY RATING DRIVERS

DIVERSIFIED ASSET PORTFOLIO
Grupo ICE is a vertically integrated monopoly in the electricity
industry and the incumbent player in the telecommunications
industry in Costa Rica. ICE's mobile market share in terms of
subscribers was approximately 60% at the end of 2014. The ratings
reflect the company's low business risk resulting from its
business diversification and positive characteristics as a utility
service provider.

The company recorded an installed capacity of 2,253 megawatts (MW)
as of December 2014, including plants of its subsidiary, the
Compania Nacional de Fuerza y Luz (CNFL). ICE is the exclusive
owner of the national transmission grid. The National Electric
System (SEN) is composed of Grupo ICE, CNFL, two municipal
companies, and four rural electrification cooperatives. There are
also private generators that sell energy to Grupo ICE. The SEN
installed capacity is 2,885MW.

In 2014, the company generated revenues and EBITDA of CRC1,377,151
million and CRC419,282 million, respectively, up from CRC1,322,800
million and CRC357,235 million in 2013. During 2014 the
electricity segment accounted for approximately 57.7% of revenue
(2013: 59%), while the telecommunications division contributed the
rest. For the LTM ended March 2015 the company generated
CRC457,687 million in EBITDA. Fitch expects that the electricity
segment's contribution will grow, given current projects and
future expansion, as well as relatively stable results in the
telecommunications segment.


LEVERAGE DRIVEN BY CAPEX

Grupo ICE's ratings reflect the company's leverage, adequate
interest coverage and exposure to foreign exchange risk. Grupo
ICE's capital expenditures (capex) accounted for CRC2,298,155
million during the past five fiscal years. The capex plan is
mainly financed with debt. The funding related to electricity
projects represents approximately 91% of total debt and the
remaining funds are allocated to projects in the
telecommunications sector.

The leverage ratio calculated as adjusted debt / EBITDAR has
increased to around 5.5x as a result of the capex program during
2011-2013. The highest indicator, 5.8x, was registered in 2013.
ICE's consolidated debt as of March 2015 was CRC1,953,614 million.
The debt adjusted for operating leases was CRC2,508,430 million
for the same period. Leverage for the last 12 months as of March
2015 was 4.8x.

The company benefit's from a very favorable debt schedule, as
approximately 45.8% of its debt matures after five years, 39.6%
between two and five years, and 14.6% in less than two years. The
government of Costa Rica guarantees approximately 12% of total ICE
Group debt. Debt denominated in U.S. dollars is approximately 85%,
which exposes Grupo ICE to fluctuations in the exchange rate.

Grupo ICE recorded charges for currency exchange losses of
CRC151,577 million during fiscal 2014, to reflect the accounting
impact of the foreign exchange differences. The foreign exchange
exposure is reflected in debt service payments (principal
amortization and interest payments). A further devaluation of the
local currency would generate an increase in the disbursement and
the debt service coverage ratios could deteriorate. The debt
service coverage ratio measured as EBITDA/debt service is 2x as of
March 2015 (2014: 1.8x). The current debt service ratio could
decrease to 1.8x based on a 10% FX depreciation scenario.

AGGRESSIVE CAPITAL EXPENDITURE PLAN

Grupo ICE's capital investment plan is considered aggressive and
could weaken the company's financial profile, absent increased
cash flow generation and adequate tariff adjustments. The company
plans to invest approximately USD3.7 billion over the next five
years in order to supply electricity to meet demand and maintain
its leadership position in telecommunications in Costa Rica. Grupo
ICE expects to finance its investments with a combination of
internal cash flow, debt, Build Operate and Transfer (BOT)
transactions, and project finance vehicles.

In 2014, capital expenditures of CRC217.247 million represented
15.8% of revenues for the year. During the years 2010 through
2013, this ratio was 44.2% per year on average, which indicates
that the largest investment phase of the projects has been
completed. Fitch forecasts that capex investment for the years
2015-2018 could average 21% of total revenues.

Fitch expects the company will be able to reduce leverage as capex
requirements decrease in the medium term (2015-2018), absent large
generation projects, and tariff recognition of the debt service of
the generation plants that will start operations in the next few
years. The 305MW Reventazon project (currently financed through
Reventazon Finance Trust) will finalize by the end of 2016. The
Reventazon asset and the associated debt will be incorporated in
ICE's financial statements at that same date.

Going forward, leverage could increase consistently to over 6x if
the company finances its capital investment plan heavily with debt
and the revenues associated with these investments are delayed
beyond the expected ramp-up timeframe or do not received the
tariff adjustments opportunely.

HIGH EXPOSURE TO REGULATORY AND POLITICAL INTERFERENCE

Grupo ICE is exposed to regulatory interference risk given the
lack of clear and transparent electricity tariff schedules. The
company annually proposes to the regulator electricity tariffs for
end-users; in previous years, the regulatory and political
interference affected the tariff adjustment process.

Electricity tariffs are set using two mechanisms: through the
quarterly adjustment of variable costs of fuel (CVC) in place
since 2013, and the ordinary tariff review that considers the
operating costs. ICE cash flow benefits from the tariffs
adjustments to recognized expenses from previous years related to
fuel expenses, exchange rate difference for fuel oil purchases,
and energy import expenses, through deferred quarterly
adjustments.

The funding requirement of working capital by ICE Group depends on
the lag in cost recognition that may arise in both tariff reviews.
The telecom regulatory framework considers the price ceiling
methodology in tariffs, and grants operators authority to review
and adjust rates for some services in order to promote
competition.

Despite the regulatory risk, Grupo ICE has managed to maintain a
relative stable cash flow generation. Also, the company is exposed
to political interference given that the government appoints and
removes ICE's directors and executives, sets and approves the
company's tariffs, and regulates its budget.

KEY ASSUMPTIONS

-- The strong linkage between the Sovereign of Costa Rica and ICE
    continues.
-- Grupo ICE remains important to the government as a strategic
    asset for the country.
-- Fuel variable-cost tariff revision and ordinary tariff
    adjustments are in place.
-- The Reventazon project begins by the end of 2016.
-- The 2016 tariff review considers the debt service and revenue
    from Reventazon hydroelectric project.

RATING SENSITIVITIES

-- Grupo ICE's ratings could be negatively affected by any
    combination of the following: sovereign downgrades; weakening
    of legal, operational and/or strategic ties with the
    government; or regulatory intervention that negatively affects
    the company's financial performance.
-- Grupo ICE's ratings could be positively affected by an upgrade
    of Costa Rica's sovereign rating

Fitch has affirmed the following ratings:

-- Long-term FC IDR at 'BB+'; Negative Outlook;
-- Long-term LC IDR at 'BB+'; Negative Outlook;
-- Senior unsecured debt at 'BB+';
-- Long-term national scale (Costa Rica) at 'AAA(cri)'; Stable
    Outlook;
-- Short-term debt at 'F1+(cri)';
-- Senior unsecured domestic long-term debt (Costa Rica) at
    'AAA(cri)';


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


ALONSO & CARUS: US Trustee Forms Five-Member Creditors' Committee
-----------------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of Alonso & Carus
Iron Works Inc. appointed five creditors of the company to serve
on the official committee of unsecured creditors.

The unsecured creditors are:

     (1) Infra Metals Co., Inc.
         c/o Jose A. Rodriguez, Esq.
         2400 E. Commercial Blvd., Suite 400
         Fort Lauderdale, Florida 33308
         Tel. (954) 567-1776
         Fax: (954) 567-1778
         E-mail: jose@sotolawgroup.com
                 www.sotolawgroup.com

     (2) Olympic Steel, Inc.
         c/o Ken Gatte
         Director of Corporate Credit
         5096 Richmond Road
         Bedford Hts., OH 44146
         Tel. Direct 216-682-0575
         Fax: (216) 292-3974
         E-mail address: ken.gatte@olysteel.com

         Additional address:
         Olympic Steel, Inc.
         c/o Antonio A. Arias, Esq.
         McConnell Valdes LLC
         PO Box 364225
         San Juan, PR 00936-4225
         Tel. (787) 250-5604
         Fax: (787) 759-2771
         E-mail: aaa@mcvpr.com

     (3) Saginaw Pipe Co., Inc.
         c/o Jim Boteler, Credit Manager
         PO Box 8
         Saginaw, AL 35137
         Tel. (205) 624-1142
         Fax: (205) 624-1242
         E-mail: Jim_b@saginawpipe.com

         Additional address:
         Saginaw Pipe Co., Inc.
         c/o Antonio A. Arias, Esq.
         McConnell Valdes LLC
         PO Box 364225
         San Juan, PR 00936-4225
         Tel. (787) 250-5604
         Fax: (787) 759-2771
         E-mail: aaa@mcvpr.com

     (4) Triple S Steel Supply Co.
         Walter B. Fowlkes
         Chief Financial Officer
         6000 Jensen Drive
         Houston, TX 77026
         Tel. (713) 354-4138
         Fax: (713) 697-5945
         E-mail: Walter.fowlkes@sss-steel.com

         Additional address:
         Triple S Steel Supply Co.
         c/o Antonio A. Arias, Esq.
         McConnell Valdes LLC
         PO Box 364225
         San Juan, PR 00936-4225
         Tel. (787) 250-5604
         Fax: (787) 759-2771
         E-mail: aaa@mcvpr.com

     (5) Valley Joist, Inc.
         Laura Catherine Ashburner
         c/o EBSCO Industries, Inc.
         5724 Hwy 280 East
         Birmingham, AL 35242
         Tel. (205) 995-1500
         Fax: (205) 981-4046
         E-mail: lashburner@ebsco.com

         Additional address:
         Valley Joist, Inc.
         c/o Fernando Van Derdys, Esq.
         Reichard & Escalera
         PO Box 364148
         San Juan, PR 00936
         Tel. (787) 777-8888
         Fax: (787) 765-4225
         E-mail: fvander@reichardescalera.com

On May 4, the U.S. trustee, the Justice Department's bankruptcy
watchdog, held a meeting of creditors but did not appoint a
committee because only Triple S Steel expressed interest to serve
on the panel.

Earlier this month, Triple S Steel and three other unsecured
creditors proposed the appointment of a committee, saying the
early filing of Alonso & Carus' restructuring plan requires a
committee to look into the assets, liabilities and financial
condition of the company in order to validate the plan.

On July 13, Alonso & Carus filed an objection, arguing there is no
need to appoint a committee at this early stage of its bankruptcy
case.

                   About Alonso & Carus Iron Works

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

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

The Debtor has employed Charles A Curpill, PSC Law office, as
counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial
consultant.


ALONSO & CARUS: Bank Agrees to Aug. 31 Extension of Cash Use
------------------------------------------------------------
Alonso & Carus Iron Works, Inc., and Banco Popular de Puerto Rico
ask the United States Bankruptcy Court for the District of Puerto
Rico to approve their stipulation extending through and including
August 31, 2015, the period by which the Debtor may use cash
collateral.

Alonso & Carus Iron Works, Inc. is represented by:

          Charles A. Cuprill, Esq.
          Charles A Cuprill, PSC Law Office
          356 Calle Fortaleza
          Second Floor
          San Juan, Puerto Rico 00901
          Tel.: 787 977-0515
          Fax: 787 977-0518
          Email:ccuprill@cuprill.com

Banco Popular de Puerto Rico is represented by:

          Luis C. Marini-Biaggi, Esq.
          Nayuan Zouairabani, Esq.
          ONeill & Borges, LLC
          American International Plaza
          250 Muoz Rivera Avenue, Suite 800
          San Juan, Puerto Rico 00918
          Tel.: 787 764-8181
          Fax: 787 753-8944
          Email: luis.marini@oneillborges.com
                 nayuan.zouairabani@oneillborges.com

                        About Alonso & Carus

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

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

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


ANNA'S LINENS: Shewak Lajwanti, Et Al. Oppose DIP Financing Motion
------------------------------------------------------------------
Shewak Lajwanti Home Fashions, Inc. and its affiliated creditors
ask the U.S. Bankruptcy Court for the Central District of
California, Santa Ana Division, to deny the DIP Financing
Motion and the Assumption Motion that Anna's Linens, Inc. had
filed.

Counsel to the Objectors, Steven T. Gubner, Esq., at Ezra Brutzkus
Gubner LLP, in Woodland Hills, California, relates that by the DIP
Financing Motion, the Debtor seeks approval to obtain an $80
million senior secured super-priority revolving credit facility
from the DIP Lenders, the proceeds of which will be used solely
to: (a) extinguish certain Pre-Petition Obligations in the amount
of approximately $66.425 million, consisting of approximately (1)
$63 million in principal and interest, (2) $3.2 million in early
termination fees, and (3) $225,000 in credit monitoring fees; (b)
pay fees, costs and expenses in connection with the DIP Financing
Agreement, including payment of the Agent's and DIP Lender's
reasonable attorney's fees and other out of pocket expenses; (c)
pay Debtor's postpetition operating expenses incurred in the
ordinary course of business; (d) pay costs and expenses of
administration of this Chapter 11 Case, including payment of the
Debtor's professional fees; and, (e) pay other amounts as
specified in the Approved Budget and/or operative documentation
and allowed by the Bankruptcy Court, in the case of (c) through
(e), in amounts and categories consistent with the Approved
Budget.

Given these set-up, Mr. Gubner tells the Court, the DIP Financing
will ultimately provide the Debtor with only $13.6 million of new
money.

Mr. Gubner adds that the DIP Financing is also subject to
borrowing and availability limitations that may further reduce, or
completely eliminate, the New Money available to the Debtor by
virtue of the DIP Financing.

Mr. Gubner asserts that Shewak Lajwanti and related creditors,
referred to as the Vendors, file their Objection because it
appears that the DIP Financing Motion and related motion are
intended to be vehicles for Salus Capital Partners, LLC, as agent
for the DIP Lenders, to foreclose on prepetition collateral
quickly; to shift the expenses (including out of pocket expenses
and attorneys' fees) of that foreclosure to the estate's general
unsecured creditors, while simultaneously encumbering free-and-
clear assets that should be liquidated for the benefit of the
estate's general unsecured creditors.

Mr. Gubner further argues that the Motions unreasonably seek to
give the DIP Lenders an interest in Chapter 5 causes of action to
the detriment of unsecured creditors. He adds that the Agent and
the DIP Lenders are to receive general releases from the estate
and parties-in-interest of any and all claims against them
(including those under section 506(c) of the Bankruptcy Code). Mr.
Gubner says that even more concerning, the Debtor ask that all of
the foregoing be approved before the Debtor's filings of its
schedules or any disclosure of any analysis of the potential
challenges to the Agent's or DIP Lender's liens or claims or the
potential recovery actions against the Agent and/or the DIP
Lender.

Shewak Lajwanti Home Fashions, Inc., P&A Marketing, Inc., and
Panda Home Fashions, LLC are represented by:

          EZRA BRUTZKUS GUBNER LLP
          Steven T. Gubner, Esq.
          Jerrold L. Bregman, Esq.
          Michael W. Davis, Esq.
          21650 Oxnard Street, Suite 500
          Woodland Hills, CA 91367
          Telephone: (818)827-9000
          Facsimile: (818)827-9099
          Email: sgubner@ebg-law.com
                 jbregman@ebg-law.com
                 mdavis@ebg-law.com

                     About Anna's Linens, Inc.

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr.
C.D. Cal. Case No. 15-13008) in Santa Ana, California, on June
14, 2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The
Debtor stimated assets of $50 million to $100 million and debt of
$100 million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens'
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


PUERTO RICO: Can Manage Debt, Hedge-Fund Backed Study Finds
-----------------------------------------------------------
Michelle Kaske and Laura J. Keller at Bloomberg News report that a
report released by a group of hedge funds that own $5.2 billion of
Puerto Rico bonds said the island's central government can pay
what it owes, showing the resistance the commonwealth faces as it
seeks to restructure its $72 billion of debt.

Budget cuts and tax increases would allow Puerto Rico to stabilize
its finances, according to a report by three former International
Monetary Fund economists now at the Centennial Group, an advisory
firm, according to Bloomberg News.  It was commissioned by a group
of more than three dozen funds, which includes Fir Tree Partners,
Brigade Capital Management and Monarch Alternative Capital, notes
the report.

"The debt in the medium-term is sustainable," Claudio Loser, one
of the report's authors, told reporters, when the study was
released, Bloomberg News notes.  "A global statement saying that
the debt requires restructuring, we feel, is absolutely not
substantiated."

Bloomberg News relates that the hedge funds are among the first
bondholders to challenge Puerto Rico's claim last month that it
needs to put off debt payments that have swelled from years of
borrowing.  Governor Alejandro Garcia Padilla's administration
plans to draft a proposal by Sept. 1 for restructuring its debt,
an unprecedented step in the U.S. municipal-bond market that's
likely to be challenged in court, Bloomberg News says.

                          No Evidence

Bloomberg News says that Mr. Loser, founding director of
Centennial's Latin America practice, said a restructuring isn't
needed for "general government debt" such as general-obligation
bonds.  Mr. Loser said such a step may be necessary for some of
the island's approximately 18 debt-issuing agencies, though he
declined to say which ones, Bloomberg News notes.

"There is no evidence that one can gather that says there is a
need for a general restructuring of debt," Mr. Loser said, says
the report. "There is no reason for anything like that."

Bloomberg News discloses that Garcia Padilla's chief of staff,
Victor Suarez, said Puerto Rico has enacted significant fiscal
measures, including tax increases, and is considering additional
steps.

"However, the simple fact remains that extreme austerity placed on
Puerto Ricans with less than a comprehensive effort from all
stakeholders is not a viable solution for an economy already on
its knees," Mr. Suarez said in a statement obtained by Bloomberg
News.

Bloomberg News notes that Puerto Rico securities have tumbled amid
speculation about how much investors stand to lose.  Moody's
Investors Service said investors may receive as little as 35 cents
on the dollar on some securities, while owners of debt with the
greatest safeguards could receive more than twice as much.

                           Default Odds

Moody's said it's near certain that Puerto Rico will default on
some of its securities.  The first could come as soon as Aug. 1,
when $36.3 million of bonds sold by its Public Finance Corp.
become due, because the legislature hasn't appropriated the funds,
Bloomberg News relays.

Bloomberg News discloses that the varying legal protections for
Puerto Rico's securities promises to pit owners of general-
obligation bonds, which have a constitutional pledge of repayment,
against holders of other securities such as sales-tax debt that
are backed by dedicated revenue sources.  The hedge-fund group
holds both types of securities, Bloomberg News notes.
The report released challenges a key aspect of a rival analysis
prepared for Puerto Rico by other former IMF officials, which said
the debt relief is needed to steady the island's finances,
Bloomberg News notes.

                          Rival Analysis

The economists hired by the hedge fund group said fiscal reforms
and additional short-term borrowing would be sufficient to shore
up the commonwealth's budget. Such measures, it said, could leave
the central government with a surplus -- after making interest
payments -- by the next fiscal year, Bloomberg News relays.

Puerto Rico could raise an extra $1.1 billion by boosting
compliance with the sales tax to a level in line with the typical
U.S. state, according to the report, Bloomberg News notes.

"Puerto Rico can avoid a costly default," said Jose Fajgenbaum, a
director at Centennial Group who was an author of the report,
Bloomberg News says.  "There is a better way," Mr. Fajgenbaum
added.

Bloomberg News notes that Puerto Rico's debt crisis has resulted
from years of borrowing to paper over budget shortfalls as its
economy struggled to grow and residents left for the U.S.
mainland.  The island's population has declined by 7 percent in
the past decade, with another 245,000 forecast to leave the island
by 2025, according to the Puerto Rico's Planning Board, Bloomberg
News relays.

Bloomberg News notes that Puerto Rico securities have been trading
at distressed levels for two years on concern the island won't
repay its obligations on time and in full.  General obligations
maturing July 2035 and originally sold in March 2014 at 93 cents
on the dollar traded Friday at an average price of 71 cents on the
dollar, according to data compiled by Bloomberg.  The average
yield was 11.8 percent, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America on July
3, 2015, Moody's Investors Service has downgraded the Commonwealth
of Puerto Rico's general obligation (GO) and guaranteed bonds as
well as its senior lien Sales Tax Financing Corporation (Sr
COFINA) bonds to Caa3 from Caa2.  Moody's also lowered ratings
assigned to other securities, including bonds of the Puerto Rico
Aqueduct and Sewer Authority, which also were downgraded to Caa3
from Caa2.  Bonds already in the Ca category were affirmed at that
level. In all, about $55.5 billion was affected by these actions.
With the GO rating action, the seventh downgrade in the past five
years, the commonwealth's rating has declined 12 notches since
2011. The outlook for all affected securities remains negative.


PUERTO RICO: Governor Calls for Unity to Overcome Economic Crisis
-----------------------------------------------------------------
EFE News reports that Puerto Rican Gov. Alejandro Garcia Padilla
called upon residents of the island for unity to overcome the
economic crisis that has beset the U.S. commonwealth for eight
years and which is burdened by some $73 billion in public debt.

Garcia Padilla used the occasion of the 63rd anniversary of Puerto
Rico's Commonwealth Constitution to say that the government's
priority is to get out of the crisis, asking that -- for the
moment -- the debate on the island's relationship with the United
States be put on the back burner, according to EFE News.

"We've inherited a colossal crisis that no other government has
inherited.  We have to attend to it to be able to develop the
Commonwealth to the maximum," said the governor, emphasizing his
administration's priorities, the report notes.  "To make progress
on any status formula we have to continue lowering crime and
unemployment, as well as keep attending to the inherited crisis."

The governor also said that it is necessary to acknowledge that
"the Commonwealth has to grow," after noting that it is not
acceptable for the federal judiciary to deny Puerto Rico the
ability to legislate to restructure its debt, EFE News relates.

Garcia Padilla emphasized that the island's commonwealth status
grants Puerto Rico two of the greatest aspirations of its people:
protecting their national identity while at the same time
maintaining a very closer relationship, in a permanent union, with
the United States, the report notes.

The governor's comments made clear that his priorities are to
strengthen the current commonwealth status with the United States,
fight the economic crisis and deal with the huge debt that several
weeks ago he publicly acknowledged could not be paid, the report
relates.

In a nonbinding plebiscite coinciding with his election as
governor in 2012, 54 percent of the voters rejected the island's
current status and, in a second question, 61.1 percent said they
favored annexation to the United States, 33.3 percent said they
preferred to be a sovereign commonwealth and 5.5 percent voted for
independence, the report adds.

As reported in the Troubled Company Reporter-Latin America on July
3, 2015, Moody's Investors Service has downgraded the Commonwealth
of Puerto Rico's general obligation (GO) and guaranteed bonds as
well as its senior lien Sales Tax Financing Corporation (Sr
COFINA) bonds to Caa3 from Caa2.  Moody's also lowered ratings
assigned to other securities, including bonds of the Puerto Rico
Aqueduct and Sewer Authority, which also were downgraded to Caa3
from Caa2.  Bonds already in the Ca category were affirmed at that
level. In all, about $55.5 billion was affected by these actions.
With the GO rating action, the seventh downgrade in the past five
years, the commonwealth's rating has declined 12 notches since
2011. The outlook for all affected securities remains negative.


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


PETROTRIN: Doing Well Despite Low Oil Prices
--------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday report that
state-owned oil company, Petroleum Company of Trinidad and Tobago
(Petrotrin), has reported improvements in its performance at the
end of the third quarter of the 2014-2015 fiscal period, despite
fluctuating oil prices.

Benchmark global crude oil, Brent crude had dipped to TT$56.13 per
barrel while West Texas Intermediate, (WTI), had settled at
TT$49.19 per barrel July 23.

In a media statement, Petrotrin noted that approximately TT$2.5
billion in taxes and benefits had been paid to government
according to financial statements for the nine-month period ending
2015 June, Trinidad and Tobago Newsday notes.

The report says that the payout was broken down in two parts-
TT$1.3 billion in direct taxes and fees with another TT$1.2
billion in indirect taxes and benefits.

"As global oil prices trended downwards, reflecting a nearly 50
percent decline since the same period last year, Petrotrin's Board
and Management drove the implementation of strategic decisions
streamlining operations so that the company would remain
sustainable and profitable in an expected low oil price scenario.
These directions included prudent budget management, measures to
improve refinery margins and noted successful efforts to stabilize
the decline in production," Petrotrin stated, the report says.

"The company was able to continue its substantial contributions to
the national economy, despite recording an accounting loss for the
period.  This third-quarter accounting loss is largely due to the
crude oil and refined product inventory valuation write downs of
approximately TT$1.4 billion consequent upon the fall in oil
prices," the company noted, the report notes.

The report discloses that Petrotrin also cited comments from
Senior Analyst on Oppenheimer's Emerging Market's Trading Desk
Omar Zeolla who noted that: "while results for the first nine
months of the 2015 fiscal year ending June 2015 are still being
affected by the weak performance of the first quarter of the
fiscal year, the last two quarters have shown a return to
financial performance similar to previous years.  EBITDA (Earnings
before Interest, Taxes, Depreciation and Amortization) margins are
back to the 11percent to 12 percent range and free cash flow has
been positive for the last two quarters."

Meanwhile, Petrotrin's president Khalid Hassanali described the
nine-month report as encouraging as the company was in "the
process of putting in place measures to ensure adequate access to
capital in the coming years to meet its obligations and fund
expanded drilling, the report adds.

                          About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday.  The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.

The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year.  According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
FABRICA TECID-RT         FTRX1 BZ    66603695.4     -76419246.3
METROGAS SA-A          153255Z AR     331403741     -24462400.6
METROGAS SA-C          153263Z AR     331403741     -24462400.6
LA POLAR SA           NUEVAPOL CI     571550458     -31565432.3
TECTOY-PF-RTS5/6        TOYB11 BZ    27114628.6     -8215580.95
TEKA-ADR                 TEKAY US     313948165      -395261073
GOL-PREF                 GOLL4 BZ    3769323901      -125802483
GOL-ADR                    GOL US    3769323901      -125802483
GOL                      GOLL3 BZ    3769323901      -125802483
METROGAS-B               MGSBF US     331403741     -24462400.6
BOMBRIL                  BMBBF US     323685704       -31241748
KARSTEN                  CTKCF US     174656858     -10482924.6
KARSTEN-PREF             CTKPF US     174656858     -10482924.6
MANGELS INDL-PRF         MGIRF US     176399866     -61689625.2
TEKA                     TKTQF US     313948165      -395261073
TEKA-PREF                TKTPF US     313948165      -395261073
SNIAFA SA-B              SDAGF US    11229696.2     -2670544.86
TEC TOY SA-PREF          TOYDF US    27114628.6     -8215580.95
PUYEHUE RIGHT         PUYEHUOS CI      17878064     -7344408.97
BATTISTELLA-RIGH         BTTL1 BZ     120474772     -21271905.1
BATTISTELLA-RI P         BTTL2 BZ     120474772     -21271905.1
BATTISTELLA-RECE         BTTL9 BZ     120474772     -21271905.1
BATTISTELLA-RECP        BTTL10 BZ     120474772     -21271905.1
AGRENCO LTD-BDR         AGEN33 BZ     285996574      -543142756
GOL-ADR                    GOQ GR    3769323901      -125802483
PET MANG-RIGHTS       3678565Q BZ     140957879      -410925540
PET MANG-RIGHTS       3678569Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229292Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229296Q BZ     140957879      -410925540
MMX MINERACAO            TRES3 BZ    1223308090      -312940530
INEPAR-RT ORD         3697782Q BZ    1191789041      -214360998
INEPAR-RT PREF        3697786Q BZ    1191789041      -214360998
INEPAR-RCT ORD        3697790Q BZ    1191789041      -214360998
INEPAR-RCT PREF       3697794Q BZ    1191789041      -214360998
RB CAPITAL              RBCS3B BZ    13996658.5     -815.062365
MMX MINERACA-GDR         MMXMY US    1223308090      -312940530
BOMBRIL HOLDING          FPXE3 BZ    19416013.9      -489914853
BOMBRIL                  FPXE4 BZ    19416013.9      -489914853
SANESALTO                SNST3 BZ    21339668.9     -6954061.77
BOMBRIL-RGTS PRE         BOBR2 BZ     323685704       -31241748
BOMBRIL-RIGHTS           BOBR1 BZ     323685704       -31241748
MMX MINERACA-GDR      0567931D CN    1223308090      -312940530
MMX MINERACA-GDR          3M11 GR    1223308090      -312940530
LAEP-BDR                MILK33 BZ     222902269      -255311026
AGRENCO LTD               AGRE LX     285996574      -543142756
LAEP INVESTMENTS          LEAP LX     222902269      -255311026
INVERS ELEC BUEN         IEBAA AR     239575758     -28902145.8
INVERS ELEC BUEN         IEBAB AR     239575758     -28902145.8
OSX BRASIL SA            OSXB3 BZ    2592199410      -291661108
MMX MINERACAO            MMXCF US    1223308090      -312940530
CELGPAR                  GPAR3 BZ     233784351     -1156798479
RECRUSUL - RT         4529781Q BZ    25757600.8     -21626049.7
RECRUSUL - RT         4529785Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529789Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529793Q BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL11 BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL12 BZ    25757600.8     -21626049.7
BALADARE                 BLDR3 BZ     159449535     -52990723.7
TEXTEIS RENAU-RT         TXRX1 BZ    48951015.5     -73535330.8
TEXTEIS RENAU-RT         TXRX2 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT         TXRX9 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT        TXRX10 BZ    48951015.5     -73535330.8
CIA PETROLIF-PRF         MRLM4 BZ     377592596      -3014215.1
CIA PETROLIFERA          MRLM3 BZ     377592596      -3014215.1
NEWTEL PARTICIPA         NEWT3 BZ    10517157.2     -10542831.7
NOVA AMERICA SA          NOVA3 BZ    21287488.9      -183535526
NOVA AMERICA-PRF         NOVA4 BZ    21287488.9      -183535526
EBX BRASIL SA            CTMN3 BZ    2592199410      -291661108
GOL-ADR                   GOLN MM    3769323901      -125802483
OSX BRASIL SA            EBXB3 BZ    2592199410      -291661108
LA POLAR-RT           LAPOLARO CI     571550458     -31565432.3
ELECTRICIDAD ARG      3447811Z AR     948261051      -148983927
TEC TOY-RT            7335610Q BZ    27114628.6     -8215580.95
TEC TOY-RT            7335614Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335626Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335630Q BZ    27114628.6     -8215580.95
MMX MINERACAO-RT      4111484Q BZ    1223308090      -312940530
MMX MINERACA-RCT      4111488Q BZ    1223308090      -312940530
GOL-RT                0113333D BZ    3769323901      -125802483
GOL-RT                0113334D BZ    3769323901      -125802483
GOL-RCT               0113335D BZ    3769323901      -125802483
GOL-RCT               0113338D BZ    3769323901      -125802483
PET MANG-RT           4115360Q BZ     140957879      -410925540
PET MANG-RT           4115364Q BZ     140957879      -410925540
INEPAR-RT ORD            INEP1 BZ    1191789041      -214360998
INEPAR-RT PREF           INEP2 BZ    1191789041      -214360998
INEPAR-RCT ORD           INEP9 BZ    1191789041      -214360998
INEPAR-RCT PREF         INEP10 BZ    1191789041      -214360998
MINUPAR-RT            9314542Q BZ    76619687.5     -91780261.5
MINUPAR-RCT           9314634Q BZ    76619687.5     -91780261.5
MMX MINERACAO-RT      0626050D BZ    1223308090      -312940530
MMX MINERACA-RCT      0626051D BZ    1223308090      -312940530
PET MANG-RT           0229249Q BZ     140957879      -410925540
PET MANG-RT           0229268Q BZ     140957879      -410925540
RECRUSUL - RT         0163579D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0163580D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163582D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163583D BZ    25757600.8     -21626049.7
PORTX OPERA-GDR          PXTPY US     976769385     -9407990.18
PORTX OPERACOES          PRTX3 BZ     976769385     -9407990.18
OSX BRASIL S-GDR         OSXRY US    2592199410      -291661108
TEC TOY-RT            1254570D BZ    27114628.6     -8215580.95
TEC TOY-RT            1254571D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254572D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254573D BZ    27114628.6     -8215580.95
MMX MINERACAO           MMXM11 BZ    1223308090      -312940530
MINUPAR-RT            0599562D BZ    76619687.5     -91780261.5
MINUPAR-RCT           0599564D BZ    76619687.5     -91780261.5
PET MANG-RT              RPMG2 BZ     140957879      -410925540
PET MANG-RT           0848424D BZ     140957879      -410925540
PET MANG-RECEIPT         RPMG9 BZ     140957879      -410925540
PET MANG-RECEIPT        RPMG10 BZ     140957879      -410925540
GOL-RT                   GOLL1 BZ    3769323901      -125802483
GOL-RT                1003237D BZ    3769323901      -125802483
GOL-RCT                  GOLL9 BZ    3769323901      -125802483
GOL-RCT               1003238D BZ    3769323901      -125802483
LAEP INVESTMEN-B      0122427D LX     222902269      -255311026
LAEP INVES-BDR B      0163599D BZ     222902269      -255311026
RECRUSUL - RT         0614673D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0614674D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614675D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614676D BZ    25757600.8     -21626049.7
TEKA-RTS                 TEKA1 BZ     313948165      -395261073
TEKA-RTS                 TEKA2 BZ     313948165      -395261073
TEKA-RCT                 TEKA9 BZ     313948165      -395261073
TEKA-RCT                TEKA10 BZ     313948165      -395261073
MINUPAR-RTS              MNPR1 BZ    76619687.5     -91780261.5
MINUPAR-RCT              MNPR9 BZ    76619687.5     -91780261.5
LA POLAR-RT           LAPOLAOS CI     571550458     -31565432.3
RECRUSUL SA-RTS          RCSL1 BZ    25757600.8     -21626049.7
RECRUSUL SA-RTS          RCSL2 BZ    25757600.8     -21626049.7
RECRUSUL SA-RCT          RCSL9 BZ    25757600.8     -21626049.7
RECRUSUL - RCT          RCSL10 BZ    25757600.8     -21626049.7
OSX BRASIL - RTS      0701756D BZ    2592199410      -291661108
OSX BRASIL - RTS      0701757D BZ    2592199410      -291661108
LA POLAR SA            LAPOLAR CI     571550458     -31565432.3
MMX MINERACA-RTS         MMXM1 BZ    1223308090      -312940530
MMX MINERACA-RCT         MMXM9 BZ    1223308090      -312940530
OSX BRASIL - RTS      0812903D BZ    2592199410      -291661108
OSX BRASIL - RTS      0812904D BZ    2592199410      -291661108
OSX BRASIL SA            OSXRF US    2592199410      -291661108
OSX BRASIL - RTS         OSXB1 BZ    2592199410      -291661108
OSX BRASIL - RTS         OSXB9 BZ    2592199410      -291661108
NEWTEL PARTI-RTS      1051621D BZ    10517157.2     -10542831.7
PET MANG-RTS          1227980D BZ     140957879      -410925540
AGRENCO LTD-BDR         AGEN11 BZ     285996574      -543142756
LAEP-BDR                MILK11 BZ     222902269      -255311026
MMX MINERACA-GDR         MMXMD US    1223308090      -312940530
MMX MINERACAO            MMXXF US    1223308090      -312940530
GOL PREF - RTS           GOLL2 BZ    3769323901      -125802483
GOL PREF - RCT          GOLL10 BZ    3769323901      -125802483
BOMBRIL - RTS           BOBR11 BZ     323685704       -31241748
KARSTEN SA - RTS         CTKA1 BZ     174656858     -10482924.6
KARSTEN SA - RTS         CTKA2 BZ     174656858     -10482924.6
KARSTEN SA - RCT         CTKA9 BZ     174656858     -10482924.6
KARSTEN SA - RCT        CTKA10 BZ     174656858     -10482924.6
NEWTEL PARTI-RCT        NEWT9B BZ    10517157.2     -10542831.7
NEWTEL PARTI-RTS        NEWT1B BZ    10517157.2     -10542831.7
CELGPAR-RTS             GPAR11 BZ     233784351     -1156798479
LA POLAR-RTS BON      LAPOLAOB CI     571550458     -31565432.3
PET MANGUINH-RTS         RPMG1 BZ     140957879      -410925540
METROGAS-B                METR AR     331403741     -24462400.6
METROGAS-B BLOCK         METRB AR     331403741     -24462400.6
METROGAS-B               METRC AR     331403741     -24462400.6
METROGAS-B               METRD AR     331403741     -24462400.6
METROGAS SA               MGAI US     331403741     -24462400.6
METROGAS-B                MGSB GR     331403741     -24462400.6
METROGAS-ADR               MGS US     331403741     -24462400.6
METROGAS-ADR              MGSA GR     331403741     -24462400.6
ARTHUR LANGE             ARLA3 BZ    11642254.9     -17154460.3
ARTHUR LANGE SA         ALICON BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF         ARLA4 BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF        ALICPN BZ    11642254.9     -17154460.3
ARTHUR LANG-RT C         ARLA1 BZ    11642254.9     -17154460.3
ARTHUR LANG-RT P         ARLA2 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC C         ARLA9 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC P        ARLA10 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD C        ARLA11 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ    11642254.9     -17154460.3
BOMBRIL                  BOBR3 BZ     323685704       -31241748
BOMBRIL CIRIO SA        BOBRON BZ     323685704       -31241748
BOMBRIL-PREF             BOBR4 BZ     323685704       -31241748
BOMBRIL CIRIO-PF        BOBRPN BZ     323685704       -31241748
BOMBRIL SA-ADR           BMBPY US     323685704       -31241748
BOMBRIL SA-ADR           BMBBY US     323685704       -31241748
BUETTNER                 BUET3 BZ    82872146.2     -36299304.3
BUETTNER SA             BUETON BZ    82872146.2     -36299304.3
BUETTNER-PREF            BUET4 BZ    82872146.2     -36299304.3
BUETTNER SA-PRF         BUETPN BZ    82872146.2     -36299304.3
BUETTNER SA-RTS          BUET1 BZ    82872146.2     -36299304.3
BUETTNER SA-RT P         BUET2 BZ    82872146.2     -36299304.3
CAF BRASILIA             CAFE3 BZ     160933830      -149277092
CAFE BRASILIA SA        CSBRON BZ     160933830      -149277092
CAF BRASILIA-PRF         CAFE4 BZ     160933830      -149277092
CAFE BRASILIA-PR        CSBRPN BZ     160933830      -149277092
IGUACU CAFE              IGUA3 BZ     190073766       -74308212
IGUACU CAFE             IGCSON BZ     190073766       -74308212
IGUACU CAFE              IGUCF US     190073766       -74308212
IGUACU CAFE-PR A         IGUA5 BZ     190073766       -74308212
IGUACU CAFE-PR A        IGCSAN BZ     190073766       -74308212
IGUACU CAFE-PR A         IGUAF US     190073766       -74308212
IGUACU CAFE-PR B         IGUA6 BZ     190073766       -74308212
IGUACU CAFE-PR B        IGCSBN BZ     190073766       -74308212
SCHLOSSER                SCLO3 BZ    46981417.3     -55419754.7
SCHLOSSER SA             SCHON BZ    46981417.3     -55419754.7
SCHLOSSER-PREF           SCLO4 BZ    46981417.3     -55419754.7
SCHLOSSER SA-PRF         SCHPN BZ    46981417.3     -55419754.7
KARSTEN SA               CTKA3 BZ     174656858     -10482924.6
KARSTEN                  CTKON BZ     174656858     -10482924.6
KARSTEN-PREF             CTKA4 BZ     174656858     -10482924.6
KARSTEN-PREF             CTKPN BZ     174656858     -10482924.6
COBRASMA                 CBMA3 BZ    68585867.9     -2324358597
COBRASMA SA             COBRON BZ    68585867.9     -2324358597
COBRASMA-PREF            CBMA4 BZ    68585867.9     -2324358597
COBRASMA SA-PREF        COBRPN BZ    68585867.9     -2324358597
D H B                    DHBI3 BZ    94806424.1      -188014922
DHB IND E COM            DHBON BZ    94806424.1      -188014922
D H B-PREF               DHBI4 BZ    94806424.1      -188014922
DHB IND E COM-PR         DHBPN BZ    94806424.1      -188014922
DOCA INVESTIMENT         DOCA3 BZ     187044412      -204249587
DOCAS SA                DOCAON BZ     187044412      -204249587
DOCA INVEST-PREF         DOCA4 BZ     187044412      -204249587
DOCAS SA-PREF           DOCAPN BZ     187044412      -204249587
DOCAS SA-RTS PRF         DOCA2 BZ     187044412      -204249587
FABRICA RENAUX           FTRX3 BZ    66603695.4     -76419246.3
FABRICA RENAUX          FRNXON BZ    66603695.4     -76419246.3
FABRICA RENAUX-P         FTRX4 BZ    66603695.4     -76419246.3
FABRICA RENAUX-P        FRNXPN BZ    66603695.4     -76419246.3
HAGA                     HAGA3 BZ    17930008.8       -31863962
FERRAGENS HAGA          HAGAON BZ    17930008.8       -31863962
FER HAGA-PREF            HAGA4 BZ    17930008.8       -31863962
FERRAGENS HAGA-P        HAGAPN BZ    17930008.8       -31863962
CIMOB PARTIC SA          GAFP3 BZ    44047412.2     -45669964.1
CIMOB PARTIC SA          GAFON BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFP4 BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFPN BZ    44047412.2     -45669964.1
IGB ELETRONICA           IGBR3 BZ     307112239     -59872446.9
GRADIENTE ELETR          IGBON BZ     307112239     -59872446.9
GRADIENTE-PREF A         IGBR5 BZ     307112239     -59872446.9
GRADIENTE EL-PRA         IGBAN BZ     307112239     -59872446.9
GRADIENTE-PREF B         IGBR6 BZ     307112239     -59872446.9
GRADIENTE EL-PRB         IGBBN BZ     307112239     -59872446.9
GRADIENTE-PREF C         IGBR7 BZ     307112239     -59872446.9
GRADIENTE EL-PRC         IGBCN BZ     307112239     -59872446.9
HOTEIS OTHON SA          HOOT3 BZ     207664352     -21612890.7
HOTEIS OTHON SA         HOTHON BZ     207664352     -21612890.7
HOTEIS OTHON-PRF         HOOT4 BZ     207664352     -21612890.7
HOTEIS OTHON-PRF        HOTHPN BZ     207664352     -21612890.7
RENAUXVIEW SA            TXRX3 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXON BZ    48951015.5     -73535330.8
RENAUXVIEW SA-PF         TXRX4 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXPN BZ    48951015.5     -73535330.8
INEPAR                   INEP3 BZ    1191789041      -214360998
INEPAR SA               INPRON BZ    1191789041      -214360998
INEPAR-PREF              INEP4 BZ    1191789041      -214360998
INEPAR SA-PREF          INPRPN BZ    1191789041      -214360998
INEPAR-COM DVD          INEP11 BZ    1191789041      -214360998
INEPAR BONUS B          INEP12 BZ    1191789041      -214360998
INEPAR-PRF DVD          INEP13 BZ    1191789041      -214360998
PARMALAT                 LCSA3 BZ     388720096      -213641152
PARMALAT BRASIL         LCSAON BZ     388720096      -213641152
PADMA INDUSTRIA          LCSA4 BZ     388720096      -213641152
PARMALAT BRAS-PF        LCSAPN BZ     388720096      -213641152
PARMALAT BR-RT C         LCSA5 BZ     388720096      -213641152
PARMALAT BR-RT P         LCSA6 BZ     388720096      -213641152
MANGELS INDL             MGEL3 BZ     176399866     -61689625.2
MANGELS INDL SA         MISAON BZ     176399866     -61689625.2
MANGELS INDL-PRF         MGEL4 BZ     176399866     -61689625.2
MANGELS INDL-PRF        MISAPN BZ     176399866     -61689625.2
ESTRELA SA               ESTR3 BZ     101429217      -112373470
ESTRELA SA              ESTRON BZ     101429217      -112373470
ESTRELA SA-PREF          ESTR4 BZ     101429217      -112373470
ESTRELA SA-PREF         ESTRPN BZ     101429217      -112373470
MET DUQUE                DUQE3 BZ    75039127.4     -2847420.37
MET DUQUE                MDUON BZ    75039127.4     -2847420.37
MET DUQUE-PREF           DUQE4 BZ    75039127.4     -2847420.37
MET DUQUE-PREF           MDUPN BZ    75039127.4     -2847420.37
WETZEL SA                MWET3 BZ      85449973     -19170318.6
WETZEL SA               MWELON BZ      85449973     -19170318.6
WETZEL SA-PREF           MWET4 BZ      85449973     -19170318.6
WETZEL SA-PREF          MWELPN BZ      85449973     -19170318.6
MINUPAR                  MNPR3 BZ    76619687.5     -91780261.5
MINUPAR SA              MNPRON BZ    76619687.5     -91780261.5
MINUPAR-PREF             MNPR4 BZ    76619687.5     -91780261.5
MINUPAR SA-PREF         MNPRPN BZ    76619687.5     -91780261.5
NOVA AMERICA SA         NOVA3B BZ    21287488.9      -183535526
NOVA AMERICA SA         NOVAON BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVA4B BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVAPN BZ    21287488.9      -183535526
NOVA AMERICA-PRF        1NOVPN BZ    21287488.9      -183535526
NOVA AMERICA SA         1NOVON BZ    21287488.9      -183535526
RECRUSUL                 RCSL3 BZ    25757600.8     -21626049.7
RECRUSUL SA             RESLON BZ    25757600.8     -21626049.7
RECRUSUL-PREF            RCSL4 BZ    25757600.8     -21626049.7
RECRUSUL SA-PREF        RESLPN BZ    25757600.8     -21626049.7
PETRO MANGUINHOS         RPMG3 BZ     140957879      -410925540
PETRO MANGUINHOS        MANGON BZ     140957879      -410925540
PET MANGUINH-PRF         RPMG4 BZ     140957879      -410925540
PETRO MANGUIN-PF        MANGPN BZ     140957879      -410925540
RIMET                    REEM3 BZ     103098359      -185417651
RIMET                   REEMON BZ     103098359      -185417651
RIMET-PREF               REEM4 BZ     103098359      -185417651
RIMET-PREF              REEMPN BZ     103098359      -185417651
SANSUY                   SNSY3 BZ     164647493      -171565662
SANSUY SA               SNSYON BZ     164647493      -171565662
SANSUY-PREF A            SNSY5 BZ     164647493      -171565662
SANSUY SA-PREF A        SNSYAN BZ     164647493      -171565662
SANSUY-PREF B            SNSY6 BZ     164647493      -171565662
SANSUY SA-PREF B        SNSYBN BZ     164647493      -171565662
SNIAFA SA                 SNIA AR    11229696.2     -2670544.86
SNIAFA SA-B              SNIA5 AR    11229696.2     -2670544.86
PILMAIQUEN             PILMAIQ CI     169175281     -28425493.1
BOTUCATU TEXTIL          STRP3 BZ    27663605.3     -7174512.12
STAROUP SA              STARON BZ    27663605.3     -7174512.12
BOTUCATU-PREF            STRP4 BZ    27663605.3     -7174512.12
STAROUP SA-PREF         STARPN BZ    27663605.3     -7174512.12
TECTOY                   TOYB3 BZ    27114628.6     -8215580.95
TECTOY SA               TOYBON BZ    27114628.6     -8215580.95
TECTOY-PREF              TOYB4 BZ    27114628.6     -8215580.95
TECTOY SA-PREF          TOYBPN BZ    27114628.6     -8215580.95
TEC TOY SA-PREF          TOYB5 BZ    27114628.6     -8215580.95
TEC TOY SA-PF B          TOYB6 BZ    27114628.6     -8215580.95
TECTOY                  TOYB13 BZ    27114628.6     -8215580.95
TECTOY-RCPT PF B        TOYB12 BZ    27114628.6     -8215580.95
TEKA                     TEKA3 BZ     313948165      -395261073
TEKA                    TEKAON BZ     313948165      -395261073
TEKA-PREF                TEKA4 BZ     313948165      -395261073
TEKA-PREF               TEKAPN BZ     313948165      -395261073
TEKA-ADR                 TKTPY US     313948165      -395261073
TEKA-ADR                 TKTQY US     313948165      -395261073
F GUIMARAES              FGUI3 BZ    11016542.2      -151840378
FERREIRA GUIMARA        FGUION BZ    11016542.2      -151840378
F GUIMARAES-PREF         FGUI4 BZ    11016542.2      -151840378
FERREIRA GUIM-PR        FGUIPN BZ    11016542.2      -151840378
VARIG SA                 VAGV3 BZ     966298048     -4695211008
VARIG SA                VARGON BZ     966298048     -4695211008
VARIG SA-PREF            VAGV4 BZ     966298048     -4695211008
VARIG SA-PREF           VARGPN BZ     966298048     -4695211008
WIEST                    WISA3 BZ    34107195.1      -126993682
WIEST SA                WISAON BZ    34107195.1      -126993682
WIEST-PREF               WISA4 BZ    34107195.1      -126993682
WIEST SA-PREF           WISAPN BZ    34107195.1      -126993682
ELEC ARG SA-PREF         EASA6 AR     948261051      -148983927
ELEC ARGENT-ADR           EASA LX     948261051      -148983927
ELEC DE ARGE-ADR         1262Q US     948261051      -148983927
LOJAS ARAPUA             LOAR3 BZ    37959788.7     -3613691912
LOJAS ARAPUA            LOARON BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF         LOAR4 BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        LOARPN BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        52353Z US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         3429T US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         LJPSF US    37959788.7     -3613691912
BATTISTELLA              BTTL3 BZ     120474772     -21271905.1
BATTISTELLA-PREF         BTTL4 BZ     120474772     -21271905.1
HOPI HARI SA             PQTM3 BZ     129077627     -2031408.69
HOPI HARI-PREF           PQTM4 BZ     129077627     -2031408.69
PARQUE TEM-DV CM          PQT5 BZ     129077627     -2031408.69
PARQUE TEM-DV PF          PQT6 BZ     129077627     -2031408.69
PARQUE TEM-RT CM         PQTM1 BZ     129077627     -2031408.69
PARQUE TEM-RT PF         PQTM2 BZ     129077627     -2031408.69
PARQUE TEM-RCT C         PQTM9 BZ     129077627     -2031408.69
PARQUE TEM-RCT P        PQTM10 BZ     129077627     -2031408.69
INVERS ELEC BUEN          IEBA AR     239575758     -28902145.8
NEWTEL PARTICIPA        NEWT3B BZ    10517157.2     -10542831.7
NEWTEL PARTICIPA        1NEWON BZ    10517157.2     -10542831.7
MMX MINERACAO            MMXM3 BZ    1223308090      -312940530
TRESSEM PART SA         1TSSON BZ    1223308090      -312940530
CIA PETROLIFERA         MRLM3B BZ     377592596      -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ     377592596      -3014215.1
CIA PETROLIFERA         1CPMON BZ     377592596      -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ     377592596      -3014215.1
PUYEHUE                  PUYEH CI      17878064     -7344408.97
IMPSAT FIBER NET         IMPTQ US     535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET         XIMPT SM     535007008       -17164978
IMPSAT FIBER-CED          IMPT AR     535007008       -17164978
IMPSAT FIBER-C/E         IMPTC AR     535007008       -17164978
IMPSAT FIBER-$US         IMPTD AR     535007008       -17164978
IMPSAT FIBER-BLK         IMPTB AR     535007008       -17164978
VARIG PART EM TR         VPTA3 BZ    49432119.3      -399290357
VARIG PART EM-PR         VPTA4 BZ    49432119.3      -399290357
VARIG PART EM SE         VPSC3 BZ      83017828      -495721697
VARIG PART EM-PR         VPSC4 BZ      83017828      -495721697


                            ***********


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 2015.  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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