TCRLA_Public/160316.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

            Wednesday, March 16, 2016, Vol. 17, No. 53


                            Headlines



A R G E N T I N A

JOHN DEERE: Moody's Rates ARS130MM Sr. Unsec. Debt Issuance 'B1'
PETROBRAS ARGENTINA: Pampa Energia Bids for Company


B R A Z I L

BRAZIL: Economic Activity Unexpectedly Shrinks in January
CAIXA ECONOMICA: S&P Cuts Global Scale Rating to 'BB/Neg./B'
SANTA CATARINA: S&P Puts 'BB' Rating on CreditWatch Negative


C A Y M A N  I S L A N D S

ACP MARBLETON: Shareholders Receive Wind-Up Report
AMPLITUDE DYNAMIC: Shareholders to Hear Wind-Up Report on March 18
AMPLITUDE KLASSIK: Shareholders to Hear Wind-Up Report on March 18
COINAGE INTERNATIONAL: Shareholders Receive Wind-Up Report
CONCENTRIC CAPITAL: Commences Liquidation Proceedings

DIARY INVESTMENTS: Placed Under Voluntary Wind-Up
FRONTWAVE INVESTMENT: Shareholders Receive Wind-Up Report
GOLDEN ESTATE: Shareholders Receive Wind-Up Report
JAIC-CROSBY GREATER: Commences Liquidation Proceedings
KEYSTONE LIMITED: Placed Under Voluntary Wind-Up

LINKSUS ADVERTISING: Shareholders Receive Wind-Up Report
LINKSUS MEDIA: Shareholders Receive Wind-Up Report
MACQUARIE SPECTRUM: Commences Liquidation Proceedings
MINT INVESTMENTS: Shareholders Receive Wind-Up Report
MONSOON ASIA-PACIFIC: Shareholders Receive Wind-Up Report

OPTO GRAND: Shareholders Receive Wind-Up Report
RIPALA INVESTMENT: Placed Under Voluntary Wind-Up
RIVER STRATEGY: Shareholders Receive Wind-Up Report
SUETONE BALANCED: Commences Liquidation Proceedings
WORLDWIDE TARGET: Shareholders Receive Wind-Up Report

YTAM OVERSEAS: Placed Under Voluntary Wind-Up


P U E R T O    R I C O

PUERTO RICO: Bonds Snapped Up by Insurers as Crisis Nears Climax
PUERTO RICO: House Approves Water Utility Borrowing Legislation
SPORTS AUTHORITY: Gets Approval to Start Liquidation Sales


X X X X X X X X X

* Bank Of America Dismiss Bankers in Brazil, Chile Units


                            - - - - -


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


JOHN DEERE: Moody's Rates ARS130MM Sr. Unsec. Debt Issuance 'B1'
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B1 global scale rating (GSR) and a Aaa.ar national
scale rating (NSR) to John Deere Credit Compania Financiera S.A.
(JDC)'s sixth takedown under its senior debt program of ARS900
million.  The issuance, for up to ARS 130 million, will be due in
24 months.  The outlook on all ratings is stable.

These ratings were assigned to JDC's ARS130 million senior
unsecured debt issuance:

  B1 Global Local Currency Debt Rating
  Aaa.ar Argentina National Scale Local Currency Debt Rating

                         RATINGS RATIONALE

The global scale senior unsecured debt rating considers the
challenging operating environment in Argentina, balanced by the
very high probability that JDC will receive support from its
foreign-owned parent, (P)A2 rated John Deere Credit Inc.  This
support assumption provides three notches of uplift to the
company's caa1 standalone credit assessment, resulting in long-
term global senior unsecured debt rating of B1, which is
constrained by Argentina's local currency country ceiling.  While
JDC's GSR compares poorly with many global peers, it remains one
of the strongest credits in the country, as reflected in its
Aaa.ar national scale local currency debt rating.

The caa1 standalone rating takes into account risks related to
JDC's monoline business orientation, which leaves it susceptible
to climate risk and the challenging operating environment in which
it operates.  Also, the rating considers the company's reliance on
market funds, which expose it to swings in interest rates and
refinancing risk.  However, these risks are partially mitigated by
the credit lines from the company's parent, as well as long term
financing provided by John Deere & Co's local subsidiary,
Industrias John Deere Argentina.  The rating is also supported by
adequate although deteriorating asset quality metrics and an ample
capital cushion which provides loss absorption capacity in case of
stress.  Nominal profitability indicators are ample as well,
although these are distorted by the very high rate of inflation.

                 WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could go up if Argentina's country ceiling is upgraded
as JDC's global local currency debt rating is currently
constrained by the country ceiling.

John Deere Credit Compania Financiera S.A. is headquartered in
Rosario, Argentina, and reported assets of ARS528 million and
shareholders' equity of ARS83 million as of December 2015.


PETROBRAS ARGENTINA: Pampa Energia Bids for Company
---------------------------------------------------
Buenos Aires Herald reports that Argentina's electricity
distribution giant Pampa Energia is close to becoming bigger and
setting a wider footing into the oil market, as sources say it is
about to purchase assets from the troubled Brazilian energy giant
Petrobras in Argentina.

Pampa offered Petrobras about US$1.2 billion to buy its 67.2
percent stake in Petrobras Argentina, a source with direct
knowledge of the bid said, according to Buenos Aires Herald.

Pampa controls Transener, which operates Argentina's largest high-
tension power transmission line, while it also has a stake in
Edenor -- the nation's largest power distributor -- and several
thermal and hydroelectric power plants, Buenos Aires Herald notes.

The board of Petrobras had earlier approved exclusive talks with
Pampa for up to 60 days.  The discussions were announced in a
Brazilian securities filing, the report relays.

Petrobras Argentina is among the four largest producers of oil and
gas in the country and has extensive downstream operations,
including refining, petrochemicals and electricity generation, the
report says.

A final deal should be complete within two months, said the
source, who requested anonymity because a final accord has not
been signed, the report discloses.

"There is an agreement on the figure," the source said, according
to the report.  "I don't see anything cumbersome to work out. Now
it's the work of lawyers."

Petrobras preferred shares rose 2.82 percent in Sao Paulo in March
3, trading to BRL5.46, on track for its highest close in seven
weeks, the report discloses.  Pampa fell 3.94 percent in Buenos
Aires, its biggest one-day drop in six weeks, and Petrobras
Argentina rose 2.55 percent, the report says.

                        Key Timing

The proposed transaction comes at a key time for Petrobras and
Pampa, the report relays.  If completed, the sale will be one of
the first major deals in Petrobras' eight-month old plan to sell
US$15.1 billion of assets by the end of 2016, the report relays.

Petrobras Chief Executive Officer Aldemir Bendine has said the
company needs to sell the assets to shore up its troubled finances
and pay debt of about US$130 billion, the world oil industry's
largest, while it struggles with a corruption scandal that is
shocking the Brazilian political and business establishment, the
report notes.

For its part, Pampa would widen its range of energy assets,
including natural gas and oil rights, the report discloses.  It is
the largest integrated power company in Argentina, generating
about eight percent of the nation's electricity, the report notes.

Buenos Aires Herald said the talks come only months after the
election of President Mauricio Macri, who promised to open the
country to international trade and investors and crucially vowed
improved incentives for the Argentine energy sector to up its
investment levels.

Energy Minister Juan Jose Aranguren upped electricity rates
recently, while hikes to retail fuel prices are also expected
soon, notes the report.

In a separate filing, Petrobras said its board had also approved a
competitive process to sell rights to a group of onshore oil
fields, and related assets, in Brazil, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb.
26, 2016, Moody's Latin America Agente de Calificacion de Riesgo,
downgraded to B3/A3.ar from Ba3/Aaa.ar the national scale rating
on Petrobras Argentina S.A. (PESA)'s USD 300 million in guaranteed
Series S notes (CUSIP 71646JAB5). The rating actions reflect
Moody's Investors Service's rating action on February 24, 2016 of
downgrading Petroleo Brasileiro S.A. - PETROBRAS's (Petrobras, the
guarantor) global debt ratings to B3 from Ba3. The ratings outlook
for all ratings changed to negative.


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


BRAZIL: Economic Activity Unexpectedly Shrinks in January
---------------------------------------------------------
Walter Brandimarte at Bloomberg News reports that Brazil's
economic activity unexpectedly contracted in the beginning of 2016
and economists forecast a deeper recession for this year as a
political stalemate nearly paralyzes the country.

The report says central bank's IBC-BR index, which is often taken
as a proxy for Brazil's GDP report, shrank 0.61 percent in
January, more than forecast by all 25 economists surveyed by
Bloomberg, whose median estimate was for a 0.2 percent expansion.
Economic activity as measured by the index has been declining for
11 consecutive months and, with the negative surprise, some
economists are already cutting their forecasts for Brazil's
economic performance this year, Bloomberg News notes.

Among those, Goldman Sachs revised its 2016 forecast for the IBC-
BR to a deeper contraction of 3.6 percent from 3.2 percent,
Bloomberg News relays.  "We expect the economy to continue to face
strong headwinds," the bank's senior economist Alberto Ramos wrote
in a note to clients, citing a long list of obstacles including
tight financing conditions, high inflation, rising unemployment,
and political uncertainty, Bloomberg News discloses.

Latin America's largest economy is going through a two-year
recession that is forecast to be the worst in over a century as a
massive corruption scandal at state-run oil company Petrobras
threatens the future of the President Dilma Rousseff, leaving the
government unable to pass legislation needed to fix the economy
and government finances, Bloomberg News says.

In a separate report, more than 100 economists surveyed by the
central bank on March 11 forecast Brazil's gross domestic product
will shrink 3.54 percent this year, compared to a 3.5 percent
decline estimated in the prior week, Bloomberg News notes.  It was
the eighth consecutive week of declining estimates for Brazil's
economic performance this year, according to the central bank
poll, Bloomberg News relays.

In one of the few positive developments, economists in the central
bank poll forecast the Brazilian currency will finish the year at
4.25 per dollar, slightly stronger than the 4.3 per dollar they
forecast in the prior week, Bloomberg News says.

Bets that the real will weaken less than initially expected are
having a positive impact on inflation expectations. Economists now
see the benchmark IPCA consumer price index rising 7.46 percent
this year, less than the 7.59 percent forecast in the prior week,
Bloomberg News adds.

As reported in the Troubled Company Reporter -- Latin America on
Feb. 26, 2016, Moody's Investors Service has downgraded Brazil's
issuer and bond ratings to Ba2 and changed the outlook to
negative.


CAIXA ECONOMICA: S&P Cuts Global Scale Rating to 'BB/Neg./B'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
ratings on seven Brazilian banks and its national scale ratings on
13 banks after revising Brazil's BICRA to group '6' from group '5'
and the anchor, the starting point to rate banks, to 'bb+' from
'bbb-'.  In addition, S&P affirmed the ratings on 25 banks.  At
the same time, S&P maintains two entities on CreditWatch negative
on the weaker BICRA score.  In addition, S&P revised its economic
risk score to '7' from '6'.  The banking economic and industry
risk trends are negative.

"We expect a more prolonged adjustment process in Brazil--a slower
correction in fiscal policy as well as another year of steep
economic contraction.  As we had expected, domestic banks are now
going through a correction phase, and both credit origination and
house prices are dropping in real terms.  We now expect the
correction phase to dampen banks' creditworthiness as stagnation
is likely to continue in 2016.  Consequently, we revised our BICRA
score on Brazil (foreign currency: BB/Negative/B; local currency:
BB/Negative/B) to group '6' from group '5', which also resulted in
reduction in Brazil's anchor to 'bb+', from 'bbb-'.  Our bank
criteria uses our BICRA economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  A BICRA is scored on a scale from '1' to
'10', ranging from the lowest-risk banking systems (group '1') to
the highest-risk (group '10').  The multiple rating actions on
Brazil's banks reflect the lower anchor, higher economic risk, and
risk-weighted assets (RWAs) and their potential effect on banks'
asset quality metrics, risk-adjusted capital (RAC) ratios, and
capital and earnings scores," S&P said.

"Brazil's economic risk reflects the country's low GDP per capita
levels and political and economic challenges in the country, which
remain considerable.  In our view, credit risks in the economy
have increased.  We believe that Brazil's challenging economic
conditions, high inflation, rising interest rates, and tighter
credit conditions will weaken the corporate sector, which would be
reflected in higher non-performing loans and credit losses.
Furthermore, we expect these conditions will place a higher burden
on Brazil's already highly indebted households as unemployment
rises.  We expect the banking sector's asset quality will continue
deteriorating amid rising credit losses.  In addition, we continue
to believe mid-size and small banks, which focus on lending to
small and medium enterprises and have higher exposure to cyclical
sectors, will suffer significant credit losses, which could lead
to a downward revision of our capital and earnings and risk
position assessments on these banks.  On the other hand, although
we don't expect large bank failures at this point, we believe that
their bottom-line results will deteriorate over the next 18
months," S&P noted.

"Our industry risk assessment for Brazil reflects the large
presence of government-owned banks in the financial system, which
has caused significant distortions over the past few years,
weakening competitive dynamics.  However, the pressure on banks'
margins has eased over the past few months as reference rates have
increased sharply.  Domestic financial regulation has been
improving thanks to its extensive coverage and alignment with
international standards.  The Brazilian banking system also has an
adequate funding mix with a stable core customer deposit base and
satisfactory access to domestic and international capital markets.
In addition, banks' dependency on external funding is fairly low,
accounting for 9.2% of the system's total liabilities in the past
two years," S&P said.

                     ECONOMIC AND INDUSTRY RISKS

Due to a one-in-three chance that S&P's economic risk assessment
on Brazil's banking sector will worsen, S&P assess the trend as
negative.  In S&P's view, economic conditions remain extremely
challenging.  If Brazil fails to come out of recession in 2017,
which would widen losses in the sector and compromise the larger
banks' fundamentals, S&P could reassess the impact of the
correction phase and revise our BICRA further downward.  S&P could
also reassess its assessment of credit risk in the economy if
contagion from corruption investigation at Petroleo Brasileiro
S.A. - Petrobras spreads to the larger banks.

S&P views the banking sector's industry risk trend as negative.
In S&P's view, there is at least a one-in-three chance that
stagnant economy will weaken the banking system-wide funding by
reducing banks' available liquidity and access to the credit
markets.  On the other hand, S&P believes that increasing interest
rates and the public banks' slower lending growth will somewhat
benefit the private banks' performance by allowing them to
stabilize their margins and regain some market share, although S&P
expects this will take some years to occur, given Brazil's
currently sluggish economy.  S&P views recent developments in
Brazil's regulatory framework as positive, although S&P believes
that the benefits of and effective implementation of liquidity
regulation and the full adoption of Basel III rules will still
take some years to materialize.  S&P don't expect additional risks
arising from institutional framework for the next few years.

                              OUTLOOK

The negative outlook attributed to banks impacted by the BICRA
downgrade stems from the negative trends in both industry and
economic risk on Brazil's BICRA and from further potential
downgrades of the country's anchor and pressure on RAC and capital
and earnings scores given higher RWAs.  The negative outlook of
banks with a 'BB' issuer credit rating reflects the outlook on the
sovereign because S&P expects these ratings to move in tandem.

                          UPWARD SCENARIO

S&P could revise the outlook on banks to stable if it revises its
trend on economic and industry risk to stable, and S&P's
forecasted RAC for the next two years doesn't result in changes in
their capital and earnings scores.  S&P could revise the outlooks
on banks with a 'BB' issuer credit rating, which are capped by the
sovereign, to stable following a similar action on the sovereign.

                         DOWNWARD SCENARIO

S&P could downgrade banks by multiple notches if it was to
downgrade BICRA further because S&P evaluates its potential impact
on anchor, RWAs, and capital and earnings scores.  S&P could
downgrade banks with a 'BB' issuer credit rating, which are capped
by the sovereign, following a similar action on the sovereign.

RATINGS LIST

Ratings Affirmed

Caixa Economica Federal
Local Currency
Global scale rating                  BB/Neg./B
Foreign Currency
Global scale rating                  BB/Negative/B
Brazil national scale                brAA-/Negative/brA-1
Senior Unsecured                     BB

Banco Nacional de Desenvolvimento Economico e Social
Local Currency
Global scale rating                  BB/Neg./--
Foreign Currency
Global scale rating                  BB/Neg./--
Brazil national scale                brAA-/Neg./--
Senior Unsecured                     BB

BNDESPar-BNDES Participacoes S.A.
Brazil national scale                brAA-/Neg./--
Senior Unsecured                     brAA-

Banco Safra S.A.
Global scale rating                  BB/Neg./B
   Brazil national scale             brAA-/Neg./brA-1
   Senior Unsecured                  BB

Banco Bradesco S.A.
Global scale rating                  BB/Neg./B
   Brazil national scale             brAA-/Neg./brA-1
Senior Unsecured                     BB

Bradesco Capitalizacao S.A.
Brazil national scale                brAA-/Neg./--

Banco Citibank S.A.
Global scale rating                  BB/Neg./B
   Brazil national scale             brAA-/Neg./brA-1

Itau Unibanco Holding S.A.
Global scale rating                  BB/Neg./B
Brazil national scale                brAA-/Neg./brA-1
Senior Unsecured                     BB

Itau Unibanco S.A.
Global scale rating                  BB/Negative/B
   Brazil national scale             brAA-/Neg./brA-1

Banco Toyota do Brasil S.A.
Brazil national scale                brAA-/Neg./--

Banco BNP Paribas Brasil S.A.
Brazil national scale                brAA-/Neg./--

Banco Volkswagen S.A.
Brazil national scale                brAA-/Neg./--

Banco de Tokyo-Mitsubishi UFJ Brasil S.A.
Brazil national scale                brAA-/Neg./brA-1

Banco Morgan Stanley S.A.
Brazil national scale                brAA-/Neg./brA-1

Banco Santander (Brasil) S.A.
Global scale rating                  BB/Neg./B
   Brazil national scale             brAA-/Neg./brA-1
Senior Unsecured                     BB
   Subordinated                      B
   Junior Subordinated               CCC+

Banco Bonsucesso Consignado S.A.
Brazil national scale                brAA-/Neg./brA-1

Banco do Nordeste do Brasil S.A.
Global scale rating                  BB/Neg./B/--
Brazil national scale                brAA-/Neg./--
Senior Unsecured                     BB

Banco do Brasil S.A
Global scale rating
Local currency                       BB/Neg./--
Foreign currency                     BB/Neg./B
   Senior Unsecured                  BB

Subordinated                         B
Junior Subordinated                  B-

Ativos S.A. Securitizadora de Creditos Financeiros
Brazil national scale                brAA-/Neg./--

Banco de Desenvolvimento de Minas Gerais S.A. - BDMG
Global scale rating                  BB-/Neg./--
Brazil national scale                brA/Neg./--
Senior Unsecured                     brA

Banco ABC Brasil S.A.
Global scale rating                  BB/Neg./B
Brazil national scale                brAA-/Neg./brA-1
Senior Unsecured                     BB

Banco Fibra S.A.
Global scale rating                  B-/Neg./C
Brazil national scale                brB-/Negative/brC

Haitong Banco de Investimento do Brasil S.A.
Global scale rating                  BB-/Pos./B
Brazil national scale                brA+/Pos./brA-2

Ratings Affirmed; Outlook Action

                                To               From

Banco Intermedium S.A.
Brazil national scale           brBBB-/Neg./--    brBBB-/Watch Neg

BRB - Banco de Brasilia S.A.
Global scale rating             BB-/Neg./B        BB-/Watch Neg/B
Brazil national scale           brA-/Neg./brA-2   brA-/Watch
                                                  Neg/brA-2

Banco Votorantim S.A.
Global scale rating             BB/Neg./B         BB/Watch Neg/B
Senior Unsecured                BB                BB/Watch Neg

Banco do Estado do Rio Grande do Sul S.A.
Global scale rating             BB/Neg./--        BB/Watch Neg/--

Banco Mercantil Do Brasil S.A.
Global scale rating             B-/Neg./C         B-/Watch Neg/C

Ratings Lowered

Banco Daycoval S.A.
Global scale rating             BB-/Neg./B         BB/Watch Neg/B
Brazil national scale           brA/Neg./brA-2     brAA-/Watch
                                                    Neg/brA-1
Senior Unsecured                BB-                BB/Watch Neg

Parana Banco S.A
Global scale rating             BB-/Neg./B         BB/Watch Neg/B
Brazil national scale           brA/Neg./--     brAA-/Watch Neg/--

Banco do Estado do Para S.A.
Global scale rating             BB-/Neg./B          BB/Watch Neg/B
Brazil national scale           brA/Negative/brA-2   brA+/Watch
                                                     Neg/brA-1

Banco Pine S.A.
Global scale rating
                                BB-/Neg./B          BB/Watch Neg/B
Brazil national scale
                                brA-/Neg./--     brA+/Watch Neg/--
Senior Unsecured
                                brA-                brA+/Watch Neg

China Construction Bank (Brasil) Banco Multiplo S.A.
Global scale rating
                                BB-/Watch Neg/B     BB/Watch Neg/B
Brazil national scale
                             brA-/Watch Neg/--   brA+/Watch Neg/--

Banco Pan S.A.
Global scale rating
                                B+/Watch Neg/B     BB-/Watch Neg/B
Brazil national scale
                   brBBB-/Watch Neg/brA-3     brA-/Watch Neg/brA-2
Junior Subordinated
                                CCC/Watch Neg      CCC+/Watch Neg

Banco Indusval & Partners S.A.
Global scale rating
                                 B/Neg./B      B+/Watch Neg/B
Brazil national scale
                          brBB-/Neg./brB    brBBB-/Watch Neg/brA-3

National Scale Ratings Lowered

Banco Votorantim S.A.
Brazil national scale
                      brA+/Neg./brA-1        brAA-/Watch Neg/brA-1

Votorantim Financas S.A.
Brazil national scale
                      brA+/Neg./brA-1        brAA-/Watch Neg/brA-1

BV Leasing Arrendamento Mercantil S.A.
Subordinated                      brA-             brA/Watch Neg

Banrisul - Banco do Estado do Rio Grande do Sul S.A.
Brazil national scale
                        brA+/Neg./--           brAA-/Watch Neg/--

Banco Mercantil Do Brasil S.A.
Brazil national scale
                        brB/Neg./--            brB+/Watch Neg/--

Caruana S.A. - Sociedade de Credito, Financiamento e
InvestimentoBrazil
national scale
                        brBB/Neg./brB          brBB+/Watch Neg/brB

Ratings Still On CreditWatch Negative

Banco BTG Pactual S.A.
Global scale rating        B+/Watch Neg/B
Brazil national scale      brBBB-/Watch Neg/brA-3

HSBC Bank Brasil S.A.
Global scale rating        BB/Watch Neg/B
Senior Unsecured           BB/Watch Neg


SANTA CATARINA: S&P Puts 'BB' Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its global scale 'BB'
and national scale 'brAA-' ratings on the state of Santa Catarina
on CreditWatch with negative implications.

                            RATIONALE

The CreditWatch placement reflects S&P's view that the current
conflict over the calculation of the outstanding debt the state
owes to the federal government could result in a prolonged delay
in the payment of regularly scheduled debt installments.  S&P do
not consider such scenario as a default because it is an inter-
government payment.  In addition, the state has capacity to pay.
However, the non-payment informs our opinion of the state's
willingness to pay and could lead to a change in S&P's financial
management assessment of Santa Catarina.

In 1998, the State of Santa Catarina signed a debt refinancing
agreement with the federal government under the Law 9.496/97.  In
November 2014, Congress approved the Complementary Law 148 which
includes these measures:

   -- The use of new index for the local and regional governments'
      (LRGs') and municipalities' new refinancing debt agreements
      depending on which index, either the broad consumer price
      index (IPCA) plus an annual spread of 4% (or the central
      bank reference interest rate [Selic]) or of the general
      price index (GPI) plus 6%, is lower.

   -- In addition, article 3 stipulates that the federal
      government will grant discounts on the LRGs' outstanding
      debt consisting of the difference between the outstanding
      amount as of Jan. 1, 2013, and the one determined by the
      accumulated variation of the Selic rate since the signature
      of the respective contracts.

In order for the LRGs to take advantage of the Complementary Law
148, they had to sign contractual amendments with the federal
government before Jan. 31, 2016.  The state of Santa Catarina
disagreed with the calculation of the outstanding debt as
specified in the December 2015 decree (Decreto federal 8.616).
The state claims that the debt calculation in this decree refers
to the compound Selic rate, instead of the accumulated variation
of the Selic rate under the Law 148, increasing Santa Catarina's
debt that it owes to the federal government*.  The state initiated
legal proceedings in the Supreme Court of Justice (SCJ) against
the federal government, but the motion was denied by one of the
justices.  The state is currently waiting for the resolution of an
appeal it submitted to the SCJ.  In addition, Santa Catarina,
along with other Brazilian states, is trying to reach a deal with
the Ministry of Finance on an alternative agreement that would
include a lengthening of the debt payments coupled with a discount
on the installments for 12 or 24 months.  Until the SCJ makes the
decision on the appeal or an agreement with the Ministry of
Finance materializes, the state announced that it will deposit the
debt payment installments into a special account at Banco do
Brasil beginning with the February 2016 installment of R$89
million.  In response, the federal government froze the equivalent
of R$89 million of transfers to Santa Catarina.

In S&P's opinion, the state's decision to suspend the debt
installment payments, regardless of the legitimacy of its claim,
throws in doubt its willingness to comply with its financial
obligations.  If the suspension of the debt payments persists, S&P
could revise downward its assessment of the state's financial
management.  S&P believes that Santa Catarina's has capacity to
pay, as seen in its decision of keeping the debt payment
installment in a special account, which may also affect S&P's view
of its willingness to comply with financial obligations and its
overall financial management assessment.

The ratings on the state continue to reflect its average budgetary
performance and budgetary flexibility.  The mitigating factors are
the state's moderate debt levels, weak yet diversified economy,
and weak liquidity.  Furthermore, S&P considers the institutional
framework for all Brazilian states to be evolving and unbalanced.

"Our assessment of Santa Catarina's budgetary performance reflects
operating surpluses of about 7.6% for the past five years and
deficits after capital expenditures below 5% of total revenues,
despite a deterioration in finances since 2014 as a result of weak
domestic economy.  We expect an operating surplus of 5.9% of
operating revenues in 2016, slightly down from 6.3% in 2015, given
the projected deceleration of state's own revenues and growth in
federal transfers.  We expect an operating surplus of around 7%
starting in 2017.  Deficit after capital expenditures will be
around 1.8% of total revenues in 2016 as Santa Catarina continues
to reduce its capital spending.  We expect no or very slight
deficits in 2017 and 2018.  Nevertheless, the state's ability to
implement capex continues to rely on borrowings and uncertain
federal transfers," S&P said.

"Santa Catarina's budgetary flexibility remains average as a
result of its high own-source revenue base, which accounted for
73% of the state's operating revenues in 2015, slightly down from
75% in 2014.  Own-source revenues have averaged 73% in 2011-2015.
We expect these revenues to remain around 74% for the next three
years as the state will receive lower federal transfers amid weak
economy.  Still, Santa Catarina faces high wage cost pressures,
like most Brazilian LRGs.  Public-sector employee wages (including
pensions) and interest payments represent around 64% of Santa
Catarina's total expenditures.  However, the state recently
approved a pension reform package in order to reduce pension
costs.  We expect capex to remain around 8% of total expenses in
the next three years, down from its 11.3% peak in 2014, given the
reduction in external financing," S&P noted.

Brazil's stagnant economy has taken a toll on Santa Catarina's
finances, although to a lesser extent than in other states thanks
to its well balanced and diversified economy.  The state's GDP per
capita averaged $13,364 in 2012-2014, consistent with a weak
economy by international standards, but it was above the national
average of $10,995.

S&P believes that Santa Catarina's debt will remain moderate
because the state will continue to have limited access to new
loans in the short term.  The debt reached R$21 billion at end of
2015 or 104% of operating revenues.  S&P estimates that debt will
reach R$26.7 billion in 2018, equivalent to 103% of operating
revenues.  Although Santa Catarina's debt-to-revenues ratio is
below those of many of its domestic peers, it remains high by
international standards.  S&P expects the state's debt service to
remain below 5% of operating revenues in the next two to three
years.  S&P considers that the state's contingent liabilities
remain moderate.  Most of Santa Catarina's government-related
entities (GREs) are included in its budget and total debt.

Together with its domestic peers, Santa Catarina operates in what
S&P views as an evolving and unbalanced institutional framework.
The system that divides the fiscal powers between the central
government and the LRGs in Brazil is based on three key parameters
that have remained in place for a long time and have gained strong
political and economic support.

                            Liquidity

Santa Catarina has a weak liquidity position.  At the end of 2015,
free cash and equivalents was around R$930 million and debt to
suppliers was R$190 million.  Considering S&P's projections for a
balance after capex, debt payments, and interest projections in
2016, available liquidity should cover 62% of the state's
financial obligations.  S&P considers that Santa Catarina's access
to external borrowing is limited given our Banking Industry Risk
Assessment of group '6' on Brazil.

                            CREDITWATCH

S&P aims to resolve the CreditWatch placement within the next
three months.  S&P could decide to keep the ratings on CreditWatch
or it could remove and affirm or lower them.

S&P could affirm its ratings on the state if it reaches an
agreement with the federal government or if a SCJ ruling
facilitates renewed, timely repayment of the debt installments,
thereby limiting the negative impact on Santa Catarina's financial
management.

Conversely, S&P could lower its global ratings on Santa Catarina
by up to four notches if S&P believes there will be a prolonged
delay in the debt payments, underscoring doubts over the state's
willingness to pay its debt amid high liquidity pressures.

*The measure of the Selic rate is done in two ways: through the
simple factor of capitalization (Selic accumulated) or through the
compound factor of capitalization (Selic compound).  In the
latter, interests apply on the sum of the principal and past
interests.  Under the former, interests only apply on the
principal.

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

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

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

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

RATINGS LIST

Ratings Affirmed

Santa Catarina (State of)
Ratings Affirmed; CreditWatch/Outlook Action
                               To                 From
Santa Catarina (State of)
Issuer Credit Rating          BB/Watch Neg/--    BB/Neg./--
Brazil National Scale         brAA-/Watch Neg/-- brAA-/Neg./--


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


ACP MARBLETON: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of ACP Marbleton Limited received on Jan. 18,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Eleni Hadjichristoudia
          5 Themistokli Dervi Street
          Elenion Building, 2nd Floor, P.C. 1066
          Nicosia, Cyprus
          Telephone: 0035722555800
          Facsimile: 0035722555804
          e-mail: Helen.Hadjichristoudia@abaus.com.cy


AMPLITUDE DYNAMIC: Shareholders to Hear Wind-Up Report on March 18
------------------------------------------------------------------
The shareholders of Amplitude Dynamic Trading Fund will hold their
final meeting on March 18, 2016, at 11:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman, KY1-1207
          Cayman Islands


AMPLITUDE KLASSIK: Shareholders to Hear Wind-Up Report on March 18
------------------------------------------------------------------
The shareholders of Amplitude Klassik Fund Limited will hold their
final meeting on March 18, 2016, at 11:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855, Grand Cayman, KY1-1207
          Cayman Islands


COINAGE INTERNATIONAL: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Coinage International Holding Company Limited
received on Feb. 9, 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


CONCENTRIC CAPITAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Jan. 4, 2016, the shareholder of Concentric Capital Limited
resolved to voluntarily liquidate the company's business.


Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Ardmore GP Limited
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue George Town
          Grand Cayman KY1-9005
          Cayman Islands


DIARY INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 12, 2016, the sole shareholder of Diary Investments Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 29, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


FRONTWAVE INVESTMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Frontwave Investment Management Limited
received on March 7, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


GOLDEN ESTATE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholder of Golden Estate Ltd. received on Feb. 19, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


JAIC-CROSBY GREATER: Commences Liquidation Proceedings
------------------------------------------------------
Jaic-Crosby Greater China Investments Fund Limited commenced
liquidation proceedings.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          David Griffin
          FTI Consulting (Cayman) Ltd.
          Suite 3212, 53 Market Street
          Camana Bay
          P.O. Box 30613 Grand Cayman KY1-1203
          e-mail: sandipan.bhowmik@fticonsulting.com


KEYSTONE LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On Jan. 8, 2016, the sole member of Keystone Limited resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 22, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


LINKSUS ADVERTISING: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Linksus Advertising Holding Ltd. received on
Feb. 24, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ding Lei
          RM 502 Unit 2
          Building 36 Meiliyuan Xiaoqu
          Haidian
          Beijing, China
          Telephone: 8610-83798686
          Facsimile: 8610-85171378


LINKSUS MEDIA: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Linksus Media Holding Ltd. received on
Feb. 24, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ding Lei
          RM 502 Unit 2
          Building 36 Meiliyuan Xiaoqu
          Haidian
          Beijing, China
          Telephone: 8610-83798686
          Facsimile: 8610-85171378


MACQUARIE SPECTRUM: Commences Liquidation Proceedings
-----------------------------------------------------
Macquarie Spectrum Holdings No.1 Limited commenced liquidation
proceedings on Jan. 11, 2016.

Only creditors who were able to file their proofs of debt by
March 11, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Darren Riley
          c/o Summit Management Limited
          Suite # 4-210 Governors Square
          23 Lime Tree Bay Avenue
          P.O. Box 32311 Grand Cayman, KY1-1209
          Cayman Islands


MINT INVESTMENTS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Mint Investments Ltd. received on Jan. 21,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Amicorp Cayman Fiduciary Limited
          The Grand Pavilion Commercial Centre, 2nd Floor
          802 West Bay Road
          P.O. Box 10655 Grand Cayman KY1-1006
          Cayman Islands
          c/o Nicole Ebanks-Sloley
          Telephone: (345) 943-6055


MONSOON ASIA-PACIFIC: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Monsoon Asia-Pacific Fund Ltd received on
Feb. 22, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jonathan Law
          Landmark Square
          West Bay Road
          P.O. Box 775 Grand Cayman KY1-9006


OPTO GRAND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Opto Grand (Cayman) Co., Ltd received on
Feb. 3, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           Mr. Huang, Yung-Chiang
           No. 1 Lixing 5th Rd
           East Dist Hsinchu City 300
           Taiwan (R.O.C.)
           Telephone: 886-3-5638951 Ext.20200 or 20201
           Facsimile: 886-3-5783696


RIPALA INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 12, 2016, the sole shareholder of Ripala Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 29, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


RIVER STRATEGY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of River Strategy Fund Limited received on
Feb. 9, 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


SUETONE BALANCED: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 7, 2016, the sole shareholder of Suetone Balanced Company
SPC resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 1, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Simon Conway
          c/o Gabby Whitter
          Telephone: (345) 914 8730
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


WORLDWIDE TARGET: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Worldwide Target Technology Holdings Limited
received on Feb. 9, 2016, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Mr. Ma Li
          Room 1-602, 1st Mingyue Street
          Mingyue Road
          Yuexiu District, Guangzhou City
          Guangdong Province
          PRC


YTAM OVERSEAS: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 12, 2016, the sole shareholder of YTAM Overseas Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 29, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Morval Bank & Trust Cayman Ltd.
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands
          Telephone: +1 (345) 949-9808


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


PUERTO RICO: Bonds Snapped Up by Insurers as Crisis Nears Climax
----------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that the companies with
the most at stake in Puerto Rico's debt crisis have become buyers
of the island's bonds.

MBIA Inc.'s National Public Finance Guarantee Corp. and Ambac
Financial Group, which together insure about $19 billion of the
U.S. territory's principal and interest against default, have used
millions from their investment portfolios to buy Puerto Rico
securities they guarantee, according to Bloomberg News.

Some of the bonds trade for as little as pennies on the dollar
because no payments come due until decades from now, when the
commonwealth's current bout of fiscal turmoil will be a distant
memory, Bloomberg News notes.

"As the bonds are insured by National, we are very familiar with
the credit profile of the bonds and the purchase price made it an
attractive investment, especially for insured debt," Chris Young,
National's chief financial officer, said in an e-mail obtained by
Bloomberg News.

The investments reduce the payouts the insurers could face if the
island defaults and signal a bet that at least some bondholders
will fare better-than-expected when Puerto Rico restructures its
$70 billion of debt, Bloomberg News notes.  Governor Alejandro
Garcia Padilla wants owners of tax-backed securities to accept
almost $23 billion less than they're owed, with the prospect of
recovering their losses if the island's economy breaks out of its
years-long recession, Bloomberg News relays.

It's not the first time the insurers have bet that prices of bonds
they stand behind have fallen too far, Bloomberg News notes.
During last decade's housing crisis, MBIA bought residential
mortgage-backed securities that it was left covering after a
default, Bloomberg News says.  The strategy reduced the outflow of
claims payments and allowed the company to sell at a profit when
prices recovered, Bloomberg News discloses.

"It's the normal course of business for them," said Edwin
Groshans, an analyst who tracks the insurers at Height Securities,
a Washington-based broker dealer, Bloomberg News notes.  "They've
been insuring bonds for decades, so they have a very long track
record of what a loss content is in certain scenarios," he added.

Bloomberg News notes that National boosted the amount of Puerto
Rico securities it holds in its $4 billion bond portfolio to
$585.6 million at the end of 2015 from $1.8 million the year
before, according to its annual statement to state regulators on
Feb. 29.  Ambac, which has $2.6 billion of fixed-income
investments, increased its commonwealth holdings to $87.4 million
from $1 million a year earlier, the company's disclosures show,
Bloomberg News notes.  The amounts reflect par value of the bonds
once they mature rather than what the companies actually paid,
Bloomberg News relays.  The jumps largely resulted from purchases
of debt repaid with a dedicated share of Puerto Rico's sales
taxes, Bloomberg News says.

According to the report, National spent about $100 million in
August scooping up discounted senior sales-tax bonds worth $585
million that don't begin paying interest or principal until 2040.
Ambac in October and December paid about $10 million for $86
million of variable rate highway bonds maturing in 2027 and 2028
and senior salestax debt that defers all payments until 2054,
Bloomberg News discloses.

"As part of our disciplined asset liability management program,
we invest strategically and opportunistically in select Ambac
insured bonds," Abbe Goldstein, a spokeswoman for Ambac,
said in an e-mail, Bloomberg News adds.

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


PUERTO RICO: House Approves Water Utility Borrowing Legislation
---------------------------------------------------------------
Michelle Kaske at Bloomberg News reports that Puerto Rico's House
of Representatives approved a bill to allow the island's main
water utility to issue debt with a stronger repayment pledge, a
step aimed at allowing the agency to raise money needed to avoid
missing payments on other bonds.

The measure was approved by a vote of 35 to 10, according to
Michelle Gonzalez, spokeswoman for House Speaker Jaime Perello.

Bloomberg News notes that the legislation enables the Puerto Rico
Aqueduct and Sewer Authority, known as Prasa, to create a new
corporation to sell securitization bonds, which would be backed by
revenue that goes directly to repaying the debt rather than
flowing through Prasa's accounts, according to Rafael "Tatito"
Hernandez, sponsor of the legislation and chair of the House
Treasury Committee.

Bond proceeds would finance capital projects and pay contractors.

Lawmakers made changes to the bill, including limiting the amount
of revenue that can repay the bonds equal to 20 percent of the
agency's water rate, Mr. Hernandez said, according to Bloomberg
News.  It also prohibits Prasa from increasing its rates for three
years.  The measure now heads to the Senate, which has its next
scheduled voting session.

The borrowing would help Prasa avoid missing payments on some
existing bonds, Bloomberg News notes.  It warned investors last
week that without the proposed securitization bond sale, the water
agency may redirect cash to pay contractors rather than repay
certain utility debt, Bloomberg News relays.  Prasa pulled a $750
million debt offering in August after the commonwealth defaulted
on an unrelated debt payment, Bloomberg News says.

Puerto Rico and its agencies, which owe $70 billion, have been
shut out of the capital markets after Governor Alejandro Garcia
Padilla in June said the island would seek to restructure its
securities, Bloomberg News notes.  The commonwealth's last long-
term borrowing was a $3.5 billion general-obligation bond sale in
March 2014, most of it sold to hedge funds and distressed-debt
buyers, Bloomberg News relays.

Prasa had $4.7 billion of debt as of Sept. 30.  The bonds carry
junk ratings from the three largest credit-rating companies.

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


SPORTS AUTHORITY: Gets Approval to Start Liquidation Sales
----------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that a Delaware
bankruptcy judge gave Sports Authority interim approval on March
4, 2016, to start liquidating roughly 140 of its locations, but
not before temporarily quelling a major battle between the
retailer and consignment sellers, which account for 20% of its
business, that threatens to hang over the case.  During a hearing
in Wilmington, U.S. Bankruptcy Judge Mary F. Walrath gave her
interim OK to Sport Authority Holding Inc.'s deal with a group of
liquidators consisting of Gordon Brothers Retail Partners LLC,
Tiger Capital Group LLC, among other others.

                     About Sports Authority

Englewood, Colo.-based Sports Authority Inc. is a sporting-goods
chain in the U.S.  Sports Authority was acquired in 2006 in a $1.4
billion leveraged buyout by Los Angeles-based private equity firm
Leonard Green & Partners.

The Company in January skipped a $21 million interest payment on
its $643 million in debt.  The Company has been widely reported to
be preparing to file for bankruptcy as it faced a debt payment.
According to various reports, the Company was reportedly in talks
with lenders including TPG Capital Management on a deal to
reorganize in Chapter 11 bankruptcy proceedings.

                       *     *     *

As reported by the Troubled Company Reporter on Jan. 22, 2016,
Moody's Investors Service downgraded The Sports Authority Inc.'s
Corporate Family Rating and $300 million secured term loan due
2017 rating to Caa3 from Caa1 due to the company's announcement
that it elected to not make the approximately $21 million
subordinated notes interest payment that was due Jan. 15, 2016.
The ratings outlook is negative.


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


* Bank Of America Dismiss Bankers in Brazil, Chile Units
--------------------------------------------------------
Paula Sambo, Javiera Quiroga, and Katia Porzecanski at Bloomberg
News report that Bank of America Corp. dismissed three investment
bankers from its Brazilian unit and is in the process of
eliminating seven from its brokerage in Chile as part of a series
of global cuts, according to people with knowledge of the matter.

Pedro Bianchi, head of debt capital markets in Brazil, as well as
Eduardo Almendra and Alexandre Mandel in Sao Paulo and George
Costa e Silva, an investment banker focusing on Latin America in
New York, left last week, said the people, who asked not to be
identified discussing personnel matters, according to Bloomberg
News.  Bank of America is also closing its onshore equities
operations in Chile where the seven employees worked, the people
said.

Bianchi declined to comment, as did Tom Rottcher, a spokesman for
the Charlotte, North Carolina-based bank.  An employee who
answered the phone at the lender's Sao Paulo office said Almendra
and Mandel no longer worked there.  Almendra and Costa e Silva
didn't immediately respond to e-mails sent to their LinkedIn
accounts.

This year's global market turmoil is putting pressure on Wall
Street to trim expenses as clients pull back and corporations
refrain from selling some types of securities, Bloomberg News
notes.  Bank of America has been trying to cut investment-banking
costs under an edict from Chief Operating Officer Thomas Montag,
Bloomberg News relays.

The bank will continue trading Chilean equities for clients
offshore from New York and through a Chilean broker, according to
Manuel Irarrazaval, who heads operations in Latin America outside
Brazil and Mexico, Bloomberg News notes.

The brokerage will continue trading bonds and currencies, he told
El Mercurio newspaper in an interview, Bloomberg News discloses.

Bank of America fired at least 15 senior bankers at its
investment-banking unit in Asia last week, people with knowledge
of the matter said, Bloomberg News relays.  Among those let go
were three managing directors and 12 directors, the people said,
adding that the firm also eliminated junior positions and back-
office jobs, Bloomberg News adds.





                            ***********


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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