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

            Tuesday, March 22, 2016, Vol. 17, No. 57


                            Headlines



A R G E N T I N A

YPF SA: Fitch to Rate Prop. USD1BB Sr. Bond Issuance 'CCC+'/'RR3'
YPF SA: Moody's Assigns Caa1 Rating on Proposed USD1BB Notes


B R A Z I L

BRAZIL: Economists Forecast Weaker Growth Amid Political Crisis
JBS SA: Reports Surprise 4Q Loss as Hedges Go Against Meatpacker
ODEBRECHT ENGENHARIA: Moody's Puts Ba2 CFR on Review for Downgrade


C A Y M A N  I S L A N D S

APEX DRAGON: Placed Under Voluntary Wind-Up
BOR COMPANY: Shareholder Receives Wind-Up Report
CIS PRIVATE: Placed Under Voluntary Wind-Up
DIONISO INVESTMENT: Placed Under Voluntary Wind-Up
DOHA LEASING: Commences Liquidation Proceedings

EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up
FINISTERRE SOVEREIGN: Commences Liquidation Proceedings
FINISTERRE SOVEREIGN MASTER: Commences Liquidation Proceedings
GREENWOOD CAPITAL: Commences Liquidation Proceedings
HCP PE INVESTMENT: Commences Liquidation Proceedings

INTEGRATED SYSTEM: Commences Liquidation Proceedings
KAL-ECA 2001: Commences Liquidation Proceedings
MADISON NICHE: Cayman Proceedings Has U.S. Recognition
MIL ROBLES: Placed Under Voluntary Wind-Up
PETERSHILL US: Commences Liquidation Proceedings

PETERSHILL US GP: Commences Liquidation Proceedings
Q-MARQ SECURITIES: Commences Liquidation Proceedings
SHADOW HOLDINGS: Placed Under Voluntary Wind-Up
STARGATE INVESTMENTS: Placed Under Voluntary Wind-Up
WILTSHIRE CAPITAL: Commences Liquidation Proceedings

WODOF TIVOLI: Commences Liquidation Proceedings


E C U A D O R

ECUADOR: To Hike Taxes on Cigarettes, Alcohol and Soft Drinks


M E X I C O

BANCO INBURSA: Fitch Affirms 'BB+' Support Rating Floor
BANCO MERCANTIL: Fitch Affirms 'BB' Rating on US$120MM Securities
HIPOTECARIA SU CASITA: Moody's Lowers Rating on Cl. A Notes to Ca
METROFINANCIERA SAPI: Fitch Raises IDR to 'B-'; Outlook Stable

* Moody's Concludes Review of Several RMBS Mexican Certificates


P U E R T O    R I C O

DORAL FINANCIAL: FirstBank Reserves Right on Rivera Tulla Hiring


T R I N I D A D  &  T O B A G O

PETROLEUM COMPANY: Moody's Cuts CFR, Sr. Unsec. Debt Rating to Ba3
TRINIDAD & TOBAGO: Be Aggressive to Increase Revenue, Experts Say


X X X X X X X X X

* Japan to Increase Loans to Latin America for Infrastructure


                            - - - - -


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A R G E N T I N A
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YPF SA: Fitch to Rate Prop. USD1BB Sr. Bond Issuance 'CCC+'/'RR3'
-----------------------------------------------------------------
Fitch Ratings expects to assign a rating of 'CCC+'/'RR3' to YPF
S.A.'s (YPF) proposed senior unsecured bond issuance of up to USD1
billion with a five-year bullet maturity. The proceeds will be
used to fund fixed asset investments in Argentina and working
capital requirements. The notes rank at least pari passu in
priority of payment with all other YPF senior unsecured debt. The
notes would be rated the same as all of YPF's senior unsecured
obligations.

KEY RATING DRIVERS

YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina and the company's relatively low
reserve life. YPF's 'CCC+' ratings are linked to the sovereign
rating of Argentina, which has an 'RD' foreign and local currency
Issuer Default Rating (IDR).

Fitch has assigned a country ceiling of 'CCC' to the Republic of
Argentina, which limits the foreign currency rating of most
Argentine corporates. Country ceilings are designed to reflect the
risks associated with sovereigns placing restrictions upon private
sector corporates, which may prevent them from converting local
currency (LC) to any foreign currency (FC) under a stress
scenario, and/or may not allow the transfer of FC abroad to
service FC debt obligations. Key concerns of corporates domiciled
in Argentina include high inflation, government interference,
economic uncertainty, and limited access to debt markets
especially after the country's recent default.

Fitch expects to assign an 'RR3' Recovery Rating to the proposed
issuance reflecting the expectation of a recovery in the range of
50% to 70% in the event of default. This expectation is due to
YPF's' strong balance sheet and Fitch's belief that the company's
default would be most likely driven by transfer and convertibility
restrictions imposed upon the payment of foreign debt, not a
material deterioration of the company's business or financial
profile.

LINKAGE TO SOVEREIGN: YPF's ratings reflect the close linkage with
the Republic of Argentina resulting from the company's ownership
structure as well as recent government interventions. The Republic
of Argentina controls the company through its 51% participation
after it nationalized the company in April 2012. Since this
action, the company's strategy and business decisions are governed
by the Republic.

LOW HYDROCARBON RESERVE LIFE: The ratings consider the company's
relatively weak, though improving, operating metrics characterized
by low reserve life. As of year-end 2015, YPF reported proved
reserves of 1,226 million barrels of oil equivalent (boe) and
average production of 577,000 boe per day (52% crude oil). Based
on production trends, the company's reserve life is below-optimal
at approximately six years. This could create significant
operational challenges in the medium- to long-term, and justifies
the company's ramped-up capex program to increase upstream
reserves/production.

STABLE PRODUCTION: As expected by Fitch, the company's production
remained stable with an average production of 577,000 boe in 2015
(up 3% year-over-year). Given the company's ambitious capital
expenditure program, Fitch expects the company to maintain stable
production in 2016 and increase production in the following years.
Production in the fourth quarter of 2015 (4Q15) averaged 582,800
boe per day, which is 13% higher than 4Q14 figures.

STRONG BUSINESS POSITION: Fitch expects the company to continue to
solidify its market leadership in Argentina. YPF benefits from a
strong business position supported by its vertically integrated
operations and dominant market presence in the Argentine
hydrocarbons' market. Fitch anticipates that YPF will continue to
exercise an active role in domestic fuel and gas supply. In the
downstream segment, where YPF enjoys a 57% market share of
domestic gasoline sales and approximately 59% of diesel sales, the
company benefits from relatively high prices for refined products
in Argentina.

ADEQUATE CREDIT PROTECTION METRICS: YPF has relatively solid
credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule. For the full-year 2015,
total financial leverage, as measured by total debt-to-EBITDA,
reached 1.7x, which is considered low for the assigned rating.
YPF's total debt-to-total proved reserves ratio was USD6.7 per
boe.

TARGET LEVERAGE OF 1.5x: Total debt as of 4Q15 amounted to
approximately USD8.2 billion. EBITDA for 2015 was approximately
USD4.7 billion, which is down 4% on a year-on-year basis, though
Fitch is conservatively assuming flat EBITDA trends in 2016.
During recent years, the company's leverage has been moderately
increasing; mostly as a result of increases in debt to fund the
company's ramped-up capital expenditure program.

Fitch believes leverage could increase to 1.8x-2.0x in the near-
to medium-term given YPF's ambitious capex program. This would put
the company above its conservative long-term target of 1.5x,
though these leverage levels are still considered moderate for the
rating category. Incorporating the proposed bond issuance of up to
USD1 billion, the company's December 2015 leverage ratio would
rise to 1.95x on a pro forma basis.

KEY ASSUMPTIONS
-- Mid-single-digit production growth annually;
-- Realized oil prices of USD61/bbl, with increased realized
    natural gas prices increasing to the USD4.5/MMcf level over
    the next five years;
-- Low-single-digit revenue growth in dollar terms over the next
    five years;
-- EBITDA of USD5 billion+ per year over the 2016-2019 period;
-- Capex of USD4.7 billion for 2016 and USD6 billion per year
    during 2017-2019;
-- Leverage in the 1.8x range over the next five years.

RATING SENSITIVITIES
Future developments that could, individually or collectively, lead
to negative rating actions in the short term:
-- Further economic deterioration and the Republic of Argentina's
    inability to convert and transfer foreign exchange for
    corporates;
-- Any further weakening of Argentina's fiscal accounts could
    have a negative impact on the companies' collections / cash
    flow
-- A significant deterioration of credit metrics, and/or
-- The adoption of adverse public policies that can affect the
    company's business performance in any of its business
    segments.

A positive rating action could be the result of an upgrade of the
sovereign rating.

LIQUIDITY
Total cash and equivalents amounted to approximately USD1.2
billion as of Dec. 31, 2015, which is equivalent to 55% of short-
term debt totalling USD2.2 billion. Given the company is
controlled by the Argentine government, Fitch does not anticipate
any difficulties in accessing the local debt markets to refinance
short-term debt.

FULL LIST OF RATING ACTIONS
Fitch currently rates YPF S.A. as follows:
-- Foreign currency long-term IDR: 'CCC';
-- Local currency long-term IDR: 'B'; Outlook Stable;
-- Notes due 2018, 2024, 2025, 2028: 'CCC+'/'RR3'


YPF SA: Moody's Assigns Caa1 Rating on Proposed USD1BB Notes
------------------------------------------------------------
Moody's Investors Service has assigned a Caa1 global foreign
currency rating to YPF Sociedad Anonima's proposed USD 1 billion
in notes due in 2021.  These notes will be issued in the global
capital markets.  The proceeds of the notes will be used for
capital expenditure and working capital purposes.  The outlook on
the ratings is positive.

                         RATINGS RATIONALE

Since YPF is majority owned and controlled by the Argentine
government, YPF's Caa1 rating reflects the application of Moody's
joint default rating methodology for government-related issuers
(GRIs).  YPF's Caa1 rating combines its underlying Baseline Credit
Assessment (BCA), which expresses a company's intrinsic credit
risk, of b3; the Caa1 local currency rating and positive outlook
of the Argentine government; and Moody's view of moderate support
from and high dependence on the sovereign.

YPF's underlying BCA reflects the company's exposure to Argentine
economic instability, including the uncertain government energy
policy framework, and exposure to foreign currency convertibility
and transfer risk.  However, Moody's recognizes that YPF has
maintained a strong financial profile since 2012, when it came
under government control.

The BCA is supported by the company's status as the largest
industrial corporation and energy company in Argentina as well as
its low leverage and high levels of retained cash flow when
compared with peers.  In the last twelve months ended in December,
2015, YPF's RCF/Debt ratio was at 32.9%.  YPF benefits from
upstream/downstream integration and other business
diversification, and sizeable oil and gas reserves, including
large shale resources in the longer-term.

The government of Argentina's ability to provide support to YPF is
measured by its Caa1 local currency rating and positive outlook,
weakened somewhat by the high dependence of the government and the
company on credit factors that could cause stress on both
simultaneously.

Moody's considers the government's willingness to support YPF as
moderate.  The moderate support takes into account YPF's majority
government ownership and control, as well as the importance of the
company to the Argentine economy, with a dominant market position
in the energy sector.  However, our support assumptions are
constrained by the low policy transparency and predictability of
the Argentine government to date.

While YPF is expected to account for only a small part of the
government's revenue base, the high default dependence reflects
the high correlation between YPF's credit profile and Argentine
economic trends.  YPF derives the majority of its revenues
domestically; also, the company and the government also both share
common exposure foreign exchange rate risk.

Moody's considers YPF liquidity profile as weak.  Its USD 1.3
billion in cash at December 31, 2015 covers only 58% of the
company's next twelve months debt maturities, although the
aggregate amount is owed to local market participants and Moody's
believes that at least a portion of it could be rolled over.  The
company has demonstrated successful access to both local and
international markets to conduct liability managements.  Moody's
expects it to continue to rely heavily on the capital markets for
its financing needs, mainly Argentine pension and insurance funds.
The company has also relied on Argentina banks, including
government-owned Banco de la Nacion for financing.

Foreign currency risk is also high: as of Dec. 31, 2015, 73% of
YPF's debt was denominated in foreign currency, 35% of the
company's revenue was linked to the US dollar and 17% of its cash
was held in that currency.  In addition, about 30% of its capital
spending and 30% of its operating costs are linked to the US
dollar.

As typical in Argentina, YPF does not have a committed revolving
credit facility.  The company's significant capital spending
program, which Moody's expects to be around USD 5 billion in 2016,
will continue to outstrip cash flow from operations by roughly USD
1.5 billion.

YPF's positive rating outlook is based on the positive outlook on
the Argentine government.  YPF and the government's ratings are
closely linked since YPF is a government-related issuer and also
due to the uncertain impact of the government's involvement in the
energy sector going forward.

Continued growth in oil production while maintaining strong
margins and low leverage could result in positive pressure on
YPF's BCA.  Over the medium term, an improvement in Argentina's
Caa1 rating and continued demonstration of a strong financial
track record could result in a ratings upgrade.  However, a rating
upgrade will depend on Moody's having a more clear view about the
new government's energy policies for the next several years and
how that could affect YPF.

Conversely, YPF's ratings could be downgraded if it is unable to
maintain sufficient liquidity and access to foreign currency in
order to meet its debt service obligations.  The ratings could
also be downgraded if the government of Argentina's Caa1 rating
were to be downgraded.

YPF Sociedad Anonima is an Argentine based integrated energy
company with operations concentrated in the exploration,
development and production of crude oil, natural gas and liquefied
petroleum gas (which represent around 35% of revenues before
consolidation adjustments), and midstream/downstream operations
(for 65% of revenues), engaged in refining, chemicals production,
retail, marketing, transportation and distribution of oil and
petroleum products.  The company is 51% owned and controlled by
the Argentine government and had revenues of USD 16.9 billion and
total assets of USD 28.1 billion as of Dec. 31, 2015.

The principal methodology used in this rating was Global
Integrated Oil & Gas Industry published in April 2014.


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


BRAZIL: Economists Forecast Weaker Growth Amid Political Crisis
----------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil analysts
reduced their 2016 economic growth forecast for the ninth straight
week as a political crisis grips the nation and further dims the
outlook for turnaround.

Economists lowered their 2016 economic forecast to a contraction
of 3.6 percent, and reduced their 2017 outlook for the first time
in more than a month to 0.44 percent growth, according to the
weekly Focus survey conducted March 18, Bloomberg News notes.
They also trimmed their 2016 forecast for inflation for the second
straight week after the currency strengthened this month more than
any other in the world, according to Bloomberg News.

According to the report, Brazil's President Dilma Rousseff is
facing growing threat of impeachment after the lower house formed
a commission to hear the case. Demonstrators calling for her
ouster as well as those defending her mandate turned out en masse
as a series of revelations from a corruption probe were spooled
out one after the next.  At a moment when acrimony is on the rise
both within Congress and on the streets, much-needed measures to
shore up government finances and confidence have found their way
to the back burner, Bloomberg News relays.

"Improvement in the economic situation will improve the political
situation, but it's a two-way street: improvement in the political
situation will also help the economic recovery," Bloomberg News
quotes Finance Minister Nelson Barbosa as saying on March 18.
"Today the political uncertainty delays the economic recovery,"
the minister added.

Brazil's consumer and investor confidence levels have rebounded as
of late, yet remain near historic lows, says the report.  The
market placed greater odds of regime change, driving up prices of
Brazilian stocks and the currency, Bloomberg News relays.  The
real has gained 10.8 percent this month, and economists surveyed
by the central bank expect it to close 2016 at 4.20 per U.S.
dollar, from 4.25 per dollar the previous week, the report notes.

A weaker real has helped trim Brazil's current account deficit,
and the last thing Latin America's largest economy needs now is an
overvalued currency, Alberto Ramos, chief Latin America economist
at Goldman Sachs Group Inc., said, Bloomberg News notes.

Brazil's inflation will slow to 7.43 percent this year, still
above the 6.5 percent ceiling of the central bank's tolerance
band, according to the economists' median forecast. Even with
above-target inflation, the central bank is expected to hold its
benchmark interest rate at 14.25 percent -- the highest since
2006, 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.


JBS SA: Reports Surprise 4Q Loss as Hedges Go Against Meatpacker
----------------------------------------------------------------
Agweb News reports that JBS SA posted an unexpected fourth-quarter
net loss after the Brazilian company took a BRL1.34 billion ($358
million) expense related to currency hedges.

The net loss was BRL275.1 million, compared with net income of
BRL618.8 million a year earlier, the Sao Paulo-based company said
in a statement, according to Agweb News.  The average of nine
analysts' estimates compiled by Bloomberg was for a profit of
BRL135.6 million.

JBS SA said it had a BRL1.34 billion loss on its hedging of
foreign exchange. Its strategy had helped it post a record BRL3.44
billion net income in the third quarter, Agweb News notes.  JBS
has said that its currency bets simply protect against declines in
the real that can bloat the size of its foreign debt when measured
in local-currency terms, Agweb News says.

Brazil's real lost almost one-third of its value last year, the
most among major currencies tracked by Bloomberg.  More than 80
percent of JBS's sales are in dollars and include revenue from
Pilgrim's Pride Corp., the U.S. poultry company it controls, Agweb
News discloses.

Fourth-quarter revenue climbed 37 percent to a record BRL47.2
billion, boosted by increased volumes as well as currency
depreciation.  Still, that missed the BRL48.7 billion average
estimate, Agweb News notes.

Adjusted net income at Pilgrim's, the second-biggest chicken
processor in the U.S., missed analysts' estimates after falling 62
percent in the period on weaker chicken prices, the unit reported
on Feb. 10, Agweb News adds.

JBS's U.S. beef unit posted a loss for the quarter following the
strengthening of the dollar and reduced cattle availability, Agweb
News relays.  The company's two biggest units by revenue -- its
foods segment and the Mercosul beef business -- both saw higher
earnings before interest, taxes, depreciation and amortization due
to cost cuts, Agweb News notes.

As reported in the Troubled Company Reporter-Latin America on Nov.
2, 2015, Standard & Poor's Ratings Services affirmed its 'BB+'
global scale and 'brAA+' national scale ratings on JBS S.A. and
its subsidiary, JBS USA LLC.  In addition, S&P affirmed its 'BB+'
issue-level ratings on both companies, with a recovery expectation
of '3' for the senior secured debts -- indicating a meaningful
recovery expectation of 70%-90%, in the higher band of the range-
and '4' for the unsecured debts -- indicating an average recovery
expectation of 30%-50%, the higher band of the range.


ODEBRECHT ENGENHARIA: Moody's Puts Ba2 CFR on Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service placed under review for downgrade the
Ba2 Corporate Family Rating assigned on its global scale to
Odebrecht Engenharia e Construcao S.A. (OEC) and the Ba2 rating of
OEC guaranteed notes issued by Odebrecht Finance Ltd. (OFL).

Ratings placed under review:

Issuer: Odebrecht Engenharia e Construcao S.A. (OEC), Brazil

   -- Corporate Family Rating: Ba2 (Global Scale Rating)

Issuer: Odebrecht Finance Limited (OFL), Cayman Islands

   -- BRL500 million senior unsecured guaranteed notes due 2018:
      Ba2 foreign currency rating
   -- USD72.7 million senior unsecured guaranteed notes due 2020:
      Ba2 foreign currency rating
   -- USD143 million senior unsecured guaranteed notes due 2022:
      Ba2 foreign currency rating
   -- USD101.6 million senior unsecured guaranteed notes due 2023:
      Ba2 foreign currency rating
   -- USD518.6 million senior unsecured guaranteed notes due 2025:
      Ba2 foreign currency rating
   -- USD500 million senior unsecured guaranteed notes due 2029:
      Ba2 foreign currency rating
   -- USD850 million senior unsecured guaranteed notes due 2042:
      Ba2 foreign currency rating
   -- USD750 million senior unsecured guaranteed perpetual notes:
      Ba2 foreign currency rating

                         RATINGS RATIONALE

This review for downgrade was prompted by the perception of
increased credit risk for OEC following the Brazilian federal
prosecutors claim for up to BRL7.3 billion (USD2 billion) in
damages against former executives of the construction conglomerate
Odebrecht S.A. (unrated) and former executives of Brazil's state-
owned oil company Petroleo Brasileiro S.A. - Petrobras (B3
negative) as part of ongoing corruption investigations in the
country.

Prosecutors allege that Odebrecht S.A. and its construction
subsidiary Construtora Norberto Odebrecht (CNO, unrated) were
jointly liable for monetary fines and damages related to their
executives.  They also demanded that the government prohibit any
construction companies in the Odebrecht group, including CNO and
OEC, from participating in federal contracts, or from receiving
fiscal incentives or loans from state-owned banks.

Any business sanctions are still subject to the claims' acceptance
and a formal judicial proceeding that has not been initiated yet;
but the size and content of the claim portent potential negative
implications to the company's liquidity and further challenges for
its operating sustainability over the next several months.

Although it is hard to predict the timing and the legal outcome of
the ongoing "Lava-Jato" investigations, this review process will
focus on company' prospective ability to support its businesses
and continue to operate in such environment.  The review will also
take into consideration if OEC will have sufficient liquidity to
cover the majority of its upcoming debt maturities and off-balance
guarantees, which partially mitigates potential negative
implications on the business in the short-term.

OEC's ratings could be downgraded if Moody's perceives a higher
risk arising from the developments of those investigations, such
as lower liquidity to meet its debt service requirements or a
backlog deterioration that would prospectively result in a higher
leverage and weaker business profile.

The principal methodology used in these ratings was Construction
Industry published in November 2014.

Odebrecht Engenharia e Construcao S.A. (OEC), is the largest
engineering and construction company in Latin America, with
BRL43.5 billion in net revenues during the last twelve months
ended Sept. 30, 2015.  The company's project backlog of BRL114
billion is diversified into 176 contracts comprising large scale
construction projects in the transportation segment, energy and
sewage infrastructures, buildings and industrial facilities, of
which 22% is located in Brazil, 59% in other Latin American
countries and 18% in Africa.  As of Sept.30, 2015, the company's
outstanding cash position was BRL11.6 billion for a total gross
debt of BRL14.2 billion that includes its off balance debt
guarantees.  OEC is a subsidiary of Odebrecht S.A. (unrated), a
family owned investment holding company for one of the largest
nonfinancial conglomerates in Brazil with net revenues reached
BRL104 billion in the last twelve months ended June 30, 2015, of
which 36% generated by OEC, 43% by Braskem, and 21% by other
subsidiaries.  As of June 2015, the group's consolidated cash
position was BRL25.4 billion for a total reported debt of BRL98
billion.


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


APEX DRAGON: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan, 28, 2016, the sole member of Apex Dragon Fund Series SPC
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 7, 2016, will be included in the company's dividend
distribution.

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


BOR COMPANY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Bor Company Ltd received on March 7, 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 Monday
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


CIS PRIVATE: Placed Under Voluntary Wind-Up
-------------------------------------------
On Jan. 21, 2016, the sole shareholder of CIS Private Equity GP
Ltd resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Madeleine Welham
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


DIONISO INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Feb. 2, 2016, the sole shareholder of Dioniso Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 7, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


DOHA LEASING: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 29, 2016, the sole member of Doha Leasing (A320) Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 16, 2016, will be included in the company's dividend
distribution.

The company's liquidators are:

          Thomas Mylott
          Marguerite Britton
          c/o 69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 640-6600


EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 27, 2016, the sole shareholder of Everbright Ashmore
Investment Green (Cayman) Limited resolved to voluntarily wind up
the company's operations.

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

The company's liquidator is:

          Antoine Bastian
          c/o Richard Bennett / Phoebe Chan
          Elian Fiduciary Services (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


FINISTERRE SOVEREIGN: Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary meeting held on Dec. 28, 2015, the sole
shareholder of Finisterre Sovereign Debt Fund 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:

          Jonathan Nicholson
          Telephone: (345) 516-0210
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands


FINISTERRE SOVEREIGN MASTER: Commences Liquidation Proceedings
--------------------------------------------------------------
At an extraordinary meeting held on Dec. 28, 2015, the sole
shareholder of Finisterre Sovereign Debt Master Fund 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:

          Jonathan Nicholson
          Telephone: (345) 516-0210
          P.O. Box 1976 Grand Cayman KY1-1104
          Cayman Islands


GREENWOOD CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
On Feb. 1, 2016, the sole shareholder of Greenwood Capital, Inc.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 17, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Duff & Phelps (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands


HCP PE INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 29, 2016, the shareholder of HCP PE Investment Co., Ltd
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 15, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Susan Craig/Jennifer Chailler
          Telephone: (345) 943-3100


INTEGRATED SYSTEM: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 27, 2016, the sole shareholder of Integrated System
Solution Cayman Ltd. 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:

          J. Eric Bjornholt
          Microchip Technology Inc.
          2355 W. Chandler Blvd.
          Chandler
          Arizona 85224-6199
          United States of America
          Telephone: +1 (480) 792 7200
          e-mail: legal.department@microchip.com


KAL-ECA 2001: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 29, 2016, the sole member of KAL-ECA 2001 Limited resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 16, 2016, will be included in the company's dividend
distribution.

The company's liquidators are:

          Thomas Mylott
          Marguerite Britton
          c/o 69 Dr. Roy's Drive
          P.O. Box 1043, George Town
          Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 640-6600


MADISON NICHE: Cayman Proceedings Has U.S. Recognition
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered an
order recognizing the liquidation of Madison Niche Opportunities
Fund, Ltd., and Madison Niche Assets Fund, Ltd., before the Grand
Court of the Cayman Islands as foreign main proceedings pursuant
to 11 U.S.C. Sec. 1517(a) and (b)(1).

Matthew James Wright and Christopher Barnett Kennedy, the joint
official liquidators appointed in the Cayman Islands proceedings,
are recognized as foreign representative of the Funds within the
meaning of 11 U.S.C. Sec. 101(24).

The Liquidators, through U.S. counsel Holland & Knight LLP and
Young Conaway Stargatt & Taylor, LLP, filed before the U.S. Court
a petition for recognition the Funds' foreign insolvency
proceedings on Jan. 8, 2016.  TMC Consulting Services, LLC, filed
an objection to the petition, but the Liquidators and TMC
subsequently reached an agreement on the withdrawal of the
objection.  Following a hearing on Feb. 24 before the U.S.
Bankruptcy Court, Judge Kevin Carey entered an order recognizing
the Cayman Liquidations.

The Recognition Order provides that 11 U.S.C. Sec. 1520(a) will be
effective with respect to the Cayman Liquidations, except that
solely the litigation TMC Consulting Services LLC vs. Matthew
Wright et al., C.A. No.:N15C-11-132(EMD) (Del. Sup. Ct.)(the "TMC
Litigation") will not be stayed pursuant to Sec. 1520(a) or any
other provision of the Bankruptcy Code.  TMC is granted relief
from the automatic stay with respect to the TMC Litigation.  The
Liquidators will not object to any application made to the Grand
Court by TMC to lift any stay that may be applicable to the TMC
Litigation under the Supervision Orders and relevant laws of the
Cayman Islands.

                        About Madison Niche

Madison Niche Assets Fund, Ltd., and Madison Niche Opportunities
Fund, Ltd., are subject to liquidation proceedings before the
supervision of the Financial Services Division of the Grand Court
of the Cayman Islands.  Christopher Barnett Kennedy and Matthew
James Wright were appointed as joint official liquidators.

The Liquidators, as foreign representatives, filed in behalf of
the Funds petitions for relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del.) on Jan. 11, 2016, to seek U.S.
recognition of the Cayman liquidations.  The cases are jointly
administered under Case No. 16-010043.

Young, Conaway, Stargatt & Taylor and Holland & Knight LLP serve
as the U.S. counsel of the liquidators.

The Liquidators did not provide the estimated assets and debt of
the Funds.


MIL ROBLES: Placed Under Voluntary Wind-Up
------------------------------------------
On Feb. 2, 2016, the sole shareholder of Mil Robles Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 7, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


PETERSHILL US: Commences Liquidation Proceedings
------------------------------------------------
Petershill US IM (Sisler) Holdings Ltd. commenced liquidation
proceedings on Jan. 27, 2016.

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

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


PETERSHILL US GP: Commences Liquidation Proceedings
---------------------------------------------------
Petershill US GP (Sisler) Holdings Ltd. commenced liquidation
proceedings on Jan. 27, 2016.

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

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


Q-MARQ SECURITIES: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 26, 2016, the sole member of Q-Marq Securities Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
March 15, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

          Peter Anderson
          c/o Omar Grant
          Windward 1, Regatta Office Park
          P.O. Box 897 Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295


SHADOW HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Feb. 2, 2016, the sole shareholder of Shadow Holdings Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 7, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


STARGATE INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Feb. 2, 2016, the sole shareholder of Stargate Investments Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 7, 2016, will be included in the company's dividend
distribution.

The company's liquidator is:

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


WILTSHIRE CAPITAL: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 28, 2016, the sole shareholder of Wiltshire Capital
Management 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:

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


WODOF TIVOLI: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 22, 2016, the sole shareholder of Wodof Tivoli, Ltd.
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:

          Whippoorwill Associates Incorporated
          c/o Daniel Gewanter
          11 Martine Avenue, 11th Floor
          White Plains
          New York 10606
          United States of America
          Telephone: +1 (914) 683 1002
          e-mail: dgewanter@whippoorwillassociates.com


=============
E C U A D O R
=============


ECUADOR: To Hike Taxes on Cigarettes, Alcohol and Soft Drinks
-------------------------------------------------------------
Latin American Herald Tribune reports that Ecuador's government is
working on a reform package that will raise the taxes on
cigarettes, alcoholic beverages and soft drinks to cover the
budget deficit created by the drop in the price of oil, the Andean
nation's top export product, President Rafael Correa said.

"The price of petroleum keeps dropping" and the government must
make "certain adjustments," President Correa said, according to
Latin American Herald Tribune.

The president said recently that the plunge in oil prices had
created a budget "hole" of about $800 million because officials
had based their spending projections on an average oil price of
$35 per barrel, the report notes.

Petroleum, however, fell below $30 per barrel in trading this
year, President Correa said, the report relays.

"The fiscal situation has gotten complicated" even though oil
prices "have recovered" in recent weeks, the president said,
adding that he hoped the upward trend would continue, the report
discloses.

Tax reforms are needed, but the administration will not target
past revenue sources, such as cooking gas, telephone service and
electricity, that affect the public, President Correa said, the
report relays.

"We're going to raise (taxes) on cigarettes, alcoholic beverages
and soft drinks . . . . because, in addition, they have huge
harmful effects on health," the president said, the report
relates.

"We're preparing the reforms," President Correa said without
providing any additional details, adds the report.


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


BANCO INBURSA: Fitch Affirms 'BB+' Support Rating Floor
-------------------------------------------------------
Fitch Ratings has affirmed Banco Inbursa, S.A.'s (BInbursa)
Viability Rating (VR) at 'bbb+' and Long-term Issuer Default
Ratings (IDR) at 'BBB+'. The Rating Outlook is Stable.

Simultaneously, Fitch has affirmed the national scale ratings of
BInbursa and its financial subsidiaries Sociedad Financiera
Inbursa, S.A. de C.V. Sofom, E.R. (Sofom Inbursa), and CF Credit
Services, S.A. de C.V., Sofom, E.R. (CF Credit) at 'AAA(mex)' and
'F1+(mex)'. A full list of rating actions follows at the end of
this release.

KEY RATING DRIVERS
VR AND IDRs
BInbursa's local and foreign currency IDRs are driven by its VR of
'bbb+', which reflects its robust loss-absorbing capacity made by
ample capital ratios and loss loan provisions, adequate funding
and liquidity profile that has shown stability through economic
cycles, and its historically low and contained credit losses.
These ratings also factor in BInbursa's strong and growing
franchise on both sides of the balance sheet, especially when
assessed together with the other financial companies of its
parent, Grupo Financiero Inbursa (GF Inbursa), and given the
strong synergies with other non-financial companies related to the
controlling shareholders. The bank's sound and relatively stable
earnings are also considered.

The VR and IDRs also consider the relatively higher than its peers
business, risk, and funding concentrations, although these have
continued to decline gradually through increased consumer loans
and retail deposits. The relatively high and volatile contribution
of trading revenues is also factored in, although this item is
typically positive and highly influenced by the mark-to-market of
the bank's hedging positions. Also, BInbursa is seeking to reduce
the volatility of trading revenues by shifting the mix of its
hedging positions and funding alternatives.

Capital adequacy is one of BInbursa's main strengths and is
maintained with solid buffers over regulatory minimums and
generally above peer banks. As of Dec. 31, 2015, BInbursa had a
robust Fitch Core Capital (FCC)-to-risk weighted assets (RWA)
ratio of 23.58%. In addition, the bank had loan loss reserves for
up to 4.5% of total loans, which provided a comfortable cushion in
view of the moderate impaired loan ratio of 3.06% (3.69%
considering charge-offs compared with 5.73% shown by its closest
peers), and also considering the bank's historically well-
contained credit losses. Sustained loan growth could pressure
capital metrics to some extent, but Fitch expects the tangible
common equity and core capital ratios to remain above 18% over the
foreseeable future.

Operating profitability-to-average assets in 2013-2014 was a
billionormally high (above 5%), due to some non-recurring loan
loss reserve reversals and/or trading gains, but Fitch expects
that BInbursa will likely maintain a sound recurring operating
profitability-to-average assets, roughly in line or close to the
historical average of 2%, aligned with its closest local peers.
Cost efficiency is another major strength, due to the flexible
cost structure and the large portion of employees receiving
variable salaries. Costs-to-income has remained around 30%,
despite some investments in banking infrastructure last year.
Fitch expects that this ratio will improve further due to greater
business volumes and a growing share of wide-margin products.

BInbursa has a strong franchise in the Mexican banking system,
especially in corporate and big enterprise loans. BInbursa is the
sixth largest bank in Mexico by loans and seventh by customer
deposits, and the second largest among locally owned entities. It
has roughly 6% of the system's loans and 4% of customer deposits.
However, its market share is largest when measured by equity
(roughly 10%) and operating revenues (more than 7%), holding the
fifth position in each category.

BInbursa's funding and liquidity are generally stable, although
due to its yet corporate nature there are moderate concentrations
and some reliance on wholesale funding. BInbursa's loans to
costumers-to-deposits ratios are behind those shown by the largest
banking franchises in the country and to its closest international
peers. As of December 2015, BInbursa's loan-to-deposit ratio stood
at 252.31%. The bank aims to reach a loan-to-deposits ratio below
120% over the medium term, since retail customer deposits are
growing an accelerated pace, sometimes faster than loans. The
board has asked the bank to maintain medium-term debt issues as
the alternative funding source as long as the above objective is
not met.

SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's support rating (SR) of '3' and Support Rating Floor
(SRF) of 'BB+' are driven by its moderate systemic importance and
the growing share of retail deposits, although this is still
modest. Fitch believes there is a modest probability of receiving
sovereign support if the bank were to need it, which underpins its
SR and SRF. SRFs indicate the minimum level to which the entity's
long-term IDRs could fall if Fitch does not change its view on
potential sovereign support.

NATIONAL RATINGS AND LOCAL AND INTERNATIONAL SENIOR DEBT
BInbursa's National scale ratings were affirmed, since its IDRs
are at the same level of those of the sovereign, and National
scale ratings are relative rankings of creditworthiness within a
certain jurisdiction.

The rating of the senior unsecured notes issued by BInbursa
reflects that these are senior unsecured obligations of BInbursa
that rank pari passu with other senior indebtedness and,
therefore, align with the bank's long-term IDRs of 'BBB+', which
in turn are driven by the bank's VR of 'bbb+'.

Sofom Inbursa and CF Credit's National scale ratings were also
affirmed, since they are perceived by Fitch as core subsidiaries
of BInbursa and fully integrated into its operations and
franchise. Also, the local holding company of both operating
entities, GF Inbursa, whose creditworthiness is totally aligned
with that of its main operating subsidiary (BInbursa), is legally
enforced to provide support to its subsidiaries, if necessary.
Therefore, the National scale ratings of these non-bank financial
institutions are aligned with the bank's National scale ratings.

The 'AAA(mex)' and 'F1+(mex)' ratings of the local debt issued by
CF Credit and Sofom Inbursa are in line with BInbursa's national
scale rating level, since it is senior unsecured debt.

RATING SENSITIVITIES
VR, IDRs AND NATIONAL RATINGS
BInbursa's VR, IDRs and global notes rating could be upgraded over
the medium term if business and risk diversification continues to
improve steadily, when the longer-term assets are entirely funded
with stable customer deposits and/or wholesale debt that
completely offsets tenor mismatches, and if the bank reduces
earnings volatility driven by market-related revenues.

In turn, downside potential for these ratings and the National
scale ratings would arise if the bank's capital adequacy metrics
or internal capital generation deteriorate materially (i.e. FCC
ratio below 15%), or in the event of a reversal in the improving
trends in funding and liquidity, and/or business and revenue
diversification. Materially higher earnings volatility and/or
inability to sustain recurring operating profits to average assets
above 1.5% could also be detrimental to the bank's ratings.

Any potential changes of Sofom Inbursa and CF Credit's National
ratings will be driven by any changes in BInbursa' ratings or in
the legal framework that could alter the propensity of GF Inbursa
to support them, an unlikely scenario at present. A modification
of theses entities' strategic importance to GF Inbursa and the
bank could also lead to changes in its ratings.]

SUPPORT RATING AND SUPPORT RATING FLOOR
Upside potential for the SR and SRF is limited, and can only occur
over time with a material gain of the bank's systemic importance.
These ratings could be downgraded if the bank loses material
market share in terms of retail customer deposits.]

Fitch has affirmed the following ratings:

BInbursa:
-- Foreign Currency Long-Term IDR at 'BBB+'; Outlook Stable;
-- Foreign Currency Short-Term IDR at 'F2';
-- Local Currency Long-Term IDR at 'BBB+'; Outlook Stable;
-- Local Currency Short-Term at 'F2';
-- Viability rating at 'bbb+';
-- Support Rating at '3';
-- Support Rating Floor at 'BB+';
-- 10-year 4.125% Senior Unsecured Notes at 'BBB+';
-- National scale long-term rating at 'AAA(mex)'; Outlook Stable;
-- National scale short-term rating at 'F1+(mex)'.

Sofom Inbursa:
-- National scale long-term rating at 'AAA(mex)'; Outlook Stable;
-- National scale short-term rating at 'F1+(mex)';
-- National scale short-term rating for a short-term portion of a
    senior unsecured debt program at 'F1+(mex)'.

CF Credit:
-- National scale long-term rating at 'AAA(mex)'; Outlook Stable;
-- National scale short-term rating at 'F1+(mex)'.
-- National scale short-term rating for a short-term portion of a
    senior unsecured debt program at 'F1+(mex)'.
-- National scale long-term rating for a long-term senior
    unsecured debt issuance at 'AAA(mex)'.


BANCO MERCANTIL: Fitch Affirms 'BB' Rating on US$120MM Securities
-----------------------------------------------------------------
Fitch Ratings has affirmed the Viability ratings (VRs) of Grupo
Financiero Banorte, S.A.B. de C.V. (GFNorte) and Banco Mercantil
del Norte S.A. (Banorte) at 'bbb+', as well as their Long term
foreign- and local-currency Issuer Default Ratings (IDRs) at
'BBB+'. In addition, Fitch affirms GFNorte and Banorte's Short-
term foreign- and local-currency IDRs and Local currency short-
term IDRs at 'F2'.

GFNorte's Support Rating (SR) was affirmed at '5', while Banorte's
SR was affirmed at '2' and its Support Rating Floor (SRF) at
'BBB'.

The Rating Outlook for the long-term ratings is Stable.
See the full list of rating actions including GFNorte's non-
banking subsidiaries National scale ratings at the end of this
release.

KEY RATING DRIVERS

Banorte's VR, IDRs and National scale ratings

Banorte's VR, IDRs and National scale ratings are driven by its
ample franchise and strong market position as the fourth-largest
commercial bank in Mexico in terms of total assets and total loan
portfolio and third in terms of customer deposits. The ratings
also consider its adequate and stable financial performance, which
have been tested through the cycle, and is supported by continued
expansion of loans (organic and inorganic), institutional programs
to reduce operational expenses and credit cost reduction.
Operational ROA and ROE stood at 1.8% and 16.8% at YE2015, in line
with previous-year results.

The bank's adequate loss absorption capacity is also factored into
the rating. Banorte has improved its capital position over the
past few years through a mix of internal capital generation and
new equity raised in the market ($US2.5 billion in 2013).
Banorte's Fitch core capital-to-risk weighted assets was 15.7% at
YE2015. The bank also maintains reasonable reserve cushions to
absorb losses (1.14x impaired loans). Capital ratios and internal
capital generation give some space for growth; however, Fitch
believes capitalization will remain adequate in the foreseeable
future.

Banorte's ratings also reflect the relatively rapid recovery of
asset quality from its highest peak in 2013 (3.07%), after the
default of the three largest homebuilders. GFNorte's asset quality
continued improving during 2015 (2.23%) sustained by well-
performing loans in all product segments, but mainly underpinned
by resolution of a portion of the exposure to homebuilders which
drove the corporate lending non-performing loans (NPLs) from 6.3%
at YE14 to 4.1% at YE15.

The affirmations also incorporate the challenge of maturity
mismatches, as they continue to be important especially in long-
term buckets, given the long-term tenor of the government and
mortgage's portfolio where the bank lacks sufficient funding to
match. However, Fitch considers this risk as partially mitigated
by the bank's stable and growing customer deposit base, and its
efforts to change the mix between current and term deposits.

GFNorte's VR and IDRs

GFNorte's ratings reflect its growing franchise and improved
business diversification after several acquisitions made in recent
years. Its current position as one of the largest local financial
groups, and as one of the market leaders in most of its
subsidiaries in banking, brokerage, long-term savings, other
financial services and recovery banking are also factored into the
ratings. Double leverage is non-existent at present at the holding
company level. These rating drivers as well as the Stable Outlook
are underpinned by GFNorte's major subsidiary, Banorte.

Support Rating and Support Rating Floors

Banorte's SR and SRF were affirmed at '2' and 'BBB-',
respectively, given Banorte's systemic importance and its role as
the largest domestically-owned bank in Mexico. Fitch's SRFs
indicate a level below which the agency will not lower the bank's
Long-term IDRs as long as the assessment of the support factors
does not change.

GFNorte's SR and SRFs were affirmed at '5' and 'NF', respectively,
in view of its position as a holding company, indicating that,
although possible, external support cannot be relied upon.

Subordinated Debt and Hybrid Securities

Banorte's global junior subordinated debt is rated four notches
below the bank's IDR. The ratings are driven by Fitch's approach
to factoring non-performance risk (-2 notches) and degrees of
subordination (-2).

GFNorte's Subsidiaries' National ratings

The ratings of GFNorte's non-banking subsidiaries (AyF Banorte,
Casa de Bolsa Banorte Ixe, and Almacenadora Banorte) are aligned
with GFNorte's National scale ratings, and consider GFNorte's
legal obligation to support its subsidiaries, as well as Fitch's
perception that these remain core for the group's overall strategy
and business profile.

RATING SENSITIVITIES

Banorte VRs, IDRs and National Scale Ratings
Banorte's VRs and IDRs could be downgraded if the bank is exposed
to higher credit losses as net charge-offs rise above 3% of
average gross loans which could alter its improved asset quality
metrics. In addition, if lower operating profits, such as a
consistent operating ROA below 1.5% and/or a Fitch core capital
consistently below 12% of risk weighted assets, a downgrade could
occur.

Fitch considers there to be limited upside potential for Banorte's
VR and IDR at present, in line with the expectations for the
Mexican sovereign ratings and its operating environment. However,
Banorte's ratings could benefit over the medium term from
sustained consolidation of its franchise, substantial enhancements
of its business mix, and material improvements in its liquidity
profile and financial performance, including the maintenance of an
operating ROA above 2%.

GFNorte's VR and IDRs
The group's IDRs are aligned with Banorte's. GFNorte's VR could be
affected as well by a potential change in the ratings of its main
banking subsidiary (Banorte). Also, the group's ratings could be
affected if its intrinsic performance importantly deviates from
the one of the bank.

Support and Support Rating Floors
A potential upgrade or downgrade of Banorte's SR and SRF would be
driven by a change in Mexico's sovereign rating and/or a change in
the expected propensity of support from the Mexican government;
both unlikely factors at present.

GFNorte's SR and SRF upside potential is limited as a holding
company. External support cannot be relied upon, although it is
possible.

Subordinated Debt and Hybrid Securities
Banorte's subordinated debt ratings will likely mirror any change
in the bank's VR, since these are expected to remain the same
relative to the bank's credit rating.

GFNorte's Subsidiaries' National ratings
Any change to GFNorte's non-banking subsidiaries (AyF Banorte,
Casa de Bolsa Banorte-Ixe and Almacenadora Banorte) ratings will
be driven by any movement of GFNorte's ratings.

Fitch affirms the following ratings:

GFNorte:
-- Long-term foreign and local currency IDRs at 'BBB+';
-- Short-term foreign and local currency IDRs at 'F2';
-- Viability rating at 'bbb+';
-- Support rating at '5';
-- Support rating floor at 'NF'.

Banorte:
-- Long-term foreign and local currency IDRs at 'BBB+';
-- Short-term foreign and local currency IDRs at 'F2';
-- Viability rating at 'bbb+';
-- Support rating at '2';
-- Support rating floor at 'BBB-';
-- National scale long-term rating at 'AAA(mex)';
-- National scale short-term rating at 'F1+(mex)';
-- $US120 million 10-year junior subordinated securities at 'BB';

Arrendadora y Factor Banorte, S.A. de C.V. SOFOM, E.R. (AyF
Banorte):
-- National scale long-term rating at 'AAA(mex)';
-- National scale short-term rating at 'F1+(mex)';
-- National scale long-term rating for local issues of senior
    unsecured debt at 'AAA(mex)';
-- National scale short-term rating for local issues of senior
    unsecured debt at 'F1+(mex)'.

Almacenadora Banorte S.A. de C.V., Organizacion Auxiliar de
Credito, Gpo Financiero Banorte (Almacenadora Banorte):
-- National scale long-term rating at 'AAA(mex)';
-- National scale short-term rating at 'F1+(mex)'.

Casa de Bolsa Banorte - Ixe, S.A de C.V., Grupo Financiero Banorte
(Casa de Bolsa Banorte Ixe):
-- National scale long-term rating at 'AAA(mex)';
-- National scale short-term rating at 'F1+(mex)'.

The Rating Outlook is Stable.


HIPOTECARIA SU CASITA: Moody's Lowers Rating on Cl. A Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service has downgraded these RMBS transaction:

Issuer: Hipotecaria Su Casita - Cross-border, Class A Insured
Residential Mortgage Backed Floating Rate Notes

  Cl. A, Underlying Rating: Downgraded to Ca (sf) from Caa3 (sf),
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

The Class A's underlying rating reflect the notes' intrinsic
credit quality absent the financial guarantee provided by MBIA
Insurance Corporation (rated B3).

This rating action on the underlying rating concludes the
implementation of the monitoring approach described in the primary
credit rating methodology, "Moody's Approach to Rating RMBS Using
the MILAN Framework" (the MILAN approach).

                        RATINGS RATIONALE

Moody's analyzed overcollateralization, future losses, credit
enhancement and cash availability for the deal.

Under the MILAN approach, Moody's first performed a portfolio
analysis of the securitized collateral pool.  The results of this
analysis are the portfolio's expected losses (Portfolio EL) and
Moody's Individual Loan Analysis Credit Enhancement (MILAN CE).
The Portfolio EL captures our expectations of performance
considering the current economic outlook, while the MILAN CE
captures the loss Moody's expects the portfolio to suffer in the
event of a severe recession scenario.  Moody's uses the two
outputs from the portfolio analysis to determine a probability
loss distribution.  In the structural analysis, Moody's uses a
cash flow model in order to assess the structural features of the
RMBS transaction.  The structure is assessed using each scenario
in the loss distribution.  Finally, Moody's assesses the
counterparty default risk and the legal risk to derive the final
ratings.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

Factors that would lead to a downgrade are the expected loss
levels, the cash availability in the transaction and deterioration
of loss coverage.

Factors that would lead to an upgrade are lower expected loss
levels resulting from improved liquidity and strong improvement in
portfolio performance.

                         RATING METHODOLOGY

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Moody's considered the servicers' practices and considers them
adequate.

The period of time covered in the financial information used to
determine the deal's rating is between April 2007 and January 2016
(sources: periodic collections and remittances reports sent by the
servicers, trustees and common representative agents).


METROFINANCIERA SAPI: Fitch Raises IDR to 'B-'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Metrofinanciera S.A.P.I. de C.V. Sofom,
E.R.'s foreign and local currency long-term Issuer Default Ratings
(IDRs) to 'B-' from 'CCC' and short-term IDR to 'B' from 'C'.
Fitch has also upgraded Metrofinanciera's long-term and short-term
national scale ratings to 'B-(mex)' and 'B(mex)', respectively,
from 'CCC(mex)' and 'C(mex)'.

The upgrade of Metrofinanciera's IDRs and national scale ratings
is driven by the positive trends in performance and cash flow
generation which drove the faster-than-expected recovery in its
financial results, as it posted fewer losses than anticipated in
2015 and expects to reach its break-even point and register
moderate profits towards the end of 2016.  Additionally, the
upgrade considers the company's proven ability to grow its
commercial loan portfolio and gradually rebuild its competitive
position.

                         KEY RATING DRIVERS

IDRS and NATIONAL RATINGS

Metrofinanciera's IDRs and national ratings reflect its improved
capitalization metrics and financial flexibility following the
debt restructuring process that took place at the end of 2014.  At
that time, the company's debt certificates and certain development
bank liabilities were swapped for equity shares.  As a result, its
tangible common equity ratio increased to 19% in 2014 from 4.3% in
2013 (this ratio was 14.9% in 2015).  The company's Fitch Core
Capital Ratio (FCC) and regulatory capital ratio were 13.4% and
16.5%, respectively, as of December 2015 (2014: 16.6% and 24.4%).
Fitch considers that despite this improvement, Metrofinanciera's
loss absorption capacity continues to be pressured by the high
level of unproductive assets on its balance sheet.  The entity
expects to maintain a capital-to-assets ratio of around 17% in
2016 and 15.4% in 2017.

Metrofinanciera's performance has been negative since the 2008
fiscal crisis; however, there are signs of recovery, since it
posted fewer losses than expected in 2015.  Additionally, the
company forecasts it will reach its break-even point and register
moderate profits towards the end of 2016, sooner than it had
initially forecast according to its plan.  Its efficiency ratio
stood at 68.8% in 2015, as the company registered pre-impairment
operating profit for the first time since 2008.  Its operating
return on assets (ROA) was negative 1.6% in 2015, compared with
negative 19% in 2014.

Fitch expects that the company will be able to sustain the
incipient recovery in financial performance by benefitting from
the low interest expenses continuing since the last debt
restructuring process and as its growing commercial loan portfolio
provides an increasing income base, while it keeps operating costs
contained and continues disposing of its unproductive assets.

Since the 2014 restructuring, all of Metrofinanciera's funding is
provided by Sociedad Hipotecaria Fedederal (SHF; a local
development bank), which became the majority shareholder in 2014,
and Fondo de Operacion y Financiamiento Bancario a la Vivienda
(Fovi; a trust administered by SHF).  The maturity profile of the
credit lines is manageable, with only MXN17.4 million due in 2016,
which is amply covered by existing liquidity in the form of cash
equivalents (4.4x as of December 2015).  The company benefitted
from the post-restructuring terms, as it was determined that
payment of the credit lines would be made using a pass-through
scheme by making payments as collections on the loan portfolio
were made.

Metrofinanciera became a regulated financial entity in 2015.
During the past year the entity implemented important improvements
in corporate governance practices, internal controls, and risk
management, which Fitch deems as positive for the long-term
prospects of the entity, given that events in 2008 were partially
related to poor control over internal processes.

Asset quality continues to be one of Metrofinanciera's main
weaknesses, in terms of non-performing loans (NPLs), foreclosed
real estate, and other unproductive assets.  As of December 2015,
the company's impaired loan ratio stood at 24.9%, down from the
36.6% in 2014.  Reserves covered 67.1% of impaired loans as of
December 2015 (2012-2014 average: 64.5%).

As of December 2015, the company had foreclosed assets amounting
to MXN590 million.  The impaired loan ratio adjusted for gross
charge-offs and foreclosed real estate was a high 35.4% in 2015
(2014: 47.4%).

                        RATING SENSITIVITIES

IDRS and NATIONAL RATINGS

Rating upside potential is limited in the short- to medium-term.
Fitch will consider upgrading Metrofinanciera's ratings when the
company proves it is able to consolidate the recovery of its
financial performance in the medium term and sustain positive cash
flow, while it continues to grow its commercial loan portfolio and
maintains related loan impairment charges at adequate levels.
Further improvements on asset quality (NPLs and portfolio
concentrations) could also benefit the ratings.

Ratings could be downgraded if the company is not able to sustain
the recent recovery in its financial performance.  A material
deterioration of its commercial loan portfolio and pressures on
its capital position reflected in an FCC below 10%, along with
failure to generate positive cash flows could also negatively
affect Metrofinanciera's ratings.

Fitch upgrades these ratings:

Metrofinanciera S.A.P.I. de C.V. Sofom, E.R.

   -- Long-term foreign currency IDR to 'B-' from 'CCC';
   -- Short-term foreign currency IDR to 'B' from 'C';
   -- Long-term local currency IDR to 'B-' from 'CCC';
   -- Short-term local currency IDR to 'B' from 'C';
   -- National Long-term rating to 'B-(mex)' from 'CCC(mex)';
   -- National Short-term rating to 'B(mex)' from 'C(mex)';

The Rating Outlook is Stable.


* Moody's Concludes Review of Several RMBS Mexican Certificates
---------------------------------------------------------------
Moody's de Mexico has taken rating actions on several Mexican RMBS
certificates resulting from the conclusion of MILAN methodology
implementation in Mexico.  This rating action concludes the review
process initiated on Dec. 23, 2015.  The actions are:

Issuer: Banorte - BNORCB 06

  BNORCB 06, Confirmed A3 (sf); previously on Dec. 23, 2015,
   Placed Under Review for Possible Downgrade.
  BNORCB 06, Confirmed Aaa.mx (sf); previously on Dec. 23, 2015,
   Placed Under Review for Possible Downgrade.

Issuer: BBVA Bancomer - BACOMCB 07

  BACOMCB 07, Confirmed A3 (sf); previously on Dec. 23, 2015,
   Placed Under Review for Possible Downgrade.
  BACOMCB 07, Confirmed Aaa.mx (sf); previously on Dec. 23, 2015,
   Placed Under Review for Possible Downgrade.

Issuer: HSBC Mexico - HSBCCB 07-3

  HSBCCB 07-3, Confirmed Ba1 (sf); previously on Dec. 23, 2015,
   Placed Under Review for Possible Downgrade.
  HSBCCB 07-3, Confirmed A1.mx (sf); previously on Dec. 23, 2015,
   Placed Under Review for Possible Downgrade.

Issuer: Proyectos Adamantine - MXMACCB 04U

  MXMACCB 04U, Downgraded to Caa3 (sf) from B3 (sf); previously on
   Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  MXMACCB 04U, Downgraded to Caa3.mx (sf) from B2.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

Issuer: Proyectos Adamantine - MXMACCB 05U

  MXMACCB 05U, Downgraded to B2 (sf) from Ba1 (sf); previously on
   Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  MXMACCB 05U, Downgraded to Baa3.mx (sf) from A1.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

Issuer: Proyectos Adamantine - MXMACCB 05-2U

  MXMACCB 05-2U, Downgraded to Caa2 (sf) from Caa1 (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.
  MXMACCB 05-2U, Downgraded to Caa2.mx (sf) from Caa1.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

Issuer: Patrimonio - PATRICB 06U

  PATRICB 06U, Downgraded to Ba3(sf) from Ba2 (sf); previously on
   Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  PATRICB 06U, Downgraded to A3.mx (sf) from A2.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

Issuer: Patrimonio - PATRICB 07

  PATRICB 07, Downgraded to Ba3 (sf) from Baa2 (sf); previously on
   Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  PATRICB 07, Downgraded to A3.mx (sf) from Aa1.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

Issuer: Hipotecaria Su Casita - BRHSCCB 06-2 & BRHSCCB 06-3

  BRHSCCB 06-2, Downgraded to Baa2 (sf) from Baa1 (sf); previously
   on Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  BRHSCCB 06-2, Downgraded to Aa1.mx from Aaa.mx (sf); previously
   on Dec. 23, 2015, Placed Under Review for Possible Downgrade.

Issuer: Hipotecaria Su Casita - BRHSCCB 06U & BRHSCCB 06-2U

  BRHSCCB 06U, Downgraded to B1 (sf) from Ba3 (sf); previously on
   Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  BRHSCCB 06U, Confirmed Baa1.mx (sf); previously on Dec. 23,
   2015, Placed Under Review for Possible Downgrade.

Issuer: Hipotecaria Su Casita - BRHSCCB 06-5U & BRHSCCB 06-6U

  BRHSCCB 06-5U, Downgraded to Ba3 (sf) from Ba1 (sf); previously
   on Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  BRHSCCB 06-5U, Downgrade to A3.mx (sf) from A1.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.
  BRHSCCB 06-6U, Downgraded to Caa3 (sf) from B3 (sf); previously
   on Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  BRHSCCB 06-6U, Downgrade to Caa3.mx (sf) from B1.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

Issuer: Metrofinanciera - METROCB 05U

  METROCB 05U, Downgraded to B3 (sf) from B1 (sf); previously on
   Dec. 23, 2015, Placed Under Review for Possible Downgrade.
  METROCB 05U, Downgraded to B1.mx (sf) from Baa1.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

Issuer: Metrofinanciera - METROCB 06U

  METROCB 06U, Downgraded to Caa3 (sf) from Caa2 (sf); previously
   on Dec. 23, 2015, Placed Under Review for Possible Downgrade
  METROCB 06U, Downgraded to Caa3.mx (sf) from Caa2.mx (sf);
   previously on Dec. 23, 2015, Placed Under Review for Possible
   Downgrade.

This rating action follows Moody's implementation of the
monitoring approach described in its primary credit rating
methodology, "Moody's Approach to Rating RMBS Using the MILAN
Framework" (the MILAN approach).

                         RATINGS RATIONALE

Moody's analyzed overcollateralization, future losses, credit
enhancement and cash availability for each deal.

Under the MILAN approach, Moody's first performed a portfolio
analysis of the securitized collateral pool.  The results of this
analysis are the portfolio's expected losses (Portfolio EL) and
Moody's Individual Loan Analysis Credit Enhancement (MILAN CE).
The Portfolio EL captures our expectations of performance
considering the current economic outlook, while the MILAN CE
captures the loss we expect the portfolio to suffer in the event
of a severe recession scenario.  Moody's uses the two outputs from
the portfolio analysis to determine a probability loss
distribution.  In the structural analysis, Moody's uses a cash
flow model in order to assess the structural features of the RMBS
transaction.  The structure is assessed using each scenario in the
loss distribution.  Finally, Moody's assesses the counterparty
default risk and the legal risk to derive the final ratings.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

Factors that would lead to a downgrade are higher expected loss
levels, the cash availability in the transaction and deterioration
of loss coverage.

Factors that would lead to an upgrade are lower expected loss
levels resulting from improved liquidity levels and stronger
portfolio performance.

                         RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Moody's considered the servicers' practices and considers them
adequate.

The period of time covered in the financial information used to
determine the listed deals' ratings is as:

For METROCB 05U and METROCB 06U the information was between May
2005 and December 2015 (sources: periodic collections and
remittances reports sent by the servicers, trustees and common
representative agents).

For BACOMCB 07; BNORCB 06; BRHSCCB 06-2 & BRHSCCB 06-3; BRHSCCB
06-5U & BRHSCCB 06-6U; HSBCCB 07-3; MXMACCB 05-2U; MXMACCB 04U;
MXMACCB 05U; PATRICB 06U; PATRICB 07 the information was between
January 2004 and January 2016 (sources: periodic collections and
remittances reports sent by the servicers, trustees and common
representative agents).

For BRHSCCB 06U & BRHSCCB 06-2U the information was between June
2006 and February 2016 (sources: periodic collections and
remittances reports sent by the servicers, trustees and common
representative agents).

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa.


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


DORAL FINANCIAL: FirstBank Reserves Right on Rivera Tulla Hiring
----------------------------------------------------------------
FirstBank Puerto Rico, defendant in certain ongoing non-bankruptcy
litigation brought by Doral Financial Corporation before the
Puerto Rico Court of First Instance, and party-in-interest in the
Debtors' cases, submitted a reservation of rights in connection
with the Debtor's employment of Rivera, Tulla & Ferrer, LLC, as an
ordinary course professional.

FirstBank also stated that the reservation was filed out of an
abundance of caution due to certain ongoing matters before the
Puerto Rico Court.

Prior to the Petition Date, in 2009, the Debtor commenced an
action against FirstBank and certain other parties in the Puerto
Rico Court, Doral Financial Corporation and Doral Bank v.
FirstBank Bancorp., FirstBank Florida, FirstBank Puerto Rico; John
Doe and Jane Doe et als., No. KAC 2009-1321 (803) (the PR Action).
RTF represents the Debtor in connection with the PR Action, and
has actively represented the Debtor in the PR Action since the
Petition Date.

The PR Action concerns the Debtor's claim that, in 2008, an
executive of the Debtor allegedly breached an employment agreement
with the Debtor upon accepting employment with one or more
FirstBank affiliates.  Over approximately five years prior to the
Petition Date, the substance of the Debtor's claim was rejected by
the United States Court of Appeals for the First Circuit, the
United States District Court for the District of Puerto Rico, and
an American Arbitration Association tribunal.  FirstBank believes
the PR Action is frivolous, and has reserved its right to seek any
and all appropriate relief therein, including as to RTF.

FirstBank Puerto Rico is represented by:

         Zachary H. Smith, Esq.*
         MOORE & VAN ALLEN, PLLC
         100 N. Tryon St., Suite 4700
         Charlotte, NC 28202-4003
         Tel: (704) 331-1000
         Fax: (704) 331-1159

*Licensed in New York only.  Not licensed in North Carolina.

                     About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Dec. 4, 2015, the Court directed the joint administration of
the Debtors' chapter 11 cases under Doral Financial Corporation,
Case No. 15-10573; and the consolidation thereof for procedural
purposes.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.
Doral Properties Inc. disclosed total assets of P23,149,434 and
total liabilities of 37,335,000.

The Debtor tapped Ropes & Gray LLP as counsel.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at
Schulte Roth & Zabel LLP.

On Nov. 25, 2015, Doral Properties filed a voluntary petition with
the Court for relief under Chapter 11 of the Bankruptcy Code.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  Schulte Roth & Zabel
LLP represents the committee.


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


PETROLEUM COMPANY: Moody's Cuts CFR, Sr. Unsec. Debt Rating to Ba3
------------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
and the senior unsecured debt ratings for Petroleum Company of
Trinidad & Tobago (Petrotrin) to Ba3 from Ba1.  At the same time,
Moody's lowered Petrotrin's baseline credit assessment (BCA) to b3
from b1.  The ratings remain on review for downgrade, in line with
the rating review of the government of Trinidad and Tobago (Baa2
RUR), sole owner of Petrotrin.

                          RATINGS RATIONALE

"The downgrade of Petrotrin's ratings to Ba3 from Ba1 and the
lowering of its baseline credit assessment to b3 from b1 reflect
the company's weak liquidity and high refinancing risk, triggered
by persistent negative operating performance in the last couple of
years, and our expectation that this trend will continue given
current market conditions," said Nymia Almeida, a VP-Senior Credit
Officer at Moody's.  "Petrotrin faced operating challenges which
triggered significant losses in 2015, a year in which most
refineries in the region posted higher crack margins due to low
oil prices.  In this context, and assuming that international oil
prices will recover and compress the company's operating margins
further, and absent major investments that boost efficiency, we
believe that the company's cash generation will remain weak for
the foreseeable future, increasing its reliance on external
sources of funding," added Almeida.

The ratings on Petrotrin remain on review for downgrade, in line
with the Government of Trinidad and Tobago's credit ratings, which
are also under review, due to the close relationship between the
two entities.  During the review, Moody's will assess the
possibility that the government of Trinidad and Tobago provides
extraordinary support to its subsidiary on a timely manner in case
of need.  Currently, the government's ability to provide support
to Petrotrin is measured by its Baa2 local currency rating,
weakened somewhat by the high dependence of the government and the
company on credit factors that could cause stress to both
simultaneously.  These assumptions currently result in a three
notch uplift.  Upon conclusion of this review, these assumptions
and the final rating uplift might change.

Petrotrin's b3 BCA indicates Moody's view of its standalone credit
strength, and incorporates the cyclical nature of the company's
earnings and cash flows, inconsistent operating performance
reflected in its low refinery utilization and the concentration
risk of its reliance on a moderately-complex single refinery.  The
BCA also captures the small size and maturity of its hydrocarbon
reserves, and its considerable investment needs given its mature
asset base.  However, the BCA also considers Petrotrin's effective
monopoly position in the wholesale distribution and export of
refined petroleum products and the modest degree of operational
integration provided by its exploration and production segment.
The BCA is also supported by the company's ability to generate
significant foreign exchange through exports, and Trinidad and
Tobago's fairly supportive regulatory environment.

The principal methodology used in these ratings was Global
Refining and Marketing Rating Industry, published in August 2015.
Other methodologies used include the Government-Related Issuers,
published in October 2014

Petrotrin is an integrated petroleum company which has an
effective monopoly position in refining and wholesale marketing
operations and some exploration and production operations.
Petrotrin owns the country's sole refinery.  During 2015, its
total crude oil production reached 45,960 bpd.  While Petrotrin's
refinery supplies the local retail marketing sector, it is mainly
an exporter of petroleum products: roughly 80% of production is
sold in the Caribbean region and internationally.


TRINIDAD & TOBAGO: Be Aggressive to Increase Revenue, Experts Say
-----------------------------------------------------------------
Trinidad Express reports that economic experts are in agreement
with the International Monetary Fund's (IMF) latest findings about
the Trinidad and Tobago economy.

Government needs to set timelines to implement the reforms the
International Monetary Fund (IMF) and others have been
recommending for years, The University of the West Indies (The
UWI) senior economics lecturer Roger Hosein said after the release
of the IMF report, following its Article IV Consultation with
Government and other stakeholders in Port of Spain, according to
Trinidad Express.

In telephone interviews, Hosein, UWI financial economics lecturer
Vaalmikki Arjoon, First Citizens' analyst Yuri Seedial and the
head of the country's largest bank Nigel Baptiste broadly agreed
with the IMF's statement on the T&T economy, the report relays.

"I believe it is a balanced and accurate view of the challenges
confronting the Trinidad and Tobago economy," said Mr. Baptiste,
Republic Bank managing director, notes the report.  "The decline
in energy prices has reduced the Government revenue base and added
pressure to the foreign exchange market, but I remain convinced
that both situations are manageable."



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


* Japan to Increase Loans to Latin America for Infrastructure
-------------------------------------------------------------
Latin American Herald reports that the Japanese government plans
to increase development loans to Latin America through a greater
contribution to the Inter-American Development Bank, or IDB,
especially to co-finance infrastructure.

Japan, an IDB member since 1976, plans to expand its current
contribution of $1 billion by several thousand, mainly to help
accelerate infrastructure construction in Latin America, the
Japanese news agency Kyodo reported, according to Latin American
Herald.

The Japanese government will announce the new financing, which
will be provided in yen through the Japan International
Cooperation Agency, during the assembly of IDB governors in the
Bahamas between April 7-10, the report notes.

Tokyo hopes the increased support to the IDB will create more
business opportunities for Japanese firms in Latin America, the
report 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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


                   * * * End of Transmission * * *