TCRLA_Public/160307.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, March 7, 2016, Vol. 17, No. 46


                            Headlines



B E R M U D A

FLOATEL INTERNATIONAL: S&P Lowers Corp. Credit Rating to 'B-'


B R A Z I L

BRAZIL: Economy Contracts 3.8% in 2015


C A Y M A N  I S L A N D S

1903 OFFSHORE: Shareholders Receive Wind-Up Report
1903 OFFSHORE SPV: Shareholders Receive Wind-Up Report
AES BRAZILIAN: Shareholders Receive Wind-Up Report
BB OPERATIONS: Shareholder Receives Wind-Up Report
BB YACHTIN: Shareholder Receives Wind-Up Report

EXCALIBUR INVESTMENTS: Sole Shareholder Receives Wind-Up Report
ICS CAYCO: Shareholders Receive Wind-Up Report
LOOK'S HOLDING: Shareholder Receives Wind-Up Report
OCEAN DIAL: Shareholders Receive Wind-Up Report
PD STAR: Shareholders Receive Wind-Up Report

PRINCETON ASSET: Sole Shareholder Receives Wind-Up Report
PRINCETON ASSET MASTER: Sole Shareholder Receives Wind-Up Report
PURPLE SHIELD: Shareholders Receive Wind-Up Report
SECUTRUST SHIPPING: Shareholder Receives Wind-Up Report
THURLASTON FINANCE: Shareholders Receive Wind-Up Report

UFG RUSSIA: Sole Shareholder Receives Wind-Up Report
UFG RUSSIA MASTER: Sole Shareholder Receives Wind-Up Report
UFG RUSSIA PARTNERS: Sole Shareholder Receives Wind-Up Report
YARRA FINANCE: Shareholders Receive Wind-Up Report
ZEBEDEE TRADING: Shareholders Receive Wind-Up Report


C O L O M B I A

EMPRESA DE TELECOMUNICACIONES: Fitch Lowers IDR to BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Calls For Tenders on a Southern City's Beltway


J A M A I C A

JAMAICA: Oversight of Economy Will Continue, Holness Says
* JAMAICA: IMF Appreciates Economic Reform Program Continuation


M E X I C O

GRUPO KUO: Fitch Affirms 'BB' IDR; Outlook Stable


P A R A G U A Y

VISION BANCO: S&P Lowers ICR to 'B+'; Outlook Remains Negative


P U E R T O    R I C O

ADELPHIA COMMUNICATIONS: ACC Commences Exchange Offers for Claims
SPORTS AUTHORITY: $595MM DIP Loan Requires Sale by April 28
SPORTS AUTHORITY: Retains A&G to Manage Sale of Store Leases
SPORTS AUTHORITY: Bankruptcy Part of Larger Wave


T R I N I D A D  &  T O B A G O

METHANOL HOLDING: S&P Affirms $290M Loan 'BB' Issue-Level Rating
TRINIDAD & TOBAGO: Dollar Hits New Low Against US Dollar


X X X X X X X X X

* BOND PRICING: For the Week From Feb. 29 to March 4, 2016


                            - - - - -


=============
B E R M U D A
=============


FLOATEL INTERNATIONAL: S&P Lowers Corp. Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Bermuda-based accommodation rig owner Floatel
International Ltd. to 'B-' from 'B'.  S&P also lowered the issue
rating on Floatel's $650 million term loan B to 'B-' from 'B'.
The recovery rating on this loan is unchanged at '3', indicating
S&P's expectation of meaningful recovery prospects at the higher
end of the 50%-70% range in the event of a payment default.

All ratings remain on CreditWatch with negative implications,
where they were originally placed on Nov. 26, 2015, due to
difficult market conditions.

The downgrade reflects S&P's forecast that Floatel's credit
measures will be weaker than S&P previously expected, with debt to
EBITDA of above 6x in the next two to three years.  Floatel's
current operating environment is very weak, in S&P's view, because
companies globally are delaying and cancelling projects in the oil
and gas segment to adjust to the lower oil price environment.  S&P
therefore expects that demand for accommodation rigs will remain
low and result in increased supply and pressure on day rates and
on securing contracts, therefore putting pressure on
profitability.  S&P also anticipates the low demand will result in
increasingly more rigs being unemployed and idled.  As a result,
S&P now views the company's financial risk profile as weaker
within the highly leveraged category than previously, and S&P no
longer consider it has relative strengths to support a 'B' rating.

S&P nevertheless believes there is a reasonable likelihood the
company will be successful in obtaining important new liquidity
sources by April 2016 to pay for its new vessel, the Floatel
Triumph, that is due for delivery by the end of April 2016.  The
vessel is to be delivered by its 50% owner, Singapore-based Keppel
Shipyards.  Given the company's track record of parental help, S&P
thinks it likely that Keppel would provide funding.  These factors
underpin S&P's revision of the anchor to 'b-' from 'b'.

The CreditWatch continues to reflect heightened risks to liquidity
because Floatel is currently negotiating the funding of its fifth
vessel, which is due for delivery from its part-owner Keppel
Offshore Marine Ltd. in late April 2016.  However, S&P understands
that no agreement has yet been reached and the potential
implications if financing is not finalized in a timely manner
remain uncertain.  As Keppel owns just less than 50% of Floatel,
S&P currently assumes it may provide vendor financing in the form
of preferred shares or other lending.  S&P could therefore lower
the ratings by one or more notches if Floatel suffers severe
liquidity issues from not finalizing the funding for its fifth
vessel if there is a financial covenant breach.  S&P wants to
clarify the implications of financing not being finalized in a
timely manner, given that the shipyard is also a part owner of
Floatel.

S&P will continue to monitor the finalization of funding for this
vessel, and plan to resolve the CreditWatch within 90 days, but
ideally before the vessel's delivery due date of April 29.


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


BRAZIL: Economy Contracts 3.8% in 2015
--------------------------------------
EFE News reports that Brazil's economy contracted 3.8 percent in
2015, marking the worst economic downturn in the past 25 years,
the Brazilian Institute of Geography and Statistics, or IBGE,
said.

Latin America's largest economy, mired in a deep recession, had
expanded by just 0.10 percent in 2014, according to EFE News.

The report notes that the contraction in the gross domestic
product (GDP) was worse than projected by analysts, who estimated
that Brazil's economy had declined by 3.71 percent.

Analysts surveyed on a weekly basis by the Central Bank expect
Brazil's economy to contract by 3.45 percent this year, the report
relays.

Production of goods and services, in current terms, totaled BRL5.9
trillion ($1.51 trillion at the current exchange rate) last year,
the report notes.

Brazil's per capita GDP fell 4.6 percent to BRL28,876 ($7,425) in
2015, compared to the prior year, the report relays.

The economy contracted 1.4 percent in the fourth quarter, compared
to the previous quarter, when Brazil's economy had contracted by
1.7 percent, the report says.

GDP, however, fell 5.9 percent in the fourth quarter of 2015,
compared to the same period in 2014, the report adds.


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


1903 OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of 1903 Offshore Debt Fund, Ltd. received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


1903 OFFSHORE SPV: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of 1903 Offshore Loans SPV Limited received on
Jan. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


AES BRAZILIAN: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of AES Brazilian Holdings, Ltd. received on
Jan. 26, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          James Kostura
          c/o Maples and Calder Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


BB OPERATIONS: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of BB Operations Ltd. received on Feb. 8, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jacques Levesque
          c/o Richard Rich
          Telephone: (345) 945 1830
          Facsimile: (345) 945 1835
          Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands


BB YACHTIN: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of BB Yachting Ltd. received on Feb. 8, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jacques Levesque
          c/o Richard Rich
          Arcadia Group Ltd.
          P.O. Box 10300 Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345) 945 1830
          Facsimile: (345) 945 1835


EXCALIBUR INVESTMENTS: Sole Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The sole shareholder of The Excalibur Investments Fund received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          John S. Sullivan
          c/o Tim Cone
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


ICS CAYCO: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of ICS Cayco GP Limited received on Jan. 27,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


LOOK'S HOLDING: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Look's Holding Limited received on Jan. 29,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Andrew Look
          TG Place, Unit 30D1, 30th Floor
          10 Shing Yip Street, Kwun Tong
          Kowloon, Hong Kong
          Telephone: +852 2912 5133
          Facsimile: +852 2810 4468


OCEAN DIAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Ocean Dial Absolute Return Fund received on
Jan. 26, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


PD STAR: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of PD Star Fund received on Jan. 29, 2016, 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
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 4900


PRINCETON ASSET: Sole Shareholder Receives Wind-Up Report
---------------------------------------------------------
The sole shareholder of Princeton Asset Management Absolute Return
Fund, Ltd. received on Jan. 28, 2016, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-8577
          e-mail: martina.delima@palawcayman.com


PRINCETON ASSET MASTER: Sole Shareholder Receives Wind-Up Report
----------------------------------------------------------------
The sole shareholder of Princeton Asset Management Absolute Return
Master Fund, Ltd. received on Jan. 28, 2016, the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Priestleys
          c/o Martina de Lima
          Telephone: (345) 946-8577


PURPLE SHIELD: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Purple Shield Limited received on Jan. 27,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Anthony Beovich
          The Blackstone Group
          345 Park Avenue, 10th Floor
          New York, New York 10154
          United States of America
          Telephone: +1 (212) 583 5877


SECUTRUST SHIPPING: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Secutrust Shipping (Cayman Islands) CFS Limited
received on Feb. 5, 2016, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Mr. Marc Bartels
          Stockholmer Allee 53
          44269 Dortmund
          Germany
          Telephone: +49 231 557 1730


THURLASTON FINANCE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Thurlaston Finance Limited received on
Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Anthony Levy
          30 Gresham Street
          London EC2V 7PG


UFG RUSSIA: Sole Shareholder Receives Wind-Up Report
----------------------------------------------------
The sole shareholder of UFG Russia Alternative Fund Ltd. received
on Jan. 27, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


UFG RUSSIA MASTER: Sole Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The sole shareholder of UFG Russia Alternative Master Account Ltd.
received on Jan. 27, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


UFG RUSSIA PARTNERS: Sole Shareholder Receives Wind-Up Report
-------------------------------------------------------------
The sole shareholder of UFG Russia Alternative Fund Partners Ltd.
received on Jan. 27, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


YARRA FINANCE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Yarra Finance Limited received on Jan. 27,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Anthony Levy
          30 Gresham Street
          London EC2V 7PG


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

The company's liquidator is:

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


===============
C O L O M B I A
===============


EMPRESA DE TELECOMUNICACIONES: Fitch Lowers IDR to BB+'
-------------------------------------------------------
Fitch Ratings has downgraded Empresa de Telecomunicaciones de
Bogota S.A. E.S.P.'s (ETB) ratings as:

   -- Long-term foreign and local currency Issuer Default Ratings
      to BB+ from 'BBB-';
   -- COP530 billion senior notes due 2023 to BB+ from 'BBB-';
   -- National long-term rating to AA+(col) from 'AAA(col)'.

The Rating Outlook is revised to Negative from Stable.

                        KEY RATING DRIVERS

The downgrade reflects ETB's continued struggle to curb its
ongoing EBITDA erosion, which fell by 35.5% in 2015 compared to a
year ago, due to intense price-based competition, falling average
revenue per user (ARPU), and weak demand for its main fixed-voice
service.  The company has generated negative FCF since 2013 which
led to a steep increase in its leverage ratio, which is no longer
deemed in line with its previous investment grade category rating.

The Negative Outlook also reflects Fitch's view that a tough
operational environment could hinder any meaningful turnaround in
ETB's cash flow generation.  A lack of indication for resumed
EBITDA growth and positive FCF generation in the short to medium
term will result in a further ratings downgrade.

                      Increasing Leverage

Fitch expects continued increase in ETB's leverage ratio due to a
persistent negative FCF generation despite reduced capex.  Given
tough competitive landscape, Fitch does not foresee any material
improvement in the company's EBITDA generation, which is expected
to be around COP323,790 million - 341,859 million in 2016 and
2017.  As such, the company's net leverage, measured by total
adjusted net debt to EBITDAR, is forecast to increase to 3.5x by
end-2017, which unfavourably compares to just 0.3x at end-2014 and
2.8x at end-2015, respectively.

ETB expects to increase its operational revenues by 16.8% in 2016
and achieve an average growth rate of 14.3% in 2016-2020.  Given
the recent track record and operational challenges, Fitch remains
cautious that the goal would not be achievable.  Fitch's base case
projection indicates an average revenue growth of mid-single-
digits during this period, which is substantially lower than the
company's target.

                          Negative FCF

ETB plans to cut its capex budget during 2016-2019 to USD700
million from the original USD1.2 billion in order to optimize its
cash flow usage.  Instead of continued network coverage expansion
for fiber-to-the-home (FTTH), the company plans to focus on
boosting the proportion of connected homes on the network, which
was just 9% of its total homes passed at end-2015, to increase
revenues.  ETB will continue its effort to expand its fiber-to-
the-cabinet (FTTC) coverage to secure future revenue growth
sources.  Negatively, the trimmed capex amount would still not be
covered by the projected EBITDA generation during the period.

In addition, ETB's strategy to grow its 4G mobile service should
result in increasing network rental expenses, estimated to be
about 8% of its revenues in the short to medium term, which Fitch
reflects as off-balance sheet debt.  Including this, the company's
total adjusted debt is expected to increase to above COP1,834
billion by end-2017 from COP 1,390 billion at end-2015.

                    Pressured ARPU and Margin

ARPU and profitability deterioration is unlikely to reverse over
the medium term as competition remains centered on price.  ETB
would need to implement aggressive tariff policies to rapidly
boost penetration of its fixed-line bundled services, including
pay-TV on the FTTH networks.  While the competitive landscape in
the fixed-line segment in Bogota remains intense, the company is
also entering the already mature mobile market that is dominated
by well-established national operators.  Should ETB pursue
aggressive marketing policies to improve its market share, coupled
with falling ARPU, a downward pressure on profitability and
operational cash flow generation would continue over the medium
term.  The company's EBITDA margin slid to 21.5% in 2015 from
34.5% in 2014 amid slow revenue growth.

ETB's core service sales grew by just 1.8% in 2015 mainly due to
the continued contraction its local fixed-voice and long distance
revenues, which fell by 7% and 14%, respectively, during the
period.  These service segments represented 41% of its total
revenues in 2015.  Fitch expects continued revenue erosion from
these main services.  Positively, this revenue loss will continue
to be modestly offset by steady growth in internet, pay-TV, and
mobile revenues.

                           KEY ASSUMPTIONS

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

   -- Revenues growth at a 4.3% average in 2016 - 2020
   -- Slow network penetration and price competition pressuring
      ARPU, resulting in EBITDA margins below historic levels at
      21% - 22% in 2016 and 2017
   -- Operating lease expenses estimated to be 8% of revenues
   -- Capex to sales ratio to fall to 30% by end-2017
   -- Dividends payments of COP58 billion and COP 83 billion in
      2016 and 2017, respectively
   -- Recovery of account receivables from Claro is not included.

                        RATING SENSITIVITIES

A negative rating action would be considered if ETB fails to show
any signs of improving FCF generation in the short to medium term.
In addition, the ratings will be pressured if the company's
ongoing EBITDA erosion continues, resulting in its net leverage
sustained over 3.5x over the medium term.

A positive rating action is unlikely at the current juncture given
the company's weakened financial profile compared to its solid
historical level and an unfavourable operational outlook.

                           LIQUIDITY

ETB's liquidity profile weakened during 2015 following increased
CAPEX and dividend payments amid EBITDA deterioration which
depleted its readily-available-cash balance by over COP 500
billion.  Cash balances at the end of 2015 stood at COP 613
billion, a substantial decline from COP 1.0 trillion a year ago.
Given Fitch's expectation for continued negative FCF generation
going forward, it is highly unlikely that the company can restore
its liquidity profile to a level that is in line with its strong
historical level in the short to medium term.

Positively, ETB does not face any material debt maturity until
2023 when its COP530 billion notes become due.


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


DOMINICAN REPUBLIC: Calls For Tenders on a Southern City's Beltway
------------------------------------------------------------------
Dominican Today reports that the Government announced a call for
tenders to design and build the Banยก Beltway, southern Peravia
province, as pledged by President Danilo Medina and demanded by
inhabitants.

Potential bidders can obtain the specifications and conditions at
the Public Works Ministry, according to Dominican Today.

The report notes that the technical and economic proposals of
participants will be received until 10 a.m. on April 19 and both
must be deposited in the main salon of the Public Works Culture
and Recreation Center, in sealed separate envelopes.

Newspaper Listin Diario has been demanding the work both through
reports and publications stressing the importance of the Beltway's
construction, the report relays.

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


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


JAMAICA: Oversight of Economy Will Continue, Holness Says
---------------------------------------------------------
RJR News reports that Prime Minister Andrew Holness has declared
that joint oversight of Jamaica's economic performance will
continue.

It is unclear, however, if this will continue to be carried out by
the Economic Program Oversight Committee (EPOC), according to RJR
News.

Mr. Holness commented on the issue during his inaugural address
after being sworn-in as Prime Minister.

"We are not naive about the challenges we face regarding the debt
and the need to maintain fiscal discipline; which is why we will
continue with the principle of joint oversight of our economic
programme and performance," the report quoted Mr. Holness as
saying.

EPOC is tasked with monitoring the country's economic reforms and
to ensure the government sticks to its commitments, the report
notes.

Richard Byles, Co-Chair of the monitoring committee, said, while
the committee could be dismantled when the IMF program ends next
year, he was uncertain if the new government would ask it to
continue working, the report notes.

                            *     *     *

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


* JAMAICA: IMF Appreciates Economic Reform Program Continuation
---------------------------------------------------------------
An IMF staff team led by Nigel Chalk, Deputy Director of the
Western Hemisphere Department, and Ms. Uma Ramakrishnan, Mission
Chief for Jamaica, is in Kingston for a brief post-election staff
visit.  After meeting The Most Honorable Prime Minister Andrew
Holness and his economic team, the team issued the following
statement:

"We would like to congratulate Mr. Holness and the Jamaica Labour
Party (JLP) on their election results.  The IMF looks forward to
continuing to support Jamaica under its new leadership.

"The meeting with Prime Minister Holness and his economic team
provided a good opportunity to exchange views on the economic
challenges and opportunities that Jamaica faces at this juncture,
and on the policy proposals that have been put forward by the JLP
in its election manifesto.

"We are appreciative of the JLP's intention to continue to
implement Jamaica's economic reform program supported by a four-
year IMF Extended Fund Facility (EFF), which was approved by the
IMF Executive Board in May 2013. The reform program has thus far
been successful in restoring macroeconomic stability and reducing
public debt.

"We have agreed to continue a close and open dialogue with the
Jamaican authorities on designing the policies needed to remove
obstacles to strong and sustained growth, focusing on job
creation, tackling poverty, reducing the public debt, and
advancing public sector efficiency. There was also agreement on
the importance of achieving the fiscal targets in the current
program. In that context, fiscal measures should be designed to be
consistent with a primary surplus target of 7 percent of GDP in
2016/17 and tax policy reforms should continue to contribute to a
fair, equitable, and efficient tax system.

"We are conscious that continued strong social support for the
economic reform program remains critical for achieving success. We
welcome the Prime Minister's commitment to transparency and joint
public-private oversight and monitoring of the economic program.
"An IMF review mission team to conduct the 11th and 12th reviews
under the EFF-supported program is expected to visit Kingston in
May. These two reviews have been combined to enable the Jamaican
authorities to focus on setting up a new administration following
the national elections."

                            *     *     *

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


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


GRUPO KUO: Fitch Affirms 'BB' IDR; Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed Grupo KUO, S.A.B. de C.V.'s ratings as:

   -- Long-term foreign currency Issuer Default Rating (IDR) at
      'BB';
   -- Long-term local currency IDR at 'BB';
   -- Long-term national scale rating at 'A(mex)';
   -- USD325 million senior notes due 2022 at 'BB';
   -- MXN700 million Certificados Bursatiles due in 2019 at
      'A(mex)'.

The Rating Outlook is Stable.

The ratings reflect KUO's diversified business portfolio in the
chemical, consumer and automotive industries which allow the
company to mitigate the volatility across the business cycle, in
addition the ratings consider its solid market positions and
stable financial profile.  The ratings also incorporate its
diversified revenue stream with around 48% of its total revenues
coming from exports and subsidiaries located outside of Mexico, as
well as its joint ventures (JVs) with international industry
leaders.  The ratings consider the company's strategy oriented
toward developing high value-added products with attractive
returns.  KUO's ratings are limited by negative free cash flow
generation (FCF), mainly due to its capex growth, and exposure to
volatility of demand and input costs across its business lines.

For analytical purposes Fitch incorporates the financial
information of KUO under the proportional consolidation of its JVs
(Herdez del Fuerte and Dynasol).  In addition, Fitch considers the
consolidated figures reported under IFRS which account for the JVs
under the equity method.

                        KEY RATING DRIVERS

Diversified Business Portfolio

Fitch believes that KUO's diversified revenue and cash flow
generation from its business portfolio mitigates the overall risks
associated with the volatile industries in which it participates.
KUO's relatively less cyclical consumer business (pork meat and
Herdez del Fuerte JV) has contributed to counterbalancing the
exposure to the volatile business cycle of its chemical (synthetic
rubber and plastics) and automotive (transmissions and
aftermarket) businesses.  In 2015, expected lower cash flow
generation from its pork meat business was more than compensated
by the transmission businesses.

Improved Operating Results:

Fitch expects KUO's operating performance to improve in 2016
supported mainly by higher revenues and EBITDA growth from its
consumer and automotive business.  Higher production capacity in
the pork meat business and opening of new Maxicarne's stores are
expected to deliver in 2016 revenue growth above 20% in this
segment, while a stronger consumer demand in Mexico should impulse
the revenues of its Herdez del Fuerte JV.  Additionally, KUO's
transmissions revenues are projected to grow in the mid-teens
range from higher customer requirements.  These improvements
should contribute to offset negative pressures on revenues and
cash flow generation from its synthetic rubber business as lower
oil prices and oversupply conditions decrease raw material costs
and impact the company's average sales prices.  Considering the
proportional consolidation of its JVs, Fitch forecast a revenue
growth for KUO in the high single digits range in 2016.

Fitch projects for 2016 that KUO will have an EBITDA growth in the
low double digits range with an EBITDA margin of approximately
10.5%, considering the proportional consolidation of its JVs.
Higher EBITDA and profitability should be mainly driven by higher
revenues in the transmission, pork meat and Herdez del Fuerte JV
businesses, combined with a better sales mix, internal operating
efficiencies and low raw material prices.  During 2015 KUO's
EBITDA, considering the proportional consolidation of its JVs,
increased 21% to USD222 million compared to 2014, as it included
an extraordinary gain of USD40 million coming from the combination
with Repsol of its emulsion rubber business.  Excluding this
effect the EBITDA had a slight decline of 1% to USD182 million.

                           Stable Leverage

Fitch forecasts that KUO's leverage will remain relatively stable
during the next 12 months.  Considering the proportional
consolidation of its JVs Fitch projects that the company's total
debt-to-EBITDA and net debt-to-EBITDA will be around 2.6x and
2.4x, respectively, in 2016.  As of Dec. 31, 2015, KUO's total
debt-to-EBITDA, excluding the extraordinary income in EBITDA from
the sale to Repsol, increased slightly to 3.0x, compared to 2.7x
at year-end 2014, while net debt-to-EBITDA had a minor improvement
to 2.1x from 2.2x.  On a consolidated basis, accounting its JVs by
the equity method, these ratios were 3.5x and 3.1x, respectively,
at year end 2015.

                           Negative FCF

The ratings incorporate KUO's expected negative FCF in 2016,
considering the proportional consolidation of its JVs, after
covering capex and dividends of approximately USD146 million and
USD11 million, respectively.  In 2015, the company's negative FCF
of around USD36 million was supported by USD70 million cash inflow
received in October 2015 after closing the transaction with
Repsol.  Fitch also estimated a consolidated negative FCF of
approximately USD35 million, accounting the company's JVs by the
equity method.  Sustained high negative FCF in the coming years
could pressure the ratings.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case include:

   -- Proportional consolidation of its JVs;
   -- 2016 revenue growth in high single digits;
   -- 2016 EBITDA growth in low double digits and EBITDA margin at
      around 10.5%;
   -- Total debt-to-EBITDA and net debt-to-EBITDA approximate 2.6x
      and 2.4x in the next 12 months.

                        RATING SENSITIVITIES

Positive rating actions could result from the combination of these
factors:

   -- Lower volatility in cash flow generation across the
      company's businesses leading to neutral to positive FCF
      through the cycle;
   -- Sustained lower leverage ratios (total debt-to-EBITDA and
      net debt-to-EBITDA around 2x and 1.5x, respectively, under
      the proportional consolidation of its JVs);
   -- Maintain a strong liquidity position.

Negative rating actions could result from the combination of these
factors:

   -- Sustained deterioration in operating performance across the
      company's businesses leading to total debt-to-EBITDA and net
      debt-to-EBITDA consistently above 3x and 2.5x, respectively
      (under the proportional consolidation of its JVs);
   -- High than expected negative FCF over the next 2-3 years;
   -- Weak liquidity position.

                              LIQUIDITY

Low Liquidity Risk

KUO's liquidity position is adequate and debt profile is
manageable.  Considering the proportional consolidation of its
JVs, the company's cash balance as of Dec. 31, 2015, was USD156
million, while on a consolidated basis, accounting its JVs by the
equity method was USD127 million.  KUO's debt profile including
the revolving credit facility with Repsol is manageable with
maturities of USD28 million in 2016, USD32 million in 2017, USD12
million in 2018, USD52 million in 2019, USD73 million in 2020,
USD16 million in 2021 and USD327 million in 2022.  In 2015, the
company's liquidity position was further strengthened after the
debt refinancing of USD45 million related to local issuances
maturing in November 2015 with a credit facility of USD65 million
due in 2020.
The ratings incorporate KUO's financial strategy, which
historically has funded its indebtedness requirements at the
holding company level and then has distributed the funds to its
subsidiaries through intercompany loans or equity injections.  At
the holding company, KUO services its debt mainly from the cash
inflows of its subsidiaries in the form of interest payments from
intercompany loans, dividends, and management fees.


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


VISION BANCO: S&P Lowers ICR to 'B+'; Outlook Remains Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit on Vision Banco S.A.E.C.A. to 'B+' from 'BB-' and lowered
the SACP to 'b+' from 'bb-' following the revision of S&P's
assessment of Vision Banco's capital and earning to weak from
moderate.  The outlook remains negative.

The rating actions follow the revision of S&P's assessment of the
bank's capital and earnings from weak to moderate, which led S&P
to revise the SACP to 'b+' from 'bb-'.  Accordingly, S&P lowered
the issuer credit ratings to 'B+' from 'BB-'.

The ratings on Vision Banco reflects its adequate business
position, weak capital and earnings (based on S&P's forecasted RAC
ratio), adequate risk position (as S&P expects asset quality
metrics to improve in the next few quarters), above average
funding, and adequate liquidity.  The rating on the bank is the
same as the SACP, 'b+', because S&P do not incorporate notching
for external support (from the government or the group).

S&P has revised its assessment of the bank's capital and earning
position to weak from moderate, based on S&P's expectation that
the RAC ratio will average 4.2% during the next 12-18 months,
which is less than S&P's original projections.  As of December
2015, Vision's RAC ratio was 4.1% (compared to 4.8% as of December
2014).  Significantly lower results in 2015, due to higher credit
losses and loan loss provisions, mainly explain the change in
S&P's projections.  Further, losses and loss provisions partly
resulted from regulatory changes and higher economic risk in the
country.

The negative outlook reflects the possibility of a negative rating
action in the next six to12 months if improvements in assets
quality metrics do not materialize as expected or if they continue
to weaken.  Also, to reflect that deterioration could be higher
than traditional banks, given its focus on typically higher-risk
segment that tends to be more susceptible to soft economic
conditions.

S&P could revise the outlook to stable if assets quality metrics
improve as expected, with NPLs below 4.5%, net charge-offs over
average customer loans below 3%, and loan loss reserves over NPLs
above 100%, and if all other credit factors remain stable.


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


ADELPHIA COMMUNICATIONS: ACC Commences Exchange Offers for Claims
-----------------------------------------------------------------
ACC Claims Holdings, LLC on March 3 announced the commencement of
offers to Eligible Holders to exchange (i) class A limited
liability company interests of ACC Claims Holdings, LLC for up to
all of the outstanding ACC Senior Notes Claims (Class ACC 3)
allowed under the Plan of Reorganization, including any
post-petition pre-effective date interest and post-effective date
interest to and including the expiration date of the offers (the
"Senior Claims"), against Adelphia Communications Corporation, and
(ii) class B limited liability company interests of ACC Claims
Holdings, LLC for up to all of the outstanding ACC Trade Claims
(Class ACC 4) allowed under the Plan of Reorganization, including
any post-petition pre-effective date interest and post-effective
date interest to and including the expiration date of the offers
(the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class ACC 5)
allowed under the Plan of Reorganization, including any
post-petition pre-effective date interest and post-effective date
interest to and including the expiration date of the offers (the
"ACC 5 Claims" and, together with the ACC 4 Claims, the "Other
Claims"; the Senior Claims and the Other Claims, together, the
"Claims"), against Adelphia Communications Corporation.  The
exchange offers are being made pursuant to the offers to exchange
and the related letter of transmittal, each dated as of March 3,
2016.  The exchange offers will expire at 5:00 p.m., New York City
time, on March 31, 2016, unless extended (the "Expiration Date").
Eligible Holders of Senior Claims that are validly tendered and
not withdrawn on or prior to the Expiration Date and accepted for
exchange will receive consideration in the form of class A limited
liability company interests in ACC Claims Holdings, LLC, as
described in the offers to exchange.  Eligible Holders of Other
Claims that are validly tendered and not withdrawn on or prior to
the Expiration Date and accepted for exchange will receive
consideration in the form of class B limited liability company
interests in ACC Claims Holdings, LLC, as described in the offers
to exchange.

The exchange offers are contingent upon, among other things,
satisfaction, or waiver by ACC Claims Holdings, LLC, of (i) a
minimum tender on the Expiration Date of 90% of the Claims held by
Eligible Holders outstanding and (ii) the bankruptcy court having
granted and not modified or revoked a motion to waive the notice
requirement of Bankruptcy Rule 3001(e) with respect to the
transfers of Other Claims from holders of such Other Claims to ACC
Claims Holdings, LLC.  ACC Claims Holdings, LLC may amend, extend
or terminate the exchange offers, in its sole discretion.

Any Claim tendered may be validly withdrawn at any time prior to
the Expiration Date.

The exchange offers will only be made, and the offers to exchange
and the related letter of transmittal will only be distributed to,
holders who complete, execute and return an eligibility form
confirming that they are qualified purchasers ("Qualified
Purchasers") as defined in Section 2(a)(51)(A) of the Investment
Company Act of 1940, as amended (except to the extent waived by
the managing member of ACC Claims Holdings, LLC), excluding
Benefit Plan Investors (as defined below), each of which is (x) a
qualified institutional buyer within the meaning of Rule 144A
under the Securities Act of 1933, as amended (the "Securities
Act"), (y) an institutional investor that qualifies as an
"accredited investor" pursuant to Rule 501(a)(1), (2), (3) or (7)
under the Securities Act or (z) not a U.S. person in an offshore
transaction, in each case as defined in Regulation S under the
Securities Act (such persons, "Eligible Holders").  "Benefit Plan
Investor" means a benefit plan investor, as defined in Section
3(42) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), and includes (a) an employee benefit plan (as
defined in Section 3(3) of Title I of ERISA) that is subject to
the fiduciary responsibility provisions of Title I of ERISA, (b) a
plan that is subject to Section 4975 of the Internal Revenue Code
of 1986, as amended (the "Code"), or (c) any entity whose
underlying assets include, or are deemed for purposes of ERISA or
the Code to include, "plan assets" by reason of any such employee
benefit plan's or plan's investment in the entity.  Holders who
desire to obtain and complete an eligibility form should either
visit the website for this purpose at www.dfking.com/adelphia or
call D.F. King & Co., Inc., the information agent and exchange
agent for the exchange offers, at (800) 761-6523 (toll-free) or
(212) 269-5550 (collect for banks and brokers only).

ACC Claims Holdings, LLC is a Delaware limited liability company
formed on November 18, 2015.  ACC Claims Holdings, LLC exists
solely for the purpose of liquidating the claims and distributing
the proceeds thereof to the holders of its limited liability
company interests.  ACC Claims Holdings, LLC does not conduct a
trade or business or engage in any transactions other than
transactions merely incidental to (i) liquidation of claims,
whether by sale, transfer or other disposition by ACC Claims
Holdings, LLC or the claims held thereby, or be merger,
consolidation or other reorganization of ACC Claims Holdings, LLC,
or otherwise, and (ii) its dissolution.

                  About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.


SPORTS AUTHORITY: $595MM DIP Loan Requires Sale by April 28
-----------------------------------------------------------
Sports Authority Inc., the 463-store sporting goods retailer,
filed for Chapter 11 bankruptcy with a $595 million financing in
place to fund its restructuring but lenders are keeping the
company on a short lease.

After accumulating substantial losses and with substantial debt
obligations, the Debtors have decided to pursue a comprehensive
restructuring of their business operations and their debt
obligations under the auspices of the Bankruptcy Code.

The Debtors will run a dual-track process.  The Debtors have
initiated and will run an expedited sale process.  At the same
time, the Debtors will negotiate with their creditors regarding a
plan of reorganization.

As of the Petition Date, the Debtors owe a total of approximately
$1.1 billion in principal plus accrued interest on their secured
debt obligations, which include (i) $345.5 million in principal
and $25.7 million in letters of credit under an asset-based
revolving credit facility (the "ABL" Loan") provided by lenders
led by Bank of America, N.A., as administrative agent, (ii) $95.3
million owed under a first-in, last-out term loan ("FILO Loan")
provided by lenders led by BofA, as administrative agent, and
Wells Fargo Bank, N.A., as FILO Agent, (iii) $276.7 million on a
term loan provided by lenders led by Wilmington Savings Fund
Society, FSB, as administrative agent, and (iv) $369.3 million in
principal outstanding under mezzanine notes.

In consultation with their advisors, the Debtors negotiated with
certain of their lenders regarding potential debtor-in-possession
postpetition financing to support the Debtors' efforts in the
Chapter 11 cases.  Certain ABL Lenders and FILO Lenders jointly
agreed to provide the Debtors with postpetition financing in the
form of a senior secured, super-priority asset based revolving
credit facility of up to $500 million (the "Revolving DIP Loan")
and a senior secured, super-priority first in last out term loan
credit facility of up to $95,285,000 in aggregate principal amount
the financing provided by the DIP Loans is critical to obtaining
ongoing vendor support, which is necessary for the Debtors to
continue their operations pending the Debtors' proposed sale of
their business operations (the "Proposed Sale Transaction") or the
Debtors' confirmation of a chapter 11 plan of reorganization.

Concurrently with the efforts to obtain DIP financing, the Debtors
and Rothschild began a process to pursue a chapter 11 exit
strategy through a sale of the Debtors' businesses.   Accordingly,
the Debtors said they will file a motion seeking to establish
bidding procedures for the sale of substantially all of the
Debtors' assets pursuant to Section 363 of the Bankruptcy Code
(the "Proposed Sale Transaction").

Following extensive, arms'-length negotiations, the Debtors and
the DIP Lenders reached agreement on a case timeline that
adequately balances the Debtors' need to execute a robust
marketing process for their business with the need of all
stakeholders to realize asset value on an expeditious basis. In
order to satisfy the requirements set forth in the DIP Credit
Agreement, the Debtors request, pursuant to a motion filed
concurrently herewith a hearing to be held on regular notice for
the approval of the Debtors' proposed bid procedures in connection
with a sale. The DIP Credit Agreement is conditioned on the
following case milestones:

   * Petition Date: Debtors must file (i) the Bid Procedures
Motion, (ii) a motion seeking authority to close and liquidate up
to 180 stores operated by the Debtors and to engage a liquidator
in respect thereof (the "Store Closing Motion"), and (iii) a
motion seeking to extend the time period to assume or reject
leases to not less than 210 days from the Petition Date (the
"Lease Designation Extension Motion");

   * March 16, 2016: Debtors must have obtained an order approving
the Store Closing Motion on an interim basis;

   * April 1, 2016: Debtors must have obtained an order approving
the Lease Designation Extension Motion;

   * April 11, 2016: To the extent not previously delivered, the
Debtors must deliver bid packages to any potential bidders for the
Debtors' businesses or assets that are identified by the DIP Agent
(as defined below) (provided such potential bidders have entered
into confidentiality agreements reasonably acceptable to the
Debtors;

   * April 21, 2016: Deadline to receive/submit binding bids with
respect to the Proposed Sale Transaction;

   * April 25, 2016: Auction (if necessary);

   * April 27, 2016: Hearing for the Proposed Sale Transaction;
and

   * April 28, 2016: Deadline to close Proposed Sale Transaction.

The obligations arising under the DIP Credit Agreement are
scheduled to mature no later than June 30, 2016.  Accordingly, the
Debtors intend to -- and the Final Order will provide the Debtors
with authority to -- utilize the proceeds of the Proposed Sale
Transaction to pay-off, in full, the DIP Facility at or prior to
its scheduled maturity.

                       About Sports Authority

Sports Authority Holdings is a privately held company incorporated
in Delaware and headquartered in Englewood, Colorado.  Sports
Authority is one of the nation's largest full-line sporting goods
retailers, with roots dating back to 1928.  Sports Authority
currently operates 464 stores and five distribution centers across
40 U.S. states and Puerto Rico.  Sports Authority is among the top
five sporting goods retailers.

On March 2, 2016, Sports Authority Holdings Inc. and six other
related entities filed voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code.  The cases are
jointly administered under Case No. 16-10527 before the Honorable
Mary F. Walrath in the United States Bankruptcy Court for the
District of Delaware.


SPORTS AUTHORITY: Retains A&G to Manage Sale of Store Leases
------------------------------------------------------------
A&G Realty Partners, a commercial real estate, advisory and
investment group, on March 2 disclosed that it has been retained
by The Sports Authority to manage the sale of retail store leases
and assist in reducing the Company's occupancy costs following
its' recent Chapter 11 bankruptcy filing.

A&G Realty is currently accepting bids on the leases, which range
from 10,000 to 75,000 square feet located in many of the major
retail markets in the country including prestigious locations in
California, Florida, Puerto Rico and in addition, the company is
exiting the Texas market.  For a complete list of stores please
visit www.agrealtypartners.com

The auction will take place in mid-April.

"The company has many attractive below market rate leases that are
well positioned in key retail strip centers.  By taking assignment
of leases, retailers have the opportunity to enter new markets and
gain access to projects they may have previously been unable to
penetrate.  The availability of these leases is expected to
attract interest from many national and local retailers," said
Emilio Amendola, A&G Co-President.

                   About A&G Realty Partners

A&G Realty Partners -- http://www.agrealtypartners.com--
specializes in real estate dispositions, lease restructurings,
facilitating growth opportunities, valuations and acquisitions.
A&G Realty clients include some of the nation's most recognizable
retail brands in healthy and distressed situations.  A&G Realty is
a leader in finding innovative ways to consolidate and reconfigure
real estate to achieve the highest possible value.  A&G Realty was
founded in 2012 and headquartered in New York with offices in
Chicago and Los Angeles.

                     About Sports Authority

Headquartered in Englewood, CO, Sports Authority --
http://www.sportsauthority.com-- is one of the largest full-line
sporting goods retailers, with 463 locations across 41 states and
Puerto Rico. Sports Authority offers a broad range of sporting
goods from leading brands and is the active family's destination
for footwear, apparel, fitness, team sports and outdoor
recreation.
The League by Sports Authority, a free and easy rewards program,
offers members 5% back after they earn 100 points or more during a
quarterly period.


SPORTS AUTHORITY: Bankruptcy Part of Larger Wave
------------------------------------------------
Liz Moyer, writing for The New York Times' DealBook, reported that
the sporting goods retailer Sports Authority's bankruptcy can add
itself to the pile of losers from the pre-crisis leveraged buyout
boom.

According to the report, citing Thomson Reuters, private equity
firm Leonard Green & Partners in Los Angeles bought Sports
Authority in 2006 for $1.3 billion, which would make it 188 out of
the top 200 deals from that era.  Many of those companies
languished in the portfolios of private equity firms while the
markets tried to recover from the 2008 financial crisis, but some
of those companies are struggling, the report noted.

The DealBook pointed out that the biggest deal that went bust was
the $44.3 billion purchase of the Dallas-based TXU Corporation by
the Texas Pacific Group, Kohlberg Kravis Roberts and Goldman Sachs
in 2007.  The company has since changed its name to Energy Future
Holdings, and it filed for bankruptcy in 2014 with nearly $50
billion in debt, the report added.



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


METHANOL HOLDING: S&P Affirms $290M Loan 'BB' Issue-Level Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale,
long-term corporate credit rating and its 'BB-' issue-level rating
on Consolidated Energy Limited's (CEL) senior unsecured notes for
$1.05 billion due 2019 and $200 million due 2019.  The senior
unsecured notes remain rated one notch below the corporate credit
rating, reflecting the subordination to Methanol Holding
(Trinidad) Ltd.'s (MHTL's) secured debt of about $300 million.
Based on the company's Sept. 30, 2015 financials, CEL's ratio of
priority obligations to net tangible assets is about 24%, well
above S&P's 15% threshold, creating a potential material
disadvantage to noteholders under a bankruptcy or liquidation
scenario.  The mitigating factor is MHTL's upstream guarantee for
the issuances.  The outlook remains stable.

At the same time, S&P affirmed its 'BB' issue-level rating on
MHTL's $290 million seven-year secured term loan, which CEL
guarantees.

In December 2015, the company announced that it intends to acquire
a controlling interest in G2X Energy Inc. (G2X), which is a U.S.
company (with operating facilities in Texas and Lousiana) with
natural gas assets, an existing methanol plant.  G2X is currently
building a worldscale 1.4 million metric ton methanol plant (Big
Lake Fuels), expected to be completed in 2019 (about 3.5 years).
In S&P's opinion, once the plant is completed, CEL will diversify
its assets base, but it will continue to have asset concentration
in Trinidad & Tobago and in methanol.  The construction of the 1.4
million metric ton methanol plant in Big Lake Fuels is still
subject to finalization of the external equity financing and a
final decision by CEL.

The stable outlook reflects S&P's expectation that CEL's interest
coverage ratio will be between 3.0x and 4.0x for the next two
years, up from about 2.8x in 2015 due to higher EBITDA as a result
of operating efficiencies, low natural gas prices, and a recovery
of methanol prices in 2017.  It also reflects S&P's expectation
that the company will fund a significant portion of the Big Lake
Fuels' construction with equity contributions from its
shareholders and a strategic partner.

S&P could lower the ratings if adverse industry conditions, such
as slower-than-expected economic growth, commodity price
volatility, lower operating performance, or the incurrence of
additional debt weaken the company's operating margins and key
credit ratios.  EBITDA interest coverage below 3.0x and/or debt to
EBITDA above 5.0x, and FFO to debt below 12% will also lead to a
downgrade.

S&P could upgrade CEL if debt to EBITDA, FFO to debt, and EBITDA
interest coverage improve and remain consistently below 4.0x,
above 20%, and above 6.0x, respectively.


TRINIDAD & TOBAGO: Dollar Hits New Low Against US Dollar
--------------------------------------------------------
Aleem Khan at Trinidad Express reports that a depreciated Trinidad
and Tobago dollar makes it more expensive to purchase United
States currency to import foreign commodities and "this will do
more harm than good, especially in the short and medium term", The
University of the West Indies financial economics lecturer
Vaalmikki Arjoon has said.

The TT dollar (TTD) hit a new low against the US dollar on March 3
at three of the country's four largest retail banks, according to
Trinidad Express.

At Republic Bank Ltd (RBL), RBC Royal Bank and First Citizens,
greenbacks sold for TT$6.5948 each, breaking the February-set
record high of TT$6.5190 per US dollar on average, according to
Central Bank of Trinidad and Tobago (CBTT) data, Trinidad Express
notes.


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


* BOND PRICING: For the Week From Feb. 29 to March 4, 2016
----------------------------------------------------------

Issuer Name     Cpn   Bid Price Maturity Date Country    Curr
-----------     ---   --------- ------------- -------    ----
PDVSA            8.5     56.25   11/2/2017      VE       USD
PDVSA           12.75    53.5    2/17/2022      VE       USD
Kaisa Group
Holdings Ltd     8.87    65.5    3/19/2018      CN       USD
Venezuela       12.75    52.5    8/23/2022      VE       USD
PDVSA            5.25    47.5    4/12/2017      VE       USD
PDVSA            5.37    34.65   4/12/2027      VE       USD
PDVSA            6        6.5   11/15/2026      VE       USD
Venezuela        5.75    61.5    2/26/2016      VE       USD
PDVSA            9.75    46      5/17/2035      VE       USD
Venezuela       11.95    49      8/5/2031       VE       USD
PDVSA            6       37.5    5/16/2024      VE       USD
Kaisa Group
Holdings Ltd     9       82      6/6/2019       CN       USD
PDVSA            9       43.5   11/17/2021      VE       USD
PDVSA            5.5     36.9    4/12/2037      VE       USD
Venezuela       13.62    56      8/15/2018      VE       USD
Kaisa Group
Holdings Ltd    10.25    69       1/8/2020      CN       USD
Kaisa Group
Holdings Ltd    12.87   108       9/18/2017     CN       USD
Odebrecht Oil
& Gas Finance
Ltd              7       68                     KY       USD
CSN Islands
XII Corp         7       74.5                   BR       USD
Venezuela        8.25    44      10/13/2024     VE       USD
Honghua Group
Ltd              7.45    58.5     9/25/2019     CN       USD
PDVSA            5.12    53.48    10/28/2016    VE       USD
Venezuela        7.75    42.5     10/13/2019    VE       USD
Banco do Brasil
SA/Cayman        6.25    75                     KY       USD
Venezuela        7       44.5     12/1/2018     VE       USD
Venezuela        9       44.5      5/7/2023     VE       USD
Kaisa Group
Holdings Ltd     6.87    74.423    4/22/2016    CN       CNY
Venezuela        9.37    44.5      1/13/2034    VE       USD
Venezuela        6       39       12/9/2020     VE       USD
Venezuela        7       40.5      3/31/2038    VE       USD
CA La
Electricidad
de Caracas       8.5     40        4/10/2018    VE       USD
Venezuela        9.25    44.5      5/7/2028     VE       USD
Offshore Group
Investment Ltd   7.5     74.87    11/1/2019     KY       USD
Venezuela        7.65    35.5      4/21/2025    VE       USD
Automotores
Gildemeister SA  8.25    45.87     5/24/2021    CL       USD
Kaisa Group
Holdings Ltd     8       70       12/20/2015    CN       CNY
Venezuela       13.625   48        8/15/2018    VE       USD
Agile Property
Holdings Ltd     8.25    75.05                  CN       USD
McDermott
International
Inc              8       70.5      5/1/2021     US       USD
USJ Acucar e
Alcool SA        9.875   73       11/9/2019     BR       USD
Tonon
Bioenergia SA    9.25    62.3      1/24/2020    BR       USD
Offshore Group
Investment Ltd   7.125   68.06     4/1/2023     KY       USD
Automotores
Gildemeister SA  6.75    44.75     1/15/2023    CL       USD
SMU SA           7.75    76.5      2/8/2020     CL       USD
Mongolian
Mining Corp      8.87    66.5      3/29/2017    MN       USD
Polarcus Ltd     8       40.08     6/7/2018     AE       USD
PSOS Finance
Ltd              11.75   75        4/23/2018    KY       USD
PDVSA             8.5    57.45    11/2/2017     VE       USD
Herbalife Ltd     2      73.7      8/15/2019    US       USD
Cia Energetica
de Sao Paulo      9.75   72.87     1/15/2015    BR       BRL
BA-CA Finance
Cayman Ltd        1.21   63.249                 KY       EUR
Hidili Industry
International
Development Ltd   8.625  76       11/4/2015     CN       USD
China Precious
Metal Resources
Holdings Co Ltd   7.25   52.067    2/4/2018     HK       HKD
Inversora de
Electrica de
Buenos Aires SA   6.5     28.5     9/26/2017    AR       USD
NQ Mobile Inc     4       70.448  10/15/2018    CN       USD
Glorious Property
Holdings Ltd      13.25   71.971   3/4/2018     HK       USD
Kaisa Group
Holdings Ltd       8.875  93.5     3/19/2018    CN       USD
PDVSA              6      37.63   11/15/2026    VE       USD
PDVSA             12.75   51.83    2/17/2022    VE       USD
Polarcus Ltd       8.9    39.854   7/8/2019     AE       NOK
Polarcus Ltd       2.87   68.7     4/27/2016    AE       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75    72.42  10/25/2022    AR       USD
PDVSA              6       39.65   5/16/2024    VE       USD
Argentina Bond     1.18     8.12  12/31/2038    AR       ARS
Venezuela Bond    13.625   50.941  8/15/2018    VE       USD
McDermott
International Inc  8       84.5    5/1/2021     US       USD
Tonon
Bioenergia SA      9.25    71      1/24/2020    BR       USD
Argentina
Bonar Bonds       23.00    5.5     9/10/2015    AR       ARS
BCP Finance Co     2.15   61.25                 KY       EUR
Newland
International
Properties Corp    9.5     32      7/3/2017     PA       USD
BA-CA Finance
Cayman 2 Ltd       2.03    62.31                KY       EUR
Odebrecht Oil
& Gas Finance
Ltd                7       69                   KY       USD
PDVSA              9       44     11/17/2021    VE       USD
Honghua Group
Ltd                7.45    58.5    9/25/2019    CN       USD
Argentine Bonad
Bonds              2.4     68      3/18/2018    AR       USD
Automotores
Gildemeister SA    8.25    60      5/24/2021    CL       USD
PDVSA              9.75    43      5/17/2035    VE       USD
Automotores
Gildemeister SA    6.75    59.5    1/15/2023    CL       USD
ESFG
International
Ltd                5.753    0.68                KY       EUR
Greenfields
Petroleum Corp     9        20     5/31/2017    US       CAD
USJ Acucar e
Alcool SA          9.87     73     11/9/2019    BR       USD
CSN Islands
XII Corp           7        73.99               BR       USD
SMU SA             7.75     75.25   2/8/2020    CL       USD
Mongolian
Mining Corp        8.875    66.5    3/29/2017   MN       USD
Banco do Brasil
SA/Cayman          6.25     74                  KY       USD
Argentina Bocon    2        42.288  1/3/2016    AR       ARS
Venezuela
TICC Bond          6.25     73.195  4/6/2017    VE       USD
Hidili Industry
International
Development Ltd    8.625    75      11/4/2015   CN       USD
Cia Energetica
de Sao Paulo       9.75     72.87    1/15/2015  BR       BRL
Venezuela TICC
Bond               5.25     52.627   3/21/2019  VE       USD
Newland
International
Properties Corp    9.5      47       7/3/2017   PA       USD
Empresa
Distribuidora
Y Comercializadora
Norte              9.75     72     10/25/2022   AR       USD
Banif Finance
Ltd                1.449                        KY       EUR
BPI
Capital
Finance Ltd        2.63     39.5               KY       EUR
Cia Cervecerias
Unidas SA          4        51.90  12/1/2024   CL       CLP
Banco BPI
SA/Cayman Islands  4.15     71.37  11/14/2035  KY       EUR
Argentina Bond     5.83     14     12/31/2033  AR       ARS
Cia Sud
Americana
de Vapores SA      6.4      58.45  10/1/2022   CL       CLP
Venezuela TICC
Bond               9.12     74.29   9/15/2017  VE       USD
Venezuela Bond     9.25     48      9/15/2027  VE       USD
Ruta del Bosque
Sociedad
Concesionaria SA   6.3      69.2    3/15/2021  CL       CLP
Talca Chillan
Sociedad
Concesionaria SA   2.75     47.78  12/15/2019  CL       CLP
Venezuela Bond    11.75     50.5   10/21/2026  VE       USD
Provincia
de Rio Negro       1.6716   72      5/4/2024   AR       ARS
Provincia
Corrientes         0.0204    8      1/1/2016   AR       ARS
Provincia del
Chaco              4        61.25  12/4/2026   AR       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar         4.54       59    10/25/2041  PA       USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar          6         70.8  10/25/2041  PA       USD
Empresa de los
Ferrocarriles
del Estado         6.5       69.91   1/1/2026  CL       CLP

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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